Siemens Gamesa Renewable Energy has released its results for the second quarter of fiscal year 2018 (January-March) today. Commercial activity remained strong: after three consecutive quarters of growth in order intake, the order backlog has reached €22 041 million and is back to market-peak levels of March 2017.
In January-March, the company signed more than €3 000 million in firm orders reaching full coverage of the low end of the 2018 revenue guidance (€9.0-9.6 billion).
By Business Unit, the second quarter of 2018 ended with a record onshore order intake of 2464 MW, 54% more than in the same period of the previous year. Offshore order intake in this quarter reflects expected volatility with 328 MW in firm orders. In particular, the company signed an exclusivity agreement to develop the world’s largest offshore wind farm to date (1.4 GW).
The group’s financial performance in the second quarter and the first half of 2018 is in line with the 2018 guidance (revenues of €9.0-9.6 billion and EBIT margin of 7-8%). Sales amounted to €2242 million (-29% y/y), resulting in €4369 million (-26% y/y) for the first half of the year.
EBIT pre PPA, restructuring and integration costs in the quarter amounted to €189 million and the EBIT margin increased to 8.4% compared to 6.3% achieved in the previous quarter, but the result was positively impacted by one-off effects. In the first half of the year, EBIT pre PPA, restructuring and integration costs reached €322 million and the EBIT margin was 7.4%.
As a result, the company reported a net income of €35 million for the quarter including the impact of restructuring and integration costs, which led to zero reported income for the first half of the year. The company closed the quarter with a net debt position of €112 million impacted by seasonality of working capital.