Quarterly figures Q2/2022Russian sanctions depress Siemens' profits
Siemens is discontinuing its business in Russia after around 170 years. The sanctions against the country reduce profits in the second quarter by around 600 million euros.
Mobility increased its order intake on a comparable basis by 13% to EUR 2.5 billion due to a higher volume of major orders, while sales fell by 9% to EUR 2.1 billion. Due to the sanctions imposed on Russia, sales development was affected in particular in the rail vehicle and customer service business by a reduction in sales revenue of EUR 0.2 billion realized in previous periods. In addition, sales revenue for services rendered in the second quarter could not be recognized. As a result of the sanctions against Russia, earnings were impacted by impairments and other charges of around EUR 600 million; Mobility recorded a total loss of EUR 369 million; excluding Russia-related charges, the earnings margin amounted to 8.4%.