DGAP-News: Nordex SE: Strong growth and return to profit in 2013

DGAP-News: Nordex SE: Strong growth and return to profit in 2013 

DGAP-News: Nordex SE / Key word(s): Preliminary Results/Final Results
Nordex SE: Strong growth and return to profit in 2013

28.02.2014 / 08:23


Nordex SE: Strong growth and return to profit in 2013 

  - Sales up 33% to EUR 1,429 million 

  - Increase in order receipts to EUR 1.5 billion

  - Turnaround in EBIT to EUR 44.3 million

  - Net free cash inflow of EUR 23.8 million

  - Substantial increase in net liquidity

Hamburg, 28 February 2014. On the basis of its provisional consolidated
financial statements for 2013, sales of the Nordex Group (ISIN:
DE000A0D6554) rose by around 33 percent to EUR 1,429.3 million (previous
year: EUR 1,075.3 million), thus reaching the upper end of the Management
Board's guidance range. Operating earnings also matched the Company's
expectations, with earnings before interest and taxes (EBIT) amounting to
EUR 44.3 million, equivalent to an EBIT margin of 3.0 percent. In the
previous year, Nordex had sustained an operating loss of EUR 61.1 million
on account of substantial non-recurring expenses arising from the
restructuring of group operations in the United States and China.

The sharp increase in sales was due to the Nordex Group's increasingly
stronger EMEA business, where sales surged by over 50 percent to EUR 1,306
million (2012: EUR 869 million). As a result, Nordex was able to the buck
market trend: new installed capacity contracted by almost six percent in
the European wind power industry in 2013. By contrast, Nordex's performance
in America reflected the general downward trend afflicting the industry
particularly in the United States. On the other hand, the Asian business
recovered on a low level. Nordex recorded combined sales of EUR 123.0
million (2012: EUR 206.4 million) in these two regions.

The earnings turnaround was driven by the execution of more profitable
projects together with various cost-cutting measures. For one thing, these
concerned reductions in the Group's structural expense in the wake of the
reorientation implemented in 2013. For another, Nordex reduced its product
costs, widening its gross margin to 22.6 percent (2012: 21.4%). Together
with the strong top-line growth, restructuring also led to full capacity
utilisation in turbine assembly in Germany among other benefits.

Further major successes in 2013 included the strengthening of the balance
sheet. Thus, Nordex was able to further reduce its capital commitment, with
the working capital ratio contracting to 2.2 percent (2012: 8.7%). Cash
flow from operating activities amounted to EUR 98.1 million, while free
cash flow amounted to EUR 23.8 million. Group net liquidity climbed to EUR
119.4 million (31 December 2012: EUR 29.6 million). All told, the equity
ratio widened to 30.4 percent (31 December 2012: 26.6 percent), partly due
to the successful issue of new equity in November 2013.

A further positive factor was a 19 percent increase in demand. The Group's
order intake reached a new record of EUR 1,503 million in 2013 (2012: EUR
1,268 million), thus coming in at the top end of the most recent guidance.
Firmly financed orders amounted to EUR 1,259 million as of the reporting
date (31 December 2012: EUR 1,049 million).

"We were able to achieve our planned turnaround in 2013. It is now very
important to ensure that this success is made permanent and, in particular,
that we achieve our medium-term goal of further improvement in
profitability," says Nordex CEO Dr. Jürgen Zeschky.

The figures stated in this press release are provisional only. The final
annual financial statements as well as guidance for the current year will
be presented following the completion of the statutory audit at the annual
press conference in Frankfurt/Main on 24 March 2013.

For more information, please contact:
Nordex SE
Ralf Peters
Telephone: + 49 40 300 30 - 1000

End of Corporate News


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Language:    English                                                
Company:     Nordex SE                                              
             Erich-Schlesinger-Straße 50                            
             18059 Rostock                                          
Phone:       +49 381 6663 3300                                      
Fax:         +49 381 6663 3339                                      
E-mail:      info@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  
254972 28.02.2014                                                      
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