Home Economy Supply chain problems: Siemens Gamesa expects lower sales | 11/05/21

Supply chain problems: Siemens Gamesa expects lower sales | 11/05/21


Wind turbine manufacturer Siemens Gamesa also anticipates supply chain and logistics problems in the new financial year. Given the challenging environment, the subsidiary of the Dax Siemens Energy Group expects a decline in sales in the 2021/22 financial year (as of the end of September). And the company announced Friday in Zamudio that this should be between 2 and 7 percent. The group sees adjusted operating margin (EBIT) in the range of 1 to 4 percent, and therefore, unlike recently, in positive territory.

Siemens Gamesa also felt the disruptions to the supply chain in the last fiscal year 2020/21 in the last quarter: bottlenecks in certain components, project delays, logistical issues and rising transportation and raw material costs affected the outcome. In addition, there were higher start-up costs for new wind turbines.

This resulted in an operating loss (EBIT) of €96 million for 2020/21 adjusted for special effects such as renewal costs, and the corresponding margin was minus 0.9 percent. In the fourth quarter alone, the adjusted operating loss was €177 million. In sum, the deficit in the last fiscal year amounted to 627 million euros after minus 918 million euros in the previous year. In contrast, sales rose 7.5 percent to 10.2 billion euros, with sales down slightly in the last quarter.

In terms of operating margin, Siemens Gamesa has reached the lower end of its lowered expectations range in the summer. The sales volume was exactly within the range of the stated target by the company. As was already indicated in the summer, the group has now postponed its medium-term return goals. The revised operating margin of 8 to 10 percent promised is now scheduled to be achieved in 2024/25, two years later than initially planned.

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ZAMUDIO (AWP International)


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