DGAP-News: Nordex SE / Key word(s): Half Year Results
Nordex Group: half-year sales rise to EUR 2 billion, earnings impacted by COVID-19
Hamburg, 13 August 2020. The Nordex Group (ISIN: DE000A0D6554) has doubled its sales year-on-year to EUR 2.0 billion in the first half of 2020 (H1 2019: EUR 990.8 million). This rise is due to the significant increase of the activity level. Gross revenue, which also includes changes in inventories, grew to EUR 1,990.0 million (H1 2019: EUR 1,603.6 million). The effects of the COVID-19 pandemic became clearly noticeable in the operational business of the second quarter. As a result, earnings before interest, taxes, depreciation and amortization (EBITDA) fell to EUR -70.8 million (H1 2019: EUR 17.1 million); this corresponds to an EBITDA margin of -3.5 percent (H1 2019: 1.7 percent).
Revolving syndicated loan strengthens financing structure; refinancing of promissory note secured ahead of schedule
In the first six months of 2020, the Company increased production in turbine assembly by 70 percent from 1,735 MW in the first half of the previous year to 2,948 MW. At 623, the number of rotor blades produced in the Company’s own plants is below the previous year’s figure (H1 2019: 659 units). The Nordex Group also sourced 1,215 rotor blades from external suppliers.
In the first half of 2020, the Company installed 662 wind turbines in 21 countries with a total output of 2,287.1 MW (H1 2019: 778.1 MW). Of this total, 45 percent related to Europe, 32 percent to North America, 17 percent to Latin America and 6 percent to the “Rest of the world” region. Sales in the Projects segment increased significantly during the period under review to EUR 1,839.7 million (H1 2019: EUR 810.7 million), primarily as a result of the high number of installations. In the Service segment, which is characterized by a steady stream of income, sales also grew considerably by 15.4 percent in the first half of the year to EUR 209.6 million (H1 2019: EUR 181.6 million).
Key financial figures at a glance
“The pandemic significantly affected our company’s operations during the second quarter. Despite this, we were able to manage the situation in close cooperation with our customers and suppliers. Therefor I would like to thank the entire Nordex team and our business partners,” said José Luis Blanco, Chief Executive Officer (CEO) of the Nordex Group. “While processes have normalized or been recalibrated again, the pandemic remains a burden and provides an element of uncertainty. The new credit line supported by the coronavirus guarantee program is protecting us against the effects and remaining uncertainties caused by the COVID-19-pandemic. Hence we are confident, that Nordex remains on its growth trajectory even under these circumstances.”
The complete interim report for the first half of 2020 is now available on the Nordex Group’s website in the Investor Relations section under “Publications” (ir.nordex-online.com). The Group interim management report and the condensed interim consolidated financial statements were not reviewed by an auditor.
Nordex Group key financials
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THE NORDEX GROUP
The Nordex Group
The Group has installed more than 29 GW of wind energy capacity in over 40 markets and in 2019 generated revenues of EUR 3.3 billion. The company currently employs a workforce of approx. 7,900. The joint manufacturing capacity includes factories in Germany, Spain, Brazil, the United States, India, Argentina and Mexico. The product portfolio is focused on onshore turbines in the 2.4 to 5.X MW class, which are tailor-made for the market requirements in countries with limited space and regions with limited grid capacity.