Crisis-stricken Senvion postpones annual report

Following a catastrophic quarter and a new downgrade, the German wind turbine manufacturer mentions a possible restructuring and thus raises further concerns about its business. "We made operational mistakes," states the new CEO.

Photo: Senvion

Senvion's problems run deeper than previously assumed. Over the course of the last few years, the German wind turbine manufacturer has explained its poor quarterly results by referring to instances such as the delay on its Chilean order, which postponed the booking of expected income until the end of the year. Meanwhile, investors will be waiting for a long time to see those figures, as the company announced Sunday that its annual financial statement would be postponed indefinitely.

"We have taken swift action to fix execution weaknesses both in terms of our project management as well as strengthening of regional teams in order to recover the lost revenues and profits as quickly as possible," writes Senvion Chief Executive Yves Rannou in the statement.

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