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    ENR   DE000ENER6Y0

SIEMENS ENERGY AG

(ENR)
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Delayed Xetra  -  11:35 2022-12-08 am EST
16.51 EUR   +0.73%
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Siemens Gamesa CEO says to fix onshore wind turbine unit in 2022

09/27/2022 | 12:34am EST
FILE PHOTO: A model of a wind turbine with the Siemens Gamesa logo is displayed outside the annual general shareholders meeting in Zamudio

MADRID/FRANKFURT (Reuters) - Siemens Gamesa is aiming to fix major issues with its flagship onshore wind turbine model over the next three months, its CEO said, warning that 10-15 loss-making projects related to the troubled equipment would continue to be a drag until 2024.

The world's largest producer of offshore turbines has issued a string of profit warnings as it struggles to iron out complex internal procedures in the production of a new onshore turbine, the 5.X, piling pressure on a business model already challenged by the rising costs of raw materials such as steel.

"The biggest thing really for us is to stabilize the 5.X project," Siemens Gamesa CEO Jochen Eickholt told Reuters. "We have given ourselves a target for the end of the calendar year, and that's on track."

Nevertheless, he added: "it remains challenging."

Despite strong demand for technology that will transform the world's economies to run on renewable energy sources like the wind and sun, turbine makers have struggled to turn a profit.

As far back as 2017, some governments started scrapping generous tariffs in favour of competitive auctions, leaving turbine makers exposed to runaway logistics and metals costs, politically-motivated import duties and the fallout from COVID-19 and Russia's invasion of Ukraine.

Competition from newer entrants, particularly Chinese firms, has also squeezed Siemens Gamesa, especially in markets including Brazil and India, Eickholt said.

Eickholt said 10-15% of 100 onerous projects related to the 5.X would stretch into 2024.

Siemens Gamesa's woes prompted its parent Siemens Energy to launch a bid in May for the roughly one-third stake in the turbine group it does not already own and take it private to nurse it back to health.

The deal is awaiting final approval from the market regulator in Madrid, where Siemens Gamesa was listed in 2017.

In the meantime, Siemens Gamesa has engaged in tough discussions with customers to raise selling prices, with some success, Eickholt said.

"We are making ... difficult, step-by-step progress," Eickholt said. The last three months' trading has been "kind of solid-ish. Not too good, not too bad either," he added.

(Reporting by Isla Binnie in Madrid and Christoph Steitz in Frankfurt; Editing by Mark Potter)

By Isla Binnie and Christoph Steitz


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
EURO / BRAZILIAN REAL (EUR/BRL) 0.88% 5.516 Delayed Quote.-13.60%
SIEMENS AG -0.68% 132 Delayed Quote.-12.96%
SIEMENS ENERGY AG 0.73% 16.51 Delayed Quote.-27.12%
SIEMENS GAMESA RENEWABLE ENERGY, S.A. 0.00% 18.025 Delayed Quote.-14.45%
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Financials
Sales 2022 28 360 M 29 909 M 29 909 M
Net income 2022 -449 M -474 M -474 M
Net cash 2022 1 795 M 1 893 M 1 893 M
P/E ratio 2022 -25,0x
Yield 2022 0,97%
Capitalization 11 799 M 12 444 M 12 444 M
EV / Sales 2022 0,35x
EV / Sales 2023 0,31x
Nbr of Employees 92 000
Free-Float 58,3%
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Number of Analysts 13
Last Close Price 16,51 €
Average target price 21,30 €
Spread / Average Target 29,0%
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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
GŘnter Augustat Member-Supervisory Board
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