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.