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From Apr 2022 to Apr 2024
By Giulia Petroni
Siemens AG on Friday said it would register an impairment reversal of its investment in Siemens Energy AG with a non-cash income effect of 1.59 billion euros ($1.73 billion) aftertax.
The German conglomerate said that the energy company's closing share price of EUR20.24 on March 31 is significantly higher than the closing share price of EUR13.99 on June 30, when it reported an impairment.
This resulted in the impairment reversal at the end of the second quarter of its fiscal year 2023, which ends Friday.
The reversal will increase Siemens' investment book value, Siemens said.
The company added the income effect isn't part of the outlook for the current fiscal year.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
March 31, 2023 13:33 ET (17:33 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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