Report on the first half of 2005 Nordex AG

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1 Report on the first half of 2005 Nordex AG

2 Contents. Preface 3 Stock performance 4 Details of the first half of Market trends 5 Business performance 6 Earnings situation 8 Financial condition and net assets 8 Capital spending 9 Research and development 9 Personnel 9 Events after the conclusion of the period under review 9 Outlook 10 Consolidated financial statement for the first half of Income statement 11 Balance sheet 12 Cash flow statement 13 Statement of equity movements 14 Notes 15 Corporate governance bodies / calendar of events 18 Contents 2

3 Preface. Dear shareholders, Thanks to the recapitalization measures which you have supported, we are now able to manage our Company profitably again. A first visible sign of this can be seen in order receipts, which came to around EUR 123 million in the second quarter of 2005, marking a record in the Company s 20 year history. Even during the difficult past few years, our wind turbines have always been first choice in the market. However, our customers and banks were concerned by the threat of Nordex running out of money. With the injection of fresh funds as part of our recapitalization scheme, we have been able to recapture our customers confidence. The task now facing us is to harness our growth potential. We will be increasingly prefinancing projects again following the substantial reduction in inventories in earlier periods. On the one hand, our customers are not willing to accept delivery periods of up to nine months. On the other, this is the only way of ensuring profitable capacity utilization. We achieved this again for the first time in June, with operating earnings coming to EUR 2.1 million. All told, earnings in the second quarter improved by roughly 67 percent over the previous year. At the same time, our working capital ratio was only 17 percent as of June 30. Other producers have a figure twice as high as this. As proud as we are of what we have achieved to date, we know that we cannot afford to rest on our laurels! For this reason, Nordex has established a scheme to boost earnings. Now that we have successfully completed our restructuring activities to eradicate the sources of loss which afflicted us in the past, our target is to achieve a sustained high return on sales of over 5 percent as we want to make sure that we are able to operate profitably even in lean years. Our strategic approach is aimed at achieving a greater volume of business. To this end, we must strengthen our presence in the new growth markets. Thus, we are establishing new structures in China for the local production of large turbines. In North America and India, we are in talks with new partners. However, closer to home, we have also intensified our activities. Examples include our successful project development in France and Germany, where Nordex almost doubled its market share in the first half of We will continue to reclaim lost territory with the marketing initiative for our new N90/2500 turbine. Yours sincerely Thomas Richterich Chief executive officer Preface 3

4 Stock performance Over the past two years, Nordex stock has been materially impacted by speculation of an imminent takeover or possible insolvency on the part of the Company. As a result, the Company s operating performance ceased to be reflected in the stock, causing many long-term investors to shun it. This was additionally exacerbated by what in some cases was massive technically induced fluctuation in response to the recapitalization program (reduction in capital, cash and non-cash capital increases). Shareholder structure 21,4 % Free float 35,2 % Capital Management Partners 4,8 % Nordvest 4,8 % Morgan Stanley 5 % HSH Nordbank 5,7 % Bayerische HypoVereinsbank 23,1 % Goldman Sachs It was not until after recapitalization had been completed in June 2005 that the stock stabilized at a level of around EUR Given the stable shareholder structure, the stock is largely shielded from non-fundamental effects especially as the new principal shareholders are bound by a lock-up commitment expiring on October 19, Roughly 80 % of the Company s capital is held by two private-equity companies, three large banks and the founding Pedersen family (Nordvest). On an encouraging note, however, the existing shareholders subscribed to roughly 10.2 million new shares in the cash capital increase in spite of the fact that they had sustained a considerable loss in value as a result of the previous reduction in capital. This reflects the confidence which the shareholders have in the future of the refinanced Nordex Group. Given the rekindled interest on the part of analysts and fund managers, the Company will be continuing its investor relations activities on this basis. To this end, management will be adopting cautious financial planning and communicating guidance on the Company s operating performance to the financial community. (Stock price since the admission of the new converted shares DE000A0D6554 to trading on April 21, 2005) Stock performance 4

