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January-December2011ResultsSoundperformancewithkeyBP2011-2013milestonesreachedFebruary23rd2012//Madrid(Spain)素材天下网sucaitianxia.com[PPT模板免费下载无需注册]–December2011ResultsandKPIs23.Outlook&Risks4.ConclusionsPeriodhighlightsSoundperformanceandBusinessPlan2011-13progress►Soundprofitability,fullyalignedwithmarketguidance,inahighlycompetitivemarket•••GroupsalesandEBITup10%YOY,toEUR3,033MMand131MMEUReachWTGEBITmarginof4%and2,802MWesoldin2011,up16%YOYWindfarmEBITofEUR26MMand417MWinsalesagreementssigned3►Orderbookof1,600MW(1)atDecember2011,up13%YOY►GroupNFDofEUR710MM,2.0xgroupEBITDA,toaccommodateinvestmentplan,salesinternationalization,manufacturingexpansionandprogressinwindfarmactivity►KeymilestonesinCoE(2)optimization,growthandefficiency(BP2011-13)reachedduringtheyear(1)Firmandirrevocableordersandconfirmationofframeworkagreementsreceivedfor2012-2013delivery(2)CostofEnergyPeriodhighlightsProfitablegrowthinhighlycompetitivemarketsWTGprofitabilityinlinewiththecompanyguidancerangeof4%to5%despiteoperatinginanincreasinglycompetitiveenvironment12.9%11.9%12.0%3,0332,7642,4052,80211.8%►10%growthingroupsalesandEBIT►DownwardtrendinWTGmargindueto:4.9%44.3%4.3%3,033•4.0%2,802Geographicsalesmix(inc.pricingpressureinChina)Rampupofnewproductplatforms2,7642,405•GroupEBITDAmargin2010GroupEBITmargin2011WTGEBITDAmargin2010WTGEBITmargin2011GroupsalesEURMMMWesoldPeriodhighlightsStrongsalesactivityinthewindfarmdivisionPositivetrendintheprofitabilityofthewindfarmdivisiondrivenbytherecoveryoftheconstructionandsalesactivity,with417MWsignedin201120102011175640Q110Q210-4-6Q310Q410Q111Q21137Q311Q411EBITEURMMPeriodhighlights13%increaseinYEorderbook13%increaseinYEorderbook(1)atDecemberdrivenbyLatinAmerica,with32%ofthetotalordervolume,andNorthAfricawith13%OrderbacklogDecember(MW)13%1,60061,4142010(1)Firmordersandconfirmationofframeagreementsfor2012-2013delivery2011PeriodhighlightsNFDincreasetofundfoundationsofBP2011-2013GroupNFDtoEBITDAof2.0xinlinewithguidanceEUR810MMEUR710MMEUR607MM2.3x2.0x1.7x0.9x►Q42011cashinflowonwindfarmandWTGdeliveries►FY2011netdebtincreasetoaccommodate:7EUR313MM2xGroupEBITDA••BP2011-2013investmentneedsGeographicexpansionofcommercialandmanufacturingpresenceIncreasingseasonalityinsalesmixWindfarmactivity•Q12011Q22011Q32011Q42011GroupNFDNFD/EBITDA•PeriodhighlightsKeymilestonesBP2011-2013:CoEoptimization1COSTOFENERGY:-10%to-15%(1)in2011►TypecertificateofG128-4,5MW►GloballaunchofG97-2.0MW•356MWinfirmorderssigneduptoDec.201182GROWTH•5%contributionto2011WTGsales►O&Mservices’GPA•Targetingabovemarketaverageavailabilityof99%•10%reductioninoperatingcosts3EFFICIENCY►Launchof4newR&Dcentres(USA,India,Singapore,UK)(1)CoEreductiondependingonproductplatformandmarketPeriodhighlightsNewmarketopeningslinkedtoCoEoptimization(*)USACoE2009CoE201110080/85100EuropeCoE2009CoE201185/90100ChinaCoE2009CoE201183/859IndiaRampupofG97-2MWdriverofCoEreductionBrazil2011firstyearofoperations(*)Customer’sCoEoptimizationfrombase2009=100PeriodhighlightsKeymilestonesBP2011-2013:Growth1COSTOFENERGY►16%growthinWTGMWesold•23marketsand46+clients57/43salesratiobigutilities/spotmarketOrderbacklogup13%YOY102GROWTH:+10%consolidatedsalesgrowthin2011••16.300MWundermaintenanceandnewvalueaddedO&Mserviceslaunched•GPA,LCR,3rdparty’sfleet,lifeextensionprogrammes3417MWinwindfarmsalesagreementssignedEFFICIENCYPeriodhighlightsKeymilestonesBP2011-2013:Efficiency1COSTOFENERGYAdjustmentofcapacitytodemandandlocalisationofsupplychain••43%reductioninbladecapacityinSpainsince2009CapacitytransformedintoO&MandBigComponentsRepairCentersIndianmarketservedwith65%localisedlocal(forG5x-850KW)112GROWTH•Maximisingflexibility&optimisinginvestmentthroughMake&Buystrategy•SignificantadvancesforbladesandcastingReductionofoverheads3•EFFICIENCY:FlatgroupmarginsYOY5%reductioninstructurecosts/MWesoldReductionofconstructionandlogisticcosts•OTDupto97.6%(from95%)PeriodhighlightsGamesaVentureCapital:InvestinginSustainableGrowthCapitalizingonourresources……toachievefinancialandstrategicreturnsMarketPosition&CustomersMission:ProvideindustrialandfinancialsupporttohighgrowthpotentialandtechnologyintensiveearlystagecompaniesworldwideMainobjetives:BuildandmanageaprofitableportfolioofcompanieswithsignificantsynergieswithGamesa.Focusinkeysectors:Solar,eMobility,marineenergy,energyefficiency,small-windandoffgridsolutions12IntegratedSupplyChainCurrentPortfolio:N2S:EnergyEfficiencyandeMobilityWorldWater:SmallscaledesalinationandwatertreatmentSkyBuilt:SolarbasedoffgridanddistributedgenerationNewProductDevelopmentTableofcontents1.Periodhighlights2.January–December2011ResultsandKPIs133.Outlook&Risks4.ConclusionsWindTurbineGenerationDivision142011resultsandKPIsWindTurbineGenerators-FinancialStatementsEURMM20102011Var.11/10Q411Sales2,6232,875+9.6%865MWe2,4052,802+16.5%83715EBITDAEBITDA/Sales33812.9%34011.8%+0.6%-1.1p.p.10111.7%EBITEBIT/Sales1274.9%1164.0%-8.8%-0.9p.p.192.2%NetIncomeNI/Sales642.4%612.1%-4.3%-0.3p.p.60.7%NFDNFD/EBITDA-405-1.2x2730.8x+2.0x2730.8x2011r