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1 REpower Systems AG Conference Call 14 August 2006.

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Presentation on theme: "1 REpower Systems AG Conference Call 14 August 2006."— Presentation transcript:

1 1 REpower Systems AG Conference Call 14 August 2006

2 2 H1-Highlights Revenues +46.9%: Increased from EUR million to EUR million Improvement of results: EBIT improved from EUR million to EUR 2.4 million Order backlog +25.9%: Increased from megawatts to megawatts Successful completion of an capital increase Share capital increased by EUR 2,160,599.00, from EUR 5,941, to EUR 8,101, Largest single order in the company history and first order for the US- market Signing of an agreement with enXco Inc., the US subsidiary of EDF Energies Nouvelles, to supply 56 MM92-turbines in 2007 with an option for 19 further turbines First Half-year 2006

3 3 Shareholder Structure WKN: ISIN:DE Exchange symbol:RPW Stock exchange:Prime Standard Initial listing:March 26, 2002 Share capital:8,101,797 Euro

4 4 Business Modell Grid-Integration: New or improved REpower products by understanding customer requests Turbine production Wind farm fund manager Wind farm owner Operation and maintenance Components System deve- lopment Solution Provider Software: Parkmanagement and Grid Codes Integration Grid Monitoring, Integration CMS Comfortable performance analysis REpower is supplying Wind Power Stations instead of wind turbines

5 5 Activities worldwide: Key Markets Japan Activities in Europe: Portugal Great Britain Italy France / Belgium Australia Germany Spain USA

6 6 1.Development of the wind energy market 2.Products 3.Finance and personnel 4.Outlook

7 7 Scarce resources Dependency on imports Climatic changes Growth boosters: Renewable energies

8 8 Oil price development Oil price development in US dollars per barrel (Period 2003 to 2006) Source: Bloomberg The increased oil price and the subsequent rises in the prices of the raw materials coal and gas are currently having an inflationary effect on the price for electricity from fossil fuels

9 9 Declining remuneration for electricity from wind power Development of feed-in tariffs against stock market electricity price 1)EEX base load: quarterly weighted average price for base load electricity 2)Initially, a higher minimum rate per kWh is paid for each new wind turbine over five years. After this, remuneration is aligned with the energy the turbine would yield at a reference location with an average annual speed of 5.5 m/s at a height of 30 m above ground. 3)Remuneration after expiry of the increased remuneration under 2) * July 2006: 7.34 ct/kWh Market power price is considerably in excess of the EEG Basic- tariff

10 10 Forecast 2005 – 2009 of Total Market Volume Internal reasons Total Market has Grown at 28% Compound Rate 1999 – 2004

11 11 1.Development of the wind energy market 2.Products 3.Finance and personnel 4.Outlook

12 12 Product Portfolio and R&D Outlook MD 70: 1998 MD 77: 2000 MM 70: 2002 MM 82: 2003 MM 92: 2005 MMX: M: 2004 MD:1.5 MW-Class MM: 2.0 MW-Class 5M: 5.0 MW

13 13 Technological Advantages Conservative load assumptions and high safety factors Reliable gearbox concept: Excellent weight balance prevents high loads and load peaks in the structure Low temperature level by an efficient, directly connected oil cooling system Three stage oil filtering system for maximum oil quality Design check test run under up to 240% load Generating characteristics like a conventional power plant Low sound power levels Zone concept for lightning protection in line with IEC-regulation with inner and outer lightning protection Technological advantages

14 14 Project overview 5M launch I 0 series onshore Planned projects: E.on/Winkra: Cuxhaven EWE: Cuxhaven

15 15 Project overview 5M launch II Initial offshore project: Beatrice Wind Farm 25 kilometres from the Scottish coast, two REpower 5M turbines are to be installed in water 44 metres deep In the Moray Firth Ongoing Installation

16 16 Offshore Wind Farms in the North and Baltic Sea Sweden Planned Windfarms North Sea 12 Meerwind 13 Weisse Bank Forseti 17 Godewind 18 Uthland 19 Weisse Bank 20 Jules Verne 21 Ventotec Nord 1 22 Ventotec Nord 2 23 Nördlicher Grund 24 Windpark He dreiht 25 TGB Nord 26 H 2 – Riffgat 29 Bard Offshore 30 Austerngrund 31 Deutsche Bucht Approved Windfarms Baltic Seae 10 Kriegers Flak 36 Baltic I 35 Sky Breitling Geplante Parks Ostsee 32 Arcona Becken Südost 33 Beltsee 34 Ventotec Ost II 38 Wismar Approved Windfarms North Sea 1 Emden 2 Butendiek 3 Borkum West 4 Sandbank 24 5 Borkum Riffgrund West 6 Borkum Riffgrund 7 Amrumbank West 8 Nordsee Ost 9 ENOVA ONS Windpower 11 Dan Tysk 15 Globaltech 16 Hochsee Windpark 27 Nordergründe Quelle: Kromrey, Mai ,000 MW 2,600 MW

17 17 1.Development of the wind energy market 2.Products 3.Finance and personnel 4.Outlook

18 18 Employee development Number of employees (30 June 2006) REpower Systems Group Employee qualifications (31 Dec. 2005) at REpower Systems AG One in five employees has an engineering degree Approximately 90% of employees agreed to a 41.5 to 42 hour week

19 19 Income Statement Income Statement for the period from 1 January – 30 June

20 20 Balance Sheet I Consolidated financial statement as per 30 June 2006

21 21 Balance Sheet II Consolidated financial statement as per 30 June 2006

22 22 Cash Flow Account Cash flow statement for the first six months of 2006

23 23 1.Development of the wind energy market 2.Products 3.Finance and personnel 4.Outlook

24 24 Objectives Provided that the current component bottlenecks do not result in further delays in delivery, REpower still expects to increase sales to EUR 450 million with an EBIT between EUR 11 million and EUR 13.5 million in 2006 In financial year 2007, REpower is planning to increase the number of wind turbines installed to around 325 and to improve its sales volume to EUR 650 million. The company expects to further increase its EBIT margin REpowers long-term planning assumes that the companys strong growth will continue. Based on current estimates, the number of turbines installed in 2008 will be at least 400, with the sales volume increasing to EUR 800 million Objectives

25 25 Investment Highlights REpower is working in a fast growing markets with attractive customers REpower is well positioned for strong growth Technology leader First mover in the 5-megawatt class Well-positioned across the value chain Positioned in high-growth product segments International expansion Successful completion of turnaround in Q1/2006 Highest Order Book Level in the Company History Promising Shareholder Structure


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