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Germany

Germany

Servicing boosts Senvion revenues

GERMANY: Turbine manufacturer Senvion said it met its financial targets for 2017, with "robust" revenues of €1.89 billion -- a fall of 14.5% year-on-year.

Senvion's order revenue increased, despite a fall in MW
Senvion's order revenue increased, despite a fall in MW

The firm said order intake in euros increased 36% to €1.78 billion. However order intake by megawatts actually fell from 1,782MW to 1,767MW.

The growth in revenue from order intake was aided in part by an increased contribution by the servicing department, which totalled €604 million in 2017, up from €531 million a year earlier.

Senvion said its average service contract duration was over ten years.

Offshore MW order intake fell from 443MW to 203MW, with just a single contract for the Trianel Borkum II site.

In its onshore business, almost half of the €1.47 billion in its order book came from new markets for the company, including Argentina, Australia, Chile and Ireland, Senvion said.

Despite the increase in order intake, the company's revenues fell 14.5% year-on-year to €1.89 billion. The company expects a similar level in 2018 revenue.

"2017 has been a challenging, yet successful year for Senvion. Markets around the globe have been shifting towards auction systems with lower LCoE," Senvion CEO Jürgen Geissinger said.

"This has led to expansion of auction volumes, also helping to stabilise prices as seen in last few auctions.

"For 2018, Senvion has new products in the pipeline that will further expand its product portfolio," Geissinger added.

Senvion CFO, Manav Sharma, added: "A reduction in annual Opex costs of 19% due to our efficiency programme and annual 28% lower interest costs are partial proof of the successful implementation of our strategy."

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