COVID-19 impacts Siemens Gamesa in Q3, but record backlog and strong financial position provide a sound basis for the future

GO ECO GREEN21

Siemens Gamesa’s performance in the third quarter of FY 2020 (April-June) reflected the impact of COVID-19 on its operations as well as challenges in the Onshore business, due to the slowdown of the Indian and Mexican markets, and in the execution of projects in Northern Europe.

As a result, between April and June Siemens Gamesa recorded revenues of €2,411 million, a decline of 8% year-on-year. EBIT pre PPA and before integration and restructuring (I&R) costs fell to -€161 million, with a negative EBIT margin of -6.7%, including a -€93 million direct impact of COVID-19. Net losses in the quarter amounted to €466 million.

Revenues in the first nine months of FY 2020 fell 9% year-on-year to €6,615 million, with EBIT pre PPA and before I&R costs of -€264 million, including an accumulated impact of the pandemic of -€149 million. Net losses amounted to €805 million in the period.

In his…

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