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Germany

Germany

Siemens Wind profits up 13% in Q2

GERMANY: Profits in Siemens' wind and renewables division grew 13% year-on-year in its second quarter, in the last results presentation prior to integration with Gamesa.

Siemens orders in Q2 increased 47% compared to the same period in 2016
Siemens orders in Q2 increased 47% compared to the same period in 2016

Profit for the division was recorded at €155 million, up from €137 million in 2016's corresponding period.

Revenues also increased 4% to €1.5 billion while orders totalled €3.1 billion, up from €2.1 billion last year. In the quarter, German developer EnBW confirmed its order for 71 Siemens 7MW turbines for the 497MW Hohe See offshore project.

"Strong profitability [was] driven by higher productivity, positive effects related to project execution, higher capacity utilisation, and a larger contribution from the service business," Siemens said.

Across the first half of Siemens' financial year, revenue in the wind division was up 9% for €2.9 billion against €2.66 billion in the first half of 2016.

"In the second half of the fiscal year, we will focus ... on a successful start of Siemens Gamesa Renewable Energy, while keeping a close eye on our operational performance. And there is more work to do," said Siemens CEO Joe Kaeser.

The merger between Siemens Wind Power and Gamesa became effective on 3 April with the registration of the joint venture in the Mercantile Registry of Biscay in Spain.

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