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12.05.2010 – 08:11

Nordex SE

EANS-News: Nordex SE
Nordex breaking even in the first quarter

  Corporate news transmitted by euro adhoc. The issuer/originator is solely
  responsible for the content of this announcement.

3-month report

Norderstedt (euro adhoc) - Nordex breaking even in the first quarter

• Structural costs reduced by 9%
        • Gross margin widened to 27.6 (21.1) %
        • CEO Richterich: "Rising new business in April is a preliminary sign
          pointing to the expected turnaround in order intake"

    Hamburg, May 12, 2010. In the first three months of 2010, the Nordex  Group
    (ISIN: DE000A0D6554) generated sales of EUR 150.5 million  (previous  year:
    EUR 233.3 million). The decline in business had been expected due to  muted
    order intake in the previous three  quarters  largely  as  a  result  of  a
    shortfall in the project finance provided by banks.

    Order receipts came to EUR 71.1 million (previous year: EUR 234.3 million).
    However, new business picked up  substantially  at  the  beginning  of  the
    second quarter, with receipts of new firmly financed orders standing at EUR
    94 million in April alone. At the same time, the company secured  framework
    agreements for more than 300 megawatts.

    Earnings before interest and taxes (EBIT) came to EUR 0.4 million,  roughly
    on a par with the previous year (EUR 0.3 million). In this respect, reduced
    structural costs played a crucial role, contracting  by  around  9  percent
    over the previous  year  to  EUR  46.6  million  (previous  year  EUR  51.3
    million). At the same time, the gross margin widened to 27.6 percent as  of
    the balance-sheet date (previous year 21.1 percent).  Net  finance  expense
    dropped to EUR 0.4 million (previous year: EUR 1.5 million). As  a  result,
    the Group broke even (previous year: EUR 0.4 million).

    The equity ratio stabilized at around 41 percent. As of the  balance  sheet
    date, consolidated liquidity stood at EUR 151.6 million (December 31, 2009:
    EUR 159.9 million). The working capital ratio contracted slightly  to  17.2
    percent (December 31, 2009: 18.4 percent), while the net cash  inflow  from
    operating activities rose to  EUR  1.2  million  (previous  year  net  cash
    outflow of EUR 61.7 million).

    Order books as of April 30 are valued at around EUR 2.3 billion, which  was
    the first increase of total order backlog since the end of 2008, thanks  to
    the stronger order intake as of the beginning of  the  second  quarter.  Of
    this, firmly financed contracts account  for  around  EUR  500  million.  A
    slight increase in full-year sales for  2010  is  possible  thanks  to  the
    proportionate execution of these contracts and the expected growth  in  new
    business in the second half of 2010. On this basis, Nordex assumes that the
    profitability of its operating business  will  improve  over  the  previous
end of announcement                               euro adhoc

Further inquiry note:

Nordex SE
Ralf Peters
Telephone +49 (0)40 / 300 30 - 1000

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

Original content of: Nordex SE, transmitted by news aktuell

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