Nordex SE — Earnings Release 2002

Dec 16, 2002

News Details

Ad-hoc | 16 December 2002 09:51

Nordex AG english

Nordex sales growth by 77 percent in Europe excluding Germany Ad-hoc-announcement processed and transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Nordex sales growth by 77 percent in Europe excluding Germany rise in net income to EUR 20 million / order intake EUR 500 million Hamburg,December 16, 2002. The Nordex Group generated turnover of EUR 445 million between October 1, 2001 and September 30, 2002 (year-ago period: EUR 354 million), equivalent to growth of approx. 26 percent. At around EUR 440 million, sales grew by the same rate as in the previous year (EUR 347 million). Earnings before interest and tax (EBIT) climbed by some 26 percent to approx. EUR 17.8 million in the period under review (previous year: EUR 14.1 million). Up 160 percent to roughly EUR 20 million, net income rose disproportionately sharply primarily on account of tax effects. Europe excluding Germany made the greatest contribution to the increase in revenues. Thus, sales in this region were up roughly 77 percent over the previous year, rising to more than EUR 130 millionand accounting for 30 percent of total business.Nordex benefited from greater demand in the United Kingdom, France and Norway. New business painted the same picture,with roughly 38 percent of new orders coming from Europe excluding Germany.As planned, Nordex placed total orders worth roughly EUR 500 million on its books last fiscal year. Earnings improved In the period under review, the Nordex Group’s earnings before interest and tax (EBIT) rose by roughly 26 percent to EUR 17.8 million,translating into an EBIT margin of 4.0 percent on turnover unchanged over the previous year.Earnings were primarily affected by the new construction-permission rules in Germany. Delays in putting some projects into operation caused revenues to fall short of forecasts. At the same time, there were delays in the completion of the new rotor blade production facility in Rostock.Consequently, production commenced around one quarter later than planned,as a result of which earnings in the second half of the year failed to live up to expectations. Net income rose to roughly EUR 20 million (previous year: EUR 7.5 million),translating into earnings per share of EUR 0.39 (previous year: EUR 0.14).This massive increase is for the most part due to a non-recurring effect:Nordex was able to claim a favorable tax rate as a result of the loss carried forward from fiscal 2000/2001.Liquidity and cash flow from ordinary operations are also encouraging,with Nordex boasting liquidity of EUR 48.5 million and an operating cash flow of EUR 6.9 million as of September 30, 2002. end of ad-hoc-announcement (c)DGAP 16.12.2002 Issuer’s information/explanatory remarks concerning this ad-hoc-announcement: Outlook Nordex projects sales and turnover of approx. EUR 520 million in fiscal 2002/03,equivalent to growth of approx. 18 percent.With order books currently worth EUR 258 million, the Company already had roughly 50 percent of its planned sales on October 1, 2002.This compares favorably with a share of 34 percent in the previous year. At the same time, the group’s profitability is to improve,with an EBIT margin of around 4.5 percent being sought.One basis for this improvement in profitability will be rotor blade production,which has been making a positive contribution to earnings since the fourth quarter of last fiscal year.In fiscal 2002/03, rotor blade production is expected to make a positive contribution to margins on a full-year basis.By concentrating on fewer models and introducing identical components across the range in tandem with higher volumes, Nordex will be able to achieve further savings. For more information, please contact: Nordex AG, Ralf Peters Phone:+49 (0)40 / 50098 – 100, Telefax:+49 (0)40 / 500 98 – 333 ——————————————————————————– WKN: 587357; ISIN: DE0005873574; Index: Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf, Hamburg, Hannover, München und Stuttgart 160951 Dez 02