Siemens Energy sees Gamesa going further "in it’s entirety" as part of the group

FRANKFURT (Dow Jones) — According to CEO Christian Bruch, the sale of parts of the Spanish wind turbine manufacturer Siemens Gamesa is not up for discussion, given the ongoing problems. “Onshore and offshore can be made successful,” said the manager in the telephone press conference. He referred to the stable margin in the service business, which is very clearly driven by the onshore business. In addition, the land-based turbine business remains the largest market. He believes it could benefit greatly from Siemens Energy’s distribution network.

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Siemens Gamesa has been posting weak numbers for several quarters due to poor market conditions in the onshore business and internal problems with project execution and the ramp-up of a new turbine. Just a few weeks ago, the subsidiary once again spoiled the results of the parent company. Because of the problems at Gamesa, the share price of the DAX group is at its lowest level since it went public in autumn 2020.

According to Bruch, the inventory taken by the new CEO Jochen Eickholt showed that 70 percent of the problems were internal difficulties and 30 percent market-related difficulties. “Everything we’re seeing at the moment, and that’s how I understand Jochen Eickholt, are issues that can be solved,” said Bruch. At present, many contracts are being renegotiated with customers. It will take a while for this to have a positive effect, Bruch admitted. But one works “very closely together” between Munich and Bilbao.

Bruch did not want to comment on the question of strategic measures – the takeover of the outstanding 33 percent of the capital from Siemens Gamesa is repeatedly discussed. “It has to make sense, we’re looking at it all the time and we’ll do that as soon as we have more to say. But that’s not the case at this point.”

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DJG/rio/cbr

(END) Dow Jones Newswires

May 11, 2022 04:46 ET (08:46 GMT)