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Gamesa Plans To Increase Sales Upward Of 3 GW

Spanish wind energy giant Gamesa intends to increase sales up to nearly 4 GW in 2017, after a healthy prospect of 3.1 GW in 2015.

The company released its Outlook 2015-2017 this week, “with the goal of locking in the profitable growth that commenced under the preceding plan, offer sustainable and rising dividends, 25% of annual net profit, and accelerate shareholder value creation.”

Specifically, Gamesa intends to see sales reach double digits in annual growth, reaching 3,100 MW in 2015 and somewhere between 3,500 and 3,800 MW in 2017.

Financial Guidance 2015-2017

2015E 2017E
Volume (MWe) c. 3,100 3,500 – 3,800
EBIT margin 1 ≥8% >8%
EBIT (MN) 1  x2 2
Working capital / revenues <5% <5%
Capex / revenues 4% – 5% <3,5%

1 Average exchange rate January-May 2015
2 Compared with 2014 EBIT

Gamesa intends to meet these goals by maintaining “its leading position in India, Mexico, and Brazil, as well as China, where it is the largest foreign manufacturer in terms of market share.” Gamesa also intends to increase its sales presence in markets such as the US and Europe, and expand into the Asia-Pacific and African regions.

Gamesa is also looking to beyond 2017 as well, intending to use its joint venture with AREVA, Adwen, to expand in both onshore wind and offshore. Adwen is currently working on the development of 8 MW turbines that it hopes will strengthen its European position, and help it grow to a 20% market share by 2020.

Gamesa is also exploring opportunities it sees as bringing a “high level of synergy with the wind business, such as solar and offgrid, particularly in India.”

The company had a strong first quarter in 2015, with an increase in revenue and sales over the same time a year earlier, in a quarter which is normally seen as the slowest of the financial year. Nevertheless, Gamesa increased revenues by 43% to €820 million, with sales worth 818 MW for the quarter.

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