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    Siemens Gamesa posts a loss of 780 million in the first half of the year

    May 5, 2022 - CE Noticias Financieras


      Bilbao 5 MAY 2022 - 08:03CEST

      Siemens Gamesa (SG) continues to post losses. In its second quarter, it has registered red numbers of 377 million, bringing the negative balance in the first part of the fiscal year, which opens on October 1, to 780 million.

      The renewable energy group explains these figures by the disruptions in the supply chain and by the problems in the launching of the new 5.X turbine, the one with the highest unit capacity in the terrestrial field with its 6.6 MW. CEO Jochen Eickholt insists that the company has "already put in place actions to urgently address near-term priorities" with the launch of a new strategy. The CEO has reiterated that he will not resort to plant closures or layoffs, but will instead optimize processes and review existing contracts with customers and suppliers to pass on cost inflation.

      With an order book of 32,831 million euros, SG highlights its good position in the wind power market, with a great future development due to international investments in the energy transition. Sales from January to March amounted to 2,177 million, down 7%. Net operating profit (Ebit) amounted to 304 million, down 14%. This figure is evidence of the aforementioned internal and external challenges that SG has to address. If these items are taken over the first half of the year, the declines are even greater. Turnover fell by 13% to 4,006 million, and EBIT plummeted by 15.3% to 614 million.

      With net financial debt exceeding 1.7 billion at March 31, SG has 4.387 billion in financing lines. It has already drawn down 1,908 million. Its liquidity is above 3.5 billion.

      For 2022, SG has revised all its objectives due to the uncertainty of the world economy. The sales estimate for the year is at a level between 2 % and 9 % less than revenues in 2021. And with Ebit up to 4 % below that achieved the previous year. These estimates are made including the 580 million divestment from the sale of a wind power portfolio to SSE.

      In the previous 27 months, Siemens Gamesa had accumulated losses of almost 2 billion. Returning to profitability is a priority for a renewable group that was formed in 2017, following the merger of Siemens and Gamesa's wind assets. The insistence on losses has led to the dismissal of two CEOs in these five years.


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