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Germany

Germany

Nordex earnings fall 15% in 2017

GERMANY: Nordex has reported a fall in earnings and sales in 2017, but in line with expectations as the firm completes its cost-cutting programme.

Nordex was the sixth largest OEM in 2017
Nordex was the sixth largest OEM in 2017

Earnings before interest, taxes, depreciation and amortisation (Ebitda), and including the cost-cutting outlays, totalled €242 million, down from €285.5 million in 2016.

Its sales total also fell 9.4% to €3.08 billion, just short of the €3.1-€3.3 billion guidance set in March 2017. Nordex said part of this fall was due to delays in project execution.

Installed capacity of 2.7GW was a little higher than the 2.62GW installed in 2016. According to BNEF and FTI Consulting, Nordex was the sixth largest turbine OEM last year.

In January, Nordex announced turbine order intake fell 22% year-on-year, blamed on a slowing European market.

Nordex CEO Jose Luis Blanco said as a result of the company's cost-cutting programme, the German manufacturer had "permanently" saved €45 million in structural costs, including a reduction in the number of full-time staff.

"In 2017, we took intensive steps to adjust to the new market conditions. Thus, we have lowered our structural costs permanently and sped up the roll-out of new and substantially more efficient turbines in the market," Blanco said.

Nordex will publish full results and outlook for 2018 at the end of March 2018.

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