REpower Systems AG Corporate Presentation
September 2009 “Of all the forces of nature, I should think the wind contains the largest amount of motive power – that is, power to move things.”
…… Abraham Lincoln (1859)
“We will harness the sun and the winds and the soil to fuel our cars and run our factories […] All this we can do. And all this we will do.”
…… Barack Obama (2009)
2 There are four good reasons for the growth of renewable energies.
Scarce resources
Import dependency RENEWABLERENEWABLE Climatic change ENERGIESENERGIES
Growing energy demand
3 Agenda
At a glance
Market
Company
Technology
Projects
Financials & Outlook
4 Fiscal year 2008/09 at a glance.
ExpansionExpansion InnovationsInnovations OffshoreOffshore milestonesmilestones ofof capacitiescapacities
StartStart ofof 5M5M serialserial ProductProduct launchlaunch ofof upgradedupgraded ConstructionConstruction startstart ofof newnew productionproduction inin thethe newnew offshoreoffshore turbineturbine REpowerREpower R&DR&D CentreCentre offshoreoffshore manufacturingmanufacturing andand 6M6M (Osterrönfeld, Germany) (Osterrönfeld, Germany) logisticslogistics centrecentre
ProductProduct launchlaunch ofof newnew StartStart ofof rotorrotor bladeblade CompletionCompletion ofof firstfirst fullyfully onshoreonshore turbineturbine REpowerREpower productionproduction inin thethe newnew rotorrotor approvedapproved BelgiumBelgium offshoreoffshore 3.XM3.XM bladeblade facilityfacility windwind farmfarm „Thornton„Thornton Bank“Bank“
StartStart ofof serialserial productionproduction ofof FrameworkFramework agreement:agreement: NewNew rotorrotor bladeblade designdesign MM-seriesMM-series inin thethe newnew supplysupply ofof 250250 REpowerREpower RE50.8RE50.8 forfor 3.XM3.XM turbinesturbines facilityfacility inin OliveiraOliveira dede 5M/6M5M/6M offshoreoffshore turbinesturbines toto Frades,Frades, PortugalPortugal RWERWE InnogyInnogy GmbH GmbH
5 Q1 2009/10 at a glance.
FinanceFinance & & FairsFairs && exhibitionsexhibitions CurrentCurrent projectsprojects shareholdershareholder situationsituation
MarketMarket entryentry intointo Poland:Poland: REpowerREpower exhibitsexhibits 3.XM3.XM CompletionCompletion ofof growthgrowth windwind farmfarm “Leki“Leki Dukielskie“ Dukielskie“ modelmodel atat HannoverHannover finance:finance: REpowerREpower raisedraised completed;completed; “Bukowsko““Bukowsko“ to to IndustrialIndustrial FairFair EUREUR 600.0600.0 millionmillion bebe completedcompleted stillstill inin 20092009
InternationalInternational Fairs:Fairs: REpowerREpower andand ValoremValorem CompletionCompletion ofof MartiferMartifer WindpowerWindpower 2009 2009 FairFair agreeagree onon thethe supplysupply ofof 2121 stakestake acquisition:acquisition: (Chicago);(Chicago); All-EnergyAll-Energy 20092009 windwind turbinesturbines forfor onshoreonshore SuzlonSuzlon now now ownsowns 90.72%90.72% (Aberdeen)(Aberdeen) projectsprojects inin FranceFrance ofof REpower’sREpower’s share share capitalcapital
