Siemens Wind increased profits
Siemens Wind Power and Renewables recorded a 84 percent increase in profit in the fourth quarter of the fiscal year 2016 despite a decrease in orders of 56 percent compared to the fourth quarter of 2015. The result was 132 million euros compared to 72 million euros in the same quarter of 2015.
"The fiscal year which just ended is one of the strongest in our company's history. We worked hard, and I am proud of what our global team has achieved. In the fiscal year 2017 we will continue working with full concentration on the execution of Vision 2020," says Joe Kaeser, President and Chief Executive Officer of Siemens AG.
Siemens also experienced a revenue increase of six percent in the period from 1,504 billion euros in the fourth quarter of 2015 to 1,597 billion euros in the fourth quarter of 2016 despite negative effects from currency conversion.
The result for the full year 2016 was 464 million euros compared to 160 million in profits for the financial year 2015. The division's turnover for the financial year 2016 was EUR 5.976 billion, six percent more than the 5.66 billion euros in the financial year 2015.
The wind division acquired new orders worth 1,205 billion euros in the last quarter of the financial year 2016, which is just half of the fourth quarter of 2015, when the company received orders worth 2,716 billion euros. In addition, the company received other orders including service for 1,2 billion euros.
Siemens Wind Power and Renewables' order book for 2016 amounted to 7,973 billion euros, an improvement of 30 percent compared to 6,136 billion euros in new orders received during the year 2015.
The division's continued strong profitability was driven by higher revenue, improved productivity in manufacturing and installation, increased capacity utilization, and a greater contribution from the service business.
Source: Siemens / Maritime Denmark