Gamesa obtains net profit of €62 million, driven by growth in revenues, rising profitability and the creation of Adwen Offshore

http://www.gamesacorp.com/recursos/doc/accionistas-inversores/informacion-financiera/resultados-trimestrales/2015/1q-2015-results-presentation.pdf
http://www.gamesacorp.com/recursos/doc/accionistas-inversores/informacion-financiera/resultados-trimestrales/2015/1q-2015-results-presentation.pdf
http://www.gamesacorp.com/recursos/doc/accionistas-inversores/informacion-financiera/resultados-trimestrales/2015/1q-2015-results-presentation.pdf

Excluding the extraordinary positive impact of Adwen, net profit would have amounted to €44 million in the first quarter.

(WK-intern) – Revenues totalled €820 million, 43% more than in Q1 2014, due to higher activity. Underlying EBIT increased by 92%, to €66 million, and the EBIT margin was 8%.

Sales are firming up: 818 MW signed in the first quarter, and the order book at the end of March for delivery in 2015 amounted to 83% of average sales guidance for the year.

Gamesa obtained €62 million euro in net profit in the first quarter of 2015, i.e. more than triple the €17 million reported in the same period last year. This improvement reflects sound sales activity and a continuous improvement in the company’s profitability, with an underlying EBIT margin of 8%. The launch of Adwen had a positive impact of €18.5 million on net profit. Excluding that transaction, underlying net profit was €44 million, 2.6 times the corresponding figure for the same period of last year. These results are in line with 2015 guidance and support the trend in profitable growth that began in 2014.

Key figures 1Q 2015 (vs. 1Q 2014) 
In euro
Revenues: €820 million (+43%)
Sales in MW: 712 MWe (+25.6%)
Underlying EBIT: €66 million (vs. €34 million, +92%)
Underlying EBIT margin: 8% (vs. 6%, +2 p.p.)
Underlying net income: €44 million (vs. €17 million)
Net income: €62 million (vs. €17 million)
Net financial debt: €125 million (vs. €655 million)

 Stronger commercial performance

Sales performance in the first quarter of the year reinforces Gamesa’s trend in growth, having increased by 43% to €820 million. That figure is mainly attributable to sharp growth in revenues from the WTG division, +52% with respect to Q1 2014, principally due to growth in activity to 712 MW.

In terms of markets, growth was supported by a strong contribution from India (27%) and China (24%), and by the recovery in Europe and RoW (17%). Latin America contributed 18%, and the US 14%.

Gamesa’s strong commercial performance, with order intake of 818 MW in the first quarter (+65%), provided an order book of 2,602 MW (+50%) at the end of March, covering 83% of the mid-point of sales guidance for the year (2,800-3,100 MWe).

Operating and maintenance service revenues were stable, amounting to €108 million (+3%), and the EBIT margin was 12.5%.

Sound financial position and improvements in profitability

In a context of growing demand, Gamesa continued to strengthen profitability, driven by growth in revenues, the optimisation of cost variables and the positive impact of the currency effect.

As a result, the company ended the first quarter of 2015 with underlying EBIT of €66 million (+92%), i.e. an underlying EBIT margin of 8% (+2 percentage points), which is in line with guidance for the year (≥8%).

The company is also strengthening its balance sheet by controlling working capital and focusing capex. As a result, net interest-bearing debt amounted to €125 million (vs. €655 million), providing a NFD/EBITDA ratio of 0.3x at the end of the quarter.

PR: Gamesa

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