Gamesa ended 2013 with attributable net income of € 45 million in 2013, compared with a loss of -€659 million in 2012, which was due mainly to writedowns.
Gamesa obtained € 2,336 million in sales in the year, reflecting lower activity (-7.8%) and the impact of devaluation of the Brazilian real and the Indian rupee. However, despite this decline, the company increased margins. In spite of the deceleration in China and the US, sales volume (1,953MW) is still at the high end of guidance under the Business Plan (1,800-2,000MW in 2013). Latin America is still the main sales growth driver, accounting for 49%, followed by Europe and the Rest of the World (24%) and India (22%). The order book also improved during the year, expanding by 54% in the fourth quarter (878MW) to end the year at 1,802MW. Operating and maintenance services contributed € 365 million in revenues, i.e. 16% of the total. The average fleet under maintenance amounted to 19,657MW in 2013. Gamesa obtained €129 million in recurring EBIT in 2013, providing a recurring EBIT margin of 5.5% (vs. 1.7% in 2012), i.e. above the guidance range for the year (3%-5%). Gamesa expects onshore demand to expand by 20% worldwide in 2014, supported by improvements in wind energy's competitiveness, energy needs in the emerging economies, and the recovery by the US market. Gamesa projects a sales volume of 2,200–2,400MW in 2014. This recovery in activity and ongoing optimisation measures will enable Gamesa to attain an EBIT margin of over 7% at constant exchange rates.
