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Windtech International March April 2024 issue






Gamesa attained all its targets for 2010, ending the year with a net cash position of € 210 million, after generating € 472 million in net free cash flow during the year. This was attained through a combination of two management strategies: strictly controlling costs and capex, and aligning manufacturing to the schedule for delivery to customers and collections.

The company has an order book of 1,414MW for delivery in 2011 (+25% with respect to 2009 year-end), i.e. 48% of the wind turbine sales guidance for the year (2,800-3,100 MW). Gamesa's consolidated sales amounted to € 2,764 million in 2010. The wind turbine division sold 2,405MW, i.e. within the guidance for the year (2,400-2,500 MW), including a growing proportion of international business, which accounted for 93% of total MW sold, up from 73% in 2009. In 2010, Gamesa achieved an EBIT margin of 4.9% (guidance for the year: 4.5%-5.5%) and a working capital/revenues ratio of -1%, well below the expected 20%. EBITDA amounted to € 328 million and net profit to € 50 million. Gamesa expanded its workforce by 14% in 2010, to 7,262 employees. The USA continued to gain in importance, accounting for 28% of sales in 2010 (15% in 2009). China also contributed 28%, up from 15% in 2009; and India accounted for 8% of sales in the company's first year in that market. Spain accounted for just 7% of sales, down from 27% in 2009; the rest of Europe accounted for 22%, and the rest of the world for 7%.
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