Siemens Energy earns 88 million euros in its first fiscal semester

Frankfurt (Germany) May 5 (EFE) .- Siemens Energy, a Siemens energy subsidiary, earned 88 million euros in the first half of its current fiscal year, compared to a loss of 244 million euros a year earlier due to the impact of the pandemic.

Siemens Energy reported on Wednesday that in the first six months of its fiscal year, which began in October, it made an operating profit of € 272 million, compared to a loss of € 255 million a year ago.

Turnover fell in the same period to 13,024 million euros (-1%), due to the negative effects of exchange rates and the drop in revenues in the Gas and Electricity division, while order intake improved to 17,951 million euros (+ 2%).

Orders from Siemens Gamesa rose above all, 13.9% in the accumulated result of the first half and 149.7% in the second quarter, due to three large orders worth 2,800 million euros for offshore wind farms, including services, in the UK, the Netherlands and France.

This strong improvement offset the drop in order intake in the Gas and Electricity division (-5.7% in the first half).

However, Siemens Energy, which has been listed on the Frankfurt Stock Exchange since September last year, said there is a lot of volatility in the offshore wind energy market, which affects the entry of orders for turbines and services.

Siemens Energy President and CEO Christian Bruch was delighted with “the strong second quarter results” and said they are on track to achieve the full fiscal year targets despite a challenging environment.

He highlighted that the strong order intake shows the competitiveness of Siemens Energy especially in the sustainable portfolio.

Provisions for pensions and similar obligations fell from 1,026 million euros at the end of December 2020, to 906 million euros at the end of March, due to higher discount rates.

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For the entire fiscal year 2021 Bruch confirmed that it expects a sharp rise in net profit and an increase in turnover between 3 and 8% (previously between 2 and 12%).

Siemens Gamesa has recently revised down its billing forecasts due to the delay of some projects in countries highly affected by the covid-19 pandemic such as India and Brazil.

(c) EFE Agency