In the third quarter of fiscal year 2017 , Siemens Gamesa Renewable Energy’s revenues amounted to € 2,693 million, down 7% year-on-year, while underlying EBIT came to € 211 million (-21%) with the margin at 7.8%. These results were impacted by specific onshore market conditions, including the temporary suspension of the Indian market.
In the third quarter, revenue from the sale of wind turbines decreased by 9% to € 2,393 million, reflecting lower sales volumes of 1,950MW (-25%). The O&M service revenue expanded by 8% to € 300 million with an underlying margin of 16.7%. The fleet under maintenance continued to grow, reaching 54GW worldwide (+13%). Siemens Gamesa obtained € 135 million of underlying net profit between April and June. Underlying EBIT declined 21% to € 211 million while the underlying EBIT margin was constant at 7.8%.
During this period, the company has accelerated its integration programme. The announced synergies of € 230 million are now the 'minimum' and the company expects to realise these synergies in year 3, one year earlier than previously announced. The company is re-organising departments; taking first steps about product portfolio, supply chain and manufacturing footprint. In this sense, Siemens Gamesa agreed to integrate Adwen within the group’s broader offshore operations. The company will announce its new Strategic Plan on 15th November. Siemens Gamesa will provide the product portfolio, the financial targets for fiscal years 2018-2020 as well as a global sales plan and a model for the future supply chain footprint.
