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1、在整堂课的教学中，刘教师总是让学生带着问题来学习，而问题的设置具有一定的梯度，由浅入深，所提出的问题也很明确January-December2011 ResultsSound performance with key BP2011-2013 milestones reachedFebruary 23rd 2012/Madrid(Spain)素材天下网 PPT模板免费下载无需注册http:/在整堂课的教学中，刘教师总是让学生带着问题来学习，而问题的设置具有一定的梯度，由浅入深，所提出的问题也很明确Table of contents1.Period highlights2.January Dece

2、mber 2011 Results and KPIs23.Outlook&Risks4.Conclusions在整堂课的教学中，刘教师总是让学生带着问题来学习，而问题的设置具有一定的梯度，由浅入深，所提出的问题也很明确Period highlightsSound performance and Business Plan 2011-13 progress Sound profitability,fully aligned with market guidance,in a highly competitive marketGroup sales and EBIT up 10%YOY,to EU

3、R3,033 MM and 131MM EUR eachWTG EBIT margin of 4%and 2,802 MWe sold in 2011,up 16%YOYWind farm EBIT of EUR26 MM and 417MW in sales agreements signed3 Order book of 1,600 MW(1)at December 2011,up 13%YOY Group NFD of EUR710MM,2.0 x group EBITDA,to accommodate investment plan,salesinternationalization,

4、manufacturing expansion and progress in wind farm activity Key milestones in CoE(2)optimization,growth and efficiency(BP 2011-13)reachedduring the year(1)Firm and irrevocable orders and confirmation of framework agreements received for 2012-2013 delivery(2)Cost of Energy在整堂课的教学中，刘教师总是让学生带着问题来学习，而问题的

5、设置具有一定的梯度，由浅入深，所提出的问题也很明确Period highlightsProfitable growth in highly competitive marketsWTG profitability in line with the company guidance range of 4%to 5%despite operating in an increasingly competitive environment12.9%11.9%12.0%3,0332,7642,4052,80211.8%10%growth in groupsales and EBIT Downward t

6、rend in WTGmargin due to:4.9%44.3%4.3%3,0334.0%2,802Geographic sales mix(inc.pricing pressurein China)Ramp up of newproduct platforms2,7642,405Group EBITDA margin2010Group EBIT margin2011WTG EBITDA margin2010WTG EBIT margin2011Group sales EUR MMMWe sold在整堂课的教学中，刘教师总是让学生带着问题来学习，而问题的设置具有一定的梯度，由浅入深，所提出

7、的问题也很明确Period highlightsStrong sales activity in the wind farm divisionPositive trend in the profitability of the wind farm division driven by therecovery of the construction and sales activity,with 417MW signed in 201120102011175640Q1 10Q2 10-4-6Q3 10Q4 10Q1 11Q2 1137Q3 11Q4 11EBIT EURMM在整堂课的教学中，刘教

8、师总是让学生带着问题来学习，而问题的设置具有一定的梯度，由浅入深，所提出的问题也很明确Period highlights13%increase in YE order book13%increase in YE order book(1)at December driven by Latin America,with32%of the total order volume,and North Africa with 13%Order backlog December(MW)13%1,60061,4142010(1)Firm orders and confirmation of frame ag

9、reements for 2012-2013 delivery2011在整堂课的教学中，刘教师总是让学生带着问题来学习，而问题的设置具有一定的梯度，由浅入深，所提出的问题也很明确Period highlightsNFD increase to fund foundations of BP 2011-2013Group NFD to EBITDA of 2.0 x in line with guidanceEUR810MMEUR710MMEUR607MM2.3x2.0 x1.7x0.9x Q4 2011 cash inflow on wind farm andWTG deliveries FY

10、2011 net debt increase toaccommodate:7EUR313MM5%contribution to 2011 WTG sales O&M services GPA Targeting above market averageavailability of 99%10%reduction in operating costs3EFFICIENCY Launch of 4 new R&D centres(USA,India,Singapore,UK)(1)CoE reduction depending on product platform and market在整堂课

