Gamesa fails to make a single Q1 sale in Spanish market

SPAIN: Gamesa has announced a 24 percent sales increase for the first quarter, with all of these sales coming from outside its home market.

by James Quilter 13 May 2011

The company said EBIT revenue had increased by 18 percent to €28 million with net profit jumping 67 percent to reach €13 million.

In terms of sales, Gamesa said it remained on course to hit its 2011 forecast of 2.8GW to 3.1GW.

This is the first time all of Gamesa’s sales have come from outside Spain. It said it was particularly successful in India where it said orders had increased eight-fold.

Gamesa sales per market

  • China – 13 percent
  • US – 8 percent
  • Europe (excluding Spain) – 27 percent
  • Rest of the world – 28 percent. The company said its Latin American sales tripled to 164MW

In February, Gamesa CEO Jorge Calvet threatened to close more turbine factories in Spain. Addressing a business forum in Bilbao, Calvet said Gamesa had "not sold a single wind turbine in Spain since March 2009"and will focus "effort and investment" on markets where it is welcome."

Key facts from Gamesa’s Q1 results

  • Revenues: 585 million euro (+24%)
  • EBITDA: 76 million euro (+17%)
  • EBIT: 28 million euro (+18%)
  • Net profit: 13 million euro (+67%)
  • Net financial debt/EBITDA: 0.9x