5 Details of the first half of Market trends The main wind energy markets performed in line with expectations in the first half of Forecasts predict that global demand will rise by around 26 percent in 2005 to a new installed capacity of over 10,000 megawatts (BTM Consult). In the United States, France, the United Kingdom and China, high growth rates should be achieved in some cases, while the number of new turbine constructions is expected to continue declining in Germany. Nordex is benefiting from this trend thanks to its strong market position in Western Europe and the Far East. At the same time, it is preparing to enter other key regional markets in the short to medium term. Strong demand may result in shortages in core components such as rotor blades or gearboxes for large turbines. However, this sourcing risk affects only projects which have currently not yet reached the production planning phase. Germany In the first half of 2005, the number of newly constructed turbines contracted by about 30 percent to 511 megawatts in Germany for the second consecutive year. There are three main reasons for this: 1. The reduced feed-in remuneration, 2. More stringent rules for the granting of construction permits, resulting in a growing shortage of viable wind farm locations, and 3. the uncertainty aroused on the part of investors as a result of political debate on the future funding of renewable energies following the German federal elections scheduled for September A possible victory of the conservative parties could result in modifications to subsidization mechanisms as of Even so, the conservative CDU party has stressed that if it does win the election it will remain fundamentally committed to promoting regenerative energies. In the first half of the year, Nordex managed to buck the negative market trend by boosting domestic sales volumes by around 13 % and recapturing market share even though it was not possible for these projects to be implemented until after the completion of recapitalization in April. Measured in terms of new installed capacity, Nordex was the fourth largest producer in Germany in the first half of 2005 with a market share of 8 % (previous year: 5 %). Nordex expects sales volumes in Germany to at least double in the second half of 2005 thanks to many projects which it had not been possible to implement in previous periods due to the Company s weak financial condition at that time. West Europe Political and economic conditions for regenerative energy remain favorable in Western European growth markets such as the United Kingdom, Portugal and France. In France, where Nordex has been the market leader as a project developer and producer for many years, the Senate and the National Assembly abolished in June an important Details of the first half of

6 restriction which had impeded the development of wind farms. Under the new arrangements, wind farms with a nominal output of over 12 megawatts are now also eligible for the guaranteed statutory feed-in remuneration. Nordex France had developed wind farms with a capacity of over 200 megawatts up to the construction permit stage and grid connection guarantees under the old law. These projects are to be completed by the end of At the same time, the Company has continued to invest in its development activities. Asia The main Asian markets for wind power are India, Japan and China. Nordex has been successful in the Far East in particular for many years thanks to its own local facilities and partnership ventures. In response to legislative amendments in China, Nordex is currently extending its local production activities in that country. Thus, the Chinese National People s Congress passed a law at the end of February 2005 for promoting renewable energies and governing the conditions for feeding wind power into the national grid as of January 1, All told, capacity of some 20,000 megawatts is to be installed in China by The future condition for delivery is a local content share of 70 %. In addition, invitations for tenders reflect growing demand for megawatt turbines. For this reason, Nordex has set up rotor blade production facilities for large turbines in China and is making preparations for the local assembly of large-scale machines. At the moment, the Company is working on four Chinese projects comprising a total of 27 systems scheduled for construction over the next few months. Preliminary talks with potential partners in India for joint marketing and/or production ventures are currently ongoing. United States In the United States, a multi-year boom in wind power systems is expected now that the production tax credit, the US tax allowance system for regenerative energies, has been renewed until the end of After withdrawing from North America during the recession period, Nordex is now reviewing various options for successfully marketing its turbines in the United States once more. Key data as of June 30, 2005 As of June 30, 2005 As of June 30, 2004 Change Order receipts % Sales % Loss at the EBIT level % Personnel % Business performance In the second quarter of 2005, the Nordex Group s business volume rebounded substantially after the first quarter had been overshadowed by financial weakness and resultant market uncertainty with respect to the Company s future. Order receipts rose from EUR 34.7 million (March 31, 2005) to EUR million as of June 30, 2005 and were thus around 38 % up on the previous year (June 30, 2004: EUR million). In particular, German projects which had been postponed in prior periods were entered in the order books in the second quarter in accordance with the Company s strict criteria. As a result, the share of domestic orders in total new business widened from 32 (June 30, 2004) to 57 %. Roughly 35 % of the new orders stem from Western Europe (Portugal and France) and 8 % from China. At 47 %, the best-selling product was again the N80/N90 (2500 and 2300 kw respecti- Details of the first half of