6 Innovations: High-tech offshore and onshore.
REpower 6M RatedRated power:power: 6.15 6.15 MWMW RotorRotor Ø:Ø: 126 126 m m HubHub height:height: offshore offshore aroundaround 80-9580-95 mm onshoreonshore aroundaround 100100 m m RatedRated windwind speed:speed: 14.0 14.0 m/secm/sec Certification:Certification: IEC IEC 1b,1b, GLGL OffshoreOffshore TK1TK1
REpower 3.XM RatedRated powerpower :: 3.30 3.30 MWMW RotorRotor Ø:Ø: 104 104 m m HubHub height:height: 78-80 78-80 // 98-10098-100 m m RatedRated windwind speed:speed: 12.512.5 m/secm/sec Certification:Certification: up up toto IECIEC 2a2a
7 Expansion of capacities: Bremerhaven & Osterrönfeld.
Osterrönfeld/GermanyOsterrönfeld/Germany REpower 5M/6M production hall
LayingLaying ofof thethe foundationfoundation stonestone forfor thethe newnew R&DR&D CentreCentre PowerBlades Rotor blade factory
Bremerhaven/GermanyBremerhaven/Germany
StartStart ofof serialserial productionproduction ofof rotorrotor bladesblades andand 5M5M turbinesturbines inin thethe newnew offshoreoffshore manufacturingmanufacturing && logisticslogistics centrecentre
8 Offshore milestones: Belgian wind farm Thornton Bank.
Completion of Phase I (30 MW)*
Customer: C-Power Location: Belgian North Sea, close to Zeebrügge Turbine type: REpower 5M Number of turbines: 6 Total rated power: 30 MW Rotor diameter: 126 m
* Total capacity planned for 3-phase project Thornton Bank: 300MW; Start of phase II in 2010; Start of phase III in 2012. 9 Agenda
At a glance
Market
Company
Technology
Projects
Financials & Outlook
10 The global wind industry 2008 – continuous growth.
CumulativeCumulative installedinstalled capacity:capacity: 120,791.0 120,791.0 MWMW (+28.7%(+28.7%*)*) NewNew installedinstalled capacity:capacity: 27,056.0 27,056.0 MWMW (2007:(2007: 20,076.020,076.0 MW)MW)
Top 5 growth markets 2008 (MW):
USA 8,358.0
China 6,300.0
India 1,800.0
Germany 1,665.0
Spain 1,609.0
Source: Global Wind Energy Council (GWEC) / Statistics, January 2009 * Compared to previous year 11 BTM Consult expects further global market growth.
Annual/Cumulative installed capacity (MW) Americas Europe Asia/Pacific RoW Total world accumulated
70,000 400,000
60,000 350,000
300,000 50,000 15,300 250,000 40,000 13,400 12,400 200,000 30,000 10,300 20,150 18,080 150,000 8,201 9,650 20,000 15,900 13,505 100,000 9,179 11,580 10,000 16,200 18,300 50,000 12,450 9,527 7,650 10,450 0 0 2008 2009e 2010e 2011e 2012e 2013e Source: BTM Consult Aps – World market update, March 2009. 12 Make Consulting projects a slump in new installations in 2009.
Annual/Cumulative installed capacity (MW)
Americas Europe Asia/Pacific RoW Total world accumulated 60,000 350,000
50,000 300,000
250,000 40,000 15,870 13,800 200,000 30,000 11,930 10,320 17,210 150,000 20,000 6,980 15,600 7,800 12,590 100,000 11,345 7,885 10,000 7,130 15,600 50,000 11,600 13,000 9,000 7,200 9,700 0 0 2008e 2009e 2010e 2011e 2012e 2013e
Source: MAKE Consulting – World market update, October 2008 13 European wind industry 2008 – still outstanding.
CumulativeCumulative installedinstalled capacity:capacity: 65,946.0 65,946.0 MWMW (+15.0%*(+15.0%*) ) NewNew installedinstalled capacity:capacity: 8,877.0 8,877.0 MWMW (2007:(2007: 8,554.08,554.0 MMW)W)
Offshore on the rise: planned offshore wind farms for 2015 (MW):
Germany 10,927.5
United Kindom 8,755.8
Sweden 3,312.0
Netherlands 2,833.8
Spain 1,976.4
Belgium 1,446.0
Source: European Wind Energy Association (EWEA) / Offshore Statistics, January 2009 * Compared to previous year 14 Offshore boom in Europe is expected in 2011/2012.
