FRANKFURT, Feb 4 (Reuters) – German fashion house Hugo Boss
has reported lower-than-expected pretax earnings,
citing a weaker consumer mood and taking one-off charges due in
part to an overhaul of its Middle Eastern distribution network.
In an unscheduled release of preliminary full-year results,
it said pretax earnings edged 1 percent higher to 437 million
euros ($501 million), missing the average analyst estimate of
470 million after 19 million in one-off charges, mainly due to
severing ties with a Middle East sales agent and the planned
consolidation of its production facilities.
FRANKFURT, Feb 3 (Reuters) – Austrian steelmaker
Voestalpine’s foreign expansion plans, focused on the
United States, will not be changed by the weak oil price or
euro, its chief executive said on Tuesday.
Voestalpine, which sells steel and steel-based products to
the automotive, railway and engineering industries, among
others, has targeted the energy sector as one of its key growth
areas and until recently had benefited from the U.S. shale boom.
BOCHUM, Germany, Jan 30 (Reuters) – ThyssenKrupp’s
chief executive emphasised the importance of cost cuts over
disposals in his turnaround plan for a group which is breaking
with its steelmaking roots to focus on more profitable capital
Heinrich Hiesinger dampened hopes on Friday for any swift
disposals of ThyssenKrupp’s steel assets, submarine-building
unit or automotive parts business, although he said his work did
include “active portfolio management”.
MUNICH, Jan 27 (Reuters) – Siemens missed first-quarter
profit forecasts and announced management overhauls at its power
and gas and healthcare divisions, putting pressure on chief
executive Joe Kaeser ahead of a shareholder meeting on Tuesday.
Kaeser, a former Siemens finance chief who ousted Peter
Loescher as CEO in a 2013 boardroom coup, is also expected to
come under fire from shareholders over the decision to spend
$7.6 billion on U.S. oilfield equipment company Dresser-Rand
last year, just before a steep slide in the oil price.
MUNICH, Germany (Reuters) – German industrial group Siemens (SIEGn.DE: Quote, Profile, Research) is set to face a storm of questions on Tuesday over its $7.6 billion (£5 billion) decision to buy U.S. oilfield equipment maker Dresser-Rand (DRC.N: Quote, Profile, Research).
Investors attending its annual shareholder meeting will want to know how the acquisition, agreed in September in a scramble not to be left behind by the U.S. shale boom, will benefit them, given the halving of the oil price since then to around $49.
DUBLIN/FRANKFURT (Reuters) – Business leaders in Europe gave a mixed welcome to the European Central Bank’s moves to bolster growth and inflation in the euro area on Thursday, with many – especially in Germany – concerned the program could delay unpopular economic reforms.
The ECB launched a government bond-buying program despite opposition from Germany’s Bundesbank and concerns in Berlin. Supporters say it will get credit flowing to boost growth.
FRANKFURT/DUESSELDORF, Germany, Jan 22 (Reuters) – Shares in
DMG Mori Seiki AG jumped more than 12 percent after
its smaller Japanese partner launched a takover bid that the
businesses expect to cement the German company’s position as
global market leader in machine-tool manufacturing.
Japan’s DMG Mori Seiki Co Ltd announced its 27.50
euro-per-share offer for all outstanding shares late on
Wednesday, pitched nearly 30 percent above the German stock’s
volume-weighted average price over the past three months and
valuing the company at almost 2.2 billion euros ($2.6
SCHILTACH/BERLIN (Reuters) – German bathroom fittings maker Hansgrohe is a successful firm with a track record of global exports and an attractive profit-sharing scheme. But it’s struggling to hire highly-qualified engineers – and many more “Mittelstand” companies are too.
The raft of firms named after their small-to-medium size kept Germany afloat throughout a global economic downturn and still have healthy order books. But now they must brace for a blow to their business from a demographic time bomb.
ESSEN, Germany, Nov 20 (Reuters) – Germany’s biggest
steelmaker ThyssenKrupp is resuming dividend payments
a year earlier than expected, signalling confidence in its
turnaround with the promise of a modest payout for shareholders
after it beat profit forecasts.
ThyssenKrupp said on Thursday it would pay 0.11 euros
($0.14) a share for the year to end-September. That confounded
analysts who had almost unanimously predicted it would resume
payouts only after it begins generating cash again in this
FRANKFURT, Nov 12 (Reuters) – Stricken German building and
services group Bilfinger flagged problems in a second
of its four divisions on Wednesday and cautioned it would take
time to recover from a year it described as a “low point in the
Loss-making Bilfinger, which issued a fourth profit warning
in five months last week, said its Industry unit was suffering
from reduced investments and cost cuts among its chemicals and
petrochemicals customers, who were in a cyclical downturn.