© Reuters. FILE PHOTO: A company logo of Siemens Energy AG is pictured during Siemens Energy’s initial public offering (IPO) at the Frankfurt Stock Exchange in Frankfurt, Germany, September 28, 2020. REUTERS/Ralph Orlowski
MUNICH (Reuters) – Siemens Energy on Wednesday proposed to pay a dividend of 0.10 euros per share after completing its first full business year since it spun-off from former parent Siemens AG (OTC:) when it saw free cash flow jump by 39%.
“I’m pleased with our first full fiscal year performance as a stand-alone company and we delivered a solid fourth quarter with strong orders and cash flow,” Chief Executive Christian Bruch said in a statement.
Free cash flow before tax rose to 1.36 billion euros ($1.57 billion) in the year that ended in September, reflecting stricter cost management under which the group has become more rigorous in collecting down payments for placed orders.
The dividend proposal, below the 0.13 euros per share average analyst forecast according to Refinitiv, comes even though the company posted a full-year net loss of 560 million euros, driven by restructuring at its wind turbine unit Siemens Gamesa.
($1 = 0.8655 euros)
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Be the first to comment