Siemens Energy, main shareholder of Siemens Gamesa, expects higher losses in 2022

Siemens Energy, main shareholder of Siemens Gamesa, expects higher losses in 2022

The company, which maintains the turbines at the Nord Stream 1 compression station in Portovaya, says its net loss will exceed the 2021 loss of €560 million after the charge, which will be noted as an exceptional item. Siemens Energy, which was spun off from Siemens in 2022 and owns a majority stake in Spanish wind turbine maker Siemens-Gamesa, had previously expected its 2022 net loss to be on par with last year.

As recalled by Reuters, the group said earlier this year that it will stop all new business in Russia in the wake of the Moscow-ordered invasion of Ukraine, adding that sales in the country represent a single-digit percentage share of its sales. total of 28,480 million euros.

Siemens Energy has also pointed to the difficulties Siemens Gamesa is going through as a drag on its quarterly results, ahead of a €4.05bn cash offer for the remaining 33% it does not yet own in the Spanish listed company.

“We hope that the new management of Siemens Gamesa will now implement a rigorous recovery plan,” said the CEO of Siemens Energy, Christian Bruch, a week after some reports suggested that the company was considering cutting 2,500 jobs.

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