REpower Systems AG announces financial figures for the first half year 2007

Sales increase to EUR 200.2 million/ Orders on hand jump over 1,000 MW/ More than 300 new jobs created

(PresseBox) ( Hamburg, )
REpower Systems AG (WKN 617703) increased sales by 12.2% to EUR 200.2 million in the first half of 2007 compared with EUR 178.5 million in the same period of the previous year. The operating result (EBIT) was at EUR 0.3 million compared to EUR 2.4 million in the reference period 2006. Orders on hand once more increased significantly from 821.5 MW in 2006 to 1,028 MW. In the light of the high number of orders, REpower anticipates that the strong growth course will continue in 2008 and 2009 and has therefore hired 336 new employees since 30 June 2006.

In the period from January to June 2007, REpower Systems AG recognised 84 turbines with a total output of 161.0 megawatts in income. In the previous year, RE-power had installed 125 turbines with a total rated output of 233.0 MW and 17 turbines that were already recognised in line with the percentage of completion method in 2005. As it was the case in the first quarter, this decline originated from delays on the part of suppliers. As a result of these delays, a large number of wind energy turbines was not fully completed as of the balance sheet date. As these turbines are measured in line with their degree of completion, the low number of installations had only a limited impact on the Group’s total operating performance, sales and earnings.

The Group’s total operating revenue amounted to EUR 230.9 million, compared with the total operating revenue of EUR 178.5 million recorded in the first half of 2006. Sales increased year-on-year from EUR 178.5 million to EUR 200.2 million. Earnings before interest and taxes (EBIT) for the period from January to June amounted to EUR 330.0 thousand, compared with EUR 2,373.5 thousand in the same period of the previous year. Net earnings amounted to EUR 43.8 thousand in the first six months of 2007 compared to EUR 944.3 thousand.

Improved financial management and the rise in cash generated an increase in interest income. As a consequence, the financial result improved year-on-year from EUR –0.9 million to EUR 0.7 million.

At the end of the period under review, the order backlog consisted of 509 wind energy turbines (previous year: 430) with a total rated output of 1,028.0 megawatts (previous year: 821.5 megawatts), an increase of 25.2 percent. Orders with a total volume of 408 MW, which have been announced in the last six weeks, are not included. The order backlog was revised by one order of all in all 50 MM70 turbines as REpower no longer considers it probable that this project will be implemented.

In order to face the continuing growth, REpower has hired 336 new employees since 30 June 2006, thereof 86 outside Germany. As of 30 June 2007, the REpower Systems Group had a workforce of 1,010 as against 674 in the same period of the previous year.

REpower is expecting sales volume to rise to EUR 650 million in 2007 with an EBIT margin between 3.0% and 4.5%. For 2008, REpower plans to increase sales to EUR 900 million with a further improved EBIT margin.

A telephone conference for analysts and journalists will take place on 14 August 2007 at 10 am (CET). The dial-in number is +49-30-86 871 790. The original conference call recording can be downloaded from our website www.repower.de.
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