The current Nordex AG 2003/04 financial statements (1 October 2003 – 30 September 2004), which have now been audited, confirm the provisional figures published in December 2004. According to these, Group revenues increased by some 13% to € 221.6 million (previous year: € 196.2 million). However, the volume of business was negatively affected by the company’s difficult financial situation. In order to take the pressure off working capital, Nordex decided not to obtain interim financing for most orders, which resulted in a shift in revenues. Furthermore, the manufacturer lost several major orders to competitors because of its very weak equity base – in spite of a 55% increase in order receipts to € 230 million (previous year: € 148 million). Operating loss before interest, tax and one-off items declined by some 60% to approximately € -25.5 million (previous year: € -63.2 million). This positive development was primarily the result of the cost-cutting programme, some 80% of which had been implemented by the end of the financial year. As a result of strict working capital management, the Group generated a positive cash flow from current operations of € 0.8 million (previous year: € -85.1 million). This was set against net debts totalling around € 47 million (previous year: € 44.7 million). Equity declined to € 10.1 million (previous year: € 44.9 million) as a result of losses. The planned recapitalisation is intended to considerably strengthen the equity base once again and reduce net debt in spring 2005.
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