简洁清爽公司商务模版

January December 2011Results SoundperformancewithkeyBP 2011 2013milestonesreached Tableofcontents 1 Periodhighlights 2 January December2011ResultsandKPIs 2 3 Outlook Risks 4 Conclusions Periodhighlights SoundperformanceandBusinessPlan2011 13progress Soundprofitability fullyalignedwithmarketguidance inahighlycompetitivemarket GroupsalesandEBITup10 YOY toEUR3 033MMand131MMEUReach WTGEBITmarginof4 and2 802MWesoldin2011 up16 YOY WindfarmEBITofEUR26MMand417MWinsalesagreementssigned 3 Orderbookof1 600MW 1 atDecember2011 up13 YOY GroupNFDofEUR710MM 2 0 xgroupEBITDA toaccommodateinvestmentplan sales internationalization manufacturingexpansionandprogressinwindfarmactivity KeymilestonesinCoE 2 optimization growthandefficiency BP2011 13 reached duringtheyear 1 Firmandirrevocableordersandconfirmationofframeworkagreementsreceivedfor2012 2013delivery 2 CostofEnergy Periodhighlights Profitablegrowthinhighlycompetitivemarkets WTGprofitabilityinlinewiththecompanyguidancerangeof4 to5 despiteoperatinginanincreasinglycompetitiveenvironment 12 9 11 9 12 0 3 033 2 764 2 405 2 802 11 8 10 growthingroup salesandEBIT DownwardtrendinWTG margindueto 4 9 4 4 3 4 3 3 033 4 0 2 802 Geographicsalesmix inc pricingpressure inChina Rampupofnew productplatforms 2 764 2 405 GroupEBITDAmargin 2010 GroupEBITmargin 2011 WTGEBITDAmargin 2010 WTGEBITmargin 2011 GroupsalesEURMM MWesold Periodhighlights Strongsalesactivityinthewindfarmdivision Positivetrendintheprofitabilityofthewindfarmdivisiondrivenbythe recoveryoftheconstructionandsalesactivity with417MWsignedin2011 2010 2011 17 5 6 4 0 Q110 Q210 4 6 Q310 Q410 Q111 Q211 3 7 Q311 Q411 EBITEURMM Periodhighlights 13 increaseinYEorderbook 13 increaseinYEorderbook 1 atDecemberdrivenbyLatinAmerica with 32 ofthetotalordervolume andNorthAfricawith13 OrderbacklogDecember MW 13 1 600 6 1 414 2010 1 Firmordersandconfirmationofframeagreementsfor2012 2013delivery 2011 Periodhighlights NFDincreasetofundfoundationsofBP2011 2013 GroupNFDtoEBITDAof2 0 xinlinewithguidance EUR810MM EUR710MM EUR607MM 2 3x 2 0 x 1 7x 0 9x Q42011cashinflowonwindfarmand WTGdeliveries FY2011netdebtincreaseto accommodate 7 EUR313MM 2xGroup EBITDA BP2011 2013investmentneeds Geographicexpansionof commercialandmanufacturing presence Increasingseasonalityinsalesmix Windfarmactivity Q12011 Q22011 Q32011 Q42011 GroupNFD NFD EBITDA Periodhighlights KeymilestonesBP2011 2013 CoEoptimization 1 COSTOFENERGY 10 to 15 1 in2011 TypecertificateofG128 4 5MW GloballaunchofG97 2 0MW 356MWinfirmorderssignedupto Dec 2011 8 2 GROWTH 5 contributionto2011WTGsales O Mservices GPA Targetingabovemarketaverage availabilityof99 10 reductioninoperatingcosts 3 EFFICIENCY Launchof4newR Dcentres USA India Singapore UK 1 CoEreductiondependingonproductplatformandmarket Periodhighlights NewmarketopeningslinkedtoCoEoptimization USA CoE2009CoE2011 100 80 85 100 Europe CoE2009 CoE2011 85 90 100 China CoE2009CoE2011 83 85 9 India RampupofG97 2MW driverofCoEreduction Brazil 2011firstyearof operations Customer sCoEoptimizationfrombase2009 100 Periodhighlights KeymilestonesBP2011 2013 Growth 1 COSTOFENERGY 16 growthinWTGMWesold 23marketsand46 clients 57 43salesratiobigutilities spotmarket Orderbacklogup13 YOY 10 2 GROWTH 10 consolidatedsales growthin2011 16 300MWundermaintenanceandnew valueaddedO Mserviceslaunched GPA LCR 3rdparty sfleet lifeextension programmes 3 417MWinwindfarmsalesagreements signed EFFICIENCY Periodhighlights KeymilestonesBP2011 2013 Efficiency 1 COSTOFENERGY Adjustmentofcapacitytodemandand localisationofsupplychain 43 reductioninbladecapacityinSpain since2009 CapacitytransformedintoO