11、的教学中，刘教师总是让学生带着问题来学习，而问题的设置具有一定的梯度，由浅入深，所提出的问题也很明确Period highlightsNew market openings linked to CoE optimization(*)USACoE 2009 CoE 201110080/85100EuropeCoE 2009CoE 201185/90100ChinaCoE 2009 CoE 201183/859IndiaRamp up of G97-2MWdriver of CoE reductionBrazil2011 first year ofoperations(*)Customers Co

12、E optimization from base 2009=100在整堂课的教学中，刘教师总是让学生带着问题来学习，而问题的设置具有一定的梯度，由浅入深，所提出的问题也很明确Period highlightsKey milestones BP 2011-2013:Growth1COST OF ENERGY 16%growth in WTG MWe sold23 markets and 46+clients57/43 sales ratio big utilities/spot marketOrder backlog up 13%YOY102GROWTH:+10%consolidated sal

13、esgrowth in 2011 16.300 MW under maintenance and newvalue added O&M services launchedGPA,LCR,3rd partys fleet,life extensionprogrammes3 417MW in wind farm sales agreementssignedEFFICIENCY在整堂课的教学中，刘教师总是让学生带着问题来学习，而问题的设置具有一定的梯度，由浅入深，所提出的问题也很明确Period highlightsKey milestones BP 2011-2013:Efficiency1COS

14、T OF ENERGY Adjustment of capacity to demand andlocalisation of supply chain43%reduction in blade capacity in Spainsince 2009Capacity transformed into O&M and BigComponents Repair CentersIndian market served with 65%localisedlocal(for G5x-850 KW)112GROWTH Maximising flexibility&optimisinginvestment

15、through Make&Buy strategySignificant advances for blades and casting Reduction of overheads3EFFICIENCY:Flat group margins YOY5%reduction in structure costs/MWe sold Reduction of construction and logistic costsOTD up to 97.6%(from 95%)在整堂课的教学中，刘教师总是让学生带着问题来学习，而问题的设置具有一定的梯度，由浅入深，所提出的问题也很明确Period highl

16、ightsGamesa Venture Capital:Investing in SustainableGrowthCapitalizing on ourresourcesto achieve financial and strategic returnsMarket Position&CustomersMission:Provide industrial and financial support to high growthpotential and technology intensive early stage companies worldwideMain objetives:Bui

17、ld and manage a profitable portfolio of companies withsignificant synergies with Gamesa.Focus in key sectors:Solar,eMobility,marine energy,energyefficiency,small-wind and offgrid solutions12Integrated SupplyChainCurrent Portfolio:N2S:Energy Efficiency and eMobilityWorldWater:Small scale desalination

18、 and water treatmentSkyBuilt:Solar based offgrid and distributed generationNew Product Development在整堂课的教学中，刘教师总是让学生带着问题来学习，而问题的设置具有一定的梯度，由浅入深，所提出的问题也很明确Table of contents1.Period highlights2.January December 2011 Results and KPIs133.Outlook&Risks4.Conclusions在整堂课的教学中，刘教师总是让学生带着问题来学习，而问题的设置具有一定的梯度，由浅入

19、深，所提出的问题也很明确Wind Turbine GenerationDivision14在整堂课的教学中，刘教师总是让学生带着问题来学习，而问题的设置具有一定的梯度，由浅入深，所提出的问题也很明确2011 results and KPIsWind Turbine Generators-Financial StatementsEUR MM20102011Var.11/10Q4 11Sales2,6232,875+9.6%865MWe2,4052,802+16.5%83715EBITDAEBITDA/Sales33812.9%34011.8%+0.6%-1.1p.p.10111.7%EBITEB

