EANS-Adhoc: Nordex closing 2011 in line with forecast, targeting a return to profit • Sales down 5% to EUR 921 million • Loss of EUR 10.3 million at the EBIT level before one-offs • Gross margin s

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ad-hoc disclosure pursuant to section 15 of the WpHG transmitted by euro
adhoc with the aim of a Europe-wide distribution. The issuer is solely
responsible for the content of this announcement.
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preliminary financial statement

28.02.2012

On basis of its provisional consolidated financial statements, the
Nordex Group (ISIN: DE000A0D6554) closed 2011 in line with its
current forecast. In November 2011, the Management Board announced
that Nordex would be reporting lower sales and an operating loss of
around EUR 10 million for the year as a whole. The 5% decline in
sales to EUR 921 million is chiefly due to project postponements in
Southern Europe and the relatively weak starting point early on in
2011. At the beginning of 2011, the order book amounted to EUR 411
million. In addition, order intake in China dropped by 80% in the
course of the year, leading to a 57% drop in sales in Asia. On the
other hand, US sales doubled, although this was not sufficient to
fully make up for the declines recorded in other regions.

Nordex was able to partially cushion the effect of the general
pressure on prices in the wind power industry by establishing a
comprehensive cost-cutting programme, with which it wants to trim its
product costs by up to 15% by the end of 2012. As a result, the gross
margin remained above 25%. At the same time, structural costs rose by
16.9% to EUR 264.2 million (previous year: EUR 219.6 million).
Together with the lower sales, this trend exerted pressure on
operating earnings, resulting in a loss of EUR 10.3 million before
interest, taxes and one-offs (previous year: EBIT of EUR 40.1
million). Nordex responded to this at the end of 2011 by
implementing a further cost-cutting program to reduce structural
costs by EUR 50 million. In this connection, 253 full-time jobs were
cut, resulting in one-off expense of EUR 13.1 million. Moreover, R&D
expense of EUR 6.3 million for an offshore turbine was not
capitalised. Nordex is currently engaged in talks with potential
partners with a view to integrating its offshore business in a joint
venture. However, the negotiations have not yet reached a stage
indicating the imminent execution of these plans. Total loss at the
EBIT level after one-offs thus stands at EUR 29.7 million.

The Group´s liquidity widened by 50% in 2011 to EUR 212 million
(previous year: EUR 141 million). Net debt stood at EUR 18.8 million
(previous year: net liquidity EUR 24.3 million). A net cash outflow
of EUR 43.3 million arose from operating activities (previous year:
net cash inflow of EUR 20.3 million) and was chiefly due to high
inventories for short-term deliveries in the United States. In the
second half of 2011, Nordex recorded net cash inflow from operating
activities of EUR 79.1 million (30 June 2011: net cash outflow of EUR
122.4 million).

With the 32% increase in order intake to EUR 1.1 billion, the value
of firm orders in hand also rose by 70% to EUR 698 million (previous
year: EUR 411 million). On this basis, the Management Board assumes
that sales will grow to EUR 1.0 - 1.1 billion this year. Depending on
sales volumes and future trends in turbine prices, an EBIT margin of
1 - 3% is expected. A net cash inflow from operating activities
should be generated as of the end of 2012 thanks to improved working
capital management. Nordex expects stronger sales in the second half
of the year and assumes that the volume of committed capital will
rise until summer 2012.

Further inquiry note:
Ralf Peters
Head of Corporate Communication
Tel.: +49 (0)40 300 30 15 22
rpeters@nordex-online.com

end of announcement euro adhoc
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issuer: Nordex SE
Langenhorner Chaussee 600
D-22419 Hamburg
phone: +49 (0)40 30030-1000
FAX: +49 (0)40 30030-1101
mail: info@nordex-online.com
WWW: http://www.nordex-online.com
sector: Alternative energy
ISIN: DE000A0D6554, DE0000A0D66L2
indexes: TecDAX, CDAX, HDAX, Prime All Share, Technology All Share, ÖkoDAX
stockmarkets: free trade: Berlin, München, Hamburg, Düsseldorf, Stuttgart,
regulated dealing/prime standard: Frankfurt
language: English