Siemens Gamesa Renewable Energy’s revenue increased in the first three months of the year by 6% year-on-year, to € 2,262 million, driven by the Offshore business and by Service.
Wind turbine volume increased by 7%, to 2,129MW, due to the strong contribution by the offshore segment, which sold 609MW (+76% YoY). EBIT before PPA and integration and restructuring costs amounted to € 138 million (+4% YoY) while reported EBIT was € 40 million (+13% YoY). The EBIT margin was 6.1%, in line with the same period of last year. This was due to lower prices in the order book in 2018 and lower sales activity in onshore wind turbines, partly offset by synergies, productivity boosts and strong activity in the offshore and service businesses. Net profit amounted to € 18 million, contrasting with the € 35 million loss reported in the same period of the previous fiscal year.
Siemens Gamesa has logged orders worth € 11.5 billion in the last twelve months (+3% YoY), driven particularly by a 28% increase in onshore orders (€ 6.8 billion). Order intake in the first quarter amounted to € 2.5 billion, with solid performance by onshore wind turbines (€ 1.8 billion, +7% YoY). The order book stands at € 23 billion (+8% YoY), of which € 15.7 billion are orders to be filled after FY 2019.
