Nordex achieving a record year in 2008
Rise in annual sales to EUR 1,136 (747) million
58% increase in EBIT to EUR 63 (40) million
CEO Richterich: We expect continued sales growth in a diffi-cult market in 2009
Hamburg.- According to preliminary calculations, the Nordex Group (ISIN: DE000A0D6554) posted a 52% increase in full-year sales to roughly EUR 1.136 billion in 2008 (previous year: EUR 747 million). This growth was driven by export business in the UK, Italy and China. In terms of sales volumes, Nordex outpaced the market as a whole (26%) in 2008 for the fourth consecutive year, achieving an increase of around 60% in new installed capacity. At the Group level, turbine assembly and rotor blade output increased by over 40% and 55%, respectively. In this connection, production activities in China are increasingly growing in significance, with the two Chinese facilities doubling their share of total output.
Thanks to the heightened profitability of the projects completed, earnings before interest and taxes (EBIT) rose by 58% to EUR 63.0 (40.1) million, thus achieved the forecast range (EUR 60 66 million). Earnings before taxes (EBT) climbed by 64% to EUR 64.0 (39.1) million. After capital spending of around EUR 76 million, cash and cash equivalents were valued at EUR 112 million as of the balance sheet date (December 31, 2008). The tax rate rose to 23%. Net profit for the year came to EUR 50 million.
Order books increased in value from EUR 2.9 billion to EUR 3.0 billion. In the wake of the financial market crisis, the value of firm orders dropped from EUR 1,022 million to EUR 824 million; on the other hand, however, contingent orders (master contracts) rose by 17% to EUR 2,220 (1,881) million. In the second half of 2008 in particular, credit volumes for customer projects contracted despite the continued strong demand.
In the current difficult market conditions, we expect sales volumes in our sector to remain flat as a whole. Despite this, Nordex is confident of being able to further increase its sales in 2009, said Thomas Richterich, CEO of Nordex AG.
The Management Board will be presenting the full annual financial statements and a detailed outlook for the current year at the annual press conference on April 21, 2009 in Hannover.
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