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Germany

Germany

Senvion revenues increase 3.4% in 2016

GERMANY: Manufacturer Senvion has recorded revenues of €2.21 billion in 2016 as the manufacturer moves into two years of "transition".

Senvion said it is entering a transition phase to secure growth in 2019
Senvion said it is entering a transition phase to secure growth in 2019

The firm said revenues were up 3.4% year on year, but earnings before interest, tax, depreciation and amortisation (Ebitda) fell to €205.6 million from €210 million in 2015.

Senvion said its fourth quarter of 2016 was particularly strong, with revenues of €757 million, up more than 25% compared with the same period of 2015.

Order intake in Q4 reached €458 million — a 51% increase year-on-year – and global installations totalled 687MW, making it the company's most successful quarter since 2013, Senvion said.

Full-year order intake amounted to €1.3 billion and the manufacturer's pipeline stands at 1.9GW.

Transition

On Monday, Senvion announced it was cutting 780 jobs globally – mostly in Germany – to retain competitiveness in the market.

The manufacturer said today that 2017 and 2018 would be years of transition and set 2019 targets.

For its 2017 guidance, Senvion set revenue targets of €2.0-€2.1 billion. By 2019, it wants to see a 25% increase to €2.6-€2.7 million.

Senvion predicts the move to auction-based systems across the world will create near-term pricing pressures and growth will shrink.

In its "move forward" strategy, the company sets out ways of increasing organisational and operational efficiencies, including optimising its production footprint.

Many of the jobs to be lost will be at the company's Trampe, Bremerhaven and Husum factories, as the company looks to reduce its operating and employee expenses.

Meanwhile, Senvion said it will look to continue expanding into new markets — the firm will execute its first contract in Norway this year — and has "five new products in the pipeline" that will be releases across 2017.

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