Nordex continues on growth trajectory in the third quarter and raises sales forecast

2015-11-11 07:45:31
DGAP-News: Nordex SE / Key word(s): 9-month figures

2015-11-11 / 07:45


* Sales up 41% to almost EUR 1.8 billion
* 63% increase in EBIT to EUR 97.6 million
* Order intake up 57% to just under EUR 2.0 billion
* Sales target for 2015 raised to EUR 2.3 - 2.4 billion

Hamburg, 11 November 2015. In the third quarter of 2015, the Nordex Group
(ISIN: DE000A0D6554) recorded strong growth in its business, with sales in
this period (1 July - 30 September 2015) climbing by more than 50% to EUR
685.8 million (Q3/2014: EUR 451.2 million). Over the first nine months of
2015, business rose by 41%, with a sales increase to EUR 1.786 billion
(9M/2014: EUR 1.267 billion). This performance was particularly underpinned
by demand in Europe and South Africa, which accounted for a total of 88% of
sales. Nordex generated a further 12% of its business in the Americas. This
growth is also reflected in production. Thus, turbine assembly output rose
by around 43% to 1,539 MW (9M/2014: 1,076 MW).

At the same time, the group's operating earnings improved, with earnings
before interest and taxes (EBIT) rising by just under 63% to EUR 97.6
million in the first nine months of 2015 (9M/2014: EUR 59.9 million). In
the third quarter of 2015, EBIT climbed to EUR 36.1 million (Q3/2014: EUR
22.8 million). Earnings were spurred by economies of scale, with structural
costs rising less quickly than sales and the relevant ratio shrinking from
14.8% to 13.7%. Consolidated net profit increased by 62% to EUR 45.4
million in the period under review (9M/2014: EUR 28.0 million) also due to
a substantial EUR 2.6 million improvement in net finance expense.

The group's solid balance sheet structure formed an important basis for
growth. Thus, liquidity increased by 17% to EUR 454.4 million (31 December
2014: EUR 388.4 million). With total assets up 19% to EUR 1,478.9 million,
Nordex has a equity ratio of 30.3%. The working capital ratio climbed to
1.0% (31 December 2014: -2.3%) as a result of preparations for numerous
contracts to be executed in the short term. This still low level was fully
in line with budget. As well as this, the group generated positive free
cash flow of EUR 18.5 million (9M/2014: EUR 119.8 million).

Order intake rose by 57% to EUR 1,964.0 million in the period under review
(9M/2014: EUR 1,253.2). Consequently, orders on hand climbed by 32% to just
under EUR 1.8 billion as of 30 September 2015 and provide the underpinnings
for the expected growth in the first half of 2016.

On the strength of the company's strong business performance in the past
three quarters and the large volume of orders on hand, the Management Board
is raising its sales targets for the current year to EUR 2.3 - 2.4 billion
(previously EUR 1.9 - 2.1 billion). As Nordex additionally assumes that new
business will remain strong in the fourth quarter, it is also lifting its
order intake target to EUR 2.3 - 2.4 billion (previously: EUR 2.1 - 2.3
billion). In addition, the operating margin is still expected to increase
to 5.0 - 6.0%.

"We are currently growing more quickly than the wind power industry as a
whole. This is due to our focus on the right markets, products and
services. To ensure that we remain on this course of expansion in the long
term, we have now decided to substantially strengthen our business by
combining our activities with those of Acciona Windpower," says Nordex CEO
Lars Bondo Krogsgaard. Nordex will report on its medium-term outlook and
strategic orientation at a capital markets day taking place tomorrow in
Frankfurt. The business combination is subject to clearance by the
competition authorities.


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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  
411471 2015-11-11