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NEG Micon annual report confirms profit drop

A 2% increase in global market share in 2002 cost NEG Micon EUR 6.1 million, according to the company's just released annual report. It confirms the downgrading of the 2002 result that NEG Micon shocked investors with in late January, causing share prices to plummet (Windpower Monthly, February 2003). Turnover in 2002 increased to EUR 842.1 million from EUR 716 million the previous year, while profits dropped from EUR 27.4 million to EUR 21.3 million. Earnings before profit and tax fell from EUR 42.5 million in 2001 to EUR 37.8 million last year, an EBIT margin of 4.5% . The company does not expect to improve on that this year, though it expects to increase market share from 15% to 20%. The report repeats January's statements that extra costs and project delays, particularly in Germany, are behind the poorer than expected result for 2002. Last month NEG Micon also confirmed a EUR 300 million order for 94, 750 kW machines for the third phase of the 240 MW Xistral plant in Galicia, Spain, being developed by Aegea, a division of major wind developer Alabe, owned by Spanish construction giant Acciona. NEG Micon turbines with a combined capacity of 108 MW are already in place.

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