Gamesa's losses worsen after final review of 2012

SPAIN: Gamesa made a loss of €659 million in 2012, according to its final set of results for last year, published yesterday.

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This is EUR 19 million worse than the losses of EUR 640 million initially reported last month.

The adjustment between the Spanish manufacturer’s provisional and final set of results is chiefly due to Gamesa lowering the value of its investments and assets by EUR 600 million. This one-off value-adjustment is EUR 16 million greater than the EUR 584 million initially reported in February.

Turbine sales and orders figures remained as reported in the provisional results, but Gamesa also revealed yesterday that its operations and maintenance (O&M) business had grown by nearly a quarter in 2012.

Revenues in the O&M division expanded by 23%, to EUR 344 million, and megawatts under maintenance grew by 17% (19,111MW). This came within the context of overall group revenues falling by 6.2% to EUR 2.84 billion.

Latin America and the southern-most countries in South America are now the business’s main area of growth, accounting for nearly a third of its revenues (32%).

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