20、IT/Sales1274.9%1164.0%-8.8%-0.9p.p.192.2%Net IncomeNI/Sales642.4%612.1%-4.3%-0.3p.p.60.7%NFDNFD/EBITDA-405-1.2x2730.8x+2.0 x2730.8x在整堂课的教学中，刘教师总是让学生带着问题来学习，而问题的设置具有一定的梯度，由浅入深，所提出的问题也很明确2011 results and KPIsWind turbine generators-Activity15%increase in deliveries and the reduction of Ex-works highli

21、ghtmanagement effectiveness during 2011Evolution of MWe sold2,8022,4051615%2,6853,092o WIP increase to accommodate sales andmanufacturing internationalization-138-1422010Var.WIP(2)Ex-works(1)497-7872011Delivered(1)Stock variation of invoiced finished products available for delivery(2)Stock variation

22、 of non-invoiced finished products16在整堂课的教学中，刘教师总是让学生带着问题来学习，而问题的设置具有一定的梯度，由浅入深，所提出的问题也很明确2011 results and KPIsWind turbine generators-ActivityIndia and Latin America key drivers of growth in 2011Geographic mix(MWe sold)28%28%Increasingly diversifiedgeographic mix Latin America and South Conetreble

23、its contribution whileIndia more than doubles it3%1%1723%19%22%15%20%14%7%8%8%5%Europe,including Spain,remainstable Low gas and PPA pricesnegatively impact US demandSpainUSAChinaIndiaLatam&SouthCone2011Rest ofEuropeRoW2010在整堂课的教学中，刘教师总是让学生带着问题来学习，而问题的设置具有一定的梯度，由浅入深，所提出的问题也很明确2011 results and KPIsWTG

24、-Profitable delivery in a highly competitive marketWind turbine EBIT margin of 4.0%,within the committed guidance,in a highlycompetitive market thanks to Gamesas flexible structure and strict cost focus12.9%11.8%Gross margin negatively impacted byA highly competitive environmentPricing pressure in C

25、hinaCompensated partially by O&Mservice margin improvement2,4052,802184.9%4.0%2,8022,405EBITDA margin (1)20102011EBIT margin(1)MWe sold(1)Wind Turbine Division在整堂课的教学中，刘教师总是让学生带着问题来学习，而问题的设置具有一定的梯度，由浅入深，所提出的问题也很明确2011 results and KPIsWTG-Solid financial positionNet debt increase YOY,in line with gui

26、dance,to accommodate BP2011-13investment needs and sales and manufacturing internationalizationEUR MM Strong decrease of net debt andworking capital in Q4 on the back ofsales delivery and intra-companypayments24%19 Working capital ratio of 24%due to Partial localization of new manufacturinghubs in I

27、ndia and Brazil Increasing sales internationalization-EUR405MMEUR273MM-1%2010Net financial debtWorking capital as%of sales2011 Grid connection delays in China Capex of EUR229MM in 2011在整堂课的教学中，刘教师总是让学生带着问题来学习，而问题的设置具有一定的梯度，由浅入深，所提出的问题也很明确Wind Farm Division20在整堂课的教学中，刘教师总是让学生带着问题来学习，而问题的设置具有一定的梯度，由浅入

28、深，所提出的问题也很明确2011 results and KPIsWind Farms-Financial StatementsIncreasing sales,with 417MW signed in 2011,show Gamesas commitment tothe wind farm business value realisation planEUR MM20102011Q4 201121Sales432534300EBITDA-13527 Strong sales activity in the yearwith 417MW in sales agreementssigned an

29、d 177MW delivered Positive EBIT impacted by therecovery in construction andsales activityEBIT02617NI-512NFD196438438在整堂课的教学中，刘教师总是让学生带着问题来学习，而问题的设置具有一定的梯度，由浅入深，所提出的问题也很明确2011 Results and KPIsWind Farms-Activity417 MW in sales agreements signed of which 177MW already deliveredActivity progress(MW)(1)

