LM Wind Power Sees Near Ninefold Increase in Annual Net Profit

Danish blade designer and manufacturer LM Wind Power reported EUR 51.7 million net profit for the Fiscal Year 2016, a 776 per cent increase compared to EUR 5.9 million net profit recorded in FY 2015 driven by higher sales and better operating performance.

The company’s annual revenue was EUR 1.059 billion, a 41 percent increase on EUR 750 million revenue reported for FY 2015, mainly due to higher volumes.

Net debt at the end of 2016 was EUR 101.9 million, a 6.9 per cent increase compared to EUR 94.6 million net debt reported at the end of 2015 on the back of higher capital expenditure which included investments into new plants in Turkey and India.

In 2016 LM Wind Power became the producer of the world’s longest blade. The 88.4-metre blades were specifically designed for Adwen’s AD 8-180 wind turbine model the first three of which will soon be installed on a prototype in Bremerhaven.

In the last quarter of 2016, Doughty Hanson, a London-based private equity firm, agreed to sell its stake in LM Wind Power to General Electric (GE) for an enterprise value of EUR 1.5 billion.

The transaction is expected to close in the first half of 2017, subject to regulatory approvals.

LM Wind Power plans to close EUR 130 million fixed rate notes due 2019 and NOK 475 million floating rate notes due 2020 at the same time as the closing of GE’s acquisition.

Share this article

Follow Offshore Wind

Events>

<< Nov 2018 >>
MTWTFSS
29 30 31 1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30 1 2

5th Asia Offshore Wind Day 2019

The event will bring together senior executives active in the offshore wind industry in Asia…

read more >

ACI’s Operating Specialist Wind Vessels 2018

Already on its 5th edition, ACI’s Operating Specialist Wind Vessels 2018 will bring together senior executives and experts from ship owners

read more >

Benelux Infrastructure Forum

This year’s highly-anticipated event will focus on exploring new financing mechanisms and alternative markets for future…

read more >

Offshore Wind Europe 2018

The Offshore Wind Europe speaker line-up is supported by executives who are leading the charge…

read more >

Jobs>

Senior Contract Manager

Here at Scottish Power Renewables we’re committed to remaining a UK leader in renewable energy. As well as investing in our technologies, we are committed to investing in the future of extraordinary people like you...

apply

Senior Operations & Maintenance Engineer

The Senior O&M Engineer (Structural) sits within the Asset Integrity Management Department team of Offshore O&M, reporting to a Lead O&M Engineer...

apply

O&M Lead Contract Manager

Here at Scottish Power Renewables we’re committed to remaining a UK leader in renewable energy. As well as investing in our technologies, we are committed to investing in the future of extraordinary people like you...

apply

Vessels>