LM Glasfiber increased sales by 43% while improving profitability. In terms of MW, sales rose to 4,100MW from 3,000MW in 2005.
Sales in 2006 amounted to DKK 3,539 million up from DKK 2,469 million in 2005. Earnings before interest, taxes, depreciation, amortisation and special items (EBITDA) amounted to DKK 796 million against DKK 416 million in 2005 and operating profit (EBIT) amounted to DKK 401 million against DKK 160 million in 2005. Operating profit as a percentage of sales improved from 6.5% in 2005 to 11.3% in 2006. Investments, which in 2006 related primarily to capacity expansions in China and North America as well as the development of new blade designs and moulds were DKK 298 million. Free cash flow increased to DKK 217 million compared with DKK 56 million in 2005 due mainly to the increase in operating profit. For 2007, LM Glasfiber forecasts sales growth of at least 25%, and operating profit is expected to represent at least 10% of revenue.
