GAMESA: 2013 Q3 RESULTS

 

  • In a situation of lower activity, the company is now targeting the high end of the profitability and sales objectives in the Business Plan for 2013.
  • Order intake in the third quarter enabled the group to attain the upper end of its guidance for the full year (2,000 MWe), and orders signed in October provide very good prospects for volume growth in 2014.
  • Operation and maintenance services contributed 16% of group revenues and boosted returns.

Gamesa’s results in the first nine months of 2013 reflect the steps taken by the company during the year and reaffirm the 2013 targets set out in the business plan; the company now expects to reach the upper end of its objectives for profitability (EBIT margin ≥5%) and sales (2,000 MWe).

Despite the economic difficulties and the complex situation in the industry, Gamesa reported 31 million euro in net profit in the first nine months of 2013, contrasting with a loss of 67 million in the same period last year. This positive result, coupled with expanding margins, is an advance on the profitability improvement process that commenced in the first quarter, and actually exceeds the guidance for the full year.

Key financial figures January-September 2013 (vs. M9 2012)1:

  • Sales: 1,655 million (-20%)
  • Sales in MW: 1,402 MWe (-14%)
  • EBITDA: 204 million (+32%) and EBITDA margin: 12.4% (vs. 7.5%, +4.9 p.p.)
  • EBIT: 90 million (vs. 4 million) and EBIT margin: 5,4% (vs. 0.2%, +5.2% p.p.)
  • Net income: 31 million (vs. -67 million)
  • Net financial debt: 765 million (vs. 1,065 million, -28%)

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