7 vely) series. Given the large proportion of domestic business, unit sales of the 1.5 MW systems remained stable at around 40 % again. This turbine was acquired by a foreign customer for a wind farm in China for the first time in the current quarter. Nordex was able to alleviate the main shortfalls in supplies for production thanks to the recapitalization in the second quarter. Consequently, the Company boosted its sales in the second quarter by around EUR 70 million to EUR million as of June 30, 2005, equivalent to an increase of around 17% over the previous year (June 30, 2004: EUR 89.5 million). With a volume of EUR 41.9 million, June proved to be the top month in terms of sales. Roughly 91 % of sales were generated from the construction and sale of wind farms and 9 % from after-sales service (previous year: 6.6 %). The rising service income is primarily due to strong sales of full-service maintenance contracts. Under these contracts, Nordex receives a fixed flatrate amount per kilowatt/hour produced at the wind farms in question. The share of exports in turbine engineering business rose to 53 % (previous year: 51 %). Exports primarily went to Western Europe and, to a minor extent, Asia. At 71 %, multimegawatt turbines (N80/N90) were the main sales driver (previous year: 44 %), spurred in particular by the N90 wind farms constructed in European countries outside Germany. sales in plant construction by region 2005, Jan. 1 June 30 Asia 1 % West Europe 52 % (excluding Germany) Germany 47 % sales in plant construction by region 2004, Jan. 1 June 30 Asia 7 % America 6 % Germany 49 % West Europe 38 % (excluding Germany) sales in plant construction by turbine type 2005, Jan. 1 June 30 N60/N62 1 % S70/S77 28 % N80/N90 71 % Details of the first half of

8 sales in plant construction by turbine type 2004, Jan. 1 June 30 Sub-MW 3 % N60/N62 20 % N80/N90 44 % S70/S77 33 % Earnings situation In the period under review, operating loss before taxes, interest and exceptionals came to EUR 9.3 million, an improvement of some 21 % over the previous year (June 30, 2004: EUR 11.7 million). These losses largely arose in the first quarter of 2005 as a result of low capacity utilization. In the second quarter, operating loss came to only EUR 2.1 million. In June 2005, Nordex posted operating profit of EUR 2.1 million (before exceptionals) on sales of EUR 41.9 million for the first time in 30 months. However, this profit was eroded in the quarter by the losses sustained in April and May, which had been characterized by weak sales. On the basis of its current cost structure, the Company expects to break even at the operating level for the period on sales of around EUR 75 million per quarter. On an encouraging note, the Nordex Group has continued operating at the lower cost levels achieved after operative restructuring. The cost of materials/revenues ratio remained stable at around 77 %, the personnel cost/revenues ratio shrank again from 19.3 to 16.3 % and other operating expenses net of other operating income dropped by 4.4 % to EUR 10.8 million. The exceptionals of EUR 2.2 million primarily relate to current assets and the cost of recapitalization. Companies in the ailing German market in particular are battling with considerable economic problems in some cases. Net loss for the period contracted by 3.9 % to EUR 14 million (previous year: EUR 14.5 million). In the second quarter, net loss stood at around EUR 5 million (previous year: EUR 7.6 million). Financial condition and net assets In the second quarter, the Nordex Group s financial condition was decisively reinforced by the recapitalization program completed in the second quarter. With the non-cash capital increase executed in June, the Company s share capital was raised by around EUR 12 to a new total of EUR 58.8 million through the contribution of loan receivables of EUR 27.9 million. This had been preceded in the first quarter by a cash capital increase of EUR million. As a result, the equity ratio rose to around 27 % as of June 30, 2005 (December 31, 2004: 1.3 %). At the same time, Nordex had net cash at banks of around EUR 4.2 million, replacing the net bank liabilities of around 28.2 million which it had held on December 31, With work commenced on many current projects particularly in the stronger second quarter trade receivables and future receivables from production orders rose by EUR 30.6 million to EUR 60.5 million. At the same time, there was a slight increase (EUR 3.3 million) in inventories, which came to EUR 50.8 million as of June 30, In addition, trade payables were reduced by EUR 3.4 million to EUR 36.4 million. Due to the tight financial situation, supplier credits had reached an unusually high level as of Details of the first half of

