Bloomberg News

Nordex Books Record Turbine Orders Amid $100 Million in Charges

January 15, 2013

Nordex SE (NDX1), a German wind-turbine maker, said it took in record orders last year in Europe even as changes at units in the U.S. and China are expected to result in charges of as much as 75 million euros ($100 million).

Nordex recorded 628 million euros of new orders in the fourth quarter as total new business for the year rose 15 percent to about 1.27 billion euros, the Hamburg-based company said today in a statement. Liquidity increased 28 percent to 273 million euros, it said.

Last month the company said it would cut 130 positions and stop making rotor blades at its plant in China in response to weak demand. It also seeks to begin making a profit at its U.S. unit, which contributed 5 percent of new business last year, Nordex said. Today the manufacturer announced it expects a one- time expense of 60 million to 75 million euros for 2012 “in connection with the planned structural adjustments in the United States and China.”

Wind-turbine makers across the globe have reduced prices to compete for orders with their Asian peers as U.S. and European governments cut clean-energy incentives to curb budget deficits.

To contact the reporter on this story: Stefan Nicola in Berlin at snicola2@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net


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