(In the message sent at 11:25 a.m., the first sentence must correctly read: “The share price of Siemens Energy (NOT Siemens Gamesa) plummeted on Thursday morning.” The corrected version follows.)
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Siemens Energy collapses with financing problems
FRANKFURT (Dow Jones)–The Siemens Energy share price plummeted on Thursday morning. The DAX group’s stock collapsed by 31.9 percent. In trade, reference is made to negotiations about possible state aid. The board is currently examining various measures to strengthen the balance sheet and is holding preliminary discussions with various parties, including banks and the federal government, regarding guarantees. The company thereby confirms corresponding media reports.
Siemens Gamesa’s wind business is working on quality issues and addressing challenges in ramping up offshore manufacturing capacity, the company also said. For the time being, Siemens Gamesa is not concluding any new contracts for certain onshore platforms and is only accepting orders selectively in the offshore business. Order intake and sales in the wind business for the 2024 financial year are therefore expected to be below market expectations, and net loss and cash outflow are expected to be above market expectations.
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DJG/flf/hab/mgo
(END) Dow Jones Newswires
October 26, 2023 05:35 ET (09:35 GMT)
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