简洁清爽公司商务模版课件

January-December2011ResultsSoundperformancewithkeyBP2011-2013milestonesreachedFebruary23rd2012//Madrid(Spain)January-December2011ResultsSoTableofcontents1.Periodhighlights2.January–December2011ResultsandKPIs23.Outlook&Risks4.ConclusionsTableofcontents1.PeriodhigPeriodhighlightsSoundperformanceandBusinessPlan2011-13progress►Soundprofitability,fullyalignedwithmarketguidance,inahighlycompetitivemarket•••GroupsalesandEBITup10%YOY,toEUR3,033MMand131MMEUReachWTGEBITmarginof4%and2,802MWesoldin2011,up16%YOYWindfarmEBITofEUR26MMand417MWinsalesagreementssigned3►Orderbookof1,600MW(1)atDecember2011,up13%YOY►GroupNFDofEUR710MM,2.0xgroupEBITDA,toaccommodateinvestmentplan,salesinternationalization,manufacturingexpansionandprogressinwindfarmactivity►KeymilestonesinCoE(2)optimization,growthandefficiency(BP2011-13)reachedduringtheyear(1)Firmandirrevocableordersandconfirmationofframeworkagreementsreceivedfor2012-2013delivery(2)CostofEnergyPeriodhighlightsSoundperformPeriodhighlightsProfitablegrowthinhighlycompetitivemarketsWTGprofitabilityinlinewiththecompanyguidancerangeof4%to5%despiteoperatinginanincreasinglycompetitiveenvironment12.9%11.9%12.0%3,0332,7642,4052,80211.8%►

10%growthingroupsalesandEBIT►DownwardtrendinWTGmargindueto:4.9%44.3%4.3%3,033•4.0%2,802Geographicsalesmix(inc.pricingpressureinChina)Rampupofnewproductplatforms2,7642,405•GroupEBITDAmargin2010GroupEBITmargin2011WTGEBITDAmargin2010WTGEBITmargin2011GroupsalesEURMMMWesoldPeriodhighlightsProfitablegrPeriodhighlightsStrongsalesactivityinthewindfarmdivisionPositivetrendintheprofitabilityofthewindfarmdivisiondrivenbytherecoveryoftheconstructionandsalesactivity,with417MWsignedin201120102011175640Q110Q210-4-6Q310Q410Q111Q21137Q311Q411EBITEURMMPeriodhighlightsStrongsalesPeriodhighlights13%increaseinYEorderbook13%increaseinYEorderbook(1)atDecemberdrivenbyLatinAmerica,with32%ofthetotalordervolume,andNorthAfricawith13%OrderbacklogDecember(MW)13%1,60061,4142010(1)Firmordersandconfirmationofframeagreementsfor2012-2013delivery2011Periodhighlights13%increasePeriodhighlightsNFDincreasetofundfoundationsofBP2011-2013GroupNFDtoEBITDAof2.0xinlinewithguidanceEUR810MMEUR710MMEUR607MM2.3x2.0x1.7x0.9x►Q42011cashinflowonwindfarmandWTGdeliveries►FY2011netdebtincreasetoaccommodate:7EUR313MM<2xGroupEBITDA••BP2011-2013investmentneedsGeographicexpansionofcommercialandmanufacturingpresenceIncreasingseasonalityinsalesmixWindfarmactivity•Q12011Q22011Q32011Q42011GroupNFDNFD/EBITDA•PeriodhighlightsNFDincreasePeriodhighlightsKeymilestonesBP2011-2013:CoEoptimization1COSTOFENERGY:-10%to-15%(1)in2011►TypecertificateofG128-4,5MW►GloballaunchofG97-2.0MW•356MWinfirmorderssigneduptoDec.201182GROWTH•>5%contributionto2011WTGsales►O&Mservices’GPA•Targetingabovemarketaverageavailabilityof99%•10%reductioninoperatingcosts3EFFICIENCY►Launchof4newR&Dcentres(USA,India,Singapore,UK)(1)CoEreductiondependingonproductplatformandmarketPeriodhighlightsKeymilestonePeriodhighlightsNewmarketopeningslinkedtoCoEoptimization(*)USACoE2009CoE201110080/85100EuropeCoE2009CoE201185/90100ChinaCoE2009CoE201183/859IndiaRampupofG97-2MWdriverofCoEreductionBrazil2011firstyearofoperations(*)Customer’sCoEoptimizationfrombase2009=100PeriodhighlightsNewmarketopPeriodhighlightsKeymilestonesBP2011-2013:Growth1COSTOFENERGY►

