Siemens upbeat despite worries in Germany

Siemens, a bellwether for the Eurozone’s largest economy, announced a smaller than expected dividend and forecast flat profit growth in 2012 after ending its year in a turbulent economic environment.

The Munich-based maker of products ranging from fast trains and gas turbines to light bulbs and hearing aids said operating profit at its three main businesses reached €2.17bn (£1.85bn).

New orders exceeded consensus with a two per cent decline to €21.57bn. It said it would pay shareholders €3 a share.

Chief executive Peter Loescher said he was optimistic Europe’s biggest engineering conglomerate can weather the rollercoaster ride in the Eurozone.

He said Siemens would benefit from its business in emerging markets, where it has grown at above-average rates, adding: “Against this backdrop, Siemens will continue to grow faster than the global economy as a whole.”

Recent data suggests the recovery in Germany, the main engine of growth in Europe, is losing speed as worries that a brewing crisis in the Eurozone could drag down demand.