Gamesa Reports Mammoth 85% Increase In Net Profits

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Spanish wind energy giant Gamesa ended 2015 with a mammoth €170 million net profit, 85% more than in 2014, thanks to sustained revenue growth and profitability.

Gamesa reported its fourth quarter and full year 2015 financials this week, revealing that it had finished the year with €170 million net profit, 85% more than the €92 million taken in 2014, thanks to sustained growth in revenues, which increased by 23%, and profitability, with the company’s EBIT margin sitting at 8.4%.

Unsurprisingly, Gamesa’s shares jumped dramatically prior to trading today, increasing by over 5% before the end of trading.

Total revenue for the year reached €3.504 billion, 23% more than in 2014 thanks to expanding revenues in the company’s wind turbine generators division and its O&M services division. Order intake reached 3,883 MW in 2015, falling in line with the high end of the company’s Business Plan target range for 2017. At the end of the year, the company’s order book sat at 3,197 MW, up 28% from the end of the year 2014.

All this unsurprisingly resulted in Gamesa exceeding its targets for 2015, reaching the high end of the company’s guidance. Subsequently, “Combined with good short-, medium- and long-term prospects for the industry, shaped by stable regulation and rising renewable targets, these results enabled Gamesa to enhance its targets of 2017 and bring them forward to 2016.” Therefore, Gamesa is now projecting a volume of 3,800 MW of orders in 2016, with an underlying EBIT of  €400 million and an EBIT margin ≥9% in 2016.

New figures published earlier this week by Navigant Research revealed that Gamesa came fourth in terms of wind turbine orders in the second half of 2015, following behind Siemens, Vestas, and GE, and ahead of MHI Vestas.

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Joshua S Hill

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