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Nordex strong Q4 EMEA 2012 sales offsets US/Asian travails

Provisional Nordex Group sales rose by 17.3 percent to EUR 1,075.3 million (versus previous year EUR 916.8 mn). Earnings before interest, taxes and exceptionals rose to EUR 14 million, overturning a previous year's loss of EUR 7.6 million.

According to a Nordex statement, the top-line growth resulted primarily from strong business in the EMEA region, where sales grew by an above-average 28 percent to EUR 868.9 million (previous year: EUR 678.6 million). The main drivers were a strong order book at the beginning of the year and growing demand in the course of the year together with an increase of more than 20 percent in the service business.

However, the company continued to struggle in the US and China: Sales for the company's US subsidiary were down on 2011 (EUR 191.6 million; previous year: EUR 200.7 million) and Asian sales suffered a decline (EUR 14.8 million; previous year EUR 37.5 million).

In response to the sustained pressure on earnings caused by insufficient capacity utilisation in America and China together with the decline in new business in these two regions, the company says it will reorganise the Company’s activities in the United States and China, at a cost of EUR 75 million. Last month the turbine manufacturer said it was removing 130 jobs at its blade factory at Dongying, east China, with a view to eventually shutting the plant down. Nordex says it will release further details of plant closures and job cuts "in due course".

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