Nordex reports wider 9-mo loss but reiterates 2019 forecast

2.4-MW Nordex turbines. Source: Nordex SE

November 13 (Renewables Now) - German wind turbine maker Nordex SE (ETR:NDX1) today posted an expanded net loss for the first nine months of 2019, but said its financial performance in the period aligned with expectations and confirmed its full-year guidance.

The company reported a net loss of EUR 76.5 million (USD 84m) compared to EUR 51.8 million a year back. Earnings before interest, taxes, depreciation and amortisation (EBITDA) declined by 15.7% on the year, with EBITDA margin going down to 3.1% from 4%.

The table below contains details about Nordex’s financial performance in January-September 2019.

Figures in EUR million, unless otherwise noted Jan-Sep 2019 Jan-Sep 2018
Sales 1,943.0 1,772.9
Total revenue 2,519.7 1,753.3
EBITDA 60.2 71.4
EBITDA margin (%) 3.1 4.0
EBIT (42.2) (39.0)
Net profit (loss) (76.5) (51.8)

Because it anticipates a further increase in business development in October-December 2019, the company confirmed its full-year forecast and continues to expect consolidated sales of EUR 3.2 billion-3.5 billion, an EBITDA margin of 3.0% to 5.0%, investments of around EUR 160 million and a working capital ratio as a percentage of consolidated sales below 2%.

During the reporting period, Nordex's order intake in the Projects segment, excluding services, rose to 4,741.8 MW from 3,070.4 MW and reached a value of EUR 3.31 billion compared to EUR 2.34 billion a year back. The company noted that Europe accounted for 45% of that, while 34% related to North America. Latin America got a share of 18%.

At end-September 2019, Nordex's order book amounted to EUR 8.1 billion, including EUR 5.6 billion related to the Projects segment and EUR 2.5 billion to the Service segment.

In the first three quarters of 2019, the company expanded its turbine assembly production by 78% year-on-year to 3,095 MW.

(EUR 1.0 = USD 1.100)

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