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LM Glasfiber’s revenues up 53% in 2008

LM Glasfiber saw a 53% jump in revenues to €885 million and recorded an operating profit of €91m in 2008.

LM Glasfiber's operating profit of €91m compared to a loss of €40m in 2007. The improvement is said to be due to higher revenue, a significant reduction in provisions for the retrofitting of delivered wind turbine blades, and a turn-around of the Spanish operations.

Earnings before interest, taxes, depreciation, amortisation and special items (EBITDA) amounted to €145m, almost double (93%) compared with 2007 for the wind turbine blade manufacturer.

Total new wind capacity added in 2008 amounted to approximately 2 GW.

Outlook

Looking ahead to 2009, LM Glasfiber says the impacts from the global credit crunch became visible in the wind industry in the last quarter of 2008, and that consequently, wind park development was delayed due to the difficult conditions for financing.

For 2009 LM Glasfiber expects global market growth to “decline due to significant project delays and we do not expect our total sales to increase.”

Steps are being taken to adjust capacity to maintain competitiveness.

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