9 December 31, 2004, which it was not possible to sustain permanently. As a result, the working capital ratio rose to 16.8 % on June 30, Within this expansionary sector, a level of over 30 % is normal. Following the successful completion of the recapitalization, the Company sustained a net cash outflow of EUR 2.1 million in the first half of The cash inflow from the capital increase was offset by a net outflow from operating activities of EUR 33.2 million primarily as a result of a deliberate increase in working capital to shorten project lead times and ensure efficient utilization of product capacity. A further cause was the high volume of prefinancing for a German project. The ratio of advance payments as of June 30, 2005 remained at a high level of % (December 31, 2004: %). Cash flow from financing activities was distinctly positive again for the first time, rising by EUR 46.5 million to EUR 35.2 million due to the capital increases executed by the Company. Capital spending In the period under review, the Nordex Group increased its fixed assets by a total of some EUR 4.3 million (previous year: EUR 5.2 million). Capital spending focused on capitalized development activities (EUR 2.6 million), particularly work on the N90/2500 kw. This output-optimized turbine is based on the N90/2300 and N80/2500. Nordex spent some EUR million on technical equipment and machinery, particularly for the production of rotor blades and components for large turbines. An amount of around EUR million was invested in operating and business equipment, again primarily production and assembly tools. Further items comprise land and buildings (EUR million) and software (EUR million). Research and development Engineering activities concentrated on the development of a new turbine for series production. The new turbine marks the third generation of the N80/N90 series. With a higher nominal output of 2.5 megawatts, it can be technically configured for deployment in strong and weak wind conditions. Many of the components such as pitch, yaw, brakes and system control have been optimized to enhance durability and availability. At the same time, Nordex has widened its rotor blade production activities to include the rotors for this turbine. In April 2004, work was commenced on redesigning a 40-meter blade. The zero series of the new NR 45 has since undergone extensive testing. In addition, production of smaller megawatt blades has been relocated in China to harness cost advantages and to comply with the local manufacturing content levels required for Chinese projects. Personnel On June 30, 2005, the Nordex Group had 697 employees around the world, i. e. the same level as in the previous year (June 30, 2004: 706). However, Nordex now employs more people at its foreign companies. Thus, Nordex France SAS had a headcount of 34 on June 30, 2005 (previous year: 21). In particular, personnel resources have been shored up for the very successful project development activities. At the same time, service teams have been extended in the growth markets of France, Portugal and the UK to ensure maintenance for the newly constructed wind farms. Events after the conclusion of the period under review On August 8, 2005, the Company s Supervisory Board renewed the service contracts of Management Board members Thomas Richterich (Finance and Controlling) and Hansjörg Müller (Operations) until the end of The service contract with Management Board member Carsten Pedersen (Sales and Marketing) had previously been renewed in spring In addition, Thomas Richterich was appointed Chief Executive Officer. Details of the first half of