16%growthinWTGMWesold•23marketsand46+clients57/43salesratiobigutilities/spotmarketOrderbacklogup13%YOY102GROWTH:+10%consolidatedsalesgrowthin2011••

16.300MWundermaintenanceandnewvalueaddedO&Mserviceslaunched•GPA,LCR,3rdparty’sfleet,lifeextensionprogrammes3417MWinwindfarmsalesagreementssignedEFFICIENCYPeriodhighlightsKeymilestonePeriodhighlightsKeymilestonesBP2011-2013:Efficiency1COSTOFENERGYAdjustmentofcapacitytodemandandlocalisationofsupplychain••43%reductioninbladecapacityinSpainsince2009CapacitytransformedintoO&MandBigComponentsRepairCentersIndianmarketservedwith65%localisedlocal(forG5x-850KW)112GROWTH•Maximisingflexibility&optimisinginvestmentthroughMake&Buystrategy•SignificantadvancesforbladesandcastingReductionofoverheads3•EFFICIENCY:FlatgroupmarginsYOY5%reductioninstructurecosts/MWesoldReductionofconstructionandlogisticcosts•OTDupto97.6%(from95%)PeriodhighlightsKeymilestonePeriodhighlightsGamesaVentureCapital:InvestinginSustainableGrowthCapitalizingonourresources……toachievefinancialandstrategicreturnsMarketPosition&CustomersMission:ProvideindustrialandfinancialsupporttohighgrowthpotentialandtechnologyintensiveearlystagecompaniesworldwideMainobjetives:BuildandmanageaprofitableportfolioofcompanieswithsignificantsynergieswithGamesa.Focusinkeysectors:Solar,eMobility,marineenergy,energyefficiency,small-windandoffgridsolutions12IntegratedSupplyChainCurrentPortfolio:N2S:EnergyEfficiencyandeMobilityWorldWater:SmallscaledesalinationandwatertreatmentSkyBuilt:SolarbasedoffgridanddistributedgenerationNewProductDevelopmentPeriodhighlightsGamesaVenturTableofcontents1.Periodhighlights2.January–December2011ResultsandKPIs133.Outlook&Risks4.ConclusionsTableofcontents1.PeriodhigWindTurbineGenerationDivision14WindTurbineGenerationDivisio2011resultsandKPIsWindTurbineGenerators-FinancialStatementsEURMM20102011Var.11/10Q411Sales2,6232,875+9.6%865MWe2,4052,802+16.5%83715EBITDAEBITDA/Sales33812.9%34011.8%+0.6%-1.1p.p.10111.7%EBITEBIT/Sales1274.9%1164.0%-8.8%-0.9p.p.192.2%NetIncomeNI/Sales642.4%612.1%-4.3%-0.3p.p.60.7%NFDNFD/EBITDA-405-1.2x2730.8x+2.0x2730.8x2011resultsandKPIsWindTurb2011resultsandKPIsWindturbinegenerators-Activity15%increaseindeliveriesandthereductionofEx-workshighlightmanagementeffectivenessduring2011EvolutionofMWesold2,8022,4051615%2,6853,092oWIPincreasetoaccommodatesalesandmanufacturinginternationalization-138-1422010Var.WIP(2)Ex-works(1)497-7872011Delivered(1)Stockvariationofinvoicedfinishedproductsavailablefordelivery(2)Stockvariationofnon-invoicedfinishedproducts162011resultsandKPIsWindturb2011resultsandKPIsWindturbinegenerators-ActivityIndiaandLatinAmericakeydriversofgrowthin2011Geographicmix(MWesold)28%28%IncreasinglydiversifiedgeographicmixLatinAmericaandSouthConetrebleitscontributionwhileIndiamorethandoublesit3%1%1723%19%22%15%20%14%7%8%8%5%Europe,includingSpain,remainstableLowgasandPPApricesnegativelyimpactUSdemandSpainUSAChinaIndiaLatam&SouthCone2011RestofEuropeRoW20102011resultsandKPIsWindturb2011resultsandKPIsWTG-ProfitabledeliveryinahighlycompetitivemarketWindturbineEBITmarginof4.0%,withinthecommittedguidance,inahighlycompetitivemarketthankstoGamesa’sflexiblestructureandstrictcostfocus12.9%11.8%Grossmarginnegativelyimpactedby•••AhighlycompetitiveenvironmentPricingpressureinChinaCompensatedpartiallybyO&Mservicemarginimprovement2,4052,802184.9%4.0%2,8022,405EBITDAmargin(1)20102011EBITmargin(1)MWesold(1)WindTurbineDivision2011resultsandKPIsWTG-Pro2011resultsandKPIsWTG-SolidfinancialpositionNetdebtincreaseYOY,inlinewithguidance,toaccommodateBP2011-13investmentneedsandsalesandmanufacturinginternationalizationEURMMStrongdecreaseofnetdebtandworkingcapitalinQ4onthebackofsalesdeliveryandintra-companypayments24%19Workingcapitalratioof24%dueto•PartiallocalizationofnewmanufacturinghubsinIndiaandBrazil•Increasingsalesinternationalization-EUR405MMEUR273MM-1%2010NetfinancialdebtWorkingcapitalas%ofsales2011•GridconnectiondelaysinChinaCapexofEUR229MMin20112011resultsandKPIsWTG-SolWindFarmDivision20WindFarmDivision202011resultsandKPIsWindFarms-FinancialStatementsIncreasingsales,with417MWsignedin2011,showGamesa’scommitmenttothewindfarmbusinessvaluerealisationplanEURMM20102011Q4201121Sales432534300EBITDA-13527Strongsalesactivityintheyearwith417MWinsalesagreementssignedand177MWdeliveredPositiveEBITimpactedbytherecoveryinconstructionandsalesactivityEBIT02617NI-512NFD1964384382011resultsandKPIsWindFarm2011ResultsandKPIsWindFarms-Activity417MWinsalesagreementssignedofwhich177MWalreadydeliveredActivityprogress(MW)(1)734370230166364396TherecoveryofthesalesactivitycontinuesinQ42011withsalesagreementssignedfor131MWinSpain,France,GermanyandUS.IncreaseofMWunderconstruction,reaching370inQ4,inUSAandEuropeinlinewiththestrategyofvaluerealizationofGamesaEnergía.22MWunderconstruction20102011MWcommissionedFinalstages–TotalMW(1)ExcludingChineseandIndianwindfarms.2011ResultsandKPIsWindFarm2011ResultsandKPIsWindFarms-EvolutionofNFDIncreasingNFDlevelstoaccommodatestrongsalesactivitywithdeliveriesin2012A2-yearcashinvestmentcycleFY11NFDofEUR438MM23FY10NFDofEUR196MMQ108Q208Q308Q408Q109Q209Q309Q409Q110Q210Q310Q410Q111Q211Q311Q4112011ResultsandKPIsWindFarmConsolidatedGroup24ConsolidatedGroup242011resultsandKPIsConsolidatedgroup-FinancialStatementsMMEURSalesWTGWindFarmsAdjustmentsEBITWTGEBITMarginWindFarmsAdjustmentsNetIncomeNFDNFD/EBITDAWTGWindFarms20102,7642,623432(290)1191274.9%0(8)50-210-0.6x-40519620113,0332,875534(376)1311164.0%26(11)517102.0x273438Q420111,018865300(147)49192.2%1713227102.0x27343825252011resultsandKPIsConsolidaTableofcontents1.Periodhighlights2.January–December2011ResultsandKPIs263.Outlook&Risks4.ConclusionsTableofcontents1.PeriodhigOutlookandrisksMarketoutlookWindpowercompetitivenesstooutweighcurrentuncertaintiesinthelongtermShorttermdemandofwindinstallationsimpactedby•••ImpactofuncertainworldeconomicoutlookonenergydemandespeciallyintheUSandEuropeEuropeanandUSdeficits’impactonrenewablesupportprogrammesClients’liquidityconstraintsWindinstallationsCAGR2011-1520%17%16%10%27Longtermdouble-digitgrowthsupportedbywindpowerincreasingcompetitivenessandgovernmentcommitmentstorenewabletargets:10%to20%CAGR2011-2015dependingonsourceBTMGWECMAKEIEAOutlookandrisksMarketoutlooOutlookandrisksMarketoutlookNear-termgrowthsupportedbyemergingwindmarkets:India,LatinAmericaandAfrica28Source:GWEC,WindMarketReport2010OutlookandrisksMarketoutlooOutlookandrisksRegulatoryandgovernmentsupportoutlookRegulatoryvolatilitynegativelyimpactingmediumtermdemandinmaturemarkets:USAandSouthernEurope,but20/20/20targetsinplaceSHORTTERMMEASURESSOUTHERNEUROPESpain:RD1/2012:moratoriumonnewrenewableinstallationsnotincludedintheRegisterofPre-assignment.Portugal:Awardofanynewgenerationcapacityforsupplyingelectricity(inc.renewables)suspended.Italy:ChangeofGreenCertificatesforFiTregimeforwindfarmsbuilt2013onwardsandforallwindfarmsafter2015.Moratoriumtowindinstallationsinsomeregions.AMERICAUSA:ExpiryofPTC/ITC(USD22/MWh)attheendof2012LONGTERMTARGETSSOUTHERNEUROPESpain:35GWofwindin2020Portugal:31%renewableenergyfromtotalenergyconsumptionItaly:12GWofwindpowerin202029AMERICAUSA:StateRESinplacein29statesand8stateshavegoalsOutlookandrisksRegulatoryanOutlookandrisksRegulatoryandgovernmentsupportoutlookButsolidcommitmentfromemergingmarkets:AsiaASIAIndia:ShiftfromaccelerateddepreciationtoGBI(INR0.5/kWh)andREC(1.5-3.9INR)China:2020Target:150-200GWofwindpower.4FiTcategories,rangingfrom0.51RMB/KWhto0.61RMB/KWhJapan:2020Target:10%ofitsenergycomingfromrenewables.SubsidieshaltedandwaitingforFiTtobedetermined.Currently,pricesarebasedonaspotpriceplusaREC/MWhgenerated.Australia:2020Target:20%ofitsenergycomingfromrenewables.RECsystem(nowcalledLGCs).LGCprice:c.42AUD/MWhwithceilingat65AUD/MWh.Thailand:2022Target:25%ofitsenergycomingfromrenewables(800MWofwind).Supplementtonormalelectricitytariffwithapremiumgrantedduring10years.2types:4.5baht/kWhforprojectsbelow50MWand3.5baht/kWhforprojectsover50MW.GovernmentconsideringintroducingFiT.SouthKorea:CombinesaFITwithcapitalandtaxincentives.FITtobereplacedbyaRenewablePortfolioStandardin2012.CanhostCDMprojects.Planstolaunchcarbon-emissionstradingsystemin2015.30OutlookandrisksRegulatoryanOutlookandrisksRegulatoryandgovernmentsupportoutlookButsolidcommitmentfromemergingmarkets:LatinAmericaandAfricaLATINAMERICABrazil:Tendersystem.Nextauction:A-3auctionwillbeheld22ndMarch2012.Mexico:Target:4.5GWofrenewableenergyby2012,7GWby2014butnogenericregulation(FiTorREC)forrenewables.Chile:Target:20%ofitsenergycomingfromrenewables.5%ofpowerdistributedbyutilitiescomesfromrenewablesandwillincrease0.5%p.a.untilreaching10%in2024.Peru:Renewableenergytendersevery2years(nextauction:2013).GovernmentforecastsUSD33minvestmentinwindenergyuntil2020.31AFRICASouthAfrica:2030Target:8.4GWofwindpower.TendersystemsinceAugust2011.634MWawardedinAugustauctions.Nextauction:March2012.Egypt:2020Target:7.2GWofwindpower(5GWtocomefromprivateinvestors).ProjectstenderedthroughcompetitivebidsandFiTplannedfor2012.OutlookandrisksRegulatoryanOutlookandrisksCoEoutlookTheCOEofanaverageonshorewindfarmwillbefullycompetitivewithtraditionalenergysourcesby2016(1)AVERAGETURBINEHUBHEIGHT(METRES)80326040201980199020002010AVERAGETURBINEPOWERCURVE1984-2011(%)100%75%50%25%0%20111984Source:TheEconomicsofWindEnergy,EWEAReport2009;BloombergNewEnergyFinance051015m/s(1)OutlookandrisksCoEoutlookThOutlookandrisksProgramlaunchedtopropuptheBP2011-13:CoEandgrowth1COSTOFENERGY2GROWTHFocusonincreasingreliabilityandavailabilityofexitingplatforms,andreducecostofmaterials•Newproductdevelopment:G97cII-2MWandG114-2MWIntensifycommercialefforts••Innewmarkets:SouthAfrica,MiddleEast,SouthEastAsia/Australasia,WithnewutilitiesinNorthernandCentralEurope33InternationalisationofO&MservicesValuerealisationofGamesaEnergiapipeline•FocusonUSmarketNewO&Mservices(GPA)targeting99%availabilityinGamesa´sworldwidefleetLifeextensionofwindturbines3EFFICIENCYOutlookandrisksProgramlauncOutlookandrisksProgramlaunchedtopropuptheBP2011-13:efficiencytoremaincriticalContinuecapacityadjustmenttodemand•••FromcapacityreductiontocapacityconsolidationandproductadaptationinSpainCompletelocalisationofsupplychaininIndiaandBrazilAdaptationofcapacitytonewG9X-2MWinChina,linkedtocostreductions34Optimizationofconstructionandlogisticcosts•••CentrallogisticsdepartmenttostandardiseprocessesandoptimisepurchasestoreducecostsReductionofconstructiontimesthroughWOSSReductionofstoragecosts(1)Newprocurementtoolstobedisplayedthroughtheorganisationtosimplifyhomologationprocess,speedprocurementtimesandreduceprocurementcostsOverheadreductiontarget(-15%OH/MWesold)inplace3EFFICIENCY(1)WindfarmOptimizedSupplySequenceOutlookandrisksProgramlauncOutlookandrisks2012GuidanceBringingfreecashflowbreakevento2012WTGManufacturingWTGMWesoldEBITMarginWCas%ofsalesWindfarmDevelopment&SalesCapexWindFarmsMWdelivered(3)EBIT(MMEUR)Netdebt(EURm)GroupNFD/EBITDAFCF(1)2011guidanceincludedwindfarmdeliveredtoIberdrola(244MW)aheadofplannedscheduled(Q12011)atclient’srequest.(2)2012ispeakyearofcapexinBP2011-2013(3)ExcludingChinesejointpromotionagreementsGuidance20112,800-3,1004.0%-5.0%15%-20%25020112,8024.0%24%229Guidance20122,800–3,2002.0%-4.0%20%-25%275(2)35c.400c.20c.50017726438(1)c.400c.0c.250<2x2.0x<2.5xBreakevenOutlookandrisks2012GuidanceOutlookandrisksUnderstanding2012volumeoutlookGamesatoprioritisebalancesheetstrengthandprofitabilitytosalesvolume+13%1,414MW1,600MWHealthyorderflow,up13%YOYatDecember2011,drivenbyLatinAmericaandSouthCone(+514MW)andNorthofAfrica(+201MW)

2012salesvolumeimpactedbyGamesa’spriorityforbalancesheetstrengthandprofitabilityinthecontextof:•••SlowdowninUSdemandaheadofPTCexpirationGridconnectiondelaysandliquidityconstraintsinChinaShorttermdemandvolatilitylinkedtoregulatorychangesinIndia36Dec.2010NextyeardeliveryDelivery2012-13Dec.2011OutlookandrisksUnderstandingOutlookandrisksUnderstanding2012WTGmarginoutlookRampupofnewproductplatformsandgeographicalmanufacturingbases,partofBP2012-2013,impactnegativelyon2012WTGmargin(?)impactin2013Smaller(-)impactin2013Increasing(+)impactin2013Increasing(+)impactin2013374,02-42011mg%MarketmixNewproductionramp-upProductmixCostoptimization2012mg%Emergingmarkets’increasingcontributiontogroupsalesW-WrampupofnewG9x-2MWplatform,andG10X-4,5MWindustrializationNewproducts’(i.e.G97-2,0MW)contributiontosalesOperationalEfficiencyprogramsOutlookandrisksUnderstandingTableofcontents1.Periodhighlights2.January–December2011ResultsandKPIs383.Outlook&Risks4.ConclusionsTableofcontents1.PeriodhigConclusionsDeliveringourcommitmentsinacomplexmarketSoliddeliveryinlinewithguidancecommittedtothemarket•••WTGEBITmarginof4%and2,802MWesoldin2011,up16%year-on-yearWindfarmEBITofEUR26MMand417MWinsalesagreementssigned.GroupNFDofEUR710MM,2,0xgroupEBITDA39Orderbookstoodat1,600MW(1)atDecember2011,up13%year-on-yearKeymilestonesoftheBP2011-13reachedduringtheyear•••10%to15%reductioninCoE(2)throughnewproductplatformsandO&Mservices10%groupsalesgrowththroughcommercialandO&MserviceexpansionIncreasingcostefficiencythroughcapacityadjustments;localizationofsupplychain;progressiononMake&Buystrategyandreductionofconstruction,logisticscostsandoverheads

