REpower continues profitable growth
Hamburg (euro adhoc) -
- Sales up by 50.0 percent to EUR 292.6 million - EBIT improves from EUR -12.5 to EUR 3.4 million - Revenue forecast for 2008 raised to EUR 850 million
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Hamburg, 13 November 2006. REpower Systems AG (Prime Standard, WKN 617703) successfully installed 188 wind turbines and increased installed rated power by 108.8 percent to 355 megawatts in the first nine months of 2006. Sales increased year-on-year from EUR 195.1 million to EUR 292.6 million. The operating result improved from EUR -12.5 million in the previous year to EUR 3.4 million. There was a considerable improvement in orders on hand during the period, increasing from EUR 561.2 million as of 30 September 2005 to EUR 776.9 million on 30 September 2006. This is the highest number of orders since REpower Systems AG was founded. In light of the high number of orders, REpower raises its revenue target for fiscal year 2008 from EUR 800 million to EUR 850 million.
REpower Systems AG successfully installed 188 wind turbines in the first nine months of 2006, compared to 96 turbines in the previous year. This corresponds to a rated output of 355.0 megawatts compared to 170.0 megawatts in 2005, thus representing an increase of 108.8 percent. A total of 17 turbines were carried over from 2005 and were largely included in sales for the previous year, depending on the degree to which they had been completed.
Total performance was up by 52.7 percent from EUR 194.8 million to EUR 297.4 million during the reporting period, whereas sales increased by 50.0 percent year-on-year from EUR 195.1 million to EUR 292.6 million.
EBIT totalled EUR 3.4 million in the first nine months of the current financial year, compared to EUR -12.5 million in the first nine months of 2005. Net earnings increased from EUR -8.3 million in the first nine months of 2005 to EUR 1.0 million.
The order book contained purchase agreements for 453 wind turbines with total rated power of 867.5 megawatts at the end of September 2006. This is the highest number of orders since REpower Systems AG was founded and corresponds to a potential order volume of EUR 776.9 million.
Some projects planned for the first six months of the year had to be postponed due to continuing bottlenecks, in particular for gear systems and rotor blade bearings. These projects have now been scheduled for completion in the fourth quarter of 2006. The planned sales figure of EUR 450 million and the likely EBIT of EUR 11 to EUR 13.5 million could be affected by further delays in the supply of gear systems and rotor blade bearings. The company considers a risk possible not to realise sales of up to 10 wind turbines by the end of the year. This results in a risk potential of approx. EUR 1.5 million on the basis of the operating result.
REpower plans to increase the installation figures to around 325 wind turbines and to increase sales volume to EUR 650 million in the 2007 financial year. A further improvement of the EBIT margin is to be expected.
The projects listed in the order book currently cover the period until the 2008 financial year. In its long-term planning, REpower thus expects the strong growth to continue and raises its revenue forecast for 2008 to at least EUR 850 million corresponding to an installation of 420 turbines. Sales from the recently concluded Joint venture REpower North (China) and the joint enterprise planned with the Essar Group in India are not included in this forecast.
A telephone conference for analysts and journalists will take place on 14 November 2006 at 10 am (CET). The number to dial is +49 (0)30 868 717 90.
end of announcement euro adhoc 13.11.2006 20:26:33
Further inquiry note:
Thomas Schnorrenberg
Investor Relations Manager
Telefon: +49(0)40-53930-723
E-Mail: t.schnorrenberg@repower.de
Branche: Alternative energy
ISIN: DE0006177033
WKN: 617703
Index: Prime All Share, CDAX, Technologie All Share
Börsen: Frankfurter Wertpapierbörse / regulated dealing/prime
standard
Börse Berlin-Bremen / free trade
Hamburger Wertpapierbörse / free trade
Baden-Württembergische Wertpapierbörse / free trade
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Bayerische Börse / free trade