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Gamesa hit by uncertain markets – wind energy cushions fall

Gamesa has been hit by the financial and a difficult regulatory backdrop in the first 9 months of 2010, with its net profit tumbling 71% to €25 million.

Revenues fell 28% to €1786m and the EBIT was €75m in the period, down 46%.

However, the wind turbine business remained profitable with an EBIT margin of 5.4%.

Gamesa says its results have also benefitted from its cost improvement programme, which saved €100m over the period.

Booming wind

By November, Gamesa says it had reached 100% of its guidance for the year with wind turbine orders of 2450 MW.

Outlook 2011

For 2011, Gamesa expects a volume guidance of 2.8-3.1 GW, and EBIT margins of 4-5% in the wind turbine division.

In its business plan for 2011-2013, Gamesa says it will focus on: cost of energy, growth and efficiency.

The aim is to reduce the cost for customers by 20% by 2013, and 30% by 2015 through enhanced reliability, efficiency and availability.

Furthermore, the Spanish company hopes to sell 4 GW of wind turbines by 2013.

Regional share of sales

  • China: 29%
  • Rest of Europe: 26%
  • USA: 22%
  • India: 9%
  • Rest of world: 7%
  • Spain: 7%

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Policy, investment and markets  •  Wind power

 

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