Herausgeber: REpower Systems AG
REpower Systems AG: Half-Year Results affected by One-Offs - Sales Revenues increase by 84.8 Percent, Highest Order Book Level since Formation of Company, Profitable Growth Track for 2006 expected
Hamburg, 12 August 2005. In the first half-year 2005, REpower Systems AG (WKN 617703) installed 69 sales-related wind turbines and increased installed nominal output by 54.4 percent to 123.5 megawatts. Revenues in the reporting period increased from EUR 65.7 million to EUR 121.5 million. The operating result, which fell from EUR –8.8 million in the first half-year 2004 to EUR –12.7 million, was affected by non-recurring effects amounting to approximately EUR 6.0 million from ongoing restructuring. Orders on hand increased significantly from EUR 364.6 million at the end of June 2004 to EUR 502.3 million at the end of June 2005. This is the highest level of orders on hand since the formation of REpower Systems AG. In view of this high level, from today’s perspective the
objective of installing 200 turbines in 2005 will at least be achieved. For the whole of the year, REpower retains its outlook for an improved result against the previous year. Should sales continue to expand, an EBIT in a double-digit million Euro range is anticipated for the 2006 finanical year.
In the first half-year 2005, REpower Systems AG installed 69 sales-related wind turbines, compared to 50 turbines in the same period of the previous year. This equates to a nominal output of 123.5 megawatts compared to 80.0 megawatts in 2004, and a growth rate of around 54.4 percent. Gross revenues increased from EUR 84.3 million to EUR 125.8 million in the period under review. This takes into account that Denker & Wulf AG was included in the scope of consolidation in 2004. Adjusted for Denker & Wulf AG, gross revenue in the first half of 2004 was EUR 74.2 million. Year-on-year sales increased strongly from EUR 65.7 million (EUR 65.0 million without Denker & Wulf AG) to the current figure of EUR 121.5
million. Using the so-called percentage-of-completion method results in total sales
of EUR 53.1 million.
The operating result (EBIT) amounted to EUR -12.7 million in the first half-year 2005. The same value in the previous year was EUR -8.8 million. The reason for the negative EBIT, both this year and last, was the usual seasonality in addition to non-recurring effects from ongoing restructuring. The impact from restructuring is shown in higher personnel expenses. These include settlements of approximately EUR 1.0 million, resulting primarily in connection with realigning the management structure. Other operating expenses include non-recurring changes of approximately EUR 5 million, primarily consulting fees (EUR 1.5 million) and expenses for establishing the new organisational structure, interim management and recruitment measures (EUR 0.5 million). There were also expenses not relating to the accounting period. These included the reversal of unprofitable project orders (EUR 2.0 million), as well as bad debt losses (EUR 0.9 million).
The result after taxes stands at EUR -8.5 million in the first half-year 2005, following EUR -5.9 million in first half-year 2004. The earnings per share stand at EUR -1.56 following EUR -1.09.
At the end of June 2005, orders on hand included purchase contracts for 350 wind turbines, with a total nominal output of 652.5 megawatts. This is the highest level since the formation of REpower Systems AG. In view of the high level of orders on
hand, from today’s perspective the objective of installing 200 turbines in 2005 will at least be achieved. The international share should be approximately 60 percent. For the whole year, REpower continues to expect that the result will be higher than the previous year. What is more, a strong increase in the number of installations is indicated for the first half of 2006. In total, the installation of at least 100 turbines is expected for this period. For the 2006 financial year, REpower thus anticipates a return to the profitable growth track of previous years. On an EBIT basis, the result should be in a double-digit million Euro range.
Key figures REpower Systems group
REpower Systems AG is active in the sunrise market of wind power. The company's range of business services includes the system development, licensing, production and marketing of wind turbines. This is supplemented by a comprehensive after sales service. Because of its presence in the decisive stages of the value creation chain, REpower has powerful overall competence in wind energy. With more than 560 employees, the company headquartered in Hamburg can rely on its experience in the production and installation of more than 1000 wind turbines worldwide. The high-quality, technologically sophisticated turbines are designed in the development centre in Rendsburg and produced in the plants in Husum (North Frisia) and Trampe (Brandenburg). The internationally expanding company is represented through subsidiary companies and joint ventures in France, Greece, Great Britain, Italy, Portugal and Spain as well as in Australia.
REpower Systems AG
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Phone:+49 - 40 - 53 93 07- 14
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