Wind power manufacturers start recovery by cutting $2.5 billion in losses, but Gamesa lags behind

The wind crisis, which began after the coronavirus lockdowns and was exacerbated by the invasion of Ukraine, took a toll on the company’s financial results. Fortresses Turbine industry: Vestas, Nordex, General Electric, and Siemens Gamesa.

The latest results presented by companies reveal the beginning of the sector’s recovery. In fact, the Danish manufacturer Vestas, who managed to overcome the fastest Stormbecame profitable again.

(Siemens Energy obtains a line of credit worth 4,000 million euros to confront the Gamesa crisis.)

In 2023, she left the group Red numbers And some wrote Profits of 77 million eurosFar from the previous year’s losses of 1.572 million. In addition, it achieved a record number of orders, reaching 18.4 GW for the full year.

The company’s CEO, Henrik Andersen, said that the company’s performance in the past fiscal year was supported by “an improved business environment.” But he expected that “continued geopolitical volatility”, slowness in obtaining permits and insufficient network construction in all markets, would lead to… Uncertainty in 2024.

German Nordex, Acciona, in which Acciona has a majority stake, also delivered encouraging results on Thursday. The increase in orders and sales allowed the company to reduce losses of 208 million euros.

they Red numbers It was reduced by 41.7% in 2023, from 497.8 million to 290 million euros. Furthermore, group sales increased by 14% during this period to €6,489 million. Exceeding the most optimistic expectations.

Renewable energy business in Gigante American General Electric (GE) Reducing 700 million euros in losses in 2023 and achieved a significant improvement in orders (+54%). networks and Ground energy, which has already managed to be profitableTo compensate for the pressure resulting from marine energy works. However, it still has losses of 1.3 billion euros.

General Electric is preparing to carry out a historic operation next April: it will separate its electrical business (grids and power) to create a new, completely independent company. J Vernova.

Gamesa case

The case of Siemens Gamesa is particularly special. In addition to the sector crisis, the Vizcaya-based manufacturer is facing a problem An unprecedented internal crisis. Its German parent company, Siemens Energy, recorded historic losses amounting to 4,588 million euros in its last financial year (October 2022 – September 2023), six times more than the previous year.

Siemens Energy’s accounts were affected by the internal crisis at Gamesa, as a result of the crisis Defects discovered in the new wind turbines models 4.X and 5.X. In fact, in September 2023 the German multinational was forced to restrict sales of these platforms.

Although in the first quarter of the current fiscal year (October 2023 – December 2024), Siemens Energy turned profitable again thanks to the sale of its Indian subsidiary, Siemens Gamesa Continued to accumulate losses (426 million).

Of course, the wind manufacturer Half of him Red numbers Compared to the first quarter of the previous year, when it lost 759 million euros.

Siemens Energy has just closed a new line of Revolving credit or Spin (RCF) worth 4000 million Euros to improve the financial situation of its Spanish subsidiary. This news became known after the German company announced its expectations for Gamesa to lose about 2,000 million euros in 2024.

Moreover, in mid-November last year, the German government, Siemens and a group of banks reached an agreement. An amount of about 15,000 million euros was agreed upon to rescue them.

Forecast for 2024

For fiscal 2024, Vestas expects the combination of more installations and higher prices to drive revenue growth forward Ranging from 16,000 to 18,000 million. Likewise, the Danish company plans to achieve a profit margin before exceptional items of 4% to 6%.

For its part, Nordex expects further improvement in its results in 2024. The company announced, on Thursday, during the presentation of its results in Hamburg, that it expects Its sales increase to between 7,000 and 7,700 million euros Operating margin (EBITDA) is between 2% and 4% of sales.

GE Vernova expects to generate some Income ranging between 31,500 and 32,400 million euros. The US company expects a mid-digit adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) margin and free cash flow of between 650 and 1,000 million euros.

Ban Sin, Siemens Energy Gamesa is not expected to reach breakeven until 2026. At its general shareholders meeting on Monday, the German company’s president and CEO, Christian Bruch, noted that if the turbine manufacturer fails to achieve its medium-term profitability goals, Maybe the matrix is ​​”not the right owner”.

(Tags for translation) Energy – Renewable Energy Sources

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