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Press Release

Publisher: Nordex SE

Nordex Group extends production capacity to 6 GW and increases production and sales

- Sales of EUR 3.2 billion in the first nine months of 2020

- EBITDA margin of 2.2 percent

- Sale of European project development business to RWE completed successfully

- Production output rises to 4.4 GW at the end of September

- Order backlog remains strong at EUR 7.9 billion

- Healthy demand for Delta4000 product series continues

- Strategic target set to achieve EBITDA margin of 8 percent from 2022


© Nordex SE
Hamburg (renewablepress) - The Nordex Group (ISIN: DE000A0D6554) today confirmed its preliminary figures announced on 9 November 2020. The Company increased its consolidated sales by 63 percent year-on-year in the first nine months of 2020 to EUR 3,167.4 million (9M 2019: EUR 1,943.0 million). This sales growth is mainly attributable to the significant increase in installations and production in the Projects segment. Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to EUR 70.8 million (9M/2019: EUR 60.2 million), resulting in an EBITDA margin of 2.2 percent (9M/2019: 3.1 percent). The sale of the project development business had a positive effect on earnings, generating a gross inflow of around EUR 400 million, whereas the COVID-19 pandemic and significant non-recurring items depressed earnings.

Together with its preliminary figures, the Company also published its new guidance for 2020. The Nordex Group now expects to generate consolidated sales of around EUR 4.4 billion and an EBITDA margin of 2 percent. Capital expenditure is likely to amount to around EUR 170 million and the working capital ratio as a percentage of consolidated sales is expected to be below minus 4 percent at the end of the year.


Operating performance

In the first nine months of 2020, the Nordex Group recorded order intake of 3,759 MW in its Projects segment (excluding services) (9M 2019: 4,742 MW); this corresponds to a value of EUR 2,641.7 million (9M 2019: EUR 3,313.5 million). Of this order intake, 64 percent was attributable to Europe, 20 percent to Latin America and 16 percent to North America. By the end of September 2020, the Nordex Group had an order backlog of EUR 7.9 billion (9M 2019: EUR 8.1 billion), of which EUR 5.1 billion (9M 2019: EUR 5.6 billion) relates to the Projects segment and EUR 2.8 billion (9M 2019: EUR 2.5 billion) to the Service segment.

The Nordex Group's turbine assembly output increased further. The Company expanded its production by 43 percent from 3,095 MW in the previous year to 4,415 MW in the first three quarters of 2020. In addition, the Nordex Group produced 990 rotor blades in its own factories (9M/2019: 1,093 blades).

Despite the COVID-19 pandemic, the Nordex Group increased its installation output and erected a total of 1,052 wind turbines in 21 countries with a total output of 3,817 MW (9M/2019: 476 wind turbines in 16 countries with a total output of 1,565 MW). This corresponds to an increase of over 140 percent compared to the same period last year. Europe accounted for around 43 percent of installations and non-European markets for 57 percent. As a result of these installations, the Projects segment generated sales of EUR 2,851.9 million (9M 2019: EUR 1,658.4 million) during the reporting period. Sales in the Service segment continued their steady growth, rising by 10.9 percent to EUR 318.3 million as of the end of September (9M 2019: EUR 287.1 million).


Key financial figures at a glance

As of 30 September 2020, total assets increased compared to the end of 2019, in part due to the outstanding receivable from RWE, which triggered a corresponding increase in other current financial assets by 16.6 percent to EUR 4,665.4 million. The equity ratio was 13.6 percent as of 30 September 2019 (31 December 2019: 18.6 percent). Net debt amounted to EUR 492.8 million (31 December 2019: EUR 84.0 million) and the working capital ratio as a percentage of consolidated sales came to minus 5.7 percent (31 December 2018: minus 9.1 percent).

The Group expects business to show a positive trend in 2021. A comprehensive corporate program which consolidated key initiatives for further improving the Group’s operating business and securing its strategic goals is set to make a significant contribution to this development. Further momentum will be provided by the Group’s competitive portfolio and the public discourse on "green recovery" for the broader economy. In light of this, the Management Board of Nordex SE plans to generate sales of around EUR 5 billion with an EBITDA margin of 8 percent in 2022.

“By the end of 2020, we will have evolved the Nordex Group into a 6 GW company – despite the ongoing COVID-19 pandemic. Meanwhile our supply chain has largely recovered, production is also returning to normal for the most part and our concepts are effective," says José Luis Blanco, CEO of Nordex SE. "Demand for our product portfolio is still very strong, as we have seen from recent orders for several hundred megawatts placed in the USA alone. Our focus is now on efficiently implementing our corporate program and expanding our capacity and supply chain in India for the global market in order to achieve our strategic goals for 2022.”

The complete interim report for the first nine months 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.


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© Nordex SE

Nordex Group key financials:
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© Nordex SE


Hamburg, 13 November 2020


Publication and Reprint free of charge; please send a voucher copy to Nordex SE.



Attention editorial offices - For further questions please contact:


Media contact:
Nordex SE
Felix Losada
Phone: +49 (0)40-30030–1000
E-Mail: flosada@nordex-online.com


Contact for investors:
Nordex SE
Felix Zander
Phone: +49 (0)40-30030–1000
E-Mail: fzander@nordex-online.com

Tobias Vossberg
Phone: +49 (0)40-30030–1000
E-Mail: tvossberg@nordex-online.com

Rolf Becker
Phone: +49 (0)40-30030–1000
E-Mail: rbecker@nordex-online.com


Nordex SE
Langenhorner Chaussee 600
22419 Hamburg

Internet: https://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.

http://www.nordex-online.com



Press contact at Nordex SE

Felix Losada
Mail: flosada@nordex-online.com
Phone: +49 - (40) - 300 30 - 1141

Felix Losada

Press contact

Felix Losada

Felix Losada
Nordex SE
Mail: flosada@nordex-online.com
Phone: +49 - (40) - 300 30 - 1141