The improvement in EBIT was due, among other factors, to the adjustment of production to demand and to the strict cost-cutting plan Gamesa put into effect.
Net profit reached EUR32 million.
Gamesa ended the first quarter of the year with a consolidated Net Financial Debt level below than the level reached in the first quarter of the preceding year, which was situated at EUR377 million euros, 0.7 times gross operating profit.
Investing in growth markets
Wind turbine supply agreements for several European markets like Spain, Italy and Romania were signed during the first few months of 2009.
Gamesa sold a total of 814 megawatt (MW) between January and March 2009 to equal activity levels in the first quarter of 2008, 80% of which were destined to international markets. The corporation’s positioning is continuing to improve in regions where ambitious stimulus and wind energy development plans have been approved with 700 MW of new capacity coming on-stream in 2010. Hence, progress is still being made in the US towards the target of increasing the pace of annual production by 30% to reach 1,200 MW. In China, approval was granted to the project allowing up to 400 MW of the Gamesa G8x 2 MW product platform to be manufactured in Tianjin.
In Spain, the first prototype of the new Gamesa G10x wind turbine with a unitary power of 4.5 MW was installed in Jaulín in the Spanish province of Zaragoza and has concluded its entry into service phase. Recently, the prototype has successfully fed the first kilowatts of electricity into the power grid.
More than 700 MW of wind farms in final development stages.
Gamesa is continuing to develop its wind farm portfolio in Europe, the US and China. In March 2009, this business unit already had more than 700 MW of wind farms in the final development stages, 400 MW of which where in the construction stage and 310 MW of which had already entered into service.
