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SIEMENS ENERGY AG

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Delayed Xetra  -  11:35 2022-06-24 am EDT
15.70 EUR   +3.15%
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Siemens Energy cuts management layers, revamps segment reporting

05/24/2022 | 04:30am EDT
FILE PHOTO: Siemens Energy AG starts trading after IPO

FRANKFURT, May 24 (Reuters) - Siemens Energy on Tuesday said it would reduce management posts by about a third and provide investors with more detail of its business in a bid to become more transparent and nimble.

The company, which on Saturday announced a 4.05 billion-euro ($4.32 billion) bid for the remaining stake in wind turbine unit Siemens Gamesa, said no layoffs were planned as part of the move.

"Technology is important, but alone it is insufficient. More and more, it will be essential to be able to act quickly and to be close to the customer," CEO Christian Bruch said. "We want to be faster, more flexible, and more customer-oriented."

Siemens Energy said that it would split its gas and power segment into three business areas - gas services, grid technologies and transformation of industry - to let investors better track development of those individual units.

The new reporting structure will become effective from October, when Siemens Energy's next fiscal year starts.

Gas services, which will comprise the business with large gas turbines of up to 600 megawatts and related services, aims for a mid-term adjusted core profit (EBITA) before special items of 10-12%, up from a pro-forma margin of 7% last year.

Grid technologies, which deals with Siemens Energy's power transmission equipment, targets mid-term margins of 8%-10%, up from a pro-forma 6.5% margin.

($1 = 0.9379 euros) (Reporting by Christoph Steitz; editing by Miranda Murray and Jason Neely)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
SIEMENS AG 3.39% 102.62 Delayed Quote.-32.79%
SIEMENS ENERGY AG 3.15% 15.7 Delayed Quote.-30.19%
SIEMENS GAMESA RENEWABLE ENERGY, S.A. -0.06% 17.85 Delayed Quote.-15.28%
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Financials
Sales 2022 28 659 M 30 231 M 30 231 M
Net income 2022 -57,1 M -60,3 M -60,3 M
Net cash 2022 2 148 M 2 265 M 2 265 M
P/E ratio 2022 -87,7x
Yield 2022 1,59%
Capitalization 11 222 M 11 837 M 11 837 M
EV / Sales 2022 0,32x
EV / Sales 2023 0,28x
Nbr of Employees 92 000
Free-Float 59,0%
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Number of Analysts 13
Last Close Price 15,70 €
Average target price 26,32 €
Spread / Average Target 67,6%
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Managers and Directors
Christian Bruch President & Chief Executive Officer
Maria Ferraro Chief Financial & Diversity Officer
Josef Kaeser Chairman-Supervisory Board
Laurence B. L. Mulliez Independent Non-Executive Member-Supervisory Board
Günter Augustat Member-Supervisory Board