Gamesa Meets Business Plan Year Ahead Of Schedule On Back Of 77% 2016 Profit Increase
Spanish wind energy giant Gamesa has reported its full-year 2016 financial results Thursday, revealing that its profit for the year had increased 77% and exceeded the goals of its own Business Plan 2015-2017 one year ahead of schedule.
Gamesa reported its financial earnings this past Thursday, reporting record order intake, sales, profitability, and cash flow. In fact, Gamesa had such a good 2016 that not only was the company able to bring forward by one year the fulfillment of its Business Plan 2015-2017, but it also exceeded the Plan’s guidance — even after already upgrading it twice throughout 2016.
Specifically, the company reported a net profit in 2016 of €301 — 77% over 2015’s figures — thanks to higher sales which produced record revenue of €4,612 million, up 31.6%, and rising profitability, finishing the year with an EBIT margin of 10.4%.
The company also finished off 2016 with a massive and record order book, with 4,687 megawatts worth of orders in 2016 and record cash flow of €423 million, while also actively installing 4,300 megawatts.
The strong 2016 helped Gamesa rank fourth in the global field of wind turbine manufacturers — as reported by Bloomberg New Energy Finance earlier this week.
Gamesa also reported that it is still on track to merge with Siemens Wind Power this April, and based on current estimates, the resultant company would likely be the largest in the market in terms of order backlog, worth €20,900 million, and revenues of about €11,000 million combined.
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