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Windtech International March April 2024 issue

 

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Nordex will focus on its profitable core business in turbines for onshore wind farms. The company has been in talks about combining its offshore activities in a joint venture since summer 2011. Nordex is continuing negotiations with the aim of an intensive cooperation with its potential partner.

With this decision, Nordex wants to concentrate on developing new efficient products for onshore business in order to reinforce its competitiveness. Further the company has released its final consolidated financial statements for 2011. The consolidated sales declined by 5% to € 921 million due to project postponements in Europe and the relatively muted order backlog at the beginning of 2011. In addition, order intake in China dropped by 80% in the course of the year, causing a 44% drop in sales in Asia. On the other hand, US sales doubled, although this was not sufficient to fully make up for the declines recorded in other regions. At the same time, order intake developed positively, rising by 32 per cent to € 1,007 million. Nordex was able to defy market trends, particularly in Europe, recording an increase in new business of over 50% to € 856 million in this region. Accordingly, the order book amounted to around € 700 million at the end of the year (previous year: € 411 million). An operating loss of € 10.3 million was sustained at the the EBIT level before exceptional expenses and a non-recurring item (previous year: EBIT of € 40.1 million). This was chiefly due to lower market prices for wind turbines and reduced capacity utilisation together with higher structural costs. A consolidated loss of € 29.7 million was sustained at the EBIT level after exceptional expenses and non-recurring items. Nordex plans to address the ongoing price pressure in the market by lowering its product costs and developing more efficient turbines. The Management Board assumes that sales will grow to € 1.0 - 1.1 billion this year. Depending on sales volume and the development of turbine prices, an EBIT margin of 1 - 3% is expected. In the medium term, Nordex wants to improve further its profitability, materially aided by the accelerated development of onshore turbines for different wind classes and attractive market segments.
 
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