Gamesa is reporting EUR 301 million in net profit for 2016 – representing a 77% year-on-year increase. The Spanish wind turbine manufacturer attributes the growth to higher sales and rising profitability.
Specifically, the company concluded 2016 with a record order book: It took in EUR 4.612 billion in orders, which is up 31.6% from the previous year.
Gamesa says these results met and exceeded the objectives set in the company’s 2015-2017 business plan one year ahead of schedule.
According to the company’s yearly report, sales were evenly distributed worldwide but were the highest in India (38%) and Latin America (24%). The Europe, the Middle East and Africa; the U.S.; and the Asia-Pacific region accounted for 17%, 12% and 9%, respectively.
Of the 4,687 MW order intake in 2016, 1,386 MW was signed in the fourth quarter, Gamesa notes.
Compared with 50% of orders in 2015, the G114-2.0 MW-2.5 MW and G126-2.5 MW models comprised 67% of orders in 2016. In addition, including the first contract for the G132-3.465 MW generator, new models accounted for 70% of the order intake last year.
In addition, Gamesa says its operations and maintenance revenues were stable at EUR 471 million.
Earnings before interest and taxes (EBIT) increased by 48% to EUR 477 million – i.e., an EBIT margin of 10.4% – while net profit amounted to EUR 301 million (up 77%).
Gamesa also reports a record cash flow, EUR 423 million, enabling the company to end the year with a net cash position of EUR 682 million (compared with EUR 301 million at year-end 2015).
Notably, Gamesa also reached an agreement to merge with Siemens Wind Power last year. The deal is still scheduled for completion in April.