Germany

Germany

Wind turbine maker Nordex posts net loss amid commodity and shipping cost pressures

German manufacturer narrows losses in first nine months of the year as commodity prices and shipping costs bite

Nordex installed more turbines and more wind power capacity in the first nine months of 2021 than it did in the same period in the previous year
Nordex installed more turbines and more wind power capacity in the first nine months of 2021 than it did in the same period in the previous year

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Nordex posted a net loss in the first nine months of the year, citing a sharp rise in commodity prices and shipping costs.

The German firm made a consolidated net loss of €103.7 million in the first nine months of the year, though this was an improvement on the €107.5 million net loss in the same period in 2020.

It joins other turbine manufacturers such as Vestas, Siemens Gamesa and GE Renewable Energy in reporting a negative financial impact from raw material prices and logistics costs.

Nordex today (15 November) confirmed details of its financial performance in the first nine months of the year that it had reported last week, including the decision to downgrade its financial guidance for the full year. The manufacturer had also previously raised turbine prices to offset higher commodity and logistics costs.

CEO José Luis Blanco said: “Our main priority now is to push ahead efficiently with our production and installation activities and manage the extremely high raw material and logistics costs, as this volatile environment might stay with us for a while yet.”

Nordex’s net loss came despite an increase in orders — excluding services — in the first nine months of the year from 3.8GW to 4.6GW. This intake is worth €3.2 billion, up 21% from the previous year.

However, as of 30 September 2021, Nordex’s order backlog was worth €5 billion, slightly less than the €5.1 billion value one year earlier.

Meanwhile, Nordex installed more — both in term of units and megawatt capacity — in the first nine months of 2021 than it did in the same period in the previous year.

It installed 1,216 turbines with a combined capacity of 4,858MW in the first nine months of 2021, compared with 1,052 turbines totalling 3,817MW a year earlier.

As a result of these installations, sales in the projects segment increased 27% to €3.6 billion. Meanwhile, sales in the service segment continued steady growth, rising 4.2% to €331.8 million.

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