UBS put worst case cost estimate above 5 bln eur
Company expects net loss of 4.5 bln eur in 2023
Order backlog hits new record after Q3
Frankfurtlisted shares down 3.6

FRANKFURT, Aug 7 Reuters Siemens Energy on Monday said problems recently unveiled at its wind turbine unit would cost it 2.2 billion euros 2.4 billion, well short of worstcase estimates but still casting doubt over the future of the business.

The charges will inflate Siemens Energy39;s net loss more than sixfold in 2023 to 4.5 billion euros, the company said, as it published thirdquarter results showing record order backlog due to strong demand.

The company also cut its sales outlook, and issued a new, lower profit outlook after withdrawing it in the wake of the disclosed issues, which include faulty components for its newer onshore turbines and rampup problems for offshore production.

Frankfurtlisted shares in the company were 3.6 lower at 0608 GMT.

Siemens Energy shocked markets in late June when it announced a wide set of problems at Siemens Gamesa, one of the world39;s biggest wind turbine makers, just weeks after it managed to fully acquire the business it formerly only partly owned.

Our thirdquarter results demonstrate the challenges in turning around Siemens Gamesa, Siemens Energy CEO Christian Bruch said, adding that the group39;s remaining divisions, including gas turbines and power converter stations, performed well.

The new set of problems at Siemens Gamesa have cost the company…