Nordex expands profitably - Revenues up 66% / EUR 16.6 million EBIT

Hamburg, 20 March 2007. According to its preliminary financial statements for fiscal 2006, the Nordex Group ((ISIN: DE000A0D6554) has increased its revenues by 66 per cent to EUR 514 million (previous year: EUR 309 million). Total revenues rose by as much as 73 per cent to EUR 552 million (previous year: EUR 319 million). This makes it the second year in succession that the Company has grown faster than the market. Global sales of wind turbines grew by “mere” 33 per cent over the same period. The trend in new business was even stronger for the Nordex Group. Order receipts in fiscal 2006 doubled to EUR 767 million (previous year: EUR 395 million). This performance was influenced primarily by the strong demand from abroad. The proportion accounted for by foreign revenues rose from 62 to 86 per cent. The backlog of firm and conditional orders increased to around EUR 1.2 billion on the balance sheet date, meaning that new orders provide work for 15 months.

Operating profit (EBIT) improved considerably to EUR 16.6 million (previous year: EUR – 5.3 million). With ROS of 3.2 per cent, Nordex was well on target to meet projections. The main reason for the improvement in earnings was higher capacity utilisation. Net income rose to EUR 12.6 million (previous year: EUR -8.2 million). The balance-sheet structure has again improved. The equity ratio increased to 32 per cent as at 31 December 2006 (31 Dec. 2005: 27%) and liquidity improved from EUR 19.5 to EUR 132 million as at the balance sheet date. This was attributable principally to the increase in capital in May 2006 and the high down-payments received. The working capital ratio contracted to 2.8 per cent (31 Dec. 2005: 14.5%) among others influenced by reservation fees for future projects of around EUR 45 million.

This year Nordex plans to increase revenues by around 50 per cent to more than EUR 750 million. At the same time the operating result (EBIT) is due to treble to around EUR 50 million. This effect on earnings was caused by the completion of projects with higher contributions to profits and a further improvement in capacity utilisation. This year Nordex intends to increase its German production capacity to around 1,000 MW full-year capacity in order to be able to realise one billion euros in revenues and a further increase in earnings in fiscal 2008. In addition to this, higher capital spending on the development of new products is planned. This relates above all to the extension of the N80/N90 multi-megawatt series, which is one of the best-selling turbines in its class.


Nordex - a profile

As one of the technological leaders in multi-megawatt wind turbines, Nordex is benefiting from the trend in favor of large-scale turbines. The range comprises one of the world’s largest series-produced wind turbines (N80/N90 2,500 kW). To date, around 400 units of this type have been installed around the world. This experience with multi-megawatt turbines gives Nordex a decisive lead over most of its competitors. Nordex has installed a total of around 3,000 turbines with an aggregate capacity of more than 3,000 MW (January 2007). With exports accounting for around 80 percent of its business, Nordex AG plays a key role in international high-growth regions. The Company has offices and subsidiaries in 18 countries around the world.


For more information please contact:

Nordex AG
Ralf Peters
Telephone: 040 / 500 98 - 100, Telefax: – 333
E-mail: rpeters@nordex-online.com>rpeters@nordex-online.com
Internet: http://www.nordex-online.com

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