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Denmark

Denmark

NORDTANK IS GOING PUBLIC

Nordtank is going public, the first of the Danish wind turbine manufacturers to do so. The move was announced on August 1 by the Nordtank concern, which includes two wind turbine manufacturing facilities in Denmark, a forthcoming third in India, and part ownership of wind farms in Spain and Portugal. Nordtank also says that in future it will be prepared to build and part-own wind farms in countries where it sells its products, though wind turbine manufacture will remain the company's core activity. The decison to go public is to strengthen the basis for Nordtank's growth, says the new board chairman, Gerhard Albrechtsen. "It is planned that the company will be floated before the end of 1995 if market conditions are right," he adds. Nordtank Energy Group also published its best annual results in 15 years on August 1. In the fiscal year ending March 31, Nordtank's net turnover was DKK 420 million, resulting in a profit before tax of DKK 39 million. This represents a 67% increase in turnover during the course of a year and a profit ratio improved to 9.3% from 5.9%, a rate of growth the firm expects to maintain. Nordtank is owned 75% by UBS Capital in Holland, a 100% subsidiary of Union Bank of Switzerland. The remaining 25% is owned by Nordtank's director, Vagn Trend Poulsen.

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