Nordex SE

EANS-News: Nordex SE
Further improvement in Nordex´s business in the second quarter

- Wider gross margin of 28.5 (21.4)%. - Improvement in consolidated profit to EUR 2.9 (2.3) million. - Increase in order books to EUR 2.3 billion. - CEO Richterich: “Three quarters of the sales target of around EUR 1.2     billion already secured”

@@start.t1@@--------------------------------------------------------------------------------   Corporate news transmitted by euro adhoc. The issuer/originator is solely   responsible for the content of this announcement. --------------------------------------------------------------------------------@@end@@

6-month report

Subtitle: - Wider gross margin of 28.5 (21.4)%. - Improvement in consolidated profit to EUR 2.9 (2.3) million. - Increase in order books to EUR 2.3 billion. - CEO Richterich: “Three quarters of the sales target of around EUR 1.2    billion already secured”

Norderstedt (euro adhoc) - Hamburg, August 5, 2010. In the first half of 2010, the Nordex Group (ISIN:

@@start.t2@@DE000A0D6554) generated sales of EUR 350 million (previous  year:  EUR  513
      million). This performance was in line with the company´s  expectations  as
      order books had shrunk by 35 percent to around EUR 2 billion in  2009,  due
      to shortfalls in the project finance provided by banks in the wake  of  the
      financial market crisis. In the second quarter, sales surged by 32  percent
      to around EUR 200 million (1st quarter of 2010: EUR 151 million).

      Order intake was valued at EUR 329 million in the first six months  of  the
      year (previous year: EUR  439  million),  with  a  large  volume  of  these
      contracts arising in the  second  quarter  of  2010.  With  order  receipts
      standing at EUR 258 million, it was in fact the strongest quarter  for  new
      business in the past two years. As a result, order books were  up  for  the
      first time since the outbreak of the financial market crisis.  As  of  June
      30, 2010, Nordex had an order backlog of around EUR 2.3 billion,  including
      firmly financed contracts of EUR 481 million.

      The heightened profitability of the  projects  realized  caused  the  gross
      margin to widen to 28.5 percent. This was accompanied by a  slight  decline
      of 1.4 percent in structural costs, primarily underpinned by  the  drop  of
      EUR 7.7 million in other operating expense, net of other  operating  income
      as a result of the company´s cost-cutting program. On the other hand, staff
      costs were up as Nordex increased its headcount to a total of  2,357  (June
      30, 2009: 2,193) in new growth  markets  as  well  as  in  the  engineering
      department in particular.

      Earnings before interest and taxes (EBIT) came to EUR 7.1  million  in  the
      first half, which was down  on  the  previous  year´s  figure  of  EUR  9.5
      million, although  profitability  remained  largely  unchanged.  Around  94
      percent of earnings were generated in  the  substantially  stronger  second
      quarter (Q2 2010: EUR 6.7 million)  thanks  to  the  recovery  in  business
      volumes. As a result of the improved  net  financial  result,  consolidated
      profit grew to EUR 2.9 million (previous year: EUR 2.3 million).

      As for the balance sheet to date, liquidity  stood  at  EUR  113.2  million
      (December 31, 2009: EUR 159.9  million).  The  changes  in  cash  and  cash
      equivalents were materially due to capital spending of EUR 33.4 million and
      an increase of EUR 28.4 million in working capital.  Nordex  increased  its
      inventories by EUR 27.8 million to EUR 275.1 million in preparation of  the
      expected recovery in new business. At the same time,  the  working  capital
      ratio remained stable at 18.4 percent. The net cash outflow from  operating
      activities shrank to EUR 19.3 million (previous year: net  outflow  of  EUR
      54.0 million).

      Nordex continues to project a slight increase  in  full-year  revenues  for
      2010, which will be materially underpinned by business in the  second  half
      of the year. Says Thomas Richterich, Chief Executive Officer of Nordex  SE:
      "Three quarters of this target has  already  been  secured  via  the  sales
      achieved in the year to date, the firm  orders  received  and  the  service
      business. The final quarter will contribute the new business for the second
      half of the year." Nordex assumes that it will be able to generate  roughly
      30 to 50 percent of the expected new business in the second half  of  2010.
      With structural costs remaining largely unchanged, the  higher  sales  will
      result in additional profit. Accordingly, the EBIT margin  is  expected  to
      widen to 4 percent (previous year 3.5 percent),  in  line  with  the  sales
      target of around EUR 1.2 billion.


      |( EUR mn / %) |H1 2010         |H1 2009         |Q2 2010         |Q1 2010          |
      |Sales              |350                |513                |199                |151                 |
      |Gross margin  |28.5%            |21.4%            |29.2%            |27.6%              |
      |EBIT                |7.1                |9.5                |6.7                |0.4                 |
      |EBIT margin    |1.9%              |1.8%              |3.2%              |0.2%                |
      |Consolidated  |2.9                |2.3                |3.0                |0                    |
      |profit            |                    |                    |                    |                      |
      |Order receipts|329                |439                |258                |71                  |@@end@@

@@start.t3@@end of announcement                                                 euro adhoc
--------------------------------------------------------------------------------@@end@@

ots Originaltext: Nordex SE
Im Internet recherchierbar: http://www.presseportal.ch

Further inquiry note:
Nordex SE
Ralf Peters
Telephone 040 / 300 30 - 1000
rpeters@nordex-online.com

Branche: Alternative energy
ISIN:      DE000A0D6554
WKN:        A0D655
Index:    TecDAX, CDAX, HDAX, Prime All Share, Technology All Share,
              ÖkoDAX
Börsen:  Frankfurt / regulated dealing/prime standard
              Berlin / free trade
              Hamburg / free trade
              Stuttgart / free trade
              Düsseldorf / free trade
              München / free trade



Weitere Meldungen: Nordex SE

Das könnte Sie auch interessieren: