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From Apr 2022 to Apr 2024
By Michael Dabaie
Siemens AG said Thursday it could see a non-cash impairment of about EUR2.8 billion ($2.92 billion) on its investment in Siemens Energy AG.
Siemens AG said that, with the closing share price of Siemens Energy on Germany's Xetra, the market value of Siemens AG's 35% investment in Siemens Energy is significantly below the book value. Siemens Energy shares Thursday closed at EUR13.99, down about 4.3%.
This discrepancy would lead to an impairment of the Siemens Energy investment, Siemens AG said, for a total non-cash impact on net income of about EUR2.8 billion in the third quarter.
Siemens AG expects to release third-quarter results on August 11.
Write to Michael Dabaie at michael.dabaie@wsj.com
(END) Dow Jones Newswires
June 30, 2022 15:12 ET (19:12 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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