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Spain

Gamesa records 85% increase in profit

SPAIN: Gamesa has recorded net profit of €170 million in its 2015 annual results, an 85% increase year-on-year.

Sunny forecast: Gamesa brought forward earnings forecast on back of 85% profit increase in 2015
Sunny forecast: Gamesa brought forward earnings forecast on back of 85% profit increase in 2015

The manufacturer attributed the increase to revenues totalling €3.5 billion in the year, a 23% increase compared to 2014, Ebit of €323 million and a strong Ebit margin of 8.4%.

Revenues in its wind turbine sector grew 26%, while servicing grew 8%, the company said.

Order intake, Gamesa said, was up 17% to 3.88GW. India was the company's largest market accounting for 29% of its sales (by MW) followed by Latin America with 27%.

China accounted for 13%, the US 11%, with Europe and the rest of the world making up 18% of the sales.

Gamesa business CEO Xabier Etxeberria credited its growth in orders on the success of the 2MW+ product range. He said approximately half of the orders received in 2015 were for the G114 platform. 

Gamesa business CEO Xabier Etxeberria

On the back of the strong results, Gamesa has brought forward its 2017 forecast — set out in its 2015-2017 business plan — in to 2016.

Now the company predicts Ebit of over €400 million for 2016 and Ebit margin of over 9%.

After 2017, the company highlighted the offshore, India and solar markets as areas for growth, Etxeberria said.

At the end of its financial presentation Gamesa refused to answer questions about "our negotiations" with Siemens. 

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