Because of energy share
Siemens threatens first quarterly loss since 2010
Business at Siemens is actually solid, but due to a billion-euro write-down on the minority stake in the former energy technology division Siemens Energy, the first quarterly loss since the financial crisis is looming.
Siemens is facing its first quarterly loss in almost twelve years. After mastering the corona crisis in the black, a massive write-down on the minority stake in Siemens Energy could now result in a loss when Siemens presents its figures on Thursday morning (7:00 a.m.). Analysts expect a significant loss for the third fiscal quarter from April to June. According to a spokesman, the last quarter that Siemens ended in the red was the fourth quarter of fiscal 2010 - at that time still as a result of the financial crisis.
At the end of June, Siemens announced a special write-down on its Energy shares. This will have a negative impact of around 2.8 billion euros on earnings after tax for the third quarter. The reason for this was the low stock market prices "significantly below book value". Siemens still holds around 35% of Energy, which was floated on the stock exchange almost two years ago.
Beyond the non-cash write-downs, Siemens expects solid business. Analysts recently even expected a decent increase in the operating result. The company's management is expected to answer on Thursday whether the Energy write-down will also cost Siemens its forecast for the year as a whole.
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