Senvion confirms annual guidance of EUR 2.25-2.3bn revenues in 2016

DGAP-News: Senvion S.A. / Key word(s): Quarterly / Interim Statement/9-month figures

2016-11-15 / 08:25
The issuer is solely responsible for the content of this announcement.

Senvion confirms annual guidance of EUR 2.25-2.3bn revenues in 2016

- Sequential Q3 revenues up 15.6 percent to EUR 584m, adjusted EBITDA margin of 10.3 percent

- Market expansion and conversion of conditional orders as catalyst for future growth

- On track to meet full year guidance of EUR 2.25-2.3bn

Hamburg: Senvion, a leading global manufacturer of wind turbines, has increased its revenues to EUR 584m in the third quarter 2016, up 15.6 percent compared to the previous quarter. With adjusted EBITDA growing to EUR 60m, Senvion further improved its profitability and posted an adjusted EBITDA margin of 10.3 percent. The EBITDA margin for the 9 Month 2016 also improved by nearly 1% yoy to 9.1%. The third quarter results confirm that Senvion is on track to meet its annual guidance for the full year 2016.

The solid third quarter performance comes on the back of a continuously improving international presence and a strong performance in the service segment. The larger reach, combined with orders at various stages totalling around 1 GW in Scandinavia, Chile and Australia, serve as a catalyst for further growth as an independent company. Senvion expects to continue significant order activity and conversions in the fourth quarter along with the highest revenue-earning quarter of the year.

With a stable order book of EUR 5.5bn in total orders and service contracts and a steady forecast of annual global wind installations growth at 6 percent until 2020, Senvion is well positioned to benefit from market trends. The company's strong services business grew to 11.9 GW of installations in the third quarter, underpinning Senvion's diversified and robust offering. Senvion achieved positive free cash flow of EUR 59m for the third quarter of the year and further continued its proactive management of working capital, keeping it at a low level of -6.4 percent.

In line with its growth strategy, Senvion was able to expand into untapped markets. In addition to the 112 MW firm order in the Nordics, Senvion secured conditional orders in Serbia (42 MW) and Chile (300 MW), in addition to signing a conditional offshore order for 203 MW. In the Asia-Pacific market, Senvion continued negotiations in Australia, and has been selected as preferred supplier on two projects totalling 300 MW+. The developments highlight the effectiveness of Senvion's strategy of entering and expanding in new markets.

Jürgen Geissinger, CEO of Senvion, said: "On the back of our continual rollout of innovative and energy cost efficient products, we continue to make progress on our global growth strategy successfully. We will continue to develop tailored products for all wind categories to be available for the specific requirements in our growth markets, which will be the base for our future profitable growth."

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 ( as officially appointed mechanism for the central storage of regulated information. Senvion will report figures for the full year 2016 in March 2017.

Key Financial Highlights

(EUR M) Adj. Q3 CY161 Adj. Q3 CY152 Adj. 9M CY163 Adj. 9M CY154 PF adj. CY155
Revenue 584 608 1,454 1,535 2,139
Gross profits 159 167 427 420 608
Gross margin % 27.2% 27.4% 29.4% 27.3% 28.4%
Adjusted EBITDA 60 68 132 126 210
Adjusted EBITDA % 10.3% 11.2% 9.1% 8.2% 9.8%
Adjusted EBIT 47 55 86 85 154
Adjusted EBIT % 8.1% 9.0% 5.9% 5.5% 7.2%
Adjusted PAT 19 18 27 39 63
Net working capital % (6.4%) 2.7% (6.4%) 2.7% (4.7)
Cash on hand 431 236 431 232 419
Net debt/(net cash) (19) 181 (19) (215) (3)

9M 2015 figures are of Senvion GmbH for comparison purposes; Senvion SA and Senvion GmbH figures are unaudited

1. Q3 2016 financials are adjusted for PPA of EUR18.1m and EUR1.6m of IPO costs in OPEX

2. Q3 2015 financials are adjusted for EUR43.6m of PPA, trailing edge provision of EUR4.4m, IPO cost of EUR0.4m and shareholder loan interest of EUR8.6m

3. 9M 2016 financials are adjusted for PPA of EUR55.7m, shareholder loan interest of EUR7.7m and EUR8.3m of IPO costs in OPEX

4. 9M 2015 financials are adjusted for trailing edge provision of EUR18.9m

5. Pro-forma adjusted financials are unaudited and prepared as if Senvion S.A. acquired Senvion GmbH from January 1, 2016; Financials are adjusted for PPA effects of EUR136.5m, trailing edge provision of EUR22m, acquisition related costs of EUR28m, general warranty release income of EUR4m and reorganisation expenses of EUR8m

About Senvion:
Senvion is a leading global manufacturer of onshore and offshore wind turbines. The company develops, produces and markets wind turbines for almost any location - with rated outputs of 2 MW to 6.15 MW and rotor diameters of 82 metres to 152 metres. Furthermore, the company offers its customers project specific solutions in the areas of turnkey, service and maintenance, transport and installation, as well as foundation planning and construction. The systems are designed at the Senvion TechCenter in Osterrönfeld and manufactured at its German plants in Husum (North Friesland), Trampe (Brandenburg) and Bremerhaven, as well as Portugal. With approximately 4,000 employees worldwide, the company makes use of the experience gained from the manufacture and installation of more than 6,600 wind turbines around the world. The company's operational subsidiary Senvion GmbH is based in Hamburg and represented by distribution partners, subsidiaries and participations in European markets such as France, Belgium, the Netherlands, the UK, Italy, Romania, Portugal, Sweden, and Poland as well as on a global level in the USA, China, Australia, Japan, India and Canada. Senvion S.A. is listed on the Prime Standard of the Frankfurt Stock Exchange.

Press contact:
Verena Puth
phone: +49 40 5555 090 3051
mobile: +49 174 30 54 576
Investor Relations contact:
Dhaval Vakil
phone: +44 20 7034 7992
mobile: +44 7788 390 185

2016-11-15 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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