MandBig ComponentsRepairCenters Indianmarketservedwith65 localised local forG5x 850KW 11 2 GROWTH Maximisingflexibility optimising investmentthroughMake Buystrategy Significantadvancesforbladesandcasting Reductionofoverheads 3 EFFICIENCY FlatgroupmarginsYOY 5 reductioninstructurecosts MWesold Reductionofconstructionandlogisticcosts OTDupto97 6 from95 Periodhighlights GamesaVentureCapital InvestinginSustainable Growth Capitalizingonour resources toachievefinancialandstrategicreturns MarketPosition Customers Mission Provideindustrialandfinancialsupporttohighgrowth potentialandtechnologyintensiveearlystagecompaniesworldwide Mainobjetives Buildandmanageaprofitableportfolioofcompanieswith significantsynergieswithGamesa Focusinkeysectors Solar eMobility marineenergy energy efficiency small windandoffgridsolutions 12 IntegratedSupply Chain CurrentPortfolio N2S EnergyEfficiencyandeMobility WorldWater Smallscaledesalinationandwatertreatment SkyBuilt Solarbasedoffgridanddistributedgeneration NewProductDevelopment Tableofcontents 1 Periodhighlights 2 January December2011ResultsandKPIs 13 3 Outlook Risks 4 Conclusions WindTurbineGeneration Division 14 2011resultsandKPIs WindTurbineGenerators FinancialStatements EURMM 2010 2011 Var 11 10 Q411 Sales 2 623 2 875 9 6 865 MWe 2 405 2 802 16 5 837 15 EBITDA EBITDA Sales 338 12 9 340 11 8 0 6 1 1p p 101 11 7 EBIT EBIT Sales 127 4 9 116 4 0 8 8 0 9p p 19 2 2 NetIncome NI Sales 64 2 4 61 2 1 4 3 0 3p p 6 0 7 NFD NFD EBITDA 405 1 2x 273 0 8x 2 0 x 273 0 8x 2011resultsandKPIs Windturbinegenerators Activity 15 increaseindeliveriesandthereductionofEx workshighlight managementeffectivenessduring2011 EvolutionofMWesold 2 802 2 405 16 15 2 685 3 092 oWIPincreasetoaccommodatesalesand manufacturinginternationalization 138 142 2010 Var WIP 2 Ex works 1 497 787 2011 Delivered 1 Stockvariationofinvoicedfinishedproductsavailablefordelivery 2 Stockvariationofnon invoicedfinishedproducts 16 2011resultsandKPIs Windturbinegenerators Activity IndiaandLatinAmericakeydriversofgrowthin2011 Geographicmix MWesold 28 28 Increasinglydiversified geographicmix LatinAmericaandSouthCone trebleitscontributionwhile Indiamorethandoublesit 3 1 17 23 19 22 15 20 14 7 8 8 5 Europe includingSpain remain stable LowgasandPPAprices negativelyimpactUSdemand Spain USA China India Latam South Cone 2011 Restof Europe RoW 2010 2011resultsandKPIs WTG Profitabledelivery inahighlycompetitivemarket WindturbineEBITmarginof4 0 withinthecommittedguidance inahighly competitivemarketthankstoGamesa sflexiblestructureandstrictcostfocus 12 9 11 8 Grossmarginnegativelyimpactedby Ahighlycompetitiveenvironment PricingpressureinChina CompensatedpartiallybyO M servicemarginimprovement 2 405 2 802 18 4 9 4 0 2 802 2 405 EBITDAmargin 1 2010 2011 EBITmargin 1 MWesold 1 WindTurbineDivision 2011resultsandKPIs WTG Solidfinancial position NetdebtincreaseYOY inlinewithguidance toaccommodateBP2011 13 investmentneedsandsalesandmanufacturinginternationalization EURMM Strongdecreaseofnetdebtand workingcapitalinQ4onthebackof salesdeliveryandintra company payments 24 19 Workingcapitalratioof24 dueto Partiallocalizationofnewmanufacturing hubsinIndiaandBrazil Increasingsalesinternationalization EUR405MM EUR273MM 1 2010 Netfinancialdebt Workingcapitalas ofsales 2011 GridconnectiondelaysinChina CapexofEUR229MMin2011 WindFarmDivision 20 2011resultsandKPIs WindFarms FinancialStatements Increasingsales with417MWsignedin2011 showGamesa scommitmentto thewindfarmbusinessvaluerealisationplan EURMM 2010 2011 Q42011 21 Sales 432 534 300 EBITDA 1 35 27 Strongsalesactivityintheyear