EANS-News: Nordex SE / Nordex records a strong increase in orders in the first quarter and will focus on the profitable core business

Geschrieben am 02-04-2012

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

Financial Figures/Balance Sheet

Subtitle: • Preliminary figures confirmed by the final consolidated
financial statements • 2011: outperformed industry trend with a 50%
increase in orders in Europe • 2012: Management Board forecasting a
10-20% rise in sales and a return to profit • Order intake increased
by 84% to EUR 284 m in Q1 2012

Hamburg (euro adhoc) - Hamburg, 2 April 2012. The new Chief Executive
Officer of Nordex SE (ISIN: DE000A0D6554), Dr. Jürgen Zeschky,
presents the group accounts for the first time today. In addition,
Zeschky underscores that the Management Board, acting with the
approval of the Supervisory Board, has decided to continue on the
path of strategic reorientation already announced in recent months.
Nordex will focus on its profitable core business in turbines for
onshore wind farms. The company has been in talks about combining its
offshore activities in a joint venture since summer 2011. Nordex is
continuing negotiations with the aim of an intensive cooperation with
its potential partner.

With this decision, Nordex wants to concentrate on developing new
efficient products for onshore business in order to reinforce its
competitiveness. With over 95 percent of the market in 2011, the
onshore segment dominated the wind power industry in 2011. At the
same time, many offshore installations have been postponed and new
business declined by roughly 60 percent. For Nordex, this course
reflects a conscious continuation of efforts to reduce its
development risks.

At the same time, the Company has released its final consolidated
financial statements for 2011, which confirm the preliminary figures
published in February. Thus, consolidated sales declined by 5% to EUR
921 million due to project postponements in Europe and the relatively
muted order backlog at the beginning of 2011. In addition, order
intake in China dropped by 80% in the course of the year, causing a
44% drop in sales in Asia. On the other hand, US sales doubled,
although this was not sufficient to fully make up for the declines
recorded in other regions.

At the same time, order intake developed positively, rising by 32
percent to EUR 1,007 million. Nordex was able to defy market trends,
particularly in Europe, recording an increase in new business of over
50% to EUR 856 million in this region. Accordingly, the order book
amounted to around EUR 700 million at the end of the year (previous
year: EUR 411 million), thus providing a solid basis for the sales
growth planned for this year. This is additionally re-inforced by the
expected pleasing marketing success in the first quarter of 2012,
during which order intake rose by 84% to EUR 284 million (Q1/2011:
EUR 154 million).

An operating loss of EUR 10.3 million was sustained at the the EBIT
level before exceptional expenses and a non-recurring item (previous
year: EBIT of EUR 40.1 million). This was chiefly due to lower market
prices for wind turbines and reduced capacity utilisation together
with higher structural costs. In the third quarter, Nordex launched a
programme to lower structural costs by EUR 50 million to bring them
into line with sales. This resulted in exceptional expense of EUR
13.1 million. The non-recurring effects of EUR 6.3 million comprise
non-capitalised development expense for an offshore turbine. In the
Europe segment, Nordex achieved adjusted operating earnings of EUR
4.1 million. A consolidated loss of EUR 29.7 million was sustained at
the EBIT level after exceptional expenses and non-recurring items.
Nordex plans to address the ongoing price pressure in the market by
lowering its product costs and developing more efficient turbines.

On the strength of the Company´s solid order book, the Management
Board assumes that sales will grow to EUR 1.0 - 1.1 billion this
year. Depending on sales volume and the development of turbine
prices, an EBIT margin of 1 - 3% is expected. In the medium term,
Nordex wants to improve further its profitability, materially aided
by the accelerated development of onshore turbines for different wind
classes and attractive market segments.

Further inquiry note:
Felix Losada
Tel.: +49 (0)40 300 30 1141

end of announcement euro adhoc

company: Nordex SE
Langenhorner Chaussee 600
D-22419 Hamburg
phone: +49 (0)40 30030-1000
FAX: +49 (0)40 30030-1101
mail: info@nordex-online.com
WWW: http://www.nordex-online.com
sector: Alternative energy
ISIN: DE000A0D6554, DE0000A0D66L2
indexes: TecDAX, CDAX, HDAX, Prime All Share, Technology All Share, ÖkoDAX
stockmarkets: free trade: Berlin, München, Hamburg, Düsseldorf, Stuttgart,
regulated dealing/prime standard: Frankfurt
language: English


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