Annual/Cumulative installed capacity (MW)
Europe Rest of World Total world accumulated 4,500 12,000
4,000 10,000 3,500
3,000 8,000
2,500 6,000 2,000 3,779 4,000 1,500 2,741 1,000 1,500 2,000 500 810 344 0 0 2008 2009e 2010e 2011e 2012e
Source: BTM Consult Aps – World market update, March 2009. 15 Wind industry 2008 in Germany – stable domestic market.
CumulativeCumulative installedinstalled capacity:capacity: 23,903.0 23,903.0 MWMW (+7.4%*)(+7.4%*) NewNew installedinstalled capacity:capacity: 1,665.0 1,665.0 MWMW (2007:(2007: 1,667.01,667.0 MMW)W) RealReal energyenergy feed-in:feed-in: 40.34 40.34 TWhTWh CO2CO2 avoidance:avoidance: 34.61 34.61 mm tonstons
Ambitious offshore plans
UntilUntil 20152015 projectsprojects withwith aa totaltotal ratedrated powerpower ofof mormoree thanthan 10,00010,000 MWMW areare toto bebe realisedrealised inin GermanGerman NorthNorth SeaSea andand BalticBaltic Sea.Sea.
* Compared to previous year 16 Wind power tariff converges towards EEX base load tariff.
Development of the feed-in tariffs against EEX base load tariff. Ct./kWh 10 9 8 7 6 5 4 3 2 1 0 2004 2005 2006 2007 2008 Q1/09
EEX-Baseload Remuneration for new wind turbines, weak wind Basic Renewable Act remuneration 17 Agenda
At a glance
Market
Company
Technology
Projects
Financials & Outlook
18 Mission vision value statement.
2020:2020: WindWind energyenergy isis expectedexpected toto bebe thethe costcost cuttercutter inin thethe energyenergy mix.mix. 2012:2012: ElectricityElectricity fromfrom windwind energyenergy isis expectedexpected tt oo bebe producedproduced atat primeprime VISIONVISION costscosts ofof fossilfossil powerpower plants.plants. REpower’sREpower’s long long termterm goalgoal isis aa leadingleading positionposition in in thethe offshoreoffshore segment.segment.
TechnologicalTechnological leadershipleadership inin contrastcontrast toto priceprice leadeleadershiprship Continuous improvement of international market position & competitiveness MISSIONMISSION Continuous improvement of international market position & competitiveness fosteringfostering premiumpremium quality,quality, highhigh technology,technology, financifinancialal stability,stability, profitability, profitability, internationalityinternationality andand aa strongstrong corporatecorporate cultureculture
PerformancePerformance valuesvalues -- e.g. e.g. highhigh qualityquality && innovativeinnovative abilityability CommunicationCommunication valuesvalues -- e.g. e.g. respectrespect && transparencytransparency VALUESVALUES CooperationCooperation valuesvalues -- e.g. e.g. teamteam spiritspirit && reliabilityreliability EthicalEthical valuesvalues -- e.g. e.g. integrityintegrity && equalityequality (gender,(gender, origin,origin, religion)religion)
19 REpower business model.
PremiumPremium suppliersupplier TechnologyTechnology leaderleader SolutionSolution providerprovider (Quality)(Quality) (Innovation)(Innovation) (Integration)(Integration)
