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Russia

Siemens Energy blames Russia restructuring for wider 2022 loss

cde.news desk · 1 min read
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epa10103741 German Chancellor Olaf Scholz stands next to the turbine serviced in Canada for the Nord Stream 1 natural gas pipeline at the Siemens Energy site in Muelheim an der Ruhr, Germany, 03 August 2022. Russia had already sharply curtailed gas deliveries through the Nord Stream 1 pipeline in mid-June, citing the defective turbine, and has now cut it down to 20 percent of capacity. Representatives of the Russian side had cited problems with the import of the turbine, such as missing customs documents. The German government called this a pretext by the Russian side for not fulfilling the supply contracts. EPA-EFE/SASCHA STEINBACH / POOL

Siemens Energy on Monday blamed a 200 million euro ($204 million) charge related to the wind-down of its Russian business for a wider net loss in 2022, but said it was still prepared to maintain turbines for the Nord Stream 1 Russian gas pipeline.

The supplier of equipment to the power sector said that its Russian business activities could be sold or wound down and the company was in touch with public authorities to work out the details.

“Of course implementing this is not trivial in the current environment,” Siemens Energy Chief Executive Christian Bruch said.

Shares in the company were down 2.8% by 0855 GMT, having pared earlier losses, but were still underperforming the broader sector.

Siemens Energy said its 2022 net loss would exceed last year’s 560 million euro loss by the 200 million euro charge, which is reported as a special item. It previously expected its 2022 net loss to be similar to last year’s.

The group, which was spun off from Siemens, said in March it would stop all new business in Russia following Moscow’s invasion of Ukraine that began on Feb. 24.

via Reuters

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