- Published: 14 June 2005 14 June 2005
Nordex AG has had a muted start to the new year. Both revenues and order receipts came under pressure in the first quarter as a result of the planned recapitalisation measures. Thus, revenues contracted by roughly 35% over the year-ago quarter to around € 34.9 million (previous year: € 53.7 million) primarily as a result of key suppliers’ hesitation to deliver the parts required in view of the company’s financial weakness and the non-availability of commercial credit insurance cover. At € 34.7 million, order receipts fell short of the forecast (previous year: € 68.9 million). This was due to delays in projects as a result of uncertainty as to whether the recapitalisation methods would be implemented successfully as planned. Thus, customers had no alternative but to hold back orders as they had difficulty finding banks willing to finance their projects. Since recapitalisation, new business has recovered at an extraordinarily strong rate. Nordex has since received new orders worth around € 86 million. In spite of reduced costs, the company again posted an operating loss before tax, interest and exceptionals of € 7.1 million in the period under review (previous year: loss of € 5.5 million).