Offshore Wind Boosts Siemens Gamesa Numbers

Siemens Gamesa Renewable Energy has reported a 76% increase in offshore wind turbine volume in the first quarter of the fiscal year 2019 with the sale of 609MWe.

The offshore segment contributed to a 7% rise year-on-year of the company’s total wind turbine volume, which amounted to 2,129MWe.

In the period of October-November, Siemens Gamesa saw a EUR 2.262 million revenue, a 6% increase year-on-year, again driven by the offshore business and by service.

Net profit amounted to EUR 18 million, contrasting with the EUR 35 million loss reported in the same period of the previous fiscal year. The net cash position stood at EUR 165 million.

EBIT before PPA and integration and restructuring costs equaled EUR 138 million, a 4% increase YoY, while reported EBIT was EUR 40 million, a 13% increase YoY.

The EBIT margin was 6.1%, in line with the same period of last year, said to be due to lower prices in the order book in 2018 and lower sales activity in onshore wind turbines, partly offset by synergies, productivity boosts and strong activity in the offshore and service businesses.

The company logged orders worth EUR 11.5 billion in the last twelve months, which represents a 3% increase YoY, while order intake in the first quarter amounted to EUR 2.5 billion. The order book stands at EUR 23 billion, an 8% increase YoY, of which EUR 15.7 billion are orders to be filled after FY 2019.

Siemens Gamesa anticipates that installations worldwide will reach 72GW per year by 2025, 5% compound growth, with the offshore wind business to rise even faster by attaining 27% annual growth, from 2GW of installations in 2018 to 12GW in 2025.