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Windtech International March April 2024 issue






At 30 September, the sales volume (2,805 MW for 2011) had already covered 100% of 2011 sales guidance. Sustained profitability: wind turbine EBIT margin (4.8%) in line with 2011 guidance.

Further results are:
  • 94% of MW sold outside Spain: Sales increased 2.8-fold in India (accounting for 20% of the total) and 5-fold in Latin America/Southern Cone (16% of the total); Eastern Europe accounted for 13% of the total. China accounted for 21% and the US for 14%
  • Gamesa is growing profitably, despite the macroeconomic scenario and uncertainties in some markets coupled with fierce competition:
·    +13% in sales, to € 2.015 billion
·    +11% in EBITDA, to € 223 million
·    +11% in EBIT, to € 83 million
·    +20% in net income, to € 30 million
·    € 146 million in capex
  • ·    Temporary increase in debt (810 million euro, or 2.3 times EBITDA) due to reactivation of the wind farm business and increased production for delivery in China and India
  • WTG: MW sold, +23%, and MW delivered, +34%. Temporary increase in working capital (to 33% of sales) due to accounts receivable for wind farms, advanced production for season fluctuations in India, and increased activity worldwide
  • O&M services: 15,000 MW under maintenance (including the 1,400 MW added in 2011), which provided recurring revenues of € 250 million
  • Development and sale of wind farms, a key area: progress in value creation plan with 286 MW in sales agreements and € 9 million in EBIT
  • 2012 Outlook: growth in sales (3,000-3,500 MW), based on presence in emerging markets, new products and an integrated business model. 1,000 MW firm orders in November for 2012
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