Orders boost Siemens back to profit
GERMANY: Siemens wind division has reported a Q4 profit of EURO72 million, up from a EURO60 million loss a year earlier, following a disastrous end to 2014.
Siemens 6MW turbine will be installed at Veja Mate — the order was placed in Q4
For the manufacturers' wind and renewables division's final quarter of 2015, orders increased 50% year on year to EURO2.7 billion, up from EURO1.8 billion last year.
This included a EURO1.2 billion deal from the consortium that owns the 400MW Veja Mate offshore project, which reached financial close in the quarter.
The consortium comprises Highland Group Holdings, Copenhagen Infrastructure Partners and Siemens' financial services business.
Siemens' wind revenue, however, fell 8% to EURO1.5 billion from EURO1.6 billion which the company put down to a fall in its onshore wind business.
In Q4 2014, costs related to faulty wind turbines hit Siemens' results, forcing the wind division in to a loss.
The German manufacturer said it was impacted by EURO223 million in charges for inspecting and replacing main bearings in onshore turbines, as well as repairing blades on both onshore and offshore turbines.
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