20 From regional master to international champion.
Turnover (EUR m) Employees Engineers REpowerREpower SystemsSystems AGAG camecame outout ofof aa mergermerger ofof thethe companiescompanies JacobsJacobs 2,000 Energie,Energie, BWUBWU undund propro ++ propro EnergiesystemeEnergiesysteme inin 2001.2001. 1,800 1,775 SinceSince 20022002 REpowerREpower SystemsSystems AGAG 1,600 isis listedlisted atat thethe GermanGerman StockStock Exchange in the Prime Standard 1,400 Exchange in the Prime Standard Segment.Segment. 1,200 1,209 SinceSince thethe formationformation ofof HamburgHamburg 1,000 basedbased REpowerREpower SystemsSystems AGAG turnoverturnover andand numbernumber ofof 800 employeesemployees increasedincreased steadily.steadily. 600 AtAt thethe samesame timetime REpowerREpower keepskeeps 400 pacepace withwith thethe rapidrapid internationalinternational 408 marketmarket growthgrowth andand extendsextends itsits global activities continuously 200 260 global activities continuously 142 25 andand strategically.strategically. 0 2001 2008/09
21 Product portfolio.
TurbineTurbine RatedRated powerpower PrototypePrototype REpowerREpower turbineturbine typetype (MW)(MW) installationinstallation characteristicscharacteristics
6.156.15 20092009 PremiumPremium qualityquality turbines Offshore Offshore turbines Offshore Offshore 5.005.00 20042004 HighHigh performanceperformance 3.303.30 20092009 ExcellentExcellent reliabilityreliability 2.052.05 20052005 SolidSolid designdesign 2.052.05 20032003
Onshore turbines Onshore Service friendliness
Onshore turbines Onshore Service friendliness 2.002.00 20022002
1.501.50 20002000 SmartSmart inin detaildetail Sold in in Sold license Sold in in Sold license 1.501.50 19981998 LowLow soundsound emissionsemissions
22 REpower worldwide.
The top 10 markets account for 88% of total global market volume 2008 (27,056 MW).
TopTop 1010 globalglobal newnew installedinstalled capacitycapacity 20082008 (MW)(MW) REpowerREpower worldwideworldwide
USA 8,358 China 6,300 India 1,800 Germany 1,665 Spain 1,609
Italy 1,010 France 950 REpowerREpower isis presentpresent inin almostalmost allall toptop 1010 UK 836 growthgrowth markets:markets: Portugal 712 Europe:Europe: Germany,Germany, Italy,Italy, Spain,Spain, France,France, UK,UK, Portugal,Portugal, BelgiumBelgium Canada 523 Worldwide:Worldwide: USA,USA, Canada,Canada, China,China, Japan,Japan, RoW 3,293 AustraliaAustralia
Source: Global Wind Energy Council (GWEC); www.gwec.net. 23 REpower in Europe and the USA.
REpowerREpower inin EuropeEurope
HeadquartersHeadquarters inin Hamburg,Hamburg, GermanyGermany ProductionProduction sitessites inin GermanyGermany andand PortugalPortugal R&DR&D andand serviceservice headquartersheadquarters inin GermanyGermany StrongStrong EuropeanEuropean salessales andand serviceservice networknetwork
REpowerREpower inin thethe USAUSA
Subsidiary:Subsidiary: REpowerREpower USAUSA Corp.Corp. SalesSales && serviceservice activitiesactivities inin NorthNorth AmericaAmerica 24 REpower in Asia/Pacific.
REpowerREpower inin AsiaAsia
Partners:Partners: Meiden,Meiden, Windey,Windey, Dongfang,Dongfang, Goldwind,Goldwind, EssarEssar JointJoint ventureventure partner:partner: REpowerREpower NorthNorth (China)(China) Subsidiary:Subsidiary: REpowerREpower SystemsSystems BeijingBeijing OfficeOffice
REpowerREpower inin AustraliaAustralia
Subsidiary:Subsidiary: REpowerREpower AustraliaAustralia SalesSales && serviceservice activitiesactivities inin AustraliaAustralia
