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July 26, 1994

SIEMENS SEES GREEN SHOOTS AS NINE-MONTH PROFIT IS OFF LESS THAN FORECAST

By CBR Staff Writer

The recovery really does seem to be solidly under way in Germany now, and analysts were able to spot green shoots in a barren landscape presented by Siemens AG yesterday when it reported group net profit for the nine months to June 30 down 6% at the equivalent of $784m; group incoming orders were up 8% at $40,580m. An economic improvement in the most important international markets, ever clearer signs that the economy is picking up in Germany and some significant major orders led to a noticeable increase in business for the first nine months the Munich-based company said. Siemens has said it expects full-year net profit to be 10% to 15% down on the $1,240m it reported for the year to September last, but analysts reckon that the more modest decline in the year so far suggests that that projection may have been too pessimistic. Turnover for the nine months rose 3% to $36,260m. Foreign orders rose 18% to $24,760m, but domestic orders still fell 4.9% to $15,900m. Although the group workforce was unchanged at 391,000, this arose from consolidation of new subsidiaries, and the company says it in fact cut 6,000 jobs during the period. Group domestic sales were off 6%, foreign rose 11%.

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