Nordex growing with significantly improved profitability

Nordex SE / Key word(s): Quarter Results/Interim Report

15.08.2014 / 08:12

Press release

Nordex growing with significantly improved profitability

– Sales up 23% to EUR 815.4 million

– EBIT more than doubled to EUR 37.1 million

– Further rise in net liquidity to EUR 213.7 million

– Improvement in free cash flow to EUR 70.0 million

– Increase in order intake to EUR 908.9 million

Hamburg, 15 August 2014. In the first six months of the current year, the Nordex Group (ISIN: DE000A0D6554) achieved a 23.4 percent increase in sales to EUR 815.4 million (H1/2013: EUR 660.6 million). With the EMEA business remaining stable at a high level, growth was materially driven by the Group’s successes in new markets in Latin America and Asia. Sales in the Americas in particular rose at a high three-digit rate. Globally, new installed capacity climbed by around 19 percent to 667.3 megawatts (H1/2013: 560.8 MW). At the same time, Nordex more than doubled the number of rotor blades produced at its own plant.

Consolidated operating earnings rose by 147 percent to EUR 37.1 million (H1/2013: EUR 15.0 million), equivalent to an EBIT margin of 4.5% (H1/2013: 2.2%). This performance was particularly driven by economies of scale. At the same time, Nordex was able to lower its structural costs again. Consolidated net profit rose to EUR 16.5 million (H1/2013: EUR 1.3 million).

As of 30 June 2014, the equity ratio increased slightly to 31.2 percent (31 December 2013: 30.9%). The sum total of cash and cash equivalents plus fixed-term deposits available at short notice rose by just under 16 percent to EUR 385.9 million (31 December 2013: EUR 333.0 million). As a result, the Group’s net liquidity climbed to EUR 213.7 million (31 December 2013: EUR 140.3 million). This was underpinned by the continued good order situation and strict liquidity management, which resulted in an improvement in the working capital ratio to -1.4% (31 December 2013: 2.2%). In addition, Nordex generated a net cash inflow of EUR 91.2 million from operating activities (H1/2013: net outflow of EUR 39.1 million) and free cash flow of EUR 70.0 million (H1/2013: outflow of EUR 72.1 million).

The forward order book continued to improve, with order intake in the first half of the year coming to EUR 908.9 million (H1/2013: EUR 839.4 million). This translates into a book-to-bill ratio of 1.2. The firmly financed order book rose to EUR 1.4 billion (31 December 2013: EUR 1.3 billion). Demand was higher in Europe in particular. With demand for electricity growing in Latin America, overseas new business also expanded at a double-digit rate. Of the new orders, more than 17 percent are for the new Generation Delta (H1/2013: 8.8%).

The Management Board reaffirms its last forecast and continues to assume that full-year sales will grow to EUR 1.5 – 1.6 billion in 2014, accompanied by an EBIT margin of 4.0 – 5.0% and order intake of up to EUR 1.7 billion. Nordex SE will announce the main elements of its medium term financial planning at a Capital Market Day on 24 September 2014.

For more information, please contact:

Nordex SE
Ralf Peters
Telephone: + 49 40 300 30 – 1000

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