Vestas Wind Systems A/S has announced that Mr Ditlev Engel will take up the position of President and CEO as from 1 May 2005. The company have managed to arrange the change of CEO in the spring of 2005 so that the present CEO, Mr Svend Sigaard, and Mr Engel will be able to work together for a couple of months. As from 1 March 2005 Mr Engel will thus have the opportunity to learn about Vestas’ strategy, business processes and organisation as well as to become acquainted with some of the Group’s business units.

The current Nordex AG 2003/04 financial statements (1 October 2003 – 30 September 2004), which have now been audited, confirm the provisional figures published in December 2004. According to these, Group revenues increased by some 13% to € 221.6 million (previous year: € 196.2 million). However, the volume of business was negatively affected by the company’s difficult financial situation. In order to take the pressure off working capital, Nordex decided not to obtain interim financing for most orders, which resulted in a shift in revenues. Furthermore, the manufacturer lost several major orders to competitors because of its very weak equity base – in spite of a 55% increase in order receipts to € 230 million (previous year: € 148 million). Operating loss before interest, tax and one-off items declined by some 60% to approximately € -25.5 million (previous year: € -63.2 million). This positive development was primarily the result of the cost-cutting programme, some 80% of which had been implemented by the end of the financial year. As a result of strict working capital management, the Group generated a positive cash flow from current operations of € 0.8 million (previous year: € -85.1 million). This was set against net debts totalling around € 47 million (previous year: € 44.7 million). Equity declined to € 10.1 million (previous year: € 44.9 million) as a result of losses. The planned recapitalisation is intended to considerably strengthen the equity base once again and reduce net debt in spring 2005.

Jan Blittersdorf, former vice-president and chief financial officer for NRG Systems (USA), has been named president and chief executive officer of the company. As president/CEO, Jan concentrates on overall company management and strategy development, helping to determine NRG’s role in the global wind energy industry. David Blittersdorf, founder and former president of NRG Systems, will concentrate on product engineering and design as director of engineering. Jan officially joined NRG Systems in 1987, focusing on the operational and financial side of the business. As the company grew, Jan took over the human resources function of NRG. She developed a hiring process that matches prospective employees with NRG’s corporate culture. She also designed an employee benefits programme and incentive programme that includes a monthly cash profit sharing plan, paid sabbatical leave and other perks. Her emphasis on financial integrity and workplace quality has been rewarded by a loyal, highly motivated 45-person team, which is expected to more than double in five years.