In 2011, Gamesa obtained consolidated revenues of € 3,033 million (+10%), driven by the recovery in manufacturing. EBIT amounted to € 131 million (+10%) and net profit was € 51 million (+2%).
The wind turbine division increased sales (in MW) by 16.5% to 2,802MW. The wind turbine division had an EBIT margin of 4% (in line with 2011 guidance: 4%-5%) resulting in an EBIT of € 26 million. During the year, Gamesa continued to invest (€ 229 million) in international expansion (India and Brazil), in launching and manufacturing new products (G9X-2.0MW and G10X-4.5MW) and in R&D for new platforms (onshore and offshore). As a result, consolidated net financial debt (NFD) was € 710 million euro. In 2011, Gamesa sold 2,802MW (+16.5%) and the company also registered record high wind turbine deliveries: 3,092MW (+15%). Gamesa diversified its revenues in 5 geographic areas: revenues increased 2.6-fold in India (accounting for 19% of the total) and 3.8-fold in Latin America+Southern Cone (Honduras, Mexico and Brazil; 15% of the total). Europe (Spain excluded) accounts for 20% of the total, with Eastern Europe (Poland and Romania, in particular) representing 14%. China accounts for 23% and the US for 14%. Spain's share was less than 8% for the second consecutive year. The operation and maintenance (O&M) services area is key for Gamesa's profitable growth, contributing to recurring revenues, improving margins and generating cash flow. After expanding its portfolio by 2,700MW during the year, Gamesa has 16,300MW under O&M, which provides recurring revenues of € 250 million. In 2012, Gamesa will give priority to financial soundness and profitability over sales volume, and will bring forward its net free cash flow break-even target by one year. At December 2011, Gamesa had 1,600MW in orders for delivery in 2012 and 2013, up 13% year-on-year. Despite this positive performance, Gamesa reduced its 2012 target sales volume range to 2,800-3,200MW due to short-term market circumstances. The 2012 EBIT margin guidance for the wind turbine division is 2-4%.
The wind turbine division increased sales (in MW) by 16.5% to 2,802MW. The wind turbine division had an EBIT margin of 4% (in line with 2011 guidance: 4%-5%) resulting in an EBIT of € 26 million. During the year, Gamesa continued to invest (€ 229 million) in international expansion (India and Brazil), in launching and manufacturing new products (G9X-2.0MW and G10X-4.5MW) and in R&D for new platforms (onshore and offshore). As a result, consolidated net financial debt (NFD) was € 710 million euro. In 2011, Gamesa sold 2,802MW (+16.5%) and the company also registered record high wind turbine deliveries: 3,092MW (+15%). Gamesa diversified its revenues in 5 geographic areas: revenues increased 2.6-fold in India (accounting for 19% of the total) and 3.8-fold in Latin America+Southern Cone (Honduras, Mexico and Brazil; 15% of the total). Europe (Spain excluded) accounts for 20% of the total, with Eastern Europe (Poland and Romania, in particular) representing 14%. China accounts for 23% and the US for 14%. Spain's share was less than 8% for the second consecutive year. The operation and maintenance (O&M) services area is key for Gamesa's profitable growth, contributing to recurring revenues, improving margins and generating cash flow. After expanding its portfolio by 2,700MW during the year, Gamesa has 16,300MW under O&M, which provides recurring revenues of € 250 million. In 2012, Gamesa will give priority to financial soundness and profitability over sales volume, and will bring forward its net free cash flow break-even target by one year. At December 2011, Gamesa had 1,600MW in orders for delivery in 2012 and 2013, up 13% year-on-year. Despite this positive performance, Gamesa reduced its 2012 target sales volume range to 2,800-3,200MW due to short-term market circumstances. The 2012 EBIT margin guidance for the wind turbine division is 2-4%.
