Danish blade manufacturer LM Wind Power experienced some financial declines in 2013, with full-year revenue reaching EUR 488 million versus EUR 687 million in 2012. Furthermore, earnings before interest, taxes, depreciation and amortization equaled EUR 64 million versus EUR 69 million in the prior year.
In a company report, LM says the declines are due to continued economic and political headwinds facing the wind energy sector in 2013. However, the company notes it came out with an improved overall profit margin ratio at 13%, compared to 10% in 2012, and it credits cost containment and cash management measures. In addition, cashflow from operations before financial items and tax was EUR 74 million versus 44 million in 2012.
Despite the challenging market in 2013, LM Wind Power says it believes the fundamentals of the industry remain solid for the longer term. The company also claims it managed to remain the leading supplier of wind turbine blades worldwide as measured by megawatts installed, maintaining a 14% market share.