The Spanish wind power subsidiary Siemens Gamesa and costs for the withdrawal from Russia are dragging the energy technology group Siemens Energy deeper into the red. In the third business quarter - from April to June - losses of 533 million euros accumulated, as the company announced on Monday. In the current year, the loss has already amounted to a good billion. The company also lowered its expectations for the result for the year as a whole. In contrast, turnover remained stable at 7.3 billion euros in the past quarter.

The problems at the wind power subsidiary Siemens Gamesa have now resulted in poor figures for Energy for the fifth time in a row. The company, in which the Munich-based group holds around two thirds, had already reported deep red figures last week. The situation is anything but easy, said Group CEO Christian Bruch. He justified the losses with a difficult market situation and "mistakes made in the past".

In order to get a grip on the difficulties, Energy replaced the management at Gamesa a few months ago. The new boss Jochen Eickholt, who came from the parent company, is in the process of restructuring - the plans, which also include painful cuts, are now expected to be implemented consistently.

Siemens Energy also wants to take over Gamesa completely and integrate it into the Group. The necessary offer is currently being examined by the Spanish stock exchange supervisory authority, said CFO Maria Ferraro. She expects a decision in the coming weeks. Overall, the company is on course.

Despite all the measures, Bruch does not expect a quick solution at Gamesa. It will take years to get to where the company wants to be in terms of profitability.

In addition, the otherwise solidly performing Gas and Power division suffered in the past quarter from the reduction of the Russian business, which had a negative one-off effect of around 200 million euros. However, the restructuring should be completed by the end of the year and have no further major financial impact.

However, the maintenance of the turbines at the compressor station of the Nord Stream 1 gas pipeline is not affected by this reduction, emphasized Energy CEO Christian Bruch. In principle, it could continue - if desired. The service cycle runs until 2024, but is dependent on the customer getting in touch and saying that something should be done.

With regard to the dispute over the turbine with the Russian state-owned company Gazprom and the possible financial consequences, Bruch said that he did not see any contractual risks. It could be clearly shown "that we have done everything to be able to deliver".

On balance, Siemens Energy now also expects a higher loss for the full fiscal year, which runs until the end of September. It will exceed the loss of the previous year by approximately the amount of the charges from the Russian business. At that time, it amounted to EUR 560 million.

In contrast, incoming orders and orders on hand developed positively. The latter rose to an all-time high of 93.4 billion euros.