Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Swiss Exchange  >  ABB Ltd    ABBN   CH0012221716

ABB LTD

(ABBN)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsPress ReleasesOfficial PublicationsSector newsAnalyst Recommendations

Green protesters step up pressure on Siemens over coal mine project

share with twitter share with LinkedIn share with facebook
share via e-mail
02/05/2020 | 10:40am EDT
FILE PHOTO:  Logo of German industrial group Siemens is seen in Zurich

Siemens came under increased pressure from climate change protesters and its own shareholders on Wednesday over a contract to supply an Australian coal mine, demanding that Chief Executive Joe Kaeser cancel the deal.

About 200 people with banners and megaphones protested against the agreement to supply signaling technology outside the Munich arena where the German engineering company was holding its annual general meeting.

Inside, a procession of shareholders queued up to support their call, worried about the environmental impact and carbon emissions from the project.

As the company announced weaker-than-expected earnings, Kaeser said Siemens would become climate neutral by 2030 and it was "almost grotesque" that it had been singled out by environmentalists for criticism.

"The claims raised are legitimate ones, but they don't bring about solutions right away," Kaeser told reporters.

Under the contract agreed last year, Siemens will provide signals technology for a railway line to transport coal from a remote coal mine run by India’s Adani Group (ADEL.NS) in Queensland.

Before Wednesday's meeting, protesters unfurled a banner on Siemens' Munich headquarters that declared: "Bushfires start here - stop Adani".

Murrawah Johnson, from an Australian indigenous group, told the AGM that Siemens had not checked properly whether the traditional owners supported the coal mine project.

"We have said time and again in a clear voice no to this project," he said.

Helena Marschall, a 17-year-old member of environmental group Fridays for Future, accused Siemens of hypocrisy by posing as a climate protection company while taking on environmentally damaging contracts.

"A company that is truly sustainable can no longer afford to support fossil-fuel projects. Contracts will have to be broken not just in Australia, but all over the world," she said.

Shareholders also expressed concern about the impact of the 18-million-euro ($19.80 million) contract and the damage it could do to Siemens' reputation.

"With a careful examination of all environmental and reputational risks, Siemens should never have signed this contract," said Vera Diehl, a portfolio manager from Union Investment, which owns a 0.6% stake.

FORECASTS MISSED

Siemens reported first-quarter results that missed forecasts after a slowdown in its industrial automation business and problems in its power and gas and wind power operations.

Siemens' industrial operating profit fell 30% to 1.43 billion euros ($1.58 billion), missing analyst forecasts for 1.88 billion euros in a consensus gathered by the company.

Revenue rose slightly to 20.32 billion euros, undershooting estimates for 20.63 billion euros.

The company confirmed its guidance of full-year earnings per share in the range of 6.30 to 7.00 euros after posting 1.33 euros during the first quarter.

"We have had better quarters in the past," Kaeser said, but added that Siemens would make up ground in the second half and hit its targets after a slow start.

Despite the downturn, the company's plan to spin off its energy business and merge it with its wind power operations remained on track for September, he said.

On Tuesday Siemens said it would buy Iberdrola's IBE.MC 8.1% stake in Siemens Gamesa renewable energy for 1.1 billion euros and transfer the shares into its new Siemens Energy unit.

By John Revill

Stocks mentioned in the article
ChangeLast1st jan.
ABB LTD -5.78% 16.64 Delayed Quote.-24.43%
IBERDROLA -1.31% 8.71 End-of-day quote.-3.86%
SIEMENS AG 3.17% 75.26 Delayed Quote.-37.40%
SIEMENS GAMESA RENEWABLE ENERGY, S.A. -0.88% 13.5 End-of-day quote.-12.89%
share with twitter share with LinkedIn share with facebook
share via e-mail
Latest news on ABB LTD
05:14aSwiss economic indicator plunges to lowest level in five years
RE
02:39aABB warns on profit after hit from coronavirus, low oil prices
RE
02:03aEUROPEAN CORPORATE ROUNDUP : ABB, LVMH the Latest to Issue Warnings
DJ
01:43aABB : Withdraws 2020 View As It Expects 1Q Revenue Decline Amid Coronavirus
DJ
01:03aABB : COVID-19 Update
DJ
12:49aABB : COVID-19 Update
BU
03/30ABB LTD : Ex-dividend day for final dividend
FA
03/26ABB : Shareholders Approve All Proposals At Annual General Meeting
DJ
03/24ABB : to provide comprehensive automation and power solution for Project Columbi..
PU
03/18Annual General Meeting of ABB Ltd
DJ
More news
Financials (USD)
Sales 2020 24 279 M
EBIT 2020 2 427 M
Net income 2020 3 193 M
Debt 2020 2 042 M
Yield 2020 4,48%
P/E ratio 2020 10,3x
P/E ratio 2021 16,4x
EV / Sales2020 1,62x
EV / Sales2021 1,47x
Capitalization 37 316 M
Chart ABB LTD
Duration : Period :
ABB Ltd Technical Analysis Chart | ABBN | CH0012221716 | MarketScreener
Technical analysis trends ABB LTD
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 19
Average target price 20,79  $
Last Close Price 18,56  $
Spread / Highest target 57,8%
Spread / Average Target 12,0%
Spread / Lowest Target -38,6%
EPS Revisions
Managers
NameTitle
Björn Klas Otto Rosengren Chief Executive Officer
Peter R. Voser Chairman
Timo J. Ihamuotila Chief Financial Officer
Jacob Wallenberg Vice Chairman
Matti Juhani Alahuhta Independent Non-Executive Director
Sector and Competitors