‘- The company registered record revenues and profitability prior to the merger with Siemens Wind Power.
– The results are in line with the guidance for 2017.
In the first quarter of 2017, prior to the merger with Siemens Wind Power, Gamesa obtained €100 million net profit, 39% more than in the year-ago quarter. These results were boosted by record quarterly revenues, amounting to €1,546 million, and profitability, with an underlying EBIT margin of 11.7%.
The figures for the first quarter are in line with the most recent targets for 2017 and do not include the merger with Siemens Wind Power, which was completed on 3 April, giving rise to a world leader in renewable energy.
Gamesa key figures January-March 2017 (vs. Jan.-Mar. 2016)
Figures in euro
· Revenues: 1,546 million (+45.3%)
- Sales: 1,490 MWe (+40.5%)
- Underlying EBIT[1]: 181 million (+52.8%)
- Underlying EBIT margin: 11.7% (+0.6%)
- EBIT: 173 million (+46%)
- Net profit: 100 million (+39.4%)
- Net cash: 257 million (vs. 194 million)
Record revenues and profitability
Revenues increased by 45% in the first quarter to €1,546 million as a result of strong growth in wind turbine manufacturing and sales and in the contribution by services.
In the first quarter, the wind turbine business increased revenues by 48% to €1,412 million as a result of 40.5% growth in activity volume to 1,490 MWe. The countries that contributed most to turbine sales growth were India and the USA, due to their respective legislations. America contributed 48%, Asia 40%, and EMEA (Europe, Africa and the Middle East) 11%.
Operation and maintenance revenues regained the pace of growth in the period, increasing by 25% to €134 million.
Commercial activity in the first quarter resulted in firm orders for 827 MW, bringing LTM order intake to 4.5 GW and covering 74% of the volume guidance for 2017: close to 5,000 MW.
In this context of growing activity, Gamesa obtained €181 million in underlying EBIT (+53%), i.e. an EBIT margin of 11.7%. That figure does not include €8 million in merger costs. Net profit amounted to €100 million, an increase of close to 40%. The company continues to strengthen its balance sheet and ended the quarter with a net cash position of €257 million.
