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DGAP-News: Nordex SE
/ Key word(s): Half Year Results
Nordex Group records sales and earnings growth in first half of 2021
Hamburg, 12 August 2021. The Nordex Group (ISIN: DE000A0D6554) announced today significant year-on-year growth in sales and earnings before interest, taxes, depreciation and amortization (EBITDA) in the first half of 2021. Sales rose to EUR 2.7 billion (H1 2020: EUR 2.0 billion) due to the sharp increase in activity levels. Gross revenue, which also includes changes in inventories, rose by almost 17 percent to EUR 2,324.5 million (H1 2020: EUR 1,990.0 million). The impact of the COVID-19 pandemic on the operating business only had a limited influence on the Group's positive performance in the second quarter. However, the indirect effects of the pandemic were still clearly evident in the upheaval in the raw materials and logistics markets. Against this backdrop, EBITDA amounted to EUR 68.4 million (H1 2020: EUR -70.8 million). This corresponds to an EBITDA margin of 2.5 percent (H1 2020: -3.5 percent).
The Company increased its production in turbine assembly by 5.3 percent in the first half of 2021, from 2,948 MW in the first half of the previous year to 3,105 MW. The number of rotor blades produced by the Group's own plants rose year-on-year to 819 units (H1 2020: 623 units). The Nordex Group also procured 1,209 rotor blades from external suppliers (H1 2020: 1,215 rotor blades).
The Nordex Group continued to increase its installation output in the first six months of 2021, installing 775 wind turbines in 21 countries with a total output of 3.0 GW (previous year: 610 wind turbines in 22 countries with a total output of 2.1 GW). Of the installations (in MW) carried out in the period under review, 54 percent were attributable to Europe, 15 percent to North America, 18 percent to Latin America and 13 percent to the "Rest of the World" region. This increase had a significant impact on sales in the Projects segment in the first half of the year, which rose from EUR 1,839.7 million in the first half of the previous year to EUR 2,484.1 million in the period under review. Sales in the Service segment rose slightly by 3.5 percent to EUR 216.8 million in the first half of the year (H1 2020: EUR 209.6 million).
The Nordex Group is maintaining its guidance for the current financial year of achieving consolidated sales of EUR 4.7 to 5.2 billion and an EBITDA margin of 4.0 to 5.5 percent. Capital expenditure is expected to reach approximately EUR 180 million, while the working capital ratio as a percentage of consolidated sales is predicted to be below minus 6 percent. This guidance is subject to greater uncertainty than usual, as emphasized when it was originally issued in March 2021.
"Our business performance continued to gather momentum in the second quarter, with profitability in particular improving as expected compared to the first quarter. While the direct consequences of the pandemic continue to subside, due in part to the widespread vaccination of our workforce, the indirect impact of this crisis is still readily apparent from the disruption to the raw materials and logistics markets. Our task now is to manage this successfully," said José Luis Blanco, CEO of the Nordex Group. He added: "At the same time, we are pleased with the very successful completion of our capital increase via rights issue. The related significant improvement in our balance sheet structure is a vital prerequisite for continuing to develop the Nordex Group in a focused manner in the years ahead and establishing it as one of the top three companies in the onshore sector."
Capital increase successfully completed in July; guarantee credit facility increased and extended; RCF cancelled prior to maturity
Nordex Group key financials
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|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||1225883|
|End of News||DGAP News Service|