Nordex: EBIT loss of EUR 9 million in Q1
Hamburg, Germany – The RENIXX World listed wind turbine manufacturer Nordex SE has published its figures for the first three months of 2012.
Sales increased by 8.3 percent compared to the first quarter 2011 to 198.3 million euro (m EUR). Sales were mostly generated in Europe. Earnings before interests and taxes (EBIT) sank to -9 m EUR from 0.4 m EUR in Q1 2011. Among the reasons, Nordex mentions below-average capacity utilization and lower margins on projects. The company loss was -14 m EUR, compared with -1.8 m EUR in Q1 2012.
Turnabout expected for second half of 2012
In contrast to this, Nordex can report a reduction of structural costs by ten percent and an increase in liquidity from 212 to 230.7 m EUR. The company’s net debt is 23.4 m EUR, versus 54 m EUR in Q1 2011. Order intake is presently at 312 m EUR. In the first three months of last year, it was at 154 m EUR. On this basis, Nordex confirmed its forecast of 1 to 1.1 billion euro in sales for whole 2012. The company expects an operational profit thanks to a supposedly strong second half of the year.
55 MW for British client
Recently, Nordex has won the contract for eleven wind turbines from Britain. Infinis Group has ordered 22 wind turbines totaling 55 megawatt since the beginning of the year, of which eleven were already registered as order intake in Q1. All 22 turbines are supposed to generate power by at last march 2013. For 2012, Nordex expects to hit the benchmark of one gigawatt installed in Great Britain and Ireland.