Fiberline Composites reports healthy growth in the wind power industry
Carbon and glass fiber profile supplier realizes more than 50% growth in its carbon fiber pultrusion segment in 2020, positioning it for further expansion in the market.
Photo Credit: Fiberline Composites
Fiberline Composites A/S (Middelfart, Denmark), known for supplying carbon and glass fiber profiles to manufacturers serving the wind industry, reports that in 2020, the company realized +50% growth in the carbon fiber pultrusion segment and healthy growth rates in the wind power industry. The company says it is well positioned for further growth.
Revenue increased in total by 14% to 678 million DKK (approximately $109 million). Operating earnings (EBITDA) improved during 2020, but due to costs and write-downs in connection with the completed carve-out, the result after tax was -23 million DKK (approx. -$3.7 million).
Fiberline Composites has separated the activities in the building and construction division into an independent sister company, Fiberline Building Profiles A/S. Some of the separated activities have been loss-making and non-recurring costs have been incurred in connection with the carve-out, Fiberline says. Furthermore, a sale and lease back agreement has been entered regarding Fiberline's domicile property, and the Dutch ABN AMRO Energy Transition Fund (ETF) has bought 34% of the shares in the company. Through these transactions, Fiberline has slimmed the balance sheet and reduced the net interest-bearing debt by about 300 million DKK (approx. $49 million) and increased the solvency to 36.9%.
With the carve-out, Fiberline Composites is now a fully dedicated company for pultruded solutions for the wind power industry.
“The development in operating earnings is positive, the balance sheet has been strengthened and the foundation for future profitable growth is in place,” says Ole Arenfeldt Jensen, CEO. “We now have the structure with strong owners that enables us to establish factories in India, Mexico and England, and to create the most competitive supply chain for the rapidly growing wind turbine market.”
Jensen adds that, as the wind turbine blades get longer, demand for pultruded profiles will increase. “By producing our profiles close to the wind blade factories, we ensure our customers the strongest supply chain, from an economic, risk and sustainability perspective,” he concludes.
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