Nordex continuing to expand with targets for 2015 revised upwards

2015-07-30 07:31:46
DGAP-News: Nordex SE / Key word(s): Half Year Results/Change in

2015-07-30 / 07:31


* Sales up 35% to EUR 1.1 billion
* 66% increase in EBIT to EUR 61.5 million
* Order intake up 49% to over EUR 1.3 billion
* Sales target for 2015 raised to EUR 2.0 - 2.2 billion

Hamburg, 30 July 2015. In the second quarter of 2015, the Nordex Group
(ISIN: DE000A0D6554) achieved further strong momentum in its business, with
sales climbing by more than 54% to EUR 603.8 million in this period
(Q2/2014: EUR 390.9 million). Over the first half of 2015 as a whole, sales
rose by 35% and sales came to EUR 1.1 billion during the period (H1/2014:
EUR 815.4 million), particularly underpinned by strong demand in the
company's core European region, which contributed 86% of total sales.
Nordex generated a further 14% of its business in the Americas. This sharp
growth is also reflected in production output. Thus, turbine assembly
output rose by around 75% to a record 1,013 MW (H1/2014: 579.1 MW).

At the same time, the group's operating earnings improved significantly,
with earnings before interest and taxes (EBIT) rising by 130% to EUR 36.7
million in the second quarter (Q2/2014: EUR 15.9 million). In the first
half of 2015 as a whole, EBIT rose by 66% to EUR 61.5 million (H1/2014: EUR
37.1 million). Earnings were materially boosted by economies of scale.
Thus, structural costs rose more slowly than business volume, causing the
relevant ratio to shrink from 14.8% to 13.5%.  Consolidated net profit
climbed by 123% to EUR 36.9 million in the first half of the year due
partly to a EUR 2.6 million improvement in net finance expense.

The company's balance sheet remained solid and provided a key basis for its
growth trajectory. Thus, liquidity increased again by 11.5% to EUR 433.2
million (31 December 2014: EUR 388.4 million). With total assets rising by
13.5% to EUR 1,406.8 million, Nordex has a stable high equity ratio of
30.8%. At -2.1% (31 December 2014: -2.3%), the working capital ratio
remained at a good level and is fully in line with expectations. In
addition, Nordex again generated positive free cash flow of EUR 41.9
million (H1/2014: EUR 70.0 million).

Order intake rose by 48.9% to EUR 1,353.5 million in the first half of the
year (H1/2014: EUR 908.9 million). Consequently, the order backlog climbed
by 25.7% to just under EUR 1.8 billion and secures the growth expected in
2015. In this connection it should be noted that the Management Board has
now raised its guidance range for sales and now forecasts sales of EUR 2.0
- 2.2 billion (previously EUR 1.9 - 2.1 billion). At the same time, the
forecast for order intake has been revised upwards. Accordingly, new
business is expected to reach EUR 2.1 - 2.3 billion (previously: EUR 1.8 -
2.0 billion). In addition, Nordex continues to expect the operating margin
to widen to 5.0 - 6.0%.

"Nordex continues to grow strongly. At the same time, we are working
systematically on improving our earnings. We are very optimistic for the
current year and expect sales growth to substantially exceed the forecasts
which we issued at the beginning of the year," said Lars Bondo Krogsgaard,
CEO of Nordex SE.


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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                                           
ISIN:        DE000A0D6554                                                
WKN:         A0D655                                                      
Indices:     TecDAX                                                      
Listed:      Regulated Market in Frankfurt (Prime Standard); Regulated   
             Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover,  
             Munich, Stuttgart                                           
End of News    DGAP News-Service  
382189 2015-07-30