Senvion's H1 net loss reaches EUR 92m, orders jump

Senvion's 3.4M104 turbine. Source: Senvion SE 2014. License: All rights reserved.

Aug 11 (Renewables Now) - German wind turbine maker Senvion SA (ETR:SEN) reported today an expanded net loss of EUR 91.9 million (USD 107.9m) for the first half of 2017, as compared to EUR 44 million a year ago.

Revenues were down by 4.6% to EUR 829.6 million, due to a 25% drop in onshore revenues to EUR 491 million. Still, the company saw offshore revenues surge by 145% to EUR 184 million and service revenue also grew -- by 10% to EUR 151 million.

Results for the period are in the table.

All in EUR million H1 2017 H1 2016
Revenue 829.6 869.5
EBIT (LBIT) (73.4) (20.9)
Net profit (loss) (91.9) (44)
Adjusted EBITDA 61.8 72.3
Adjusted EBIT 29.9 39

The good news from Senvion is that orders jumped by 70% on the year to EUR 940, including a contract for 203 MW in the offshore wind segment, worth EUR 307 million, and onshore wind orders for 677 MW of capacity or EUR 633 million. Orders came mainly from Germany, the UK and France and new markets such as Serbia and Croatia.

The order book stands at EUR 5.5 billion and Senvion forecasts strong order intake for the full year at EUR 2 billion.

Earlier this week, Senvion cut its revenue forecast for 2017 to EUR 1.9 billion-EUR 1.95 billion as some revenues from Chilean projects will shift to 2018. It kept its guidance for an adjusted EBITDA margin of 8% to 8.5% in 2017 as it has managed to increase efficiency and reduce financing costs.

CFO Manav Sharma pointed out that the underlying OPEX run rate and underlying interest costs in the first half have each been reduced by 19%. Further improvements are expected.

In the reporting period net debt increased to EUR 261 million with cash levels at EUR 150 million because of inventory buildup ahead of installation at 299 MW of wind projects in Chile and orders in other markets.

(EUR 1 = USD 1.17)

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Browse all articles from Tsvetomira Tsanova

Tsvet has been following the development of the global renewable energy industry for seven years now. She's got a soft spot for emerging markets.

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