Siemens Gamesa does not rule out more layoffs in Spain after agreeing at the end of December with the unions on 352 departures between voluntary marches and early retirement. The company, which has reported quarterly losses of 884 million euros this Thursday, has announced that it will continue to optimize its structure based on its needs.
“We are going to continue optimizing the structures according to the needs that we have. Ultimately, the plans have to be based on the order book and if the orders do not arrive, then measures will have to be taken, but not I am announcing nothing”, announced the CEO of the company, Jochen Eickholt, at a telephone press conference. During its first fiscal quarter, which runs from October to December 2022, Siemens Gamesa opened new orders for a value of 1,609 million euros, which represents a 35% drop, while the backlog stood at 33,698 million at the end of the period. .
According to the company, which has recently been taken over by its parent Siemens Energy, new orders are shielded from explosion, product cost volatility and logistical disruptions. The protection is “much superior” to that ensured in previous orders. UGT FICA and CCOO have agreed with the company that 45% of the agreed departures in Spain will take place this year and the remaining 55%, 2024.
indemnities
It will also agree that the criteria of voluntary nature of the affected positions and compensation of 45 days per year without an annual limit will prevail, with a minimum guaranteed import of 30,000 euros. As of December 31, 2022, the restructuring costs were 63 million euros, while the net financial debt stood at 1,925 million.
The red numbers of the Zamudio-based wind turbine manufacturer represent double those that decreased in the same period of the previous year, after suffering a hit of 472 million euros in the net operating result (Ebit) as a result of compensations to customers due to failures in the turbines that it has in operation.
The company has highlighted that the results also reflect the impact of a high level of costs, the launch of new platforms, the introduction of new manufacturing capacity and the execution of expensive ‘onshore’ projects. Siemens Gamesa is undergoing a restructuring process through which it will lay off 2,900 workers worldwide in order to achieve sustainable growth.
Sale of subsidiaries
In addition, it is studying the sale of two of its subsidiaries specialized in the manufacture of wind turbine components, which have a total of 13 plants, 8 of them in Spain, and which employ 1,100 workers. The company, which has not commented on the matter, is trying to find a possible industrial investor to take the reins of these subsidiaries, dedicated to the manufacture of gearboxes and electronic components for its wind turbines.
After financial year 2023, the company expects a normalization of the market environment that will allow it to resume the path of profitability and the generation of cash progressively. Its strategy is based on three axes: a sales growth supported by a strengthened strengthening and the investment undertaken; the results of the Mistral program, with which it will expand its margin and maximize its potential; and the establishment of long-term relationships with suppliers and customers that enhance the long-term value creation of the entire wind value chain, “protecting the profitability of manufacturers and other participants against inflation and price volatility”.
