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

• 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”

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companies/Q1-2009 Result

Norderstedt (euro adhoc) - 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
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ots Originaltext: Nordex AG
Im Internet recherchierbar: http://www.presseportal.de

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