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Nordex on track as sales boom

47% rise to €1051m in first nine months; 91% notched in EMEA region

Nordex on track as sales boom image

Nordex has said it remains on track to hit full-year targets after posting a 47% increase in sales to €1051m for the first three quarters.

The German wind turbine manufacturer said the growth was underpinned by business in its core market of Europe plus South Africa, where 91% of sales were generated.

Figures also showed production rose in the period by 64% to 1002MW with the volume of new installations climbing by 61% to 924MW.

Gross profit climbed by some 39% to €241.7m and earnings before interest and taxes were up to €31m compared with €2.3m in the year-ago period. Net profit amounted to €5.3m against a net loss of €15.6m in 2012.

The equity ratio was up to 27.7% compared with 26.2% previously. Cash and cash equivalents amounted to €138.6m with net debt at €54m.

The company’s firmly financed order intake surged by 85% to €1186m with some 79% coming from the EMEA region. Orders from the Americas accounted for 12% and Asia 9%.

The total backlog of firm orders amounted to €1292m as of 30 September compared with €1049 million in the same period of 2012.

“We are very satisfied with our business performance in 2013 and are reaffirming the guidance that we had previously increased in the summer for the current year,” said Nordex chief executive Jürgen Zeschky.

“As we are even more confident about our order intake, we are now looking for a higher figure of €1.4bn to €1.5bn.”

The Nordex board had forecast sales of €1.3bn to €1.4bn and an EBIT margin of 2.5% to 3.5% for 2013. The company said sales should rise to at least €1.5bn and the margin to 5% by 2015.

Image: a Nordex turbine rises at Pant y Wal Fforch Nest wind farm in south Wales (Pennant Walters,  Simon Evans)

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