LM Glasfiber increased sales by 10% . Positioning in key growth markets pushed LM Glasfiber's 2005 blade sales to an all time high of 3,000 MW up 15% on 2004.
-
Sales in 2005 amounted to DKK 2,469 million up from DKK 2,254 million in 2004.
-
Earnings before interest, taxes, depreciation, amortisation and special items (EBITDA) amounted to DKK 416 million against DKK 513 million in 2004, and operating profit before special items (EBIT) amounted to DKK 246 million against DKK 331 million in 2004.
-
Investments which in 2005 related primarily to the development of new blade types and moulds and other equipment for their manufacture as well as capacity increases in China and North America, increased by DKK 174 million to DKK 368 million affecting free cash flow which was DKK 56 million compared with DKK 166 million in 2004.
-
Sales growth more than doubled previous expectations while operating profit as a percentage of sales was less than expected due to a surge in raw material prices, substantial costs of capacity expansions in North America and poor capacity utilisation in our factories in Denmark and Spain in the first half of the year.
-
In 2006, LM Glasfiber expects a sales growth of at least 25% and operating profit is expected to represent at least 10% of revenue.
