Gamesa's consolidated revenues amounted to € 1,297 million (+26%) in 1H11, EBIT was € 62 million (+26% yoy) and net profit € 29 million (+29% yoy). Wind turbine sales (in MW) expanded by 29% to 1,292MW, entirely outside Spain, and reinforcing the company's internationalisation strategy.
The backlog for delivery in 2011 amounted to 2,270MW in June, covering 77% of the wind turbine sales guidance for the year (2,800-3,100MW). In 2Q11, Gamesa received orders for 564MW for delivery in the year, i.e. up 65% with respect to 2Q10 and 93% with respect to 1Q11. Sales coverage in July stands at 80%. Wind turbine deliveries doubled in the period, to 1,106MW, with the USA and India each accounting for over 200MW in the period. Sales growth and cost optimisation (materials, construction and logistics) provided the Wind Turbine division with an EBIT margin of 5.2% (slightly higher than guidance for the year: 4%-5%). In 1H11, Gamesa resumed capital expenditure in the development and sale of wind farms and continued to focus on monetisation, with sales agreements for 212MW in Mexico, Greece, Poland, Spain and Germany. The Wind Farm Development and Sale unit ended the first half of 2011 with EBIT of € 3 million, contrasting with € -10 million in the first half of 2010, due to recognising work in progress in the wind farms covered by agreements for sale and delivery in the second half of 2011 and early months of 2012. The company had 479MW in the final phases of construction and commissioning at the end of June 2011. Gamesa's global wind farm development portfolio expanded 11%, to 24,501MW at the end of June 2011.
The backlog for delivery in 2011 amounted to 2,270MW in June, covering 77% of the wind turbine sales guidance for the year (2,800-3,100MW). In 2Q11, Gamesa received orders for 564MW for delivery in the year, i.e. up 65% with respect to 2Q10 and 93% with respect to 1Q11. Sales coverage in July stands at 80%. Wind turbine deliveries doubled in the period, to 1,106MW, with the USA and India each accounting for over 200MW in the period. Sales growth and cost optimisation (materials, construction and logistics) provided the Wind Turbine division with an EBIT margin of 5.2% (slightly higher than guidance for the year: 4%-5%). In 1H11, Gamesa resumed capital expenditure in the development and sale of wind farms and continued to focus on monetisation, with sales agreements for 212MW in Mexico, Greece, Poland, Spain and Germany. The Wind Farm Development and Sale unit ended the first half of 2011 with EBIT of € 3 million, contrasting with € -10 million in the first half of 2010, due to recognising work in progress in the wind farms covered by agreements for sale and delivery in the second half of 2011 and early months of 2012. The company had 479MW in the final phases of construction and commissioning at the end of June 2011. Gamesa's global wind farm development portfolio expanded 11%, to 24,501MW at the end of June 2011.
