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Nordex SE Q1 Order Intake Grows 84%; To Focus On Profitable Core Business

Nordex SE (NRDXF.PK) said it would focus on its profitable core business in turbines for onshore wind farms. Nordex has been in discusions relating to combining its offshore activities in a joint venture since summer 2011, and it is continuing negotiations with the aim of an intensive cooperation with its potential partner. The company, with this decision, wants to concentrate on developing new efficient products for onshore business in order to reinforce its competitiveness.

With more than 95 percent of the market in 2011, the onshore segment dominated the wind power industry in 2011. Also, many offshore installations have been postponed and new business dropped about 60 percent. For Nordex, this course reflects a conscious continuation of efforts to reduce its development risks. At the same time, order intake rose 32 percent to 1,007 million euros.

First-quarter 2012 order intake went up 84% to 284 million euros from last year's 154 million euros. Consolidated sales slid 5% to 921 million euros, due to project postponements in Europe and the relatively muted order backlog at the beginning of 2011. Additionally, the Management Board assumes that sales would grow to 1.0 billion euros - 1.1 billion euros this year. Depending on sales volume and the development of turbine prices, an EBIT margin of 1 - 3% is anticipated. 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.

by RTT Staff Writer

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