30.7.2006: Meldung: Gamesa SA: Halbjahreszahlen

On the back of the good performance of its recurrent business and the capital gains recorded in the sale of Aeronautics and Advanced Services


· Gamesa’s consolidated revenues have grown 27% over the first six months of business 2006, amounting to Euro 897m

· This growth has been driven by the improvement in the level of MW installed, in terms of both wind farms and wind turbines, and has led to the strengthening of Gamesa’s financial position

· Gamesa’s General Meeting of Stockholders approved a dividend of Euro 0.16 per share, which was paid out on June 29.

Vitoria-Gasteiz, July 28, 2006. Gamesa Corporación Tecnológica, one of the world’s foremost manufacturers of wind turbines and developers of wind farms and the leader in its sector in Spain, has recorded net earnings of Euro 187m in the first half of 2006, up 163% on the same period last year.

This increase in net earnings has been due largely to the divestment made in the Aeronautics and Advanced Services businesses, which has enabled Gamesa to lay the foundations for growth and profitability in Renewable Energies. The income obtained through these two operations has amounted to Euro 225m, with net earnings of Euro 124m, as well as allowing for the deconsolidation of Euro 315m in bank debt.

The company invoiced Euro 897m in the first six months of the year, up 27% on the same period in 2005. EBITDA has risen 7% with regard to the first HY in 2005, amounting to Euro 147m.

Furthermore, the increase in the level of MW installed in wind farms and in wind turbines, together with the improved margins in the manufacturing business, has led to a strengthening of the Company’s financial position, returning a ratio of net bank debt to equity of times 1.1.

Payment was made on June 29 of a gross dividend per share of Euro 0.16, which was charged to the Company’s Voluntary Reserves, as approved by Gamesa’s General Meeting of Stockholders, held in Vitoria-Gasteiz on May 25.

Finally, it should be noted that at the beginning of July the board of directors of Gamesa Corporación Tecnológica appointed Mr. Guillermo Ulacia Arnaiz as the Company’s Executive Chairman.

Core Figures

(Euro m) 1st HY 2005 1st HY 2006
Net Revenues 708 897
EBITDA 137 147
Net Earnings (*) 71 187
Working Capital 1,221 1,323
NBD/Equity (*) 1.8x 1.1x

(*): Includes contribution to results 2005 made by Aeronautics and Services, and income from the sale of these two divisions in 2006

Manufacture of Wind Turbines

Concerning its business in the manufacture, sale and installation of wind turbines, Gamesa has increased its deliveries in the first HY of 2006, posting a record figure in June with the installation of 200 MW. Overall, the business of wind turbine production sold 951 MW, 27% up on the first HY in 2005.

In terms of profitability, the EBITDA margin continues the positive trend recorded in the first quarter, amounting to 17% in the first six months of the year (14% in 2005).

Special mention should also be made of the commissioning in the first HY in 2006 of four advanced technology production centers in the United States, located in the State of Pennsylvania, and the subscription of contracts abroad in line with the new commercial policy.

Development and Sale of Wind Farms

In turn, the business of the development and sale of wind farms has tripled the volume of MW deliveries in wind farms in comparison to the same period the prior year, amounting to 128 MW in the first HY in 2006.

Spain and Italy are the countries that have recorded the highest level of activity in wind farms. It should be stressed that these results have been achieved without the contribution of the United States, where the business will to start bear fruit in the 2nd HY.

The results obtained of Euro 23m reflect the priority established by the Company in the management of operating capital.

Outlook 2006

The favorable regulatory framework and robust governmental backing confirm the positive perspectives for growth in the wind energy sector worldwide.

Gamesa’s plans for the 2nd HY in 2006 include the start of building work on 500 MW in wind farms, as well as keeping the rate of monthly installation in wind turbine production above 200 MW.

Plans are afoot in this same period for closure on the first sales agreement on wind farms in the United States and for the four US production centers to reach full capacity.

With these results, Gamesa Corporación Tecnológica forges ahead as it bolsters a future that will enable it to achieve its growth targets in Renewable Energies and increase its profitability and financial soundness. With its eyes set on 2008, Gamesa will post a return on capital employed (ROCE) of 16%, foreseeing mean annual growth in excess of 15%.
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