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Strategy

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Gamesa's business strategy is based in its Outlook 2015-2017, focused on profitable growth in the short, medium and long term.

Strong performance in the first half of 2016 triggered an upgrade of its guidance for 2016 in terms of both volume (≥4,000 MWe) and operating profitability (EBIT ≥€430 million and EBIT margin ≥9.5%).

New products

Gamesa is working to develop its portfolio of products and services as a key means of gaining market share. Within the period of the plan, it has launched a new 3.3 MW platform to meet the needs of major markets such as Europe, Mexico, Canada, Australia, South Africa and others, and will work to extend its 2.5 MW platform to India and Brazil.

Operation and Maintenance

In the area of Operation and Maintenance, the company expects 20% growth in revenues through 2017, boosted by growth in MW under maintenance, new long-term contracts and an offer of value-added products.

Profitable growth and a sound balance sheet

Control of the structure and the balance sheet in a context of expanding activity is still a priority for the period 2015-2017, the goal being to maintain profitability regardless of demand performance.

Gamesa expects to improve profitability ratios through strict control of fixed expenses and the implementation of new continuous improvement programmes, in order to double EBIT by 2017 with respect to the 181 million reported in 2014, and attain an EBIT margin of over 8%.

Another priority is control of working capital and capex To this end, Gamesa is adopting a modular approach to investments, as a function of the pace of growth. Gamesa also plans to generate net cash flow throughout the period, which, combined with a sound balance sheet, will enable it to maintain an attractive dividend policy (payout ≥25%) in line with growth in net profit.

Gamesa beyond 2017

The plan also prepares the company to expand after 2017 in both the onshore wind business and in offshore, through Adwen, and in complementary areas, such as solar and offgrid.

Adwen, the joint venture with Areva for the offshore business, is working on the development of 8 MW wind turbines to strengthen its position in the European market, in which it aspires to a 20% share by 2020.

Gamesa is exploring opportunities in sectors that offer a high level of synergy with the wind business, such as solar and offgrid, particularly in India.

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