- Published: 04 February 2020 04 February 2020
Between October and December (Q1 FY 2020), Siemens Gamesa booked € 2,001 million in revenue (-12%). EBIT before PPA and integration and restructuring costs was -€ 136 million in Q1 FY2020 and reported EBIT -€ 229 million. EBIT margin before PPA and integration and restructuring costs was 6.8% lower in Q1 FY 2020. Reported net income was - € 174 million.
In the first quarter of FY 2020 Siemens Gamesa experienced an 82% increase in order intake, with firm orders rising to €4,628 million, raising the order book to a €28,089 million. The company experienced an unforeseen €150 million impact from costs on five onshore projects (1.1 GW) in northern Europe, mainly Norway, caused by adverse road conditions and the unusual early arrival of winter weather, which delayed project execution substantially. As a result, Siemens Gamesa adjusted its profitability target by one percentage point and expects to end the fiscal year with an EBIT margin before PPA, integration and restructuring costs of between 4.5% and 6%.
Commercial activity increased in the offshore segment, with order intake in the last twelve months doubling to 3,343 MW. Of that figure, 1,279 MW were signed in the first quarter.
Onshore also registered positive commercial activity, with order intake up 8.1% to 2.6 GW. China (18%) and Canada (16%) were the main sources of orders in the quarter. Moreover, almost half of orders were for the new models of turbines over 4 MW.
Order intake for the service business unit reached €1,470 million in Q1 FY2020, four times the figure in Q1 FY 2019. This business unit accounts for 46% of the company's order book.