Nordex remains on track

DGAP-News: Nordex SE / Key word(s): Half Year Results

14.08.2018 / 07:30
The issuer is solely responsible for the content of this announcement.

Nordex remains on track

  • Sales reaches EUR 957 million in the first half 2018
  • EBITDA margin of 4.0 percent
  • Order intake rises to 2.1 GW
  • Delta4000 series ready to launch
  • Guidance for 2018 confirmed

Hamburg, 14 August 2018. The Nordex Group (ISIN:DE000A0D6554) has announced today that it has generated sales of EUR 957.1 million in the first six months of 2018 (H1 2017: EUR 1,501.1 million). Earnings before interest, taxes, depreciation and amortization (EBITDA) totaled EUR 38.4 million (H1 2017: EUR 117.5 million), resulting in an EBITDA margin of 4.0 percent (H1 2017: 7.8 percent).

In the Service segment, Nordex increased sales by 7.7 percent from EUR 150.2 million to EUR 161.8 million to remain on track for growth. Sales in the Projects segment fell by 41.2 percent year-on-year to EUR 797.1 million during the period under review (H1 2017: EUR 1,356.5 million).

Orders and production
The Nordex Group generated order intake of 2.1 GW in the Projects segment during the first half of 2018 (H1 2017: 0.9 GW), including 1.1 GW in the second quarter (Q2 2017: 0.6 GW). Of this order intake, 1,091 MW (H1 2017: 210 MW) related to Latin America, 751 MW (H1 2017: 399 MW) to Europe, 113 MW (H1 2017: 258 MW) to North America and 142 MW (H1 2017: 66 MW) to the rest of the world. The strongest individual markets in America were Brazil, Mexico and the USA, while in Europe it was France, Turkey and Sweden.

« The global positioning of our company is paying off. While orders in the wind energy sector remain flat in our home market Germany, Nordex has secured numerous orders in its international markets, » said José Luis Blanco, CEO of Nordex SE.

In the first half of 2018, Nordex installed 303 wind turbines with total output of 934.4 MW (H1 2017: 1,128.6 MW) in 13 countries. Europe accounted for around half of this installation volume.

Nordex significantly increased its production output in the second quarter. Turbine assembly output totaled 794 MW after 347 MW in the previous quarter, while the Company produced 264 rotor blades compared with 180 units in the first quarter. The Nordex Group always manages its production in line with binding delivery obligations.

Key figures
The Nordex Group improved its working capital ratio – working capital relative to sales – to 5.8 percent, well below the comparable prior-year figure of 9.8 percent. Operating cash flow totaled EUR -92.8 million, rising by EUR 67.2 million compared to the first half of 2017. Net debt amounted to EUR 174.0 million (31 December 2017: EUR 60.1 million).

Wind turbine of the future
In September 2017, Nordex introduced the N149/4.0-4.5 turbine specially designed for weak to moderate wind conditions to the market. In April this year, it unveiled the N133/4.8 turbine designed for high-wind sites, meaning that the Delta4000 product range now covers all typical wind conditions. Nordex is launching this series by assembling the first N149/4.0-4.5 turbines. Over the next few years, the Company expects increasing order intake for the Delta4000 turbines, which underscore its competitive strength with their low cost of energy and flexible scope of application.

« The Delta4000 product range marks the next stage of development for our established Generation Delta concept. These wind turbines combine many years of experience with consistent reductions in the cost of energy and can be used in all of our target markets, » explained José Luis Blanco, CEO of Nordex SE.

Guidance for 2018 confirmed
Nordex confirms its 2018 guidance. The Company expects to generate consolidated sales of EUR 2.4 to 2.6 billion and an EBITDA margin of between 4.0 and 5.0 percent. The working capital ratio is also anticipated to fall below 5 percent by the year-end, with investments totaling around EUR 110 million.

Nordex Group key figures at a glance:

  H1 2018
(30 June 2018)
H1 2017
(30 June 2017)
Sales (EUR million) 957.1 1,501.1 -36.2%
EBITDA (EUR million) 38.4 117.5 -67.3%
EBITDA margin (%) 4.0 7.8 -3.8% pts.
Capital expenditure (EUR million) 41.7 70.1 -40.5%
Operating cash flow (EUR million) -92.8 -160.0 n/a
Order intake, Service (EUR million) 217.0 98.1 121.2%
Order book, Service (EUR million) 2,044.8 1,864.0 9.7%
Order intake, Projects (EUR million) 1,613.9 904.6 78.4%
Order book, Projects (EUR million) 3,187.1 1,742.4 82.9%
Installed capacity (MW) 934.4 1,128.6 -17.2%
    30 June 2018 31 Dec 2017  
Working capital ratio (%) 5.8 5.3 0.5% pts.
Equity ratio (%) 23.1 32.7 -9.6% pts.


Profile of the Nordex Group
The Group has installed wind power capacity of more than 23 GW in over 25 markets, generating sales of around EUR 3.1 billion in 2017. It currently has roughly 5,000 employees. The production network comprises plants in Germany, Spain, Brazil, the United States and India. The product range primarily concentrates on onshore turbines in the 1.5 – 4.8 MW class addressing the requirements of land constrained as well as grid constrained markets.

Press contact:

Nordex SE
Ralf Peters
Phone: +49 (0)40 / 300 30 – 1522

Investor contact:

Nordex SE
Felix Zander
Phone: +49 (0)40 / 300 30 – 1116

14.08.2018 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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