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Consolidated revenues amounted to €1,033 million (-41.7%), a result of the situation in the economy and the industry (regulatory uncertainty in southern Europe, i.e. Spain and Italy, and in the USA), the sharp seasonal fluctuations expected this year, and the company’s policy of aligning production with customer orders and delivery schedules.

International markets now represent 89% of total sales (megawatts sold): Asia is Gamesa’s top market, with 34% (China: 25%; India: 9%) versus 13% in H1 2009, followed by the rest of Europe (29%), the USA (17%), Spain (11%) and rest of world (9%). Gamesa’s EBITDA in H1 2010 amounted to €132 million (-35%), EBIT to €49 million (-50%) and net profit to €22 million (-65% with respect to H1 2009). Gamesa ended the period with a sound financial position, having reduced net debt by €209 million to €345 million. At 30 June 2010, the debt/EBITDA ratio stood at 1.1x, below the company’s guidance limit (2.5x). In H1 2010, the company obtained 762MW in new orders (341MW in Q2), and the pipeline reached 1,894MW, covering 77% of the new 2010 sales guidance. Sales in Q2 reflect uncertainty and regulatory volatility in the wind power market in southern Europe (mainly Spain and Italy), which led Gamesa to revise its guidance for 2010 sales to 2,400–2,500MW (previously 2,700–3,000MW) and EBIT margin to 4.5–5.5% (from 6–7%). Gamesa also downgraded its guidance for 2011, to sales of 2,700–3,300MW (previously more than 3,600MW); that range will be fine-tuned in the coming months when Gamesa presents its Strategic Plan 2011–2013.
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