Siemens’ fourth fiscal quarter ended with an annual profit after taxes of 4.2 billion euros, a quarter lower than in the previous year. At that time, Siemens was still able to post a profit of 5.6 billion euros. Total sales were 57, 1 billion and 2 percent less, roughly at the previous year’s level. For Siemens boss Joe Kaeser, who left in February and who presented the last annual balance sheet for which he was responsible, on Thursday, this is still a success, because he has largely led the company safely through the ongoing Corona crisis.

High profit through spin-off from Siemens Energy Included closed the fourth fiscal quarter from July to September particularly strongly. Although sales fell by 3 percent year-on-year to 10, 3 billion euros, profit after tax rose by 28 percent to 1.9 billion euros. This was made possible by the spin-off from Siemens Energy. From this alone, the Siemens Group was able to post 900 million euros before taxes from discontinued operations for the entire year.

Relevant to the result contributed the strong software business in the area of ​​”Digital Industries”, in which a double-digit growth in orders was achieved. The EBITA, the profit excluding taxes, interest and depreciation, rose by 10 percent to 2.6 billion euros. However, the automation business declined significantly due to weak demand in the automotive and mechanical engineering industries, reports Siemens. Overall, this led to a decline in sales. This was largely offset by cost reductions and pandemic-related savings. In addition, there were profits from a stake in Bentley Systems, which went public in September and had experienced a high revaluation.

The “Smart Infrastructure” division also suffered a decline in sales due to lower demand. The adjusted EBITDA, however, was 586 million euros, 7 percent higher than in the same quarter of the previous year. Although Siemens had higher expenses for the program to increase competitiveness, these and the sales-related declines due to reduced costs due to the Covid – 19 -Restrictions are compensated.

In the “Mobility” division, sales remained on a comparable basis at the level of the same quarter of the previous year. The rail infrastructure business and service business declined due to the pandemic, says Siemens. In contrast, there was growth in the train business. With an adjusted EBITA of 241 million euros, in the previous year 299 million euros, the division was highly profitable.

“The Siemens team closed a remarkable fiscal year with a strong fourth quarter. In addition to the completion of the structural realignment of Siemens, we were able to further increase earnings compared to the same quarter of the previous year” said Kaeser. He sees the Siemens group very well positioned for the future.

Outlook on 2021 In the forecast for 2021 Siemens expects a “moderate” growth in profit. The group assumes that the coronavirus pandemic will not permanently burden the global economy. Kaeser’s designated successor, the current Siemens vice-president Roland Busch, is optimistic: “The new Siemens AG has a clear goal: We enable our customers in industry, infrastructure and mobility to successfully transform their sectors.” Busch is to take over from Kaeser at the top of the group in February.

On the stock exchange, Siemens’ share price fell by almost 4.6 percent on Thursday morning to 112,50 Euro. (olb)