(AOF) – Siemens saw its quarterly accounts fall into the red for the first time in nearly twelve years due to a depreciation on Siemens Energy, but its third quarter sales came out above expectations. The German industrial group said it had written down 2.8 billion euros on the value of its stake in Siemens Energy, resulting in a net loss of 1.66 billion euros.
In the quarter, its revenues jumped 11% to 17.87 billion euros, where analysts expected an average of 17.47 billion euros.
This quarterly loss, the first since the fourth quarter of 2010, forced Siemens to revise downwards its forecast of earnings per share for the whole of its financial year, now expected between 5.33 and 5.73 euros per share against 8, 70 to 9.10 euros previously.
Siemens owns 35% of the capital of Siemens Energy which has had two difficult years since its split in 2020, with operational difficulties and losses in its wind turbine division Siemens Gamesa.
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Great prospects with green hydrogen for the electricity sector
The French hydrogen plan of 7 billion euros, which has been increased to 9 billion, aims to develop an industrial sector for the production of low-carbon hydrogen. Gimélec, the group of companies in the digital electronics sector in France, has identified strong benefits for manufacturers of electrical equipment. For its members, the economic benefits are estimated at 10 billion euros by 2030, then an additional 20 billion for the period 2030 to 2040, mainly for the sector of manufacturers of digital electronic equipment (from transformers to control systems ). This will lead to massive recruitment, in particular in the areas where hydrogen development efforts will be concentrated, in the Mediterranean and in the Seine Valley.