gamey siemens

The German-Spanish turbine manufacturer is in full crisis.

(Photo: Siemens Gamesa)

Munich After new bad news from the wind power subsidiary Gamesa, the Dax group SiemensEnergy He cashed in his earnings forecast for the current fiscal year. Instead of a significant reduction, a net loss to the prior year level is now expected. SiemensEnergy Thursday afternoon with

Once again the renewable energy business is responsible for the problems, while the rest of the sectors are doing better than expected. gamey siemens reported an operating loss before special items of EUR 760 million for the first quarter of its 2022/23 fiscal year (ending September 30), also due to quality issues.

An existing fleet inventory resulted in higher warranty and service charges due to unexpectedly high failure rates for certain components. The turnover was two billion euros.

gamey siemens it has been in crisis for years. Time and time again, the wind group surprised the parent company in Munich with downwardly revised forecasts and new loads. In the past fiscal year, Siemens Gamesa recorded a net loss of almost one billion euros.

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In order to act better, he decided siemens Energy the complete integration of the subsidiary. With the help of a multi-million dollar takeover bid, Siemens Energy secured 93 percent of the shares and decided to take the company private.

siemens Energy wants more repression of the subsidiary in crisis

The current losses are the result of the inventory of Gamesa’s new boss, Jochen Eickholt, who was sent last year from Munich to Madrid as a reorganizer. Due to his impatience, he is known internally as “Two-week-old Jochen”.

A Siemens Energy spokesman told Gamesa that the situation in the operating areas was improving. “However, older contracts in particular require the unfettered attention of management given the difficult conditions in the procurement market.” Going public allows the company to fully focus on solving operational problems.

Red numbers

384

millions of euros

Siemens Energie reported a loss after the first quarter of its 2022/23 fiscal year.

Problems at Siemens Gamesa regularly masked progress at other Siemens Energy businesses. In the first quarter of 2022/23 – that is, from October to December – the “Gas Services” divisions with power plants, “Grid Technologies” with networks and “Industry Transformation” with hydrogen activities managed to improve their operating results.

The entire group achieved sales of seven billion euros in the first quarter. Analysts expected an average of 6.6 billion euros. The loss was 384 million euros, here the consensus was a minus of only 32 million euros.

The other three business areas, which at the time were still combined under the “Gas and Power” unit, had already held their ground last year. Revenue was flat on a like-for-like basis at a good €19 billion. What’s more: incoming orders increased by a quarter to almost 27,000 million euros. Adjusted operating return on sales was three percent, a solid number.

“But of course it’s a setback”

But Gamesa’s red numbers dragged the entire group down. Thus, Siemens Energy sales fell slightly in 2021/22 across the group to €29 billion. The final result was a loss of 647 million euros. Siemens Energy really wanted to significantly reduce this. In terms of sales, the group continues to expect comparable growth of three to seven percent.

jochen eickholt

Eickholt is the new head of the wind company since March 1.

(Photo: dpa)

It was said in industry circles that quality problems at Gamesa mainly affected old projects. “But of course this is a setback,” said an industry insider. It was clear, however, that Eickholt would change every stone, and that this cleaning job could also generate new charges.

Siemens Energy said that Mistral’s restructuring program is progressing towards stabilizing the business and returning to profitability. The new 5X platform, which had struggled to get off the ground, was ahead of schedule in terms of production and installations in the first quarter.

Siemens Energy’s woes also weighed heavily on Siemens Energy’s share price. From a high of 33 euros at the beginning of 2021, the price has plummeted by two thirds. However, with a view to the upcoming integration of Gamesa, investors were filled with hope. In recent months, the price has risen from a good 10 to almost 19 euros.

More: Significantly more wind turbines built in Europe in 2022

Handelsblatt Energy Report

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