DGAP-News: Nordex SE / Key word(s): Quarter Results
Nordex records first quarter 2020 in line with expectations
– Sales rise to EUR 964.6 million in Q1 2020
– EBITDA margin at 1.4 percent
– Orders of 1.6 GW in Q1 2020
– Order book for projects and services at EUR 8.4 billion
– Guarantee facility refinanced until April 2023
– Guidance for 2020 withdrawn due to COVID-19
Hamburg, 11 May 2020. The Nordex Group (ISIN: DE000A0D6554) confirms the preliminary figures for the first quarter of 2020 released on 5 May 2020. Sales in the first quarter of 2020 increased to EUR 964.6 million (Q1/2019: EUR 398.9 million). Earnings before interest, taxes, depreciation and amortization (EBITDA) rose to EUR 13.1 million (Q1/2019: EUR 3.3 million), showing an EBITDA margin of 1.4 percent (Q1/2019: 0.8 percent). The increase in sales is mainly attributable to the sharp rise in installation numbers in the Projects segment.
Turbine assembly rose from 698 MW in the prior-year quarter to 1,641 MW in the first three months of 2020. The number of rotor blades produced by the Company was up marginally on the prior-year figure, rising to 321 from 300 units in the same quarter of the previous year. The Nordex Group’s production is always aligned with the delivery obligations associated with the projects.
In the first three months of 2020, the Nordex Group increased its order intake in the Projects segment (i.e. excluding services) to 1,643.9 MW (Q1/19: 1,035.1 MW); this corresponds to a value of EUR 1,184.6 million (Q1/19: EUR 810.2 million). At 1,292 MW, the order volume in Europe was particularly high, making up nearly 79 percent overall. Latin America accounted for 352 MW or 21 percent. The strongest individual markets were Norway, Chile, the United Kingdom, Turkey and Finland. At the end of the first quarter of 2020, the Nordex Group’s order book in the Projects segment had a value of EUR 5.8 billion (31 March 2019: EUR 4.4 billion), while its order book in the Service segment had a value of EUR 2.6 billion (31 March 2019: EUR 2.2 billion).
Key financial figures at a glance
Guarantee facility refinanced until 2023
Guidance for 2020 withdrawn due to COVID-19
« We started the year as expected and recorded continuous, strong demand for our wind turbines from the Delta4000 series, which make up 85 percent of the 1.6 GW. In the last few days of the quarter, we began to feel the effects of the Covid-19 pandemic. This led to repeated interruptions in our supply chain and in production that are still continuing. Because as the prerequisites for a realistic and robust estimation of Nordex’s performance for financial year 2020 do no longer exist, we have withdrawn our guidance, » said Nordex SE CEO José Luis Blanco. « Our top priority is safeguarding the health of our employees and business partners. We are also working hard to maintain our supply chain and our production and to process our customers’ projects as well as we can despite all the uncertainties. »
The complete report for the first quarter of 2020 is now available for download 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 neither audited nor reviewed by an auditor.
Nordex Group key financials
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