EANS-News: Nordex growing and improving profitability in the course of 2009

• Rise in sales in the first nine months to EUR 814 (2008: 781)
million
• 12% increase in gross profit to EUR 179 (160) million
•
CEO Richterich: “Foundations in place for sustained profitable
growth”

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Financial Figures/Balance Sheet

Subtitle: • Rise in sales in the first nine months to EUR 814 (2008:
781) million • 12% increase in gross profit to EUR 179 (160) million
• CEO Richterich: “Foundations in place for sustained profitable
growth”

Norderstedt (euro adhoc) - In the first nine months of 2009, the
Nordex Group (ISIN: DE000A0D6554) generated a 4 percent increase in
sales to EUR 814 million (previous year: EUR 781.1 million). This
growth was underpinned by US business. US subsidiary Nordex USA, Inc.
contributed 17 percent and, thus, almost one fifth to consolidated
sales (previous year: 1 percent). However, Europe continued to
account for the bulk of the Group´s business, contributing a total of
76 percent to consolidated sales (previous year: 89 percent).

As a result of reduced sourcing prices, gross profit climbed by 12
percent to EUR 179 million (previous year: EUR 160 million). At the
same time, the cost-of-materials ratio contracted by 190 basis points
over the same period one year earlier to 77.7 percent (previous year:
79.6 percent). Earnings before interest and taxes (EBIT) contracted
to EUR 21.9 million in the period under review (previous year: EUR
37.3 million) on account of higher structure costs. This particularly
related to the establishment of new corporate structures in the
United States as well as a number of key European markets. Thus, the
staff cost ratio widened to 9.8 percent (previous year: 7.3 percent).
In addition, Nordex continued to spend on extending and modernizing
its production facilities as a crucial basis for ensuring future
growth. This especially involved new and extended rotor blade
production in Rostock and the establishment of manufacturing
operations in the United States. All told, capital spending came to
EUR 36.3 million (previous year: EUR 52.8 million), resulting in an
increase in depreciation expense to EUR 13.8 million (previous year:
EUR 12.3 million).

The third quarter of 2009 alone contributed more than half of
earnings (EUR 12.4 million), resulting in a sequential improvement in
the EBIT margin to 4.4 percent (Q2/2009: 3.3 percent).

The equity ratio remained at a stable high level of around 38 percent
as of the balance sheet date. Cash and cash equivalents widened by
EUR 26.6 million to EUR 138.3 million. Accordingly, Nordex considers
its liquidity to be sufficient for financing its business and planned
capital spending projects. Cash flow from operating activities rose
substantially to EUR 5.5 million (previous year: net outflow of EUR
61 million) primarily as a result of destocking effects of EUR 15.1
million. At the same time, the working capital ratio was reduced to
17.4 percent in the course of the year in line with plans.

Order receipts remained modest in the course of 2009, rising by EUR
199 million in the third quarter to a total of EUR 638.3 million
(previous year: EUR 796 million). This was primarily due to continued
lending restraint on the part of banks, thus preventing wind farm
operators from raising the necessary finance for their projects. The
order backlog thus contracted to EUR 2.3 billion (December 31, 2008:
EUR 3.0 billion) and comprised firmly financed contracts worth EUR
704 million and contingent contracts (master contracts including
reservation fee) of EUR 1.6 billion. Against the backdrop of only
minor growth in industry-wide sales volumes, Nordex continues to
forecast an increase in its own full-year sales to around EUR 1.2
billion for 2009. The full-year EBIT margin is expected to contract
to around 3 percent on account of reduced growth compared with the
previous year.

"We expect our market to rebound more sharply in the course of 2010,
which is why we have continued to spend judiciously despite the
financial market crisis. In this way, we will be able to step up our
international business immediately after the upswing starts gaining
momentum," says Thomas Richterich, CEO of Nordex AG. Between 2004 and
2008, Nordex was able to increase its sales by an annual rate of over
50 percent. Looking ahead over the coming year, management expects
top-line growth in the single digits or low teens accompanied by a
sustained improvement in prof-itability.

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

Further inquiry note:

Ralf Peters

Head of Corporate Communication

Tel.: +49 (0)40 300 30 15 22

rpeters@nordex-online.com

Branche: Alternative energy
ISIN: DE000A0D6554
WKN: A0D655
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