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Nordex SE

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

Norderstedt (euro adhoc) -

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

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
Berlin / free trade
Hamburg / free trade
Stuttgart / free trade
Düsseldorf / free trade
München / free trade

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