14.08.2018
Nordex SE DE000A0D6554
DGAP-News: Nordex remains on track
DGAP-News: Nordex SE / Key word(s): Half Year Results
Nordex remains on track
14.08.2018 / 07:30
The issuer is solely responsible for the content of this announcement.
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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, 14 August 2018. 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 41.2 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:
H1 2018 (30 June H1 2017 (30 June Change
2018) 2017)
Sales (EUR 957.1 1,501.1 -36.2%
million)
EBITDA (EUR 38.4 117.5 -67.3%
million)
EBITDA margin (%) 4.0 7.8 -3.8%
pts.
Capital (EUR 41.7 70.1 -40.5%
expenditure million)
Operating cash (EUR -92.8 -160.0 n/a
flow million)
Order intake, (EUR 217.0 98.1 121.2%
Service million)
Order book, (EUR 2,044.8 1,864.0 9.7%
Service million)
Order intake, (EUR 1,613.9 904.6 78.4%
Projects million)
Order book, (EUR 3,187.1 1,742.4 82.9%
Projects million)
Installed (MW) 934.4 1,128.6 -17.2%
capacity
30 June 2018 31 Dec 2017
Working capital (%) 5.8 5.3 0.5%
ratio pts.
Equity ratio (%) 23.1 32.7 -9.6%
pts.
Profile of the Nordex Group
The Group has installed wind power capacity of more than 23 GW in over 25
markets, generating sales of around EUR 3.1 billion in 2017. It currently
has roughly 5,000 employees. The production network comprises plants in
Germany, Spain, Brazil, the United States and India. The product range
primarily concentrates on onshore turbines in the 1.5 - 4.8 MW class
addressing the requirements of land constrained as well as grid constrained
markets.
Press contact:
Nordex SE
Ralf Peters
Phone: +49 (0)40 / 300 30 - 1522
[email protected]
Investor contact:
Nordex SE
Felix Zander
Phone: +49 (0)40 / 300 30 - 1116
[email protected]
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14.08.2018 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.
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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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