By Isabella Kaminski

Gamesa's consolidated revenues amounted to €1,297 million (£1,140m) in the first half of 2011, a 26% increase on the previous year. Earnings before interest and tax (EBIT) were €62m, also a 26% year-on-year increase, and net profit was up 29% at €29m.

According to the Spanish wind turbine manufacturer, results for H1 2011 were in line with annual guidance in terms of volume, profitability and debt.

Gamesa’s wind turbine sales (in MWe) expanded by 29% to 1,292 MW, all of which were outside Spain, which the company says reinforced its internationalisation strategy. 17% of these sales (216 MW) were to India, with China and the US accounting for 20% and 15% respectively. Sales to Latin America/Southern Cone increased four-fold to 243 MW, notably increasing the region's contribution to total sales (19%).

Wind turbine deliveries doubled in the period to 1,106 MW, with the US and India each accounting for over 200 MW in the period.

According to Gamesa, the development and sale of wind farms has also been a key area, with sales agreements totalling 212 MW. The company’s wind farm development and sale unit ended the first half of 2011 with EBIT of €3m, compared to €10m loss in the first half of 2010. The company had 479 MW in the final phases of construction and commissioning at the end of June 2011. Gamesa's global wind farm development portfolio expanded 11% to 24,501 MW at the end of June 2011.

Sales growth and cost optimisation (materials, construction and logistics) provided Gamesa’s wind turbine division with an EBIT margin of 5.2%, despite a highly competitive operating environment. According to Gamesa, working capital in the wind turbine division amounted to 25% of sales, due to greater internationalisation (entry into new markets, such as Brazil) and the seasonality of deliveries in China and India.

Gamesa’s main consolidated figures for the first half of 2011:

  • Revenues: €1,297m (+26%)
  • EBITDA: €153m (+17%)
  • EBIT: €62m (+26%)
  • Net profit: €29m (+29%)
  • Net financial debt/EBITDA: 1.7x
  • Wind turbine capex: €96m