Gamesa specifies its 2014 cash generation estimate at over €300 million

Gamesa has specified its estimate for net free cash flow generation for 2014 at over €300 million 1, up from initial guidance for positive free cash flow (>0), in the wake of the preliminary 2014 results, still subject to the auditor’s review.

This improvement is attributable, primarily, to a strong underlying business performance, which has yielded solid results- in line with guidance for the year -, execution of the available-asset disposal plan and the effectiveness of the working capital streamlining programme in 2014.

The latter programme puts the company in a position to improve its forecast for its working capital ratio in 2014 to under 5% of sales, a level it expects to sustain going forward.

The company is due to release its 2014 annual results on 26 February 2015.

1 Free cash flow generation (>€300m), excluding the proceeds obtained from the equity issue and including the proceeds generated under the asset sale programme in 2014 (c.€120m). Stripping out the proceeds from asset sales, net free cash generation is estimated at over €200m. Unaudited figures.