Germany

Germany

Senvion makes net loss in 'challenging' environment

GERMANY: Senvion's revenue and earnings fell in the third quarter and the first nine months of the year, as it faced "challenging industry developments", acting CEO Manav Sharma said.

Senvion stated its revenues in Europe had declined, but this was partially compensated by growth in South America and Asia Pacific
Senvion stated its revenues in Europe had declined, but this was partially compensated by growth in South America and Asia Pacific

However, the manufacturer’s order book, service business and presence in new markets grew, it stated.

The company’s revenues fell 38.2% year-on-year to €808.5 million for the first nine months of the year, and 28.6% to €342.5 million in the third quarter.

Senvion stated revenue in Europe had declined, but this was partially compensated by growth in South America and Asia Pacific.

The fall in revenue led to lower earnings before interest, tax, depreciation and amortisation (Ebitda), the manufacturer added.

Its adjusted Ebitda for the first nine months of 2018 fell 58.4% to €42.8 million, while at €29.4 million, Q3 Ebitda was down 28.7% year on year.

Overall, the company continued to make a net loss.

Senvion reported a €42.8 million net loss over the first nine months of the year, which is down from €94.8 million a year earlier.

It also made a net loss of €13.9 million in the third quarter, more than the €2.9 million loss it made in Q3 2017.

However, the manufacturer’s order book for both turbines and operations and maintenance (O&M) services swelled.

At the end of September, Senvion had an order book for turbines worth just over €3 billion, up 15.6% from €2.6 billion one year earlier.

The value of its order book for O&M services inched up from €2.71 billion to €2.79 billion.

Manav Sharma, Senvion’s acting CEO ahead of the arrival of former Alstom Wind senior vice president Yves Rannou in March 2019, said: "We have seen a very challenging 2018 so far, both in terms of industry developments and also as a company that is growing its presence in new markets."

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