Senvion announces third-quarter results 2018

Senvion today announced its results for the third quarter 2018. Installations were higher in the third quarter, with total installed capacity up 17% compared to total installations in the first six months of 2018. Revenues rose accordingly, reaching EUR 343m in the third quarter while adjusted EBITDA increased to EUR 30m, up 130% compared to the previous quarter. This increase was also reflected in an improved adjusted EBITDA margin of 8.6%. The working capital remained stable at 2.8%.

Senvion recorded a total onshore order intake of EUR 1,006m by the end of the third quarter. Firm order book improved by 37% year on year. Senvion also recorded more than 1 GW of conditional orders in the third quarter on the back of continued large-scale orders from new markets. Moreover, Senvion continued the fast growth of its service business with order book of EUR 2.8bn at the end of the third quarter, providing high visibility into 2019.

Manav Sharma, acting CEO and CFO of Senvion, 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. Despite the delays we faced in some projects, the uptick in installations in Q3 and the further cost reduction show that Senvion is operationally making progress. We now look forward to welcome Yves Rannou to join as CEO in Q1 2019 and progress the strategic agenda of the company."

David Hardy, Executive Director and CSO of Senvion, added: "We have managed to secure an extensive order pipeline for the next two years and entered partnerships with renowned partners for future cooperation in several growth markets. This also highlights the competitiveness of our products and success of our strategic decision to focus on growth markets such as India, Japan and South America."

Senvion reported earlier in November that it adjusted its revenue guidance for the full year from EUR 1.8bn - 1.9bn to around EUR 1.6bn based on installation delays experienced earlier in the year. For 2019, Senvion sees a significant growth potential as the company has already secured a firm revenue coverage of EUR 1.7bn and boasts a strong order pipeline.

Senvion's Q3 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.