Nordex SE

EANS-News: Nordex: substantial increase in sales in 2012 and foundations laid for profitable growth (with document)

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Subtitle: •	Sales up 17% to EUR 1,075 million 
•	Earnings burdened by EUR 75 million due to structural adjustments in China and
the United States 
•	Increase in EBIT before exceptionals to EUR 14 million
•	50% increase in order backlog to EUR 1,049 million
•	Further sales and EBIT growth expected


Financial Figures/Balance Sheet

Hamburg (euro adhoc) - According to its provisional consolidated financial
statements for 2012, sales of the Nordex Group (ISIN: DE000A0D6554) rose by 17.3
percent to EUR 1,075.3 million (previous year: EUR 916.8 million), thus matching
the Management Board's forecast. At EUR 14 million, earnings before interest,
taxes and exceptionals were also in line with the Board's expectations (previous
year: loss of EUR 7.6 million). 

The top-line growth resulted primarily from strong business in the EMEA re-gion,
where sales grew by an above-average 28 percent to EUR 868.9 million (previous
year: EUR 678.6 million). The main drivers were a strong order book at the
beginning of the year and growing demand in the course of the year to-gether
with an increase of more than 20 percent in the service business. All told,
Nordex's European business more than made up for the flat sales of its US
subsidiary (EUR 191.6 million; previous year: EUR 200.7 million) and the decline
in Chinese sales (EUR 14.8 million; previous year EUR 37.5 million).

In response to the sustained pressure on earnings caused by insufficient
ca-pacity utilisation in America and China together with the decline in new
busi-ness in these two regions, the Management Board decided to reorganise the
Company's activities in the United States and China. On the one hand, this
in-volved the discontinued production of the rotor blade facility in Dongying,
China, which resulted in a charge of EUR 6.5 million. On the other hand, Nor-dex
is planning adjusting capacities at the assembly plants in the light of
ex-pected order intake. The exceptional expenses arising in connection with the
structural adjustments in the United States and China amounted to EUR 75.0
million. Of this, the United States accounted for EUR 44.8 million and China for
EUR 30 million. 

The improvement in earnings before interest, taxes and exceptionals to EUR 14.0
million (previous year: loss of EUR 7.6 million) was mainly due to econo-mies of
scale. Moreover, Nordex was able to lower its structural costs by just under EUR
8 million despite rising business volume. Personnel costs and, hence, the
cost-cutting programme adopted in 2011 yielded notable effects in this respect.
The loss at the EBIT level after exceptionals amounted to EUR 61.1 million
(previous year: loss of EUR 27.0 million). After interest and taxes, a
consolidated loss of EUR 94.4 million was sustained (previous year: loss of EUR
49.5 million).

The equity ratio contracted to 26.2 percent (previous year: 36.6 percent) as a
result of impairments and exceptionals. On the other hand, consolidated cash and
cash equivalents rose by just under 30 percent to EUR 274.8 million (pre-vious
year: EUR 212.0 million). Cash flow from operating activities also climbed
significantly to EUR 141.1 million (previous year: net outflow of EUR 47.3
million) due to effective working capital management. This is also re-flected in
the improvement in the working capital ratio to 8.7 percent (previous year: 27.9
percent).

The Company's good performance in the EMEA sales region was also re-flected in
new business. All in all, Nordex achieved record order intake of EUR 1,268
million in 2012 (previous year: EUR 1,107 million). The Europe and South Africa
accounted for 94 percent of new orders. As a result, the Nordex Group was able
to outperform the industry-wide trend and increase its backlog of firmly
financed orders by over 50 percent to EUR 1,049 million (previous year:: EUR 698
million). In addition, Nordex gained further conditional orders valued at
roughly EUR 1.4 billion (previous year: EUR 1.3 billion).

On this basis, Nordex assumes that it will be able to achieve further growth
this year. The Management Board expects sales in a range of EUR 1.2 billion to
EUR 1.3 billion in 2013. Roughly 80 percent of this sales target is already
covered by firm order backlog. Based on the reorganisation measures initiated in
the United States and China as well as the targeted improvements in project
execution and the cuts in product costs already initiated, the Management Board
expects the EBIT margin to widen to 2 to 3 percent. Moreover, is the Board hopes
to again achieve a net cash inflow from operating activities in 2013.

The key figures published today are preliminary. The final financial statements
will probably be published on 25 March 2013, following completion of the an-nual
audit.

Attachments with Announcement:
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http://resources.euroadhoc.com/us/Nvyg2srR

Further inquiry note:
Ralf Peters
Head of Corporate Communication
Tel.: +49 (0)40 300 30 15 22
rpeters@nordex-online.com

end of announcement                               euro adhoc 
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Attachments with Announcement:
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http://resources.euroadhoc.com/us/Nvyg2srR


company:     Nordex SE
             Langenhorner Chaussee 600
             D-22419 Hamburg
phone:       +49 (0)40 30030-1000
FAX:         +49 (0)40 30030-1101
mail:     info@nordex-online.com
WWW:      http://www.nordex-online.com
sector:      Alternative energy
ISIN:        DE000A0D6554, DE0000A0D66L2
indexes:     TecDAX, CDAX, HDAX, Prime All Share, Technology All Share, ÖkoDAX
stockmarkets: free trade: Berlin, München, Hamburg, Düsseldorf, Stuttgart,
             regulated dealing/prime standard: Frankfurt 
language:   English
 



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