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Estonian wind park builder Winwind’s turnover shrinks 11 pct in 2011

Estonian news - eteap November 2, 2012

Baltic News Service, 02.11.2012

The turnover of Winwind Eesti, a subsidiary of the Finnish Winwind Oy, was nearly 5.5 million euros last year, 11 percent or around 700,000 euros less than the year before.

The company ended the year with a net loss of 12,957 euros compared to the year-earlier loss of 333,454 euros, it appears from the annual report Winwind submitted to the commercial register this week.

The undistributed loss of previous periods totaled 867,417 euros at the end of last year and the company’s equity was negative to the tune of 877,562 euros. The board put before the general meeting of shareholders a proposal to inject additional capital to cover the loss and bring equity into line with the requirements of the Commercial Code. The sole owner increased capital in February this year through the settlement of a 1.6 million euro loan.

Winwind Eesti has contracts for the construction of six wind farms in Estonia: the Viru-Nigula, Vanakula and Aseri parks for Nelja Energia, the first and second Aulepa parks for Eesti Energia, and the Rouste park for Skinest Energia. The company finished the first Aulepa wind farm in 2009 and completed the Vanakula project last year. It now has a maintenance contract for both facilities.

Auditors of Winwind Eesti noted in their report that the company’s balance sheet contained at the end of last year 2.4 million euros’

worth of claims and liabilities in the amount of 2.2 million euros related to projects in hand but that they were not able to “obtain sufficient certainty” regarding the existence of the claims and completeness of the liabilities.

Winwind Eesti OU was founded in 2005. Its parent company Winwind Oy is a wind turbine manufacturer based in Espoo, Finland.


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