10 Outlook On the basis of projects for which firm contracts have been signed as well as orders expected to be received in the short term, Nordex continues to project full-year sales of around EUR 280 million (previous year: EUR 214 million) in For the second half of the year, this translates into higher capacity utilization and a business volume of around EUR 180 million. Order receipts will rise to over EUR 300 million (previous year: EUR 237 million). With its favorable capacity utilization, Nordex expects to be able to report profit (before tax, interest and exceptionals) for the second half of the year. However, it will not be able to fully recoup the losses sustained in the first quarter of 2005 in particular over the year as a whole. All told, management projects an operating loss of around EUR 2 million. Spurred by consistently high capacity utilization, the Company expects to achieve net profit for Nordex has defined an efficiency-boosting program which it is currently implementing with the aim of increasing the return on sales on a sustained basis. After all the measures have been executed as of 2008, the program is expected to generate a net improvement of around EUR 50 million in earnings. The planned measures primarily entail technical enhancements, purchase, logistics and services processes. Details of the first half of

11 Consolidated financial statement of the 1st half year 2005 Income statement (IFRS) for the period commencing January 1, 2005 and ending June 30, /01/ /01/2004 4/01/2005 4/01/2004-6/30/2005-6/30/2004-6/30/2005-6/30/2004 EUR 000 EUR 000 EUR 000 EUR 000 Sales 104,762 89,461 69,838 35,760 Changes in inventories and other own work capitalized 1, ,262-2,777 Total revenues 106,304 88,883 65,576 32,983 Other operating income 2,477 6, ,039 Cost of materials - 81,825-66,816-51,248-22,625 Personnel costs -17,307-17,144-8,501-8,930 Depreciation/amorization -5,608-5,358-2,821-2,804 Other operating expenses -13,294-17,654-6,097-8,203 Operating profit/loss before exceptionals -9,253-11,747-2,136-6,540 Exceptionals -2, ,493 0 Operating profit/loss after exceptionals - 11,406-11,747-3,629-6,540 Net interest expenditure -1,741-1, Goodwill amortization Profit/loss from ordinary activity -13,147-14,207-4,451-7,377 Income taxes Other taxes Net loss/income for the year -13,950-14,510-4,987-7,633 Net income/loss per share* *) Based on 58,819 million shares (previours year: 52,05 million shares) Income statement 11

12 Balance sheet (IFRS) as of June 30, 2005 Assets 6/30/ /31/2004 EUR 000 EUR 000 Non-current assets Intangible assets 24,179 24,727 Porberty, plant and equipment 22,210 23,300 Financial assets 6,179 6,178 52,568 54,205 Current assets Inventories 50,787 47,528 Trade receivables and future receivables from production orders 60,513 29,931 Receivables from affiliated companies 5,366 3,240 Receivables from subsidiaries Other assets 7,423 10,570 73,495 44,604 Securities 4,592 4,592 Cash equivalents 7,336 9, , ,131 Deferred taxes 23,869 23,895 Prepaid expenses 1,980 2, , ,382 Shareholders' equity and liabilities 6/30/ /31/2004 EUR 000 EUR 000 Shareholders' equity Issued share capital 58,819 52,050 Share premium account 16, ,843 Retained earnings -28,076-4,664 Foreign-currency equalization item Profit carried forward 24, ,137 Net loss for the fiscal year -13,950-7,712 57,792 2,490 Provisions Pension provisions Tax provisions 500 2,257 Other provisions 57,348 59,451 58,224 62,084 Liabilities Liabilities to banks 3,189 37,566 Trade payables 36,420 39,842 Advance payments received 38,766 23,989 Liabilities to affiliated companies Liabilities to subsidiaries 12,079 13,455 Other liabilities 90, ,247 Deferred taxes 5,592 5,182 Deferred income 2,333 1, , ,382 Balance 12

