Kurt Bobst, CEO:

“In addition to the successful renaming of our Group to Repower, we continued to make headway in various strategic projects in 2010.”

Very good operating result – uncertain conditions

Kurt Bobst, CEO

Despite a difficult environment, we closed 2010 with a very good operating result. This positive appraisal is somewhat clouded by the current exchange rate situation, which has lowered profits. Key elements of the ongoing successful pursuit of the Repower strategy were the market launch in Romania and progress in the various power plant projects.

The market environment in the energy markets continued to pose challenges in 2010. Recovery is slow and the impact of the crisis can still be clearly felt in some European countries. This is reflected in an overall weak demand for energy. The vigorous activity seen in past years is not yet again in evidence. Consistent with these conditions, low prices were prevalent in 2010, a situation that is only likely to change slowly and put pressure on margins.