Nordex SE

euro adhoc: Nordex AG
quarterly or semiannual financial statement
Nordex with further profitable growth: Sales up 140% to EUR 252 million
EBIT of EUR 7.6 million

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In the first half of 2006, the Nordex Group (ISIN: DE000A0D6554) achieved a 140 percent increase in sales to EUR 252 million (previous year: EUR 105 million). The basis for this was the strong order situation together with improved production flows. Order books doubled in value, standing at around EUR 410 million as of June 30, 2006 (previous year: EUR 212 million). At the same time, the Group was able to secure further projects in value of around EUR 470 million by signed contracts. As a result, Nordex will be operating at full capacity utilization until the end of 2007. Turbine assembly production increased by 220 percent to 284 megawatts (previous year: 89 MW).

Earnings before interest and tax came to EUR 7.6 million (previous year: loss of EUR 11.4 million). This favorable performance was primarily due to greater capacity utilization. With an EBIT margin of 3 percent, the Group is operating in line with its target for this year. Despite the continued rise in the market prices of raw materials and core components, it was possible to cut the cost of materials ratio slightly by around one percentage point to less than 82 percent in the second quarter. This was accompanied by a sharp decline in the personnel cost ratio to 7.5 percent (previous year: 16.3 %). Net income for the period rose by EUR 17.7 million to EUR 3.7 million (previous year: net loss of EUR 14.0 million).

The Group’s balance sheet has also been additionally reinforced. As a result, the equity ratio widened to 40 percent as of June 30, 2006 (December 31, 2005: 27%). This particularly reflects the May 2006 equity issue, which generated net proceeds of around EUR 70 million. Net liquidity rose to around EUR 69 million (December 31, 2005: EUR 12.4 million). Despite the growth in business volumes, the work-ing capital ratio contracted to 13.1 percent (previous year: 16.8%).

On the strength of its favorable business performance, Nordex has raised its forecast for new business from more than EUR 600 million to more than EUR 700 million and now expects to achieve sales of over EUR 500 million (up from the previous forecast of more than EUR 460 million). The target EBIT margin for 2006 is unchanged at around 3 percent. Nordex expects business volumes to widen by 50 percent in both 2007 and 2008 accompanied by heightened profitability.

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ots Originaltext: Nordex AG
Im Internet recherchierbar:

Further inquiry note:
Ralf Peters
Tel.: +49 (0)40 50098 522

Branche: Alternative energy
ISIN:      DE000A0D6554
WKN:        A0D655
Index:    CDAX, Prime All Share, Technologie All Share
Börsen:  Frankfurter Wertpapierbörse / regulated dealing/prime
              Börse Berlin-Bremen / free trade
              Baden-Württembergische Wertpapierbörse / free trade
              Börse Düsseldorf / free trade
              Bayerische Börse / free trade

Weitere Meldungen: Nordex SE

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