Siemens Energy continues to wrestle with technical and ‘ramp up challenges’ with its Gamesa wind division after posting a €4.6bn full-year net loss – and securing €12bn in credit lines.
The German government will counter-guarantee €7.5bn of the €12bn package of guarantees, with €11bn provided by a consortium of banks, and the remaining €1bn from an additional consortium led by Deutsche Bank. In return, the federal government will receive ‘a standard market payment’ from Siemens Energy.
While profitability was ‘severely impacted’ by the large loss at Siemens Gamesa – where break even is not expected until 2026 – Siemens Energy’s order backlog totals €112bn and revenue rose 9.9%. The Gas Services, Grid Technologies and Transformation of Industry (TI) all ‘exceeded’ guided revenue targets for the fiscal year.
Christian Bruch, President and CEO of Siemens Energy, said, “In a year of unprecedented challenges, Siemens Energy showed that turnarounds are achievable, with the businesses, excluding wind, meeting or exceeding their full-year targets… our strong balance sheet remains a top priority, and Siemens Energy’s vital role in the energy transition will continue to drive our growth and success in the years ahead.”
... to continue reading you must be subscribed
