Strong European performance helps Nordex in 2012

GERMANY: Nordex has announced a 17% increase in sales for 2012, pushed by a strong performance in Europe.

The German turbine manufacturer announced sales of EUR 1.075 billion and earnings before interest before exceptionals (EBIT) and taxes of EUR 14 million. Additionally, Nordex's order backlog has also increased by 50% to EUR 1.049 billion.

However, the sales were at the lower end of its forecast. And the results were hit by downturns in the US and Chinese markets, where Nordex has been forced to restructure as a result of overcapacity.

The restructuring resulted in EUR 44.8 million and EUR 30 million costs in the US and China respectively. This meant the company made an operational loss of EUR 6.1 million.

It expects sales of around EUR 1.2 billion and claims 80% of these orders have been financed.

The company had a strong Q3 with an 11% rise in sales compared to the same time in 2011. It was its strongest quarter in terms of sales for the year. Q3 orders in Europe climbed by 16%.

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