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05.08.2010 – 07:45

Nordex SE

EANS-News: Nordex SE
Further improvement in Nordex´s business in the second quarter

- Wider gross margin of 28.5 (21.4)%. - Improvement in consolidated profit to EUR 2.9 (2.3) million. - Increase in order books to EUR 2.3 billion. - CEO Richterich: “Three quarters of the sales target of around EUR 1.2 billion already secured”

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

6-month report

Subtitle: - Wider gross margin of 28.5 (21.4)%. - Improvement in consolidated profit to EUR 2.9 (2.3) million. - Increase in order books to EUR 2.3 billion. - CEO Richterich: “Three quarters of the sales target of around EUR 1.2 billion already secured”

Norderstedt (euro adhoc) - Hamburg, August 5, 2010. In the first half of 2010, the Nordex Group (ISIN:

DE000A0D6554) generated sales of EUR 350 million (previous  year:  EUR  513
    million). This performance was in line with the company´s  expectations  as
    order books had shrunk by 35 percent to around EUR 2 billion in  2009,  due
    to shortfalls in the project finance provided by banks in the wake  of  the
    financial market crisis. In the second quarter, sales surged by 32  percent
    to around EUR 200 million (1st quarter of 2010: EUR 151 million).

    Order intake was valued at EUR 329 million in the first six months  of  the
    year (previous year: EUR  439  million),  with  a  large  volume  of  these
    contracts arising in the  second  quarter  of  2010.  With  order  receipts
    standing at EUR 258 million, it was in fact the strongest quarter  for  new
    business in the past two years. As a result, order books were  up  for  the
    first time since the outbreak of the financial market crisis.  As  of  June
    30, 2010, Nordex had an order backlog of around EUR 2.3 billion,  including
    firmly financed contracts of EUR 481 million.

    The heightened profitability of the  projects  realized  caused  the  gross
    margin to widen to 28.5 percent. This was accompanied by a  slight  decline
    of 1.4 percent in structural costs, primarily underpinned by  the  drop  of
    EUR 7.7 million in other operating expense, net of other  operating  income
    as a result of the company´s cost-cutting program. On the other hand, staff
    costs were up as Nordex increased its headcount to a total of  2,357  (June
    30, 2009: 2,193) in new growth  markets  as  well  as  in  the  engineering
    department in particular.

    Earnings before interest and taxes (EBIT) came to EUR 7.1  million  in  the
    first half, which was down  on  the  previous  year´s  figure  of  EUR  9.5
    million, although  profitability  remained  largely  unchanged.  Around  94
    percent of earnings were generated in  the  substantially  stronger  second
    quarter (Q2 2010: EUR 6.7 million)  thanks  to  the  recovery  in  business
    volumes. As a result of the improved  net  financial  result,  consolidated
    profit grew to EUR 2.9 million (previous year: EUR 2.3 million).

    As for the balance sheet to date, liquidity  stood  at  EUR  113.2  million
    (December 31, 2009: EUR 159.9  million).  The  changes  in  cash  and  cash
    equivalents were materially due to capital spending of EUR 33.4 million and
    an increase of EUR 28.4 million in working capital.  Nordex  increased  its
    inventories by EUR 27.8 million to EUR 275.1 million in preparation of  the
    expected recovery in new business. At the same time,  the  working  capital
    ratio remained stable at 18.4 percent. The net cash outflow from  operating
    activities shrank to EUR 19.3 million (previous year: net  outflow  of  EUR
    54.0 million).

    Nordex continues to project a slight increase  in  full-year  revenues  for
    2010, which will be materially underpinned by business in the  second  half
    of the year. Says Thomas Richterich, Chief Executive Officer of Nordex  SE:
    "Three quarters of this target has  already  been  secured  via  the  sales
    achieved in the year to date, the firm  orders  received  and  the  service
    business. The final quarter will contribute the new business for the second
    half of the year." Nordex assumes that it will be able to generate  roughly
    30 to 50 percent of the expected new business in the second half  of  2010.
    With structural costs remaining largely unchanged, the  higher  sales  will
    result in additional profit. Accordingly, the EBIT margin  is  expected  to
    widen to 4 percent (previous year 3.5 percent),  in  line  with  the  sales
    target of around EUR 1.2 billion.

    |( EUR mn / %) |H1 2010      |H1 2009      |Q2 2010      |Q1 2010       |
    |Sales         |350          |513          |199          |151           |
    |Gross margin  |28.5%        |21.4%        |29.2%        |27.6%         |
    |EBIT          |7.1          |9.5          |6.7          |0.4           |
    |EBIT margin   |1.9%         |1.8%         |3.2%         |0.2%          |
    |Consolidated  |2.9          |2.3          |3.0          |0             |
    |profit        |             |             |             |              |
    |Order receipts|329          |439          |258          |71            |
end of announcement                               euro adhoc

Further inquiry note:

Nordex SE
Ralf Peters
Telephone 040 / 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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