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Nordex SE

EANS-Adhoc: Nordex SE
Nordex reduces revenue target for 2010

  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.
9-month report
11.11.2010
* Market development holds back new business
* Revenue target for 2010 reduced to around one billion Euros
* EBIT margin target of 4% for the full year confirmed
* Gross margin increased to 26,7 (22,3) percent
* Order book increased to EUR 2.4 billion
Hamburg, November 11, 2010. In the third quarter of 2010, the 
business of the Nordex Group (ISIN: DE000A0D6554) picked up 
sequentially but fell short of the Company's expectations. Sales 
increased over the previous quarter by 33 percent to EUR 264.4 
million (Q2/2010: EUR 199.3 million). However, at a cumulative EUR 
614.2 million in the first three quarters, it remained below the 
previous year's figure (Q1-3 2009: EUR 814 million). This was chiefly
due to weak market conditions. Order intake rose by EUR 201 million 
in the third quarter, amounting to EUR 530 million in the first nine 
months of the year (Q1-3 2009: EUR 638 million).
The improved profitability of the projects executed was reflected in 
a higher gross margin of 26.7 percent in the first nine months 
(previous year: 22.3 percent).  At the same time, structural costs 
declined by 3.5 percent to EUR 152 million (previous year: EUR 157.5 
million). The rise in staff costs and depreciation/amortization 
expense reflects the Company's investments in its future 
profitability. Thus, Nordex has launched a cost-cutting program as 
well as an initiative to boost the efficiency of its turbines to 
enhance its competitiveness on a sustainable basis.
Cumulative EBIT for the period from January to September amounted to 
EUR 17.3 million (previous year: EUR 21.9 million). Of this, the 
Company generated EUR 10.2 million in the third quarter, the quarter 
with the greatest volume of sales in the year to date. With net 
borrowing costs remaining almost unchanged, consolidated profit for 
the first nine months amounted to EUR 8.5 million (previous year: EUR
9.9 million).
As of September 30, cash and cash equivalents stood at EUR 121.2 
million (December 31, 2009: EUR 159.9 million), up slightly by EUR 8 
million compared with the end of June. The cash flow from operating 
activities improved to EUR -0.8 million (previous year EUR 6.7 
million) thanks to the substantial net inflow recorded in the third 
quarter (EUR 18.5 million).
Contrary to its previous forecast, the Management Board now no longer
expects a small increase in sales for 2010 and currently projects a 
figure of around one billion euros (previous year: EUR 1.183 
billion). The forecast is chiefly based on the assumption that the 
portfolio of firmly financed orders worth EUR 423 million will be 
largely executed together with contractually guaranteed service 
business and the commencement of a small proportion of work on new 
orders booked in the final quarter of the year. As of the balance 
sheet date, Nordex had conditional orders worth around EUR 1.9 
billion on its books in addition to the firm contracts.
The Management Board reaffirms its guidance with respect to the EBIT 
margin widening to 4 percent (previous year: 3.5 percent).The lower 
degree of capacity utilization compared with original expectations 
will be largely offset by the initial effects of the cost-cutting 
program. Turning to the fourth quarter, the Company expects a 
substantial increase in new business as a basis for growth in the new
year. Accordingly, there is already clear evidence indicating that - 
as in the previous years - the fourth quarter will be the strongest 
in 2010 in terms of both sales and earnings.
end of announcement                               euro adhoc

Further inquiry note:

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

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

Plus de actualités: Nordex SE
Plus de actualités: Nordex SE