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Nordex remains on track


- Sales reaches EUR 957 million in the first half 2018
- EBITDA margin of 4.0 percent
- Order intake rises to 2.1 GW
- Delta4000 series ready to launch
- Guidance for 2018 confirmed


Hamburg (renewablepress) - The Nordex Group (ISIN:DE000A0D6554) has announced today that it has generated sales of EUR 957.1 million in the first six months of 2018 (H1 2017: EUR 1,501.1 million). Earnings before interest, taxes, depreciation and amortization (EBITDA) totaled EUR 38.4 million (H1 2017: EUR 117.5 million), resulting in an EBITDA margin of 4.0 percent (H1 2017: 7.8 percent).

In the Service segment, Nordex increased sales by 7.7 percent from EUR 150.2 million to EUR 161.8 million to remain on track for growth. Sales in the Projects segment fell by 41 percent year-on-year to EUR 797.1 million during the period under review (H1 2017: EUR 1,356.5 million).

Orders and production
The Nordex Group generated order intake of 2.1 GW in the Projects segment during the first half of 2018 (H1 2017: 0.9 GW), including 1.1 GW in the second quarter (Q2 2017: 0.6 GW). Of this order intake, 1,091 MW (H1 2017: 210 MW) related to Latin America, 751 MW (H1 2017: 399 MW) to Europe, 113 MW (H1 2017: 258 MW) to North America and 142 MW (H1 2017: 66 MW) to the rest of the world. The strongest individual markets in America were Brazil, Mexico and the USA, while in Europe it was France, Turkey and Sweden.

“The global positioning of our company is paying off. While orders in the wind energy sector remain flat in our home market Germany, Nordex has secured numerous orders in its international markets,“ said José Luis Blanco, CEO of Nordex SE.

In the first half of 2018, Nordex installed 303 wind turbines with total output of 934.4 MW (H1 2017: 1,128.6 MW) in 13 countries. Europe accounted for around half of this installation volume.

Nordex significantly increased its production output in the second quarter. Turbine assembly output totaled 794 MW after 347 MW in the previous quarter, while the Company produced 264 rotor blades compared with 180 units in the first quarter. The Nordex Group always manages its production in line with binding delivery obligations.

Key figures
The Nordex Group improved its working capital ratio – working capital relative to sales – to 5.8 percent, well below the comparable prior-year figure of 9.8 percent. Operating cash flow totaled EUR -92.8 million, rising by EUR 67.2 million compared to the first half of 2017. Net debt amounted to EUR 174.0 million (31 December 2017: EUR 60.1 million).

Wind turbine of the future
In September 2017, Nordex introduced the N149/4.0-4.5 turbine specially designed for weak to moderate wind conditions to the market. In April this year, it unveiled the N133/4.8 turbine designed for high-wind sites, meaning that the Delta4000 product range now covers all typical wind conditions. Nordex is launching this series by assembling the first N149/4.0-4.5 turbines. Over the next few years, the Company expects increasing order intake for the Delta4000 turbines, which underscore its competitive strength with their low cost of energy and flexible scope of application.

“The Delta4000 product range marks the next stage of development for our established Generation Delta concept. These wind turbines combine many years of experience with consistent reductions in the cost of energy and can be used in all of our target markets,“ explained José Luis Blanco, CEO of Nordex SE.

Guidance for 2018 confirmed
Nordex confirms its 2018 guidance. The Company expects to generate consolidated sales of EUR 2.4 to 2.6 billion and an EBITDA margin of between 4.0 and 5.0 percent. The working capital ratio is also anticipated to fall below 5 percent by the year-end, with investments totaling around EUR 110 million.

Nordex Group key figures at a glance:

In million EUR

H1 2018 (30 June 2018)

Sales: 957.1
EBITDA: 38.4
EBITDA margin: 4.0 %
Capital expenditure: 41.7
Operating cash flow: - 92.8
Order intake, Service: 217.7
Order book, Service: 2,045
Order intake, Projects: 1,600
Order book, Projects: 3,187
Installed capacity: 934 MW

Working capital ratio 30 June 2018: 5.8%
Equity ratio 30 June 2018: 23.1%


H1 2017 (30 June 2017)

Sales:1,501.1
EBITDA: 117.5
EBITDA margin: 7.8 %
Capital expenditure: 70.1
Operating cash flow: - 160.0
Order intake, Service: 98.1
Order book, Service: 1,864
Order intake, Projects: 905
Order book, Projects: 1,742
Installed capacity: 1,129 MW

Working capital ratio 31 December 2017: 5.3 %
Equity ratio 31 December 2017: 32.7%


Change

Sales: -36.2%
EBITDA: -67.3%
EBITDA margin: 3.8% pts
Capital expenditure: -40.5%
Operating cash flow: -42.0%
Order intake, Service: 121.9%
Order book, Service: 9.7%
Order intake, Projects: 76.8%
Order book, Projects: 83.0%
Installed capacity: -17.3%

Working capital ratio: 0.5% pts
Equity ratio: -9.6% pts.


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Hamburg, 14 August 2018


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Attention editorial offices: For further questions please contact


Media contact:
Nordex SE
Ralf Peters
Phone: +49 (0)40 / 300 30 – 1522

E-Mail: rpeters@nordex-online.com


Investor contact:

Nordex SE
Felix Zander
Phone: +49 (0)40 / 300 30 – 1116
E-Mail: fzander@nordex-online.com



Nordex SE
Langenhorner Chaussee 600
22419 Hamburg

Internet: http://www.nordex-online.com




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