Press Release
Publisher: Nordex SE
Nordex first quarter 2017 figures in line with budget
• Sales of EUR 648.4 million achieved
• Strong growth in service business
• EBITDA margin of 7.9%
• 2017 guidance confirmed
.Hamburg (renewablepress) - The Nordex Group (ISIN: DE000A0D6554) performed in line with its expectations in the first quarter of 2017. Sales amounted to EUR 648.4 million (Q1/2016: EUR 637 million). The service business rose substantially by 57 percent to EUR 74 million (Q1/2016: EUR 47.1 million). The proportion of sales generated in America, where the group has a larger footprint following the merger with Acciona Windpower, increased in particular.
Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to EUR 51.2 million. At 7.9 percent, the operating margin was within the target corridor, chiefly underpinned by an increased gross margin of 29 percent, which reflects the growing Service business.
Nordex continues to have a solid balance-sheet structure. The equity ratio stood at 33 percent as of the reporting date (December 31, 2016: 31.4%). In preparation for rising installation volume over the upcoming quarters, the group has accumulated inventories, temporarily causing the working capital ratio to rise to 8.4 percent.
At the same time, capital spending climbed to EUR 35.7 million (Q1/2016: EUR 15.1 million). This was primarily due to the acquisition of plant and equipment for the production of new core components. Nordex continued to invest in the development of new competitive products.
The transition to auction based mechanism, in the core European markets, caused group order intake to drop to EUR 333 million (Q1/2016: EUR 541 million).
As of the reporting date, Nordex had an order backlog of EUR 3.8 billion (incl. Service), which forms the basis for confirming the full-year guidance for 2017. Thus, sales are expected to lie within the range of EUR 3.1 to 3.3 billion, accompanied by an EBITDA margin of between 7.8 and 8.2 percent. The Management Board expects the working capital ratio to drop to 5 - 7 percent in the second half of the year due to prepayments for new orders.
Says Nordex CEO José Luis Blanco: “Our medium-term goal is to improve market share and profitability. For this reason, we are stepping up spending on our technology as well as lowering production costs.”
The Q1/2017 report will be available on the Nordex web page.
Hamburg, 11 May 2017
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E-Mail: rpeters@nordex-online.com
Nordex SE
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22419 Hamburg
Internet: http://www.nordex-online.com
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About Nordex SE
The development, manufacture, project management and servicing of wind turbines in the onshore segment has been the core competence and passion of the Nordex Group and its more than 7,900 employees worldwide since 1985. As one of the world's largest wind turbine manufacturers, the Nordex Group offers high-yield, cost-efficient wind turbines under the Acciona Windpower and Nordex brands that enable long-term and economical power generation from wind energy in all geographical and climatic conditions.
The focus is on turbines in the 3 to 5MW+ class, and the Group’s comprehensive product portfolio offers individual solutions for both markets with limited space and regions with limited grid capacities. With more than 29 GW of installed capacity worldwide, Nordex Group systems deliver sustainable energy throughout more than 80 per cent of the world’s energy market (excluding China).
Nordex SE is listed on the TecDAX of the Frankfurt Stock Exchange. The management holding company is headquartered in Rostock, while the executive board and administrative offices are based in Hamburg. At production facilities in Germany, Spain, Brazil, the US, and India, the Nordex Group produces its own nacelles, rotor blades and concrete towers. The Group also maintains offices and branches in more than 25 countries.
Press contact at Nordex SE
Felix Losada
Mail: flosada@nordex-online.com
Phone: +49 (0)40 - 300 30 - 1141
Press contact
Felix Losada
Nordex SE
Mail: flosada@nordex-online.com
Phone: +49 (0)40 - 300 30 - 1141