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Windtech International May June 2024 issue






LM Wind Power’s revenues for the 12 months to 31 December 2010 were 727.5 million, a decline of 6.4% compared to 2009.  Profit margin (EBITDA) on ordinary activities, before impairment and special items of € 125.1 million was also down 9% from the 137.4 million we achieved in 2009.

The geographic breakdown of turnover was:
  • € 308.3 million for Europe (down 29% from € 434.9 million in 2009),
  • € 182.8 million for North America, (down 19% from 226.0 million 2009).
  • Declines in Europe and North America were balanced by increases in China and India. In the latter two countries, sales rose 103% to € 236.4 million (from € 116.5m 2009), with a stronger position in high growth markets offsetting continued sluggishness in our traditional markets.
Despite lower turnover the company increased its market share in North America from 12% to 27%, while Europe saw a modest decline from 23% to 18% year on year. In 2010, 32% (15% in 2009) of the company’s sales came from these critical growth markets and their estimated market share for blades is 11% in China (6% 2009) and 28% in India (38% 2009).

Conditions in the brakes marketplace were particularly tough in the year with significant volume and price pressure in evidence. While Svendborg Brakes remains profitable and cash generative, the significant growth anticipated when the company was purchased is unlikely to materialize. This is despite the fact that many actions have been taken to improve performance. Management has consequently reconsidered the carrying value of the investment and has decided to write down the value of the company to € 142.3 million from € 525.6 million, an impairment of goodwill amounting to € 383.3 million.
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