Nordex SE Conference Call 9M Hamburg, November 11, 2010

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1 Nordex SE Conference Call 9M 2010 Hamburg, November 11, 2010

2 Overview 9M 2010 Order intake disappointing in Q3 and well below our own expectations Revised guidance for 2010 Sales of ~ EUR 1 billion, stable EBIT margin of ~ 4% Decline in EBIT reflects pricing pressure and slow installations earlier this year 9M 2010: EUR million (2009: EUR million) Q3 2010: EUR million (2009: EUR million) Positive operating cash flow in Q3 EUR 18.5 million in Q (9M 2010: EUR million) Nordex is working to increase competitiveness in a difficult market Efficiency package will mean 20% more yield for the same price for customers The N-ergize 2012 programme will reduce manufacturing costs by 10-15% in the 2.5 MW class First positive effects on income already expected in Q

3 Regional development Project financing is still tightening in traditional key markets in Southern Europe; offshore order intake still high Stagnation in EU onshore market 2010 expected Stable Nordex market share in onshore market Government incentive policies continue to stimulate demand; Chinese market growth 2010e: + 23%. China aiming to improve wind power utilization; power grid upgrade plans scheduled Decreasing pricing pressure and reduced gap between domestic and international players Nordex order intake Asia 9M 2010: 170 MW (9M 2009: 40 MW) Cash grants still available until end of 2010; federal RPS still in discussion after midterm election; Production Tax Credits extended in 2009 still in place through 2012 US market growth 2010e: - 50%; new installed MW in Q3 decreased by 70%. Announced new orders in 9M % yoy, but decreasing order intake momentum in Q3. Nordex WTG installations 2010e: > 150 MW (2009: 17.5 MW) 3

4 Income statement In EUR mn 9M M 2009 Sales Total revenues Cost of materials (465.0) (623.4) Gross profit Personnel costs (87.0) (78.9) Depreciation (14.8) (13.8) Other operating (exp.)/inc. (50.3) (64.7) EBIT Net financial result (5.1) (5.3) EBT Tax (3.7) (6.7) Net profit in % (24.5) (21.0) (25.4) (5.5) (22.3) (21.0) (3.8) (26.5) (44.8) (14.1) 4

5 Inventories and working capital development Inventories in EUR mn WC including reservation fee (WC to total revenues) Q1/2008 Q2/2008 Q3/2008 Q4/2008 Q1/2009 Q2/2009 Q3/2009 Q4/2009 Q1/2010 Q2/2010 Q3/2010 Build-up of inventories in preparation for trade-off in Q Working capital ratio* at 23.8% (2009: 18.4%) * Based on revised sales target

6 Cash flow statement In EUR mn 9M M 2009 Net profit Depreciation Change in provisions (2.8) 0.1 Change in working capital (26.9) (19.6) Other cash outflow from operating activities Cash flow from operating activities (0.8) 6.7 Cash flow from investing activities (59.4) (37.6) Cash flow from financing activities Change in liquidity from cash flows (43.6) 28.1 Liquidity beginning of period Other 4.9 (1.5) Liquidity end of period Almost balanced operating cash flow thanks to strong performance in Q with operating cash flow amounted to EUR 18.5 million Investments in German and American production facilities almost completed > no further impact on investing cash flow expected 6

7 Balance sheet In EUR mn 9M M Liquid funds Current bank borrowings Trade receivables and future receivables Trade payables Net inventories Prepayments received Other current assets Other current liabilities Current assets Current liabilities Deferred tax assets Non-current bank borrowings Other non-current assets Deferred tax liabilities Other non-current liabilities Shareholders equity Total assets Total assets

8 Investment program in Germany and USA completed Line assembly Blade production Reduction of production lead times and WIP by 30% Improvement of efficiency Quality assurance WTG assembly system technology in service since August 2010 New layout of the production hall after value stream analysis Reduced lead times, higher efficiency Automation in core processes: Drilling robotics Laying machine for fibre glass mats Finish machine Quality, productivity 8

