BERLIN (dpa-AFX) - Siemens Energy (SMEGF.PK, SMNEY.PK) reported 3.7% rise in revenue for the fiscal year 2021, driven by growth in both of its segments.
Revenue for the year 2021 increased by 3.7% to €28.5 billion and was within the guidance range.
With Adjusted EBITA before Special Items of €661 million, earnings improved significantly in fiscal year 2021. In the prior year, the company incurred a loss of €17 million. This was mainly due to operating improvements in the Gas and Power segment, which had a positive impact on earnings.
Siemens Energy closed fiscal year 2021 with a net loss of €560 million, due to Special Items and losses at Siemens Gamesa Renewable Energy or SGRE. This was a significant improvement compared to the prior year's net loss of around €1.9 billion. Free Cash Flow pre tax increased by 39.1% to around €1.36 billion.
Maria Ferraro, CFO of Siemens Energy AG, said, 'Our results today demonstrate our strategy for Gas and Power segment announced last year at our Capital Market Day is paying off. We have achieved significant improvements in operating profit and ended our first full year as a company with extremely strong cash flow. Although we still have a lot of work to do to achieve our mid-term goals, with the steps we have taken this year, we are well on our way.'
Looking ahead, Siemens Energy expects fiscal 2022 comparable revenue development to be in a range of negative 1% - positive 3% and an Adjusted EBITA margin before Special Items of 3% - 5%.
Further, the company projects a sharp improvement towards their target of positive net income compared to the FY21 loss of €560 million. Free Cash Flow pre tax is expected to be in a range of a positive mid-triple-digit million.
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