Herausgeber: REpower Systems AG
REpower Systems AG: final business figures for 2005 - Orders on hand increased by more than 50 percent - BWE Service Ranking: REpower No. 2
Hamburg, 9 March 2006. REpower Systems AG (WKN 617703) achieved total operating performance of EUR 335.1 million (PY: EUR 301.4 million) in the 2005 financial year. In the reporting period, sales totalled EUR 328.1 million (PY: EUR 320.7 million). At minus EUR 4.3 million, the operating result was slightly below the previous-year level of minus EUR 3.6 million*. Among others, this was due to non-recurring effects from the RE-Act restructuring program which negatively impacted the operating result by approximately EUR 7.0 million. The net result improved from minus EUR 9.6 million* in the previous year to minus EUR 6.8 million.
For the first time, REpower generated more sales outside Germany than domestically. Thus the French subsidiary, REpower S.A.S., installed 69 wind turbines in France and in Belgium with a total operating performance of 129 megawatts last year. Over the whole year, the share of foreign installed performance increased from 31.9 percent to 72.4 percent. Related to sales, the international share was 73.1 percent after 32.7 percent in the previous year.
In the financial year, sales increased from EUR 320.7 million to EUR 328.1 million. In 2005, EBIT at minus EUR 4.3 million was just under the previous-year figure of minus EUR 3.6 million*.
The slight downturn was among others due to non-recurring effects from the restructuring totalling EUR 7.0 million. In the personnel area this included settlements totalling approximately EUR 1.4 million and other operating expenses not relating to the accounting period of EUR 2.0 million, higher expenditure for interim management as well as legal and consultancy costs of EUR 2.7 million and a loss on receivables from electricity feed revenues of EUR 0.9 million. Furthermore, the planned savings potential from the RE-Act efficiency improvement program was not completely achieved in the Purchasing unit, as strong market growth in 2005 resulted in a considerable shortage of some key components for wind turbines.
Earnings after tax improved from minus EUR 9.6 million* to minus EUR 6.8 million.
Due to cancelled contracts as a result of planning permission not being granted, the order book was adjusted by a total 44 wind turbines. However, overall it still increased considerably.
As of 31 December 2005, the orders on hand could have been increased by more than 50 percent from 231 wind turbines with a total operating performance of 421.5 to 350 wind turbines with a total operating performance of 660.0. The orders on hand are including orders contracted in 2005 for 232 wind turbines with a total operating performance of 444.0 megawatts.
Last year, the price level for wind turbines improved considerably. In the reporting period, an average price of EUR 853,726 per megawatt was achieved for incoming orders, while for orders from previous years, an average price of EUR 730,175 per megawatt was obtained.
Furthermore, in the annual survey conducted by the Federal Wind Energy Association, REpower maintained its position as the second best manufacturer with an average figure of 2.54 (where1 is the best mark), behind Enercon, the competitor which has held the No. 1 position for years. Siemens is ranked No. 3. The survey was conducted among the 2,023 operators registered in the Federal Wind Energy Association. The change propensity of REpower customers remains 0.0 percent i.e. no operator wants to change from REpower to another service company, even though the survey indicates that the willingness to change has increased in the overall market.
* Deviations from the figures published in the 2004 annual report result from the retrospective use
REpower Systems AG is active in the wind power industry. 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 almost 1,300 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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