DGAP-News

Nordex with continued double-digit growth and significant increase in consolidated net profit

DGAP-News: Nordex SE / Key word(s): Preliminary Results/Preliminary
Results
Nordex with continued double-digit growth and significant increase in
consolidated net profit

27.02.2015 / 08:20

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Nordex with continued double-digit growth and significant increase in
consolidated net profit

- Sales up 21% to EUR 1,734.5 million

- Increase in order intake to EUR 1,754 million

- 76% increase in EBIT to EUR 78.0 million

- Free cash flow of EUR 88.7 million

- Further increase in net liquidity

Hamburg, 27 February 2015. According to preliminary figures, the Nordex
Group (ISIN: DE000A0D6554) increased its sales by some 21 percent in 2014
to EUR 1,734.5 million (2013: EUR 1,429.3). Nordex thus reached the upper
end of the guidance range which the Management Board had most recently
revised upwards in November 2014. With a margin of 4.5 percent, EBIT also
matched the Company's expectations, rising by 76 percent to EUR 78.0
million (2013: EUR 44.3 million). Consolidated net profit increased almost
four-fold to EUR 39.0 million (2013: EUR 10.3 million).

The continued double-digit growth was materially underpinned by strong
business performance in the company's core EMEA region (Europe and Africa)
as well as in the Americas. Thus, at 84 percent, EMEA again contributed the
bulk of Nordex's sales, while business in the Americas grew at an
above-average rate to EUR 200.7 million (2013: EUR 81.7 million). In Asia,
sales improved by almost 75 percent from a low level to EUR 72.2 million
(2013: EUR 41.3 million). Production output was also up, with expanded
capacity allowing rotor blade production to rise by more than 55 percent to
507 units. At the same time, turbine assembly output increased to 1,417
megawatts (2013: 1,342 megawatts).

A below-average increase in structural costs had a positive impact on
operating earnings. Staff costs and net other operating expense together
climbed by only three percent. Further factors with a positive effect on
earnings included a higher degree of vertical integration, a more
profitable product mix and cost-cutting efforts in various operating areas.
Consolidated net profit rose at a disproportionately strong rate due to the
more favourable funding terms. Nordex entered into a new loan contract in