If the start of the fiscal year for Siemens Gamesa (SG) was good, with profits of 11 million in its first quarter (from October to December), the income statement has been distorted in the second quarter of the year, registering losses of 66 million. At least, the comparison with the same period of 2020 reduces the Red numbers by 60%.
Sales grew 5.98% from January to March, accounting for 2,336 million. The order book reaches a record volume of 33,743 million, after the entry in the second quarter of projects valued at 5,500 million. Delays in the execution of projects reduce the level of income expected in 2021 to a band between 10,200 and 10,500 million (the previous estimate was between 10,200 and 11,200 million).
Some clients have slowed down their investments due to the economic crisis caused by the pandemic. India, as one of its main markets, continues to evolve in its renewable business. His health crisis complicates the scenario in the short term.
Andreas Nauen, CEO of SG, has stated that the wind sector environment continues to be complicated by Covid-19 and the rising cost of raw materials. SG continues to rely on the global commitment to decarbonisation to increase sales, and profitability, of its wind turbines.
SG maintains its profitability targets of between 3% and 5% of the net operating profit (Ebit) before the costs of the merger between Siemens and Gamesa. Ebit for the second quarter recorded losses of 19 million, after reducing the Red numbers 84% in relation to the result of the same period of 2020. As of March 31, the Siemens wind energy subsidiary has a liquidity of 4,500 million. Its net debt reaches 771 million.