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Gamesa expects €640m loss for 2012

13 Feb 2013

Spanish wind energy company Gamesa is expecting a net loss of €640m for 2012, following expenses of €585m related to its cost-cutting programme.

Sales for the year are expected to reach 2.12GW, beating its previously announced target of 2GW.

The company is expecting EBIT to be a positive €7m for the year, also in line with previously announced expectations.

Gamesa is engaged in major restructuring, with a plan that runs to 2015 that is hoped to restore profitability.

This process includes significant job losses, with around 1,800 positions expected to go, mainly in Europe, China and the US.

Ignacio Martín, chairman and CEO of Gamesa, said, ‘This was a year for prudence and responsibility, for aligning the balance sheet with our new 2013-2015 business plan and with the industry’s performance. This one-off event is the foundation for recovery in our operating income in 2013.’

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