REpower successful in challenging environment

(PresseBox) ( Hamburg, )
- Total operating performance EUR 1,324.5 million (up 8.5%)
- Operating result (EBIT) EUR 98.3 million (up 27.9%)
- Net income EUR 57.9 million (up 11.5%)
- Order backlog EUR 2.1 billion (up 40%)
- Dividends of EUR 1.57 per share proposed
- In 2010/11 improvement in turnover and result expected

In the financial year 2009/10 REpower Systems Group (WKN 617703) once again increased its overall performance and turnover in a challenging market environment and simultaneously improved the operating result by a greater proportion. Sales increased to EUR 1,303.6 million (preceding year: EUR 1,209.1 million), total operating performance rose to EUR 1,324.5 million (preceding year: EUR 1,220.5 million). At EUR 98.3 million, there was a much more noticeable increase in the group operating result before interest and taxes (EBIT) (preceding year: EUR 76.9 million) than in turnover and overall performance. The net income (result after taxes) rose from EUR 51.9 million in the preceding year to EUR 57.9 million. As of 31 March 2010, the order status included projects having a potential sales volume of approx. EUR 2.1 billion (31 March 2009: approx. EUR 1.5 billion).

For the REpower group, the financial year 2009/10 was operationally the most profitable year, with the highest turnover in the history of the company to date. "We were successful in a challenging environment and we are confident about the future", said the Chairman of the Executive Board, Per Hornung Pedersen, at the Press and Analyst Conference in Frankfurt a.M. on Friday.

As of the balance sheet date (31 March 2010), REpower employed 2,097 employees worldwide, and thus 322 persons or approx. 18% more than at the presentation of the balance sheet date in the previous year.

Sales and total operating performance rose throughout the group by 7.8% and 8.5% to EUR 1,303.6 million and EUR 1,324.5 million. Simultaneously, the EBIT margin of 6.3% improved to 7.4%; this corresponds to an EBIT of EUR 98.3 million (27.9% up on the previous year's figure of EUR 76.9 million).

"Thus, we are about to achieve our ambitious goals", continued Pedersen. "With an equity ratio of over 46%, almost no interestbearing financial liabilities and an operational cash flow of EUR 119.3 million, in terms of our balance sheet and finances we are extremely well equipped for the future. Furthermore we managed to decrease the net working capital ratio from 18.3% in the preceding year to 14.8%.", added Derrick Noe, Chief Financial Officer of REpower Systems AG.

After deducting interest and taxes, a net income of EUR 57.9 million shows - in comparison to 51.9 million in the fiscal year 2008/09 - an increase of 11.5%.

As of 31 March 2010, the order backlog included purchase agreements having a potential sales volume of approx. EUR 2.1 billion (as of 31 March 2009: approx. EUR 1.5 billion). That means a considerable leap of 40%, whereas especially orders of large scale wind turbines (3 to 6 MW class) increased. The figures exclusively comprise the batches bindingly ordered within the scope of project agreements, as well as oncall orders arising from framework agreements.

The shareholders should also participate in the successful company performance of the past year. The Executive Board and the Supervisory Board propose to the Annual General Meeting to pay a dividend of EUR 1.57 per share for 2009/10. The Supervisory Board of REpower Systems AG approved REpower Systems AG's annual financial statement presented by the Executive Board, as well as the consolidated financial statement of the REpower Group, and went along with the Management's dividend proposal. Accordingly, the Executive Board and the Supervisory Board will at the Annual General Meeting - expected to take place on 20 August 2010 - propose resolving a dividend of EUR 1.57 per share (preceding year EUR 0.00) for the financial year 2009/10.

"We wish to retain our profitable growth trend in future, and thus continue to expand our position on the international wind energy market", remarked Pedersen in regard to the prospects for the financial year 2010/11. From the presentday perspective, the management expects a 10 - 20% increase in the overall performance of the Group: this corresponds to approx. EUR 1.5 to 1.6 billion. This forecast accompanies an increase in the operating result margin (EBIT margin) to 7.5 - 8.5%. The expected profitability trend is largely based on economies of scale, as well as on a further reduction of the cost of basis materials. As in the preceding year, it is expected that the greater proportion of the budget will be realised in the second half of the year.
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