Annual Report 2011 2011 Annu a L Repo R T
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Key AnnuAl RepoRt Key milestones 2011 figuRes Financial figures 2011 2010 2009 2008 2007 2012 2011 Revenues (€mn) 3,033 2,764 3,229 3,834 3,247 MW equivalent sold 2,802 2,405 3,145 3,684 3,289 • Gamesa consolidated its leading position in energy • Gamesa maintains its leading position in the world EBIT (€mn) 131 119 177 233 250 efficiency and environmental terms with the energy business, having installed 3,308 MW in net profit (€mn) 51 50 115 320 220 certification of the world's first ecodesigned the year net debt/EBITDA 2.0x -0.6x 0.7x 0.1x 0.5x wind turbine • Gamesa signs deal to supply 356 MW of the new Share price at 31 Dec. (€) 3.21 5.71 11.78 12.74 31.98 • Ignacio Martín appointed Executive Chairman G97-2.0 MW turbine in 2011 Earnings per share (€) 0.21 0.21 0.47 1.32 0.90 Gross dividend per share (€) 0.05 0.12 0.21 0.23 0.21 • Gamesa decides to install its first offshore prototype • Supply of 200 MW in Egypt, with a 5-year in Spain, at Arinaga (Gran Canaria) maintenance contract • Entering new markets: uruguay and nicaragua • new framework agreement with Iberdrola Social indicators 2011 2010 2009 2008 2007 2011 t Workforce 8,357 7,262 6,360 7,187 6,945 • European launch of large component • Type certificate from lG for the G128-4.5 MW turbine, R refurbishment service the most powerful onshore turbine on the market % international workforce 42 36 31 32 33 % women in workforce 23.2 24.55 25.52 25.34 22.30 Repo • Agreement to sell 480 MW in the united States to • New supply contracts in China: 200 MW for Huadian % permanently employed 88 87 86 72 68 Canadian utility Algonquin Power and 300 MW for CRP l A Hours training/employee 39.57 32.27 32.32 32.79 24.10 • Inauguration in Honduras of the largest wind farm in • Installation of an offshore technology centre in Frequency index 3.84 4.19 4.91 9.15 20.06 latin America (102 MW) Glasgow (Scotland) Accident severity index 0.09 0.13 0.16 0.19 0.30 Annu • Announced plans to establish a manufacturing base • Inauguration of the company's first manufacturing for offshore wind at the Port ofl eith (Scotland) plant in Brazil, which will be its base of operations for Mercosur Environmental indicators 2011 2010 2009 2008 2007 • Expanding manufacturing capacity in growth markets: Raw materials (t/€mn) 45 41 40 47 43 Gamesa opened its second plant in India • Closure of a 1.2 billion euro syndicated loan Energy consumption (GJ/€mn) 421 401 321 354 396 Water consumption (m3/€mn) 33 34 28 31 37 • Launch of the strategy of diversification into new renewable sources in order to continue growing in the Waste produced (t/€mn) 5 5 5 5 5 long term Discharges produced (m3/€mn) 20 20 17 13 20 CO emissions (t/€mn) 18 21 15 17 19 • Strategic agreement with Mytrah to supply 2,000 MW 2 CO emissions avoided (t/€mn) 1,636 1,403 1,036 1,239 1,467 by 2016 2 CO2 emissions avoided (t, cumulative) 36.2 31.2 27.4 24.0 19.3 • Obama visits Gamesa plant in Fairless Hills (Pennsylvania, uSA) • Gamesa opens new advanced materials research Sustainability indicators/indices 2011 2010 2009 2008 2007 centre in Singapore united nations Global Compact √ √ √ √ √ Dow Jones Sustainability Indexes Europe √ √ √ √ √ FTSE4Good √ √ √ √ √ Sustainable Business 20 (SB20) √ √ √ - - Ethibel Excellence Europe √ √ √ √ - Global Challeges Index √ √ √ √ √ CleanTech Index (CTIuS) √ √ √ √ - Key AnnuAl RepoRt Key milestones 2011 figuRes Financial figures 2011 2010 2009 2008 2007 2012 2011 Revenues (€mn) 3,033 2,764 3,229 3,834 3,247 MW equivalent sold 2,802 2,405 3,145 3,684 3,289 • Gamesa consolidated its leading position in energy • Gamesa maintains its leading position in the world EBIT (€mn) 131 119 177 233 250 efficiency and environmental terms with the energy business, having installed 3,308 MW in net profit (€mn) 51 50 115 320 220 certification of the world's first ecodesigned the year net debt/EBITDA 2.0x -0.6x 0.7x 0.1x 0.5x wind turbine • Gamesa signs deal to supply 356 MW of the new Share price at 31 Dec. (€) 3.21 5.71 11.78 12.74 31.98 • Ignacio Martín appointed Executive Chairman G97-2.0 MW turbine in 2011 Earnings per share (€) 0.21 0.21 0.47 1.32 0.90 Gross dividend per share (€) 0.05 0.12 0.21 0.23 0.21 • Gamesa decides to install its first offshore prototype • Supply of 200 MW in Egypt, with a 5-year in Spain, at Arinaga (Gran Canaria) maintenance contract • Entering new markets: uruguay and nicaragua • new framework agreement with Iberdrola Social indicators 2011 2010 2009 2008 2007 2011 t Workforce 8,357 7,262 6,360 7,187 6,945 • European launch of large component • Type certificate from lG for the G128-4.5 