Siemens Financial Services reported
a strong uplift in profit for 2010, helped by better bad debt and
interest results.
Income before tax rose 47% to €447m
in the year to 31 December 2010, up from €304m in 2009. A recovery
in commercial finance, driven by significantly lower additions to
loss reserves, and higher interest results, was given as the
explanation.
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The company stated: “Fiscal 2010
profit also benefited from positive net effects related to various
investments, including a gain of €47m on the sale of an
investment.
These factors more than offset
lower income from SFS’s internal services business.”
New orders increased slightly
during the year, up 1.1% to €787m in 2010, compared to €778m in
2009. Total assets rose to €12.5bn, thanks primarily to the effects
of currency translation.
During 2010, SFS took on CEO Roland
Chalons-Browne, who replaced Dominik Assam, and later in the year,
the company acquired Russian lessor DeltaLeasing.
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By GlobalDataParent company Siemens was granted a banking licence in Germany
at the end of the year, allowing it to do structured loans there
and increasing its flexibility to raise funds on the financial
markets.
See also: Siemens steps up green
finance
