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Germany

Germany

Nordex profits in strong first quarter

GERMANY: Nordex has posted results for a strong first quarter, with sales leaping 64% to EUR 424.5 million.

This helped to push the company to earnings before interest, tax, depreciation and amortisation (Ebitda) of EUR 30.3 million, more than three times higher than the same period last year.

Operating margin moved into positive figures, hitting 5% from -0.2%. This meant the company was able to report an operating profit of EUR 21.1 million, compared to a loss of EUR 600,000 a year ago.

Performance indicators also pointed towards healthy growth, with the order intake for the period hitting 562MW in the first quarter and outstripping last year's 328MW. Installed capacity was also up, with 321MW put in the ground, compared with 228MW previously.

The company also added to its workforce, taking on 192 personnel, bringing the total to 2,675. While staff costs rose 11% to EUR 38.6 million, the staff cost ratio fell 2.2 percentage points to 10.1%.

But there was a shift towards the company's home market of Germany, with 22% of its orders coming from the country, compared with 18% a year before.

The company said: "Concerns surrounding Nordex's German market... have proved unfounded. The expansion path approved by the German federal cabinet and the tariff adjustments provide a secure basis for Germany to remain a volume market in Europe."

There has also been a shift away from the Americas. 91% of Nordex's orders in the first quarter came from the Europe, Middle East and Africa market, with only 6% in the Americas and 3% from Asia. In the first quarter of 2013, 23% of sales came from the Americas.

As a result of the strong first quarter, the company raised its expected full-year sales to EUR 1.5-1.6 billion, from EUR 1.4-1.5 billion. Projected operating margin was also upped to 4-5% from 3.5-4.5%.

Shares in the company jumped 7.5% in early trading.

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