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Siemens Expects Non-cash Impairment Of EUR 2.8 Bln On Its Investment In Siemens Energy

Siemens AG (SIEGY.PK,SMAWF) said it expects to book non-cash impairment of about 2.8 billion euros on its investment in Siemens Energy AG.

Siemens said that, with Siemens Energy AG's Xetra closing share price of 13.99 euros on June 30, 2022, the market value of Siemens' 35% investment in Siemens Energy is significantly below the book value.

It leads to an impairment of the Siemens Energy investment, resulting in a total non-cash impact on net income of about 2.8 billion euros in the third quarter of financial year 2022.

Siemens said it will elaborate on their consequences on the outlook for the current financial year and publish its third-quarter results on August 11.

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