Gamesa increased revenues by 30% in the first quarter, to € 1,064 million. That figure is mainly due to revenue growth in the wind turbine area (+34%) as a result of rising levels of activity (+49% to 1,061MW). Operation and maintenance services revenues were stable, at € 108 million.
Latin America contributed 27% of wind turbine sales (in MW), followed by India and EMEA (26% each). The US accounted for 16% and Asia-Pacific for 5%. Order intake in the first three months of 2016 amounted to 1,031MW, bringing the order book at the end of March to 3,167MW (+22%), assuring 90%2 of the sales volume target for 2016: >3,800MW. Gamesa remained focused on increasing profitability through greater control of structural costs and optimisation of variable costs. The company ended the period with record EBIT of € 119 million (+81%), equivalent to an EBIT margin of 11%. Net profit amounted to € 72 million, including an € 8 million impact from Adwen. Otherwise, net profit would have been € 80 million (+82%). The company continues to strengthen its balance sheet, having ended the quarter with a net cash position of € 194 million.
