Siemens Energy booked a higher-than-anticipated charge of €2.2bn for the recently-revealed difficulties at SGRE. The majority of this charge comes from Onshore, whereas Offshore also faces some challenges. This has come at a time when the group’s Gas & Power businesses continue to deliver robust performances, signalling a good turnaround. Order activity and revenue growth was encouraging during the quarter but profitability was severely dented. Consequently, Siemens Energy has slashed its profit ....
