Every few years, it comes at Siemens to a massive reconstruction, which then absorbs the management a long time. Thus, it must end, CEO Joe Kaeser said at the presentation of the results for the first quarter. In the new year out, the company has reorganized: A hierarchy level was taken out, the number of divisions reduced and the regions were strengthened in order to be closer to our customers. 2015 is now under the slogan of operational improvement. But it was not much to see at least the first quarter.
The problems in the largest division,” Power and Gas », have long been known. The company has overslept to smaller, decentralized units here the development of large-scale power plants. The operating margin in this largest division fell to 11% from the previous year by 18%. The competent Board, the American Lisa Davis, so it has a lot of work to do. Naturally, Siemens also suffers from the halving of oil prices below $ 50 per barrel. This reduces the motivation of the oil companies and the oil-exporting countries to invest.
But for Kaeser longer-term business opportunities are intact in oil and gas. The Siemens CEO recalled that the oil price in 2008 was broken within four months of $ 130 at $ 40 per barrel and then recovered to $ 120. In addition, the growing global demand for fossil fuels annually at 4%. Siemens has brought to the acquisition of Dresser-Rand expertise in the supply of crude oil and natural gas industry. There is here no write-downs, assured CFO Ralf Thomas. Disappointed in the first quarter also the otherwise successful health division. The margin in the second largest business segment decreased by 3 percentage points to 14.5%. We can not here be content Kaeser commented.
The division will, as announced, become independent, because the points of contact with the rest of the group are low. It would be so up for possible acquisitions, Kaeser said. The Division Health also belong to Siemens and not “yet” to he stressed. Finally, the strong franc will be felt as a result of the Switzerland-based building technology. This effect is likely to reduce the margin in this area by about 100 basis points. He is so noticeable, but not dramatic
This year, Siemens plans to put significantly more money into research, distribution and physical capital -. A total of € 1 billion more than last year. This Kaeser wants to create the prerequisite to 2017 to its competitors – including ABB and General Electric – catch up. After the regular start to the year, this is undoubtedly an ambitious undertaking.
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