The withdrawal from Russia puts an additional burden on Siemens

The Munich tech giant estimated the costs incurred as a result of the Russian sanctions at 600 million euros.

Siemens Completely withdraw from Russia. After the group has already stopped dealing with the state, he now wants to leave the country completely, how Siemens announced Thursday morning.

This also puts pressure on the earnings figures published at the same time for the just completed second business quarter Siemens 1.2 billion euros profit. That’s half of what it was in the same period last year, but the group confirmed its forecast for the current year.

With profits falling, not only the consequences of leaving Russia are noticeable, where Siemens It has made about one percent of its sales to date and has about 3,000 employees. The comparative result from the same quarter of the previous year was also distorted upward by higher positive influences – among other things in relation to the sale of Flender.

The Munich tech giant estimated the costs incurred as a result of the Russian sanctions at 600 million euros. Depreciation and other charges were incurred mainly in the train division.

“In a very challenging environment, our business remains strong,” he said. Siemens– Boss Roland Bosch. The group continued its growth trajectory in the second quarter. “The increase in purchase orders and sales once again reflects our customers’ confidence in us.” Sales were 17 billion euros, up 16 percent from a year earlier, and incoming orders increased 32 percent to nearly 21 billion euros.

(APA)