10.11.2016
Nordex SE DE000A0D6554
DGAP-News: Nordex expecting a strong fourth quarter
DGAP-News: Nordex SE / Key word(s): 9-month figures/Quarterly / Interim
Statement
Nordex expecting a strong fourth quarter
10.11.2016 / 07:50
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
Nordex expecting a strong fourth quarter
- Targets in Q3/2016 reached
- Sales up by 31 percent to over EUR 2.3 billion
- 47 percent increase in EBITDA to EUR 204 million
- Sales and earnings now expected at the lower end of the target range
Hamburg, 10 November 2016. The Nordex Group (ISIN: DE000A0D6554) posted a
31 percent increase in sales to EUR 2,339.5 million in the first nine
months of 2016, which represents an organic growth of 10.6 percent. The
merger with Acciona Windpower (AWP) was completed in the second quarter of
2016 and AWP has been consolidated in the Nordex Group from 1 April.
In the reporting period under review, AWP contributed 24 percent of the
Group's order intake and is expected to play a growing role in the final
quarter of the year. In total, Nordex's new business was thus valued at EUR
2.17 billion. At EUR 841 million, order intake in the third quarter was in
line with expectations.
The main sources of new business were Germany and North and South America.
Order intake from Germany in the third quarter rose by EUR 216 million to
EUR 741 million, new business from the Americas climbing by EUR 318 million
to EUR 523 million. Further orders came in particular from other EMEA
markets, i.e. Europe and South Africa.
The operating indicators were also up. Installed capacity rose by 75
percent to 2,025 MW (previous year: 1,158 MW). Rotor blade output climbed
by 84 percent, while turbine output was up by 26 percent.
Earnings before interest, taxes, depreciation and amortisation rose by 47.7
percent to EUR 203.9 million (9M/2015: EUR 138.0 million), equivalent to an
EBITDA margin of 8.7 percent. This positive performance was driven by
greater productivity and improved project execution. Consolidated net
profit increased by 41.9 percent to EUR 64.4 million (9M/2015: EUR 45.3
million).
The balance sheet structure remains solid after the acquisition of AWP,
with the equity ratio standing at a stable 32.0 percent. Cash and cash
equivalents amounted to EUR 430.6 million as of the reporting date (31
December 2015: EUR 528.9 million). Following the acquisition of AWP and the
repayment of the corporate bond, Nordex had net debt of EUR 217 million as
of 30 September 2016 (31 December 2015: net liquidity of EUR 322.0
million).
Cash flow from operating activities came under strain from the commencement
of work on wind farms to be installed in the near future. In addition,
payment terms in individual emerging markets led to an above-average
increase in working capital. However, the working capital ratio is to
reduce to below 5 percent again due to the expected strong order intake in
the fourth quarter and related prepayments. The working capital ratio stood
at 6.8 percent as of the reporting date.
Delays in the order intake for a number of contracts and, hence, the
postponement of the start of construction work led to a shift in the
recognition of sales. This is the main reason why the Management Board now
expects sales and profitability to come in at the lower end of the target
range. Accordingly, the Management Board forecasts full-year business of
around EUR 3.35 billion accompanied by an EBITDA margin of some 8.3 percent
in 2016.
"The third quarter lived up to our expectations. I expect that we will be
able to achieve our full-year target, and we confirm guidance at the lower
end of the range as far as top-line and profitability is concerned. We
expect a busy fourth quarter in terms of new orders and maintain the order
intake guidance of a good 3.4 billion EUR," says Lars Bondo Krogsgaard,
Chief Executive Officer of Nordex SE.
For more information, please contact:
Nordex SE
Ralf Peters
Telephone + 49 40 300 30 - 1522
[email protected]
---------------------------------------------------------------------------
10.11.2016 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.
The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at 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: [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
---------------------------------------------------------------------------
519287 10.11.2016
|
Weitere Ad-hoc und Unternehmensrelevante Mitteilungen zu
Nordex SE ISIN: DE000A0D6554 können Sie bei EQS abrufen
Solar/Wind , A0D655 , NDX1 , XETR:NDX1