Net profit reached just over a third of 2008’s result at €115 million. Gamesa warns however, that this is largely due to 2008 results, which included €143m in income from the sale of the solar business.

Revenue for the year fell 16% to €3.229 billion, and the EBIT amounted to €177m, down 24% on 2008. However, the wind turbine division EBIT rose 7.1% to €225m.

Gamesa says the fall in revenue is a result of the weak global economic situation in 2009, which not only slowed down wind development plans, but also decelerated the wind industry in Spain. There was also a problem in obtaining approval for wind projects in Spain.

Wind markets

International wind markets accounted for 73% of wind sales in 2009 of which Europe accounted for 32% (mainly Italy, Poland, Hungary and Romania). The USA contributed with 15%, China 15% and the rest of the world 11%.

2010 outlook

Gamesa says it expects to “steadily regain a growth trend in the second half of 2010, followed by a strong recovery in 2011.”

For 2011, Gamesa predicts growth in sales to accelerate faster than in 2008 and margins to exceed 2009 levels.

Share price

Gamesa's announcement was published after market close on 25 February. To follow share price development, go to our Finance Content section.