Nordex SE — Earnings Release 2002

Aug 26, 2002

News Details

Ad-hoc | 26 August 2002 08:00

Nordex AG english

Nordex reporting higher earnings in tandem with rising revenues Ad-hoc-announcement processed and transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Nordex reporting higher earnings in tandem with rising revenues Turnover up 33% / net income up 41% Hamburg, August 26, 2002. With its successful performance in the third quarter of fiscal 2001/02, the Nordex Group is still on track to meeting its forecasts for this fiscal year (October 1, 2001 – September 30, 2002). In the first nine months, the wind-turbine manufacturer posted a 33 percent increase in turnover to roughly EUR 300 million (year-ago period: EUR 225 million). Germany was again the main market, accounting for almost 64 percent of total revenues. However, a growing volume of business is also being generated in European growth markets. As a result, Europe (excluding Germany) contributed more than 40 percent to the Group’s revenues (first half: 25 percent). New business was also well up again. Thus, in the year to June 30, 2002, Nordex received new orders worth EUR 330 million (previous year EUR 295 million), translating into an almost 12 percent increase over the previous year and partially making up for the weak orders in Germany in the first six months. In the third quarter alone, Nordex received orders from all around the world worth roughly EUR 150 million. It is becoming more and more successful in marketing turbines in the high megawatt segment. Thus, the N80/2,500 kW range, which Nordex has been producing for two-and-a-half years now, currently accounts for over 35 percent of order intake. This fiscal year, a total of roughly 50 orders have been received for this model. The most recent orders for the N80 have come from key-account customers in Ireland and France, where a growing market for this model is emerging. Nordex has installed the first N90, an alternative model with a rotor diameter of 90 meters, which is especially designed for locations exhibiting weaker wind conditions. Preliminary contracts have already been signed for this model. In the first nine months of the fiscal year, EBIT rose by 13.5% to EUR 10.1 million (previous year: EUR 8.9 million). In spite of higher tax charges, net income for the period rose by 41 percent to roughly EUR 9 million (previous year: EUR 6.4 million). In the third quarter alone, Nordex posted EBIT of EUR 5.4 million (previous year: EUR 4.2 million). As a result, the margin roughly doubled to 5 percent between the first half and the third quarter. The increase in earnings in the third quarter is primarily due to the relative drop in fixed costs proportionate to turnover as well as the improved cost situation with respect to rotor blade production. end of ad-hoc-announcement (c)DGAP 26.08.2002 Issuer’s information/explanatory remarks concerning this ad-hoc-announcement: The Nordex Group is still on track to meeting its target of operative growth of roughly 30 percent this fiscal year. Thus, turnover are expected to come to roughly EUR 460 million (previous year: EUR 354 million). This presupposes total revenues in the fourth quarter of approx. EUR 160 mn. The Group entered the final quarter of the year with order books worth EUR 190 million or so. At the same time, Nordex is aiming for an EBIT margin of around 5 percent (previous year: 4 percent). The continued margin growth this fiscal year is to be achieved by lower relative fixed costs in the fourth quarter. Thus, Nordex plans to boost turnover by EUR 50 million over the third quarter in tandem with unchanged material and personnel costs. Key data As at 6/30/01 As at 6/30/02 Change New orders 295 330 + 11.9 % Turnover 225 299 + 32.9 % EBIT 8.9 10.1 + 13.5 % Net income 6.4 9.0 + 40.6 % Nordex Nordex AG has been listed on the Neuer Markt segment of the Frankfurt stock exchange since April 2, 2001 (German securities code number 587 357). As a technological leader in the megawatt category, Nordex is particularly benefiting from the trend in favor of large-scale wind-power turbines. Its range includes what is currently the world’s largest series wind turbine (N80/2,500 kW). With exports accounting for around 40 percent of its business, Nordex AG plays a key role in international high-growth regions. The Company has offices and subsidiaries in 18 countries around the world. For more information, please contact: Nordex AG, Ralf Peters Telephone: +49 (0)40 / 50098 -100, Telefax: +49 (0)40 / 500 98 – 101 ——————————————————————————– WKN: 587357; ISIN: DE0005873574; Index: Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf, Hamburg, Hannover, München und Stuttgart 260800 Aug 02