Gamesa says it is ‘back in the black’ and ended the first quarter of this year (Q1'13) with 7 million euros in attributable profit. The company adds that its Business Plan 2013-2015, which focuses on measures such as strict control of costs and the launch of new products, enabled it to return to profit.
Group revenues amounted to 491 million euros in the quarter, down 12% from Q1'12. At 446 MWe, sales were in line with the 2013 guidance (1,800-2,000 MWe) but were 13% lower than in Q1'12 due to the slowdown in demand, particularly in the U.S. and China, Gamesa explains.
Gamesa ended the quarter with 22 million euros in consolidated EBIT and a 4.4% EBIT margin (compared with -2.4% in Q1'12). Net financial debt amounted to 729 million euros, 26.9% lower than in Q1'12.
Despite a lower business volume and decline in sales, Gamesa says profitability ratios improved due to enhanced project mix, the contribution by operations and maintenance, higher productivity, and the reduction in fixed costs (-26%).