In a generally weak market, the Dax lost title by almost one percent. The International Court of Arbitration Siemens muttered a repayment of 648 million euros plus interest on his former partner Areva nuclear power. Siemens had fulfilled its contractual obligations to the French in the framework of the Nuclear joint venture Areva NP is not complete, the group said, referring to the decision.
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Siemens had recently received for the share of just over a third of the joint venture from Paris just over 1.6 billion euros. Chief Financial Officer Joe Kaeser has now referred the court ruling a large part in the current quarter have received back.
In connection with the sale of Siemens had scored in the second quarter of fiscal 2011, a positive contribution to earnings of 1.52 billion euros before taxes. The payment due to Areva is now recognized in income when the people of Munich in the third quarter of fiscal 2011.
"Risk was known"
"The penalty is to be considered negative, " analyst Karsten Oblinger noted by DZ Bank. "But the scale is limited, because the cash flow per share is only around 0.75 €. Moreover, the risk of a penalty in this amount was known." Therefore, he maintained his buy recommendation with a fair value of € 107.00.
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And Thomas Langer of WestLB upgraded the news negatively. He had adjusted his estimates for the third fiscal quarter accordingly. Positive he stressed however, that the Tribunal is the effectiveness of the measures provided for in the shareholders' agreement of the former joint venture competition ban has been halved to four years.
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