EANS-News: Nordex AG / Nordex with robust growth in the first half of the year

• Increase in H1 sales to EUR 513 (H1 2008: 466) million
• 12%
increase in H1 gross profit to EUR 112 (100) million
• CEO
Richterich confirms guidance for 2009: "Nordex has sufficient
financial resources and is investing in its operations to secure
future growth"

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Financial Figures/Balance Sheet

Norderstedt (euro adhoc) - Hamburg, August 25, 2009. In the first
half of 2009, the Nordex Group (ISIN: DE000A0D6554) achieved a 10
percent increase in sales to EUR 512.5 million (previous year: EUR
465.9 million) in line with expectations. This was accompanied by
quarter-on-quarter growth of around 20 percent in its business
volumes. Sales in the second quarter of 2009 amounted to EUR 279.2
million (Q1 2009: EUR 233.3 million). During the period under review,
the major source of growth was in the United States, where Nordex
achieved around 12 percent of its sales for the first time, up from
roughly one percent in the previous year. Contributing around 80
percent to sales, business in Europe remained stable.

With fixed costs largely steady together with higher business
volumes, gross profit widened by 12 percent over the previous year,
rising by around 16 percent in the second quarter to EUR 60.0 million
(Q1 2009: EUR 51.8 million). Consequently, earnings before interest
and taxes increased by EUR 9.2 million to EUR 9.5 million, compared
with the first quarter (previous year: EUR 16.2 million). An EBIT
margin of 3.3 percent was recorded in the second quarter (previous
year: 3.8%).

At the same time, the cost-of-materials ratio contracted by 70 basis
points to 78.6 percent. However, the increase in the staff cost ratio
to 10 percent in particular exerted pressure on operating earnings in
the first half of the year. On the other hand, other operating
expenses were reduced for the second consecutive quarter thanks to
the cost-cutting measures taken. Consolidated net profit for the
period dropped to EUR 2.3 million (previous year: EUR 13.4 million)
primarily as a result of net borrowing costs of EUR 3.3 million and
higher tax expense.

The equity ratio was at a high stable level of around 38 percent as
of the balance sheet date. In addition, the Company believes that it
has sufficient liquidity of EUR 106 million. Nordex took further
steps to ensure future liquidity by means of two debt issues of EUR
125 million in total, which are not included in full in the balance
sheet as of June 30, 2009. In the period under review, the working
capital ratio rose to 20.3 percent (December 31, 2008: 4.8 percent),
but had declined slightly towards the end of the period. This was due
to high inventories of EUR 391.9 million and weaker new business,
which declined by around 39 percent to some EUR 440 million in the
first half of 2009 (previous year: EUR 717 million).

Orders in hand amounted to EUR 2.5 billion as of the balancesheet
date (December 31, 2008: EUR 3.0 billion) and comprised firm orders
worth EUR 791 million and contingent orders (basic agreements
including reservation fee) of around EUR 1.7 billion. Thus, on the
basis of firm orders and projects completed, Nordex is already
assured of reaching its sales target for 2009. Assuming that sales
volumes as a whole remain flat across the entire industry, Nordex
still anticipates an increase in its own sales to approx. EUR 1.2
billion for the year as a whole, although profitability is likely to
be weaker than in the previous year. As a result of higher business
volume, the Management Board expects higher earnings in the second
half of the year, compared with the first half. The working capital
ratio is expected to decline to around 15 percent thanks to reduced
inventories by the end of the year.

"With demand for project finance still strong, our customers are
still experiencing a certain lack of credit availability. On a
positive note, however, the economic stimulus packages have now been
implemented and are beginning to take effect. I remain optimistic
with respect to new business at the end of this year and the
beginning of next year. For this reason, we are investing around EUR
70 million in our operations this year to prepare for greater growth
in 2010. Thus, in the transitional year of 2009, we are retaining our
core staff and have already decided to go ahead with the construction
of production facilities in the United States," said Thomas
Richterich, CEO of Nordex AG.

end of announcement euro adhoc
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ots Originaltext: Nordex AG
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:

Felix Losada

Tel.: +49 (0)40 300 30 1141

flosada@nordex-online.com

Branche: Alternative energy
ISIN: DE000A0D6554
WKN: A0D655
Index: TecDAX, CDAX, HDAX, Prime All Share, Technologie All Share,
ÖkoDAX
Börsen: Frankfurt / regulated dealing/prime standard
Berlin / free trade
Stuttgart / free trade
Düsseldorf / free trade
München / free trade