Gamesa fulfils guidance and grows profitably through globalisation and efficiency: Double-Digit sales and ebit growth, and net income rises to 51 Million Euro

Main 2011 consolidated figures:
+10% in sales, to 3,033 million euro
+11% in EBITDA, to 364 million euro
+10% in EBIT, to 131 million euro
+2% in net income, to 51 million euro
229 million euro in capital expenditure (wind turbines)
NFD of 710 million euro (2 times EBITDA)



  • Strengthened global presence: 92% of sales (2,802 MW) came from outside Spain: sales increased 2.6-fold in India (accounting for 19% of the total) and 3.8-fold in Latin America+Southern Cone (15%). Europe (Spain excluded) accounted for 20%, China for 23% and the US for 14%.

  • Wind Turbines: MW sold +16.5%, and MW delivered grow 15% to 3,092 MW. The EBIT margin is 4%, in line with guidance

  • O&M services: 16,300 MW under maintenance (including the 2,700 MW added in 2011), which provided recurring revenues of 250 million euro

  • Development and sale of wind farms, a key area: progress in value creation plan, with 417 MW in sales agreements and 26 million euro in EBIT

  • Progress along the three vectors: reduced the CoE by 10-15% in 2011 and rolled out new products and services; growth: +16.5% MW sold in 23 countries for 46 customers, plus entry into new markets; and efficiency: adjusted production capacity and optimised construction and logistics costs

  • The pipeline amounts to 1,600 MW, for delivery in 2012 and 2013, +13% year-on-year

  • In 2012, Gamesa will give priority to sound finances and profitability over sales volume and will bring forward its net free cash flow break-even target by one year. 2012 Guidance: Wind turbine sales, 2,800-3,200 MW; Wind Turbine EBIT margin: 2-4%; NFD/EBITDA ratio of <2.5

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