Nordex SE — Earnings Release 2003

Apr 7, 2003

News Details

Ad-hoc | 7 April 2003 08:34

Nordex AG english

Nordex looking back on weak business in the first half Ad-hoc-announcement processed and transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Nordex looking back on weak business in the first half Hamburg, April 7, 2003. In the first half of its current fiscal year (October 1, 2002 – March 31, 2003), Nordex AG experienced weak new wind turbine business. Order receipts at of March 31, 2003 contracted to roughly EUR 70 million (year-ago period: EUR 180 million). The Company failed to meet its own liquidity target not least of all due to high inventories which are however financed by sufficient cash and credit facilities. The cost-cutting program implemented in the second quarter is fully on track. Thus, a total of around 120 Jobs have so far been cut both internally and at external companies. This is to be followed by a further 20 Jobs in the short term. The reduction in other operating expenses is also proceeding according to plan. The scope of restructuring activities is to be extended in the light of the muted new business. Nordex is currently reviewing further activities in conjunction with a management consultant company. The guidance for this fiscal year will be published together with the full accounts for the first half on May 27, 2003. For more information. please contact: Nordex AG Ralf Peters Telephone: +49 (040) 500 98 – 100, Telefax: – 333 end of ad-hoc-announcement (c)DGAP 07.04.2003 ——————————————————————————– 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 070834 Apr 03