Nordex SE — Earnings Release 2003

Aug 15, 2003

News Details

Ad-hoc | 15 August 2003 08:00

Nordex AG english

Project delays in fourth quarter lead to weaker full-year results at Nordex AG Ad-hoc-announcement processed and transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Project delays in fourth quarter lead to weaker full-year results at Nordex AG Hamburg, August 15, 2003. Following a delay in projects Nordex AG new forecasts an unexpectedly weak order intake from Germany in its current fourth quarter of fiscal 2002/03. Although performance in the third quarter (April 1 – June 30, 2003) was mainly in line with internal plans and the Company signed a number of foreign contracts, Nordex will fail to reach its revenue forecast for the current financial year. The foreign contracts will be turned into order intake in the next quarters. Instead of the original target of around EUR 300 million, there is now a risk of the Group reporting a figure of only some EUR 230 million for the financial year, which ends on September 30, 2003. This will also have an impact on net income for the year due to the lower gross profit. The main reasons for the project delays are changes in the German banks financing practices of wind farms projects as well as changes to grid connection rules. Nordex has already completed comparable technical modifications to its turbines in order to conform to the new grid rules in Germany and other countries. This overall situation has resulted in an industry- wide year-on-year re-duction of 24 percent in new German installations in the period be-tween January and June 2003. The timetable for the implementation of the Company’s restructuring programme will not be affected by any potential lower full-year figures. Nordex’s management continues to expect a substantial improvement in the bottom line in 2003/04 and a return to profit in 2004/05. Given the current market situation, however, the restruc-turing measures will be intensified. Nordex AG will be publishing its 9-month report on August 28, 2003. For more information, please contact: Nordex AG Ralf Peters Telephone: +49 (0)40 / 500 – 100, Telefax: – 333 end of ad-hoc-announcement (c)DGAP 15.08.2003 ——————————————————————————– WKN: 587357; ISIN: DE0005873574; Index: TecDAX, NEMAX 50 Listed: Geregelter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Bremen, Düsseldorf, Hamburg, Hannover, München und Stuttgart 150800 Aug 03