2012financialguidancebringsforwardfreecashflowbreakevenwhilecontinuingcarryingthroughtheactionsencompassedintheBusinessPlan(1)(2)FirmandirrevocableordersandconfirmationofFAsatDec.yearNfordeliveryin2012-2013CostofEnergyoptimizationdependingonproductplatformandgeographyConclusionsDeliveringourcommConclusionsOperationalflexibility,strictcostcontrolandcommercialinternationalizationarekeyforshorttermperformanceFromchallengesContinuouseconomicweaknessintheWesternworldimpactingenergydemandRegulatoryuncertainty,drivenbybudgetdeficits,impactingwindinstallationinkeymarkets(US,SouthernEurope,India).DelaysingridconnectioninChina40OvercapacitycontinuestopromoteaggressivecompetitivepracticesamongsomepeersIntoopportunitiesWelldiversified(countryandclient)salesbase,windfarmactivityandincreasingroleofO&MservicesalesminimizesimpactofsinglemarketdownturnsFlexibleapproachtomanufacturing(Make&Buyandsupplychainlocalization)reducescostexposuretosuddenchangesindemandandoptimizecapexinvestmentStrictcostfocusandearlycapacityadjustmenttodemand(firstUSAandnowEurope)protectgroupprofitabilityandallowforEBITmarginaboveindustryaverageR&Dinvestment,fullylinkedtoclients’CoEreductionneeds,guaranteesreturnoninvestmentConclusionsOperationalflexibiConclusionsCorporateresponsibility:Muchmorethannumbers2011Payroll-GeographicDistribution672010(3)PeopleInternationalstaffPermanentcontractsHealthandsafetyFrequencyindexSeverityIndexEnvironmentISO14.001CentersCO2emissionreduction(t)4731,250,850(2)(1)2011(3)8,35742%7,315Var.15%6p.p.16%1.1569204317,26236%6,3164.853930SpainUSAChinaIndiaBrasilRoW440.09(8%)(25%)2011Payroll-Genderdistribution4736,214,350-16%23%MaleFemale(1)Nºofaccidentleavespermillionhoursworked(2)Nºofworkdayslostduetoaccidentsper1,000hoursworked(3)Figuresnotaudited77%ConclusionsCorporateresponsibConclusionsAlignedwiththemaininternationalethicalcorporateprinciplesCommitedwiththehumanrightsandtheenvironment42Includedintheleadingsustainabilityindexes42ConclusionsAlignedwiththemaDisclaimer“ThismaterialhasbeenpreparedbyGamesaCorporaciónTecnológica,S.A.,andisdisclosedsolelyasinformation.Thismaterialmaycontaindeclarationswhichconstituteforward-lookingstatements,andincludesreferencestoourcurrentintentions,beliefsorexpectationsregardingfutureeventsandtrendsthatmayaffectourfinancialcondition,earningsandsharevalue.Theseforward-lookingstatementsdonotconstituteawarrantyastofutureperformanceandimplyrisksanduncertainties.Therefore,actualresultsmaydiffermateriallyfromthoseexpressedorimpliedbytheforward-lookingstatements,duetodifferentfactors,risksanuncertainties,suchaseconomical,competitive,regulatoryorcommercialchanges.Thepotentialinvestorshouldassumethefactthatthevalueofanyinvestmentmayriseorgodown,andfurthermore,itmaynotberecovered,partiallyorcompletely.Likewise,pastperformanceisnotindicativeoffutureresults.Thefacts,opinions,andforecastsincludedinthismaterialarefurnishedastothedateofthisdocument,andarebasedonthecompany’sestimationsandonsourcesbelievedtobereliablebyGamesaCorporaciónTecnológica,S.A.,butthecompanydoesnotwarrantitscompleteness,timelinessoraccuracy,andthereforeitshouldnotberelieduponasifitwere.Boththeinformationandtheconclusionscontainedinthisdocumentaresubjecttochangeswithoutnotice.GamesaCorporaciónTecnológica,S.A.undertakesnoobligationtoupdateforward-lookingstatementstoreflecteventsorcircumstancesthatoccurafterthedatethestatementsweremade.Theresultsandevolutionofthecompanymaydiffermateriallyfromthoseexpressedinthismaterial.Noneoftheinformationcontainedinthisdocumentconstitutesarecommendation,solicitationoroffertobuyorsellanysecurities,futures,optionsorotherfinancialinstrumentsorprovideanyinvestmentadviceorservice.Thismaterialdoesnotprovideanyrecommendationofinvestment,orlegal,taxoranyothertypeofadvise,anditshouldnotbereliedupontomakeanyinvestmentordecision.Anyandallthedecisionstakenbyanythirdpartyasaresultoftheinformation,materialsorreportscontainedinthisdocument,arethesoleandexclusiveriskandresponsibilityofthatthirdparty,andGamesaCorporaciónTecnológica,S.A.shallnotberesponsibleforanydamagesderivedfromtheuseofthisdocumentoritscontent.Thisdocumenthasbeenfurnishedexclusivelyasinformation,anditmustnotbedisclosed,publishedordistributed,partiallyortotally,withoutthepriorwrittenconsentofGamesaCorporaciónTecnológica,S.A.TheimagescapturedbyGamesaintheworkenvironmentoratcorporateeventsaresolelyusedforprofessionalpurposestoinformthirdpartiesaboutcorporateactivitiesandtoillustratethem.Englishversionprevails.”43Disclaimer“ThismaterialhasbQuestions&AnswersMuchasgraciasThankyou’Û™ȡ‘44Questions&AnswersMuchasgrac知识回顾KnowledgeReview祝您成功！知识回顾KnowledgeReview祝您成功！January-December2011ResultsSoundperformancewithkeyBP2011-2013milestonesreachedFebruary23rd2012//Madrid(Spain)January-December2011ResultsSoTableofcontents1.Periodhighlights2.January–December2011ResultsandKPIs23.Outlook&Risks4.ConclusionsTableofcontents1.PeriodhigPeriodhighlightsSoundperformanceandBusinessPlan2011-13progress►Soundprofitability,fullyalignedwithmarketguidance,inahighlycompetitivemarket•••GroupsalesandEBITup10%YOY,toEUR3,033MMand131MMEUReachWTGEBITmarginof4%and2,802MWesoldin2011,up16%YOYWindfarmEBITofEUR26MMand417MWinsalesagreementssigned3►Orderbookof1,600MW(1)atDecember2011,up13%YOY►GroupNFDofEUR710MM,2.0xgroupEBITDA,toaccommodateinvestmentplan,salesinternationalization,manufacturingexpansionandprogressinwindfarmactivity►KeymilestonesinCoE(2)optimization,growthandefficiency(BP2011-13)reachedduringtheyear(1)Firmandirrevocableordersandconfirmationofframeworkagreementsreceivedfor2012-2013delivery(2)CostofEnergyPeriodhighlightsSoundperformPeriodhighlightsProfitablegrowthinhighlycompetitivemarketsWTGprofitabilityinlinewiththecompanyguidancerangeof4%to5%despiteoperatinginanincreasinglycompetitiveenvironment12.9%11.9%12.0%3,0332,7642,4052,80211.8%►

10%growthingroupsalesandEBIT►DownwardtrendinWTGmargindueto:4.9%44.3%4.3%3,033•4.0%2,802Geographicsalesmix(inc.pricingpressureinChina)Rampupofnewproductplatforms2,7642,405•GroupEBITDAmargin2010GroupEBITmargin2011WTGEBITDAmargin2010WTGEBITmargin2011GroupsalesEURMMMWesoldPeriodhighligh