German wind turbine maker Nordex (ETR:NDX1) today said its 2019 earnings before interest, tax, depreciation and amortisation (EBITDA) grew by 21.7% year-on-year, in line with guidance.
The company reported a preliminary EBITDA of EUR 123.8 million (USD 141.4m), up from EUR 101.7 million in 2018, and an EBITDA margin of 3.8%, falling within the forecast range of 3% and 5%. The EBITDA margin in 2019 declined from 4.1% a year back, the preliminary results show.
Consolidated sales in the past year stood at the lower end of the company’s EUR 3.2 billion-3.5 billion outlook, coming at EUR 3.28 billion. This compares to EUR 2.46 billion in 2018.
The working capital ratio as a percentage of consolidated sales arrived at a negative 9.1%, as compared to a negative 3.8% a year before.
The German manufacturer’s total investments in 2019 amounted to EUR 172.5 million, up from EUR 112.8 million in 2018. That sum was projected to hover around EUR 160 million, Nordex said in August 2019 when it lifted its investment forecast from the initially estimated EUR 120 million, mainly to increase rotor blade production capacity due to growing demand.
The company’s order intake in 2019 grew by 31% to 6.21 GW, with Europe accounting for half of the orders.
“The 2019 financial year was in line with our expectations. We achieved all of the targets in our guidance for 2019,” said CEO Jose Luis Blanco. He added that demand remains strong and the company is starting 2020 with “a well-filled order book.”
Nordex will publish its 2019 financial report and guidance for 2020 on March 24, 2020.
(EUR 1.0 = USD 1.142)
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