1. Investor Presentation Nordex AG
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Investor Presentation Nordex AG
July 2006
nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt
nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt

2. Nordex Management Team
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Thomas Richterich
CEO / CFO
Dr. Hansjörg Müller
COO
Carsten Pedersen
Board Member
Head of Sales
Previous positions with MAN, Ferrostaal and Babcock Borsig
CFO since 2002, CEO since 2005
Previous positions with Siemens and Roland Berger
Since 2004 Nordex board member for Operations
Managing Director of Nordex Energy GmbH since 1987 and Board Member of Nordex
Responsible for Sales, since 2001
In fiscal 2002/03 Nordex makes a huge net-loss of 176 million EUR, due to different mistakes done by the former management.
Not integrated group of subsidiaries
Weakness of business processes
Aggressive accounting (write-off/revaluation of balance sheet)
As a result, 2 members of the management board and 75% of senior management were resigned. Carsten Pedersen is the only one left on board level.
nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt
nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt

3. Installed Base by Geography Installed Base by Segment
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Nordex at a Glance
Installed Base by Geography
Headquarter: Norderstedt, Germany
Founded in 1985 in Denmark
Establishment of production operations in Germany (1992) and China (1998)
IPO in 2001
Global manufacturer of wind energy systems with a focus on turbines in the “MW class”
2005 Sales of €309m
721 employees
Main production sites in Rostock (Germany) and Baoding (China)
Other Europe
30%
Germany
44%
America 2%
Africa 4%
Asia 20%
Installed Base by Segment
Small WTG (<750 kW) 6%
“MW Class” ( MW)
43%
Mainstream ( MW)
51%
Founded 21 year ago in Denmark,
One of the pioneers in the industry
Always concentrated on big turbines
Total Base (as of Mar-2006): 2,738
nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt
nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt

4. Investment Highlights
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Investment Highlights
Attractive fast growing end-markets
Well positioned for strong growth
Technology leader
Well-positioned across the value chain
Positioned in high-growth product segments
International expansion
Successful completion of turnaround
Momentum generation & further upside potential
Strong management team with proven track record
nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt
nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt

5. Attractive Fast Growing End-Markets: Growing Importance of Wind Energy
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Attractive Fast Growing End-Markets: Growing Importance of Wind Energy
CAGR
CAGR 2006E – 2015E: 15.8%
‘05 – ‘10
‘10 – ‘15
CAGR : 28.6%
20%
13%
53%
17%
29%
17%
24%
16%
16%
11%
Our industry will be growing in average by 20% each year until 2010.
After 2010 by around 13%.
This will take place not only in Europe (like in history):
A more and more important rule plays
Asia and also North America.
As you can see in the curve top of the collumn. Also in 2015 there is lot of space for growth. The proportion from Wind Energy in the grid will be less 3%
% Increase
27.0
25.8
33.0
37.2
32.4
35.1
28.5
18.9
23.7
22.4
20.7
19.0
19.4
19.6
14.6
13.8
13.2
12.5
12.0
Source: BTM
nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt
nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt

6. Attractive Fast Growing End-Markets: Key Growth Drivers
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Attractive Fast Growing End-Markets: Key Growth Drivers
Demand for wind energy driven by renewables regulations, price competitiveness of wind energy and strong worldwide energy demand
Growing Energy Consumption
World demand for primary energy increased by over 4% in 2004, world petrol demand by 1.5% in 2005
Economic growth in 2006 expected to support oil demand further (+2.2% vs in volume terms)
IEA estimates worldwide energy demand may double from 2002 to 2030
Generation Cost in €/MWh
Rising Energy Costs
Oil price more than tripled since 2001, reaching all-time high in spring 2006 with in excess of US$70/barrel
Market forward curve for oil swaps implies prices at a level of US$70-75 for next three years
Favourable Regulatory Environment
Kyoto protocol supports renewable energy to help countries achieve their targets
Regulatory outlook worldwide positive:
PTC in US extended until end of 2007; widely expected to be extended again
Supportive new renewable energy law in China
European Parliament reiterates position on renewable energy targets (20% by 2020)
What is driving the market?
-The world wide demand for energy is rising
-We´ve seen dramatic price increase in fossil fuels
-On the other hand, new supporting system came in force
And if you compare the generation costs of wind power, it is obvious there is no cheaper green source. This of cause depends on the wind site.
Source: Goldman Sachs Commodity Research, Bundesverband Wind Energie, Merrill Lynch Commodities Research
nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt
nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt

