Gamesa landed 1,186MW of new orders in the third quarter of 2010, more than five times the intake in the third quarter of 2009 and three times the intake in the second quarter of 2010. Sales coverage for 2010 (2,290MW of firm orders) was 93% at the end of September. By November 2010, Gamesa had met 100% of its guidance for the year, with orders of 2,450MW.
The EBIT margin from the wind turbine business was 5.4%, the wind turbine working capital/sales ratio was 19%, and net consolidated debt totalled € 297 million (after reducing it by € 420 million), leading to a net debt/EBITDA ratio of 1.0. Consolidated revenues amounted to € 1,786 million. The Cost Improvement Plan saved close to € 100 million in M9 2010, partially offsetting price pressure, and enabling the wind turbine division to obtain an EBITDA margin of 12.8% and an EBIT margin of 5.4%, at the high end of guidance for 2010 (4.5%-5.5%), despite the lower absorption of structural costs due to the lower level of activity.
The company continued to pursue its internationalisation strategy: international markets accounted for 93% of MW sales in the period, compared with 71% in M9 2009. The wind farm division's results reflect a revival of wind farm construction and sales, enabling it to contribute positively to group earnings, with EBIT of € 4 million. Gamesa continues to strengthen its O&M services area, which increased sales by 58% in M9 2010 to € 227 million, compared with € 144 million in the same period last year.
Gamesa presented a volume guidance of 2,800-3,100MW for 2011, which was already 24% covered in September and 33% covered in November 2010.
The EBIT margin from the wind turbine business was 5.4%, the wind turbine working capital/sales ratio was 19%, and net consolidated debt totalled € 297 million (after reducing it by € 420 million), leading to a net debt/EBITDA ratio of 1.0. Consolidated revenues amounted to € 1,786 million. The Cost Improvement Plan saved close to € 100 million in M9 2010, partially offsetting price pressure, and enabling the wind turbine division to obtain an EBITDA margin of 12.8% and an EBIT margin of 5.4%, at the high end of guidance for 2010 (4.5%-5.5%), despite the lower absorption of structural costs due to the lower level of activity.
The company continued to pursue its internationalisation strategy: international markets accounted for 93% of MW sales in the period, compared with 71% in M9 2009. The wind farm division's results reflect a revival of wind farm construction and sales, enabling it to contribute positively to group earnings, with EBIT of € 4 million. Gamesa continues to strengthen its O&M services area, which increased sales by 58% in M9 2010 to € 227 million, compared with € 144 million in the same period last year.
Gamesa presented a volume guidance of 2,800-3,100MW for 2011, which was already 24% covered in September and 33% covered in November 2010.
