Siemens Energy Q1 net loss more than doubles on wind unit woes

SIEMENS Energy said on Tuesday (Feb 7) its net loss more than doubled in the first quarter, blaming charges related to quality issues at Siemens Gamesa which the German firm is trying to fix via a full takeover of the wind division.

Siemens Energy, which pre-released first-quarter results last month, said its net loss widened to 598 million euros (S$852 million) in the October-December period, compared with a loss of 246 million euros in the same period a year earlier.

Order backlog, however, hit a new record at 98.8 billion euros at the end of December, said the group that was spun off from Siemens, driven by its grid technology division which recorded a major win last month.

“Our order growth demonstrates that we have the right portfolio to capitalise on the energy transition,” chief executive Christian Bruch said.

The group, in presentation slides, said the order backlog would translate into 22 billion euros of revenues in 2023, 21 billion euros in 2024 and 55 billion in 2025. Service accounts for more than half of the backlog.

As part of its move to take over the rest of Siemens Gamesa, which is in the process of being delisted, Siemens Energy plans to raise a maximum of 1.5 billion euros to help fund the transaction. REUTERS