Senvion Reaps Offshore Gains

Image source: Senvion

German wind turbine maker Senvion recorded EUR 184 million in offshore wind-related revenues in the first half of 2017, a 145% increase compared to the first half of 2016.

Overall, the company posted revenues of EUR 830 million in the first half of 2017 and the adjusted EBITDA amounted to EUR 62 million with a margin of 7.4%, backed by a strong performance in the service and offshore sector. In the first six months of 2017, the company’s onshore revenues declined by 25% to EUR 491 million, while service revenues increased by 10% to EUR 151 million.

The orders in the first six months totaled EUR 940 million, a 70 % increase on the same period in 2016. Orders came mostly from Germany, the UK, France and new markets such as Croatia and Serbia. The firm order intake also includes a EUR 307 million offshore order in Germany, Senvion said.

”Our performance in the first six months of 2017 is in line with our expectations. Senvion continues to face a challenging environment whilst we are remaining on track. We have been making progress in shaping our company for the future in times of fast decreasing levelised costs of energy (LCoE) as many markets shift to auction-based systems. Our order intake is growing and we continue to introduce products successfully,” Senvion CEO Jürgen Geissinger said.

With an order book of EUR 5.5 billion, the company sees a solid and stable order intake, including large international orders both in current and new markets. Senvion forecasts a strong order intake of EUR 2 billion for 2017.

Manav Sharma, CFO of Senvion, said: ”We feel confident of our performance so far in 2017. Our ability to successfully enter new markets demonstrates the levels of growth we are aiming to achieve. The cost reductions associated with our Move Forward efficiency program helped us to reduce the H1 underlying OPEX run rate by 19%. Due to the refinancing in Q2, our underlying interest costs also decreased by 19% and are likely to decrease to an even lower quarterly run rate as full effects from refinancing become visible.”

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