Gamesa Regroups During Spain Slowdown

Taking a look at Gamesa's profit warning for '05, I see they've confirmed my lower estimations for the Spanish market (they say 1,332).  That's where they took the biggest hit, along with winding up the aeronautics division.  Gamesa has applied some interesting make up to their numbers with 'works in progress' , though their installations in MW fell around 11%, along with renewables EBITDA down 6%.  It's clear they lost some ground to Vestas and GE as they didn't quite have the US plant ready last year and Spain slowed down...but, the order book is looking good in Asia.