Spanish wind turbine manufacturer Siemens Gamesa Renewable Energy, S.A. (GCTAF.PK) reported Thursday that its net loss for fiscal year 2020 was 918 million euros.
The company noted that fiscal year 2020 results reflected the impact of Covid-19 and the challenges in the Onshore business, with EBIT pre PPA and before Integration and Restructuring costs amounting to loss of 233 million euros, with EBIT margin of negative 2.5 percent.
Revenue for the year declined 7 percent from last year to 9.48 billion euros. The global pandemic reduced revenues by about 1 billion euros, due to lower commercial activity and delays in project execution.
However, record order intake of 14.74 billion euros in fiscal year 2020 contributed to an 18.6 percent year-over-year increase in the order book to 30.2 billion euros.
Looking ahead, Siemens Gamesa said it has implemented a business plan for fiscal 2021 to fiscal 2023, focused on maintaining profitable growth in Offshore and Service, and turning the Onshore business around.
The company expects to achieve revenues between 10.20 billion euros and 11.20 billion euros in fiscal 2021, and faster-than-market growth through fiscal 2023.
The EBIT margin pre PPA and before Integration & Restructuring costs is projected to be between 3 percent and 5 percent in fiscal 2021, reaching a margin between 8 percent and 10 percent in fiscal 2023.
For comments and feedback contact: editorial@rttnews.com