13 Cash flow Statement for the period from January 1, 2005 until June 30, /01/ /01/2004-6/30/ /31/2004 EUR 000 EUR 000 Net profit/loss for the year -13,950-7,712 Depreciation on non-current assets 5,638 2,637 Decrease/increase in pension provisions Increase/decrease in other provisions and tax provisons -3,860-6,880 Loss from disposal of non-current assets Increase/decrease in investories -3,259-1,062 Increase/decrease in trade receivables and future receivables from production orders as well as other assets not assigned to investing or financing activities -28,720 25,936 Decrease/increase in trade payables and other liabilities not allocated to investing or financing activities 10,480 8,038 Changes in deferrend taxes Cash flow from operating activities -33,235 21,596 Payments received from the disposal of property, plant and equipment/intangible assets Payments received from the disposal of financial assets Payments made for investments in property, plant and equipment/intangible assets -4,081-2,827 Payments made for investments in financial assets Cash flow from investing activities -4,001-2,764 Payments received on account of capital increase 69,539 0 Change in short-term bank loans -34,377-11,351 Cash flow from financing activities 35,162-11,351 Cash change in liquidity -2,074 7,481 Cash and cash equivalents at the beginning of the period 9,407 1,930 Effect of changes in exchange rates 3-4 Cash and cash equivalents at the end of the period (Cash and cash equivalents carried on the face of the consolidated balance sheet) 7,336 9,407 Cash flow statement 13

14 Consolidated statement of equity movements (IFRS) for the period from January 1, 2005 until June 30, 2005 Foreign currency Consolidated Consoli- Issued Share Retained equalization net profit/loss dated net Total capital premium earnings item carried forward profit/loss equity EUR 000s EUR 000s EUR 000s EUR 000s EUR 000s EUR 000s EUR 000s Jan. 1, , ,843-4, ,137-7,712 2,490 Consolidated net loss for the year (stub fiscal year) added to consolidated net profit/loss carried forward ,712 7,712 0 Withdrawals from share premium account 0-147, , Income from capital reduction -46, , Capital increase Cash capital increase 41, ,640 Non-cash capital increase 11,974 15, ,899 Provisions from differences from first-time consolidation 0 15,050-15, Provisions from netting of IPO costs 0 8,362-8, costs of capital increase Exchange rate differences Consolidated net loss for ,950-13,950 June 30, ,819 17,123-28, ,053-13,950 57,792 for the period from Oktober 1, 2003 until zum June 30, 2004 Foreign currency Consolidated Consoli- Issued Share Retained equalization net profit/loss dated net Total capital premium earnings item carried forward profit/loss equity EUR 000s EUR 000s EUR 000s EUR 000s EUR 000s EUR 000s EUR 000s Oct. 1, , ,843-3, , ,095 2,490 Foreign exchange contract 0 0-1, ,048 Exchange rate differences month result ,540-23,540 June 30, , ,843-4, , , Consolidated statement 14

15 Notes on the first-half year report. I. General The Nordex Group s interim financial statements are compiled in accordance with the International Financial Reporting Standards (IFRS). We have followed the presentation rules laid down in the German Commercial Code. The notes have been compiled in the interests of maximizing clarity, conciseness and material relevance. The accounting, valuation and consolidation methods used in compiling the Nordex Group s consolidated financial statements provided for by IFRS but deviating from the German Commercial Code primarily concern intangible assets (IAS 38), the use of the percentage-of-completion method for measuring inventories and receivables, accounting for deferred taxes, the capitalization of leases and the recognition of pension provisions and other provisions (IAS 37). As a matter of principle, the consolidated domestic and foreign companies are included in Nordex AG s consolidated financial statements on the basis of IFRS accounting principles. The interim financial statements for the first half of the fiscal year ending June 30, 2005 include Nordex AG as well as the companies which are capable of being controlled and which are of material importance for depicting the Group s assets, financial condition and earnings. Shares in subsidiaries of a subordinate importance are recognized at historical cost based on IAS 39 as they do not constitute marketable assets for which a fair value can be reliably determined. II. Notes on balance sheet 1. Non-current assets As of June 30, 2005, capital spending came to EUR 4.3 million, disposals at residual book values EUR 0.3 million and depreciation expense EUR 5.6 million. Of the additions, a sum of EUR 2.6 million concerns research and development costs primarily related to the optimization and enhancement of the large N80/N90 turbines. As well as this, a sum of EUR 0.9 million was spent on operating and business equipment as well as EUR 0.3 million on machinery and technical equipment. Notes on the first-half year report 15

