Germany: Quarterly report - Nordex entering 2016 with double-digit sales growth

Nordex SE entered 2016 with strong top-line growth. Sales rose by 28.3% to EUR 637.0 million (1st quarter 2015: EUR 496.5 million). This increase was materially due to operating performance in the production and installation areas. These figures do not yet include Acciona Windpower, which has been part of the Nordex Group since 1 April 2016. The new subsidiary will be consolidated from the second quarter of 2016.

At 573.9 MW, turbine production output was a good 24% up on the same period of the previous year (1st quarter 2015: 462.1 MW). Rotor blade production also rose very substantially by 141% or 66 units to 159 rotor blades. The facility in Rostock is benefiting from the ramp-up of production and the implementation of more efficient production processes following the completion of the conversion and expansion programme and the commencement of volume production of the NR 65.5 rotor blade.

Nordex installed a capacity of 490.5 MW in nine wind markets in the period under review, equivalent to a significant increase of more than 100% over the same period of the previous year, when 240.2 MW was installed in nine countries. The main markets in the period under review were Germany with 147 MW, Pakistan with 95 MW and France with 72 MW.

New business performed in line with expectations in the first quarter. During this period, the Nordex Group received firmly financed orders worth EUR 541.0 million (1st quarter 2015: EUR 644.1 million). The 16% decline is due to a special effect arising in the previous year. Thus, a large-scale contract was received in the 1st quarter of 2015 and is still being executed, as a result of which large parts of it are still assigned to the order backlog.

The firmly financed turbine order backlog was valued at EUR 1,638.0 million as of 31 March 2016 and was thus unchanged over the previous year (31 March 2015: EUR 1,656.9 million).

After the end of the quarter, on 1 April 2016, the merger with Corporación Acciona Windpower S.L. (AWP) was executed with full legal effect. On this day, AWP was transferred to Nordex and José Luis Blanco (Chief Operating Officer) and Patxi Landa (Chief Sales Officer) were appointed as new members of the Management Board. At today’s annual general meeting in Rostock, the transaction will be culminating with the election of the members of the Supervisory Board among other things.

Moreover, the increase in the Company’s share capital using authorised capital to issue 16.1 million new shares took effect upon being entered in the commercial register on 5 April 2016. Consequently, Nordex SE now has share capital of EUR 96,982,447 divided into 96,982,447 shares each with a nominal value of EUR 1.00. In addition, the cash component of the purchase price for AWP of EUR 366.4 million less its consolidated net financial liabilities as of 31 December 2015, for which the Nordex Group had issued a “green” promissory note for EUR 550 million, fell due for payment.

At the same time, a corporate bond of EUR 150 million issued in April 2011 was repaid on schedule on 12 April.

In accordance with the voting right notifications of 12 April 2016, Acciona S.A. now holds 29.90% and SKion/momentum 5.71% of Nordex SE’s capital. The remaining 64.39% are free float as defined by Deutsche Börse.

Nordex SE will be reporting on further financial indicators on 23 May in an expanded interim statement, which will also include the earnings indicators currently not yet available. The first consolidated report including Acciona Windpower’s activities will be published on 28 July 2016.

Selected performance indicators at a glance

The information reproduced in this press release has not been audited or undergone any limited review.