Siemens collapses and earns 79.5% less weighed down by the war in Ukraine

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The technological and industrial group Siemens obtained in the first three quarters of its financial year 2022 a net attributable profit of 1,022 million euros, a 79.5% less than a year beforeafter entering losses in the third quarter.

Siemens has reported this Thursday -and Efe collects- in the third quarter it suffered a net attributable loss of 1,655 million euros, compared to the benefit of 1,352 million euros a year earlier, due to the high red numbers of its energy subsidiary by Gamesa and the restructuring in Russia.

This is the first quarterly loss for almost twelve years for Siemens, since the fourth quarter of fiscal year 2010 after the international financial crisis, and is due to the depreciation on your 35% stake in Siemens Energy of €2.7 billion and costs in Russia of €600 million due to sanctions.

In the first nine months of its current financial year, which began in October, revenues improved to 51,405 million euros (+15%). The operating profit fell to 1,498 million euros (-65.7% compared to the previous year). The president and CEO of Siemens, Roland Busch, highlighted the high demand and growth of orders of 20% since the beginning of the year when presenting the figures.

Likewise, Busch believes that Siemens has “the right strategy to succeed in uncertain times.” Siemens forecasts in 2022 a revenue growth between 6 and 8%. But it has revised down its earnings-per-share forecasts due to the writedown at Siemens Energy.


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