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Siemens: expects 'modest' growth for new fiscal year.

(CercleFinance.com) - Siemens said on Thursday that it has achieved "excellent" results in fiscal year 2016/2017, although warned that it will have to tackle "structural issues" in new fiscal year 2017/2018.

In the past financial year, revenue rose by 4% to 83 billion euros, while net income increased by 11% to 6.2 billion euros.

However, in the fourth-quarter, revenue rose by just 2% to 22.3 billion euros, while net income increased 10% to 1.3 billion euros.

Siemens also said that there was "a lot of work ahead" in fiscal year 2017/2018 - which began in October - and added it expected a "mixed picture."

For fiscal year 2017/2018, the group only expects modest growth in revenue, citing unfavourable dynamics in energy generation markets.

After these comments, Siemens shares were down 3.1% at 119.5 euros in Frankfurt.

Siemens also said this morning that Jochen Schmitz - currently head of accounting, reporting and controlling for the group - had been appointed chief financial officer of Siemens Healthineers.

The firm also said that preparations for the IPO of its healthcare unit were "on schedule."

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