Siemens Energy writes off €2.2 billion due to problems with wind turbines – Kommersant
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Siemens Energy ended the third quarter of fiscal year 2023 (April 1-June 30) with a net loss of €2.93 billion, follows from report companies. A year earlier, the company suffered a loss of €564 million.
The loss of Siemens Energy is associated with problems at wind farms. Back in June, the company reported that its subsidiary Siemens Gamesa found “a significant increase in the failure rate of wind turbine components” during an audit. The problem affects about 15-20% of installations and will require their repair. As a result, Siemens Energy had to write off €2.2 billion as unplanned expenses.
Based on the above concerns, Siemens Energy has downgraded its outlook for the entire 2023 fiscal year. The company now expects a net loss of €4.5 billion instead of improving last year’s figure. The company ended the fiscal year 2022 with a loss of €712 million and hoped that this year its loss will be about €600 million.
At the same time, the company’s revenue for the quarter increased by 8%, and the volume of orders by 54.2% at all, to €14.89 billion.
The company’s shares after the publication of reports are growing in price by more than 5%.
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