The company recorded 2.8GW in order intake for the period, which is a 29% increase when looking at the first quarter of its fiscal year 2017 (October-December 2016). During the quarter, Siemens Gamesa presented its first post-merger models of wind turbines to the market as part of its “One Segment/One Technology” philosophy: SG 4.2-145 for onshore and SG 8.0-167 DD for offshore. For the new offshore model, the company received its first order from Vattenfall in November 2017.
The company’s service order book grew 6%, up to EUR 10.34 billion.
Looking at Siemens Gamesa’s sales during the first quarter, it recorded a drop of 23%, amounting to EUR 2.13 billion. Wind turbine sales dropped 26% compared to the first quarter of the previous year, with EUR 1.84 billion made during this year’s first quarter. The company’s O&M sales were at EUR 287 million, decreasing by 1%. Siemens Gamesa says that its overall sales results are in line with its projections for the fiscal year 2018, which foresee EUR 9 billion to EUR 9.6 billion.
Based on the increase in order intake and an accelerated commercial activity, Siemens Gamesa states that it will provide 80% coverage of expected onshore sales and full coverage in the case of offshore.
Overall, the company reported a net debt of EUR 35 million, saying this is due to restructuring and integration costs, the non-cash impact of the US tax reform on the value of tax assets, and amortisation of the PPA.