- Published: 13 August 2020 13 August 2020
The Nordex Group has doubled its sales year-on-year to EUR 2.0 billion in the first half of 2020 (H1 2019: EUR 990.8 million). Gross revenue, which also includes changes in inventories, grew to EUR 1,990.0 million (H1 2019: EUR 1,603.6 million). The effects of the COVID-19 pandemic became clearly noticeable in the operational business of the second quarter.
As a result, earnings before interest, taxes, depreciation and amortization (EBITDA) fell to EUR -70.8 million (H1 2019: EUR 17.1 million); this corresponds to an EBITDA margin of -3.5 percent (H1 2019: 1.7 percent).
With the guarantee granted by the German federal government and the states of Mecklenburg-West Pomerania and Hamburg, the Nordex Group received a revolving credit facility of EUR 350 million to protect the Company from the effects on its operating business and any remaining uncertainties caused by the COVID-19-pandemic. In this context, the Nordex Group has also already reached a binding agreement to refinance the promissory note due in April 2021. Together with the EUR 1.2 billion guarantee credit facility extended by three years in April 2020, the company now has a strong financial structure for the medium term. At the end of July, the Nordex Group also agreed the sale of its European project development portfolio to RWE. The proceeds of around EUR 402.5 million (before taxes and fees) expected from the completion of this transaction will strengthen the company’s balance sheet.
In the projects segment (excluding service), the Nordex Group ended the first half of 2020 with order intake of 2,531.9 MW (H1 2019: 3,038.4 MW) valued at EUR 1,805.9 million. Europe accounted for 80 percent of order intake and Latin America for 20 percent. At the end of the first half of the year, the Nordex Group had a total order book of EUR 8.1 billion (H1 2019: EUR 7.6 billion). Of this figure, EUR 5.4 billion was attributable to the projects segment (H1 2019: EUR 5.3 billion) and EUR 2.7 billion to the service segment (H1 2019: EUR 2.3 billion).
In the first six months of 2020, the company increased production in turbine assembly by 70 percent from 1,735 MW in the first half of the previous year to 2,948 MW. At 623, the number of rotor blades produced in the company's own plants is below the previous year's figure (H1 2019: 659 units). The Nordex Group also sourced 1,215 rotor blades from external suppliers.
In the first half of 2020, the company installed 662 wind turbines in 21 countries with a total output of 2,287.1 MW (H1 2019: 778.1 MW). Of this total, 45 percent related to Europe, 32 percent to North America, 17 percent to Latin America and 6 percent to the “Rest of the world“ region. Sales in the projects segment increased during the period under review to EUR 1,839.7 million (H1 2019: EUR 810.7 million). In the service segment sales also grew considerably by 15.4 percent in the first half of the year to EUR 209.6 million (H1 2019: EUR 181.6 million).