9 Reinforcement of efficiency The N-ergize 2012 programme: Efficiency packages Programme to reduce purchasing costs and improve manufacturing efficiency in the 2.5 MW class Estimated 10-15% reduction in manufacturing and installation costs per turbine in 2011 and continuing in 2012 First effects expected in Q Power curve + 3% by new control characteristics 17% more yield by upgrading 2.5 MW platform to higher wind classes Taken together, this means up to 20% more performance for the same money for the customer! 9

10 Product development programme Further development of the 2.5 MW platform Strong wind locations + 10 meters rotor diameter (N80 -> N90) + 17% annual energy yield at 9.0 m/s Medium wind locations + 10 meters rotor diameter (N90 -> N100) + 13% annual energy yield at 8.0 m/s Low wind locations More than + 10 meters rotor diameter (N1XX) More than + 15% annual energy yield at 6.5 m/s 4 MW Onshore turbine 6 MW Offshore turbine 10

11 Current status US production facility in Jonesboro Production started according to plan on October 1, 2010 Planned output for 2010: ~ 20 WTG, 2011: ~ 140 WTG Total investment USD 40 million Current weakness of the US wind market not a major issue plant in start-up phase, with low fixed costs Buy American policy: government aid increasingly bound to local content Exchange rate risks not an issue for Nordex 11

12 Order intake Development of firm order intake M 2010 in EUR mn ~ Q1/2009 Q2/2009 Q3/2009 Q4/2009 Q1/2010 Q2/2010 Q3/2010 Q4/2010 Rebound in order intake at the end of 2010 expected, mainly driven by expiring cash grants in the U.S. Firm 9M order intake: Europe (70%), Asia (18%), USA (12%) 12

13 Order backlog Development of order backlog M 2010 in EUR mn 2,900 3,300 3,300 3,300 3,044 2,909 2,491 2,304 2,320 2,377 1,715 1,894 1,970 1,876 1,357 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q Order book at EUR 2.4 bn, comprised of EUR 423 mn firm orders and EUR 1,954 mn conditional orders Book to bill ratio > 1 in Q4-2010e 13

14 Revised 2010 outlook EUR 1,000 mn EUR ~ 400 mn Service Order backlog EUR 614 mn Q4 order intake Sales target 2010 Sales 9M 2010 Sales Q4 2010e Rejecting low margin projects leads to revised top-line forecast EUR ~ 400 million order intake in Q4 only marginal sales effect in % EBIT margin due to cost cutting measures despite lower capacity utilisation 14

15 Summary & outlook 2010 / 2011 Nordex expects revenues of around 1 billion Euros and an EBIT margin of 4% for the full year 2010 Revised target mainly due to market development and price pressure Rejecting low margin projects also lead to revised top-line forecast EBIT margin target reflects impact of cost-cutting programs Markets in Europe and US remain difficult Significant overcapacity in Europe and Asia Uncertain outlook for legislation and government support in US Strong demand in China and emerging demand elsewhere in Asia; improved prospects for non-asian manufacturers Improving product performance and reducing manufacturing/purchasing costs The N-ergize 2012 programme on the 2.5MW class - reducing purchasing and manufacturing costs Efficiency packages - strong products at highly competitive prices Nordex expects slight revenue growth in 2011 No margin improvement due to pricing pressure Cost cutting supporting profitability 15

16 Shareholder structure of Nordex SE SKion/momentum capital 24.67% Freefloat 75.33% On the basis of mn shares, as of November

17 Disclaimer The targeted goals in this document reflect forward looking statements which are based solely on estimates and not on predictable risks. Should the estimates with regard to the successful integration of acquisitions and the future internal growth of the company not to be realized or if other unpredictable risks should arise, it cannot be ruled out that the actual financial results of the company will differ substantially from the targeted goals as laid out in this document. In this respect Nordex SE is unable to give a guarantee that the actual financial results of the company will not differ from any forecasts or guidance given. 17

18 Contact Ralf Peters Head of Corporate Communications Phone: +49 (0) Fax: +49 (0) Nordex SE Bornbarch 2, Norderstedt, Deutschland 18

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