Table:
|  |  | Fiscal year |  | % Change |
| --- | --- | --- | --- | --- |
| (in millions of €) | 2019 | 2018 | Actual | Comp. |
| Orders | 5,806 | 5,569 | 4 % | 3 % |
| Revenue | 5,526 | 4,930 | 12 % | 11 % |
| Adjusted EBITA | (71) | (305) | 77 % |  |
| Adjusted EBITA margin | (1.3) % | (6.2) % |  |  |
Paragraphs:
Supported by a recovery in commodity-related markets, orders and revenue showed broad-based growth year-over-year with strongest increases in the mechanical drives business. Overall, Portfolio Companies businesses made good progress in achieving their targets. Adjusted EBITA improved in all fully consolidated units and turned positive in total, mainly driven by the large drives applications business.
The result from equity investments in total also improved slightly, though it was negative in both periods under review. Severance charges decreased to € 14 million, from € 86 million in fiscal 2018. Portfolio Companies’ order backlog was € 5 billion at the end of the fiscal year, of which € 3 billion are expected to be converted into revenue in fiscal 2020. Regarding Portfolio Companies’ at-equity investments, volatile results are expected in coming quarters.
Markets for Portfolio Companies are generally impacted by rising uncertainties regarding geopolitical and economic developments, which weaken investment sentiment. Although the broad range of businesses are operating in diverse markets, overall, moderate growth is expected in the coming years for the main markets served by the Portfolio Companies.
Beginning with fiscal 2020, the equity investments Ethos Energy Group Limited and Voith Hydro Holding GmbH & Co. KG, the subsea business, and the majority of the process solutions business will be transferred to the Operating Company Gas and Power. If this organizational structure had already existed in fiscal 2019, Portfolio Companies would have posted orders of € 4.746 billion, revenue of € 4.558 billion and Adjusted EBITA of €(115) million.
Mitsubishi-Hitachi Metals Machinery (MHMM) and Siemens AG reached an agreement in September 2019, that MHMM will acquire Siemens’ stake in Primetals Technologies. Closing of the transaction is subject to customary conditions and is expected by the beginning of calendar 2020.
Question:
How have the markets for Portfolio Companies been impacted?
Answer: Markets for Portfolio Companies are generally impacted by rising uncertainties regarding geopolitical and economic developments, which weaken investment sentiment.