The Nordex Group (ISIN: DE000A0D6554) today reported results for the first quarter of 2021. Sales increased from EUR 964.6 million in the previous year’s quarter to EUR 1,251.2 million in the first quarter of 2021. Earnings before interest, taxes, depreciation and amortization (EBITDA) came to EUR 10.4 million, slightly down compared to the previous year’s level of EUR 13.1 million. This results in an EBITDA margin of 0.8 percent (Q1/2020: 1.4 percent). The increase in revenues is due in particular to the significant rise in installations. By contrast, the EBITDA margin contracted compared to the previous year’s quarter, which had not been affected by the COVID-19 pandemic. As a result of the measures taken by Nordex, business processes are largely stable, although their efficiency is still impacted or they are delayed. In addition, a large number of lower margin legacy projects was still being executed in the first quarter of 2021.
Operating performance
In the first quarter of 2021, the Nordex Group once again increased installations output, installing 356 wind turbines in 20 countries with a total capacity of 1,400 MW. In the same quarter of the previous year, 269 wind turbines were installed in 21 countries with a total capacity of 899 MW. Of the installed capacity (in MW), 57 percent was in Europe, 21 percent in North America, 16 percent in Latin America and 6 percent in the rest of the world. As a result, sales in the Projects segment increased from EUR 862.6 million in the prior-year quarter to EUR 1,145.7 million in the reporting period. The Service segment continued its positive development and sales increased by 5.9 percent to EUR 108.0 million (Q1/2020: EUR 102.0 million).
In the first quarter of 2021, the Nordex Group produced a total of 304 turbines with a rated capacity of just under 1,300 MW compared to 448 turbines with a rated capacity of 1,641 MW in the first quarter of the previous year. In the rotor blade production the number of rotor blades produced rose by 19.3 percent from 321 units in the previous year to 383 units. The Nordex Group always aims to align production precisely with project needs and the resulting delivery commitments.
Overall, the global wind industry started into the fiscal year 2021 with subdued demand. In this environment, the Nordex Group held up well with solid order intake in the Projects segment of 1,247 MW in the first three months of 2021. In the same quarter of the previous year, order intake amounted to 1,644 MW supported by a major project in Norway. The order intake (excluding the Service segment) for the first quarter of 2021 corresponds to a value of EUR 911 million (Q1/2020: EUR 1,185 million). Of this order volume (in MW), 92 percent was attributable to ten countries in Europe and 8 percent to Mexico (reporting region Latin America). The largest individual markets in Europe were Spain, Turkey, Germany and Finland. At the end of the quarter, the Projects segment had an order backlog of EUR 5.1 billion (March 31, 2020: EUR 5.8 billion). At the end of 2020, the Nordex Group had an order backlog of EUR 5.3 billion, which decreased in the course of the first quarter of 2021 due to increased installations. In the Service segment, the order backlog increased further by 8.1 percent from EUR 2.6 billion to EUR 2.8 billion, resulting in a total order backlog for both segments of EUR 7.9 billion (March 31, 2020: EUR 8.4 billion).
Key financial figures at a glance
Total assets decreased slightly by 3.0 percent to EUR 4.3 billion as of March 31, 2021 compared to the end of 2020. The equity ratio stood at 16.2 percent (December 31, 2020: 17.5 percent). As of the end of March 2021, the Nordex Group had cash and cash equivalents of EUR 742.5 million (December 31, 2020: EUR 778.4 million). Net debt was further reduced from EUR 40.9 million at the end of 2020 to EUR 33.2 million at the end of March (March 31, 2020: EUR 156.4 million) and the working-capital-ratio in relation to consolidated sales was at the previous year’s level of minus 7.6 percent (March 31, 2020: minus 7.5 percent).
Nordex stock included in MDAX index
Nordex stock has been included in Deutsche Börse’s MDAX index since March 22, 2021 – in other words, just in time for its 20th stock market anniversary. The reasons for this inclusion were the performance of the Nordex stock, which led to an increased market capitalization, as well as a continuous interest of investors in Nordex, which resulted in higher trading volume (liquidity).
Guidance 2021 confirmed
The Nordex Group expects business to be positive in 2021 and anticipates an improvement in its key financial indicators. Key factors contributing are a stabilized supply chain and successful concepts for operating effectively and efficiently even under pandemic conditions. In addition, it is assumed that the impact of the pandemic on business activity will be significantly reduced in the course of the year, in particular as a result of the global progress made with the corona vaccinations. Against this backdrop, the Nordex Group confirms its guidance for the financial year 2021 and is forecasting an EBITDA margin of between 4.0 percent and 5.5 percent based on expected revenues of between EUR 4.7 and EUR 5.2 billion. The Group targets to achieve sales of approximately EUR 5 billion in the short term, and it is its strategic task to reach a Group EBITDA margin of 8 percent for the financial year 2022.
“The Nordex Group has started 2021 well prepared. We are encountering continued good demand for our efficient Delta4000 platform, which we are successfully marketing as a global product. Last year, we developed targeted concepts for our business processes under pandemic conditions, especially for production and installation. We are monitoring the processes closely and continuously. Overall, we remain confident for 2021 and expect a positive development of the business performance, while also recognising higher uncertainties resulting from ongoing pandemic situation and general inflationary pressures across commodities,” says José Luis Blanco, Chief Executive Officer (CEO) of the Nordex Group.
The complete report for the first quarter of 2021 is now available for download on the Nordex Group website in the Investor Relations section under “Publications” (ir.nordex-online.com). The Group interim management report and the condensed interim consolidated financial statements were not reviewed by an auditor.
Nordex Group key financials
| (in EUR million) | 31.3.2021 | 31.3.2020 | Change (%) |
| Sales | 1,251.2 | 964.6 | 29.7 |
| thereof Service segment | 108.0 | 102.0 | 5.9 |
| EBITDA | 10.4 | 13.1 | -20.6 |
| EBITDA margin | 0.8% | 1.4% | -0.6-ppt |
| EBIT margin (adjusted for PPA) | -1.8% | -1.7% | -0.1-ppt |
| Consolidated net profit/loss | -54.7 | -38.0 | – |
| Capital expenditure | 38.6 | 37.3 | 3.5 |
| Free cash flow | 10.4 | -56.9 | – |
| Working capital ratio | -7.6% | -7.5% | -0.1-ppt |
| Liquidity (31.12.) | 742.5 | 778.4 | -4.6 |
| Net debt | 33.2 | 156.4 | – |
| Equity ratio (31.12.) | 16.2% | 17.5% | -1.3-ppt |
| Order intake (Projects) | 910.8 | 1,184.6 | -23.1 |
| Order intake (Service) | 108.0 | 139.4 | -22.5 |
| Order book (Projects) | 5,090.6 | 5,819.9 | -12.5 |
| Order book (Service) | 2,837.2 | 2,624.5 | 8.1 |
