EANS-Adhoc: Nordex SE
Nordex still on track to achieve revenue of EUR 1
billion in 2011; EBIT target now not expected to be reached until 2012
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ad-hoc disclosure pursuant to section 15 of the WpHG transmitted by euro
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6-month report
11.08.2011
Order intake up 59% to EUR 522.4 million
Structural costs and continued price pressure placing burden on EBIT
Personnel and operating costs to be cut
Management Board examining options for strategic alliances in
individual business areas
Strong balance sheet; equity ratio of 39% and liquidity of EUR 184.2
million
Hamburg, 11 August 2011 In the first half of 2011, the Nordex Group (ISIN:
DE000A0D6554) grew at a double digit rate again, with revenues rising by 15
percent to EUR 403.3 million (previous year: EUR 349.8 million). This was
materially underpinned by expanding US business, which now accounts for 25
percent of Group revenues (previous year: 12 percent). Order intake grew
even more quickly, rising by 59 percent to EUR 522.4 million (previous
year: EUR 329.1 million). This puts the company well ahead of the average
achieved in the wind power industry, in which new business grew by 11
percent according to industry figures. At the same time, firm orders rose
to EUR 580.6 million (30.12.2010: EUR 411 million) Including contingent
orders of EUR 1,489 million, the order book amounts to over EUR 2 billion.
The gross margin amounted to 28.0 percent in the period under review
(previous year: 28.5 percent) and thus remained at a high level. However,
the increase in structural costs exerted pressure on margins. Thus,
personnel costs rose by 12.5 percent to EUR 66.6 million. Other operating
expenses, net of other operating income, climbed by EUR 11.0 million to EUR
43.2 million. Earnings before interest and taxes (EBIT) dropped to EUR 1.6
million (previous year: EUR 7.1 million). All told, the Nordex Group
sustained a loss of EUR 4.1 million, mainly due to net finance expense of
EUR 7.4 million.
The equity ratio increased to 39.0 percent as of the balance sheet date
(31.12.2010: 37.6 percent). At the same time, liquidity rose sharply by
30.5 percent to EUR 184.2 million (31.12.2010: EUR 141.1 million) due to
and equity issue and a bond issue carried out in spring 2011. Working
capital climbed to EUR 373.4 million (30.12.2011: EUR 244.7 million) partly
as a result of project delays during the construction phase of large wind
farms.
Given the high structural costs and the continued pressure on selling
prices, the company now plans to cut personnel costs and other operating
expenses by around EUR 50 million in total in the short term. In 2010,
Nordex had launched a programme to lower product costs which is to be
completed in 2012. In addition, it is now exploring options of forging
strategic alliances in individual business areas to render them more
effective. This particularly concerns the regional company in Asia and
Nordex Offshore GmbH.
The aim of these measures is to improve the EBIT margin in 2012 together
with a slight increase in revenues. In view of the intensive competition,
the Management Board now expects to report low - but positive - earnings
before interest, taxes and exceptionals for 2011 as a whole, but no longer
expects to achieve an EBIT margin of 4%. On the other hand, it is still on
track to reaching its targets for revenues and new business in 2011.
Revenues are expected to reach around EUR 1 billion, with order receipts
rising by 20 percent and also amounting to EUR 1 billion. In addition,
working capital should drop substantially with the final invoicing of
numerous projects in the second half of 2011.
|(EUR million /|H1 2011 |H1 2010 |Q2 2011 |Q2 2010 |
|%) | | | | |
|Revenues |403.3 |349.8 |220.1 |199.3 |
|Gross margin |28.0% |28.5% |27.9% |29.2% |
|Structural |122.4 |100.8 |68.6 |54.2 |
|costs | | | | |
|EBIT |1.6 |7.1 |1.2 |6.7 |
|Consolidated |-4.1 |2.9 |-2.2 |3.0 |
|net | | | | |
|profit/loss | | | | |
|Order intake |522.4 |329.1 |368.2 |258 |
Further inquiry note:
Ansprechpartner für Rückfragen:
Nordex SE
Ralf Peters
Telefon: 040 / 300 30 - 1000
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: regulated dealing/prime standard: Frankfurt, free trade: Berlin,
Hamburg, Stuttgart, Düsseldorf, München
language: English
Original content of: Nordex SE, transmitted by news aktuell