Siemens to Register Impairment Reversal of Investment in Siemens Energy
March 31 2023 - 1:48PM
Dow Jones News
By Giulia Petroni
Siemens AG on Friday said it would register an impairment
reversal of its investment in Siemens Energy AG with a non-cash
income effect of 1.59 billion euros ($1.73 billion) aftertax.
The German conglomerate said that the energy company's closing
share price of EUR20.24 on March 31 is significantly higher than
the closing share price of EUR13.99 on June 30, when it reported an
impairment.
This resulted in the impairment reversal at the end of the
second quarter of its fiscal year 2023, which ends Friday.
The reversal will increase Siemens' investment book value,
Siemens said.
The company added the income effect isn't part of the outlook
for the current fiscal year.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
March 31, 2023 13:33 ET (17:33 GMT)
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