Revived Gamesa sees 2014 growth

Spanish wind group Gamesa said it beat its key financial targets last year by increasing profitability in a tougher market – and expects to see growth in 2014.

The company delivered a 2013 Ebit margin of 5.5% – higher than the top of its guidance range – on sales 12.6% below 2012’s level at €2.34bn ($3.2bn).

Gamesa delivered a net profit of €45m, compared to the monster  €659m deficit it ended 2012 with, which was mostly due to write-downs .

The company shifted 1.953GW last year, at the top of its forecast range of 1.8GW-2GW.

O&M contributed 16% of revenues.

Latin America loomed far larger in Gamesa’s sales mix, accounting for 49% of megawatts sold compared to 32% in 2012.

For 2014, Gamesa issued guidance of 2.2GW-2.4GW and an Ebit margin of 6%.

The company said it had an internal forecast of 20% global demand growth this year, with short-medium term recovery bolstered by wind’s growing competitiveness, emerging markets and revival in the US.

The Spanish group said it expects to grow in line with the market.

It said the proposed offshore wind JV with Areva, which is still being finally negotiated, has the potential to "add value to the company in a significant way".