The Green Bond had two tranches: a €750m tranche at a fixed rate, with a maturity of 3 years, with an annual coupon of 4%, and a €750m tranche at a fixed rate with a maturity of 6 years, with an annual coupon of 4.25%. This is an important step in the company's efforts toward integrating sustainability more and more into every aspect of its business. Two weeks later, on March 29, Siemens Energy successfully placed its first "Green Bond" with a nominal value of €1.5bn on the capital market. This raised total gross proceeds of €1.26 billion and increased Siemens Energy's share capital by 10 percent to €799,309,712.ĭespite very volatile market conditions on the day of execution, the transaction was approximately four times oversubscribed and received broad investor support. On March 15, Siemens Energy successfully placed 72.7m new shares with institutional investors through an accelerated book build offering under the exclusion of shareholders' subscription rights. Siemens Energy returned to the capital markets to refinance the voluntary cash tender offer. Successful refinancing of Siemens Gamesa transaction through an equity increase and a green bond Michael Hagmann | Head of Investor Relations Thank you for your interest in Siemens Energy. For the remaining Siemens Gamesa shareholders, to receive a compensation of €18.05 per share, a sufficient number of shareholders will have to participate in this EGM and vote in favor of a selective capital reduction (see page 3). Siemens Gamesa has called an extraordinary shareholder meeting (EGM) on June 12 andġ3. Accordingly, Net loss of Siemens Energy Group is expected to exceed prior fiscal year's level by up to a low-triple-digit million € amount.įollowing two tender periods Siemens Gamesa delisted on February 14 and the shares no longer trade. Profit margin before Special items of Siemens Energy is now expected around the low end of the guidance range of 1% to 3% due to Siemens Gamesa's poor performance in the first half-year. Higher cash outflow at Siemens Gamesa was partly offset by strong cash flow in other segments, primarily at Grid Technologies.ĭue to the financial performance in the first half-year and business volume growing faster than previously planned, we adjusted the outlook for fiscal 2023: Management now expectsĬomparable revenue growth of the Siemens Energy Group between 10% and 12% (previously between 3% and 7%). Free cash flow pre tax was negative at €294m. Siemens Energy reported a Net loss of €189m and basic earnings per share (EPS) were negative €0.25. Performance in all other segments, led by Gas Services. A loss at Siemens Gamesa was more than offset by a strong Siemens Energy's profit before special items was positive with €41m. Revenue amounted to €8.0bn and increased by 23.8% on a comparable basis. New orders of €12.3bn pushed the order book to a record value of €102bn, the first time above €100bn. Order growth continued to be very strong showing comparable Siemens Energy's markets remained favorable. The turnaround of the wind business remains the cornerstone of becoming a profitable leader of the energy transition", said Christian Bruch. Our adjusted outlook reflects the strong demand, as well as the continuous challenging market environment in the wind industry. "Strong orders confirm our very good positioning in the markets for energy transition technologies, such as power generation and transmission. On May 15, our CEO, Christian Bruch, and our CFO, Maria Ferraro, presented our Q2 and fiscal year 2023 results. Siemens Gamesa remains a drag on our performance, however, some of the lead indicators suggest our restructuring efforts are starting to bear fruit. The former Gas and Power businesses, Gas Services (GS), Grid Technologies (GT) and Transformation of Industry (TI) enjoy strong order and revenue growth and margin expansion. Furthermore, we successfully issued new equity and a green bond to refinance the Siemens Gamesa transaction. We attained ownership of close to 98% of Siemens Gamesa and delisted the shares from the Spanish stock exchange in February. During our second quarter, we made significant progress in our endeavor. Three years ago, we embarked on a mission to turn Siemens Energy into a leader of the energy transition. Siemens Energy is a trademark licensed by Siemens AG.
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