industry
Siemens Energy returns the federal government of the federal government
The energy technology group has left its crisis so far behind that it no longer needed the German state’s re -guarantees in 2023. This has positive consequences for the shareholders.
Siemens Energy has returned the federal guarantees. The company has replaced a warranty agreement for its project business for over 11 billion euros with the federal government, as reported. A new warranty agreement of over 9 billion out of a total of 23 banks does not require any state backing.
Siemens Energy had needed state support in 2023 when the company suffered massively from the crisis in its wind division, but on the other hand received new orders to a large extent. For these orders, which often run over many years, guarantees are common, which are usually issued by banks for a fee.
Almost two years ago, the troubled group had difficulty getting these guarantees from banks. The federal government’s paid re -guarantee solved this problem. Energy paid around 100 million euros per year, said CEO Christian Bruch the “Handelsblatt”. So that was “good business for the federal government”.
Now this coverage is no longer necessary, the business at Siemens Energy has been running much better for some time, the company is currently on the way to the second annual profit in a row.
“The federal government’s reorganization was important in 2023 in order to secure the expected strong growth in a challenging phase,” says CFO Maria Ferraro. “Thanks to our performance in the past two years and an attractive market environment, we have significantly improved our margins and the cash flow, and further strengthened our balance sheet. Therefore, we were able to replace the federal guarantee as planned before the end of the financial year.”
The replacement has positive consequences for the shareholders. Although the share price on Thursday practically did not respond to the expected step, but he releases Siemens Energy from a ban on exhausting dividends. However, this only applies from the coming financial year, which begins with the company on October 1st. If the business continues to run well, the shareholders could then benefit from a dividend payment for the first time in 2027.
dpa
Source: Stern
