REpower Systems AG announces financial figures for first quarter 2009/10 (2009/04/01 – 2009/06/30)

  • Sales increase to EUR 300.7 million
  • Operating profit on previous year’s level
  • Net profit at EUR 2.2 million

Hamburg: REpower Systems AG (WKN 617703) posted sales of EUR 300.7 million in the first quarter of fiscal year 2009/10 compared to EUR 231.8 million in the same period of the previous year (comparison period 01 April to 30 June 2008). Therewith, sales rose tight 30 percent. The operating result (EBIT) increased moderately in the reporting period from EUR 10.2 million to EUR 10.7 million. After taxes and interest this results in positive net earnings of EUR 2.2 million after EUR 5.9 in the corresponding period last year.

In the period from April to June 2009, REpower Systems AG installed and recognized in income 83 wind turbines (previous year: 138 turbines) with a total rated power of 170.0 megawatts (previous year: 276.0 megawatts). The international share of output in relation to wind turbines which made up sales was over 94%.

Including the financial data for the consolidated investment companies, the Group’s total operating performance amounted to EUR 287.1 million, compared with the total operating performance of the corresponding period last year of EUR 240.9 million. Sales increased year-on-year from EUR 231.8 million to 300.7 EUR million.

Earnings before interest and taxes (EBIT) for the period from April to June 2009 amounted to EUR 10.7 million, compared to EUR 10.2 million in the same period of the previous year. Net earnings in reporting period stood at EUR 2.2 million, compared to EUR 5.9 million. The further acquisition of shares of REpower Systems AG through the Suzlon Group caused the dissolution of tax loss carry-forwards. This resulted in an increased tax rate of 56 percent for the reporting period.

At the end of the period under review, the order backlog amounted to 574 wind energy turbines (same period of previous year: 718 turbines) with a total rated power of 1.230,45 megawatts (same period of previous year: 1,522.60 megawatts). This corresponds to a contractually confirmed volume of around EUR 1.45 billion (as per end of June 2008: EUR 1.61 billion).

Against the background of the uncertain global economic situation, REpower has already pointed out increased risks of project delays, some of which occurred in the first quarter of 2009/10 in the form of postponements from the first half of the year to the second. In the event of further project delays, the company believes that an impact on future performance in fiscal year 2009/10 is possible, with the result that sales and earnings are likely to be at the bottom end of the forecast as things stand. REpower had envisaged sales of EUR 1.4 billion to EUR 1.5 billion and an EBIT margin of 7.5 % to 8.5 % for the fiscal year.