Nordex Group: Preliminary figures 2020 confirm guidance

The Nordex Group (ISIN: DE000A0D6554) today confirmed its new guidance issued in November 2020 and presented its preliminary figures for the 2020 financial year. The Company lifted consolidated sales by 41.6 percent to EUR 4.6 billion (previous year: EUR 3.3 billion), slightly above the forecast figure of approximately EUR 4.4 billion. Earnings before interest, taxes, depreciation and amortization (EBITDA) came in at EUR 94.0 million, down 24.1 percent year-on-year (previous year: EUR 123.8 million). This results in an EBITDA margin of 2.0 percent (previous year: 3.8 percent), which meets the guidance figure of two percent.

The Nordex Group achieved a working capital ratio as a percentage of consolidated sales of minus 6.3 percent (previous year: minus 9.1 percent). This means that this ratio is well below the target level of under minus four percent. This positive performance is largely due to the strong order intake and the Group’s efficient working capital management.

The Nordex Group invested EUR 162.9 million during the year under review, which was slightly less than both the forecast capital expenditure figure of EUR 170 million and the previous year’s volume of EUR 172.5 million. Capital expenditure mainly focused on the establishment and expansion of rotor blade production in Mexico, India and Brazil and the procurement of production, installation and transportation equipment.

In financial year 2020, the Nordex Group again achieved order intake in excess of 6.0 GW, thus matching nearly the previous year’s order volume of 6.2 GW despite the coronavirus pandemic. In terms of value, these orders are distributed as follows: Europe accounted for 62 percent, and North America and Latin America for 19 percent each. This distribution reflects the Nordex Group’s global positioning while showing a shift in incoming orders toward established markets.

“In 2020, we took swift and pragmatic action to address the impact of the coronavirus pandemic. Despite these difficult conditions, we installed turbines with an output of around 5.5 GW worldwide. Our order intake benefited from the sustained momentum in the wind power market, with our higher-margin Delta4000 turbine technology performing particularly well,” said José Luis Blanco, CEO of the Nordex Group.

The key figures announced in this press release are preliminary. The Nordex Group will present its final audited figures for the 2020 financial year, including its guidance for 2021, on 23 March 2021.

The Group has installed more than 32 GW of wind power capacity in over 40 markets and generated sales of around EUR 4.6 billion in 2020. The Company currently has more than 8,500 employees. The Group’s manufacturing network includes factories in Germany, Spain, Brazil, the USA, India and Mexico. Its product portfolio is mainly focused on onshore turbines in the 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.