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First annual balance: high losses at Siemens Energy | Free Press

Munich (dpa) – Siemens Energy presented figures in bright red in its first annual balance sheet. Burdened by the corona pandemic and one-off effects, the new company formed as a spin-off of Siemens reported a loss of 1.9 billion euros.

However, Siemens Energy chief Christian Bruch was satisfied: “We have fully achieved our targets for fiscal 2020 and we are confirming prospects for fiscal 2021,” he said. Bruch wants to make Siemens Energy more profitable again and presented plans for this in early September.

According to the company, negative special effects of around € 1.5 billion contributed to the current high loss. 956 million euros have been booked for impairments and amortizations, 376 million euros for restructuring expenses and 195 million euros for the cost of separation from Siemens. The Dax group listed Energy on September 28, two days before the end of the fiscal year.

For fiscal 2021, which has been in operation since October, Siemens Energy expects sales to grow again after falling 5 percent to € 27.5 billion in 2020. The result should also improve.

The company is also taking a step to say goodbye to the coal business. From now on, one will no longer participate in tenders for projects in which pure coal power plants are built to generate electricity, he said. However, existing obligations will be met.