We released our second quarter financial results for the fiscal year 2023 on May 15, 2023, at 07:00 AM CEST. The Press Conference Call was broadcasted live at 08:30 AM CEST.
Energy’s markets remained favorable. Consequently, the Company continued to
enjoy strong growth in orders and in revenue. Profit continued to be impacted
by supply chain challenges, the ramp-up of the offshore activities as well as
by effects from onerous projects at Siemens Gamesa.
Energy recorded orders of €12.3bn reflecting 56.3% growth on a comparable basis
(excluding currency translation and portfolio effects). The Book-to-bill ratio
(ratio of orders to revenue) came in at 1.53 and the order backlog reached a
new record of €102.0bn exceeding the €100bn mark, for the first time.
increased by 23.8% on a comparable basis to €8.0bn reflecting growth in all
Energy’s Profit before Special items was positive with €41m (Q2 FY 2022:
negative €49m). A loss at Siemens Gamesa was more than offset by a strong
performance in all other segments, led by Gas Services (GS). Positive Special
items of €23m (Q2 FY 2022: negative €54m) were driven by a positive effect of
€78m in connection with the “Accelerating Impact” program reported under
restructuring costs. Most measures of the program have been executed or
contractually solved. Due to improved market
conditions and volume growth, the assessment of the further progress of the
program has changed. The positive effect more than offset an increase in other
restructuring and integration costs. Therefore, Profit for Siemens Energy was positive
with €64m (Q2 FY 2022: negative €103m).
Energy reported a Net loss of €189m (Q2 FY 2022: Net loss €256m). Corresponding
basic earnings per share (EPS) were negative €0.25 (Q2 FY 2022: negative €0.22).
expected, Free cash flow pre tax was negative with €294m (Q2 FY 2022: negative
€351m). A higher cash outflow at Siemens Gamesa was partly offset by strong
cash flow in other segments, primarily at Grid Technologies (GT).
- Due to the
financial performance in the first half-year and business volume growing faster
than previously planned, Siemens Energy adjusted its outlook for fiscal year
2023. Management now expects a comparable revenue growth of the Siemens Energy Group
between 10% and 12% (previously between 3% and 7%). Profit margin before
Special items of Siemens Energy is now expected around the low end of the guidance
range of 1% to 3% due to Siemens
Gamesa's poor performance in the first half-year. Accordingly, Net loss of
Siemens Energy Group is expected to exceed prior fiscal year’s level by up to a
low-triple-digit million € amount.
Christian Bruch, President and CEO of Siemens Energy AG:
our very good positioning in
the markets for energy transition technologies, such as power generation and
transmission. Our adjusted outlook reflects the strong demand, as well as the
continuous challenging market environment in the wind industry. The turnaround
of the wind business remains the cornerstone of becoming a profitable leader of
the energy transition”
Fuel cells are an
attractive option for reducing greenhouse emissions in the maritime industry because
of their high energy efficiency and ability to produce electricity without
emitting harmful pollutants. They offer zero emissions, are highly efficient, versatile,
can integrate renewable energy sources, comply with industry regulations and
are economically viable.
A consortium of Siemens Energy and Spain's Dragados
Offshore has signed a framework agreement with German-Dutch transmission system
operator TenneT to supply high-voltage direct current (HVDC) transmission
technology for three grid connections in the German North Sea. The projects available through the agreement will ensure
that a total of 6 gigawatts (GW) of offshore wind power can be transported
onshore. The contract value for the consortium of Siemens Energy and Dragados
is close to €7 billion.
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- HVDC link between mainland Italy, Sicily and Sardinia enables exchange of up tp one gigawatt for each interconnection
- Improved efficiency, security of supply and better integration of renewable energy
For Italy to
benefit from renewable energy in the future, the islands of Sardinia, Sicily
and the Italian mainland must be able to flexibly exchange electricity. Siemens
Energy will make this possible by providing the high-voltage direct current
(HVDC) transmission technology to a 970 km long power link. Italian
transmission system operator Terna has awarded the consortium of Siemens Energy
and Italy's FATA (part of Danieli group) a contract to supply four converter
stations for the "Tyrrhenian Link" project. The HVDC link will enable more efficient use of renewable
energy, increase stability of the power grids, and enable the close down of coal-fired power
plants on the two islands to
reduce CO2 emissions. The order volume
for Siemens Energy amounts to just under one billion euros.
Wind energy is at the center of the transition to a less carbon-intensive and more sustainable energy system. Although the share of renewables in global electricity generation is rising, renewable power as a whole still needs to expand to meet decarbonization targets set by governments around the world. Siemens Energy is committed to driving this potential into real growth for the future of renewable power and offers a whole range of power transmission equipment, grid access solutions and services for the wind industry.
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INTO THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA OR JAPAN OR OTHER
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Siemens Energy and independent power producer Mass Global
Energy Rom S.R.l. have signed a contract for the supply of the HL-class gas
turbine technology for the Mintia combined cycle power plant in Romania. With a
maximum power generation efficiency of more than 64 percent, the plant will be
the most efficient gas-fired power plant in Romania and one of the most
efficient gas-fired plants in Europe. It will have an electrical capacity of
1,700 megawatts and will replace a retired coal-fired power plant. This will make a substantial contribution
to reducing CO2 emissions and protecting the climate.
Siemens Energy compressors will be used at Occidental’s first large-scale Direct Air Capture (DAC) plant in Texas’ Permian Basin developed by 1PointFive, a subsidiary of Occidental. The two compressor packages will enable the plant to capture up to 500,000 metric tons of CO2 per year when fully operational. The announcement was made today by Siemens Energy President and CEO Christian Bruch and Occidental President and CEO Vicki Hollub at the 41st annual CERAWeek energy conference hosted in Houston, TX, USA.