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19.04.2010 – 07:22

Nordex SE

EANS-News: Nordex SE
Nordex entering 2010 with solid balance sheet ratios

  Corporate news transmitted by euro adhoc. The issuer/originator is solely
  responsible for the content of this announcement.

annual result

Norderstedt (euro adhoc) - Nordex entering 2010 with solid balance sheet ratios

• Rise in annual sales for 2009 to EUR 1,183 (1,136) million • Increase in gross margin to 22.8% (21.1%) • Liquidity of EUR 160 million, up by EUR 48 million • CEO Richterich: "Rising new business in the second half of the year may unleash impetus for growth in 2010"

Hamburg, April 19, 2010. The final full-year figures for 2009 released by the Nordex Group (ISIN: DE000A0D6554) confirm the preliminary numbers announced in March. In a generally weak economic environment, Nordex´s sales for 2009 increased to EUR 1,183 million (2008: EUR 1,136 million), materially underpinned by export business, which accounted for roughly 97 percent of total sales. In particular, Nordex USA widened its business volume substantially, posting a roughly 130 percent increase in sales to EUR 135 million.

Despite the mounting competition, the profitability of the projects completed in the year under review improved, with the gross margin widening to 22.8% (2008: 21.1%). On the other hand, the staff cost ratio climbed to 9.2% (2008: 6.9%), reflecting the establishment of new national companies, intensified product development and extensions to plant facilities in Germany and the United States. As a result, earnings before interest and taxes dropped to EUR 40 million (2008: EUR 63 million), equivalent to an EBIT margin of 3.5%. In the final quarter of 2009, the EBIT margin widened to 4.9% again on sales of EUR 369 million thanks to greater capacity utilization.

All told, Nordex emerged from the difficult conditions in 2009 with solid balance sheet structures and a continued high equity ratio of 41% (2008: 38%). At the same time, liquidity improved noticeably by 43 percent, rising to around EUR 160 million despite capital spending of EUR 51.1 million (2008: EUR 70.5 million). Nordex was able to achieve a net cash inflow of EUR 9.6 million from operating activities (2008: net cash outflow of EUR 59.5 million) primarily as a result of a reduction of EUR 125 million in inventories.

Compared with the wind power industry as a whole, new business was satisfactory, albeit generally lower. With prices largely stable, the volume of firmly financed new orders contracted by 16% to EUR 734 million. According to MAKE Consulting, new business in the wind power industry in its entirety shrank by around 40%. This trend was chiefly spurred by the continued insufficient availability of finance for wind farm projects.

"After disappointing order intake at the beginning of the year, we are now seeing preliminary positive signals and expect material impetus for new growth to emerge in the second half of 2010 in particular. As a result, we may be able to achieve a similarly top-line growth as in 2009 and benefit from economies of scale this year," says Thomas Richterich, CEO of Nordex SE. Lending already started picking up again in 2009. In addition, many banks have cleaned up their balance sheets, meaning that more liquidity is now available for project finance. Continues Richterich: "There has been no change in the implementation of our strategic projects. We will be continuing to invest in extensions to our international structures, raise our facilities to a new industrial level and intensify product development." Thus, Nordex is unveiling the new "Gamma" generation of its 2.5 MW series in April 2010 and already secured a major 295 MW contract for this new model on April 9.

During today´s press and analyst conference, the Management Board will be presenting the annual financial statements and the outlook for the Group.

end of announcement                               euro adhoc

Further inquiry note:

Nordex SE
Ralf Peters
Telephone: +49 (0)40 / 30030 1522 - 100, Telefax: - 1333

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

Original content of: Nordex SE, transmitted by news aktuell

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