Siemens Gamesa closed its 2018 fiscal year (October 2017 to September 2018) with a profit of 70 million euros, which includes the impact of the restructuring and integration costs between Gamesa and the Siemnes wind division, reported today the company.
In a statement to the National Securities Market Commission (CNMV), Siemens Gamesa reported sales of 9,122 million euros, 17% lower than in the same period of the previous year, while the gross operating result (ebit) It has fallen 51% to 211 million.
According to the statement, the negative trends in prices and volumes in the onshore market, in the transition to a business model without subsidies, have been the main drivers of lower revenues and EBIT in the fiscal year.
The net benefit includes the net financial expense of 43 million, the tax expense of 98 million impacted by the tax reform in the US and fiscal assets not capitalized, as well as other impacts of 347 million.
The company has highlighted that, with these accounts, it has "successfully" achieved the fiscal year 2018 guidelines, which consisted, among other objectives, of sales of 9,000-9,600 million euros, an EBIT margin of 7-8%, working capital between -3% and 3% of sales and capex of 500 million.
The company has established the guidelines for fiscal year 2019, which consist of sales of 10,000-11,000 million euros and an EBIT margin of 7-8.5%, in line to reach the 2020 objectives.
The net cash position has increased to 615 million as of September 30.
Siemens Gamesa highlighted that, during fiscal year 2018, it has maintained "its commercial strength", with an order intake of 11,872 million (9% more), driven by the recovery of onshore order intake (30% more, up to 6,682 million).
On the other hand, the intense activity in offshore (marine), especially in new markets, has placed the entry of offshore orders in 2.795 million.
During the period, the largest offshore contract of Siemens Gamesa was signed: an agreement for the supply of 165 turbines to Hornsea II, the largest offshore wind farm in the world to date.
Regarding the Services area, the company has closed contracts for 2,395 million during fiscal year 2018.
The company has reached an order book of 22,800 million (10% more), which increases the visibility of future growth and allows to cover 80% of the committed sales for fiscal year 2019.
He also highlighted that it has had a very diversified sales volume, with sales in more than 35 countries during 2018, in which the US and India continued to be the main contributors, with 10% and 9%, respectively.