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Senvion revenue up 6.6% as new CFO is announced

GERMANY: Senvion's revenue for the 2014-2015 financial year has increased 6.6% to €1.93 billion, as the firm announced Manav Sharma as its new chief financial officer (CFO).

New Senvion CFO Manav Sharma
New Senvion CFO Manav Sharma

The company's adjusted pre-tax earnings totalled €155 million for the period 1 April 2014 to 31 March 2015, compared to €146 million a year earlier – a 6.2% increase.

Manav Sharma, formally Senvion's executive vice president for finance, said the firm had installed 683 turbines in the year, across 12 countries. Total rated output was 1.8GW compared to 1.5GW in 2013-2014. The company's new orders for the year totalled €1.6 billion.

Sharma said it had been a "satisfying year with a stable to solid growth trajectory and we expect to continue down this path this year as well".

The new CFO has replaced Kirti Vagadia who stepped down in February and returned to former parent company Suzlon. Senvion was sold to private equity firm Centrebridge Partners in January.

Vagadia was appointed in December 2014 following the departure of Michael Wassenberg as CFO in September.

As part of a minor reshuffle within the company, the products and services divisions will be split across two divisions. Russell Stoddard will move from chief technical officer to become chief reliability officer, leading the servicing unit, and Bernhard Telgmann, vice president of product management, will manage the product and technology division.

Chief operating officer Lars Rytter is leaving the firm "in accordance with his contract," Senvion said. Company CEO Andreas Nauen will oversee his role until a successor is found.

Senvion will now operate as a GmbH company instead of SE. Sharma said the change was a technicality to complete the takeover from private firm Centrebridge, a private company.

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