Siemens Gamesa has presented its financial statements for the first quarter of 2020 and can show a full order book, but also a larger deficit, which is particularly due to unforeseen expenses for five onshore projects.
This is stated by Siemens Gamesa in a press release.
In the first quarter of the financial statements for the period October to December, Siemens Gamesa has experienced an increase of 82 percent in orders received compared to the first quarter of 2019.
Siemens Gamesa thus continues the positive development, where over the past year it has received 29 percent more orders compared to the first quarter of last year.
However, the many orders are marred by the fact that it can also note a deficit of 1.3 billion. DKK, as well as a revenue that has decreased by 11.5 percent.
Part of the deficit can be explained by high unforeseen expenses. Here, Siemens Gamesa had unforeseen expenses of just over DKK 1.1 billion in connection with five onshore projects in northern Europe and primarily Norway, which were due, among other things, to delays due to infrastructure and road conditions.
- It has not been an easy quarter for Siemens Gamesa. Our financial results have been disappointing in relation to the targets we have set for the year. However, it has been an isolated incident, and we do not expect it to happen again in future quarters, as we are taking the necessary measures. We have increased our risk assessments to ensure that our project executions remain on track, and we have strengthened our internet control systems to avoid repetitions, says Markus Tacke, CEO of Siemens Gamesa.
After the negative financial statements with the positive outlook, expectations for the annual financial statements for primary operations have been adjusted down from 6 percent to 4.5 percent.
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