* Siemens Gamesa shares down 18.2%, Siemens Energy down
* Siemens Gamesa's second profit warning this year
* Company cites higher costs, COVID-linked delays
(Adds details from sources, analyst comment)
MADRID, July 15 (Reuters) - Shares in Siemens Gamesa
fell more than 18% on Thursday after the wind turbine
maker's second profit warning in less than three months due to
spiralling raw materials prices and the cost of delivering its
new onshore platform.
The warning of a possible loss this year had a knock-on
effect on parent Siemens Energy, which owns 67% of
Siemens Gamesa. Its shares fell 13.5% as it will now miss its
own profit margin target.
The warning about raw materials prices, exacerbated by the
pandemic, also hit shares in rivals such as Denmark's Vestas
, the world's largest maker of wind turbines, which fell
6.5%, while smaller German rival Nordex fell 4.9%.
The ongoing failure to keep costs under control might cause
Siemens Energy to consider a full takeover of its Spanish-listed
subsidiary and end an arm's length relationship that has limited
its influence, two people close to the matter said.
Siemens Gamesa has lost almost a third of its market value
so far this year, extending losses that began in January with a
sector-wide fall in renewable energy stocks. At current share
prices, the remaining 33% stake would cost Siemens Energy around
5 billion euros ($5.9 billion).
A spokesperson for Siemens Energy declined to comment,
referring to comments made by Chief Executive Christian Bruch in
May, who said it was too early to talk about a full takeover but
that it would become an issue at some point.
Siemens Gamesa is the world's biggest maker of offshore wind
turbines, an industry set to benefit from featuring in the plans
of some of the world's biggest economies to cut carbon
But its achilles heel is the escalating cost of development
of its 5.X onshore wind turbine platform, especially in Brazil,
where the company has complained of supply chain shortfalls and
"While we like Siemens Gamesa's strong position in the
fast-growing offshore wind market, the challenging performance
on the onshore wind casts a significant dark cloud over Siemens
Gamesa's equity story," Bernstein analysts wrote.
Siemens Gamesa CEO Andreas Nauen said he remains optimistic
that the company could reach a profit margin of 8-10% but the
timing could slip from 2023 to 2024.
In recent months, the company has pushed harder to pass on
the rising costs of materials such as steel to its customers, he
added: "Of course, (customers) do not happily discuss that, it's
clear... it's also clear that in light of the size of the
increases it cannot stay with us," Nauen said.
($1 = 0.8466 euros)
(Reporting by Isla Binnie, Christoph Steitz and Alexander
Huebner; Editing by Philippa Fletcher and Elaine Hardcastle)