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LM Glasfiber announces financial results for 2007 |
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Wednesday, 23 April 2008 |
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LM Glasfiber's sales continued its growth trend as
they increased their capacity through new factories in key markets as well as
through significant manufacturing throughput improvements.
In terms of MW,
sales rose to 4,950MW from 4,100MW in 2006. The growth in sales however
did not
translate into increased profits as LM Glasfiber experienced
significant
growing pains in connection with the ramp-up of its Spanish operations.
Sales
in 2007 amounted to DKK 4,310 million up from DKK 3,539 million in
2006. Earnings
before interest, taxes, depreciation, amortisation and special items
(EBITDA)
amounted to DKK 559 million against DKK 796 million in 2006. In 2007
however, the
company incurred an operating loss (EBIT) amounting to DKK 297 million
against
an operating profit of DKK 401 million in 2006. Investments, which in
2007
related primarily to new factories in China, India and Spain and
additional capacity increases in North America and Spain were DKK 582
million. Total new capacity added in 2007 amounted to
approximately 1,000MW. Free cash flow declined to DKK -527 million
compared
with DKK 217 million in 2006 due mainly to the decrease in operating
profit. Financial
reserves at the end of the year amounted to DKK 489 million compared
with DKK
336 million at 31 December 2006.
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