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Denmark

Denmark

Orders drop off at confident Siemens

Siemens Wind Power is still aiming to become one of the world's third largest wind turbine manufacturers in 2012 and continues to take on new staff in its development and sales departments despite the recent warning that 400 are to be dismissed at its three factories in Denmark--an adjustment for postponed, but not cancelled, orders. Compared with the start of the year in 2008, orders this year have fallen by 38%, says CEO Andreas Naun, reporting the company's annual results for the year ending September 30, 2008.

The wind division of the German power and engineering giant registered turnover of EUR 1792 million for the fiscal year, a 46% increase on the previous year, and a profit before tax of EUR 115 million, EUR 18 million more than in 2006/07. In the first quarter of the current fiscal year, from October to December, Siemens Wind Power increase revenues by 71% to EUR 711 million and doubled its quarterly profit compared with the previous year to EUR 100 million, before orders dropped off sharply.

Despite the fall in orders, Naun believes the strength of a company like Siemens means it is well suited to weathering hard economic times compared with its competitors. Siemens Wind Power employs 5700 in Europe, the US and Asia and is currently fulfilling orders for six offshore wind farms off the coasts of Denmark and Britain.

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