Germany

Nordex lowers 2011 forecast amid European debt crisis

15 November 2011 by James Quilter

GERMANY: Nordex has blamed project postponements on its decision to lower its sales and earnings forecast for 2011.

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Nordex said the European debt crisis had resulted in the postponement of projects due to the difficulty in providing finance.

As a result, Nordex said it was lowering its sales target for 2011 from €1 billion to €920 million.

The Q4 fall of €80 million will cut Nordex’s operating earnings by €20 million and contribute to an operating loss before one-off costs of €10 million.

In the year to 30 September, EBIT amounted to €11 million, a fall of €6.3 million for the same period last year. In the year to date, Nordex has suffered a net loss of €600,000.

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