Nordex expecting turnaround in the second half of year

In the first half of fiscal 2005 (January 1 - June 30), the Nordex Group registered a sharp increase in order receipts over the previous year. Order receipts rose by around 38 percent to € 157.5 million (previous year: € 113.9 million). In the first half of the year, operating loss before tax, interest and exceptionals contracted by around 21 percent to € 9.3 million (previous year: € 11.7 million) thanks in particular to the increase in capacity utilization in the second quarter. Operating loss in the second quarter stood at € 2.1 million (previous year: € 6.5 million). In June, the month in which the greatest revenues were generated, Nordex broke even at the operating level with profit of € 2.1 million (previous year: loss of € 2.7 million). Turning to fiscal 2005 as a whole, Nordex projects order receipts of over € 300 million (previous year: € 237 million) and revenues of a total of € 280 million (previous year: EUR € million). Thanks to the favorable capacity utilization, the company should post operating profit in the second half of 2005. On the basis of its current cost structure and revenues of € 75 million per quarter, Nordex expects to break even at the operating level. Management reaffirms its target of a further reduction in operating loss to around € 2 million in fiscal 2005 as a whole.