REpower revises earnings forecast for 2004

REpower Systems AG has achieved a total output in the 2004 fiscal year equalling the previous year’s level. However, contrary to the original forecasts for 2004, it will fall considerably short of the previously expected earnings before interest and tax (EBIT) by an amount between € 5 and 10 million. The variance is essentially due to unforeseen costs related to major international projects that were first implemented at the end of 2004. Last year, REpower erected 161 turbines, of which 112 are in Germany and 49 elsewhere. Nevertheless, a positive cash flow will be achieved overall for 2004. The Chairman of the Board, Prof Dr Fritz Vahrenholt, stated that REpower’s future lies abroad. Because of the increasing importance of foreign business and the consequential expansion of the project management abroad, a task force has already been established that, with external support, will analyse the corporate structures abroad in order to create the basis for profitable foreign growth.