Gamesa revenue results outstrip forecasts

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Gamesa results for year-end 2002 have outstripped mid-year forecasts by 25%. The Spanish wind power group reports revenues of EUR 1096 million, 118% up on 2001. The beefed up figures are mostly thanks to Gamesa Energía's new strategy of selling wind stations it develops. Group CEO Iñaki Gandasegui insists the sales "cannot be considered extraordinary earnings" as they are now part of company activities. He says Gamesa Energía has 15,000 MW of potential projects lined up for sale. Last year, Gamesa Energía sold 982 MW of projects to Spain's Iberdrola and 456 MW of developments in Portugal and Italy to Belgian Electrabel. The deals helped push Gamesa Energía earnings to EUR 345 million, 503% greater than in 2001, resulting in net profits of EUR 104 million, 986% up on 2001. The profits are EUR 40 million higher than those of Gamesa Eólica, the group's wind turbine making division which provides most of the business volume. Turnover last year was EUR 583 million from sales of 924 MW of wind plant, 26% up on 2001. A total of 298 MW went to Gamesa Energía for developments in Spain. The turbine division also clinched supply deals for 1100 MW with Iberdrola and 188 MW with Italian utility ENEL. Gandasegui underlines the ENEL deal as a "first major step" towards Gamesa Eólica's internationalisation. The company claims to have 12% of the world turbine supply market. Meanwhile, a government fair-trade investigation into Gamesa's sale of 982 MW of wind plant to part owner Iberdrola is still not complete and the sale is not approved. Gandasegui reportedly says it is no more than "a question of procedure."

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