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Nordex SE

EANS-News: Nordex with continued double-digit growth in Q1/2009

Norderstedt (euro adhoc) -

•	Rise in sales to EUR 233.3 (199.3) million
 •	15% increase in gross
profit to EUR 51.7 (44.9) million
 •	EBIT achieved despite higher 
structural costs
 •	Sales and earnings guidance for 2009 confirmed by
Management Board
 •	CEO Richterich: “We are preparing for a sharp 
rebound in sales volumes”
  Corporate news transmitted by euro adhoc. The issuer/originator is solely
  responsible for the content of this announcement.
companies/Q1-2009 Result
In the first quarter of 2009, the Nordex
Group (ISIN: DE000A0D6554) continued to grow, achieving a 17% 
increase in sales to EUR 233.3 million (previous year: EUR 199.3 
million) and thus living up to its full-year expectations for 2009. 
The main growth drivers were rising business volumes in Europe 
(excluding Germany) and the United States. Whereas turbine assembly 
output increased by 25% to 262 MW (previous year: 210 MW), Nordex new
installed wind power system capacity of around 180 MW, i.e. on a par 
with the previous year.
With project profitability remaining stable, gross profit (i.e. total
revenues net of the cost of materials), which reflects changes in 
variable costs, rose by 15% to EUR 51.7 million (previous year: EUR 
44.9 million). Accordingly, the cost-of-materials ratio contracted by
170 basis points to 78.9%.
Up until autumn 2009, the Company had invested heavily in new 
recruitment in expectation of brisker sales growth. This is reflected
in personnel expense, which increased by 53% year on year to EUR 26.0
million. However, these costs had already started dropping in the 
course of the year. At the same time, depreciation expense rose by 
some EUR 1.3 million as a result of the heavy capital spending in the
previous year. These structural costs exerted pressure on earnings 
before interest and taxes, which dropped to EUR 0.3 million (previous
year: EUR 6.6 million), while consolidated profit came to EUR 0.5 
million (previous year: EUR 5.7 million).
With an equity ratio of around 38%, the balance sheet structure 
remained stable. Cash and cash equivalents amounted to some EUR 62.6 
million as of the balance sheet date (December 31, 2008: EUR 111.7 
million). The increase in the volume of cash tied up was primarily 
due to the rise in inventories to EUR 405.6 million (December 31, 
2008: EUR 372.2 million). Adjustments to inventory requirement 
management and shorter project turnaround times should yield 
destocking effects in the second half of 2009.
Nordex is already assured of achieving 90% of its sales target for 
2009 thanks to firm orders and projects which have already been 
completed. Assuming that sales volumes as a whole remain flat across 
the entire industry, Nordex still anticipates an increase in its own 
sales to above EUR 1.2 billion for the year as a whole. Following 
strong order intake of EUR 234 million in the first quarter of 2009, 
order books were valued at around EUR 2.9 billion (previous year: EUR
3.3 billion) and comprise firm contracts worth EUR 853 million and 
contingent orders (master contracts including advance payments) of 
EUR 2.1 billion.
"Looking ahead over the next few months, I am cautiously optimistic 
about the prospects for new business," says Thomas Richterich, CEO of
Nordex AG, adding that while the capital markets are not yet 
providing the original volumes of finance for power station projects,
the economic stimulus programs are beginning to bear fruit. Says 
Richterich: "We are already preparing ourselves for the upswing which
all the experts are anticipating so as to start generating sales from
new business without delay."
The Company expects its profitability to be down on the previous year
pri-marily as a result of the higher structural costs.
end of announcement                               euro adhoc

Further inquiry note:

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

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

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