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Spain

Share prices going up and up -- Gamesa fairytale continues

Gamesa has become the first company primarily dedicated to wind power in Spain to enter the "Ibex 35," an index of most-traded Spanish stocks, replacing Spanish utility Hidrocantábrico. Gamesa is Spain's dominant wind turbine manufacturer and is also a significant developer of wind power plant.

The step up the stock exchange ladder follows the group's flotation in late October, when its share value increased by 72% on the first day of trading, resulting in "the only really successful launch of 2000," according to Spain's financial daily Cinco Días (Windpower Monthly, December 2000).

The share price has continued to keep investors happy -- the average monthly profit by the start of last month was 18%, while the rest of the stock market has been down by 8% in the same period, according to financial daily, Expansión. Meanwhile, Gamesa's turnover for the first quarter of 2001 is up by 20% on the same period last year, at ESP 32 billion (EUR 192.3 million). The company reports profits of ESP 2.9 billion, 30% higher than last year's first quarter figures. In the same period, the company's wind turbine manufacturing arm, Gamesa Eólica, says 144 of its turbines have come on-line, while an additional 82 turbines were turned out of its factories. Gamesa's wind power development company, Gamesa Energía, claims to have grown "substantially" this year, bringing new plant on-line in Galicia and Castile and León.

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