MW turbine, R refurbishment service the most powerful onshore turbine on the market % international workforce 42 36 31 32 33 % women in workforce 23.2 24.55 25.52 25.34 22.30 Repo • Agreement to sell 480 MW in the united States to • New supply contracts in China: 200 MW for Huadian % permanently employed 88 87 86 72 68 Canadian utility Algonquin Power and 300 MW for CRP l A Hours training/employee 39.57 32.27 32.32 32.79 24.10 • Inauguration in Honduras of the largest wind farm in • Installation of an offshore technology centre in Frequency index 3.84 4.19 4.91 9.15 20.06 latin America (102 MW) Glasgow (Scotland) Accident severity index 0.09 0.13 0.16 0.19 0.30 Annu • Announced plans to establish a manufacturing base • Inauguration of the company's first manufacturing for offshore wind at the Port ofl eith (Scotland) plant in Brazil, which will be its base of operations for Mercosur Environmental indicators 2011 2010 2009 2008 2007 • Expanding manufacturing capacity in growth markets: Raw materials (t/€mn) 45 41 40 47 43 Gamesa opened its second plant in India • Closure of a 1.2 billion euro syndicated loan Energy consumption (GJ/€mn) 421 401 321 354 396 Water consumption (m3/€mn) 33 34 28 31 37 • Launch of the strategy of diversification into new renewable sources in order to continue growing in the Waste produced (t/€mn) 5 5 5 5 5 long term Discharges produced (m3/€mn) 20 20 17 13 20 CO emissions (t/€mn) 18 21 15 17 19 • Strategic agreement with Mytrah to supply 2,000 MW 2 CO emissions avoided (t/€mn) 1,636 1,403 1,036 1,239 1,467 by 2016 2 CO2 emissions avoided (t, cumulative) 36.2 31.2 27.4 24.0 19.3 • Obama visits Gamesa plant in Fairless Hills (Pennsylvania, uSA) • Gamesa opens new advanced materials research Sustainability indicators/indices 2011 2010 2009 2008 2007 centre in Singapore united nations Global Compact √ √ √ √ √ Dow Jones Sustainability Indexes Europe √ √ √ √ √ FTSE4Good √ √ √ √ √ Sustainable Business 20 (SB20) √ √ √ - - Ethibel Excellence Europe √ √ √ √ - Global Challeges Index √ √ √ √ √ CleanTech Index (CTIuS) √ √ √ √ - annual report 2011 contents message from the chairman 02 board of directors 04 management 04 gamesa global and diversified 06 gamesa 2011 and strategy 08 wind turbines 16 wind farm development and sale 22 operation and maintenance services 26 other businesses 30 consolidated financial statements 32 sustainability 162 business ethics 172 shareholders and investors 174 customers 176 employees 178 suppliers 184 environment 186 community 189 message from the chairman Wind power remained a focal point in the debate on the future of energy worldwide and its effects on socio- economic development. Governments remain firmly committed to wind's contribution to the energy mix in the medium and long term. this, together with growth in global demand, the need to diversify energy sources to reduce external dependence, and the increasing competitiveness of wind energy guarantee double-digit growth (10-20%) in new facilities through 2015. more than 41,000 mW of wind capacity were installed in 2011 alone, i.e. 21% more than in 2010, with the result that total installed capacity worldwide stands at over 238,000 mW. Wind facilities are currently present in 75 countries, of which 22 have more than 1,000 mW of capacity. against this backdrop, our business has performed as follows: Dear shareholder, • the wind turbine design, manufacture and installation business expanded by 16%, to 2,802 mW, 92% of which in 2011, we continued to operate in an extremely complex were outside spain. We also enhanced stability by environment and focused our efforts on achieving our signing new framework agreements. We installed a objectives, with proposals and solutions that respond to record 3,308 mW of capacity, which improved these changing times. our position in the global ranking of wind turbine manufacturers; We have weathered the ongoing global macroeconomic and financial situation, which is hindering access to funding and • in the services business—which is key for making is shaping not only the pace of wind project development Gamesa an end-to-end operator and for fulfilling our worldwide, but also the corresponding returns. other commitment to reduce the cost of energy—we had over difficulties include stock market volatility, regulatory changes 16,300 mW under o&m contracts for more than 150 in some of our core markets, extreme price competition, and clients; and new needs in terms of customers and markets. • we continued to monetise our wind farm pipeline and however, not all wind power markets are being impacted our know-how in the development, construction and by this situation in the same way.