Nordex Group: half-year sales rise to EUR 2 billion, earnings impacted by COVID-19
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 Operating performance 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
Contact for press inquiries: Nordex SE Contact for investor inquiries: Nordex SE Tobias Vossberg Rolf Becker 13.08.2020 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. |
Language: | English |
Company: | Nordex SE |
Erich-Schlesinger-Straße 50 | |
18059 Rostock | |
Germany | |
Phone: | +49 381 6663 3300 |
Fax: | +49 381 6663 3339 |
E-mail: | info@nordex-online.com |
Internet: | www.nordex-online.com |
ISIN: | DE000A0D6554 |
WKN: | A0D655 |
Indices: | SDAX, TecDAX |
Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange |
EQS News ID: | 1116885 |
End of News | DGAP News Service |