According to Gamesa, revenues increased by 45% in the first quarter as a result of strong growth in wind-turbine manufacturing and sales and in the contribution by services.

In the first quarter of 2017, prior to the merger with Siemens Wind Power, Gamesa obtained €100 million net profit — that’s 39% more than in the year-ago quarter.

These results were boosted by record quarterly revenues, amounting to €1,546 million, and profitability, with an underlying EBIT margin of 11.7%.

The figures for the first quarter are in line with the most recent targets for 2017 and do not include the merger with Siemens Wind Power, which was completed in April.

Gamesa key figures in Euro: January to March 2017 (compared to 2016)

• Revenues: 1,546 million (+45.3%)
• Sales:1,490 MWe (+40.5%)
• Underlying EBIT:181 million (+52.8%)
• Underlying EBIT margin:7% (+0.6%)
• EBIT:173 million (+46%)
• Net profit:100 million (+39.4%)
• Net cash:257 million (vs. 194 million)

Record revenues & profitability
Revenues increased by 45% in the first quarter to €1,546 million as a result of strong growth in wind-turbine manufacturing and sales and in the contribution by services.

In the first quarter, the turbine business increased revenues by 48% to €1,412 million as a result of 40.5% growth in activity volume to 1,490-MWe. The countries that contributed most to turbine sales growth were India and the U.S., due to their respective legislations. America contributed 48%, Asia 40%, and EMEA (Europe, Africa, and the Middle East) 11%.

Operation and maintenance revenues regained the pace of growth in the period, increasing by 25% to €134 million.

Commercial activity in the first quarter resulted in firm orders for 827 MW, bringing LTM order intake to 4.5 GW and covering 74% of the volume guidance for 2017: close to 5,000-MW.

In this context of growing activity, Gamesa obtained €181 million in underlying EBIT (+53%), i.e. an EBIT margin of 11.7%. That figure does not include €8 million in merger costs. Net profit amounted to €100 million, an increase of close to 40%. The company continues to strengthen its balance sheet and ended the quarter with a net cash position of €257 million.

A new era
Gamesa concluded its life as a standalone company with quarterly results fully in line with the guidance for 2017, coupled with record revenues and profitability, all while fulfilling its commitment to a sound balance sheet.

The merger with Siemens’ wind power arm, which took place on April 3rd, produced a new leader in the wind business, which came into being equipped to address the challenges and seize the opportunities that the wind industry will offer in the short, medium and long term while creating value for all stakeholders.

The Board of Directors has appointed Markus Tacke as CEO of the company, succeeding Ignacio Martín, who in April had announced his decision to step down once the merger was completed and the integration process had begun. Tacke will lead the company in this new era with the support of a team of executives drawn from both companies, who have a long track record in the automobile, industrial and energy sectors, assuring the group’s stability and continuity.

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Eolia Renovables is Spain’s leading independent renewable energy operator with an attributable installed operating base of 537.4 MW.

Gamesa, a global technology leader in wind energy, has secured a new agreement with Eolia Renovables, Spain’s leading independent renewable energy operator, for the provision of operations and maintenance services in respect of 146 MW of turbines located in Spain for five years, until 2022.

This marks the renewal of the agreement to operate

and maintain this customer’s 73 G90-2.0 MW turbines, installed at eight wind farms throughout Castile La Mancha, which the company has been servicing since they were commissioned.

Gamesa’s end-to-end proposition in the wind power industry is rounded out by its operations and maintenance area, which services over 400 customers for which it maintains some 7,620 MW in Spain and over 16,690 MW in another 40 countries.

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“It is a privilege to preside the company’s Board of Directors. I am convinced that we have the vision and talent necessary to successfully address the market and customer needs”, said Rosa García, the combined company’s non-executive Chairwoman.

Initial steps for the creation of a leading company in the global wind energy industry are well underway with the first meeting of the Board of Directors of the combined company, announcing first appointments for the joint management team. Ignacio Martín, former Executive Chairman of Gamesa, will continue as CEO of the combined company for the transition phase before he will hand over to the next management generation. As indicated, Martín intends to begin this transition phase by supporting the selection process and then retiring after his long service to the company. The Board of Directors newly constituted Appointment and Remuneration Committee will immediately begin the selection process for the new CEO.

In the Board of Directors meeting, Andrew Hall, formerly CFO of Siemens Wind Power, has been appointed the CFO of the merged company. Xabier Etxeberria, formerly Business CEO at Gamesa, will head its Onshore business, Markus Tacke, previously CEO of Siemens Wind Power, will head the united company’s Offshore business, and Mark Albenze, who was the CEO of Wind Service at Siemens Wind Power, will head the combined Service business. David Mesonero will be the Chief Integration Officer in addition to his current responsibilities as Head of Corporate Development. Rosa García, CEO for Siemens in Spain, has been appointed non-executive Chairwoman of the Board.

“Siemens Gamesa Renewable Energy’s future could not be in better hands, as it is equipped with a top-notch executive team and workforce which will shape the renewable energy industry of tomorrow. My responsibility during this next stage is to ensure the success of the natural succession process”, said Mr. Martín.

The members of the Board of Directors also confirmed the new company brand reflecting the joint strengths of the united company, and agreed on the new company name – Siemens Gamesa Renewable Energy – to be submitted for approval at the Annual General Shareholders Meeting taking place in June. Until then, the company will use the new brand but will continue to operate under the legal entity name Gamesa Corporación Tecnológica.

The merged company will remain listed on the Spanish stock exchange. Legal domicile and global headquarters of the company will be in Zamudio (Spain). The onshore headquarters will be also located in Zamudio, while the offshore headquarters will be located in Hamburg (Germany) and Vejle (Denmark).

Siemens Gamesa Renewable Energy will immediately focus on generating value creation for its stakeholders as a result of the strong industrial logic of the combination of Siemens’ wind business and Gamesa. This merger will enhance the competitive positioning of the combined company due to the scale and high complementarity nature of the combined businesses.
In total, the merged company has close to 27,000 employees and products and technology installed in more than 90 countries. The united company has combined annual revenue of €11 billion, an order backlog of €21 billion and a global installed capacity of 75 GW.

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