Senvion announced its results for the first six months of 2018. Revenues of EUR 466 million for the first half of 2018 were mainly driven by the low installation activity in H1 due to the back-end loaded installation schedule. Consequently, adjusted EBITDA was reported at EUR 13 million at a margin of 2.9%. Working capital slightly improved to 2.6%.
Senvion continues to report a solid onshore order intake growth of 26% in the first half of 2018, aggregating to EUR 797 million. New markets continue to be key drivers with the 432 MW order intake in India, 226 MW in Australia and 97 MW in Argentina. The total order book also improved and stands at EUR 5.4 billion. Thereof, Senvion's onshore firm order book has grown 32% year-over-year to EUR 2.1 billion. Senvion also reports a growth in its service order book, which now stands at EUR 2.7 billion. The service business continues to be the backbone of the business providing growth of 8% year-over-year and a renewal rate of more than 75%.