Senvion posts Q3 adjusted profit of EUR 19m

German wind turbine manufacturer Senvion SA (ETR:SEN) said today its adjusted after-tax profit has increased to EUR 19 million (USD 20.5m) in the third quarter (Q3) of 2016 from EUR 18 million a year earlier.

The company's financials for the separate periods are adjusted for effects from power purchase agreements (PPAs) and other factors.

Adjusted EBITDA in Q3 2016 is below the previous year's figure because of lower revenue volume and higher personnel costs. The Q3 net loss was narrowed thanks to the lower PPA impact.

Senvion attributes the “solid third quarter performance” to its continuously improving international presence and strong results in the service segment. During the three-month period, the company expanded into untapped markets, receiving orders in the Nordics, Serbia and Chile. It also won preferred supplier status on two projects exceeding 300 MW in Australia and signed a conditional offshore order for 203 MW related to the Trianel Borkum II project in Germany.

In July-September 2016, the company generated EUR 429.9 million in revenues from the sale of onshore turbines, down from EUR 524.4 million a year back. The Q3 2016 figure includes EUR 276.4 million from sales in Europe and EUR 153.5 million in the Americas.

As per the sale of offshore turbines, the firm achieved revenues of EUR 88.3 million, up from EUR 26.7 million.

Senvion’s total order book amounted to roughly EUR 5.5 billion, including EUR 3.4 billion in wind turbine orders, at the end of September. Its services business grew to 11.9 GW of installations in Q3.

Senvion's third-quarter cash flow was positive at EUR 59 million.

The company confirmed its annual forecast for revenue between EUR 2.25 billion and EUR 2.3 billion.

(EUR 1.0 = USD 1.079)

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