Gamesa met its 2012 targets

Gamesa’s results for 2012 were in line with the guidance given last July and mark the beginning of a recovery in profitability and value creation, underpinned by the company's Business Plan 2013-2015.

Gamesa met its 2012 targets in spite of the complex situation in the economy and the industry:

• 2,119 MW sold (guidance: 2000 MW)
• EBIT excluding extraordinary items: € 5 million, and EBIT margin: 0.2% (Guidance: EBIT margin> 0%)
• Working capital/group revenues: 16%
• Net financial debt: € 495 million

To align the company's balance sheet to market realities and the Business Plan, Gamesa recognised value adjustments amounting to € 600 million, which had an impact on group net income (€ -659 million). Excluding extraordinary items, net income would have amounted to € -59 million euro. Group revenues amounted to € 2,844 million (-6.2% with respect to 2011). The Wind Turbine division's sales (2,119 MW) were 24% lower than in 2011 due to slowing demand and the strategy to control working capital by aligning manufacturing to deliveries and collections. Latin America and the Southern Cone (32%) are now the main growth driver in this business. The US contributed 20%; Europe and RoW accounted for 27%, China for 10% and India for 12%. Despite declining demand, firm orders at 2012 year-end (1,657MW) reflect the positive results of sales diversification and the move into emerging markets; that figure accounts for over 50% of sales guidance for 2013. Revenues in the O&M division expanded by 23%, to € 344 million, and MW under maintenance by 17% (19,111MW).