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Spain

Gamesa makes loss for 2012

SPAIN: Gamesa has provisionally announced its first ever full-year profit loss--estimated at EUR 640 million.

Despite this, Madrid stock exchange boosted the turbine manufacturer's share value by more than 7% to over EUR 2,14 by midday today, against Tuesday's closing price.
 
Analysts put investor enthusiasm down to the efficacy of Gamesa's restructuring and cost-cutting measures.
 
The company said that most of the estimated profit loss was due to extraordinary expenditure of EUR 584 million last year on restructuring its work force and market activities globally 2013-2015.

Those measures include the layoff — together with indemnities — of 1,800 people globally.
 
Consolidated results will be presented on 28 February. Meanwhile, Gamesa said the provisional result is in line with the outlook for 2012, as presented together with its restructuring business plan on 28 October.
 
Gamesa sold 2,119MW of turbine capacity last year. Although this is more than the company's 2GW October forecast, it is still 30% below sales in 2011.
 
However, the company claims an end-year order backlog of 1,657MW — just surpassing the 1,600MW figure for end-2011 — with 571MW signed up in the final quarter of the year.

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