Nordex's net profit rises 38.2% y/y in H1 2016

German wind turbine maker Nordex SE (ETR:NDX1) today posted a 38.2% year-on-year increase in consolidated net profit for the first half (H1) of 2016 to EUR 51 million (USD 57m) as sales rose 34.9%.

Earnings before interest, tax, depreciation and amortisation (EBITDA) jumped by 55.4% to EUR 136.6 million, which is equivalent to an EBITDA margin of 9.2%. The company attributes this favourable performance to further progress in quality management and more efficient project execution processes. Because of that, the management board upgraded its full-year EBITDA margin forecast to a range of 8.3% to 8.7%. Its prior guidance was for EBITDA margin greater than 7.5%.

In January-June 2016, sales grew by 34.9% to EUR 1.48 billion, with organic growth of 18.6%. For the full year, the company projects total sales of between EUR 3.35 billion and EUR 3.45 billion. The upper end of the range is based on the assumption that no further project delays will occur.

During the first half, new orders in Nordex’s domestic market went up by 30% to EUR 525 million, while the combined new contracts in North and South America reached EUR 288 million. Overall, the company’s new business in the first half surpassed EUR 1.3 billion, with newly-acquired Acciona Windpower (AWP) having a 53.6% share in the second quarter.

In the second half, Nordex expects new orders to exceed EUR 2 billion. It confirmed its order intake target of above EUR 3.4 billion.

Installed capacity jumped by 91% to 1,165 MW in the first half. Rotor blade output rose by 98%, or 76% organically, while turbine output was up 28%, or 15% organically.

(EUR 1.0 = USD 1.110)

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