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At a shareholders meeting in Zamudio, Spain, Friday, Gamesa Chairman Ignacio Martin provided an overview of the company's results in 2012 and presented the outlook for this year.

Martin said that, despite operating in a complicated economic environment and a highly competitive market, the company attained its annual guidance in terms of recurring revenues.

According to Gamesa, sales (2,119 MWe) in 2012 exceeded guidance (2,000 MWe), and the group's normalized earnings before interest and taxes was positive (5 million euros). Management in 2012 focused on control of debt and working capital, which led to net interest-bearing debt of 495 million euros and a working capital-to-sales ratio of 16%.

Net income in 2012 was affected by the implementation of the company’s business plan, which required "undertaking measures and making decisions that impacted the balance sheet," said Martin. However, he underlined that "the bulk of those measures did not involve a cash outflow, and they adapted our balance sheet to reality in terms of the projections of the business plan and market circumstances."

Martin highlighted that, after the balance sheet adjustments, the company is in "a sound financial position with equity of more than 1 billion euros, which is enough to comfortably implement the business plan, and with appropriate leverage to address a promising future."

According to Martin, although global financial, economic and regulatory expectations cannot ensure exceptional short-term growth in sales, Gamesa plans to continue with its future goals, including a commercial diversification strategy and the production of larger blades.



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