• Global revenues decreased by 7% to €2,693 million in the third quarter of fiscal year 2017 as a result of the temporary downturn of the Indian market. O&M service revenue expanded by 8%, to €300 million.
• The announced synergies of €230 million are now the ‘minimum’ and the company expects to realize these synergies in year 3, one year earlier than announced.
• Ricardo Chocarro, who has held important positions at former Gamesa for the last 18 years, has been appointed new Onshore CEO.
• Siemens Gamesa expects the renewable energy sector to improve with emerging markets continuing to play a particularly important role and new auctions in mature markets such as the Southern Europe. Global wind installations excluding China are expected to increase by 8% until 2020.
Today Siemens Gamesa Renewable Energy released its third-quarter of fiscal year 2017 results [1] (from April to June 2017).
During this period, the company has accelerated its integration programme. The announced synergies of €230 million are now the ‘minimum’ and the company expects to realize these synergies in year 3, one year earlier than previously announced.
Markus Tacke, CEO of Siemens Gamesa, said: “We are highly satisfied with the progress to date in integrating the two companies. Things are progressing at a rapid rate: our company is ready to compete and lead in a growing and challenging market.”
Regarding the financial performance, in the third quarter of fiscal year 2017 , Siemens Gamesa Renewable Energy’s revenues amounted to €2,693 million, down 7% year-on-year, while underlying EBIT3 came to €211 million (-21%) with the margin at 7.8%. These results were impacted by specific onshore market conditions, including the temporary suspension of the Indian market. Stripping the impact of India, revenues were up 1.6% with a strong 8.6% growth in underlying EBIT margin.
