November 29, 2020

Iberdrola sells its 8% in Siemens Gamesa for 1,100 million



Iberdrola and Siemens have reached an agreement for the wind turbine manufacturer to buy the 8% share that Spanish energy company has in the German firm for 1,100 million euros. The operation will put an end to the hostilities between both companies for the management of Gamesa and is announced just the day on which Siemens Gamesa announced that it plans to trace losses of 174 million of euros recorded in the first quarter of its fiscal year 2020, compared to the 18 million it earned in the same period of 2018. The reason for these results is the negative impact of 150 million suffered after delays in five projects in the North of Europe, especially in Norway, due to the poor state of the routes and the unusual early arrival of winter weather.

In this way, it calculates that it will close the year with a “slightly positive” net profit. In regards to the firm order entry of the company, increased by 82% in the period, up to 4,628 million euros, which has allowed it to reach a historical portfolio of 28,089 million euros. The company closed yesterday with a 3.95% rise, the second largest in the Ibex. With this increase, Siemens Gamesa already gains 0.95% so far this year. The firm advanced the key figures of its results last Thursday, which resulted in a 9.1% drop in the stock market. However, the wind turbine manufacturer recovered part of the land lost in later days. Joaquín Robles, XTB analyst, explains that, although Siemens Gamesa recorded losses in the first fiscal quarter and its sales declined, the order book has increased and is also “very diversified.”

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