Gamesa specified its estimate for net free cash flow generation for 2014 at over €300 million

• The increase with respect to the initial estimate for positive free cash flow is underpinned by a solid business performance, in line with guidance, coupled with a sustained improvement in working capital.
• The results of the working capital streamlining programme lead to an improvement in the WC ratio forecast to <5% of sales in 2014.

Biscay, Spain, 6-2-2015 — /EuropaWire/ — 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.

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