- Revenue increased by 6% YoY in the first half, to €4,651 million, the EBIT margin pre-PPA and integration and restructuring costs stood at 6.8%, and net profit increased from €0 million in the same period last year to €67 million this year
- In the second quarter, revenue increased by 7%, to €2,389 million, the EBIT margin pre-PPA and integration and restructuring costs amounted to 7.5%, and net income rose 40% YoY to €49 million
- Solid commercial activity enabled the company to fully cover the low end of the FY 2019 revenue guidance range (€10,000-€11,000 million)
- The company has logged orders worth €10.9 billion in the last twelve months (+8% YoY), driven by strong performance in all segments
Siemens Gamesa increased net income in the first half to €67 million, with a record order backlog of €23.6 billion
Revenue increased by 6% year-on-year in the first half of FY 2019, to €4,651 million and by 7% in the second quarter, to €2,389 million, supported by strong performance in Offshore and Service.
The company ended the first half of FY 2019 with EBIT pre-PPA and integration and restructuring costs of €316 million, equivalent to an EBIT margin pre-PPA and integration and restructuring costs of 6.8%. In the second quarter, EBIT pre-PPA and integration and restructuring costs amounted to €178 million, equivalent to an EBIT margin pre-PPA and integration and restructuring costs of 7.5%. This result was reached against a background of declining prices in the order book, partly offset by improvements in productivity, synergies and fixed costs as a result of the L3AD2020 transformation program and the higher volume of activity in Offshore and Service.
Performance was in line with the guidance presented for FY 2019 (revenues of €10,000-€11,000 million and EBIT margin pre-PPA and integration and restructuring costs of 7-8.5%), considering that Onshore activity is back-end loaded, concentrated in the fourth quarter.
Net income amounted to €67 million in the first half, from €0 million in the same period last year, and to €49 million in the second quarter, an increase of 40% YoY. Net debt amounted to €118 million at 31 March.
Siemens Gamesa has become the first wind turbine manufacturer to attain an investment grade rating. The company obtained a BBB- long-term credit rating, with positive outlook, from Standard & Poor’s (S&P), and a Baa3 outlook stable rating from Moody’s. Siemens Gamesa has debuted in the public rating arena within investment grade.
Commercial activity remained strong during the period, with a record order backlog of €23.6 billion (+7% YoY), fully covering the low end of the FY 2019 revenue guidance range, providing enhanced visibility for following years.
Order intake amounted to €2.5 billion in the second quarter of FY 2019, driven by Service, where order intake increased by 11% year-on-year. In the last twelve months, order intake amounted to €10.9 billion (+8% YoY), supported by strong performance in all segments.
During the quarter, Siemens Gamesa continued to reinforce its technological leadership. After presenting a 10 MW offshore wind turbine, the SG 10.0-193 DD, the company has unveiled a new platform with the SG 5.8-155 and SG 5.8-170 wind turbine models, including the largest Onshore rotor in the market. This platform is a combination of proven and next-generation technologies, with a highly flexible design which makes it suitable for a broad range of sites. Production of the SG 5.8-155 model is scheduled to commence in Q4 2020, while the SG 5.8-170 will start in Q1 2021.
Siemens Gamesa Renewable Energy, S.A. Press release - Siemens Gamesa increased net income in the first half to €67 million, with a record order backlog of €23.6 billion. URL: https://www.siemensgamesa.com/en-int/newsroom/2019/05/190507-siemens-gamesa-news.... [Date Accessed: 07/05/2019].
- The company fulfils market guidance with an EBIT margin before PPA and integration and restructuring costs of 7.1% and an increase in revenues of 12.1% year-on-year to €10.23bn despite industry price pressure; net income doubled to €140m compared to FY 2018
Siemens Gamesa closes fiscal year 2019 with a record order book of €25.5bn (+12% YoY), as wind power is increasingly recognised as critical to the fight against climate change. The company also strengthen its balance sheet with a net cash position of €863m at the end of FY 2019, up €248m YoY
- The company focuses on sustaining profitable growth as it aims to optimize structural costs through global white collar headcount reductions of up to 600 over the next two years
- The world’s largest floating offshore wind power plant, Hywind Tampen, will be located in Norway, with a total capacity of 88 MW and equipped with 11 SG 8.0-167 DD turbines.
- By reducing the use of gas turbines on the fields, the project helps cut CO2 emissions by more than 200,000 tonnes per year.
- Strong collaboration between Siemens Gamesa and Norwegian company Equinor has made it possible to unlock new offshore areas and develop this innovative power generation solution.
- In a landmark deal arranged with BNP Paribas, Siemens Gamesa has launched a notional total of €174 million in FX hedging contracts for 'sustainable' transactions .
- This operation will help mitigate the FX exposure of selling offshore wind turbines in Taiwan and contributes to the UN’s Sustainable Development Goals.
- Siemens Gamesa will install 47 SG 8.0-167 DD offshore wind turbines.
- The contract includes a 20-year full-service agreement.
- The order takes SGRE’s confirmed backlog in Taiwan’s market to close to 2 GW.