Nordex SE

EANS-Adhoc: Nordex SE
Nordex lowering sales and earnings target for 2011 on account of project postponements; expects profitable growth in 2012

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  ad-hoc disclosure pursuant to section 15 of the WpHG transmitted by euro
  adhoc with the aim of a Europe-wide distribution. The issuer is solely
  responsible for the content of this announcement.
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9-month report

14.11.2011

Ad-hoc bulletin




    Nordex lowering sales and earnings target for 2011 on  account  of  project
    postponements; expects profitable growth in 2012


        • Substantial 34% increase in order intake
        • Increase in Q3 EBIT to EUR 11 million
        • Small net loss of EUR 0.6 million for the first nine months of 2011
        • 50% increase in liquidity to EUR 211 million
        • Cost-cutting activities to take full effect in 2012


    Hamburg, 14 November 2011. The Nordex Group (ISIN:  DE000A0D6554)  achieved
    an increase of roughly 9 percent in sales to EUR 668.2 million in the first
    nine months of 2011 (previous  year:  EUR  614.2  million).  At  EUR  264.9
    million, sales in the third quarter were on a par with the  previous  year.
    Growth in the first nine months was driven by the 115 percent  increase  in
    business volume in the United States.


    Order intake  rose  substantially  by  34  percent  to  EUR  708.5  million
    (previous year: EUR 530.2 million).  This  translated  into  a  25  percent
    increase in firm order backlog to EUR  515  million  (31.12.2010:  EUR  411
    million). As of the balance  sheet  date,  Nordex  had  further  contingent
    orders worth around EUR 1.3 billion on its books.


    In the period under review, the gross margin widened by 50 basis points  to
    27.2 percent. On the other hand, operating  earnings  came  under  pressure
    from heavy structural costs as expected. Earnings before interest and taxes
    (EBIT) amounted to EUR 11.0 million  in  the  year  to  30  September  2011
    (previous year:  EUR  17.3  million),  with  the  third  quarter  making  a
    substantial contribution of EUR 9.4 million, equivalent to an  EBIT  margin
    of 3.7 percent (previous year: 4.0 percent). In the year to date, the Group
    has sustained a small net loss of EUR 0.6 million.


    The equity  ratio  widened  slightly  to  38.9  percent  (31.12.2010:  37.6
    percent). At the same time, liquidity rose to EUR 211 million  (31.12.2010:
    EUR 141.1 million) due to an equity issue and a bond issued in the  spring.
    Operating cash flow was a negative EUR 62.8  million  (previous  year:  net
    cash outflow of EUR 0.8 million). Nordex was able to reverse this trend  in
    the third quarter, achieving a net cash inflow from operating activities of
    EUR 59.6 million in this period. This trend  will  continue  in  the  final
    quarter of 2011 as final invoices will  be  issued  for  numerous  projects
    currently being executed.


    The sovereign debt crisis in Europe and rising equity requirements  imposed
    on  banks have rendered financing of  wind  farm  projects  more  difficult
    again. As a result, some international contracts have been  postponed  with
    the result that Nordex will no longer be able to execute them to the extent
    originally planned for the current year. Given this  fact,  the  Management
    Board now assumes that it will no longer be possible to achieve  the  sales
    target of around EUR 1 billion. Sales are now expected  to  fall  short  of
    expectations by around EUR 80 million in  the  fourth  quarter.  This  will
    shave roughly EUR 20 million off operating earnings and, on  the  basis  of
    full-year sales of EUR 920 million, result in an operating loss before one-
    off expenses of EUR 10 million.


    Since summer 2011, Nordex has been creating  the  basis  for  returning  to
    profitable growth next year.  In  August  2011,  the  company´s  management
    decided to cut the structural costs by EUR 50 million in the short term  in
    order to safeguard profitability. The necessary measures  have  since  been
    defined in full  and  will  be  implemented  once  consultations  with  the
    employee representative bodies are completed in December 2011. Savings will
    thus take full effect as of 2012. A further programme implemented  in  2010
    to lower product costs is also proceeding as planned  and  should  make  an
    additional contribution to earnings in 2012.




|(EUR million /|9M 2011      |9M 2010      |Q3 2011      |Q3 2010       |
|%)            |             |             |             |              |
|Sales         |668.2        |614.2        |264.9        |264.4         |
|EBIT          |11.0         |17.3         |9.4          |10.2          |
|Consolidated  |(0.6)        |8.5          |3.4          |5.6           |
|net           |             |             |             |              |
|profit/loss   |             |             |             |              |
|Order intake  |708.5        |530.2        |186          |202           |


Further inquiry note:
Ansprechpartner für Rückfragen:
    Nordex SE
    Ralf Peters
    Telefon: 040 / 300 30 - 1000, Telefax:  - 1333

end of announcement                               euro adhoc 
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issuer:      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: regulated dealing/prime standard: Frankfurt, free trade: Berlin,
             Hamburg, Stuttgart, Düsseldorf, München 
language:   English
 



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