25 Employees.
Number of employees
AG Group (without AG) 2,000 1,800 1,600 487 1,400
1,200 186 155 1,000 800 93 29 48 600 1,288 1,005 1,060 400 738 558 583 200 0 2004 2005 2006 2007 SFY 2008 2008/09
26 Employees: Qualification and geographical dispersion.
Qualification Dispersion as per 2009-03-31 Number of employees as per 2009-03-31 38
8% 236 Wind Energie Logistik 11% 213 GmbH, Germany
40% PowerBlades, 18% Germany
1,288 REpower subsidiaries 23% abroad
REpower Sytems AG, Employees with technical background Germany Engineers Administration Academics Group total: Graduands and Trainees 1,775 employees
27 Agenda
At a glance
Market
Company
Technology
Projects
Financials & Outlook
28 The inside of a MM92 nacelle.
rotor bearing and shaft gear system holding brake generator
rotor hub and pitch system lightning protection azimuth
29 MM92/82 and 6M model calculation.
AA REpowerREpower 22 MWMW turbineturbine ofof thethe MMMM seriesseries producesproduces betweenbetween 4.04.0 andand 6.56.5 millionmillion kWhkWh cleanclean electricityelectricity everyevery year.year.
ThisThis correspondscorresponds toto aa consumptionconsumption ofof approx.approx. 1,3001,300 householdshouseholds oror aroundaround 5,0005,000 personspersons ..
TheThe REpowerREpower 6M6M ,, withwith aa ratedrated capacitycapacity ofof 6.156.15 MWMW producesproduces betweenbetween 19.019.0 andand 21.021.0 millionmillion kWhkWh cleanclean electricityelectricity everyevery year.year.
ThisThis correspondscorresponds toto aa consumptionconsumption ofof approx.approx. 5,4005,400 householdshouseholds oror aroundaround 10,30010,300 personspersons ..
30 Agenda
Fiscal year 2008/09 at a glance
Market
Company
Technology
Projects
Financials & Outlook
31 Example projects in the USA.
Windy Point: Shiloh II: 75 x MM92 4 x MM92
Goodnoe Hills: 47 x MM92
32 Example projects in Asia/Pacific.
Cape Bridgewater (AUS): 29 x MM82
Mushigamine (J): Rongcheng (CN): 8 x MD70 6 x MD77
33 Example projects in Europe.
Aumelas (F): 11 x MM70 Waldhausen (GER): 7 x MM92 Ffynnan Oer (UK): 16 x MM70
Teixero (P): 7 x MD70 Caton Moore (UK): 8 x MM70 Troia (I): 19 x MM82
34 The success story of the REpower 5M.
Onshore prototype and test series
11 xx 5M:5M: onshoreonshore prototypeprototype
Location:Location: Brunsbüttel/S-H,Brunsbüttel/S-H, closeclose toto REpowerREpower informainformationtion centrecentre TestTest run:run: fromfrom NovemberNovember 20042004 InitialInitial operation:operation: FebruaryFebruary 20052005
22 xx 5M:5M: DEWI-OCCDEWI-OCC testfieldtestfield Location:Location: Cuxhaven,Cuxhaven, DewiDewi OCC OCC testtest field,field, GermanyGermany Installation:Installation: NovemberNovember 20062006 InitialInitial operation:operation: DecemberDecember 20062006
55 xx 5M:5M: windwind farmfarm BüttelBüttel
Location:Location: Büttel,Büttel, S-H,S-H, GermanyGermany InIn 20072007 soldsold toto AllianzAllianz CapitalCapital
35 The success story of REpower 5M.
Offshore Installation
Installation of REpower 5M offshore prototype at the „Beatrice“ wind farm
36 „Beatrice“: Demonstrator wind farm.
Offshore test turbines: 2 x 5M
Location:Location: MorayMoray Firth,Firth, ScottishScottish NorthNorth SeaSea WaterWater depth:depth: 4444 m,m, distancedistance toto shore:shore: 2525 kmkm InstallationInstallation andand initialinitial operation:operation: AugustAugust 20062006 (1.(1. turbine)turbine) JulyJuly 20072007 (2.(2. turbine)turbine) 37 First fully approved offshore project in Belgium.
