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Siemens Energy proposes dividend on free cash flow gain -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO : Siemens Energy AG’s logo was displayed during the initial public offering (IPO), at Frankfurt Stock Exchange in Frankfurt. This took place on September 28, 2020. REUTERS/Ralph Orlowski

MUNICH (Reuters – Siemens Energy proposes to pay a dividend at 0.10 Euros per share following completion of its first business year after it was spun off from parent Siemens AG (OTC). This came as it experienced a 39% increase in free cash flow.

Christian Bruch, chief executive of the company said that “I am pleased with our first fiscal year performance as an independent company” in a statement.

The increase in free cash flow before taxes to 1.36 Billion Euros ($1.57 Billion) was due to stricter cost control. This group is now more diligent in collecting payments on placed orders.

The proposal for dividends is lower than the 0.13 euros per shares average analyst forecast according Refinitiv. However, the company reported a full-year loss of 560m euros. Its restructuring at Siemens Gamesa, its wind turbine division, led to a net loss.

($1 = 0.8655 euros)

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