Gamesa SA: Bericht zur Hauptversammlung am 29. Mai

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?    Both the Management Report and the Annual Accounts for FY 2008 were approved

?     A long-term incentive scheme linked to the attainment of strategic objectives for 2009-2011 and remunerated in Gamesa shares was likewise approved

?    The Gamesa Chairman and CEO, Mr. Guillermo Ulacia, affirmed that 2008 constituted the "culmination of a business cycle" and was therefore a "point of inflection" in Gamesa's history.

Vitoria-Gasteiz, May 29, 2009. Gamesa Corporación Tecnológica's Annual General Shareholders’ Meeting, which took place this morning in ARTIUM, the Center-Museum of Contemporary Basque Art in Vitoria-Gasteiz, resolved to approve a gross dividend share-out of €0.20 per share, which will be paid out on 24 June. Both the Management Report and Annual Accounts for 2008 were likewise approved; a year in which Gamesa obtained sustained profitable growth. The appointments of both Iberdrola, S.A. and Mr. Carlos Fernández-Lerga Garralda, both of which were appointed after the last General Shareholders' Meeting was held, were likewise ratified.

Another of the points on the agenda that was approved refers to a long-term incentive scheme linked to the attainment of the strategic objectives set for the period 2009-2011 and remunerated in the company's shares.

In his speech, Gamesa's Chairman and CEO, Mr. Guillermo Ulacia, highlighted the advances made by the company in Corporate Governance over the past year. Internal regulations were adapted to the Unified Code of Good Governance with a four percentage point improvement in compliance with such recommendations to reach 95%. For the very first time at the General Meeting held this year, a report on the Board of Directors' remuneration policy was made available to shareholders, and the Gamesa Code of Conduct was set forth and deployed throughout the world. In addition, the company's overall opportunities and risks policy was also was updated in 2008.

Successful culmination of a transformation cycle

Mr. Guillermo Ulacia stated that "the business project's sustainability is underpinned by its value creation strategy and economic performance". Thus, Gamesa ended 2008 with the wind turbine manufacturing activity as the "driving force for growth", a new value creation proposal for wind farms and divestment from the solar activity. The company ended the year with a net profit for the group amounting to €320 million, including discontinued operations.

"Three years of sustained profitable growth compatible with an cumulative cash generation of €1 billion" were achieved. The company has a solid financial position to "properly manage the challenges posed by the new transformation cycle".

Industrial base and international supply network

During his speech, Mr. Ulacia defined Gamesa as "one of the world's three leading wind turbine manufacturing companies" having a commercial and industrial presence in the three strategic regions identified by the Corporation (Europe, the United States and China) with a production rate exceeding 900MW in the United States and 500MW in China.

During the past year, a total of 3,684MW of wind turbines were sold — doubling the 1,783MW at the start of the three-year period between 2006 and 2008 —, thereby exceeding the target of 3,600MW. The contribution made by the international market accounted for 61% of sales, as compared to 45% in 2005. Gamesa doubled its order portfolio with more than 5,500 new MW, among which the largest agreement ever in the history of the wind energy sector for 4,500MW should be highlighted. This agreement was entered into with Iberdrola Renovables and sets forth deliveries between 2010 and 2012.

New MADE production center in India

Mr. Guillermo Ulacia also underlined the revitalization of the MADE brand, which was acquired by Gamesa in 2003, that "has allowed us to break into new markets and customers, as can be seen in the latest agreements signed in Tunisia and Venezuela". He likewise announced that the new nacelle assembly plant with a production capacity of 200MW "will be operational in India at the end of 2009". He identified this country as the new manufacturing and sale centre for MADE wind turbines around the world.

Gamesa approaches the zero accidents target

Mr. Guillermo Ulacia highlighted the data obtained for the accident frequency index per million hours worked and the seriousness index of 0.19 working days per 1,000 hours worked. These indexes improved by 55% and 37% respectively when compared to the preceding year. This progress places Gamesa one step closer to the "zero accidents" target that the nacelle plant in Tianjin, China and the gearbox assembly plant in Bergondo, Spain have already achieved.

Upcoming challenges: Outlook for 2011

When referring to upcoming challenges, Mr. Guillermo Ulacia said that "Gamesa has begun a new transformation cycle in which creativity and innovation are essential to overcome the difficulties posed by the global crisis and to reach new business targets". He also stated that, at the same time, the "conditions of quality, leadership, cutting-edge technology, sustainability and business projection, which consolidate this new relationship with the environment and efficient, sustainable energy generation that we have called the Energy Culture, were created over the last three years".

The current economic and financial context "requires measures to consolidate the competitive strengths and advantages attained during the previous strategic plan before tackling the new challenges of growth that the forecasts for 2011 offer us", he stated. Gamesa "invests in growth markets". The company increased its production capacity in the United States to reach 1,200MW per year by launching the G90 product platform in this market. Similarly, the G8X platform was introduced in the Chinese market, along with the coming on-stream of more the 400MW of local production capacity.

Lastly, the Chairman and CEO spoke about the new G10X platform with a power output of 4.5MW as "an innovative alternative for the market, as it is the first onshore wind turbine with a power output of over 4MW with semi multipolar technology". This turbine is "a logistical and technological challenge" the company "expects to overcome through the innovations it incorporates, all of which are in-house patented technologies". He pointed out that these technological innovations will constitute a "before and after in the construction and operation of wind power electricity generation centers".

The first prototype entered into service last month in the Cabeza Negro wind farm located in Jaulín in the province of Zaragoza. A second prototype will soon join it in the same wind farm and mass production will commence in 2010, when the product will begin to be commercialized. In the medium-term, the Gamesa G10X 4.5MW wind turbine will also be used as a platform to break into the offshore wind farm segment.

About Gamesa

Gamesa is a company specializing in sustainable energy technologies, mainly wind power. It is the leading company in Spain and situated among the world’s three most important wind turbine generator manufacturers.

Gamesa has installed more than 16,000MW of its main product lines in 20 countries spread out over four continents. The annual equivalent of this production amounts to more than 3.45 million tons of petroleum (TPE) per year and prevents the emission into the atmosphere of over 24 million tons of CO2 a year.

The company has around thirty production centers located in Spain, China and the United States with an international workforce of around 7,200 employees.

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