Wind energy: Nordex on track as sales boom

In the first three quarters of the current year, the Nordex Group (ISIN: DE000A0D6554) posted a 47 percent increase in sales to EUR 1,051 million (30 September 2012: EUR 716 million).

This growth was underpinned by business in the core EMEA market (Europe plus South Africa), where Nordex generated 91 percent of its sales. Business in the Americas and Asia accounted for six and three percent, respectively, of sales.

This strong operating performance was based on the substantially increased production and installation output. Thus, production rose by 64 percent to 1,002 MW, with the volume of new installations climbing by 61 percent to 924 MW. With a disproportionately low increase in staff costs, this testifies to the substantial efficiency gains which Nordex has achieved thanks to its reorientation. Together with the execution of more profitable projects, this resulted in a significant improvement in operating profit. The gross profit climbed by some 39 percent to EUR 241.7 million as of 30 September 2013, accompanied by an increase in earnings before interest and taxes to EUR 31 million (30 September 2012: EUR 2.3 million). Net profit amounted to EUR 5.3 million (30 September 2012: net loss of EUR 15.6 million).

As of 30 September 2013, the equity ratio rose slightly to 27.7 percent (31 December 2012: 26.2%). Cash and cash equivalents amounted to EUR 138.6 million, with net debt at a still low EUR 54 million. Moreover, Nordex achieved a working capital ratio of 11.2 percent, thus remaining within the target range.

New business also remained promising. Firmly financed order intake rose by 85 percent to EUR 1,186 million (30 September 2012: EUR 640 million). At 79 percent, most of these came from the EMEA region, with the proportion of non-European business widening slightly. Orders from the Americas accounted for 12 percent and those from Asia for nine percent. All told, the backlog of firm orders amounted to EUR 1,292 million as of 30 September 2013 (31 December 2012: EUR 1,049 million).