30、734370230166364396 The recovery of the sales activitycontinues in Q4 2011 with salesagreements signed for 131MWin Spain,France,Germany andUS.Increase of MW underconstruction,reaching 370 in Q4,in USA and Europe in line with thestrategy of value realization ofGamesa Energa.22MW underconstruction20102

31、011MW commissionedFinal stages Total MW(1)Excluding Chinese and Indian wind farms.在整堂课的教学中，刘教师总是让学生带着问题来学习，而问题的设置具有一定的梯度，由浅入深，所提出的问题也很明确2011 Results and KPIsWind Farms-Evolution of NFDIncreasing NFD levels to accommodate strong sales activity with deliveries in2012A 2-year cash investment cycleFY11

32、NFD ofEUR438 MM23FY10 NFD ofEUR196 MMQ1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11在整堂课的教学中，刘教师总是让学生带着问题来学习，而问题的设置具有一定的梯度，由浅入深，所提出的问题也很明确Consolidated Group24在整堂课的教学中，刘教师总是让学生带着问题来学习，而问题的设置具有一定的梯度，由浅入深，所提出的问题也很明确2011 results and KPIsConsolidated group-

33、Financial StatementsMM EURSalesWTGWind FarmsAdjustmentsEBITWTGEBIT MarginWind FarmsAdjustmentsNet IncomeNFDNFD/EBITDAWTGWind Farms20102,7642,623432(290)1191274.9%0(8)50-210-0.6x-40519620113,0332,875534(376)1311164.0%26(11)517102.0 x273438Q4 20111,018865300(147)49192.2%1713227102.0 x2734382525在整堂课的教学

34、中，刘教师总是让学生带着问题来学习，而问题的设置具有一定的梯度，由浅入深，所提出的问题也很明确Table of contents1.Period highlights2.January December 2011 Results and KPIs263.Outlook&Risks4.Conclusions在整堂课的教学中，刘教师总是让学生带着问题来学习，而问题的设置具有一定的梯度，由浅入深，所提出的问题也很明确Outlook and risksMarket outlookWind power competitiveness to outweigh current uncertainties i

35、n the longterm Short term demand of wind installations impacted byImpact of uncertain world economic outlook on energy demand especially in the US and EuropeEuropean and US deficits impact on renewable support programmesClients liquidity constraintsWind installations CAGR 2011-1520%17%16%10%27 Long

36、term double-digit growthsupported by wind power increasingcompetitiveness and governmentcommitments to renewable targets:10%to20%CAGR2011-2015 depending onsourceBTMGWECMAKEIEA在整堂课的教学中，刘教师总是让学生带着问题来学习，而问题的设置具有一定的梯度，由浅入深，所提出的问题也很明确Outlook and risksMarket outlookNear-term growth supported by emerging w

37、ind markets:India,Latin Americaand Africa28Source:GWEC,Wind Market Report 2010在整堂课的教学中，刘教师总是让学生带着问题来学习，而问题的设置具有一定的梯度，由浅入深，所提出的问题也很明确Outlook and risksRegulatory and government support outlookRegulatory volatility negatively impacting medium term demand in maturemarkets:USA and Southern Europe,but 20/

38、20/20 targets in placeSHORT TERM MEASURESSOUTHERN EUROPE Spain:RD1/2012:moratorium on new renewableinstallations not included in the Register of Pre-assignment.Portugal:Award of any new generation capacity forsupplying electricity(inc.renewables)suspended.Italy:Change of Green Certificates for FiT r

39、egime forwind farms built 2013 onwards and for all wind farmsafter 2015.Moratorium to wind installations in someregions.AMERICA USA:Expiry of PTC/ITC(USD22/MWh)at the end of2012LONG TERM TARGETSSOUTHERN EUROPE Spain:35GW of wind in 2020 Portugal:31%renewable energyfrom total energy consumption Italy

