悦达广场项目招商调整建议方案.ppt

2011 results and KPIs Wind Turbine Generators - Financial Statements EUR MM 2010 2011 Var. 11/10 Q4 11 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% Net Income 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 +2.0x 273 0.8x 2011 results and KPIs Wind turbine generators - Activity 15% increase in deliveries and the reduction of Ex-works highlight management effectiveness during 2011 Evolution of MWe sold 2,802 2,405 16 15% 2,685 3,092 o WIP increase to accommodate sales and manufacturing internationalization -138 -142 2010 Var.WIP (2) Ex-works (1) 497 -787 2011 Delivered (1) Stock variation of invoiced finished products available for delivery (2) Stock variation of non-invoiced finished products 16 2011 results and KPIs Wind turbine generators - Activity India and Latin America key drivers of growth in 2011 Geographic mix (MWe sold) 28% 28% ? Increasingly diversified geographic mix ? Latin America and South Cone treble its contribution while India more than doubles it 3% 1% 17 23% 19% 22% 15% 20% 14% 7% 8% 8% 5% ? Europe, including Spain, remain stable ? Low gas and PPA prices negatively impact US demand Spain USA China India Latam South Cone 2011 Rest of Europe RoW 2010 2011 results and KPIs WTG - Profitable delivery in a highly competitive market Wind turbine EBIT margin of 4.0%, within the committed guidance, in a highly competitive market thanks to Gamesa’s flexible structure and strict cost focus 12.9% 11.8% ? Gross margin negatively impacted by ? ? ? A highly competitive environment Pricing pressure in China Compensated partially by OM service margin improvement 2,405 2,802 18 4.9% 4.0% 2,802 2,405 EBITDA margin (1) 2010 2011 EBIT margin (1) MWe sold (1) Wind Turbine Division 2011 results and KPIs WTG - Solid financial position Net debt increase YOY, in line with guidance, to accommo