Gamesa Fulfills Guidance For 2010 and Attains a Net Cash Position of 210 Million Euro (Spain)

February 25, 2011

Aligning manufacturing with deliveries and collections in Q4, plus control of costs and capital expenditure, enabled the company to generate 472 million euro in net free cash flow in 2010

The backlog for delivery in 2011 amounts to 1,414 MW (+25%) and covers 48% of the wind turbine sales guidance for the year

Main consolidated figures for 2010:

* Revenues: 2,764 million euro (-14%)

* EBITDA: 328 million euro (-17%)

* EBIT: 119 million euro (-33%)

* Net profit: 50 million euro (-56%)

* Wind turbine capex: 128 million euro

International markets accounted for 93% of MW sold in 2010

WTG: the EBIT margin was 4.9% (in line with the guidance for 2010) and deliveries rose 11% to 2,685 MW

Services revenues increased by 39%, and there were over 13,600 MW under operation and maintenance (+10%)

The wind farm development and sale business revived and contributed 10 million euro in EBIT in the second half of the year

Gamesa’s sound financial and operating performance enable it to modify its guidance for 2011: the target NFD/EBITDA ratio is now 2x (previously 2.5x) and the target working capital in the wind turbine division is 15%-20% (previously 20%-25%) ( More info on Gamesa )

(gamesa)

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Source: gamesa, February 25, 2011