GO
Loading...

Enter multiple symbols separated by commas

Siemens Adjusts '06 Profit

Siemens adjusted its net income for fiscal year 2006 because of more tax charges related to an ongoing corruption scandal.

The Munich-based group, Europe's biggest engineering company, said in a statement released late Monday that it lowered its net profit for the year to 3.03 billion euros ($4 billion), down from the 3.11 billion euros ($4.1 billion) it reported last month.

"In connection with the investigation launched by German state prosecutors on Nov. 15, 2006, Siemens initiated an internal investigation into certain transactions and payments which led to adjustments," the company said in a statement to the Frankfurt stock exchange.

The additional deferred and current income tax charges totaled 168 million euros ($221.4 million) over a period of approximately seven years. Of that, 73 million euros ($96.2 million) was reflected in the company's 2006 financial report and related to fiscal years 2004-2006.

The remaining 95 million euros ($125.2 million) in additional income tax expenses were related to the years before fiscal 2004.

Investigators in Germany, Italy and Switzerland are investing the alleged embezzlement of 200 million euros ($263.5 million) by some Siemens workers, but have not targeted the company itself.

Contact U.S. News

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    Please choose a subscription

    Please enter a valid email address
    To learn more about how we use your information,
    please read our Privacy Policy.

Don't Miss

  • Mark Cuban and Donald Trump

    Donald Trump appears to have Mark Cuban's vote, at least in terms of how the billionaire real estate mogul is conducting his political campaign.

  • Ferrari 488 Spider

    Ferrari's new 488 Spider will have a V-8 turbo engine and a retractable hard-top roof that lowers in just 14 seconds.

  • Members of the New Horizons science team react to seeing the spacecraft's last and sharpest image of Pluto before closest approach later in the day at the Johns Hopkins University Applied Physics Laboratory (APL) in Laurel, Maryland July 14, 2015.More than nine years after its launch, a U.S. spacecraft sailed past Pluto on Tuesday, capping a 3 billion mile (4.88 billion km) journey to the solar system's farthest reaches, NASA said.

    The New Horizons Pluto flyby mission set records for NASA's social media and web metrics——but why do we care so much?

U.S. Video