Nordex SE — Earnings Release 2004

Apr 1, 2004

News Details

Ad-hoc | 1 April 2004 08:04

Nordex AG utilizing share capital as planned / operative business exceeding…

Ad-hoc-announcement processed and transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Nordex AG utilizing share capital as planned / operative business exceeding forecasts Hamburg, April 1, 2004. Nordex AG’s management board assumes that a loss equaling half of the Company’s share capital (EUR 52.05 million) was sustained as of March 31, 2004. However, this is in line with the restructuring schedule, which provides for a reduced loss this fiscal year. Given the Company’s current business performance, there is no danger of its share capital being fully eroded. In any case, the Company plans to post operating earnings again next fiscal year (2004/05) and to strengthen its capital base at the completion of restructuring activities. This is also set out in the restructuring report compiled by Roland Berger Strategy Consultants. On the basis of the preliminary figures for the first half of 2003/04, Nordex AG’s operative business is exceeding forecasts. Order receipts as of March 31, 2004 came to around EUR 120 million (forecast: EUR 100 million). In the previous year, new business in the first six months stood at EUR 107 million, including orders worth EUR 40 million from the previous period (2001/02), which had been delayed due to the application of stricter recognition criteria. As expected, revenues were down on the first quarter of the fiscal year on account of seasonally weak demand in Germany. On the other hand, the loss at the EBIT level should be substantially lower compared with the previous year thanks to a reduced cost-of-materials ratio. In the first quarter of the current fiscal year, Nordex was able to cut its operating loss by half (Q1 loss at the EBIT level: EUR 6.7 million). This positive trend reflects the preliminary effects of the restructuring program implemented in summer 2003, around 63 percent of which has already been completed. In this connection, Nordex plans to achieve a swing of EUR 72.5 million on the bottom line in fiscal 2004/05 and thus return to profit-making territory. At the annual general meeting scheduled for May 12/13, 2004, for which invitations were issued today, the Management Board will be officially announcing the loss pursuant to Section 92 (1) of the Joint Stock Companies Act and reporting on the status of the Company’s equity. There are no plans for possible recapitalization measures until after the completion of restructuring. Information for analysts and press: The Management Board of Nordex AG will be available to answer any questions concerning the state of the Company’s capital dur-ing the international telephone conference scheduled for 10 am (CET) today. For more information, please contact: Nordex AG Ralf Peters Telephone: +49 40 / 500 98 – 100, Telefax: – 333 end of ad-hoc-announcement (c)DGAP 01.04.2004 ——————————————————————————– WKN: 587357; ISIN: DE0005873574; Index: NEMAX 50 Listed: Geregelter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Bremen, Düsseldorf, Hamburg, Hannover, München und Stuttgart 010804 Apr 04