Siemens Energy – Ad-hoc: Siemens Energy comments on media reports

October 26, 2023
Siemens Energy

In light of recent media reports regarding talks with the German government, Siemens Energy AG states the following: 

 

Siemens Energy financial results for fiscal year 2023 are expected to be fully in line with guidance. The former Gas and Power businesses are expected to continue their excellent performance in fiscal year 2024 and are on track to achieve their mid-term targets (fiscal year 2025). The wind business Siemens Gamesa is working through the quality issues and is addressing the offshore ramp up challenges as announced in the third quarter communication for fiscal year 2023. As Siemens Gamesa is for the time being not concluding new contracts for certain onshore platforms and is applying strict selectivity in the offshore business, order intake and revenue are expected to be lower than market expectations for fiscal year 2024, and net losses and cash outflow are expected to be higher than market forecasts. 

The strong growth in order intake, particularly in the former Gas and Power business areas, leads to a rising need of guarantees for long-term projects. Considering this requirement, the Executive Board is evaluating various measures to strengthen the balance sheet of Siemens Energy and is in preliminary talks with different stakeholders, including banking partners and the German government, to ensure access to an increasing volume of guarantees necessary to facilitate the anticipated strong growth.

Siemens Energy’s budgeting process is still ongoing and no decisions in respect to the annual budget 2024 and/or any specific financing measures have yet been taken by the Executive Board.  

Explanations of financial measures used can be found in the Annual Report 2022 of Siemens Energy AG (available at www.siemens-energy.com/annual-report-2022), in particular in Section 2.2.

Siemens Energy AG is also guarantor for the mandatory convertible bond with ISIN DE000A3K81W7 and the bonds with ISIN XS2601458602 and XS2601459162.

SourceSiemens Energy

EMR Analysis

More information on Siemens Energy: See the full profile on EMR Executive Services

More information on Dr. -Ing. Christian Bruch (Chief Executive Officer, Siemens Energy AG): See the full profile on EMR Executive Services

More information on Maria Ferraro (Chief Financial Officer, Siemens Energy): See the full profile on EMR Executive Services

More information on Siemens Gamesa Renewable Energy, S.A. (SGRE): https://www.siemensgamesa.com/en-int + We make real what matters: clean energy for generations to come.

Our years of experience in pioneering the wind industry have allowed us to deliver cutting-edge technology that harnesses the power of wind and unlocks its future potential to tackle the greatest challenge of our generation – the climate crisis.

Our turbines are representative of our commitment to building a better tomorrow. We bring engineering excellence to install and service thousands of turbines that are improving our planet’s health, generating over 122GW of wind power all over the world, which is enough clean energy to power nearly 110 million households annually.

We are a team of 27,000 individuals from over 100 nationalities, all motivated to tackle the greatest challenge of our generation – the climate crisis. We’re inspired by the prospect of working in a continuously evolving industry alongside expert colleagues, pushing the boundaries of possibility.

More information on Dr. Jochen Eickholt (Chief Executive Office, Siemens Gamesa Renewable Energy): See the full profile on EMR Executive Services

 

 

 

EMR Additional Financial Notes: