Vladimír Urbánek (Kurzy.cz)
World markets  |  November 08, 2012 14:10:25

Siemens plans to save by the end of 2013, € 6 billion, 3Q results beat estimates


Siemens today announced that it intends in the next two years to cut costs by up to 6 mld.EUR. Extensive savings plan will be mainly in the area of ??advanced marketing and overall simplifying the corporate structure and focus. Next year the program will require an additional cost of € 1 mld.EUR, thereby reducing profits from this year's 5.18 billion to approximately 4.5 mld.EUR. The total cost of the program until 2014, at 1.5 mld.EUR.

Net profit from continuing operations of the company in Q3 of this year decreased by 2% to 1.48 mld.EUR, which exceeded market expectations set on average to 1.41 mld.EUR. For the full fiscal year reaches the level of 5.18 billion, which is just falling behind the corporate plan of 5.2 mld.EUR.
Total sales in 3Q industrial giant grew by 7% compared to 21.7 mld.EUR estimated 21.3 billion market value of orders increased by 2% to 21.5 mld.EUR. For 2013, management expected slight growth in orders and sales for this year's level.

The company's management has announced that in 2014 it intends to increase the share of operating profit to total sales to about 12% from this year's 9.5%.

Management proposes the completion of the fiscal year to pay a dividend of EUR 3 per share, equivalent to last year's payout.

Solar Division in 3Q underwent a 173 million euros and is for sale.

Siemens shares in response to the report strengthened by more than 3%.
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Siemens plánuje ušetřit do konce roku 2013 6 miliard euro, výsledky za 3Q překonaly odhady

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