Nordex SE

Nordex with profitable growth in 2007 - further surge in earnings expected for 2008

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balance/figures for 2007

Norderstedt (euro adhoc) - Press release

Nordex with profitable growth in 2007 - further surge in earnings  expected
    for 2008

        . Net income for 2007 up almost fourfold to EUR 48.0 (12.6) million
        . Increase in earnings per share to EUR 0.74 (0.21).
        . RoS in 2007 widened to 5.4 (3.2) percent
        . 2008 RoS expected to grow to 6 - 8 percent, sales by 50%

    Hamburg, April 9, 2008. The final figures for  2007  of  the  Nordex  Group
    (ISIN: DE000A0D6554) confirm the preliminary numbers announced in  February
    and confirm its continued profitable growth.

    As already stated, Nordex's sales increased by 45% in 2007 to  roughly  EUR
    747 (previous year: 514) million. Earnings before interest and taxes (EBIT)
    rose by around 142% to EUR 40.1 (previous year: 16.6) million. As a result,
    the return on sales widened to 5.4% (3.2%). The surge in profits was driven
    by economies of  scale  and  the  greater  profitability  of  the  projects
    completed. Thus, the personnel cost/sales ratio  dropped  to  6.8%  (7.6%),
    with the cost of  materials/sales  ratio  also  receding  slightly  despite
    higher sourcing costs.

    Net income in 2007 surged fourfold to almost EUR 48.0 (previous year: 12.6)
    million due, among other things, to a tax reimbursement of EUR 8.9  due  to
    recognition of deferred tax assets on tax losses. At  the  same  time,  net
    borrowing costs fell to EUR 1.1 (previous year: 3.9) million due to the 61%
    increase in liquidity to EUR 212 (previous year: 132) million. Earnings per
    share climbed to EUR 0.74 (previous year: EUR 0.21). Equity ratio increased
    to 38.6% (previous year: 32.6%).

    To prepare for contracts which were to be executed at short notice,  Nordex
    increased its inventories by 65% to EUR 232 (previous year: 141) million as
    of the balance sheet date. However, these were  financed  by  high  advance
    payments received from customers as of the end of 2007. As  a  result,  the
    ratio of advance  payments  to  gross  PoC  receivables  from  construction
    contracts  increased  to  138%  (previous  year:   135%).   This   included
    reservation fees of EUR 121 million for  medium-term  delivery  obligations
    (previous year: EUR 47 million).  As a  result,  Nordex's  working  capital
    ratio remained steady at a low 2.3% as previous year. Net  cash  flow  from
    operating activities reached EUR 29.1 (previous year: 65.2) million and was
    thus sufficient to fully cover the capital expenditure of EUR 28.7  million
    in 2007.

    Order books increased in value by 142% to  EUR  2.9  (previous  year:  1.2)
    billion and comprise firm orders of EUR 1.0 billion  (previous  year:   EUR
    513 million) and conditional orders of EUR 1.9 billion (previous year:  EUR
    674 million). This is fully sufficient to ensure that Nordex can  meet  its
    sales targets in full in both 2008 and 2009, based on sales growth  of  50%
    per year.

    "This year, we expect a top line growth of around  50%  to  more  than  one
    billion in sales", says Thomas  Richterich,  CEO  at  Nordex  AG.  However,
    variables such as final construction or grid connection permits  may  speed
    up or delay the completion of specific projects. This is  tantamount  to  a
    possible  difference  in  planned  revenues  of  around  EUR  100  million.
    Accordingly, the Company ultimately expects total sales of EUR 1.0  to  1.2
    billion for 2008. Depending on whether sales end up being  at  the  top  or
    lower edge of this range, management projects a return on sales of 6  or  8
    percent.

    During today's telephone conference, the Management Board will elaborate on
    the annual financial statements and answer any questions. The  full  annual
    report will be published in April 2008.

    |E million         |2007      |2006        |Change       |
|Sales             |747       |514         |45%          |
|EBIT              |40.1      |16.6        |142%         |
|Return on sales   |5.4%      |3.2%        |             |
|Net income        |48.0      |12.6        |281%         |
|Net margin        |6.4%      |2.5%        |             |
|EPS               |E 0.74    |E 0.21      |252%         |
|                  |          |            |             |
|Liquidity         |212       |132         |61%          |
|Inventories       |232       |141         |65%          |
|Equity ratio      |38.6%     |32.6%       |             |
|Total assets      |704       |457         |54%          |
|                  |          |            |             |
|Advance payment   |138%      |135%        |             |
|ratio             |          |            |             |
|Working capital   |2.3%      |2.3%        |             |
|ratio             |          |            |             |
|Net cash flow from|29.1      |65.2        |-55%         |
|operating         |          |            |             |
|activities        |          |            |             | 
end of announcement                               euro adhoc
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Further inquiry note:

Felix Losada
Tel.: +49 (0)40 50098 141
flosada@nordex-online.com

Branche: Alternative energy
ISIN: DE000A0D6554
WKN: A0D655
Index: Midcap Market Index, TecDAX, CDAX, HDAX, Prime All Share,
Technologie All Share
Börsen: Börse Frankfurt / regulated dealing/prime standard
Börse Berlin / free trade
Börse Stuttgart / free trade
Börse Düsseldorf / free trade
Börse München / free trade

Original-Content von: Nordex SE, übermittelt durch news aktuell

Weitere Meldungen: Nordex SE

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