DGAP-News: Nordex raises full-year guidance for 2013 following a strong first half
(firmenpresse) - DGAP-News: Nordex SE / Key word(s): Half Year Results/Half Year
Results
Nordex raises full-year guidance for 2013 following a strong first
half
15.08.2013 / 07:42
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* Sales up 57% to EUR 661 million
* Increase in EBIT to EUR 15 million
* Consolidated net profit achieved
* Working capital ratio cut to 9.5%
* Increase in firm order backlog to EUR 1.3 billion
Hamburg, 15 August 2013. The Nordex Group (ISIN: DE000A0D6554) posted a 57%
increase in sales to around EUR 661 million in the first half of 2013
(H1/2012: EUR 421 million). This positive trend reflects growing business
in Europe, where Nordex generated 93% (H1/2012: 80%) of its sales. At the
same time, the proportion of business from America and Asia taken together
declined. This good operating performance is also attributable to the
substantially greater production output and turbine installation. Thus,
production of turbines rose 93% to 657.2 megawatts (MW), while the capacity
of newly installed turbines doubled almost to 560.8 MW.
Earnings before interest and taxes (EBIT) improved significantly to EUR 15
million (H1/2012: loss of EUR 13.1 million at the EBIT level), materially
underpinned by increased productivity, the successful marketing of new
turbines and technical solutions and various cost-cutting efforts. These
included, for example, a further reduction in product costs ('CORE 15') and
measures to reduce structural expenses. In this connection, Nordex decided
in the second quarter of 2013 to discontinue production at its plants in
the United States and China on account of their low capacity utilisation.
The associated costs had already been included in the exceptional expense
placed on the books in 2012. After tax, Nordex earned net consolidated
profit of EUR 1.3 million in this period (H1/2012: net loss of EUR 23.3
million).
With a slight increase in the equity ratio to 28.4% as of 30 June 2013, the
Group continues to have a stable balance sheet. Cash and cash equivalents
amounted to EUR 174.7 million, with net debt amounted to a low EUR 18
million. At the same time, Nordex reduced its working capital ratio to 9.5%
(H1/2012: 21.4%) thanks to strict cash management.
Nordex's new business is continuing to grow at a considerable pace, with
order intake up a further 61% to EUR 839.4 million (H1/2012: 521.8
million), thus reaching a new record. The group achieved substantial
success in its core EMEA region, which accounted for 86% of new business.
As a result, firm order backlog has risen of EUR 1.3 billion. In addition,
the group has con-ditional orders on its books worth over EUR 1.0 billion.
On the strength of the favourable business performance in the year to date,
Nordex SE's Management Board has raised its forecast for the rest of the
year and is now looking for full-year sales and order intake of EUR 1.3 -
1.4 billion in 2013 (previously: EUR 1.2 - 1.3 billion). The EBIT margin
target has been adjusted upwards to 2.5 - 3.5% (previously: 2.0 - 3.0%) and
the target corridor for the working capital ratio now stands at 10 - 15%
(previously: 15%).
'The Management Board is very satisfied with Nordex's current business
per-formance. The strong demand for our turbines and our heightened
productivity are showing that we are headed in the right direction with our
strategy. We are now even more confident about the immediate future,' says
Nordex CEO Jürgen Zeschky.
End of Corporate News
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Language: English
Company: Nordex SE
Langenhorner Chaussee 600
22419 Hamburg
Germany
Phone: 040 / 30030 1000
Fax: 040 / 30030 1101
E-mail: info(at)nordex-online.com
Internet: www.nordex-online.com
ISIN: DE000A0D6554
WKN: A0D655
Indices: TecDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover,
München, Stuttgart
End of News DGAP News-Service
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226034 15.08.2013
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Datum: 15.08.2013 - 07:42 Uhr
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News-ID 287996
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