Siemens Gamesa meets guidance for FY 2018 and reaches net income of €70 million on revenue of €9.1 billion
• EBIT margin (1) at 7.6% with a sound balance sheet, returning to a net cash position of €615 million
• Strong performance in Q4: revenue growth to €2,619 million (+12% YoY) and EBIT margin (1) at 8.2%
• Peak backlog of €22.8 billion (+10% YoY), boosted by stable order intake of €11.8 billion (+9% YoY), securing future growth
• Ready for the next phase of the company program L3AD2020, after achieving productivity improvements of €800 million, including €175 million in synergies
• Guidance set for FY 2019: revenues of €10-11 billion, EBIT margin (1) of 7-8.5% and on track to meet FY 2020 targets based on financial framework launched at CMD
Siemens Gamesa Renewable Energy today released its results for FY 2018 (October-September) and the fourth quarter (July-September).
In the full year, ended September 30, 2018, revenue amounted to €9,122 million, while EBIT pre-PPA, restructuring and integration costs was €693 million with an EBIT margin at 7.6%, The EBIT margin is impacted by double-digit price decline in onshore wind turbine business partially compensated by synergies and productivity and the strong performance in Service.
Net income continued to recover, reaching €70 million inFY 2018, including the impact of integration and restructuring costs (€176 million). The company increased its net cash position to €615 million at September 30.
In the fourth quarter (Q4) the company’s financial performance was strong, with revenue growth to €2,619 million (+12% YoY) driven by the recovery of onshore volume and a high level of offshore project execution, with an EBIT margin (1) at 8.2%. Net income amounted to €25 million.
The guidance for FY 2018 (revenues of €9-9.6 billion, EBIT margin (1) of 7-8%, working capital of -3%-3% and CAPEX of €500 million) was successfully achieved, laying the groundwork for profitable growth.