Market complexities plus growth and new product launches temporarily impact Gamesa's profitability

Gamesa has announced 1Q 2012 results. The company expects the trend of recent quarters to reverse in 2012 and to attain profitability and free cash flow in line with annual guidance.

Main consolidated figures for 1Q 2012 are:

• Sales: € 777 million (+33%)
• EBITDA: € 32 million (-58%)
• EBIT: -€ 5 million
• Net profit: € -21 million
• € 50 million in capital expenditure (wind turbines)
• NFD: 1,035 million (3.2x EBITDA). The progressive alignment of manufacturing to deliveries together with monetisation of the wind farm portfolio will gradually reduce net financial debt to annual guidance levels (<2.5x EBITDA)

Order intake amounted to 687MW (+136%) in the period, bringing the total pipeline to 1,776MW. Latin America+Southern Cone provided the greatest contribution to sales (30% of MW sold), followed by the US (27%) and India (19%). Wind farm development and sale business: monetisation accelerated, with agreements signed for 720MW for delivery this year, with projected free cash flow of € 200 million in 2012. New cost optimisation measures that will begin to bear fruit in 2H 2012: reducing the unit cost of materials by 5% by 2013, rationalising manufacturing and optimising support functions to reduce annual costs by € 30 million by 2013.