Wind energy business Gamesa defied the general pessimism surrounding the Spanish economy during November by announcing that it had significantly boosted order intake during its third quarter. As a result, the firm’s share price bucked the general decline shown by European cleantech stocks last month by gaining 2.8% to end the month at €5.14.
However, figures for the group’s revenues and profits for the first nine months of 2010 were far less impressive. Revenues to the end of September, at €1.8 billion, were down 28% on the equivalent period for last year, while EBITDA decreased by 30% to €201 million. Net profit came in at just €25 million – a 71% decline over Q1-Q3 2009.Gamesa said that its wind turbine business remained profitable, with an EBITDA margin of 12.8% and an EBIT margin at 5.4%. Meanwhile, the firm’s wind farm division contributed EBIT of €4 million.
The group’s third quarter order intake of 1.2GW of wind turbines represented a fivefold increase over orders received in Q3 2009 and was triple the Q2 2010 intake. The firm issued guidance that it expects to sell 2.8GW to 3.1GW of turbines in 2010.
Gamesa also says that it intends the UK will form the centre of its offshore wind business, and that it has plans to invest more than €150 million by 2014 on the installation of an offshore technology centre and construction of an associated blade manufacturing plant. The firm is designing and developing two families of offshore turbines based on technology used in its G10X-4.5MW turbine.
Market: Madrid
Symbol: GAM
Price: €5.02
12-month high/low: €12.95/€4.48
Market cap: €1.2bn
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