Is the Dax return coming at the right time?

Sever heard of Trent 60? Very few Germans are likely to do this. But for a few days now, the so-called Siemens Energy Turbine has been the center of attention. According to the Russian energy company Gazprom, a design flaw in one of the turbines used in the Russian pumping station Portovaya is responsible for the fact that no gas can currently be pumped through the Nord Stream 1 pipeline to Germany. The company faces headwinds Siemens Energy currently also in the wind energy sector. On the other hand, the (re) ascent to the top German stock exchange league, the Dax, which comprises 40 stocks, is to be rated as pleasing.

The farce surrounding the recent disruption of Russian gas supplies by Nord Stream 1 shows that Germany and the rest of Europe need to become more independent of Russian energy supplies quickly(er). At the same time, this would be an opportunity for renewable energies - after all, in addition to alternative energy sources to Russian natural gas, the topic of the energy transition could also be promoted more quickly. However, especially the Dax climber's own wind energy sector caused headaches recently.

Restructuring of business in Russia burdened

At Siemens Gamesa In the third quarter, the Renewable Energy (SGRE) group had to contend with a significant drop in sales of almost 14 percent compared to the previous year. Management blamed bottlenecks in the supply chains and ongoing operational problems. In the case of the latter, this means above all the high start-up costs for the new onshore turbine 5.X. In addition, the service business weakened compared to the previous year, while higher material and logistics costs also had a negative impact on the earnings side.

Christopher Scherbaum

Christopher Scherbaum

Image: Christoph Scherbaum

Group-wide there were additional burdens such as the restructuring of the Russian business. The operating profit adjusted for special effects (EBITA) was therefore negative at 131 million euros, after a plus of 54 million euros in the same period of the previous year. For the year as a whole, however, management still expects a positive margin for the adjusted EBITA. This should be at the lower end of the forecast range of 2 to 4 percent. On the other hand, the net loss should exceed the previous year's level by approximately the charges reported as a special effect in connection with the restructuring of the Russian business. In the third quarter, the minus was 533 million euros.

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