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The case of Jacques Labeyrie has recently newsThe Finnish invoice approaching now the 4We were not able to manage them economicallyThe White Knight hopes to take a stake of 33Just as the latest air conditioning units5 the plan from that offset the worsening of the crisisThe challenge was architectural and logisticalUnder penalty it will compel such listed company to provide critical market informationAttention also sensitivity indicated in ISOObviously some have difficulty understanding he toldAn investigation for corruption of an unparalleled scale, a global restructuring plan, a reorganization of 50 of the portfolio... Siemens had barely to solve its internal problems is a new challenge: a sharp slowdown in global demand. While many German industrialists have reviewed their objectives, the Munich conglomerate sought to reassure yesterday, confirming its forecast of a "operational benefit areas" between 8 and 8.5 billion euros for 2009. But he characterized as it "more ambitious", a sign that a revision of estimates is not excluded if the situation continues to darken.
"We expect lower growth rates for the order book for 2009 and thus to turnover, warned its President Peter Löscher yesterday in Munich, but we are clearly better prepared to face a slowdown that in 1993 and 2001." Since the last recession in Germany, Siemens has transferred substantially all its assets in telecommunications and computing, and its subsidiary of automotive equipment, VDO. Peter Löscher, the group could take advantage of stimulus plans launched in various regions of the world, since "it's for the majority of investment programs".
For the moment, it was not spared by the Gale blowing around the world since this summer. The fourth quarter of its fiscal year ending in late September was lower than the rest of the year, with an increase in the backlog of 4, compared to 11 on the whole of the 2007-2008 fiscal year. As a result, the level of orders from the sales declined and continues just 1 at end of September. Throughout the year, turnover increased by 7, to EUR 77.3 billion.
In the fourth quarter, Siemens reported a net loss of EUR 2.4 billion, related to the costs of its restructuring program, a provision of EUR 1 billion, which should be more or less fine expected the SEC (the Constable of the American Stock Exchange) in the investigation for corruption and less good than expected operational profits. On the year, the result is an increase of 50 to 5.7 billion euros, thanks to the accounting for the sale of VDO. But the profitability of the activities that remain in the Group was reduced from 12.7 to 4.8 of employed capital.
Cost reduction
Some activities were well up to now have plunged. Subsidiary specialized in lighting, Osram, sensitive to the consumer, has seen its margin slip from 10.6 to 3.7 in one year. The transport division, which produces among others the German ICE train, also missed its targets, with a negative margin of 12. In medical equipment, the margin dropped by 13.3 to 7.2. Peter Löscher believes "in a recovery in the medium term of the medical sector, but for 2009 yet." In the meantime, Siemens wants to reduce its costs of 1.2 billion euros of here 2010 to align with its competitors. This means the removal of 16.750 jobs in administrative functions and the reorganization of the supply.
The Executive Board is hosting a new Logistics Manager, Barbara Kux, came from Philips. "The year 2008 should be that of the change in Siemens and for that we salute the work of the new leader, says James Stettler, analyst at Dresdner Bank." But we are disappointed by the underlying performance of certain activities and we would like to see the management do more in these divisions.
