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With its business strategy over the next three years -Business Plan 2013-2015- Gamesa wants to face the immediate situation while laying the foundation to emerge stronger, in a position of leadership in the wind industry, through the following strategies and actions:
This plan will produce a flexible, results-oriented company that will be able to operate profitably while it continues to prepare for future growth, in an economic and industry context dominated in the short term by contraction in its traditional markets, the impact on project execution of grid restrictions in China, and surplus manufacturing capacity, which is putting pressure on margins.
In the medium-long term, Gamesa sees the wind power industry as having a solid future supported by its efficiency, in terms of Cost of Energy, and its contribution to solving energy systems' structural problems: dependence, price volatility, inefficient use of resources and environmental impact.
In its Business Plan, Gamesa expects to sell 1,800-2,000 MW in 2013, and envisages (this does not constitute a guidance or commitment) 2,200-2,400 MW in 2015, with a shift in demand towards emerging markets, mainly Latin America (which will account for 40% in 2013), and a notable improvement in profitability (EBIT margin: 3%-5% in 2013; 8%-10% in 2015) while remaining committed to a sound balance sheet (NFD/EBITDA: <2.5x in 2013 and <2x in 2015) and positive net free cash flow in the period.
Operational excellence and optimisation of variable costs will be underpinned by, among other measures:
Gamesa will focus its resources on developing two new platforms: 2.5 MW, as from 2Q 2014, and 5 MW (for onshore and offshore), as from 4Q 2014, the goal being to meet market needs (95% of demand in the next few years) and reduce the Cost of Energy (CoE).
Gamesa remains committed to the offshore wind market, while adjusting investment to market trends. The company will have a certified prototype in late 2013-early 2014 and expects to develop 7-8 MW platforms in the medium-long term. The company will maintain alliances with industrial and financial partners with a view to sharing financing needs in this segment.
The wind farm development and sale division -which sets Gamesa apart in the industry, having developed more than 5,000 MW of farms with its own technology and attaining average sales of 500 MW per year (2008-2012)- will continue to be a decisive area for the company going forward, providing a sales channel for wind turbines, opening new markets and attracting new clients.
The division will use a new management model which will enable it to develop wind farms and ensure its role as a technology leader without consuming equity or drawing on external financing vehicles and allowing for a reduction in debt and working capital.
Gamesa will continue to capitalise on growth opportunities in markets such as Eastern Europe and Latin America.
Gamesa will focus on growth segments, such as O&M, which is key to enhancing client loyalty and securing high availability and reliability in its products.
The O&M area, with 18,200 MW under maintenance and 85% of MW under value-added contracts (risk and full), will aim for growth (+34% in 2015 vs. 2012) based on technological leadership; put profitability first (expected to double in 2012-2015); shift the sales mix to value-added/greater margin services and diversify the client base.
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