Germany

Germany

Nordex 2019 results 'in line' with expectations

A substantial increase in orders for Nordex in 2019 was only enough to push the manufacturer into the lower end of its projections for the year.

Nordex recorded 6.21GW of orders in 2019, up 31% from the previous year
Nordex recorded 6.21GW of orders in 2019, up 31% from the previous year

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Nordex increased its earnings and order intake last year, while its Ebitda margin was squeezed, according to the manufacturer’s preliminary results for 2019.

The company’s full-year Ebitda rose 21.7% year-on-year to €123.8 million, and sales increased 33.3% to €3.28 billion.

However, its Ebitda margin fell 0.3 percentage points to 3.8%. This was in the manufacturer’s expected range of 3-5%, Nordex added.

Nordex said its “high order intake and stringent working capital management had a positive impact on these figures”.

The manufacturer did not reveal its net profit or loss for the full year.Nordex recorded a consolidated net loss of €76.5 million for the first nine months of 2019, according to its third-quarter results released in November.

José Luis Blanco, Nordex CEO, said that the 2019 financial year was “in line” with the company’s expectations and that Nordex achieved all of its guidance targets for the year.

Its order intake was up 31% from 2018, with the manufacturer recording 6.21GW of turbine agreements last year.

The bulk (51%) of Nordex orders came from Europe, while it also received orders from North America (28%), Latin America (18%) and Australia (3%).

Europe and North America contributed increasing shares of Nordex’s order book last year, up 9.5 and 12.9 percentage points from 2018, respectively.

Meanwhile, Latin America’s share of orders declined by seven percentage points.

The manufacturer’s increased order intake in 2019 also enabled it to invest more during the year, Nordex spent €172.5 million in 2018, up 52.9% and above its revised investment forecast.

These investments were mostly made in ramping up production of rotor blades in Mexico and Spain and nacelles in India, as well as in tools and equipment for international projects and in product development.

In August 2019, Nordex stated that its “dynamic order intake” had enabled it to raise its forecast for annual investments from around €120 million to €160 million”.

Nordex is due to release its final audited figures on 24 March.

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