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Siemens Gamesa makes it through complex first quarter 2023

4C Offshore | Tom Russell
By: Tom Russell 02/02/2023 Siemens Gamesa
Wind turbine manufacturer Siemens Gamesa announced its financial results for the first quarter of fiscal year 2023 today (2 February 2023).  

Between October and December 2022, Siemens Gamesa’s revenue amounted to €2.0 billion (+9.8% year over year) and EBIT pre PPA and before integration and restructuring costs amounted to -€760 million, with an EBIT margin of -37.8%. The company ended the quarter with a net loss of €884 million. As of 31 December 2022, net financial debt totalled €1.9 billion.

During the initial quarter of the fiscal year, Siemens Gamesa signed new orders worth €1.6 billion (-35% year over year), while the order backlog amounted to €33.7 billion at the end of December 2022.

As disclosed in the company's preliminary results, during the recent evaluation of the installed fleet, it detected an upward trend in the failure rate of certain components, resulting in higher-than-expected warranty and service maintenance costs. The company stated that it is already implementing mitigation actions to reduce the future impact as much as possible.

The negative development in our service business underscores that we have much work ahead of us to stabilize our business and return to profitability. However, despite the extremely challenging macroeconomic and geopolitical context in which we find ourselves, we have seen progress in other areas, such as with our Siemens Gamesa 5.X platform, thanks to our Mistral program,” said Siemens Gamesa’s CEO, Jochen Eickholt.

In addition, the new organization, effective from 1 January 2023, has been completed. The company claims that integrating onshore and offshore manufacturing and technology activities will result in cost and quality improvements. Progress has also been made with the restructuring, and a pre-agreement has been reached with employee representatives in Spain.

With the new organizational setup, Siemens Gamesa is aiming to reap cost synergies through the potential integration into Siemens Energy.


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