PhasePhase 1:1: 66 xx 5M5M atat thethe BelgianBelgian windwind farmfarm „Thornton„Thornton Bank“Bank“ Location:Location: NorthNorth Sea,Sea, BelgiumBelgium (close(close toto Zeebrügge)Zeebrügge) WaterWater depth:depth: 12-27.512-27.5 m,m, distancedistance toto shore:shore: 3030 kmkm PhasePhase 2:2: 2010,2010, PhasePhase 3:3: 20122012 (planned:(planned: 300300 MW)MW) 38 Successful offshore business in 2009: Framework agreement with RWE Innogy, signed in February.
WithWith aa potentialpotential volumevolume ofof approx.approx. EUREUR 22 billion,billion, tthishis frameworkframework agreement agreement representsrepresents oneone ofof thethe largestlargest contractscontracts inin thethe histhistoryory ofof windwind industry.industry.
CustomerCustomer :: RWE RWE InnogyInnogy GmbH GmbH WindWind farm:farm: InnogyNordsee InnogyNordsee I, I, furtherfurther projectsprojects inin thethe NetherlandsNetherlands && UKUK Location:Location: German German NorthNorth SeaSea ConstructionConstruction start:start: 20112011 TotalTotal Capacity:Capacity: up up toto 250250 turbinesturbines TurbineTurbine type:type: Repower Repower 5M5M && REpowerREpower 6M6M
39 Successful offshore business in 2009: Supply contract for REpower 5M wind turbines, signed in July.
InIn JulyJuly 20092009 REpowerREpower SystemsSystems AGAG andand OrmondeOrmonde Energy Energy LLimitedimited signedsigned aa 150150 MWMW offshoreoffshore contract.contract.
CustomerCustomer :: Ormonde Ormonde Energy Energy LimitedLimited (subsidiary(subsidiary ofof Vattenfall)Vattenfall) WindWind farm:farm: Ormonde Ormonde offshore offshore windwind farmfarm Location:Location: Irish Irish Sea,Sea, 3535 kilometerskilometers offoff thethe northwestnorthwest coastcoast ofof EnglandEngland ConstructionConstruction start:start: 20112011 TotalTotal Capacity:Capacity: 150 150 MWMW (30(30 turbines)turbines) TurbineTurbine type:type: Repower Repower 5M5M
Map: location of the planned Ormonde offshore wind farm in the Irish Sea 40 Ambitious expansion plans: offshore wind farms in the German North Sea.
Horns Rev II
Sandbank 24 Dan Tysk
Butendiek Nördlicher Grund
Hochsee Windpark Nordsee Amrumbank West
Hochsee Windpark “Hedreiht” Global Tec 1 Nordsee Ost Bard Offshore I alpha ventus/ Meerwind Ost / Süd Borkum West Borkum Riffgrund West Gode Wind Nordergründe Borkum West II Innogy Borkum Riffgrund Nordsee I OWP Delta Wilhelmshaven online Nordsee I approved In the approval process
Source: Deutsche Energie-Agentur GmbH (dena), www.offshore-wind.de 41 Agenda
Fiscal year 2008/09 at a glance
Market
Company
Technology
Projects
Financials & Outlook
42 Order backlog volume.
Development of order backlog as per record date* EUR m off ngee o Chhaang arr C l YYeea issccaal FFi rioodd PPeeri
1,541 1,449 1,301 1,392 843 541
Dec 05 Dec 06 Dec 07 Mar 08 Mar 09 Jun-09
* Only firm orders with specific projects are included (no framework contracts, no contracts in negotiation). 43 Onshore order backlog.
Order backlog as per 2009-06-30: Geographical spread* (number of turbines)
USA 175 Germany France 168 UK 47 Italy Poland 82 94 8
Total: 574 turbines; 1,230.5 MW
* Only firm orders with specific projects are included (no framework contracts, no contracts in negotiation). 44 Installed capacity.