with417MWinsalesagreements signedand177MWdelivered PositiveEBITimpactedbythe recoveryinconstructionand salesactivity EBIT 0 26 17 NI 5 1 2 NFD 196 438 438 2011ResultsandKPIs WindFarms Activity 417MWinsalesagreementssignedofwhich177MWalreadydelivered Activityprogress MW 1 734 370 230 166 364 396 Therecoveryofthesalesactivity continuesinQ42011withsales agreementssignedfor131MW inSpain France Germanyand US IncreaseofMWunder construction reaching370inQ4 inUSAandEuropeinlinewiththe strategyofvaluerealizationof GamesaEnerg a 22 MWunder construction 2010 2011 MWcommissioned Finalstages TotalMW 1 ExcludingChineseandIndianwindfarms 2011ResultsandKPIs WindFarms EvolutionofNFD IncreasingNFDlevelstoaccommodatestrongsalesactivitywithdeliveriesin 2012 A2 yearcashinvestmentcycle FY11NFDof EUR438MM 23 FY10NFDof EUR196MM Q108Q208Q308Q408Q109Q209Q309Q409Q110Q210Q310Q410Q111Q211Q311Q411 ConsolidatedGroup 24 2011resultsandKPIs Consolidatedgroup FinancialStatements MMEUR Sales WTG WindFarms Adjustments EBIT WTG EBITMargin WindFarms Adjustments NetIncome NFD NFD EBITDA WTG WindFarms 2010 2 764 2 623 432 290 119 127 4 9 0 8 50 210 0 6x 405 196 2011 3 033 2 875 534 376 131 116 4 0 26 11 51 710 2 0 x 273 438 Q42011 1 018 865 300 147 49 19 2 2 17 13 22 710 2 0 x 273 438 25 25 Tableofcontents 1 Periodhighlights 2 January December2011ResultsandKPIs 26 3 Outlook Risks 4 Conclusions Outlookandrisks Marketoutlook Windpowercompetitivenesstooutweighcurrentuncertaintiesinthelong term Shorttermdemandofwindinstallationsimpactedby ImpactofuncertainworldeconomicoutlookonenergydemandespeciallyintheUSandEurope EuropeanandUSdeficits impactonrenewablesupportprogrammes Clients liquidityconstraints WindinstallationsCAGR2011 15 20 17 16 10 27 Longtermdouble digitgrowth supportedbywindpowerincreasing competitivenessandgovernment commitmentstorenewabletargets 10 to 20 CAGR2011 2015dependingon source BTM GWEC MAKE IEA Outlookandrisks Marketoutlook Near termgrowthsupportedbyemergingwindmarkets India LatinAmerica andAfrica 28 Outlookandrisks Regulatoryandgovernmentsupportoutlook Regulatoryvolatilitynegativelyimpactingmediumtermdemandinmature markets USAandSouthernEurope but20 20 20targetsinplace SHORTTERMMEASURES SOUTHERNEUROPE Spain RD1 2012 moratoriumonnewrenewable installationsnotincludedintheRegisterofPre assignment Portugal Awardofanynewgenerationcapacityfor supplyingelectricity inc renewables suspended Italy ChangeofGreenCertificatesforFiTregimefor windfarmsbuilt2013onwardsandforallwindfarms after2015 Moratoriumtowindinstallationsinsome regions AMERICA USA ExpiryofPTC ITC USD22 MWh attheendof 2012 LONGTERMTARGETS SOUTHERNEUROPE Spain 35GWofwindin2020 Portugal 31 renewableenergy fromtotalenergyconsumption Italy 12GWofwindpowerin 2020 29 AMERICA USA StateRESinplacein29 statesand8stateshavegoals Outlookandrisks Regulatoryandgovernmentsupportoutlook Butsolidcommitmentfromemergingmarkets Asia ASIA India ShiftfromaccelerateddepreciationtoGBI INR0 5 kWh andREC 1 5 3 9INR China 2020Target 150 200GWofwindpower 4FiTcategories rangingfrom0 51RMB KWhto 0 61RMB KWh Japan 2020Target 10 ofitsenergycomingfromrenewables Subsidieshaltedandwaitingfor FiTtobedetermined Currently pricesarebasedonaspotpriceplusaREC MWhgenerated Australia 2020Target 20 ofitsenergycomingfromrenewables RECsystem nowcalled LGCs LGCprice c 42AUD MWhwithceilingat65AUD MWh Thailand 2022Target 25 ofitsenergycomingfromrenewables 800MWofwind Supplementtonormalelectricitytariffwithapremiumgrantedduring10years 2types 4 5 baht kWhforprojectsbelow50MWand3 5baht kWhforprojectsover50MW Government consideringintroducingFiT SouthKorea