DGAP-News: Nordex SE / Key word(s): 9 Month figures
Nordex Group extends production capacity to 6 GW and increases production and sales
Hamburg, 13 November 2020. The Nordex Group (ISIN: DE000A0D6554) today confirmed its preliminary figures announced on 9 November 2020. The Company increased its consolidated sales by 63 percent year-on-year in the first nine months of 2020 to EUR 3,167.4 million (9M 2019: EUR 1,943.0 million). This growth is mainly attributable to the significant increase in installations and production in the Projects segment. Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to EUR 70.8 million (9M/2019: EUR 60.2 million), resulting in an EBITDA margin of 2.2 percent (9M/2019: 3.1 percent). The sale of the European project development business had a positive effect on earnings, generating gross proceeds of around EUR 400 million, whereas the COVID-19 pandemic and significant non-recurring items depressed earnings.
Together with its preliminary figures, the Company also published its new guidance for 2020. The Nordex Group now expects to generate consolidated sales of around EUR 4.4 billion and an EBITDA margin of 2 percent. Capital expenditure is likely to amount to around EUR 170 million and the working capital ratio as a percentage of consolidated sales is expected to be below minus 4 percent at the end of the year.
The Nordex Group’s turbine assembly output increased further. The Company expanded its production by 43 percent from 3,095 MW in the previous year to 4,415 MW in the first three quarters of 2020. In addition, the Nordex Group produced 990 rotor blades in its own factories (9M/2019: 1,093 blades).
Despite the COVID-19 pandemic, the Nordex Group increased its installation output and erected a total of 1,052 wind turbines in 21 countries with a total output of 3,817 MW (9M/2019: 476 wind turbines in 16 countries with a total output of 1,565 MW). This corresponds to an increase of over 140 percent compared to the same period last year. Europe accounted for around 43 percent of installations and non-European markets for 57 percent. As a result of these installations, the Projects segment generated sales of EUR 2,851.9 million (9M 2019: EUR 1,658.4 million) during the reporting period. Sales in the Service segment continued their steady growth, rising by 10.9 percent to EUR 318.3 million as of the end of September (9M 2019: EUR 287.1 million).
Key financial figures at a glance
The Group expects business to show a positive trend in 2021. A comprehensive company program which consolidates key initiatives for further improving the Group’s operating business and securing its strategic targets is set to make a significant contribution to this development. Further momentum will be provided by the Group’s competitive product portfolio and the public discourse on “green recovery” for the broader economy. In light of this, the Management Board of Nordex SE aims to generate sales of around EUR 5 billion with an EBITDA margin of 8 percent in 2022.
“By the end of 2020, we will have evolved the Nordex Group into a 6 GW company – despite the ongoing COVID-19 pandemic. Meanwhile our supply chain has largely recovered, production is also returning to normal for the most part and our concepts are effective,” says José Luis Blanco, CEO of Nordex SE. “Demand for our product portfolio is very strong, as we have seen from recent orders for several hundred megawatts in the USA alone. Our focus is now on efficiently implementing our company program and expanding our capacity and supply chain in India for the global market in order to achieve our strategic targest for 2022.”
The complete interim report for the first nine months 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.