In the third quarter of 2010, the business of the Nordex Group picked up sequentially but fell short of the Company’s expectations. Sales increased over the previous quarter by 33 per cent to € 264.4 million (Q2/2010: € 199.3 million). However, at a cumulative € 614.2 million in the first three quarters, it remained below the previous year’s figure (Q1-3 2009: € 814 million).
Order intake rose by € 201 million in the third quarter, amounting to € 530 million in the first nine months of the year (Q1-3 2009: € 638 million). The improved profitability of the projects executed was reflected in a higher gross margin of 26.7 per cent in the first nine months (previous year: 22.3 per cent). At the same time, structural costs declined by 3.5 per cent to € 152 million (previous year: € 157.5 million). Nordex has launched a cost-cutting program as well as an initiative to boost the efficiency of its turbines to enhance its competitiveness on a sustainable basis. Cumulative EBIT for the period from January to September amounted to € 17.3 million (previous year: € 21.9 million). Of this, the Company generated € 10.2 million in the third quarter. With net borrowing costs remaining almost unchanged, consolidated profit for the first nine months amounted to € 8.5 million (previous year: € 9.9 million).
Contrary to its previous forecast, the Management Board now no longer expects a small increase in sales for 2010 and currently projects a figure of around one billion euros (previous year: € 1.183 billion). The Management Board reaffirms its guidance with respect to the EBIT margin widening to 4 per cent (previous year: 3.5 per cent). Turning to the fourth quarter, the Company expects a substantial increase in new business as a basis for growth in the new year.
Order intake rose by € 201 million in the third quarter, amounting to € 530 million in the first nine months of the year (Q1-3 2009: € 638 million). The improved profitability of the projects executed was reflected in a higher gross margin of 26.7 per cent in the first nine months (previous year: 22.3 per cent). At the same time, structural costs declined by 3.5 per cent to € 152 million (previous year: € 157.5 million). Nordex has launched a cost-cutting program as well as an initiative to boost the efficiency of its turbines to enhance its competitiveness on a sustainable basis. Cumulative EBIT for the period from January to September amounted to € 17.3 million (previous year: € 21.9 million). Of this, the Company generated € 10.2 million in the third quarter. With net borrowing costs remaining almost unchanged, consolidated profit for the first nine months amounted to € 8.5 million (previous year: € 9.9 million).
Contrary to its previous forecast, the Management Board now no longer expects a small increase in sales for 2010 and currently projects a figure of around one billion euros (previous year: € 1.183 billion). The Management Board reaffirms its guidance with respect to the EBIT margin widening to 4 per cent (previous year: 3.5 per cent). Turning to the fourth quarter, the Company expects a substantial increase in new business as a basis for growth in the new year.
