SIEMENS: Earnings in the 'eventful' financial year to September 30 were weighed down by a number of special charges including those related to high speed trains, Siemens AG President & CEO Joe Kaeser said on November 7 when presenting the company's results.

Orders were up 10% on the previous year at €82·4bn, with a €100bn backlog. Revenue was down 1% at €75·9bn owing to a drop in orders the previous year and a 'continuing difficult market environment' for the company's short-cycle businesses. Net income was up 3% at €4·4bn.

The Infrastructure & Cities Sector which includes rail saw a 28% increase in orders thanks to a number of major contract wins. Revenue was up slightly, but profit fell from €1·1bn to €306m as a result of costs associated with the Siemens 2014 efficiency programme, 'project burdens' and value adjustments.

Looking to 2014, Siemens is focusing on the implementation of a realigned regional structure, adapting to become 'faster and less complex', managing risk more effectively and closing the profitability gap with its competitors.