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Siemens Gamesa hopeful about future despite disappointing first annual report

In spite of last month's downgrade, newly merged Siemens Gamesa reveals in its freshly released annual report that the firm barely met expectations. However, the CEO is convinced that the integration of the two companies will create a market leader within wind power.

Photo: Siemens

The first annual report from Siemens Gamesa was set to be disappointing even before its release. Last month, the German-Spanish wind turbine manufacturer downgraded guidance for the full-year result, and the report released Monday shows further disappointment.

Revenue for the displaced fiscal year 2016/2017 grew 5 percent to EUR 10,964 million, while the EBIT result dropped 19 percent to EUR 774 million. As such, the bottom line landed slightly below last month's forecast, which had predicted an underlying EBIT result of DKK 790 million. The EBIT margin is 7 percent, as was expected in the downgraded forecast which lowered the projection from 8 percent.

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