Gamesa ended the first quarter of 2011 with solid results and notable growth in its key figures. Gamesa's consolidated revenues amounted to € 585 million (+24%) in 1Q2011, EBIT was € 28 million (+18% yoy) and net profit € 13 million (+67% yoy).
Wind turbine sales expanded by 24% to 579MW and, for the first time in Gamesa's history, entirely outside Spain. The backlog for delivery in 2011 amounted to 1,706MW, covering 58% of the wind turbine sales guidance for the year (2,800-3,100MW). Wind turbine deliveries totalled 546MW, 2.6 times the 1Q2010 figure. Growth in sales and the consolidation of cost improvement measures (materials, construction and logistics) provided the Wind Turbine division with an EBIT margin of 5.1%, slightly higher than guidance for the year (4%-5%). The division's working capital/sales ratio was 15%, i.e. in line with 2011 guidance and below the figure for the first quarter of 2010 (21%). During the period, 100% of the sales came from outside Spain and 25% of total 2011 orders till May came from new clients. In India sales expanded 8-fold and accounted for 24% of the quarter's total. Gamesa attained a market share of 10% in India. China accounted for 13% of total sales, the US for 8%, Europe (ex-Spain) for 27% and the rest of the world for 28%.
Wind turbine sales expanded by 24% to 579MW and, for the first time in Gamesa's history, entirely outside Spain. The backlog for delivery in 2011 amounted to 1,706MW, covering 58% of the wind turbine sales guidance for the year (2,800-3,100MW). Wind turbine deliveries totalled 546MW, 2.6 times the 1Q2010 figure. Growth in sales and the consolidation of cost improvement measures (materials, construction and logistics) provided the Wind Turbine division with an EBIT margin of 5.1%, slightly higher than guidance for the year (4%-5%). The division's working capital/sales ratio was 15%, i.e. in line with 2011 guidance and below the figure for the first quarter of 2010 (21%). During the period, 100% of the sales came from outside Spain and 25% of total 2011 orders till May came from new clients. In India sales expanded 8-fold and accounted for 24% of the quarter's total. Gamesa attained a market share of 10% in India. China accounted for 13% of total sales, the US for 8%, Europe (ex-Spain) for 27% and the rest of the world for 28%.
