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Siemens Gamesa’s performance in the third quarter of FY 2020 (April-June) reflected the impact of COVID-19 on its operations as well as challenges in the onshore business.
As a result, between April and June Siemens Gamesa recorded revenues of €2,411 million, a decline of 8% year-on-year. EBIT pre PPA and before integration and restructuring (I&R) costs fell to -€161 million, with a negative EBIT margin of -6.7%, including a -€93 million direct impact of COVID-19. Net losses in the quarter amounted to €466 million. Revenues in the first nine months of FY 2020 fell 9% year-on-year to €6,615 million, with EBIT pre PPA and before I&R costs of -€264 million, including an accumulated impact of the pandemic of -€149 million. Net losses amounted to €805 million in the period.
Siemens Gamesa signed 2,860MW in offshore orders (+87% y/y) in Q3, taking the total for the last 12 months to 4,211 MW (+110% y/y). Overall, the company has an offshore backlog totalling 7.6GW, as well as a pipeline of conditional orders and preferred supplier agreements amounting to 9.3GW.
The onshore business was severely affected by the uncertainty created by the pandemic as there were delays in signing contracts, and other challenges such as the slowdown in India and Mexico and in the execution of projects in Northern Europe. Onshore signed 1,200MW of orders in the quarter.
Order intake in the quarter totalled €1,115 million, 20% more than the year-ago quarter, linked to the offshore business, and with contract duration averaging 9 years. The order book amounts to €15.1 billion, 48% of the company's total backlog. Total backlog amounts to €31.5 billion (+25% y/y). The company expects to end the year with revenues of €9,500-€10,000 million, and a margin of between -3% and -1%.
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