REpower Systems AG Announces 2010/11 Half-year Figures (April 1, 2010 – September 30, 2010)

• EBIT rises despite decline in revenue
• Net result climbs 24.6% to EUR 21.8 million

In the period from April 1 to September 30, 2010, REpower Systems AG (WKN 617703) generated a total performance of EUR 515.2 million (previous year: EUR 617 million) and group revenue of EUR 499 million (previous year: EUR 609.7 million). The operating result rose to EUR 34.3 million from EUR 31.3 million in the first half of 2009/10. After interest and other financing expenses, earnings before tax for the reporting period amounted to EUR 33.4 million compared with EUR 26.5 million in the corresponding period of the previous year. The net result improved by 24.6%, increasing from EUR 17.5 million to EUR 21.8 million.

In the first half of fiscal year 2010/11, the REpower Systems Group generated a total operating performance of EUR 515.2 million, a decline of 16.5% compared with the corresponding period of the previous year (EUR 617 million). Revenue also decreased, dropping from EUR 609.7 million to EUR 499 million year-on-year. In contrast, EBIT rose by 9.6% from EUR 31.3 million to EUR 34.3 million, while earnings before tax climbed 26% from EUR 26.5 million to EUR 33.4 million. After taxes, the net result for the first half of fiscal year 2010/11 amounted to EUR 21.8 million, an increase of 24.6% compared with the relevant period of the prior year.

The order situation developed positively during the reporting period: In the first six months of fiscal year 2010/11, the company posted incoming orders with a total rated capacity of around 565 MW (previous year: 437 MW). As at September 30, 2010, the order backlog was 2,254 MW, significantly higher than the 1,307 MW recorded at the previous year’s reporting date. On the reporting date, the contractually-secured order volume amounted to EUR 2.58 billion following a figure of EUR 1.60 billion at the end of September 2009. Installation figures rose slightly: In the reporting period, the company set up or installed wind turbines with a total rated capacity of 399 MW, an increase of 3.4% compared with the first half of fiscal year 2009/10 (386 MW).

For fiscal year 2010/11 as a whole, REpower Systems AG most recently forecast an increase in total performance for the group to EUR 1.5-1.6 billion as well as an operating profit margin (EBIT margin) of between 7.5% and 8.5%. The Executive Board has confirmed these targets, but would like to emphasize that uncertainty regarding the achievement of its goals has increased significantly due to a growing number of projects postponed by customers.

[mappress]

Source: repower, November 12, 2010;