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Siemens posts losses in Q2

GERMANY: Siemens' wind and renewables unit has posted a loss of €44 million in its second quarter results, a 7.3% increase on last year's €41 million loss.

A Siemens 6MW turbine being installed at Westermost Rough, UK
A Siemens 6MW turbine being installed at Westermost Rough, UK

Siemens blamed the losses on installation and production costs, including the "ramping up" of production for its new 7MW offshore turbine. The ongoing replacement of bearings and blades also had an affect.

At its annual results in November 2014, Siemens said it was impacted by €223 million in charges for inspecting and replacing main bearings in onshore turbines, as well as repairing blades on both onshore and offshore turbines.

Lower order numbers, particularly in offshore, impacted on the Q2 figures, the manufacturer said. Orders in the quarter reached €1.41 billion, down from €1.68 billion last year.

In March, Make Consulting named Siemens has the world's number one OEM in terms of installations, ahead of GE and Vestas with a 10.8% market share.

But it has struggled with attracting larger orders in the last 12 months. It was named as preferred supplier for Dong Energy's 330MW Walney Extension phase two in March. However, this is an unconfirmed order.

In the last year, Siemens was successful in winning orders from Westermeerwind BV to supply turbines to the 144MW Westermeerind nearshore project and from the consortium behind the 600MW Gemini project, both in the Netherlands.

Revenues in Q2 were, however, up for the second consecutive quarter. Siemens posted revenues of €1.26 billion in the quarter, 7% more than the same time last year. This was due to currency translation in the Americas, it said.

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