Croatian Unit of Germany's Siemens FY 2008 EBIT Rises 60% on Sale of Telecoms Division

EBIT growth was boosted to a significant extent by the sale of the telecommunications division, Communications Carrier (Com C), which generated windfall earnings of 115 million kuna, Siemens d.d. said in a statement.

Siemens d.d. sold Com C on June 1 which continued to operate as Nokia Siemens Networks Zagreb d.o.o. That sale and spin-off were part of a 2006 business agreement between Nokia and Siemens on the global merger of Nokia’s Networks Business Group and the telecom operators-related businesses of Siemens in new joint venture, Nokia Siemens Networks, the statement added.

Siemens d.d. received new orders worth 1.397 billion kuna in fiscal year 2008, compared to 1.660 billion kuna a year earlier. Its total revenue was 1.470 billion kuna, down from 1.595 billion kuna a year earlier.

The company's energy division contributed the biggest share of total revenue, 25%, followed by the industrial division with 21%, Siemens IT Solutions and Services with 16% and healthcare with 9.0%.

Siemens d.d. shares did not traded on Monday. On Friday they closed at 452 kuna on the Zagreb Stock Exchange, up 0.44% in low turnover.

(1 euro=7.1824 Croatian kuna)