Energy technology
Most successful quarter – Siemens Energy on the upswing
While large parts of German industry are complaining about ever worse business, Siemens Energy is getting better. However, there will be a dividend in two years at the earliest.
Siemens Energy has left the crises of recent years and is on course for a solid year. In the past quarter – CEO Christian Bruch has called the most successful since independence – the energy technology group made 501 million euros in profit after taxes. That is almost five times the value from the same period last year. The problem child Siemens Gamesa is still pressing the numbers, but in the areas of wind power it went so well that Energy recently raised its forecast significantly. And even the new US tariffs are only manageable.
“Annoying, but controllable,” the Energy boss calls the expected effects of the tariffs. The company estimates the expected burden in the remaining two quarters of the financial year on a high double-digit million euro amount. If you compare this with the values that were recently called by German car manufacturers, for example, this is comparatively little. These negative effects are more than overlaid by the recently very strong development.
In the second quarter, it was also noticeable in sales and orders. The proceeds climbed by around a fifth to just under 10 billion euros, the order intake was not only significantly above at 14.4 billion euros, but also grew by more than half.
CEO Bruch speaks of an order boom. “The increasing demand for electricity” helped. As a result, he recently increased the forecast – from a result of the profit threshold to up to 1 billion euros. “The improved outlook reflects our confidence in the ongoing market opportunities as well as our excellent project processing.”
In the past, problems for individual projects – especially at Gamesa – had torn down the numbers for the entire group. In the meantime, Energy is confident that they have got these problems under control.
Gamesa is still pressing
But the difficulties at Gamesa are not yet over. In the second quarter, too, the daughter ensured a thick minus in her area, which, however, could be more than balanced by strong figures in the business with turbines and their maintenance as well as with electricity network technology. At Gamesa, the problems with two important types of wind turbines are still pressing ashore – but the profit threshold is to be reached there next year. If the shops in the other areas are still running as well as at the moment, Energy could then climb new heights in the result.
First, however, the group has to adhere to its current forecast. If it succeeds, that would not be the first annual profit since Siemens split off in autumn 2020 – there was already in the past financial year – but at that time it was still thanks to the profit from the sale of shares to Siemens India. This time it would be on your own.
On the way to the end of the guarantees – but no dividend
However, the shareholders of Energy will not receive a dividend for the current financial year, explains Bruch. The reason for this is the state guarantees that the group received two years ago in order to be able to secure its plump -filled order book. In view of the strong development, the company sees itself on the way to replacing it in the course of the financial year, as CFO Maria Ferraro explains. But even then Energy may only pay a dividend for the yields generated the following year, which could then arrive at the shareholders in 2027.
The shareholders could be happy on Thursday – Siemens Energy was one of the biggest winners on the stock exchange in the morning.
dpa
Source: Stern
