In the wake of the Ukraine war crisis, Siemens Energy identified a €200 million charge as the biggest cause of the company's net loss in 2022.
The German supplier of equipment to the power sector said its 2022 net loss is expected to exceed last year's €569 million record and a €200 million charge will be reported as a special item.
This is roughly seen to exceed the company's 2022 net loss projection.
In general, following the Ukraine crisis, Siemens has decided to withdraw from the Russian market, but they are said to be ready to maintain the turbines of the Nord Stream 1 gas pipeline.
CEO Christian Bruch commented that the company plans to sell or stop operations in Russia but it is not a trivial matter that can be done carelessly.
Despite the plan, Bruch also insisted that the company will continue to maintain the turbines operating at the Nord Stream 1 Portovaya compressor station if its customer, Gazprom, wants it.
Like to be reminded that Nord Stream 1 is able to accommodate or transport 1/3 of Russia's gas exports to Europe, but since the crisis arose and some problems due to restrictions, it is only able to operate as much as 20%.
In the meantime, Bruch is seen also underlining the ongoing weakness in Siemens Gamesa's wind turbine division as a hindrance to the company's quarterly results.
According to reports Siemens Games is planning to lay off nearly 2,500 employees or 9% of the company's workforce as it continues to struggle with high raw material prices and product delays.
