EANS-Adhoc: Nordex lays the foundation for a stronger second half and
strengthens its balance sheet
- Sales up 8.3% to EUR 198.3 million
- EBIT loss of EUR 9 million EBIT level in Q1 due to capacity underutilization
- Swing in free cash flow to a ...
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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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quarterly report
15.05.2012
The Nordex Group (ISIN: DE000A0D6554) posted an 8.3 percent increase in sales to
EUR 198.3 million in the first quarter of 2012 (previous year: EUR 183.1
million). As expected, business volume thus accounted for just under 20% of the
forecast full-year sales. This cyclical effect is typical of the wind power
industry. Sales were particularly underpinned by business in Europe, the most
important sales region, in which business volume rose by 17.2% to EUR 169.3
million.
Operating profit was burdened by below-average capacity utilisation and lower
margins on projects. Earnings before interest and taxes amounted to a loss of
EUR 9.0 million in the first quarter of 2012 (Q1/2011: EBIT of EUR 0.4 million).
At the same time, Nordex lowered its structural costs by some 10%, including a
41.3% reduction in net other operating expenses. The consolidated loss after
interest and taxes amounted to EUR 14 million (Q1/2011: loss of EUR 1.8
million).
In the period under review, Nordex's liquidity increased to EUR 230.7 million
(31 December 2011: EUR 212 million). As a result, the group was able to trim its
net debt to EUR 23.4 million (31 December 2011: EUR 54.0 million) chiefly thanks
to systematic working capital management. Thus, Nordex largely post-poned
commencing work on projects which are to be completed later on in the year. This
is also reflected in the substantial increase to EUR 34.8 million in net cash
flow from operating activities (Q1/2011: net cash outflow of EUR 84.5 million)
and the only moderate increase in business volumes. Free cash flow increased to
a positive EUR 25.7 million (Q1/2011: negative EUR 94.9 million).
Order intake was particularly encouraging, rising to EUR 312 million (Q1/2011:
EUR 154 million). As a result, the order book grew to EUR 837 million (Q1/2011:
EUR 402 million), thus creating a solid basis for the company to achieve its
full-year sales target. The Management Board of Nordex SE confirms its forecast
for 2012 of an increase in sales to EUR 1.0 - 1.1 billion. Depending on sales
and price trends, Nordex also expects to achieve an EBIT margin of between 1%
and 3%. With rising capacity utilisation and profitability of the projects still
to be executed, this profit will be achieved entirely in the second half of the
year.
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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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: free trade: Berlin, München, Hamburg, Düsseldorf, Stuttgart,
regulated dealing/prime standard: Frankfurt
language: English