DGAP-News

Nordex raises earnings guidance following a strong first half

DGAP-News: Nordex SE / Key word(s): Half Year Results
Nordex raises earnings guidance following a strong first half

28.07.2016 / 07:52
The issuer is solely responsible for the content of this announcement.

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Nordex raises earnings guidance following a strong first half

- Sales up 35% to roughly EUR 1.5 billion
- 55% increase in EBITDA to EUR 136.6 million
- EBITDA margin target for 2016 raised to up to 8.7%


Hamburg, 28 July 2016. The Nordex Group (ISIN: DE000A0D6554) posted a 34.9%
increase in sales to EUR 1,484 million in the first half of 2016, with
organic growth of 18.6%. Acciona Windpower (AWP) was acquired in the second
quarter of 2016 and consolidated from 1 April.

In the second quarter, AWP contributed 53.6% of the Group's order intake
and will play an even more important role in the second half of the year.
All told, Nordex's new business thus amounted to over EUR 1.3 billion.

The regional focus of new orders was on Germany and the Americas. Thus, new
orders in Nordex's domestic market rose by 30% to EUR 525 million. Combined
new business in North and South America amounted to EUR 288 million, thus
underscoring the positive effect of the acquisition. Further orders came
from other EMEA region. Contingent orders increased by 57.1% in the period
to EUR 938 million.

The operating performance reflects the newly formed group's growth
trajectory. Installed capacity rose by 91% to 1,165 MW (previous year: 611
MW). Organic growth before consolidation effects came to 76%. Rotor blade
output climbed by 98% (76% organically), while turbine output was up 28%
(15% organically).

Earnings before interest, taxes, depreciation and amortisation rose by a
disproportionately strong 55.4% to EUR 136.6 million (H1/2015: EUR 87.9
million), equivalent to an EBITDA margin of 9.2%. This favourable
performance was due to further progress in quality management and more
efficient project execution processes. Consolidated net profit rose by
38.2% to EUR 51.0 million (H1/2015: EUR 36.9 million).

The balance sheet structure remains solid even after the acquisition of
AWP, with the equity ratio standing at a stable 31.5%. Cash and cash
equivalents amounted to EUR 460.3 million as of the reporting date (31
December 2015: EUR 529.0 million). The transaction entailed the payment of
a cash component of EUR 324 million, which was funded through the placement
of a promissory note of EUR 550 million. The proceeds from this issue were