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LM Glasfiber’s revenues for the 12 months to 31 December 2008 increased by 53%. Capacity was increased in key markets by the addition of two new factories and new production lines in existing plants.
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Revenues in 2008 amounted to € 885 million up from € 579 million in 2007. All LM Glasfiber's regions contributed to the sales increase and in particular the North American and Chinese markets recorded strong growth. Operating profit amounted to € 91 million compared to a loss of € 40 million in 2007. Earnings before interest, taxes, depreciation, amortization and special items (EBITDA) amounted to € 145 million compared with € 75 million in 2007. Investments related primarily to strategic investments was € 161 million compared with € 73 million in 2007. Total new capacity added in 2008 amounted to approximately 2,000MW. Cash flow from operating activities amounted to € 101 million compared with € 2 million in 2007. Financial reserves at the end of the year amounted to € 138 million compared with € 66 million in 2007.
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