In transition -- in Transmission, we are intentionally more selective and focused on profitability. The decline in orders in Europe is broad based across all businesses but clearly dominated by tough comps due to the ICx order of EUR 3.7 billion booked in Q3 last year.The emerging markets held up well with a stable development year-over-year despite the 5% order decline in China. For example, Russia was up 24%. Middle East and India both grew by 7%. As a consequence, the share of the emerging markets in order intake reached a high level of 38%. Our sales growth was very broad based, with particular strength in the U.S. showing a 10% increase. This was mainly driven by Energy recording to high double-digit increases in the wind and Transmission business. While we saw some weakness in revenues in China and India, other emerging markets, like the Middle East or second wave countries, compensated for this and held the share of emerging markets constant at 32% of revenue.
Siemens AG Management Discusses Q3 2012 Results - Earnings Call Transcript
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