In the first quarter of 2016, Senvion generated revenues of € 364 million. Onshore revenues were at € 262 million (Jan-Mar 2015: € 369 million) and offshore revenues at € 29 million (Jan-Mar 2015: € 28 million) and revenues in the service business at € 73 million (Jan-Mar 2015: € 56 million). Senvion gross margin now stands at 33.4 per cent (Jan-Mar 2015: 28.8 per cent).
Despite lower revenues compared to the first three months of 2015, Senvion achieved an adjusted EBIT margin of 3.8 per cent and adjusted EBITDA margin of 7.5 per cent compared to 3.9 per cent and 7.1 per cent in the previous comparable quarter (Jan-Mar 2015). With an intake of € 269 million of firm onshore orders in Q1 2016, Senvion saw a stable order book development, bringing the total order backlog to € 5.6 billion. Net firm orders stood at € 1.8 billion, with 35 percent in offshore net firm orders representing the largest share of the active pipeline. Service contracts continued to be the fastest growing business platform with annuity-like revenues and attractive margins. Senvion increased its service order book volume by 35 per cent year-on-year, while simultaneously extending the average contract length by 7.4 per cent, corresponding to 0.7 years. Over the past three years, 75 per cent of existing service contracts were renewed. R&D spending during the first quarter was approximately € 18 million and will likely increase throughout the year as Senvion invests in new products.
