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In the first six months of 2005, the LM Glasfiber Group posted revenue of DKK 1,099 million, up 20% on the same period of 2004. The revenue increase was attributable to a higher level of activity in North America and Asia and a change in sales seasonality in Northern Europe. The sales increase is expected to be partially balanced out later in the year. Operating profit (EBIT) fell 6% from DKK 95 million to DKK 89 million. The lower profit is due in part to the fact that they have invoiced a greater proportion of their sales in USD in the first quarter of 2005. The other reason for the lower profit is raising prices of composite materials such as resin, carbon fibres and core materials. LM Glasfiber recorded a DKK 29 million improvement in pre-tax financial performance during the first six months of 2005, from a loss of DKK 2 million last year to a profit of DKK 27 million this year. In addition to the above-mentioned revenue increase, the improvement is attributable to a DKK 21 million decline in net interest expenses due to lower interest rates and due to repayment of our Equity Bridge loan in April 2004. During the first six months of 2005, LM Glasfiber delivered 3,615 blades, corresponding to 1,308 MW. This constitutes an increase of 23% in supplied MW relative to the year-earlier period.
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