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Siemens Gamesa speeds up stabilisation effort, appoints turn-around specialist as COO
Siemens Gamesa Renewable Energy says its financial performance continues to be affected by supply chain disruption and challenges with its 5.X onshore platform but it is ramping up efforts to turn around its fortunes
Announcing results for the second quarter and first half of financial year 2022, the company said that such are the internal and external challenges it faces, its financial position cannot be assessed with the usual degree of certainty. As a result, Siemens Gamesa’s performance in FY2022 is being reassessed and previous market guidance for FY2022 is no longer valid and is under review.
The company said it had already implemented action to urgently address short-term priorities, and a new plan will be launched to improve medium-term profitability, maximise long-term potential and ‘deliver the company’s full potential.’
The company has also appointed a new chief operating officer, Tim Dawidowsky, a member of the company’s board of directors since 2020, who joined the company from Siemens Energy where he was senior vice president, project excellence.
Siemens Gamesa chief executive Jochen Eickholt said Mr Dawidowsky “has a proven track record of effecting successful turnarounds in businesses operating in complex circumstances like those we are facing,” and would bring expertise in supply chain management, procurement and project management, “which will be very important for us given the huge challenges we face in that area right now.”
Siemens Gamesa said commercial activity in the quarter showed standard volatility in the offshore market and uncertainty in onshore, but sound performance in service.
“The second quarter results reflect the current internal and external challenges we are facing. Since I joined the company as chief executive on 1 March 2022, we have been working hard to identify the root causes of our underperformance,” said Mr Eickholt.
“We are already implementing actions to address the short-term issues and stabilise the company in the shortest possible time, and we are already working on a plan to deliver our full potential. I remain confident of the company’s long-term vision.”
Siemens Gamesa’s long-term plan, known as ‘Mistral,’ will focus on identifying key levers to expand margins in the medium term, such as achieving a solid top line, establishing a competitive high-quality product portfolio, optimising cash flow, and exploring measures to unlock the company’s full potential in the long-term, including technology harmonisation and a portfolio review.
Siemens Gamesa reported revenue of €2,177M (US$2,291M) (-7% year-on-year) in the three months to 31 March. EBIT pre-PPA and before integration and restructuring costs stood at -€304M, equivalent to an EBIT margin of -14%. In the first half of fiscal year 2022, revenue amounted to €4,006M (-13% year-on-year) and EBIT pre-PPA and before integration and restructuring costs to -€614M, with an EBIT margin of -15.3%.
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