Germany: According to the manufacturer’s report for the fiscal year 2022/23 (October–September), it received orders worth €20.6 bln. The new orders are 1.5 times more than the previous year’s result, which was also a record for the company.
This success is the result of several major contracts. The largest, worth €2.9 bln, is for the supply and maintenance of 1,200 mainline electric locomotives for the national operator Indian Railways. The second major contract, worth €2.5 bln, was signed for the construction of a 660 km high-speed line in Egypt and the supply of rolling stock for it, which has already started arriving in the country. Under the third major contract, Siemens will supply 90 S-Bahn electric trains for Munich for €2.1 bln.
At the end of the fiscal year, Siemens Mobility had an order backlog of €45 bln, of which 28% was related to rolling stock maintenance. Since the end of fiscal 2021/22, the order backlog has grown by 25%. In the fiscal year starting in October 2023, the manufacturer expects to fulfil orders worth €11 bln.
Other key figures are as follows. Annual revenue increased by 9% to €10.5 bln, profit margin grew by 0.2 percentage points to 8.4%, and net profit totalled €882 mln, an increase of 11% over the previous fiscal year. This fiscal year, the company expects revenue growth of 8–11% and margin growth of 8–10%.
The report pays particular attention to the impact of Siemens Mobility’s winding down of business activities in Russia. Its profit for fiscal 2021/22 fell by €0.6 bln due to impairment and other charges, with a positive impact of €0.2 bln in fiscal 2022/23. The company claims to have fully offset all the related burdens with a €0.7 bln gain from the sale of its traffic management software and equipment provider Yunex Traffic. Despite these optimistic figures, in December 2023, Siemens Mobility sought compensation from the German authorities for the investments it had previously made in Russia and was fined almost RUB 60 mln (€0.6 mln) per day for failing to fulfil contracts with Russian Railways.
