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Spain

Spain

Gamesa cuts second sales forecast this year

SPAIN: Gamesa has cut its 2012 sales forecast for the second time this year, citing "a delay" in orders from Asia.

The manufacturer is forecasting 2012 sales of 2GW. In February's Q2 results, Gamesa forecast 2012 sales of 2.8-3.2GW, a fall of 15%. It has also lowered its ebit margin to 0%.

Announcing its 1H 2012 results, Gamesa declaresd a €33 million ($40 million) loss in the first-half to June. Over the same period last year, the company made a €29 million euro profit.

In terms of sales, the company has sold 1,140MW with Latin America contributing 40%, the US 25%, Europe and rest of world 17% and Asia (including China and India) 19%.

Additionally, the company is planning to launch a new three-year business plan in October that is expected to focus on rationalisation and a cut in capacity.

Speaking about the forecasted fall in sales, Bryan Garnier renewables analyst Julien Desmaretz said: "While weakening demand and low order intake from China are pointed out, we believe part of the decision is due to balance sheet pressure. We suspect the group had not been able to fund its working capital needs to produce the targeted volumes. As a result of lower volumes, profitability will be hit."

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