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Senvion confirms annual guidance of € 2.25 to 2.3 billion revenues in 2016

By Paul Dvorak | November 15, 2016

Senvion, a global manufacturer of wind turbines, has increased its revenues to €584 million in the third quarter 2016, up 15.6% compared to the previous quarter. With adjusted EBITDA growing to €60 million, Senvion further improved its profitability and posted an adjusted EBITDA margin of 10.3%. The EBITDA margin for the 9 Month 2016 also improved by nearly 1% yoy to 9.1%. The third quarter results confirm that Senvion is on track to meet its annual guidance for the full year 2016.

The solid third quarter performance comes on the back of a continuously improving international presence and a strong performance in the service segment.

The solid third quarter performance comes on the back of a continuously improving international presence and a strong performance in the service segment.

The solid third quarter performance comes on the back of a continuously improving international presence and a strong performance in the service segment. The larger reach, combined with orders at various stages totalling around 1 GW in Scandinavia, Chile and Australia, serve as a catalyst for further growth as an independent company. Senvion expects to continue significant order activity and conversions in the fourth quarter along with the highest revenue-earning quarter of the year.

With a stable order book of €5.5 billion in total orders and service contracts and a steady forecast of annual global wind installations growth at 6% until 2020, Senvion is well positioned to benefit from market trends. The company’s strong services business grew to 11.9 GW of installations in the third quarter, underpinning Senvion’s diversified and robust offering. Senvion achieved positive free cash flow of € 59 million for the third quarter of the year and further continued its proactive management of working capital, keeping it at a low level of -6.4% .

In line with its growth strategy, Senvion was able to expand into untapped markets. In addition to the 112 MW firm order in the Nordics, Senvion secured conditional orders in Serbia (42 MW) and Chile (300 MW), in addition to signing a conditional offshore order for 203 MW. In the Asia-Pacific market, Senvion continued negotiations in Australia, and has been selected as preferred supplier on two projects totalling 300 MW+. The developments highlight the effectiveness of Senvion’s strategy of entering and expanding in new markets.

Jürgen Geissinger, CEO of Senvion, said: “On the back of our continual rollout of innovative and energy cost efficient products, we continue to make progress on our global growth strategy successfully. We will continue to develop tailored products for all wind categories to be available for the specific requirements in our growth markets, which will be the base for our future profitable growth.”

Senvion’s Q3 report is available online and further details can be found in the earnings presentation. Furthermore, the reports are available on the website of the Luxembourg Stock Exchange (www.bourse.lu) as officially appointed mechanism for the central storage of regulated information. Senvion will report figures for the full year 2016 in March 2017.

Key Financial Highlights

 

SENVION S.A.

SENVION S.A. SENVION S.A. SENVION GMBH

SENVION S.A.

(€ million)

Adj. Q3 CY161 Adj. Q3 CY152 Adj. 9M CY163 Adj. 9M CY154 PF adj. CY155

Revenue

584

608

1,454 1,535

2,139

Gross profits

159

167 427 420

608

Gross margin %

27.2%

27.4%

29.4%

27.3%

28.4%

Adjusted EBITDA

60

68 132 126

210

Adjusted EBITDA %

10.3%

11.2% 9.1% 8.2%

9.8%

Adjusted EBIT

47

55 86 85

154

Adjusted EBIT

8.1%

9.0% 5.9% 5.5%

7.2%

Adjusted PAT

19

18 27 39

63

Net working
capital %

(6.4%)

2.7% (6.4%) 2.7%

(4.7)

Cash on hand

431

236 431 232

419

Net debt/(net cash)

(19)

181 (19) (215)

(3)

 

Note:
9M 2015 figures are of Senvion GmbH for comparison purposes; Senvion SA and Senvion GmbH figures are unaudited

  1. Q3 2016 financials are adjusted for PPA of EUR18.1m and EUR1.6m of IPO costs in OPEX
  2. Q3 2015 financials are adjusted for EUR43.6m of PPA, trailing edge provision of €4.4 million, IPO cost of EUR0.4m and shareholder loan interest of EUR8.6m
  3. 9 M 2016 financials are adjusted for PPA of EUR55.7m, shareholder loan interest of € 7.7 million and EUR8.3m of IPO costs in OPEX
  4. 9M 2015 financials are adjusted for trailing edge provision of EUR18.9m
  5. Pro-forma adjusted financials are unaudited and prepared as if Senvion S.A. acquired Senvion GmbH from January 1, 2016; Financials are adjusted for PPA effects of €136.5million, trailing edge provision of € 22 million, acquisition related costs of €28 million, general warranty release income of €4 million and reorganisation expenses of €8 million

Filed Under: News
Tagged With: senvion
 

About The Author

Paul Dvorak

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