Siemens Energy also ended the second fiscal year after its IPO with high losses.
Although things were better financially at least in the fourth quarter, the bottom line for the energy technology group is a 15.5 percent increase in loss of 647 million euros for the twelve months from October 2021 to September 2022, as Siemens Energy announced on Wednesday.
In the new financial year, at least the loss should shrink.
The fact that there was a profit in the fourth quarter was mainly due to the fact that the Spanish wind power subsidiary, unlike last time, did not pull the entire group down with negative figures this time.
Thanks to the sale of projects in southern Europe, Siemens Gamesa (SGRE) even contributed a profit in the fourth quarter.
"In a year full of challenges, our gas and power segment has again achieved solid results, while SGRE could not meet expectations," said Siemens Energy CEO Christian Bruch.
The group's challenges also included the withdrawal from Russia, which weighed on earnings for the year as a whole by around EUR 200 million.
Sales are falling, which also has something to do with the Russian business
The withdrawal from Russia also had an impact on sales.
On a comparable basis, it shrank by 2.5 percent to 29 billion euros.
The order backlog, on the other hand, continued to rise.
With the record value of 97.4 billion euros, it is more than three times the annual turnover.
In order to improve the situation at Gamesa, Energy wants to buy the Spanish subsidiary completely and take it off the stock exchange.
An offer is currently running for the outstanding 32.9 percent, which is expected to end on December 13th.
The shareholders also have to do without in view of the losses and challenges in the group.
The Management Board does not intend to propose a dividend for the past financial year.