The fall came as revenues declined 42% to €1033m and the EBIT halved to €49m.
Gamesa says the fall in results is due to the “economic situation and regulatory delays” – both in Europe and in the USA.
This has also lead the wind turbine producer to adjust its guidance for 2010 to sales of 2.4-2.5 GW and wind turbine segment EBIT margin of 4.5-5.5%. In 2011, the company expects sales of 2.7-3.3 GW.
Gamesa’s core business, wind turbine manufacture, saw a boost in the EBITDA margin to 14.3% in the first half, compared to 13.5% in the same period in 2009. The division’s EBIT margin amounted to 5.8%.
More international sales
Wind turbine sales are increasingly international, with 89% of Gamesa’s sales now going to areas outside Spain.
Asia is the largest market accounting for 34% of sales, the rest of Europe 29%, USA 17%, Spain 11% and RoW 9%. Gamesa says the Spanish market has declined significantly as a strategic market from representing 36% of sales in H1 2009 to 11% in H1 2010.
Ending Bard negotiations
Gamesa has ended negotiations with Germany’s Bard for offshore wind turbine systems. The two companies entered negotiations in February to combine “potential synergies”. However, “both parties have found a significant discrepancy in the terms of the deal.”
Gamesa has therefore decided to develop offshore wind turbine platforms in-house.
Gamesa is working on two offshore wind product platforms: a 5 MW wind turbine whose prototype will be ready in 2012 and pre-series in 2013, and a 6/7 MW which pre-series will be ready in 2015 – “with a view to future offshore tenders in the UK.”
The offshore wind turbine platforms are being developed from the G10X 4.5 MW wind turbine.
Low wind turbine
Gamesa is also currently launching the G9X wind turbine platform, and is commercializing the new Gamesa G97 2.0 MW wind turbine for low wind sites. The wind turbine has 16% more sweep area than the current G90 and nearly 14% more power output, Gamesa says.
The G97 wind turbine also has a new aerodynamic design to increase efficiency whilst producing less noise.