Senvion's H1 results on target

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Senvion S.A. / Half-yearly Results 
Senvion's H1 results on target 
 
11-Aug-2017 / 08:09 CET/CEST 
Dissemination of a Regulatory Announcement, transmitted by EQS Group AG. 
The issuer is solely responsible for the content of this announcement. 
 
*Senvion's H1 results on target* 
 
*- H1 revenues amount to EUR 830 million in line with guidance* 
 
*- Adjusted EBITDA EUR 62 million in H1, with a margin of 7.4%* 
 
*- H1 firm orders increased 70% year on year to EUR 940 million 
 
- Revenue guidance for 2017 adjusted to EUR1.9 - 1.95bn after financial 
close for 299 MW Chile contract was achieved* 
 
*- Underlying OPEX run rate down by 19% year on year* 
 
*Hamburg:* Senvion, a leading global manufacturer of wind turbines, posted 
revenues of EUR 830 million in the first half of 2017 with an adjusted 
EBITDA margin of 7.4%, backed by a strong performance in the service and 
offshore sector. The orders in the first six months totaled EUR 940 million, 
a 70 % increase on the same period in 2016. Orders came mostly from Germany, 
the UK, France and new markets such as Croatia and Serbia. The firm order 
intake also includes a EUR 307 million offshore order in Germany. 
 
With an order book of EUR 5.5 billion, the company sees a solid and stable 
order intake, including large international orders both in current and new 
markets. Senvion forecasts a strong order intake of EUR 2 billion for 2017. 
The success in the new markets is underpinned by the recent financial close 
for the 299 megawatt (MW) conditional contract for two projects in Chile. 
The completion of the two projects is now scheduled for fall 2018. As a 
result and as indicated earlier, Senvion's forecast revenues will partly 
shift to 2018 leading to an adjusted revenue guidance for 2017 of EUR 
1.90-1.95 billion. However, this will not affect the guided adjusted EBITDA 
margin of the company which will stay unchanged at 8.0 - 8.5%. 
 
*Senvion CEO Jürgen Geissinger said: *'Our performance in the first six 
months of 2017 is in line with our expectations. Senvion continues to face a 
challenging environment whilst we are remaining on track. We have been 
making progress in shaping our company for the future in times of fast 
decreasing levelised costs of energy (LCoE) as many markets shift to 
auction-based systems. Our order intake is growing and we continue to 
introduce products successfully. Our Chile contract has finally closed 
financing and is now being converted into a firm order, which is another 
milestone for our company. We have established long-lasting relationships 
that will surely lead to a close collaboration on future projects.' 
 
Since April 2017, Senvion has launched three new products, demonstrating 
that the modular product strategy is paying off: Senvion signed a 
conditional contract with RES Australia and its project partners for the 
116-turbine Murra Warra wind farm in Australia for over 429 MW, the largest 
ever onshore project for Senvion. 
 
In the first six months of 2017, onshore revenues declined by 25% to EUR 491 
million, while service revenues increased by 10% to EUR 151 million. The 
highlight of the first six months was the outstanding increase of offshore 
revenues by 145 percent to EUR 184 million. Senvion's adjusted EBITDA 
amounted to EUR 62 million with a margin of 7.4%, in line with the guidance. 
Net debt increased to EUR 261 million with cash levels at EUR 150 million 
due to inventory buildup ahead of the installation in Chile and some other 
markets. 
 
*Manav Sharma, CFO of Senvion, commented:* 'We feel confident of our 
performance so far in 2017. Our ability to successfully enter new markets 
demonstrates the levels of growth we are aiming to achieve. The cost 
reductions associated with our Move Forward efficiency program helped us to 
reduce the H1 underlying OPEX run rate by 19%. Due to the refinancing in Q2, 
our underlying interest costs also decreased by 19% and are likely to 
decrease to an even lower quarterly run rate as full effects from 
refinancing become visible.' 
 
Senvion's H1 report [1] is available online and further details can be found 
in the earnings presentation [2]. Furthermore, the reports are available on 
the website of the Luxembourg Stock Exchange (www.bourse.lu) as officially 
appointed mechanism for the central storage of regulated information. 
 
*About Senvion:* 
Senvion is a leading global manufacturer of onshore and offshore wind 
turbines. The company develops, produces and markets wind turbines for 
almost any location - with rated outputs of 2 MW to 6.15 MW and rotor 
diameters of 82 metres to 152 metres. Furthermore, the company offers its 
customers project specific solutions in the areas of turnkey, service and 
maintenance, transport and installation, as well as foundation planning and 
construction. The systems are designed at the Senvion TechCenter in 
Osterrönfeld and manufactured at its German plants in Husum (North 
Friesland), Trampe (Brandenburg) and Bremerhaven, as well as Portugal. With 
approximately 4,500 employees worldwide, the company makes use of the 
experience gained from the manufacture and installation of more than 6,600 
wind turbines around the world. The company's operational subsidiary Senvion 
GmbH is based in Hamburg and represented by distribution partners, 
subsidiaries and participations in European markets such as France, Belgium, 
the Netherlands, the UK, Italy, Romania, Portugal, Sweden, and Poland as 
well as on a global level in the USA, China, Australia, Japan, India and 
Canada. Senvion S.A. is listed on the Prime Standard of the Frankfurt Stock 
Exchange. 
 
*Senvion Press contacts:*         Marie-Danielle Laggner 
Immo von Fallois                  phone: [phone] 
phone: [phone]       mobile: [phone] 
mobile: [phone]          email: 
email:                            [e-mail] 
[e-mail] 
 
*Senvion Investor Relations contact:* 
Dhaval Vakil 
phone: [phone] 
mobile: [phone] 
email: [e-mail] 
 
The EQS Distribution Services include Regulatory Announcements, 
Financial/Corporate News and Press Releases. 
Archive at www.dgap.de/ukreg 
Language:      English 
Company:       Senvion S.A. 
               46a, avenue John F. Kennedy 
               L-1855 Luxembourg 
               Luxemburg 
Phone:         [phone] 
Fax:           [phone] 
E-mail:        [e-mail] 
Internet:      www.senvion.com 
ISIN:          LU1377527517, XS1223808749, XS1223809390 
WKN:           A2AFKW 
Listed:        Regulated Market in Frankfurt (Prime Standard); Regulated 
               Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, 
               Stuttgart, Tradegate Exchange; Dublin, Luxemburg 
Category Code: IR 
TIDM:          IRSH 
Sequence No.:  4523 
 
End of Announcement EQS News Service 
 
600791 11-Aug-2017 
 
 
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(END) Dow Jones Newswires

August 11, 2017 02:09 ET (06:09 GMT)