Munich (dpa) – One could have imagined calmer circumstances for a first year on the stock exchange. As Siemens Energy on 28. September 2020 was listed on the Frankfurt Stock Exchange for the first time, the business world was just recovering from the first corona wave.
Further pandemic waves should follow – and that they are not the decisive drivers for the weal and woe of the new company says a lot about how eventful the past twelve months have been for Siemens Energy.
The shareholders – many had found the papers in their depot overnight because Siemens had the Energy division had given away to its own shareholders – Energy took it on a rollercoaster ride in its first year: At first it went down, the first numbers as a listed company were deep red due to depreciation and restructuring costs. But then stocks shot up. At the beginning of February the group reported black numbers and in March it finally made the leap into the Dax – not even half a year after its stock market debut.
Trouble from Munich
Im Energy was still able to stay in the black in the second fiscal quarter, but in the third quarter it went back into the red. Ironically, the Spanish wind power company Siemens Gamesa pulled Energy down, and it stands for the future of the company. Problems with individual projects spoiled the result – not for the first time and although Energy, as the majority shareholder, has changed management. In Munich they made no secret of their anger with their daughter. Such a setback should not be repeated, the company said in the meantime.
The share has also felt this. Little has remained of the big plus at the beginning of the year. Most recently, it was only around eight percent higher than its first daily closing price and thus developed worse than the Dax. At Energy it says: “We cannot be satisfied with the current price of the share.” of the year announced the shedding of worldwide 7800 jobs, many of them in Germany.
«It was a mixed year », Says IG Metall. Basically, the spin-off is correct and “an exemption”, Siemens Energy has great potential. However, the way in which management pushed the consolidation process has significantly dampened the optimism among employees, the union criticizes. The downsizing is too great, many relocations are incomprehensible and long-term deterioration must be feared for many locations Period. One has started to improve cost efficiency, profitability and sustainability. “As an independent company, we can tackle things faster.” The organization is now less complex than it was in the corporate group with Siemens – and one has “the necessary entrepreneurial freedom and flexibility to help shape the global transformation of the energy markets in a sustainable manner.” the IPO did not solve many of the challenges. A key factor here – as numerous analysts point out – is to get Gamesa on track. The completely overhauled management there is tackling the problems, said Energy boss Christian Bruch in August – but not without commenting: “It’s honestly not fast and consistent enough for me.” In addition, speculation about whether Energy could increase its share from the current two-thirds is not ending – it could bring more control, but would be expensive.
Hydrogen as the future?
In addition, most of the rest of the business with turbines for conventional power plants and their maintenance will run stable and long-term, but will continue to shrink in the course of the energy transition. Even if Bruch never tires of emphasizing that gas power plants in particular are important as a transition technology in the energy transition.
Hydrogen, on the other hand, could become a future business. Bruch does not expect any quick profits here, but in the long run the gas could become an important new mainstay for Energy. According to experts, it can play an important role in the energy transition, be it for aircraft fuel or for steel production. But here it takes patience first.
Siemens Energy was formed as a spin-off from Siemens before it went public. The group has around 91 000 employees worldwide, 26 000 thereof in Germany. In the last financial year, group sales were around 27, 5 billion euros.