Herausgeber: Nordex AG
Nordex: Preliminary annual full year figures for 2005 better than expectedSales up 44% / EBIT before exceptionals positive / Q4/2005: EUR 6.4 million net profit
Hamburg, March 6, 2006. According to preliminary calculations, the Nordex Group (ISIN: DE000A0D6554) posted a 44% increase in full-year sales for fiscal 2005 to roughly EUR 309 million (2004: EUR 214 million). This was due to greater than expected business volumes particularly in the strong fourth quarter. During this period alone, Nordex increased its sales by 126% to EUR 133.8 million (Q4/2004: EUR 59.2 million), benefiting from a roughly 67% rise in order receipts and improved sourcing management, thanks to which it was largely able to solve the delivery shortfalls afflicting the industry in 2005.
For the first time, Nordex broke even at the EBIT level (before exceptionals) last year, with earnings before interest, tax and exceptionals coming to roughly EUR 0.3 million (2004: loss at the EBIT level of EUR 21.7 million). Spurred by high capacity utilization, EBIT before exceptionals in the fourth quarter improved by EUR 12.7 million to EUR 9.4 million (Q4/2004: loss at the EBIT level of EUR 3.3 million). Thus, Nordex was able to fully recoup the losses sustained in the first half of 2005. As of June 30, 2005, prior to the completion of recapitalization, the Group reported an operating loss of EUR 9.3 million.
The exceptionals of EUR 5.4 million primarily relate to expenses in connection with recapitalization, impairment charges on receivables and warranty expenditure on older projects. Net financial expense contracted by 44% to EUR 3.0 million (2004: EUR 5.4 million) due to reduced liabilities. Net loss for the year fell by 74% to EUR 8.2 million (2004: EUR 32.1 million).
The equity ratio increased to 27.4% as of the balance sheet date thanks to recapitalization (December 31, 2004: 1.3%). Bank liabilities shrank by around 81% to EUR 7.1 million (December 31, 2004: EUR 37.6 million), with cash and cash equivalents standing at EUR 19.5 million (December 31, 2004: EUR 9.4 million). At the same time, a net cash inflow of EUR 10.1 million was achieved.
Looking forward into the medium term, the Group wants to continue outpacing the market. In fiscal 2006, sales are to rise to over EUR 400 million on the strength of current order books, which have grown in value by 72% to EUR 248 million. EBIT margin should come to around 2.5%. To this end, an efficiency-boosting program was launched in spring 2005.
The Management Board will be presenting the audited annual financial statements as well as detailed guidance for the coming years at the analyst and press conference on April 5, 2006 in Frankfurt.
Downlad Notes Preliminary annual full year figures for 2005
For more information, please contact:
Telephone: +49 40 500 98 - 100, Telefax: – 333
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