Better than expected H1 for Gamesa

SPAIN: Manufacturer Gamesa has continued a run of increasing quarters as it posts record revenues and order intake in the first half of 2016, resulting in an upgraded outlook for 2016.

by David Weston 27 July 2016

Gamesa revenue in H1 2016 was 32.8% higher than 2015

Gamesa said revenues in the first six months of 2016 were €2.19 billion, up 32.8% year on year.

Sales were up 47% to 2.18GW-equivalent, and pre-tax earnings (EBIT) were up almost 70% to €230 million.

As a result of the strong performance in H1, Gamesa increased its 2016 EBIT guidance from more than €400 million to more than €430 million.

Gamesa attributed the record growth to the Indian market, which contributed 30% of its turbine sales. Latin America was its next biggest selling region with 29%.

These are the two regions most attractive to Siemens, which finally agreed a merger deal with Gamesa in June.

Gamesa said it continues to "advance its strategy of long-term value creation through the signature, on 17 June, of an agreement to merge with the wind assets of Siemens to create a world leader in the wind power business, to be listed in Spain with registered offices in Zamudio, that will have a sustainable medium- and long-term value proposition for all its stakeholders."