Gamesa double-digit growth marred by 2012 forecast

SPAIN: Gamesa has announced a 10% increase in sales and revenue for 2011, with 92% of turbines sold outside its Spanish home market.

by James Quilter 23 February 2012

The company said its net income had risen to €51 million. The company was buoyed up by a 260% and 380% increase in India and Latin America respectively.

Europe (excluding Spain) accounted for 20% orders. China and the US contributed 23% and 14% respectively. Sales rose 10% with wind turbines rising 16.5%.

However, the company has lowered its sales guidance for 2012 to +15% (3.09GW), a fall of 4%. Gamesa said it wished to prioritise profitability over sales volumes.

It also blamed regulatory uncertainty in the US, grid delays and financing restrictions in China, and volatility in Indian market due to regulatory changes. 

Gamesa 2011 highlights:

  • +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)