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DGAP-News: Nordex SE / Key word(s): Preliminary Results/Development of Sales
2016-02-26 / 07:49
The issuer is solely responsible for the content of this announcement.
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* 40% increase in sales to EUR 2,430 million
* EBIT up more than 60% to EUR 126.2 million
* Increase in free cash flow to EUR 94.6 million
* Larger order backlog providing the basis for further growth
Hamburg, 26 February 2016. On the basis of its preliminary unaudited
figures, the Nordex Group (ISIN: DE000A0D6554) increased its sales by some
40 percent in 2015 to EUR 2,430.1 million (2014: EUR 1,734.5 million).
Accordingly, it slightly exceeded the upper end of the sales guidance which
the Management Board had revised most recently in November 2015.
The operating margin before interest widened by 0.7 percentage points from
4.5 percent to 5.2 percent. At EUR 126.2 million, EBIT exceeded the
previous year's figure (2014: EUR 78.0 million) by more than 60 percent.
Despite the unplanned additional expense on a number of externally sourced
rotor blades from a supplier, earnings matched the Management Board's
expectations.
The main underpinnings for the strong business performance came from
Nordex's success in its core EMEA (Europe and Africa) region, where it
generated 88 percent (2014: 87 percent) of its sales, i.e. EUR 2,142.6
million (2014: EUR 1,513.8 million). Nordex achieved sales of a further EUR
286.1 million (2014: EUR 200.7 million) in the Americas.
Turbine business contributed the main proportion of 91.3 percent of total
sales, with production output rising by 34 percent to 1,899 MW (2014: 1,417
MW). At the same time, installation output climbed by just under 14 percent
from 1,489 MW to 1,697 MW. All told, 657 turbines were installed in 14
countries. In its core region of Europe, the company achieved a share of
just under 13 percent of the onshore market, securing double-digit market
share in more than ten countries.
The significant growth in sales and heightened profitability were
accompanied by a disproportionately small increase in structural costs.
Personnel costs and net other operating expense rose by a combined rate of
around 28 percent. Thus, sales per employee grew by just under 25% to EUR
771,952 (2014: EUR 619,464).
Free cash flow came to EUR 94.6 million and was thus up just under 7% over
the previous year (2014: EUR 88.7 million). At a negative 1.2 percent
(2014: negative 2.3 percent), working capital exceeded expectations. The
Nordex Group also continues to boast a very solid balance sheet with an
equity ratio of 31.2 percent (31 December 2014: 31.9 percent) and net
liquidity of EUR 294.4 million (31 December 2014: EUR 205.9 million).
In addition, it was able to secure new higher credit facilities on good
terms in December 2015.
Looking forward to the current year, the order books with firmly financed
orders of EUR 1,668.9 million (2014: 1,462.0 million) provide a good basis.
Last year, the company received turbine orders valued at EUR 2,470.9
million (2014: 1,753.9 million). "The order books and our imminent merger
with Acciona Windpower offer very solid foundations for further growth,
continued favourable business performance and an additional improvement of
our good market position," says Lars Bondo Krogsgaard, CEO of Nordex SE.
Nordex will be releasing its final annual financial statements as well as
its guidance for 2016 at its annual press conference in Frankfurt/Main on
21 March 2016. The Management Board will also be using this opportunity to
report on the current state of the transaction with Acciona Windpower.
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2016-02-26 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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Language: English
Company: Nordex SE
Erich-Schlesinger-Straße 50
18059 Rostock
Germany
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: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover,
Munich, Stuttgart; Terminbörse EUREX
End of News DGAP News Service