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Spain

Spain

SGRE books record Q2 order total

SPAIN: Siemens Gamesa Renewable Energy (SGRE) won a record amount of onshore orders in its second quarter of 2.46GW, an increase of 54% year-on-year, but revenue fell again.

SGRE secured a record MW total in Q1 orders, but sales totals and revenue have fallen
SGRE secured a record MW total in Q1 orders, but sales totals and revenue have fallen

SGRE’s Ebit for the January-March 2018 period totalled €189 million – prior to purchase price allocation (PPA), restructuring and integration costs – down 40% year-on-year, prior to the launch of the merged company.

Net profit totalled €35 million, offsetting a loss of the same amount in Q1, the manufacturer said.

Revenue totalled €2.24 million in the quarter, down 29% from the same period in 2017 suggesting continuing pricing pressures on turbines.

In the 2016-17 financial year, SGRE said the average selling price for its onshore turbines fell 13% across the year from €800,000/MW in Q1 2017 to €690,000/MW.

In its Q2 2018 report, SGRE said average selling price had increased slightly to €744,000/MW.

"The slight [quarter-on-quarter] increase… was due to greater project scope and to the geographic mix. The double-digit decline in prices with respect to the same period of 2017 was maintained," the manufacturer stated.

In its offshore segment, firm orders totalled 324MW but the company also has an agreement with Danish developer Ørsted to supply the 1.39GW Hornsea Project Two site in the UK.

The firm now has an order book of €22 billion, with almost half of that total made up by its servicing division.

The turbine order book is split €7.1 billion for offshore and €4.4 billion for onshore, the company added. SGRE said the figures were in line with expectations for the year, set out in November

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