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Spain's Gamesa forecasts year-end profits

Spain's Gamesa expects year-end profits of EUR 187 million on turnover of EUR 1553 million, it told shareholders last month. The forecast represents a 38% increase in profits and a 42% boost in sales compared with last year. Wind turbine and wind farm sales plus project development are expected to make up 78% of group turnover and 85% of profits. Gamesa's aviation wing accounts for the remainder. Profits for the first three months of the year were EUR 99 million, 519% up on the same period last year. Turnover was up 113% at EUR 423 million. Contributing to the glowing bill of health is the sale of operating wind plant. In the first quarter, Gamesa completed the hand over of 185 MW of operational plant to utility Iberdrola as part of last year's 982 MW deal between the two companies. Gamesa sold a further 64 MW to Japanese engineering firm Marubeni. Gamesa boss Ignacio Lopez Gandasegui told shareholders that another 400 MW of the Iberdrola deal would be complete before end of the year. Further plant sales totalling 1260 MW -- with Iberdrola and Belgian utility Electrabel -- will still be pending completion throughout 2004, said Gandasegui. Sales of wind plant and plant operation will account for EUR 365 million of this year's turnover, with turbine sales contributing EUR 785 million, a 35% increase on the previous year. His estimate is based on 2003 sales of around 1200 MW -- 29% up on 2002. Most sales are for Spain, though recent agreements in Italy and Portugal mark Gamesa's first large scale orders abroad. The company has also won orders from China for delivery this year of 16, 850 kW turbines, 12 of which will be installed at the Helanshan wind farm in north-west China north east of Qingtongxia, being developed by Tianjing Electric in Ningxia. The last four turbines will be added to the 32 MW Fengxian project being developed in southern Shanghai by Shanghai New Energy & Environment Protection Company.

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