Siemens Energy continues to wreak havoc on Si…

A Siemens Energy it keeps charging you Siemens Gamesa crisis, which will already lay off thousands of employees. And it is that between october and juneperiod corresponding to the first nine months of its financial year, quintupled lossesreduced Ebitda and revenues, despite the triggering of orders and the achievement of a record backlog of orders.

The energy division of the German industrial giant, led by Christian Bruch, recorded losses of 671 million euros, against 142 million in the same period of the previous year. This deterioration in results is mainly due to the Siemens Gamesa crisis and the restructuring of business assets in Russia after the invasion of Ukraine and the start of the conflict. And in fact, that’s why he announced that he will end his financial year next September with red numbers that are bigger than the previous one, because he has advanced at the analyst conferenceafter last may reduce your sales and margin forecasts.

Siemens Energy figures for the third quarter and for the nine months of its 2022 financial year

The gross operating income (Ebita) adjusted was negative at -563 million, compared to the positive of 316 million obtained a year ago; and the Ebita margin tight it stood at -2.8%, compared to 1.6% a year ago. For their part, the Income they fell by 5.9%, to 19,817 million; and orders, 6%, to 26,079 million. and the ftax free cash luxury it fell from 373 million to -445 million.

Bruch points out that “Siemens Gamesa continued to suffer significant losses in a difficult market environment”, a “poor performance” which “had a negative impact on our overall results” and expects “new management to put now implementing a rigorous recovery plan”.

Just in the third fiscal quarter (April to June), Siemens Energy recorded losses of 390 million and had an adjusted Ebita of -429 million, much worse than that obtained a year ago (-124 million) and an adjusted Ebita margin of -5.9%, weighed down by certain exceptional expense items of 298 million, mainly due to the impact of the restructuring of the activity in Russia. Revenue fell 4.9% on a comparable basis to 7,279 million, despite new orders jumping 60% to 9,800 million and backlog hitting a record high of 93,400 million. For his part, the Free movement of capital before taxes went from a positive amount of 328 million to a negative amount of 25 million.

Siemens Energy earnings figures

For businesses, both Gas and electricity such as Siemens Gamesa faced strong headwinds from rising material and logistics costs and supply chain constraints, but the former performed strongly despite geopolitical and macroeconomic factors, which was not enough to compensate for the crisis of wind turbine manufacturers. “He returned to work during the last quarter and therefore demonstrated his ability to recover,” Bruch underlined, adding that the team of this company “started to set the course for a new organizational structure aimed at significantly reducing the complexity and shorten decision-making processes. For his part, Bruch underlined that “Siemens Gamesa continued to register significant losses in a difficult market environment”, a “poor performance” which “had a negative impact on our overall results” and hopes “that the new management will now put in place a rigorous stimulus plan,” he said. And don’t forget that there is a takeover in progress to take over the 32.9% they do not yet control of the wind turbine manufacturer and exclude it from the stock exchange, an operation that will lead to more debt and reflects the rise of German impudence.

Gas and electricity recorded an adjusted Ebita of -21 million between April and June, against -514 million for Siemens Gamesa. It also contributed 4,868 million in revenue, 6,362 million in orders and pre-tax free cash flow of 432 million, while the wind turbine maker recorded 2,436 million, 3,523 million and -514 million in these magnitudes.

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