40、:12 GW of wind power in202029AMERICA USA:State RES in place in 29states and 8 states have goals在整堂课的教学中，刘教师总是让学生带着问题来学习，而问题的设置具有一定的梯度，由浅入深，所提出的问题也很明确Outlook and risksRegulatory and government support outlookBut solid commitment from emerging markets:AsiaASIA India:Shift from accelerated depreciation

41、 to GBI(INR 0.5/kWh)and REC(1.5-3.9 INR)China:2020 Target:150-200GW of wind power.4FiT categories,ranging from 0.51RMB/KWh to0.61RMB/KWh Japan:2020 Target:10%of its energy coming from renewables.Subsidies halted and waiting forFiT to be determined.Currently,prices are based on a spot price plus a RE

42、C/MWh generated.Australia:2020 Target:20%of its energy coming from renewables.REC system(now calledLGCs).LGC price:c.42AUD/MWh with ceiling at 65AUD/MWh.Thailand:2022 Target:25%of its energy coming from renewables(800MW of wind).Supplement to normal electricity tariff with a premium granted during 1

43、0 years.2 types:4.5baht/kWh for projects below 50 MW and 3.5 baht/kWh for projects over 50 MW.Governmentconsidering introducing FiT.South Korea:Combines a FIT with capital and tax incentives.FIT to be replaced by a RenewablePortfolio Standard in 2012.Can host CDM projects.Plans to launch carbon-emis

44、sions tradingsystem in 2015.30在整堂课的教学中，刘教师总是让学生带着问题来学习，而问题的设置具有一定的梯度，由浅入深，所提出的问题也很明确Outlook and risksRegulatory and government support outlookBut solid commitment from emerging markets:Latin America and AfricaLATIN AMERICA Brazil:Tender system.Next auction:A-3 auction will be held 22nd March 2012.Me

45、xico:Target:4.5GW of renewable energy by 2012,7GW by 2014 but no generic regulation(FiT or REC)for renewables.Chile:Target:20%of its energy coming from renewables.5%of power distributed by utilitiescomes from renewables and will increase 0.5%p.a.until reaching 10%in 2024.Peru:Renewable energy tender

46、s every 2 years(next auction:2013).Government forecastsUSD33m investment in wind energy until 2020.31AFRICA South Africa:2030 Target:8.4GW of wind power.Tender system since August 2011.634MWawarded in August auctions.Next auction:March 2012.Egypt:2020 Target:7.2GW of wind power(5GW to come from priv

47、ate investors).Projectstendered through competitive bids and FiT planned for 2012.在整堂课的教学中，刘教师总是让学生带着问题来学习，而问题的设置具有一定的梯度，由浅入深，所提出的问题也很明确Outlook and risksCoE outlookThe COE of an average onshore wind farm will be fully competitivewith traditional energy sources by 2016(1)AVERAGE TURBINE HUB HEIGHT(ME

48、TRES)80326040201980199020002010AVERAGE TURBINE POWER CURVE 1984-2011(%)100%75%50%25%0%20111984Source:The Economics of Wind Energy,EWEA Report 2009;Bloomberg New Energy Finance051015m/s(1)在整堂课的教学中，刘教师总是让学生带着问题来学习，而问题的设置具有一定的梯度，由浅入深，所提出的问题也很明确Outlook and risksProgram launched to prop up the BP 2011-13

49、:CoE and growth1COST OF ENERGY2GROWTH Focus on increasing reliability andavailability of exiting platforms,and reduce cost of materialsNew product development:G97cII-2 MW and G114-2MW Intensify commercial effortsIn new markets:South Africa,Middle East,South East Asia/Australasia,With new utilities i

50、n Northern and CentralEurope33 Internationalisation of O&M services Value realisation of Gamesa Energia pipelineFocus on US market New O&M services(GPA)targeting99%availability in Gamesasworldwide fleet Life extension of wind turbines3EFFICIENCY在整堂课的教学中，刘教师总是让学生带着问题来学习，而问题的设置具有一定的梯度，由浅入深，所提出的问题也很明确O