Nordex SE: New guidance for financial year 2020, preliminary results Q3/2020 and strategic target 2022
Nordex SE / Key word(s): Forecast/9 Month figures
09-Nov-2020 / 18:21 CET/CEST
New guidance for financial year 2020, preliminary results Q3/2020 and strategic target 2022
Hamburg, 9 November 2020. After having decided on 5 May 2020 to withdraw the guidance for the current financial year 2020 against the background of the worldwide impacts of the continuing COVID-19 pandemic on its business, the Management Board of Nordex SE («Nordex»; ISIN DE000A0D6554) concluded today on the basis of preliminary results for Q3/2020 that the Nordex Group anticipates for the current year 2020 consolidated sales of around EUR 4.4 billion (FY2019: EUR 3.3 billion) and an operating margin (EBITDA margin) of 2 percent (FY2019: 3.8 percent). Capital expenditures will total approximately EUR 170 million (FY2019: EUR 172.5 million) and the working capital ratio as a percentage of consolidated sales is expected to be below minus 4 percent (FY2019: minus 9.1 percent) at the end of the year. It should be understood that the consequences of the evolving pandemic will continue to affect business performance in unpredictable ways and that the underlying assumptions of this guidance are therefore subject to greater uncertainty than under normal circumstances.
In the first nine months of 2020 the Nordex Group generated consolidated sales of EUR 3.2 billion (9M 2019: EUR 1.9 billion). Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to EUR 70.8 million (9M 2019: EUR 60.2 million), corresponding to an EBITDA margin of 2.2 percent (9M 2019: 3.1 percent). The working capital ratio stood at minus 5.7 percent (9M 2019: minus 5.2 percent) at the end of the quarter. The results of the third quarter include the proceeds of the sale of Nordex Group’s European wind and photovoltaic development pipeline to RWE which was successfully closed on 2 November 2020.
Quarter three was still significantly impacted by the coronavirus pandemic. However, the Group is expecting a positive development starting 2021 and is aiming by way of a strategic target for sales of around EUR 5 billion and 8 percent EBITDA margin in 2022.
The final figures and the complete report for the third quarter 2020 will be published on 13 November 2020.
For further information:
Head of Investor Relations
09-Nov-2020 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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