01.03.2017
Nordex SE DE000A0D6554
DGAP-News: Nordex closes 2016 in line with guidance
DGAP-News: Nordex SE / Key word(s): Preliminary Results/Final Results
Nordex closes 2016 in line with guidance
01.03.2017 / 07:00
The issuer is solely responsible for the content of this announcement.
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- Sales up 40% to EUR 3.4 billion
- Increase in EBITDA margin to 8.4%
- Order book up 47% to EUR 3.9 billion
- Cash flow of EUR 144.4 million from operating activities
Hamburg, 1 March 2017. On the basis of its provisional consolidated
financial statements for 2016, the Nordex Group (ISIN: DE000A0D6554)
achieved its targets. Sales climbed by 40% to EUR 3.4 billion, including
sales of EUR 726 million contributed by the new subsidiary Acciona
Windpower (AWP), which was consolidated from 1 April 2016 following the
acquisition.
The main sales driver was Europe with EUR 2.3 billion, equivalent to a
share of 69%. The share accounted by the Americas increased sharply to 22%
(2015: 11.7%). This success is materially due to the new subsidiary AWP,
which holds a strong position in these growth markets. Total sales also
include the service business, which grew by 28% to EUR 271.6 million.
Operating earnings (EBITDA) climbed by 56.6% to EUR 285.5 million,
translating into a margin of 8.4%, which is slightly above guidance.
Consolidated net profit increased by 82.4% to EUR 95.4 million.
The Group continues to have a solid balance sheet, with the equity ratio
stable at 31.4% (2015: 31.2%). Cash and cash equivalents amounted to EUR
649.5 million as of 31 December, 2016 (2015: EUR 529.0 million) and the
Group continued to hold net liquidity.
Cash flow of EUR 144.4 million was generated from operating activities.
Excluding the acquisition of AWP, free cash flow amounted to EUR 51.0
million. The working capital ratio was 4.1% as of the reporting date. The
improvement in the fourth quarter was materially due to the sharp year-end
increase in order intake.
Nordex registered total new orders of EUR 3.3 billion in 2016, with the
book-to-bill ratio coming to 1.05. This led to an increase in the order
book - including service contracts - to EUR 3.9 billion (2015: EUR 2.7
billion).
As stated on 23 February, the Management Board projects sales of EUR 3.1 -
3.3 billion in 2017. The decline over the previous year is due to project
postponements in some core markets and delays in entry into the Indian
market. Despite lower capacity utilization, profitability should remain
stable thanks to the synergy benefits harnessed from the merger with AWP
and the absence of most of the non-recurring expenses that had arisen in
2016. The EBITDA margin is expected to amount to between 7.8% and 8.2%.
Turning to 2018, management expects sales to grow again to EUR 3.4 - 3.6
billion accompanied by stable profitability. Says Lars Bondo Krogsgaard,
CEO of the company: "In order to improve profitability, we will focus more
strongly on activities that offer above-average margins. At the same time,
we will step up spending on products to secure targeted competitive
advantages."
For more information, please contact:
Nordex SE
Ralf Peters
Telephone + 49 40 300 30 - 1522
[email protected]
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01.03.2017 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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Language: English
Company: Nordex SE
Erich-Schlesinger-Straße 50
18059 Rostock
Germany
Phone: +49 381 6663 3300
Fax: +49 381 6663 3339
E-mail: [email protected]
Internet: www.nordex-online.com
ISIN: DE000A0D6554
WKN: A0D655
Indices: TecDAX
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover,
Munich, Stuttgart, Tradegate Exchange
End of News DGAP News Service
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549013 01.03.2017
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