Senvion, a leading global manufacturer of wind turbines, has met the company’s targets for 2017. The adjusted EBITDA margin amounted to 8.0 % as guided last year.
In a challenging market environment, Senvion achieved robust revenues of EUR 1,890 million in 2017. Some project delays led to a minor shift in revenues to 2018.
The company’s initial order intake guidance of EUR 2 billion was affected by the delay of two key order conversions, both of them have already converted into firm orders in Q1 2018.
Despite a general slowdown in current markets such as Germany, Senvion is making progress in setting the framework for successful and profitable growth in 2019. The company is focusing on growth in new markets while capturing opportunities in existing ones.
In 2017, order intake strongly benefited from Senvion’s growth strategy, driving significant gains over 2016. Senvion’s new markets including Australia, the Nordics, and the South Cone South America contributed EUR 715 million to the order intake.
Further, Senvion succeeded in entering the expanding Indian market in February 2018 with a 101 MW firm order and followed up by another small order of 30 MW in March 2018. Senvion seeks to continue gaining market share in new markets on the basis of a promising project pipeline.
The order book of EUR 5.0 billion remained stable. Senvion’s service business continued to show a consistent double digit growth underlining the increasing relevance of its service offering.
With an average service contract duration of 10 years+ and renewal rates above 75%, the service business is providing consistently growing cash flows.