Siemens Gamesa Renewable Energy, S.A. lowers outlook for fiscal year 2021 impacting Siemens Energy

July 14, 2021
Munich

Siemens Gamesa Renewable Energy, S.A. (SGRE), a separately listed and fully consolidated subsidiary of Siemens Energy AG, announced i.a. that:

  • SGRE group revenue for financial year 2021 is expected to be at the low end of the range communicated together with the results of the second quarter on 30 April 2021 (€10.2-€10.5bn).
  • SGRE group EBIT margin pre Purchase Price Allocation (PPA) and before Integration & Restructuring (I&R) costs for financial year 2021 is adjusted to a range of 0% to -1%.
  • SGRE preliminary Q3 earnings are as follows (all stated figures are provisional and unaudited):    
    • Revenue of c. €2.7bn.                                                                                                                            
    • EBIT pre PPA and I&R costs of c. -€150 million. 

Further information is published by SGRE on its Investor Relations homepage.

Siemens Energy, however, confirms its outlook for the Gas and Power segment for fiscal year 2021 (nominal revenue growth of 2% to 6% and an Adjusted EBITA margin before special items of 3.5% to 5.5%).

Siemens Energy confirms its group revenue guidance (nominal revenue growth of 3% to 8%). Due to SGRE’s significantly lower profit expectations Siemens Energy does not expect to reach the low end of its group margin guidance for the full year (Adjusted EBITA margin before special items of 3% to 5%).

Siemens Energy’s Gas and Power segment is performing in line with expectations. Due to SGRE’s preliminary Q3 results Siemens Energy Q3 results are unlikely to meet current market expectations.

Siemens Energy will publish its full earnings release for the third quarter of fiscal year 2021 on August 4, 2021 as planned.

 

Disclaimer This document contains statements related to our future business and financial performance, and future events or developments involving Siemens Energy that may constitute forward-looking statements. These statements may be identified by words such as “expect,” “look forward to,” “anticipate” “intend,” “plan,” “believe,” “seek,” “estimate,” “will,” “project,” or words of similar meaning. We may also make forward-looking statements in other reports, prospectuses, in presentations, in material delivered to shareholders, and in press releases. In addition, our representatives may from time to time make oral forward-looking statements. Such statements are based on the current expectations and certain assumptions of Siemens Energy´s management, of which many are beyond Siemens Energy´s control. These are subject to a number of risks, uncertainties, and other factors, including, but not limited to, those described in disclosures, in particular in the chapter “Report on expected developments and associated material opportunities and risks” in the Annual Report. Should one or more of these risks or uncertainties materialize, should acts of force majeure, such as pandemics, occur, or should underlying expectations including future events occur at a later date or not at all, or should assumptions prove incorrect, Siemens Energy´s actual results, performance, or achievements may (negatively or positively) vary materially from those described explicitly or implicitly in the relevant forward-looking statement. Siemens Energy neither intends, nor assumes any obligation, to update or revise these forward-looking statements in light of developments which differ from those anticipated. This document includes supplemental financial measures – that are not clearly defined in the applicable financial reporting framework – and that are or may be alternative performance measures (non-GAAP-measures). These supplemental financial measures should not be viewed in isolation or as alternatives to measures of Siemens Energy´s net assets and financial position or results of operations as presented in accordance with the applicable financial reporting framework in its consolidated financial statements. Other companies that report or describe similarly titled alternative performance measures may calculate them differently. Explanations of financial measures used can be found in the Annual Report 2020 of Siemens Energy AG (available here  ), in particular in Section 1.2. Due to rounding, numbers presented throughout this and other documents may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.

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Siemens Energy is one of the world’s leading energy technology companies. The company works with its customers and partners on energy systems for the future, thus supporting the transition to a more sustainable world. With its portfolio of products, solutions and services, Siemens Energy covers almost the entire energy value chain – from power generation and transmission to storage. The portfolio includes conventional and renewable energy technology, such as gas and steam turbines, hybrid power plants operated with hydrogen, and power generators and transformers. More than 50 percent of the portfolio has already been decarbonized. A majority stake in the listed company Siemens Gamesa Renewable Energy (SGRE) makes Siemens Energy a global market leader for renewable energies. An estimated one-sixth of the electricity generated worldwide is based on technologies from Siemens Energy. Siemens Energy employs more than 90,000 people worldwide in more than 90 countries and generated revenue of around €27.5 billion in fiscal year 2020.

www.siemens-energy.com.