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Senvion's Q1 2017 results in line with expectations
- Q1 revenues up 7.7% to EUR 392 million
- Adjusted EBITDA EUR 21 million in Q1, with a margin of 5.5 %
- Firm orders increased 31 % year on year to EUR 353 million
- Successful refinancing completed, annual savings of EUR 14 million
Senvion, a leading global manufacturer of wind turbines, posted first-quarter results in line with expectations. Lower operational expenditures delivered first proof that the company's restructuring program, announced in early March, is already bearing fruit.
In the first three months of the year, Senvion continued diversifying its portfolio by expanding the 2MW platform, and saw orders rise strongly. Senvion's first quarter revenues hit EUR 392 million, an increase of 7.7 % compared to the same period 2016. While onshore revenues came in at EUR 227 million, offshore revenues grew strongly on year on year basis to EUR 91 million. Senvion's services business contributed the remaining EUR 73 million in quarterly revenues and remained stable compared to the first quarter in 2016.
Senvion CEO Jürgen Geissinger said: "Our Q1 results are in line with our expectations, showing continued growth in revenues, while in the period we have implemented a significant part of our cost reduction program." Given the sound development of orders, Senvion is on track to hit its 2017 targets.
Adjusted EBITDA of EUR 21 million was in line with last year's underlying performance, and Senvion's cash position totaled EUR 327 million, showing that its liquidity is strong. Net debt increased to EUR 86 million mainly due to inventory buildup ahead of the installation of a 300 MW project in Chile later this year.
First quarter orders totaled EUR 353 million, a 31 % increase on the same quarter 2016. Orders came mainly from Germany, the UK, and new markets such as the Czech Republic and Ireland. Senvion's order book and order pipeline remains strong, underpinning expectations that the company will meet its forecast of EUR 2 billion in new orders during the whole of 2017. New and existing orders meant Senvion's total order backlog amounted to EUR 5.2 billion in the first three months of the year.
In March, Senvion launched a restructuring program to secure the company's long-term competitiveness. "We will work to implement the measures we announced as part of the Move Forward program," Geissinger said. "We will continue to improve our company's performance and increase our competitiveness."
Manav Sharma, CFO of Senvion, commented: "The gains in efficiency and quality are already showing in the lower OPEX run rate. We are particularly pleased with the successful completion of our refinancing. The newly issued bond was heavily oversubscribed and has a 42 % lower interest rate than our current bond reflecting confidence and support in our strategy and the long-term perspective of our company. The total annual savings in cash interest amount to EUR 14 million and contribute to our strategic cost management approach."
Senvion's Q1 report is available online and further details can be found in the earnings presentation. Furthermore, the reports are available on the website of the Luxembourg Stock Exchange (www.bourse.lu) as officially appointed mechanism for the central storage of regulated information.
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