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Gamesa has unveiled its new Business Plan 2011-2013. Gamesa plans to become a benchmark in the wind power industry by offering the lowest cost of energy (CoE), while focusing on three vectors: Cost of Energy (CoE), growth and efficiency. Under the Business Plan, Gamesa will progressively restore growth and recover its main financial and operating figures, enabling it to sell 4,000MW of wind turbine generators (WTG) in 2013, attaining a 15% compound annual growth rate.

The EBIT margin in the WTG business will be 6%-7% and working capital will amount to 20% of sales under a rigorous policy of aligning production to orders. The guidance for 2011 is for sales of 2,800-3,100MW and an EBIT margin of 4%-5%. Working capital will amount to 20%-25% of sales and the target net debt/EBITDA ratio is under 2.5. Gamesa will also invest intensively to expand its operating capacity and technology lead worldwide, in both onshore and offshore wind power. It plans to invest € 250 million per year in the next three years to establish manufacturing capacity where necessary to meet market demand and launch new products, including the development of offshore WTGs, to which it will allocate € 150 million 2011-2013 (20% of total capex planned for the period). Nevertheless, Gamesa does not plan to tap the capital markets; it will maintain a solid financial position, with a net debt/EBITDA ratio of no more than 2.5 in 2011-2013 (1.1 in June). When presenting the plan, Gamesa noted that it has over € 2.2 billion in available credit lines to enable it to undertake its expansion plan without resorting to the capital markets.
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