16 2. Current assets Inventories increased as of June 30, 2005 primarily due to the sourcing of large components for current and impending orders. Trade receivables in the first half of 2005 rose from EUR 22.0 million to EUR 36.0 million following the issue of final invoices for completed projects. The trade receivables carried as of June 30, 2005 include impairment charges of EUR 7.4 million. Of the future gross receivables from production orders of EUR 88.2 million, advance payments received of EUR 63.7 million were capitalized. In addition, advance payments received of EUR 38.8 million were assigned to liabilities for production orders. Other assets contracted by EUR 3.1 million to EUR 7.4 million as of June 30, 2005 due, among other things, to the receipt of loans and investment allowances. 3. Deferred taxes Deferred tax assets include EUR 23.8 million by way of loss carryforwards, which the Company expects to be able to deduct from corporate and trade tax liability. 4. Prepaid expenses This item primarily comprises advance payments for insurance policies. 5. Shareholders equity Shareholders equity increased from EUR 27.9 million to EUR 57.8 million as a result of the cash capital increase of EUR 41.6 million. In addition, reference is made to Nordex AG s statement of equity movements. 6. Short-term liabilities At EUR 36.4 million, trade payables are EUR 3.4 million lower than on December 31, Provisions contracted by EUR 3.9 million to EUR 58.2 million and primarily relate to general and individual guarantees in connection with order provisions as well as post-completion costs. III. Notes on income statement 1. Sales Sales increased by 17.1 % over the same period one year earlier from EUR 89.5 million to EUR million. They break down by region as follows: Jan. 1 June 30, 2005 Jan. 1 June 30, 2004 EUR mn EUR mn Germany Rest of Europe Rest of world Total Changes in inventories and other own work capitalized Changes in inventories and other own work capitalized totaled EUR 1.5 million in the first half of On the one hand, inventories fell by EUR 1.2 million while, on the other, other own work capitalized materially comprised research and development expenditure of EUR 2.7 million. Notes on the first-half year report 16

17 3. Other operating income Other operating income comprises grid feed-in income and credit notes issued by suppliers, among other things. 4. Cost of materials The cost of materials breaks down as follows: Jan. 1 June 30, 2005 Jan. 1 June 30, 2004 EUR mn EUR mn Cost of raw materials and supplies Cost of services bought Total The cost of raw materials and supplies also includes the cost of components and energy. The cost of services bought results from external freight, changes in order provisions, commission, externally sourced order-handling services and external staff. 5. Personnel costs Jan. 1 June 30, 2005 Jan. 1 June 30, 2004 EUR mn EUR mn Wages and salaries Social security and pension and support expenses Total Group employee numbers were as follows: As of June 30 Fiscal Fiscal 2003/ Change 9 Personnel numbers as of June 30, 2005 were down 9 compared with the same period of fiscal 2003/ Other operating expenses Other operating expenses include travel expenses, legal and consulting costs, rentals and leasing payments. 7. Net interest expenditure Jan. 1 June 30, 2005 Jan. 1 June 30, 2004 EUR mn EUR mn Other interest and similar income Interest and similar expenses Total Exceptionals The exceptionals carried as of June 30, 2005 primarily comprise writedown charges taken on current assets as well as the recapitalization costs. Notes on the first-half year report 17

18 Corporate governance bodies / calendar of events Stock and stock options held by members of the Company s corporate-governance bodies Stocks Stock options Carsten Pedersen, COO Sales 9,000 and a further 2.83 million through 16,666 a 50 % holding in Nordvest A/S Thomas Richterich, CEO 250,000* Hansjörg Müller, COO Operations 200,000* )*acquisition of a silent subparticipation in the financial investors Important dates November 29, 2005 Report on the third quarter of fiscal 2005 with telephone conference April 28, 2006 Report on fiscal 2005 with press, analyst and telephone conference Contact Nordex AG Bornbarch Norderstedt Phone Fax Design Heuer & Sachse Werbeagentur GmbH, Paul-Dessau-Straße 3c, Hamburg Photos Nordex Corporate governance bodies / calendar of events 18

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