Siemens Energy won't propose dividend for fiscal year 2024

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November 13, 2024 1:03 AM EST

FILE PHOTO: Miniatures of windmill, solar panel and electric pole are seen in front of Siemens Energy logo in this illustration taken January 17, 2023. REUTERS/Dado Ruvic/Illustration/File Photo

MUNICH (Reuters) - Siemens Energy has not proposed a dividend for the 2024 fiscal year, citing limitations to its payout policy as a result of obtaining project guarantees last year that are backed by the German government.

A year ago, Berlin supported Siemens Energy with guarantees worth 7.5 billion euros ($8 billion) as part of a deal with other stakeholders to help the troubled energy company fulfil its order book.

The guarantees are part of a package totalling 15 billion euros agreed with private banks and other stakeholders and also impose a pause on dividends and higher level bonuses at Siemens Energy, the economy ministry said at the time.

($1 = 0.9422 euros)

(Reporting by Christoph Steitz; Editing by Lisa Shumaker)


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