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LM Wind Power’s revenues for the 12 months to 31 December 2009 were € 777 million, a decline of 12% compared to 2008. Operating profit amounted to € 52 million compared to € 91 million in 2008.
Earnings before interest, taxes, depreciation, amortization and special items (EBITDA) amounted to € 147 million compared with € 145 million in 2008. Cash flow from operating activities decreased from € 100.8 million in 2008 to € 70.8 million in 2009.?The effects of the credit crisis, which made access to funding of new wind park developments more difficult and time-consuming to secure, significantly curtailed the pace of growth of the wind industry in €opean markets, in particular. However prompt restructuring actions and a strong focus on efficiency improvements, both in terms of productivity and waste minimization, helped significantly dampen the impact on profitability from the drop in sales. The acquisition of Svendborg Brakes on July 31st further strengthens the market position of the whole Group. 2009 revenue includes 5 months of Svendborg Brakes revenue, amounting to € 35 million. Excluding this contribution, therefore, sales revenue was 16% down in 2009 compared with 2008. The company reduced its manufacturing footprint in Spain, Denmark, India and Germany but expanded in China to capitalize on strong growth.
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