Nordex SE

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.

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ots Originaltext: Nordex SE
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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,
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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