EANS-Adhoc: Nordex SE Nordex lowering sales and earnings target for 2011 on
account of project postponements; expects profitable growth in 2012
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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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9-month report
14.11.2011
Ad-hoc bulletin
Nordex lowering sales and earnings target for 2011 on account of project
postponements; expects profitable growth in 2012
Substantial 34% increase in order intake
Increase in Q3 EBIT to EUR 11 million
Small net loss of EUR 0.6 million for the first nine months of 2011
50% increase in liquidity to EUR 211 million
Cost-cutting activities to take full effect in 2012
Hamburg, 14 November 2011. The Nordex Group (ISIN: DE000A0D6554) achieved
an increase of roughly 9 percent in sales to EUR 668.2 million in the first
nine months of 2011 (previous year: EUR 614.2 million). At EUR 264.9
million, sales in the third quarter were on a par with the previous year.
Growth in the first nine months was driven by the 115 percent increase in
business volume in the United States.
Order intake rose substantially by 34 percent to EUR 708.5 million
(previous year: EUR 530.2 million). This translated into a 25 percent
increase in firm order backlog to EUR 515 million (31.12.2010: EUR 411
million). As of the balance sheet date, Nordex had further contingent
orders worth around EUR 1.3 billion on its books.
In the period under review, the gross margin widened by 50 basis points to
27.2 percent. On the other hand, operating earnings came under pressure
from heavy structural costs as expected. Earnings before interest and taxes
(EBIT) amounted to EUR 11.0 million in the year to 30 September 2011
(previous year: EUR 17.3 million), with the third quarter making a
substantial contribution of EUR 9.4 million, equivalent to an EBIT margin
of 3.7 percent (previous year: 4.0 percent). In the year to date, the Group
has sustained a small net loss of EUR 0.6 million.
The equity ratio widened slightly to 38.9 percent (31.12.2010: 37.6
percent). At the same time, liquidity rose to EUR 211 million (31.12.2010:
EUR 141.1 million) due to an equity issue and a bond issued in the spring.
Operating cash flow was a negative EUR 62.8 million (previous year: net
cash outflow of EUR 0.8 million). Nordex was able to reverse this trend in
the third quarter, achieving a net cash inflow from operating activities of
EUR 59.6 million in this period. This trend will continue in the final
quarter of 2011 as final invoices will be issued for numerous projects
currently being executed.
The sovereign debt crisis in Europe and rising equity requirements imposed
on banks have rendered financing of wind farm projects more difficult
again. As a result, some international contracts have been postponed with
the result that Nordex will no longer be able to execute them to the extent
originally planned for the current year. Given this fact, the Management
Board now assumes that it will no longer be possible to achieve the sales
target of around EUR 1 billion. Sales are now expected to fall short of
expectations by around EUR 80 million in the fourth quarter. This will
shave roughly EUR 20 million off operating earnings and, on the basis of
full-year sales of EUR 920 million, result in an operating loss before one-
off expenses of EUR 10 million.
Since summer 2011, Nordex has been creating the basis for returning to
profitable growth next year. In August 2011, the company´s management
decided to cut the structural costs by EUR 50 million in the short term in
order to safeguard profitability. The necessary measures have since been
defined in full and will be implemented once consultations with the
employee representative bodies are completed in December 2011. Savings will
thus take full effect as of 2012. A further programme implemented in 2010
to lower product costs is also proceeding as planned and should make an
additional contribution to earnings in 2012.
|(EUR million /|9M 2011 |9M 2010 |Q3 2011 |Q3 2010 |
|%) | | | | |
|Sales |668.2 |614.2 |264.9 |264.4 |
|EBIT |11.0 |17.3 |9.4 |10.2 |
|Consolidated |(0.6) |8.5 |3.4 |5.6 |
|net | | | | |
|profit/loss | | | | |
|Order intake |708.5 |530.2 |186 |202 |
Further inquiry note:
Ansprechpartner für Rückfragen:
Nordex SE
Ralf Peters
Telefon: 040 / 300 30 - 1000, Telefax: - 1333
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