15.05.2018
Nordex SE DE000A0D6554
DGAP-News: Nordex makes solid start to 2018
DGAP-News: Nordex SE / Key word(s): Quarterly / Interim Statement
Nordex makes solid start to 2018
15.05.2018 / 07:20
The issuer is solely responsible for the content of this announcement.
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Nordex makes solid start to 2018
- Sales totaling EUR 488 million
- EBITDA margin of 4.1 percent
- Order intake rises to just over 1 GW
- N133/4.8 high-wind turbine expands product portfolio
- Guidance for 2018 confirmed
Hamburg, 15 May 2018. The Nordex Group (ISIN:DE000A0D6554) today announced
that it generated sales of EUR 487.9 million in the first three months of
2018 (Q1 2017: EUR 648.4 million). Earnings before interest, taxes,
depreciation and amortization (EBITDA) totaled EUR 20.0 million (Q1 2017:
EUR 51.2 million), resulting in an EBITDA margin of 4.1 percent (Q1 2017:
7.9 percent). This development is mainly due to low order intake from
Germany in the last financial year 2017. Overall, the Company has made a
solid start to the year with these figures, which are in line with its
expectations.
In the Service segment, Nordex increased sales by eight percent from EUR
72.8 million to EUR 78.8 million to remain on track for growth. Sales in the
Projects segment fell by 29 percent to EUR 409.6 million during the period
under review (Q1 2017: EUR 578.5 million).
In the first quarter of 2018, Nordex installed 171 wind turbines in eight
countries with a capacity of 522.9 megawatts (Q1 2017: 415.6 MW). Latin
America accounted for around half of this installed capacity. As these
turbines were partially installed by customers, the corresponding sales were
recorded upon delivery during the last financial year.
Production output was comparatively low in the first quarter. Turbine
assembly output totaled 347 MW of turbines after 704 MW in the prior-year
quarter, while the Company produced 180 rotor blades after 209 units in the
same period last year. The Nordex Group manages its production in line with
binding delivery obligations. Production output is expected to rise during
the course of 2018.
The balance sheet structure as of 31 March 2018 has changed significantly
compared to the 2017 year-end due to application of the new mandatory IFRS
15 accounting standard. IFRS 15 affects the recognition of sales in the
Projects business, particularly current assets and liabilities as well as
equity, thus extending the balance sheet. As a result, the equity ratio is
now 24.2 percent (31 December 2017: 32.7 percent). Net debt totals EUR 152.4
million (31 December 2017: EUR 60.1 million). In contrast, the working
capital ratio improved to 4.8 percent during the period.
The Nordex Group generated order intake of 1,007.5 MW in the Projects
segment (excluding Service) during the first quarter of 2018 (Q1 2017: 367.5
MW). Demand in Europe recovered to 521.5 MW (Q1 2017: 109.2 MW), as did the
business in America at 486.0 MW (Q1 2017: 258.3 MW). The strongest
individual markets in Europe were Turkey, France and Sweden, while in
America it was Mexico, Chile and the USA.
In April 2018, Nordex unveiled an addition to its Delta4000 product range
with the N133/4.8, a turbine specially designed for high-wind sites. This
turbine generates 39 percent more yield compared to its predecessor, while
its flexible control system takes customer requirements, demand and location
into account. The turbine is particularly suitable for use in windy regions
such as Northwest Europe, Turkey, Australia, and Central and South America.
"We began 2018 as we expected," said José Luis Blanco, CEO of Nordex SE.
"Our product strategy is working: we introduced our new high-wind turbine to
the market and are continuing to work on reducing the cost of energy. We are
also steadily developing our supply chain to enable us to process projects
more efficiently in our growth and volume markets. We expect the results in
each quarter to differ in 2018. Installations and sales will be higher in
the second half of the year than in the first two quarters."
Nordex confirms its 2018 guidance presented at the end of March 2018.
According to these estimates, 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.
In EUR million Q1 2018 Q1 2017
(31 March 2018) 31 March 2017
Sales 487.9 648.4
EBITDA 20.0 51.2
Order intake turbines 819.9 333.3
W/C ratio 4.8 % 5.3 %
Equity ratio 24.2 % 33.0 %
Contact for press inquiries:
Nordex SE
Ralf Peters
Phone: ++49 (0)40 / 300 30 - 1522
[email protected]
Contact for investor inquiries:
Nordex SE
Felix Zander
Phone: ++49 (0)40 / 300 30 - 1116
[email protected]
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15.05.2018 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.dgap.de
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Language: English
Company: Nordex SE
Erich-Schlesinger-Straße 50
18059 Rostock
Germany
Phone: +49 381 6663 3300
Fax: +49 381 6663 3339
E-mail: [email protected]
Internet: www.nordex-online.com
ISIN: DE000A0D6554
WKN: A0D655
Indices: TecDAX
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover,
Munich, Stuttgart, Tradegate Exchange
End of News DGAP News Service
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685597 15.05.2018
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