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Nordex SE Investor Presentation 2012

Feb 28, 2012

309_ip_2012-02-28_a06c11a2-7b6a-4d3d-bbc1-873f941921e3.pdf

Investor Presentation

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Nordex SEAnalyst Presentation Preliminary Figures FY 2011Hamburg28/02/2012

Overview

Order intake, sales and EBIT before one-off items in line with most recent forecast

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  • Positive EBIT in core European onshore business
  • Gross margin almost stable thanks to "n-ergize" programme
  • Reduction of structural costs implemented completely ; "n-ergize" 2/3 implemented
  • Firm order backlog (+70% yoy) lays the basis for significant revenue growth in 2012

DEVELOPMENT WIND ENERGY INDUSTRY 2011

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Source: GWEC, EWEA, AWEA, Nordex

CHALLENGING MARKET ENVIRONMENT

  • Build-up of capacities led to ongoing pressure on turbine prices and profitability across the entire industry
  • Offshore development slowed down due to logistical challenges, grid-connection bottlenecks and insufficient bank financing
  • Asset financing for onshore Wind at a high level, similar to Q2-2009

OUTLOOK WIND ENERGY MARKET

  • WTG installations will grow by 22% in 2012; CAGR 2012 –2016: +8%
  • Offshore installations will account for ~ 8 % over the next 5 years –but considerable uncertainty
  • North European demand firm, North Southern Europe held back by the credit crisis
  • USA will be the most volatile market due to the uncertain PTC situation
  • Asian volume driven by China emerging markets catching up
  • RoW dominated by South Africa

Source: 2011/ 2012 GWEC; 2012-2016 MAKE Consulting, November 2011

In EUR mn

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  • Stable gross margin (25%) despite price pressure due to "n-ergize" programme
  • Operating loss before one-off items EUR -10.3 mn – European core onshore business small profit
  • One off items refer to reorganisation costs and offshore R&D

In EUR mn

Reorganisation:

  • Redundancy payments to adjust the European workforce by 253 FTEs
  • Cost for legal and management advisorymanagement advisory

Offshore R&D:

  • No capitalization of offshore R&D expenses
  • Prudent financial accounting in the light of increased market challenges

CASH FLOW STATEMENT (preliminary figures)

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  • Positive operating cash flow in H2-2011 of EUR 79.1 mn achieved
  • CAPEX 2011 no further investment in capacity, focus on product development
  • Working capital management will be the next challenge. Target: 20% of total revenues (2011: ~28%)

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  • Liquid funds increased by 50 % to EUR 212 mn (mainly due to capital measures 2011)
  • Initial result of working capital management reflected in lower inventories
  • Equity ratio above 35% (2010: 37.6 %)

Conference Call 9M 2011 | Nordex SE | Hamburg | November 14, 2011

Target: Generation of positive free cash flow

NEW TARGET FOR CUTTING THE COST OF ENERGY

Two strategic levers to reduce Cost of Wind Energy (CoE)

FURTHER EFFICIENCY IMPROVEMENT OF 18% PLANNED

New products in the 2 – 3 MW class specifically for IEC 1 and 2

Additional measures to develop new markets

  • Nordex "Anti-Icing system": up to 25% increase of energy yield achieved
  • High tower solutions of up to 141 metre: +50 metre tower height = +20,5% yield

REBOUND IN ORDER INTAKE BUILDS THE BASIS FOR TOP LINE GROWTH IN 2012

Improved book-to-bill ratio leads to higher firm order backlog (all figures in EUR mn)

  • 2011: New orders +32%; Book-to-bill ratio at 1.2x
  • Nordex has start 2012 with the highest order backlog since H1 2009

OUTLOOK NORDEX 2012

  • "Back to black" - more optimistic for 2012:
  • Order backlog: EUR 700 mn firm plus EUR 1.3 bn conditional
  • 100% completion of cost cutting measures in 2012
  • Product development proceeding according to plan
  • Focus on working capital and cash flow management
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New CEO, Dr. Jürgen Zeschky, will take over in March

SHAREHOLDER STRUCTURE OF NORDEX SE

On the basis of 73.529 mn shares, as of February 2012

Contact

Ralf Peters

Head of Corporate CommunicationsPhone: +49 (0)40 30030 1522 Fax: +49 (0)40 30030 1333 eMail: [email protected]

Nordex SE

Langenhorner Chaussee 600, 22419 Hamburg, Germanywww.nordex-online.com

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.

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