DThe recent price losses of Siemens Energy hit the major shareholder Siemens heavily. A special depreciation will burden the result after taxes in the third business quarter by the end of June by around 2.8 billion euros, the Dax group Siemens announced surprisingly on Thursday evening in Munich.
With a closing price of 13.99 euros on Thursday, the market value of the 35 percent stake is well below the book value, Siemens announced. The Munich conglomerate could slip into the red for this period and be forced to trim its annual forecast. The quarterly figures and “their effects on the outlook for the current fiscal year” will be published by Siemens on August 11, according to the mandatory announcement published after the stock market close.
According to data from Refinitiv, analysts previously expected net income of 1.5 billion euros in the third quarter. A Siemens spokesman declined to comment.
Siemens Energy has been struggling with problems at the Spanish wind power subsidiary Siemens Gamesa for a long time. In May, the group reduced its forecast and announced the complete takeover of Siemens Gamesa in order to be able to take better action there. Nevertheless, Siemens Energy has lost almost 40 percent of its market value since the beginning of the year. The restructuring of the Spanish subsidiary will take years, Siemens Energy boss Christian Bruch had warned.
In the second quarter, Siemens posted a net profit of 1.2 billion euros, a drop of 49 percent because the group was hit by the sanctions in Russia, among other things. For the year as a whole, Siemens has so far predicted an increase in earnings per share to between EUR 8.70 and EUR 9.10. Siemens shares hardly reacted to the evening’s news in after-hours trading on the Tradegate platform.