Nordex SE — Earnings Release 2013

May 15, 2013

News Details

Corporate | 15 May 2013 07:33

Nordex: break-even almost reached in Q1 2013 thanks to a substantial surge in sales

Nordex SE / Key word(s): Quarter Results

15.05.2013 / 07:33

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* Sales up around 31% to EUR 259.0 million
* Further 5% increase in order intake
* Break-even at EBIT level almost reached in line with budget
* Working capital ratio of 12%
* Full-year guidance confirmed

Hamburg, 15 May 2013. The Nordex Group (ISIN: DE000A0D6554) posted a 30.6
percent increase in sales to EUR 259.0 million in the first quarter of 2013
(previous year: EUR 198.3 million). This performance was underpinned by
strong business in the core European region, which contributed 94% of
sales. On the other hand, business in America contracted by a substantial
57.6%, accounting for only 5% of consolidated sales, while Asian business
remained persistently weak.

The greater volume of business was also reflected in production and
installation activity. Thus, Nordex produced 60% more turbines in the first
quarter, completing more than twice the capacity of the same period of the
previous year. This performance together with reduced structural costs in
the United States and China, which had previously operated below capacity,
resulted in a substantial improvement in operating earnings. As a result,
the loss at EBIT level came to EUR 0.6 million as of 31 March 2013
(previous year: loss of EUR 9.0 million) and was therefore fully in line
with budget. The consolidated net loss was reduced by 40% to EUR 8.4
million (previous year: loss of EUR 14.0 million).

Due to increased purchasing and production activity, the working capital
ratio widened to 11.8% (31 December 2012: 8.7%), with cash and cash
equivalents declining by 29.3% to EUR 194.2 million (31 December 2012: EUR
224.3 million). Net cash outflow from operating activities amounted to EUR
60.0 million (Q1/2012: inflow of EUR 34.8 million).

Order intake continued to climb in the first three months of 2013. At EUR
327.9 million, new business rose by 5%, compared with the high level of the
same period last year (Q1/2012: EUR 312.3 million). This performance was
driven by sales successes in Northern Europe, particularly in the domestic
German market, as well as successful marketing of the N117/2400 low-wind
turbine. Thanks to the best first quarter since 2008, firmly financed
orders grew to EUR 1,141 million (previous year: EUR 837 million), thus
creating a solid basis for the company to achieve its full-year sales
target.

The Management Board of Nordex SE confirms its forecast for 2013 and
expects a further increase in sales to EUR 1.2 - 1.3 billion (2013: EUR
1,075 million). Given slightly weaker capacity utilisation in the first
half of the year compared with the second half, management expects
operating earnings to improve in the final quarters, resulting in a
full-year EBIT margin of 2 - 3%.

Nordex SE
Ralf Peters
Telephone + 49 40 300 30 - 1000
rpeters@nordex-online.com

End of Corporate News

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Language: English
Company: Nordex SE
Langenhorner Chaussee 600
22419 Hamburg
Germany
Phone: 040 / 30030 1000
Fax: 040 / 30030 1101
E-mail: info@nordex-online.com
Internet: www.nordex-online.com
ISIN: DE000A0D6554
WKN: A0D655
Indices: TecDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover,
München, Stuttgart

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