CombinesaFITwithcapitalandtaxincentives FITtobereplacedbyaRenewable PortfolioStandardin2012 CanhostCDMprojects Planstolaunchcarbon emissionstrading systemin2015 30 Outlookandrisks Regulatoryandgovernmentsupportoutlook Butsolidcommitmentfromemergingmarkets LatinAmericaandAfrica LATINAMERICA Brazil Tendersystem Nextauction A 3auctionwillbeheld22ndMarch2012 Mexico Target 4 5GWofrenewableenergyby2012 7GWby2014butnogenericregulation FiTorREC forrenewables Chile Target 20 ofitsenergycomingfromrenewables 5 ofpowerdistributedbyutilities comesfromrenewablesandwillincrease0 5 p a untilreaching10 in2024 Peru Renewableenergytendersevery2years nextauction 2013 Governmentforecasts USD33minvestmentinwindenergyuntil2020 31 AFRICA SouthAfrica 2030Target 8 4GWofwindpower TendersystemsinceAugust2011 634MW awardedinAugustauctions Nextauction March2012 Egypt 2020Target 7 2GWofwindpower 5GWtocomefromprivateinvestors Projects tenderedthroughcompetitivebidsandFiTplannedfor2012 Outlookandrisks CoEoutlook TheCOEofanaverageonshorewindfarmwillbefullycompetitive withtraditionalenergysourcesby2016 1 AVERAGETURBINEHUBHEIGHT METRES 80 32 60 40 20 1980 1990 2000 2010 AVERAGETURBINEPOWERCURVE1984 2011 100 75 50 25 0 2011 1984 Source TheEconomicsofWindEnergy EWEAReport2009 BloombergNewEnergyFinance 0 5 10 15 m s 1 Outlookandrisks ProgramlaunchedtopropuptheBP2011 13 CoEandgrowth 1 COSTOFENERGY 2 GROWTH Focusonincreasingreliabilityand availabilityofexitingplatforms andreducecostofmaterials Newproductdevelopment G97cII 2MWandG114 2 MW Intensifycommercialefforts Innewmarkets SouthAfrica MiddleEast SouthEastAsia Australasia WithnewutilitiesinNorthernandCentral Europe 33 InternationalisationofO Mservices ValuerealisationofGamesaEnergiapipeline FocusonUSmarket NewO Mservices GPA targeting 99 availabilityinGamesa s worldwidefleet Lifeextensionofwindturbines 3 EFFICIENCY Outlookandrisks ProgramlaunchedtopropuptheBP2011 13 efficiencytoremaincritical Continuecapacityadjustmenttodemand Fromcapacityreductiontocapacityconsolidationandproductadaptationin Spain CompletelocalisationofsupplychaininIndiaandBrazil AdaptationofcapacitytonewG9X 2MWinChina linkedtocostreductions 34 Optimizationofconstructionandlogisticcosts Centrallogisticsdepartmenttostandardiseprocessesandoptimise purchasestoreducecosts ReductionofconstructiontimesthroughWOSS Reductionofstoragecosts 1 Newprocurementtoolstobedisplayedthroughtheorganisationtosimplify homologationprocess speedprocurementtimesandreduceprocurementcosts Overheadreductiontarget 15 OH MWesold inplace 3 EFFICIENCY 1 WindfarmOptimizedSupplySequence Outlookandrisks 2012Guidance Bringingfreecashflowbreakevento2012 WTG Manufacturing WTG MWesold EBITMargin WCas ofsales Windfarm Development Sales Capex WindFarms MWdelivered 3 EBIT MMEUR Netdebt EURm Group NFD EBITDA FCF 1 2011guidanceincludedwindfarmdeliveredtoIberdrola 244MW aheadofplannedscheduled Q12011 atclient srequest 2 2012ispeakyearofcapexinBP2011 2013 3 ExcludingChinesejointpromotionagreements Guidance2011 2 800 3 100 4 0 5 0 15 20 250 2011 2 802 4 0 24 229 Guidance2012 2 800 3 200 2 0 4 0 20 25 275 2 35 c 400 c 20 c 500 177 26 438 1 c 400 c 0 c 250 2x 2 0 x 2 5x Breakeven Outlookandrisks Understanding2012volumeoutlook Gamesatoprioritisebalancesheetstrengthandprofitabilitytosalesvolume 13 1 414MW 1 600MW Healthyorderflow up13 YOYatDecember 2011 drivenbyLatinAmericaandSouthCone 514 MW andNorthofAfrica 201MW 2012salesvolumeimpactedbyGamesa s priorityforbalancesheetstrengthand profitabilityinthecontextof SlowdowninUSdemandaheadofPTCexpiration Gridconnectiondelaysandliquidityconstraintsin China