euro adhoc: REpower Systems AG
Financial Figures/Balance Sheet
REpower posts
preliminary figures for 2005
Planned capital increase of EUR 2,160,599
Bertrand Durrande new Chairman of the Supervisory Board
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
23.02.2006
Hamburg, 23 February 2006. REpower Systems AG (WKN 617703) installed 201 wind turbines in the 2005 financial year, following 161 turbines in the previous year. There was a considerable increase of 33.3% in installed output from 274.5 megawatts in 2004 to 366 megawatts. This corresponds to an overall result of EUR 336 million and sales of EUR 331.0 million for the reporting period. The overall result totalled EUR 301.4 million with sales of EUR 320.7 million in the previous year. The export share thus increased from 31.9 to 72.4% with regard to the new installations.
At EUR -4.3 million, earnings (EBIT) were slightly below the previous year's level of EUR -3.4 million. Net loss was down from EUR -9.3 million in the 2004 financial year to EUR -6.3 million. Earnings per share increased accordingly from EUR -1.72 to EUR -1.11 (undiluted).
The number of employees in the REpower Systems Group was up by 44 from 587 to 631 employees in 2006. This increase of around 7.5 percent relates primarily to the areas of Technology, Service and Development.
REpower anticipates considerable sales growth and a positive operating result for the current financial year. The Board of Management is aiming to increase capital by using the remaining authorised capital to finance further growth. Some of the funds are to be used to integrate rotor blade production into the value-added chain at REpower Systems AG. The Supervisory Board today adopted a resolution approving the planned capital increase.
The plan is to increase capital, which currently stands at EUR 5,941,198.00, by a provisional amount of EUR 2,160,599.00 for cash investments to a provisional total of EUR 8,101,797.00 and to issue 2,160,599 no-par value ordinary shares in the holder's name at an issue price of EUR 1.00 per share with entitlement to dividend from 1 January 2005. It is also planned that Dresdner Bank Aktiengesellschaft will apply for the new shares and be responsible for offering them to company shareholders for subscription at a ratio of 3:1 between the provisional dates of 24 March and 6 April 2006. Subscription rights are to be excluded at a maximum amount of EUR 180,200.00.
The Board of Management and Supervisory Board of Repower Systems AG will determine further details regarding the capital increase and the conditions of issuing shares, in particular the purchase price at which the new shares will be offered to shareholders, before the start of the subscription period.
The Supervisory Board today elected Mr Bertrand Durrande, who is currently a shareholders representative for the main shareholder AREVA on the Supervisory Board, as its new Chairman. AREVA has also undertaken to exercise its subscription rights in full during the capital increase and to subscribe under special terms to additional shares that will not have been subscribed for by other existing shareholders and for which pre-emptive rights have been excluded.
Furthermore, REpowers CEO, Prof. Dr. Fritz Vahrenholt, was given a four-year employment contract running until April 2010, and an option to extend the contract for a further year.
A telephone conference will be held in English for analysts, investors and journalists in the run up to the Press and Analyst Conference on Friday, 24 February 2006 at 10:00(CET). The dial-in number is +49 (0) 69 27 113 400.
end of announcement euro adhoc 23.02.2006 17:51:58
Further inquiry note:
Thomas Schnorrenberg
Investor Relations Manager
Telefon: +49(0)40-53930-723
E-Mail: t.schnorrenberg@repower.de
Branche: Alternative energy
ISIN: DE0006177033
WKN: 617703
Index: Prime All Share, CDAX, Technologie All Share
Börsen: Frankfurter Wertpapierbörse / regulated dealing/prime
standard
Börse Berlin-Bremen / free trade
Hamburger Wertpapierbörse / free trade
Baden-Württembergische Wertpapierbörse / free trade
Börse Düsseldorf / free trade
Bayerische Börse / free trade