The German wind turbine manufacturer presented its preliminary figures for the 2019 financial year and confirmed its guidance. The Company increased consolidated sales to EUR 3.28 billion (previous year: EUR 2.46 billion), within the forecast range of EUR 3.2 to 3.5 billion. Earnings before interest, taxes, depreciation and amortization (EBITDA) rose significantly by 21.7 percent to EUR 123.8 million (previous year: EUR 101.7 million). This represents an EBITDA margin of 3.8 percent (previous year: 4.1 percent), which is also within the expected range of three to five percent.
The Nordex Group achieved a working capital ratio as a percentage of consolidated sales of minus 9.1 percent (previous year: minus 3.8 percent). This means that the ratio is well below our target level of under two percent. The high order intake and stringent working capital management had a positive impact on these figures.
In its original guidance, the Nordex Group predicted that it would invest around EUR 120 million during the 2019 financial year. However, the Company said that the final investment amount would depend on the development of the order volume for turbines. In light of the consistently strong order situation, it then raised its forecast to around EUR 160 million in August 2019. The Nordex Group ultimately invested EUR 172.5 million (previous year: EUR 112.8 million) during the year under review, meaning that this figure was at the expected level.
In 2018, the Nordex Group increased its order intake by 31 percent from 4.75 GW to 6.21 GW. These orders were attributable to the following regions: Europe (51 percent), North America (28 percent), Latin America (18 percent) and the Rest of the World (3 percent). This distribution of orders across the various regions once again underlines the global positioning of the Nordex Group.
José Luis Blanco, CEO of the Nordex Group, summarized the situation by saying:
“The 2019 financial year was in line with our expectations. We achieved all of the targets in our guidance for 2019. Demand for our highly efficient turbines remains strong, which means we have a high volume of orders and are starting 2020 with a well-filled order book. We also used the past year to introduce new turbine models to the market and expand our production capacity worldwide. Our goal is still to efficiently process our customers’ newly awarded projects.”
The key figures announced in this press release are preliminary. The Nordex Group will present its final audited figures for the 2019 financial year, including its guidance for 2020, on 24 March 2020.
The Group has installed more than 28 GW of wind power capacity in over 40 markets and generated sales of around EUR 3.3 billion in 2019. The company currently has more than 6,800 employees. The Group’s manufacturing network includes factories in Germany, Spain, Brazil, the USA, India, Argentina and Mexico. The product portfolio is focused on onshore wind turbines in the 2.4 to 5.X MW class which are designed to meet the market requirements of countries with limited available space and regions with limited grid capacity.