Higher profitability and a sound balance sheet
In 2015, Gamesa continued to focus on enhancing profitability and strengthening its balance sheet. Higher revenues, strict control of structural expenses and ongoing optimisation of variable expenses were the main factors driving higher profitability.

Underlying EBIT1 in 2015 amounted to €294 million (+54%), and the underlying EBIT margin was 8.4%. Underlying net profit1 amounted to €175 million. Adwen, a joint venture with Areva in the offshore segment, increased EBIT by €29 million but reduced net profit by €5 million. Including this impact, Gamesa obtained €323 million in EBIT and €170 million in net profit. 

In a context of rising activity, and after resuming dividend payments, Gamesa ended the year with a net cash position of €301 million.

Outlook for 2016
Strong sales activity and higher returns drove profitable growth: Gamesa surpassed its targets for 2015, attaining the high end of its guidance range. These results guarantee shareholder value creation and the continuation of the dividend policy, with a 25% pay-out.

Combined with good short-, medium- and long-term prospects for the industry, shaped by stable regulation and rising renewable targets, these results enabled Gamesa to enhance its targets of 2017 and bring them forward to 2016. The company now projects a volume of over 3,800 MW in 2016, with underlying EBIT over €400 million and an EBIT margin ≥9% in 2016.
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