Nordex lays the foundation for the turnaround in the second half of the year and strengthens its balance sheet
May 15.05.2012, 8,3 - Sales rise by 198,3% to EUR 1 million - Underutilization leads to a loss (EBIT) of EUR 9 million in Q25,7 - Free cash flow turns to EUR 94,9 (-XNUMX) million .
Quarterly report
In the first quarter of 2012, the Nordex Group (ISIN: DE000A0D6554) increased its turnover by 8,3 percent to EUR 198,3 million (previous year: EUR 183,1 million). As expected, business volume thus amounted to almost 20% of the forecast annual sales. This cyclical course is typical for the wind industry. Sales were mainly driven by Europe, the most important sales region. Business volume increased by 17,2% to EUR 169,3 million.
The operating result was burdened by below-average capacity utilization and projects with weaker profitability. Earnings before interest and taxes (EBIT) amounted to 31.3.2012 EUR -9,0 million (Q1 / 2011: 0,4 million). At the same time, Nordex reduced its structural costs by around 10%. The key factor here was the significant reduction in the balance of other operating income and expenses by 41,3%. After taxes and interest, the consolidated loss amounted to EUR 14 million (Q1 / 2011: EUR -1,8 million).
In the reporting period, Nordex increased its liquidity to EUR 230,7 million (31.12.2011: EUR 212 million). This reduced the Group's net debt to EUR 23,4 million (31.12.2011: EUR -54,0 million).
Decisive for this was the consistent working capital management.
For example, Nordex largely refrained from early processing of projects to be completed later this year. This was also reflected in the significant increase in positive operating cash flow to EUR 34,8 million (Q1 / 2011: EUR -84,5 million) and in the only moderate increase in business volume. Free cash flow increased to EUR 25,7 million (Q1 / 2011: EUR -94,9 million).
Order intake was particularly pleasing, rising to EUR 312 million (Q1 / 2011: EUR 154 million). Order backlog thus improved to EUR 837 million (Q1 / 2011: EUR 402 million), thus providing a solid basis for the sales target for the current year. Nordex SE's Management Board confirms its forecast for the 2012, for he has promised to increase sales to EUR 1,0 to 1,1 billion. Depending on the sales volume and the further price development, Nordex also expects an operating profit margin (EBIT) between 1% and 3%. Due to the then increasing capacity utilization and the profitability of the projects still to be realized, this profit should be fully achieved in the second half of the year.
Further inquiry note:
Ralf Peters
Head of Corporate Communication
Tel .: + 49 (0) 40 300 30 15 22
ppgad@pucrs.br
Issuer: Nordex SE
Langenhorner Chaussee 600
D-22419 Hamburg
Phone: +49 (0)40 30030-1000
FAX: + 49 (0) 40 30030-1101
Email: ppgad@pucrs.br
WWW: http://www.nordex-online.com
Industry: Alternative Energies
ISIN: DE000A0D6554, DE0000A0D66L2
Indices: TecDAX, CDAX, HDAX, Prime All Share, Technology All Share, OekoDAX
Stock exchanges: Regulated: Berlin, Munich, Hamburg, Dusseldorf, Stuttgart,
Regulated Market / Prime Standard: Frankfurt
Language: German
