EANS-News: Nordex SE
Nordex breaking even in the first quarter
Norderstedt (euro adhoc) -
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3-month report
Nordex breaking even in the first quarter
Structural costs reduced by 9%
Gross margin widened to 27.6 (21.1) %
CEO Richterich: "Rising new business in April is a preliminary sign
pointing to the expected turnaround in order intake"Hamburg, May 12, 2010. In the first three months of 2010, the Nordex Group
(ISIN: DE000A0D6554) generated sales of EUR 150.5 million (previous year:
EUR 233.3 million). The decline in business had been expected due to muted
order intake in the previous three quarters largely as a result of a
shortfall in the project finance provided by banks.Order receipts came to EUR 71.1 million (previous year: EUR 234.3 million).
However, new business picked up substantially at the beginning of the
second quarter, with receipts of new firmly financed orders standing at EUR
94 million in April alone. At the same time, the company secured framework
agreements for more than 300 megawatts.Earnings before interest and taxes (EBIT) came to EUR 0.4 million, roughly
on a par with the previous year (EUR 0.3 million). In this respect, reduced
structural costs played a crucial role, contracting by around 9 percent
over the previous year to EUR 46.6 million (previous year EUR 51.3
million). At the same time, the gross margin widened to 27.6 percent as of
the balance-sheet date (previous year 21.1 percent). Net finance expense
dropped to EUR 0.4 million (previous year: EUR 1.5 million). As a result,
the Group broke even (previous year: EUR 0.4 million).The equity ratio stabilized at around 41 percent. As of the balance sheet
date, consolidated liquidity stood at EUR 151.6 million (December 31, 2009:
EUR 159.9 million). The working capital ratio contracted slightly to 17.2
percent (December 31, 2009: 18.4 percent), while the net cash inflow from
operating activities rose to EUR 1.2 million (previous year net cash
outflow of EUR 61.7 million).Order books as of April 30 are valued at around EUR 2.3 billion, which was
the first increase of total order backlog since the end of 2008, thanks to
the stronger order intake as of the beginning of the second quarter. Of
this, firmly financed contracts account for around EUR 500 million. A
slight increase in full-year sales for 2010 is possible thanks to the
proportionate execution of these contracts and the expected growth in new
business in the second half of 2010. On this basis, Nordex assumes that the
profitability of its operating business will improve over the previous
year.end of announcement euro adhoc
Further inquiry note:
Nordex SE
Ralf Peters
Telephone +49 (0)40 / 300 30 - 1000
rpeters@nordex-online.com
Branche: Alternative energy
ISIN: DE000A0D6554
WKN: A0D655
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Börsen: Frankfurt / regulated dealing/prime standard
Berlin / free trade
Hamburg / free trade
Stuttgart / free trade
Düsseldorf / free trade
München / free trade