Germany

Germany

Energiekontor changes export strategy following losses

German wind project developer Energiekontor is changing its export strategy having ended the 2004 financial year with a pre-tax loss of EUR 5.1 million, the result of what it calls a "difficult economic situation" in the Spanish and Greek markets. It will still pay a dividend of EUR 0.08 per share for the year. The company reports a 2004 turnover of just EUR 31.3 million, more than 50% down on its 2003 turnover of EUR 69.5 million. Even then it made a EUR 0.93 million loss. The company's increased efforts to sell shares in wind funds last year rather than install turbines -- it installed just two machines to avoid tying up capital -- failed to make any immediate impression. The outlook for 2005, however, is brighter, says the company. It has raised equity enough in sales of wind funds to finance 35.9 MW of wind development in the first six months of this year. It is pulling out of Spain completely and will offload its Spanish projects and has shelved all but 6.3 MW of development in Greece. Its overseas focus will turn to the UK and Portugal, where it is negotiating for 180 MW and 160 MW, respectively.

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