DGAP-Adhoc: Nordex SE raises 2014 guidance after strong first quarter

        Print
| Source: EQS Group AG
Nordex SE  / Key word(s): Quarter Results/Change in Forecast

14.05.2014 08:05

Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

---------------------------------------------------------------------------


* 64 percent surge in sales to EUR 424.5 million
* Rise in EBIT to EUR 21.1 million
* Free cash flow of EUR 14.8 million generated
* 71 percent increase in order intake to EUR 562 million
* Board raised full-year guidance after strong first quarter 

Hamburg, 14 May 2014. Given the better-than-expected business performance
of Nordex SE (ISIN: DE000A0D6554) in the first quarter of 2014, the
company's Management Board has now raised its full-year sales and EBIT
guidance.

The Nordex Group recorded further double digit growth in the first quarter
of the current year. Sales increased by 64 percent to a record EUR 424.5
million (Q1/2013: EUR 259.0 million). At 71 percent, the EMEA region
(Europe and Africa) accounted for the bulk of business. However, sales in
the Americas and Asia developed exceptionally well, rising to EUR 124.1
million (Q1/2013: EUR 14.5 million). Nordex's service business also climbed
to EUR 34.3 million in the first quarter (Q1/2013: EUR 30.8 million).

Consolidated operating earnings rose to EUR 21.1 million (Q1/2013: negative
operating earnings of EUR 0.7 million), due in particular to cost-cutting
measures and improved capacity utilisation. A further contributing factor
was the execution of more profitable orders. This is also reflected in the
higher gross margin of 24.0 percent (Q1/2013: 21.3%). Consolidated net
profit amounted to EUR 9.1 million (Q1/2013: consolidated net loss of EUR
8.4 million).

The Nordex Group's balance sheet was even stronger as of 31 March 2014 with
an equity ratio of 32.0 percent (31 December 2013: 30.9%) and an increase
of EUR 11.7 million to EUR 344.7 million (31 December 2013: EUR 333.0
million) in cash and cash equivalents. As a result, net liquidity rose to
EUR 151.7 million thanks to high prepayments and substantially improved
cash management. The working capital ratio reached a level of only 1.0% (31
December 2013: 2.2%). In the first quarter, Nordex generated free cash flow
of EUR 14.8 million (Q1/2013: negative free cash flow of EUR 77.3 million).

Order intake rose by 71 percent to EUR 562 million (Q1/2013: EUR 328
million) in the first quarter, driven by successful marketing in Europe.
What is more, the customer response to Nordex's recent product releases
remained positive. This applies to the N117/2400, which remains the
top-selling turbine, accounting for 34 percent of sales. The Generation
Delta, which was launched last year, contributed 22 percent of orders. The
positive book-to-bill ratio of 1.32 reflects a further increase in firmly
financed orders of EUR 1.4 billion (Q1/2013: EUR 1.1 billion).
  
With business performance so far exceeding expectations and given the
improved forward visibility over the next few quarters, Nordex SE's
Management Board has raised its full-year guidance for 2014. Accordingly,
the Board is now looking for sales of EUR 1.5 - 1.6 billion (previous
guidance EUR 1.4 - 1.5 billion). The EBIT margin is expected to reach 4.0 -
5.0 percent (previous guidance 3.5 - 4.5 percent). In addition, Nordex will
announce its medium-term forecasts in the next few months.



For more information, please contact:

Nordex SE
Ralf Peters
Telephone + 49 40 300 30 - 1000
Mobile: +49 (0)173 523 97 19
rpeters@nordex-online.com


14.05.2014 DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de

---------------------------------------------------------------------------
 
Language:     English
Company:      Nordex SE
              Erich-Schlesinger-Straße 50
              18059 Rostock
              Germany
Phone:        +49 381 6663 3300
Fax:          +49 381 6663 3339
E-mail:       info@nordex-online.com
Internet:     www.nordex-online.com
ISIN:         DE000A0D6554
WKN:          A0D655
Indices:      TecDAX
Listed:       Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
              in Berlin, Düsseldorf, Hamburg, Hannover, München, Stuttgart
 
End of Announcement                             DGAP News-Service
 
---------------------------------------------------------------------------