Sport: Siemens Energy share in green: Siemens Energy deep in the red - losses are to be contained

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High losses at the wind power daughter Siemens Gamesa as well as stress in connection with the withdrawal from Russia have lowered the energy technology group Siemens Energy last year Let numbers slide.

SAEED KHAN/AFP/Getty Images © provided by Finanzen.net Saeed Khan/AFP/Getty Images

, Therefore, shareholders should not receive a dividend after there were previously 0.10 euros per share. Management around CEO Christian Bruch expects to improve profitability for the new financial year, even if the bottom line is that there is a loss.

After taxes, the shortfall in the past financial year (at the end of September) rose by 15.5 percent to 647 million euros, as the company announced on Wednesday in Munich. The operating result (EBITA), which was adjusted for special effects, decreased by almost 43 percent to 379 million euros, the corresponding margin deteriorated by one percentage point to 1.3 percent. So that Siemens Energy cut off a little worse than expected, since the company had recently promised the lower end of the expected range of two to four percent. In contrast, sales increased by 1.8 percent to just under 29 billion euros. On a comparable basis, which excludes currency and portfolio effects, there was a minus of 2.5 percent. Siemens Energy had reduced its forecast for the past financial year several times. A major annoyance is the continued weakness in the wind power business. High costs, supply chain bottlenecks, project shifts, quality defects in older systems and homemade problems with the new land turbine 5.X laid out

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Siemens Gamesa

. To finally get the problems that have been going on for years, Siemens Energy now wants to take over the remaining shares in the daughter, which is listed in Spain, in which she is already holding two thirds. After the Spanish stock exchange supervision was released, the offer period running until shortly before Christmas started. The aim is to take Gamesa off the stock exchange. The integration of Gamesa is "in focus," explained Bruch.

At the Energy Technology division Gas and Power, the multi -million dollar retreat from Russia. However, the ongoing restructuring program, which Siemens Energy had put on to improve competitiveness some time ago, wore fruit, so that adjusted EBITA improved significantly. Free Cashflow's fundamental inflow was also able to grow significantly.

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recorded Siemens Energy a robust annual financial statements and made a profit after taxes of 378 million euros in the fourth quarter, and after a loss of 383 million euros in the previous year. The group not only benefited from increasing results at Gas and Power, but also from winning from the sale of wind power projects in southern Europe near Gamesa.

Siemens Energy expects improved development for the new financial year. The comparable sales after the decline in the previous year 2022/23 should increase by three to seven percent on a comparable basis. The margin, which was adjusted for special effects, is likely to increase to two to four percent. In addition, Siemens Energy assumes a significant reduction in losses after taxes. However, management estimates that the free cash flow is significantly deteriorating. A drain before taxes in the low to medium three -digit range is expected here, according to an inflow of 1.5 billion euros in the previous year. This is also related to the planned takeover and integration of Siemens Gamesa.

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Siemens Energy extends CFO contract with Maria Ferraro by 5 years

The Siemens Energy Supervisory Board has extended the contract with finance officer Maria Ferraro by five years until the end of November 2027. Labor director Tim Holt, responsible for the new Grid Technologies division, was also appointed for a further five years until the end of November 2027. The Canadian Ferraro and Bremerhaven Holt have been board members since Siemens Energy has been split off in September 2020.

Berenberg leaves Siemens Energy on "Buy" goal 34 euros

The private bank Berenberg left the classification for Siemens Energy to "Buy" with a price target of 34 euros. Analyst Philip Buller praised the energy technology group on Wednesday in a first reaction to the annual report for an excellent conclusion of the financial year. In 2023, the focus is likely to be the focus on cash inflows.

Siemens Energy shares temporarily increase by 4.45 percent to 15.13 euros. Munich / Frankfurt / Hamburg (dpa-AFX / Dow Jones Newswires)

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