Siemens Gamesa has closed the fiscal year 2019 with a record order book of EUR 25.5 billion, a 12% increase year-on-year, as its order intake grew by 7.4% to EUR 12.7 billion.
The Offshore unit registered double-digit growth of more than 10.9% due to new markets, mainly Taiwan, which contributed 1.5GW in firm orders.
Revenue grew to EUR 10.23 billion, Offshore by 18%, Service by 17% and Onshore by 7%, while net income doubled to EUR 140 million compared to FY 2018.
EBIT before PPA and integration and restructuring costs increased by 4.6% YoY to EUR 725 million, equivalent to an EBIT margin of 7.1% before PPA and integration and restructuring costs.
Siemens Gamesa said it strengthened its balance sheet, optimizing the debt structure and improving its cash position by EUR 248 million, thanks in particular to improved working capital, enabling a net cash position of EUR 863 million.
“There is no question that wind energy is coming of age and is now leading the energy transformation which is so critical to tackling climate change,” said Markus Tacke , CEO of Siemens Gamesa.
“These results show that we are successfully adapting to a changing industry and that our L3AD2020 strategy is on the right track to delivering long-term sustainable growth and leadership in our industry.”
Siemens Gamesa expects FY 2020 to be a transitional year, with revenues projected between EUR 10,200-10,600 million, and an EBIT margin of 5.5-7%. In the longer term, the company expects to achieve an EBIT margin of 8-10% from FY 2022 onwards.