Senvion's 3.4M104 turbine. Source: Senvion SE 2014. License: All rights reserved.
German wind turbine maker Senvion SA (ETR:SEN) reported today a net loss of EUR 32.4 million (USD 37m) for the first quarter (Q1) of 2016 on revenues of EUR 364.3 million.
Financial expenses weighed on the company’s bottom line. Still, adjusted earnings before interest and tax (EBIT) in the quarter grew to EUR 14 million, and adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) increased to EUR 27 million. Senvion’s Q1 2016 gross margin rose to 33.4% from 28.8% a year ago, thanks to a higher proportion of service revenues.
Details on revenues by segment are available in the table.
Results in EUR
service business revenues
Cash on hand in the reporting period rose to EUR 439 million as a result of positive free cash flow generation of EUR 20 million.
The company said it remains on track for its 2016 targets. It continues to work on its international expansion, with recent moves to strengthen presence in Chile and Japan.
Senvion secured EUR 269 million of firm onshore orders in Q1. Its total order backlog reached EUR 5.6 billion, including net firm orders of EUR 1.8 billion. Offshore wind accounts for 35% of that.
The company also increased its service order book volume by 35% year-on-year, while also extending the average contract length by 0.7 years.
R&D spending in the first quarter was EUR 18 million and is likely to go up throughout the year as Senvion invests in new products.