Nordex SE / Key word(s): Interim Report/Quarter Results
2015-05-13 / 08:00
Nordex SE: Buoyant start to 2015
– Sales up 17.0% to EUR 496.5 million
– Improvement in EBIT to EUR 24.8 million
– Consolidated net profit up 62.6% to EUR 14.8 million
– Free cash flow increased to EUR 46.2 million
– Order backlog of EUR 1.6 billion secures growth in 2015
Hamburg, 13 May 2015. The Nordex Group (ISIN: DE000A0D6554) posted a 17 percent increase in sales to EUR 496.5 million in the first quarter of the current year (Q1/2014: EUR 424.5 million). This growth was materially driven by business in EMEA (Europe/Africa), whereas sales in the Americas and in Asia declined. The sharp overall increase in activity is reflected in the 44.2 percent growth in production output. Thus, turbine production output rose to 462.1 MW (Q1/2014: 320.5 MW).
Consolidated operating earnings rose by 17.3 percent to EUR 24.8 million in the period under review (Q1/2014: EUR 21.1 million). This favourable performance is mainly due to economies of scale and a below-average increase in structural costs. Consolidated net profit rose by 62.6 percent to EUR 14.8 million (Q1/2014: EUR 9.1 million), which also reflects the substantial improvement in net finance expense.
Nordex SE’s strong operating performance is also reflected in the structure of its balance sheet. Thus, net liquidity rose again to EUR 281.5 million (31 December 2014: EUR 232.2 million). This was chiefly due to a further improvement in the working capital ratio to -4.8 percent (31 December 2014: -2.3%), including high order-related customer prepayments. Free cash flow increased to EUR 46.2 million (Q1/2014: EUR 14.8 million).
Order intake rose by 14.3 percent to EUR 642.3 million in the first quarter. Consequently, the order book climbed to EUR 1.6 billion and will secure the growth expected for 2015. The Management Board reaffirms its full-year guidance of an increase in sales to up to EUR 2.1 billion (2014: EUR 1.7 billion) and an improvement in the operating margin to 5.0 – 6.0 percent.
«We are leveraging the current strong demand in our markets and simultaneously working hard to boost our efficiency in order to make our future growth even more profitable. At the same time, we are focusing on the development of new competitive products and on entering promising new markets,» says Dr. Jürgen Zeschky, CEO of Nordex SE.
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