Senvion focuses on 4Q18 and better FY19 but long term challenges persist - 3Q18 Credit Report

25 March 2019

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Senvion, the German manufacturer of wind turbines, reported 3Q18 results on 14 November 2018. Figures showed a substantial revenue decrease in 3Q18. Cash flow should improve in 4Q18, in our view, though we highlight the stretching assumptions implicit in the group’s guidance. Senvion has substantial revenue coverage for FY19. While this should relieve some of the near-term pressure on the company, we caution over the longer-term impacts of the group’s current weak position. In January 2019, Senvion announced the appointment of Hans-Jurgen Wiecha as group CFO.