7. Well Positioned for Strong Growth: Technology Leader
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Well Positioned for Strong Growth: Technology Leader
Nordex track record of technological innovation
Current R&D Initiatives
New drive train concept with differential gearbox (N90/2500)
Upgrade yaw system
Upgrade pitch system
New platform generation
Modular tower concept incl. standardized mounting parts (S70 & N90)
Advanced control system (reduced-load operation)
Redesign of rotor blade NR45 (until maturity phase)
Adoption to international grid codes
Development of 100m class turbine
Launch of serial production of 90m class 2.5 MW wind turbine
Installation of 1st Nordex offshore turbine
Completion of the world’s first series of 80m class 2.5 MW wind turbine
Construction of the world’s first series MW wind turbine
Production of the world’s largest series wind turbine (250 kW)
In good old times we have developed every 2nd year a new, bigger model. But we haven´t concentrate on the optmization of this prototypes. Warrenty expenditures.
Change in customer structure 50% utilities, IPPs, which are looking on availability and reliability.
Good positioned with the wide tested WTG N80/ units are running. Only Siemes has more installations in this range.
1987
1995
2000
2003
2005
nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt
nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt

8. Well Positioned for Strong Growth: Well Positioned Across the Value Chain
Project development marketing financing
Wind farm system planning
Technical realisation
Wind farm operation
Service and maintenance
Market leader in France (high margin potential)
Development of first commercially financed project in China
Micrositing of 100% of signed projects to review customer layout
Supporting customers (co-development) to receive necessary approvals and to optimize the park layout
n Core business: WTG assembly, production of selected components, installation on site, initial operation
n Additional service offering: increasing demand due to new wind farm investors, which are only interested in stable cash flow
2200 turbines are currently under Nordex service
Full service contract offering up to 9+3 years duration
nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt

9. Well Positioned for Strong Growth: Positioned in High-Growth Product Segments
Nordex is growing faster than the market and has established a proven technological position in the MW turbine class
CAGR ‘01-’05 by MW class
Newly installed MW p.a.
CAGR: 12.2% NM
+39.9%
+13.6%
(35.2)%
MW-Class (1500 – 2500 kW) is by far the fastest growing segment and will be the market mainstream in the next 5 years
nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt

10. Nordex’ World Market Share Recovery in 2005
Nordex Has Grown Faster Than the Market Leading to Recovery of Market Share
Market Growth in 2005
Nordex’ World Market Share Recovery in 2005 7% 3% 2%
Market Share
Nordex’ Newly Installed Capacity in MW
60% 2H
World Market Growth 40% 1H
Source: BTM 2006
nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt

11. Well Positioned for Strong Growth: International Expansion
As of Mar-2006 Nordex has installed 1,543 turbines outside Germany (56% of total installed base) and is further expanding its international operations.
Country
Activity
China:
Foundation of rotor blade production (4,000 sqm) for N60/1,300 kW in spring 2005
Foundation of production JV for S70/77 (1,500 kW) in spring 2006
Foundation of rotor blade production for S70/77 planned for 2006
Market re-entry in 2006/7
Upgrading capacities for project development
17 new projects developed, construction expected in 2006/7 (total capacity: ~240 MW)
Successful re-entry achieved in 2006 (first major orders signed)
Successful entry achieved in 2006 (first major order signed)
USA:
France:
UK:
Italy:
nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt

