Bloomberg Law
March 31, 2023, 6:35 PM

Siemens Books €1.59 Billion Accounting Gain on Energy Investment

Stephan Kahl
Stephan Kahl
Bloomberg News

Siemens AG said it will reverse some of the impairment it took on its stake in Siemens Energy AG, leading to an income boost after tax of €1.59 billion ($1.73 billion) at the end of the second fiscal quarter.

Siemens Energy’s closing share price on March 31 is significantly higher — about 45% — than the price on June 30 last year, when Siemens reported the impairment, the Munich-based company said in a statement on Friday.

Siemens initially took a €2.8 billion hit to reflect the declining value of its stake in Siemens Energyfollowing the turbine maker’s repeated ...

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