Spain

Spain

Exports approaching half of all sales -- Gamesa glows

Gamesa's glowing half-year report for its wind businesses -- based on sales figures showing rapid international expansion -- has coincided with leaked reports on the imminent sale of its once emblematic aeronautics division. Of the group's EUR 1032 million turnover for the six months up to the end of June 2005, just EUR 187 million came from aeronautics. In contrast, the wind turbine manufacturing division, Gamesa Eólica, turned over EUR 590 million from the sale of 850 MW.

Some 44% of turbine sales were outside Spain, mainly in China, Italy, Egypt and the United States. The wind project development division, Gamesa Energía, invoiced EUR 151 million from sales of 188 MW of wind power plant, while the remaining EUR 104 million came from its wind farm installation and maintenance division, Gamesa Servicios. In all, the company reported net profits of EUR 71 million so far, 14% up on the same period last year.

Gamesa announced its intention to segregate its aeronautics business back in 2001. Spanish newspaper El País suggests it will happen this month, reporting the company expects offers of around EUR 140 million for the division, which would include the assumption of EUR 288 million of debt. Gamesa has so far declined to comment on the report, with the company's Alex Otaegui saying there are "ongoing attempts" to fulfil the segregation plan.

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