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Nordex SE

euro adhoc: Nordex AG
Financial Figures/Balance Sheet
Nordex growing profitably and on target for 2008

  Disclosure announcement transmitted by euro adhoc. The issuer is responsible
  for the content of this announcement.
quaterly report
20.11.2008
•58 percent increase in total revenues to EUR 781 million •60 percent
improvement in EBIT to EUR 37.3 million •Full-year EBIT of EUR 60 - 
66 million on sales of EUR 1.1 billion expected •10-15 percent growth
planned for 2009
Hamburg, November 20, 2008. After a successful third quarter of 2008,
the Nordex Group (ISIN: DE000A0D6554) has come a good deal closer to 
achieving its full-year target. Sales between January and September 
2008 climbed by 58 percent to EUR 781.1 million (year-ago period: EUR
493.1 million). In the third quarter alone, the Company registered an
85 percent rise in order receipts to EUR 315.2 million (previous 
year: EUR 170.5 mil-lion). The strong growth was particularly driven 
by non-domestic demand, with around 95 percent of revenues generated 
outside Germany. Production also rose considerably in the period 
under review. Thus, turbine as-sembly output surged by 47 percent to 
764 megawatts (previous year: 520 megawatts), while rotor blade 
production was up by as much as 69 percent, rising from 250 to 422 
megawatts.
Earnings before interest and taxes (EBIT) increased by 60 percent to 
EUR 37.3 million in the first nine months (EUR 23.3 million), 
improving by 163 percent to EUR 21.0 million (EUR 8.0 million) in the
third quarter. Over the first nine months of 2008, the personnel and 
depreciation ratios shrank by 0.3 percentage points, respectively, 
thanks to economies of scale. On the other hand, the cost of 
materials ratio widened by 0.6 percentage points  chiefly as a result
of provisions set aside to cover the cost of reinforcements for rotor
sets.
Net profit for the first nine months rose by 40 percent to EUR 29.2 
million (previous year: EUR 20.8 million), spurred by net financial 
income of EUR 2.0 million (previous year: net financial expense of 
EUR 1.4 million). The tax rate came to 25.5 percent (previous year: 5
percent). Earnings per share rose to EUR 0.41 (previous year: EUR 
0.32).
Inventories were accumulated as part of production planning required 
for continued growth, resulting in a decline in liquidity from EUR 
212 million to EUR 127 million. Inventories for short-term projects 
increased by EUR 109 million to EUR 341 million. At 14.9 percent, the
working capital ratio was down on the previous year´s figure of 16.2 
percent primarily as a result of advance payments received. The 
advance payment ratio rose slightly to 118.9 million as of September 
30 (previous year: 117.5 percent).
As of September 30, order receipts were valued at EUR 796 million, 
which is a slight decrease compared to the previous year (EUR 823 
million). However, the value of order books as of September 30, 2008 
was up 74 percent, rising to EUR 3.3 billion (previous year: EUR 1.9 
billion) and comprising firm orders of EUR 1.0 billion and master 
contracts of EUR 2.3 billion.
For the year as a whole, Nordex is still projecting sales of EUR 1.1 
billion. "We have already achieved 71 percent of our goal for the 
year and at the end of the first nine months are already closer to 
reaching our target than we were one year ago," said Thomas 
Richterich, CEO of Nordex AG. Earnings before interest and taxes 
(EBIT) are expected to increase to EUR 60 - 66 million (previous 
year: EUR 40.1 million).
Turning to 2009, the Management Board expects slower growth for the 
sector as a whole and for Nordex as some customers are finding it 
more diffi-cult to obtain finance for their wind farm projects in the
wake of the crisis afflicting the financial markets.  As a result, 
there is a risk of projects being postponed. Nordex projects sales 
growth of between 10 and 15 percent in 2009. However, it will 
continue investing in its structures in preparation for the 
medium-term return to growing sales volumes. Explains Richterich: 
"Our industry´s fundamental story is still intact. For this reason it
is import to prepare for post-2009 growth precisely at this time."
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: Börse Frankfurt / regulated dealing/prime standard
Börse Berlin / free trade
Börse Stuttgart / free trade
Börse Düsseldorf / free trade
Börse München / free trade

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