Wind Turbine Manufacturer Back in the Black

Press Release
Monday, April 29, 2013
Image courtesy of Gamesa

Spain's Gamesa returns to profitability and reports 7 million euro in profit in the first quarter of 2013.

In a complex economic and industry situation, marked by falling demand and pressure on prices, Gamesa advanced with the commitments made in its business plan:

Key figures 1Q 2013 (vs. 1Q 20121):
    •    Revenues: 491 million euro (-12.2%)
    •    446 MWe (-12.5%)
    •    EBIT: 22 million euro (vs. -14 million euro in 1Q 2012)
    •    EBIT margin: 4.4% (+6.8 p.p.)
    •    Net profit: 7 million euro (vs. -19 million euro in 1Q 2012)
    •    NFD: 729 million euro (-29.6%)
    •    NFD/EBITDA: 2.8x
    •    Working capital/Group revenues: 25% (vs. 39% 1Q 2012)

Sales and orders
Group revenues amounted to 491 million euro in the quarter (-12% vs. 1Q 2012). At 446 MWe, sales were in line with the 2013 guidance (1,800-2,000 MWe) but were 13% lower than in 1Q 2012 due to the slowdown in demand, particularly in the US and China, and the strategy of controlling working capital by aligning manufacturing to deliveries and receipts. Latin America and the Southern Cone accounted for 53% and remain as the company's main growth driver. Europe and the rest of the world contributed 20%, India 17%. The contribution by the US (8%) and China (1%) declined in the quarter.

New firm orders amounted to 228 MW in the first quarter and accounted for 67% of sales guidance for 2013. The reduction in order intake (-67%) reflects the decline in demand in the US (which accounted for 50% of the volume in 1Q 2012) and China, and the slowdown in projects in Europe and India due to regulatory volatility. However, the strategy of commercial diversification and the drive into emerging markets resulted in 278 MW of new orders in April, i.e. more than in all of the first quarter, boosting coverage of the guidance to 74%.

Revenues in the Operation and Maintenance (O&M) division increased by 18% to 86 million euro, while MW under maintenance increased by 12% (19,513 MW); accordingly, this unit increased its contribution to recurring revenues while profitability rose faster than MW under maintenance.

Profitability
The business plan enabled the company to return to profit. Gamesa ended the quarter with 22 million euro in consolidated EBIT and a 4.4% EBIT margin (vs. -2.4% in 1Q 2012). Despite the lower business volume and decline in sales, profitability ratios improved due to the enhanced project mix, the contribution by O&M, higher productivity, and the reduction in fixed costs (-26%), once 100% of the savings measures under the business plan had been implemented.

Maritime Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Shell CEO: US Should Export Oil, Embrace Global Markets

The head of energy company Royal Dutch Shell said on Tuesday that U.S. policymakers should lift the crude oil export ban because allowing the shipments would make global energy system more stable.

SUNY Maritime Takes the Ice Bucket Challenge

Taking full advantage of one of the summer’s hottest days, twelve administrators and staff at the State University of New York (SUNY) Maritime College today took the Ice Bucket Challenge,

Fraunhofer Researchers Improve Underwater Images

Videos and images of the submarine world are important for the maritime industry. Researchers from Fraunhofer IGD will show how underwater images can be improved

Offshore

N-KOM Lays Keel for Qatar’s First Liftboat

Nakilat-Keppel Offshore & Marine (N-KOM) has achieved another milestone with the keel laying of its first liftboat newbuild project, awarded in July 2014 by long-time

Master Fined After Wind Farm Collision

The master of a wind farm support vessel has today been made to pay £3,000 in fines and costs after pleading guilty to breaches of maritime collision regulations.

Bureau Veritas Diversifies with MatthewsDaniel Acquisition

Bureau Veritas announced today that it has acquired MatthewsDaniel Ltd, a global provider of loss adjusting and risk assessment services for the offshore industry.

Finance

Norwegian to Buy Prestige Cruises in $3b Deal

Norwegian Cruise Line Holdings Ltd (NCLH.O) said it would buy Prestige Cruises International Inc from its owner Apollo Global Management LLC (APO.N) in a $3 billion

Master Fined After Wind Farm Collision

The master of a wind farm support vessel has today been made to pay £3,000 in fines and costs after pleading guilty to breaches of maritime collision regulations.

Statoil, DNV GL Drive Subsea Factory Interface Standardization

Statoil has entered into an agreement with DNV GL to establish an industrial cooperation to introduce an international industry standard for subsea process technology.

Wind Power

Master Fined After Wind Farm Collision

The master of a wind farm support vessel has today been made to pay £3,000 in fines and costs after pleading guilty to breaches of maritime collision regulations.

CWind Launches New Vessel

CWind, a provider of integrated services to the offshore wind industry, has launched its new vessel CWind Fulmar in a naming ceremony in Brightlingsea. The CWind Fulmar, built by CTruk Ltd.

Policy Uncertainty Threatens to Slow Renewable Energy Momentum

IEA forecast sees renewable power as a cost-competitive option in an increasing number of cases, but facing growing risks to deployment over the medium term. The

 
 
Maritime Contracts Maritime Security Offshore Oil Pipelines Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1611 sec (6 req/sec)