The order backlog at Siemens Gamesa rose 12% year-on-year to € 25.5 billion as its order intake grew by 7.4% to € 12.7 billion. Revenue grew to € 10,227 million, while the company doubled its net income to € 140 million compared to FY 2018. The company delivered an EBIT margin pre- purchase price allocation (PPA) and integration and restructuring costs of 7.1%.
Siemens Gamesa logged strong order intake in the Onshore business: 9,389MW (+4.8%). The main contributors to this performance were the US (27%) and India (20%), followed by Chile and China (7% each). The Offshore unit registered double-digit growth (+10.9%) due to new markets, mainly Taiwan, which contributed 1.5GW in firm orders. Meanwhile, Service orders increased by 13.4% in FY 2019, to € 2,715 million. This business unit accounts for 47% of the company's order book.
All business units increased revenue compared to last year: Onshore by 7%, Offshore by 18%, and Service by 17%. EBIT before PPA and integration and restructuring costs increased by 4.6% YoY to € 725 million, equivalent to an EBIT margin of 7.1% before PPA and integration and restructuring costs.
FY 2020 is expected to be a transitional year, with revenues projected between € 10,200 million and € 10,600 million, and an EBIT margin of 5.5%-7%. In the longer term, Siemens Gamesa expects to achieve an EBIT margin of 8%-10% from FY 2022 onwards.