TheThe MM92MM92 turbineturbine isis REpower’sREpower’s bestseller. bestseller.
Installed Capacity in FY 2008/09 Installed Capacity in Q1 2009/10
Turbine Number of Capacity turbine Number of Capacity type turbines (MW) type turbines (MW) 6M 2 12.0 6M 1 6.0 5M 6 30.0 MM92 56 112.0 3.XM 1 3.3 MM82 26 52.0 MM92 358 716.0 Total 83 170.0 MM82 242 484.0 MM70 4 8.0 Total 613 1,253.3
45 Income statement highlights*.
EUR m Q1 09/10 Q1 08/09 FY 08/09
Total performance 287.1 240.9 1,220.5
Gross revenues 300.7 231.8 1,209.1
Gross margin 20.1 18.3 19.6
EBIT 10.7 10.2 76.9
EBIT margin (%) 3.7 4.2 6.3
Net result 2.2 5.9 51.9
* All figures according to IFRS 46 EBIT development FY 2001-2008/09*.
EUR m
76.9
26.1 28.2 18.4 12.9 12.2 3.1
-3.5 -4.3
2001 2002 2003 2004 2005 2006 2007 SFY 2008/09 2008
* All figures according to IFRS 47 Balance sheet highlights: assets*.
EUR m Q1 09/10 FY 08/09 FY 07
liquid funds 75.2 101.2 144.9
trade receivables 133.0 123.6 117.4
Inventories 267.5 240.9 112.2
Total current assets 787.7 773.4 598.2
Total non current assets 162.3 155.0 90.2
Balance sheet total 949.9 928,4 688.4
* All figures according to IFRS 48 Balance sheet highlights: liabilities*.
EUR m Q1 09/10 FY 08/09 FY 07
Short-term loans 1.7 6.4 0.5
Trade payables 144.2 149.1 108.1
Advance payments 309.1 261.2 191.6
Total current liabilities 501.4 478.9 341.3
Long-term loans 14.3 14.0 1.4
Total non current liabilities 40.9 41.1 20.8
Balance sheet total 949.9 928.4 688.4
* All figures according to IFRS 49 Cash flow statement*.
Q1 09/10 Q1 08/09 FY 08/09 EUR m
Cash flow from operating (8.5) (83.7) (30.2) activities Cash flow from investing (8.3) (17.6) (63.2) activities Cash flow from financing (4.5) (0.079) 11.2 activities Change in cash and cash (21.2) (101.4) (82.1) equivalents Cash and cash equivalents at the end of 73.6 75.5 94.8 the period
* All figures according to IFRS 50 Development and forecast: Turnover & EBIT margin.
Turnover (EUR m) EBIT margin (%) 7.5 – 8.5 1,600 10 1,400 6.3 8 1,200 1,000 6 4.1 1,400 800 - 1,500 4 600 2.6 1,209
400 680 2 459 200 328 0 0 -200 -2 -1.3 2005 2006 2007 2008/09 2009/10e
51 Order book volume.
EUR m ForecastForecast 2009/102009/10
6.000 ForFor FYFY 2009/102009/10 furtherfurther growthgrowth isis expected:expected:
5.000 IncreaseIncrease inin salessales toto EUREUR 1.41.4 -- 1.5 1.5 billionbillion 4.000 EBIT margin improvement to Framework EBIT margin improvement to agreements 7.57.5 -- 8.5% 8.5% 3.000 ProjectProject shiftsshifts onon thethe partpart ofof customerscustomers occurredoccurred fromfrom thethe first half of the year to the 2.000 first half of the year to the second.second. Firm orders with PossiblePossible impactimpact onon futurefuture 1.000 specific projects performanceperformance 2009/10:2009/10: salessales andand earningsearnings areare likelylikely toto bebe 0 atat thethe lowerlower endend ofof thethe givengiven Order book forecast.forecast.
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