By Michael Dabaie

 

Siemens AG said Thursday it could see a non-cash impairment of about EUR2.8 billion ($2.92 billion) on its investment in Siemens Energy AG.

Siemens AG said that, with the closing share price of Siemens Energy on Germany's Xetra, the market value of Siemens AG's 35% investment in Siemens Energy is significantly below the book value. Siemens Energy shares Thursday closed at EUR13.99, down about 4.3%.

This discrepancy would lead to an impairment of the Siemens Energy investment, Siemens AG said, for a total non-cash impact on net income of about EUR2.8 billion in the third quarter.

Siemens AG expects to release third-quarter results on August 11.

 

Write to Michael Dabaie at michael.dabaie@wsj.com

 

(END) Dow Jones Newswires

June 30, 2022 15:12 ET (19:12 GMT)

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