Shorttermdemandvolatilitylinkedtoregulatory changesinIndia 36 Dec 2010 Nextyeardelivery Delivery2012 13 Dec 2011 Outlookandrisks Understanding2012WTGmarginoutlook Rampupofnewproductplatformsandgeographicalmanufacturingbases partofBP2012 2013 impactnegativelyon2012WTGmargin impactin2013 Smaller impactin 2013 Increasing impactin2013 Increasing impactin2013 37 4 0 2 4 2011mg Marketmix Newproductionramp up Productmix Costoptimization 2012mg Emergingmarkets increasing contributionto groupsales W Wrampupofnew G9x 2MWplatform andG10X 4 5MW industrialization Newproducts i e G97 2 0MW contributiontosales Operational Efficiencyprograms Tableofcontents 1 Periodhighlights 2 January December2011ResultsandKPIs 38 3 Outlook Risks 4 Conclusions Conclusions Deliveringourcommitmentsinacomplexmarket Soliddeliveryinlinewithguidancecommittedtothemarket WTGEBITmarginof4 and2 802MWesoldin2011 up16 year on year WindfarmEBITofEUR26MMand417MWinsalesagreementssigned GroupNFDofEUR710MM 2 0 xgroupEBITDA 39 Orderbookstoodat1 600MW 1 atDecember2011 up13 year on year KeymilestonesoftheBP2011 13reachedduringtheyear 10 to15 reductioninCoE 2 throughnewproductplatformsandO Mservices 10 groupsalesgrowththroughcommercialandO Mserviceexpansion Increasingcostefficiencythroughcapacityadjustments localizationofsupplychain progressiononMake Buystrategyandreductionofconstruction logisticscostsand overheads 2012financialguidancebringsforwardfreecashflowbreakevenwhilecontinuingcarrying throughtheactionsencompassedintheBusinessPlan 1 2 FirmandirrevocableordersandconfirmationofFAsatDec yearNfordeliveryin2012 2013 CostofEnergyoptimizationdependingonproductplatformandgeography Conclusions Operationalflexibility strictcostcontrolandcommercial internationalizationarekeyforshorttermperformance Fromchallenges ContinuouseconomicweaknessintheWesternworldimpactingenergydemand Regulatoryuncertainty drivenbybudgetdeficits impactingwindinstallationinkeymarkets US SouthernEurope India DelaysingridconnectioninChina 40 Overcapacitycontinuestopromoteaggressivecompetitivepracticesamongsomepeers Intoopportunities Welldiversified countryandclient salesbase windfarmactivityandincreasingrole ofO Mservicesalesminimizesimpactofsinglemarketdownturns Flexibleapproachtomanufacturing Make Buyandsupplychainlocalization reducescost exposuretosuddenchangesindemandandoptimizecapexinvestment Strictcostfocusandearlycapacityadjustmenttodemand firstUSAandnowEurope protectgroupprofitabilityandallowforEBITmarginaboveindustryaverage R Dinvestment fullylinkedtoclients CoEreductionneeds guaranteesreturnon investment Conclusions Corporateresponsibility Muchmorethannumbers 2011Payroll GeographicDistribution 67 2010 3 People Internationalstaff Permanentcontracts Healthandsafety Frequencyindex SeverityIndex Environment ISO14 001Centers CO2emissionreduction t 47 31 250 850 2 1 2011 3 8 357 42 7 315 Var 15 6p p 16 1 156 920 431 7 262 36 6 316 4 853 930 Spain USA China India Brasil RoW 41 4 19 0 12 3 84 0 09 8 25 2011Payroll Genderdistribution 47 36 214 350 16 23 Male Female 1 N ofaccidentleavespermillionhoursworked 2 N ofworkdayslostduetoaccidentsper1 000hoursworked 3 Figuresnotaudited 77 Conclusions Alignedwiththemaininternationalethicalcorporate principles Commitedwiththehumanrightsandtheenvironment 42 Includedintheleadingsustainabilityindexes 42 Disclaimer ThismaterialhasbeenpreparedbyGamesaCorporaci nTecnol gica S A andisdisclosedsolelyasinformation Thismaterialmaycontaindeclarationswhichconstituteforward lookingstatements andincludesreferencestoourcurrentintentions beliefsor expectationsregardingfutureeventsandtrendsthatmayaffectourfin