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Herausgeber: Nordex AG

Ad hoc bulletin: Nordex expecting turnaround in the second half of year - Order receipts up 38% / earnings up 21 % / first month with net income for period

Hamburg, August 29, 2005. In the first half of fiscal 2005 (January 1 - June 30), the Nordex Group registered a sharp increase in order receipts over the previous year. Thus, order receipts rose by around 38 percent to EUR 157.5 million (previous year: EUR 113.9 million). The Company attributes this to rising customer confidence following the completion of the recapitalization program in the spring. In the second quarter alone, the Company registered a 175 percent rise in order receipts to EUR 122.8 million (previous year: EUR 44.6 million).

This was accompanied by a substantial increase in business volumes, with revenues in the period under review climbing by 17 percent to around EUR 105 million (previous year: EUR 89.5 million). Whereas the first quarter had been dragged down by shortfalls on the supply side on account of the Company’s weak financial condition at that time, revenues in the second quarter doubled to EUR 65.6 million (previous year: EUR 33 million). Of this, roughly 53 percent was generated outside Germany (previous year: 51 percent). At 71 percent, the multi-megawatt N80/N90 turbines were the main sales driver (previous year: 44 percent).

In the first half of the year, operating loss before tax, interest and exceptionals contracted by around 21 percent to EUR 9.3 million (previous year: EUR 11.7 million) thanks in particular to the increase in capacity utilization in the second quarter. Operating loss in the second quarter stood at EUR 2.1 million (previous year: EUR 6.5 million). In June, the month in which the greatest revenues were generated, Nordex broke even at the operating level with profit of EUR 2.1 million (previous year: loss of EUR 2.7 million).

The Nordex Group’s financial situation has been decisively reinforced thanks to the recapitalization program. As a result, the equity ratio rose to 27 percent as of June 30, 2005 (December 31, 2004: 1.3 percent). At the same time, Nordex had net cash at banks of around EUR 4.2 million, replacing the net bank liabilities of around EUR 28.2 million which it had held on December 31, 2004.

To ensure efficient capacity utilization, Nordex increased its working capital ratio to 16.8 percent (December 31, 2004: 7.3 percent) by specifically commencing work on and prefinancing current projects. This relatively low ratio is primarily due to the continued high ratio of advance payments of 116.1 percent. Cash flow from financing activities was positive again for the first time, rising by EUR 46.5 million to EUR 35.2 million as a result of the Company’s capital increase.

Turning to fiscal 2005 as a whole, Nordex projects order receipts of over EUR 300 million (previous year: EUR 237 million) and revenues of a total of EUR 280 million (previous year: EUR 214 million). Thanks to the favorable capacity utilization, the Company should post operating profit in the second half of 2005. On the basis of its current cost structure and revenues of EUR 75 million per quarter, Nordex expects to break even at the operating level. Management reaffirms its target of a further reduction in operating loss to around EUR 2 million in fiscal 2005 as a whole.

Information for analysts and press:
During the telephone conference scheduled for August 30, 2:00 pm, the Management Board will be providing details of the Company’s current business performance.

For more information, please contact:
Nordex AG
Felix Losada
Telephone: +49 40 500 - 100, Telefax: – 333


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