Page 4 - AsiaElec Week 06 2022

AsiaElec COMMENTARY AsiaElec

Siemens Gamesa sees its

value drop nearly 50% in

12 months, CEO out

GLOBAL ORIGINAL equipment manufacturers (OEMs) guidance had been for 1% to 4% for the 2022
in the wind industry are facing a rocky road financial year.
because of cost pressures and the pandemic. This “Our development timeline was maybe
means a slashing in their value and, in the case of here and there a bit optimistic,” lamented CEO
Siemens Gamesa Renewable Energy (SGRE), a Andreas Nauen at the time. “Logistics costs have
toppling of their chief executive officer. The top also been kind of exploding in recent months.”
OEMs have – across the board – delayed prod- The German-Spanish company’s booked
ucts, raised prices and issues profit warnings. orders were worth €33.6bn at the end of 2021 but
SGRE’s market capitalisation has dropped as much as €2bn of that did not have a positive
from €22.9bn ($26.2bn) as little 12 months ago margin. The company is 67% owned by Siemens
to some €12.58bn in the first week of February. AG.
Share prices had tumbled almost 53% in a year Soon after, in early February and after its
as of February 8. third profit warnings, the board announced that
In January, the company reported a sizeable Nauen would be out as of March 1, to be replaced
loss of €309mn in the first quarter of its 2022 by Jochen Eickholt, an executive board member.
financial year, from the start of October 2021 to Nauen had been in charge only 18 months.
the end of December 2021. “Siemens Gamesa is experiencing significant
SGRE, based in Spain, had cut its guidance. challenges in its onshore business in a very diffi-
It said that its profit margin for its core business cult market and we have appointed an executive
might slump to minus 4%, and would only be with a strong track record in managing com-
1% most optimistically, whereas its previous plex operational situations and in successfully

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