Nordex SE — Management Reports 2003

Jun 16, 2003

News Details

Corporate | 16 June 2003 08:29

Nordex AG english

Supervisory Board and banks give Nordex the green light Corporate-news announcement processed and sent by DGAP. The sender is solely responsible for the contents of this announcement. ——————————————————————————– Supervisory Board and banks give Nordex the green light Consolidation course finds broad approval / financing still secured / subsidiaries merged Hamburg, June 16, 2003. The Supervisory Board and creditor banks support the restructuring program initiated by Nordex AG. This is the result of ongoing talks. “The available credit lines enable us to finance our operations beyond the current fiscal year,” says Thomas Richterich, Nordex AG CFO. In the current financial year Nordex plans a revenue volume of EUR 300 to 350 mn with an operating loss. The Company expects the successful implementation of restructuring measures to lead to a marked improvement in earnings in the coming fiscal year. Together with the publication of half-year figures, Nordex had presented the basic outline of a comprehensive restructuring program which the company has drawn up jointly with the management consultant, Roland Berger. The result: The consistent implementation of this program is intended to enable Nordex to return to profit territory from its own resources in fiscal 2004/05. The principal points here are focussing on key markets, reorganizing business processes and making comprehensive cost cuts. Most of these measures have already been implemented. In addition to cutting back some 130 Jobs and reducing Other Operating Expenditure, for example, the company has streamlined its Group structure down to two main subsidiaries. As of May 22, 2003, Südwind Energy GmbH has been merged in Nordex Energy GmbH. As the legal successor, Nordex Energy is continuing all the business relations of Südwind Energy, without restriction. Says Richterich: “The merger will help us to optimize internal business processes. In addition, this step will enable us to reduce administrative expenses and save costs.” At the time of the IPO in April 2001 the Group still consisted of the Nordex AG holding company and five operating subsidiaries. Since April 2, 2001 Nordex AG has been listed on the Frankfurt Stock Exchange (currently in the TecDax). As one of the leading technological suppliers of megawatt machines, Nordex profits from the trend towards large turbines. The range of products offered extends right up to the largest wind turbine currently available in the world (N80/2,500 kW). With some 44 per cent of output exported, Nordex AG also holds a strong position in the international growth regions. The company is represented with offices and subsidiaries in 18 countries worldwide. Please direct any queries to: Nordex AG Ralf Peters Telephone : +49 (0)40 / 500 98 -100, Telefax: -333 end of message, (c)DGAP 16.06.2003 ——————————————————————————– 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 160829 Jun 03