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Gamesa's results in the first nine months of 2013 reflect the steps taken by the company during the year and reaffirm the 2013 targets set out in the business plan; the company now expects to reach the upper end of its objectives for profitability (EBIT margin ?5%) and sales (2,000MW).
Gamesa attained € 1,655 million in revenues between January and September; the lower volume of activity was due to the strategy of controlling working capital and aligning manufacturing to deliveries, plus the lower contribution from the wind farm business. Sales amounted to 1,402MW, in line with the company's guidance for 2013 (1,800 -2,000MW). Latin America+Southern Cone was the largest single sales destination, accounting for 51% of the total, followed by Europe+Rest of the World (29%) and India (18%). The contribution by the USA and China (1% each) declined in the quarter. Order intake in the third quarter (380MW) enabled the company to attain the high end of volume guidance for 2013 (2,000MW). Operating and maintenance services contributed 16% of total revenues: revenues increased by 18.2% year-on-year to € 269 million, i.e. far outstripping the 8% growth in MW under maintenance (19,830 MW at end-September), as the company prioritised value over volume. Gamesa obtained € 90 million in EBIT in the first nine months of 2013, providing an EBIT margin of 5.4%, which far exceeds the 0.2% margin attained in 2012 and is above the guidance range for the year (3%-5%). Despite slower sales, profitability continues to rise based on the project mix, sound execution of the plan to save on fixed costs, optimization of variable costs, and the strong contribution from the services division, whose EBIT margin was 12.6%.
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