Siemens posts impressive results

DENMARK: Siemens' renewable energy division registered by far the most impressive results of the firms surveyed, substantially increasing both its revenues and profits over the period. Wind comprises the majority of the division.

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After showing modest signs of improvement in the first quarter of this year, the division's fortunes improved dramatically from April after it won a series of major orders in Europe. Revenues increased from EUR1,561 million in H1 2009 to EUR1,815 million in H1 2010, a rise of 16.3%. Net profits were just as pronounced, rising 15.1% from EUR205 million to EUR236 million.

Overall new orders in Q2 2010 came in at EUR2.271 billion, a 26% increase compared to the corresponding period a year earlier. The division recorded its largest-ever onshore order during the quarter and is predicting a book-to-bill ratio of well above one over the remainder of the year; in other words, it has a backlog of orders.

The division's revenues in H1 2010 showed the biggest increase of the six firms surveyed at 27.5% - up from 17.8% in H1 2009.

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