Nordex Group records sales and earnings growth in first half of 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).

Operating performance
The Nordex Group increased its order intake in the Projects segment (excluding services) by 9.9 percent to 2.8 GW in the first six months of 2021 (H1 2020: 2.5 GW); this corresponds to a value of EUR 1,961.7 million after EUR 1,805.9 million in the previous year. Of this order intake (in MW), 71 percent was attributable to Europe and 29 percent to Latin America. At the end of the first half of the year, the Nordex Group’s order book amounted to EUR 7.7 billion (H1 2020: EUR 8.1 billion), which consisted of EUR 4.8 billion (H1 2020: EUR 5.4 billion) in the Projects segment and EUR 2.9 billion (H1 2020: EUR 2.7 billion) in the Service segment.

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).

Key financial figures at a glance
Total assets fell by 7.3 percent compared with the end of 2020 to approx. EUR 4.1 billion. The equity ratio ran up to 16.6 percent as of 30 June 2021 (31 December 2020: 17.5 percent). Net debt increased to EUR 67.8 million (31 December 2020: EUR 41.0 million). Net debt is going to improve in the third quarter once adjusted for the recent capital raise. The working capital ratio as a percentage of consolidated sales was minus 6.5 percent (31 December 2020: minus 6.3 percent).

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
In July, the Nordex Group successfully completed the rights issue announced at the end of June, generating gross issuing proceeds of EUR 586.2 million by issuing 42,672,276 new shares at a subscription price of EUR 13.70. These proceeds are divided into cash contributions of EUR 389.6 million and contributions in kind of EUR 196.6 million provided by the main shareholder in the form of loan receivables arising from a shareholder loan. The aim of this capital increase was to strengthen the balance sheet, increase financial flexibility and support future profitable growth. The Group will also be able to save interest costs in the future. Parallel to this capital increase, the Nordex Group increased its existing guarantee credit facility – assessed according to sustainability criteria – by EUR 171 million to EUR 1.41 billion in total by exercising a top-up option. It was agreed that this top-up would also make up to EUR 100 million available in the form of secured cash credit lines. In addition, the Nordex Group was able to extend the vast majority of its guarantee credit line in advance by a further year until 2024. Furthermore, Nordex cancelled the EUR 350 million state guaranteed RCF, exiting Corona related state aid well ahead of initial maturity.

Reporting information
The complete interim report for the first half of 2021 is now available on the Nordex Group’s website in the Investor Relations section under “Publications” ( The Group interim management report and the condensed interim consolidated financial statements were not reviewed by an auditor. The key financial figures as of 30 June 2021 presented below do not yet include the capital increase described above, since this was completed in the third quarter of 2021.

Nordex Group key financials

(in EUR million)30.6.202130.6.2020Change (%)
thereof Service segment216.8209.63.5
Gross revenue2,324.51,990.016.8
EBITDA margin2.5%-3.5%6.0 PP
EBIT margin (adjusted for PPA)0.0%-6.5%6.5 PP
Consolidated net profit/loss-63.7-180.0n/a
Capital expenditure75.479.1-4.7
Free cash flow-10.2-137.1n/a
Working capital ratio (31.12.)-6.5%-6.3%-0.2 PP
Liquidity (31.12.)501.5778.4-35.6
Net debt (31.12.)67.841.065.4
Equity ratio (31.12.)16.6%17.5%-0.9 PP
Order intake (Projects)1,961.71,805.98.6
Order intake (Service)247.1327.3-24.5
Order book (Projects)4,833.45,367.3-9.9
Order book (Service)2,882.42,703.66.6