EANS-News: Nordex SE / Nordex entering 2010 with solid balance sheet ratios

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annual result

Norderstedt (euro adhoc) - Nordex entering 2010 with solid balance
sheet ratios

• Rise in annual sales for 2009 to EUR 1,183 (1,136) million
• Increase in gross margin to 22.8% (21.1%)
• Liquidity of EUR 160 million, up by EUR 48 million
• CEO Richterich: "Rising new business in the second half of the year
may unleash impetus for growth in 2010"

Hamburg, April 19, 2010. The final full-year figures for 2009
released by the Nordex Group (ISIN: DE000A0D6554) confirm the
preliminary numbers announced in March. In a generally weak
economic environment, Nordex´s sales for 2009 increased to EUR
1,183 million (2008: EUR 1,136 million), materially underpinned by
export business, which accounted for roughly 97 percent of total
sales. In particular, Nordex USA widened its business volume
substantially, posting a roughly 130 percent increase in sales to
EUR 135 million.

Despite the mounting competition, the profitability of the
projects completed in the year under review improved, with the gross
margin widening to 22.8% (2008: 21.1%). On the other hand, the staff
cost ratio climbed to 9.2% (2008: 6.9%), reflecting the
establishment of new national companies, intensified product
development and extensions to plant facilities in Germany and
the United States. As a result, earnings before interest and taxes
dropped to EUR 40 million (2008: EUR 63 million), equivalent to an
EBIT margin of 3.5%. In the final quarter of 2009, the EBIT margin
widened to 4.9% again on sales of EUR 369 million thanks to
greater capacity utilization.

All told, Nordex emerged from the difficult conditions in 2009 with
solid balance sheet structures and a continued high equity ratio of
41% (2008: 38%). At the same time, liquidity improved noticeably by
43 percent, rising to around EUR 160 million despite capital
spending of EUR 51.1 million (2008: EUR 70.5 million). Nordex was
able to achieve a net cash inflow of EUR 9.6 million from operating
activities (2008: net cash outflow of EUR 59.5 million) primarily
as a result of a reduction of EUR 125 million in inventories.

Compared with the wind power industry as a whole, new
business was satisfactory, albeit generally lower. With prices
largely stable, the volume of firmly financed new orders contracted
by 16% to EUR 734 million. According to MAKE Consulting, new
business in the wind power industry in its entirety shrank by
around 40%. This trend was chiefly spurred by the continued
insufficient availability of finance for wind farm projects.

"After disappointing order intake at the beginning of the year, we
are now seeing preliminary positive signals and expect material
impetus for new growth to emerge in the second half of 2010 in
particular. As a result, we may be able to achieve a similarly
top-line growth as in 2009 and benefit from economies of scale this
year," says Thomas Richterich, CEO of Nordex SE. Lending already
started picking up again in 2009. In addition, many banks have
cleaned up their balance sheets, meaning that more liquidity is now
available for project finance. Continues Richterich: "There has been
no change in the implementation of our strategic projects. We
will be continuing to invest in extensions to our international
structures, raise our facilities to a new industrial level
and intensify product development." Thus, Nordex is unveiling the
new "Gamma" generation of its 2.5 MW series in April 2010 and
already secured a major 295 MW contract for this new model on April
9.

During today´s press and analyst conference, the Management Board
will be presenting the annual financial statements and the outlook
for the Group.

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

Further inquiry note:

Nordex SE

Ralf Peters

Telephone: +49 (0)40 / 30030 1522 - 100, Telefax: - 1333

Branche: Alternative energy
ISIN: DE000A0D6554
WKN: A0D655
Index: TecDAX, CDAX, HDAX, Prime All Share, Technology All Share,
ÖkoDAX
Börsen: Frankfurt / regulated dealing/prime standard
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