From April to September 2017, Siemens Gamesa marked strong performance in its offshore business with an increase of 16% in revenues. This contrasts the company’s overall results for the period, as Siemens Gamesa reports a 12.3% fall in revenues.
The turbine manufacturer attributes the decline in revenues to specific onshore market conditions, including temporary suspension of the Indian market, and impairments relating to accounting adjustments to inventories, without which the revenues fell just 2%.
For the offshore wind segment, Siemens Gamesa said that it continues to lead the world with 11GW installed, more than 65% of the global offshore fleet.
Following the integration of Adwen in its overall offshore business , Siemens Gamesa has decided to have one technology per business segment by 2020. The company will streamline its onshore product portfolio, reducing the range by approximately 65%, and will implement a single-platform strategy in offshore.
Siemens Gamesa will announce the new products by the end of November 2017.
Looking at the quarterly results, the company also recorded good performance in its services and maintenance segment, which brought an underlying net profit of EUR 118 million, with sales in services rising 9% and a 12.4% increase in maintenance contracts, under which Siemens Gamesa now covers 55GW around the world.
Siemens Gamesa ended the quarter with a net cash position of EUR 377 million. In the company’s fiscal year 2017, revenue increased by 5% to approx. EUR 11 billion, while underlying EBIT was EUR 774 million, 18% lower compared to fiscal year 2016.