12. Momentum Generation: Continuously Increasing Order Intake
Order Intake by Region in 1HY-2006
Order Intake Above Budget in 2005 and 1HY 2006
Asia 4%
Q1-2: €400m
Q1-4: €395m
Germany 21%
Rest of Europe 75%
Q1-3: €280m
Q1: €263m
+67%
Total: € 400m
Order Intake by Product in 1HY-2006
Q1-2: €158m
2006
N60/N62 8%
Sub-MW 0%
2005
2004
S70/S77 15%
Q1: €35m
N80/N90 77%
Total: € 400m
nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt

13. Further Upside Potential
Implementation of EBIT improvement plan started in spring 2005 to achieve sustainable profitability (target: 5 – 10% EBIT margin)
Positive market development since autumn 2005 generates good opportunities to secure bottom-line growth short- / medium-term
improved utilisation of capacities
increasing sales prices
EBIT improvement plan will secure profitability long-term     
nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt

14. Main Drivers of Bottom-Line Growth
2006
2007
2008
Target revenue growth
+ 50%
+ 50%
+ 50%
(1)
Higher utilization of capacity +
+ +
+ +
(2)
Increase in price per MW - due to shortages of WTG +
+ +
+/-
(3)
Increase in material costs -
- - -
(4)
Expenditures in new markets
- - - -
(5)
EBIT improvement program + + +
Target EBIT margin
3.0%
4 – 7%
5 – 10%
nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt

15. Further Upside Potential: Enhanced Outlook 2006
2006E (old) 2006E (new)
Order Intake >€450m ≥€600m
(Y-on-Y) +14% +50%
Revenues >€400m ≥€460m
(Y-on-Y) 30% +50%
EBIT Margin 2.5% ≥3.0%
Projected revenues secured by order volume:
100% of 2006 revenues secured by unconditional orders
Unconditional and conditional orders (> €1bn) secure workload until end of 2007
Mid-term annual growth target of 50%
nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt

16. Opportunities for and Limitations of Growth Beyond Plan
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Opportunities for and Limitations of Growth Beyond Plan
Opportunities
Limitations
1. Markets
Recovery of market share, target  5%
New set-up in 1-2 markets p.a.
Cautious towards offshore
2. Core components
International supply
2-3 supplier strategy
Production capacity gear boxes and blades
3. Product development capabilities
Solid 2.5 MW technology
Scaling up to 4.0 MW
Above 4.0 MW completely new design required
4. Production capacities
Europe: expandable to 750 (turbines) / 400 (blades) MW
Asia: expandable to 250 (turbines) / 300 (blades) MW
North America
Further investments in Europe and Asia
5. Management & organisation
Restructuring completed
Basis for further improvements
Max. growth path +50% p.a.
6. Financial capabilities
Set-up for business volume with a target of € 1b
Working capital requirements secured due to increased bond lines
Investment requirements secured due to capital increase (€ 70m)
nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt
nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt

17. Investment Highlights
Attractive fast growing end-markets
Well positioned for strong growth
Technology leader
Well-positioned across the value chain
Positioned in high-growth product segments
International expansion
Successful completion of turnaround
Momentum generation & further upside potential
Strong management team with proven track record
nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt

18. Appendix
nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt

19. Price Development of Fossil Fuels
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in %
Increasing prices of fossil fuels have made wind more competitive
Source: ARA, WTI, Datastream
nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt
nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt

20. Spot Market Price in 2005 (EEX)
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Euro/MWh
Peakload
EEG max. remuneration (85.9 EUR/MWh)
Baseload
EEG basic remuneration (53.9 EUR/MWh)
Market power price was considerably in excess of the EEG tariff
Source: EEX
nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt
nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt

21. Elements of restructuring at Nordex Group
The Nordex Group’s Restructuring Concept was based on Five Core Elements 1 2
Focus on attractive core markets
Concentration on foreign growth markets
Improved marketing efficiency
Regaining technical position in upper market segment
Elimination of existing deficiencies and lowering production costs
Priority: N80/N90
Elements of restructuring at Nordex Group 3 5
Elimination of previous organizational shortcomings
Pragmatic approach to optimize business processes with immediate activities
Avoidance of inventory losses and guarantee expenditure
Harnessing liquidity potential by reducing working capital
Creation of a reasonable cost structure to regain competitiveness 4
Radical cost-cutting by means of operative and structural measures
Creation of a reasonable cost structure to regain competitiveness
nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt

22. 2005 Recapitalisation and Current Shareholder Structure of Nordex
Recapitalisation Completed in May 2005
Current Shareholder Structure
Share Capital
Reverse split 10 : 1
Cash Capital Increase
€41.6m
Capital increase with pre-emptive rights for existing shareholders
All shares from rights not taken up by existing shareholders purchased by CMP and Goldman Sachs
Debt-to-Equity Swap
Reduction in bank liabilities of €28m
Issue of 12m new shares
Credit Facilities
Renewal for a further four years in the existing credit facilities
€60 million in additional credit facilities
Freefloat
40.04%
CMP
26.7%
Goldman Sachs
17.4%
Nordvest 4.1%
HypoVereinsbank 4.3%
Capital Increase in May 2006
HSH Nordbank 3.8%
Morgan Stanley 3.7%
€ 70.4m from issue of 5.5m new shares
nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt

23. Monthly Index Ranking TecDAX 6/30/2006
Company Rank Market Cap in million* Rank Turnover in million**
………
NORDEX
……….
………. 30
)* on basis of freefloat
)** 12 Month
nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt

24. Product Overview Type Capacity Regulation Certification
Nordex N60 1,300kW stall GL1/GL2
Nordex S70/77 1,500kW pitch GL2/IEC 3a
Nordex N80 2,500kW pitch IEC 1a
Nordex N90 2,300kW pitch GL2
Nordex N90 2,500kW pitch IEC 1b (HS)
IEC 2a (LS)
nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt

25. Production Facilities
Yinchuan: S70/77 JV
99 blades/year
NR-34/ blades/year
NR-40/ blades/year
8-10 WTG MW-class/week
2 WTG 600 kW-class/week
nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt

26. Income Statement (IFRS) Fiscal 2005
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Income Statement (IFRS) Fiscal 2005
01-Oct Sep-2004
01-Jan Dec-2005  €m
Sales
Total Revenues
Cost of materials as a percentage of total revenues
Personnel costs as a percentage of total revenues
Depreciation/amortisation as a percentage of total revenues
Other operating income/expenses as a percentage of total revenues
EBIT (operational) One-off items
Financial result
Tax
Net income/loss
221.6
218.8
(173.3) 79.2%
(34.5) 15.8%
(12.1) 5.5%
(24.0) 11.0%
(25.5) (2.5)
(5.1)
0.4
(33.5)
309.0
319.4
(251.3) %
(34.1) %
(11.7) %
(22.1) %
0.3 (5.4)
(3.0)
0.1
(8.2)
87.4
100.6
78.0
(0.4)
(1.9)
25.8 (2.9)
2.1
0.3
25.3
39.4%
46.0%
45.0%
(1.3)%
(3.3)%
(7.9)%
101.2% (116.0)%
41.4%
75.4%
The income statement on page 7 shows the step-by-step improvement in detail. Whereas the cost of materials/ revenues ratio increased slightly, due to … ?, the personnel cost/revenues ratio shrank again from 19.2 to 16.3 % and other operating expenses net of other operating income dropped by 4.4 % to 10.8 EUR mn.
The one-off items of 2.2. EUR mn 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 first half contracted to 14 EUR mn. In the second quarter, net loss stood at around 5 EUR mn.
nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt
nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt

27. Income Statement (IFRS) Q1/2006
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Income Statement (IFRS) Q1/2006
01-Jan Mar-2005
01-Jan Mar-2006 €m
Sales
Total Revenues
Cost of materials
Personnel costs
Depreciation/amortisation
Other operating income/expenses
EBIT (operational) One-off items
Financial result
Tax
Net income/loss
34.9
40.7
(30.6)
(8.8)
(2.8)
(6.0)
(8.7) (1.6)
(0.9)
0.1
(9.5)
124.7
122.8
(101.2)
(9.1)
(2.9)
(7.3)
(1.0)
0.0
2.6
The income statement on page 7 shows the step-by-step improvement in detail. Whereas the cost of materials/ revenues ratio increased slightly, due to … ?, the personnel cost/revenues ratio shrank again from 19.2 to 16.3 % and other operating expenses net of other operating income dropped by 4.4 % to 10.8 EUR mn.
The one-off items of 2.2. EUR mn 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 first half contracted to 14 EUR mn. In the second quarter, net loss stood at around 5 EUR mn.
nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt
nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt

28. Balance Sheet (IFRS) Q1/2006
:13
Balance Sheet (IFRS) Q1/2006
31-Dec Mar (as if incl. cap Increase)
31-Dec Mar (as if incl. cap Increase) €m
Fixed assets
Current assets
Net inventories
Receivables and other assets
Liquid funds
Other assets
Total Assets
55.4
150.0
71.1
59.4
19.5
26.0
231.4
55.5
183.7
80.6
94.2
79.3
26.4
336.0
Shareholder‘s equity
Provisions
Liabilities
Banks
Trade payables
Other liabilities
Others
Total liabilities and equity
63.5
7.1
64.1
34.0
6.9
231.4
136.5
3.0
62.7
68.8
7.2
336.0
The balance sheet as of June 30, 2005, summarized on page 8, was decisively reinforced by the recapitalization program completed in the second quarter. The equity ratio rose from 1.3 % at end of December last year to a healthy 26.9 %.
At the same time, Nordex had net cash at banks of around 4.2 EUR mn, replacing the net bank liabilities of around EUR mn six months before.
With work commenced on many current projects – particularly in the strong second quarter – trade receivables and future receivables from production orders rose by 30.6 EUR mn to 60.5 EUR mn.
€ 70.4 m net proceeds from capital increase as of May 2006
nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt
nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt

29. Cash Flow Statement (IFRS) Fiscal 2005
:13
Cash Flow Statement (IFRS) Fiscal 2005
01-Oct Sep-2004
01-Jan Dec-2005 €m
Net income/loss
Depreciation
Change in provisions
Change in inventories
Change in trade receivables and other assets
Change in trade payables and other liabilities
Other changes from operating activities
Cash flow from operating activities
Cash flow from investing activities
Cash flow from financing activities
Change in liquidity
(33.5)
12.2
(4.6)
41.8
(6.6)
(8.6)
0.1
0.8
(3.3)
(0.4)
(2.9)
(8.2)
11.7
(6.3)
(23.5)
(12.6)
18.6
(0.3)
(20.6)
(8.6)
39.0
9.9
The outstanding feature of the cash flow statement on page 9 is the positive cash flow from financing activities, rising by 46.5 EUR mn to 35.2 EUR mn due to the capital increases.
This was offset by a net outflow from operating activities of 33.2 EUR mn primarily as a result of an increase in working capital to shorten project lead times and ensure efficient utilization of production capacity.
nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt
nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt

30. Contact
Nordex AG
Bornbarch 2
22848 Norderstedt
Germany
Ralf Peters
Head of Corporate Communication/ Investor Relations
Phone: +49 (0)40/
Fax: +49 (0)40/
nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt

31. Financial Calendar Report on the first half of 2006 August 25, 2006
Report on the third quarter of 2006 November 23, 2006
Report on fiscal 2006 April 26, 2007
nordisch\Presentations\IP Presentation Nordex\21 Roadshow Pres Nordex_May2006.ppt