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The Nordex Group has announced that it began 2020 with an order book for new wind turbines of € 5.5 billion, up 43 percent on the previous year (2018: € 3.9 billion).
Guidance for 2020
Subject to the unforeseeable extent and duration of the measures taken worldwide to contain COVID-19 and their economic impact, the Nordex Group anticipates consolidated sales of € 4.2 to 4.8 billion for the current financial year in which sales in the second half of the year will exceed those of the first half. The Company expects earnings before interest, taxes, depreciation and amortization (EBITDA) to be within a range of € 160 to 240 million. These expanded ranges take into account the significant increase in activity and the grown operational challenges this will bring. However, against the backdrop of COVID-19, the Group’s business performance in 2020 is subject to significant uncertainty, which primarily result from the action that has already been and has yet to be taken in many countries to contain the virus, and from the spread of the disease itself. It is still too early to conclusively assess the consequences of this new, complex and continuously changing situation. This guidance is based on Nordex´s expectation that it will be able to process its strong order book efficiently and without any material interruptions despite the current and possible future measures taken to contain COVID-19. However, should significant disruptions occur in the wake of the pandemic, a correction may be necessary.
The Nordex Group has planned at a minimum of € 140 million in investments. The final investment amount will ultimately depend on the market situation and the pace in which the supply chain continues to evolve.
Nordex Group closes 2019 in line with its guidance
Consolidated sales increased significantly by 33.6% to € 3,284.6 million (2018: € 2,459.1 million). The company's EBITDA margin was 3.8 percent (2018: 4.1 percent). The working capital ratio improved significantly from minus 3.8 percent in the previous year to minus 9.1 percent at the end of 2019. Investments increased in line with expectations to € 172.5 million (2018: € 112.9 million). As a result, free cash flow amounted to € minus 126.0 million (2018: € 44.0 million).
The Nordex Group installed 938 wind turbines (2018: 828) in 21 countries with a total output of 3.1 GW in 2019 (2018: 2.5 GW). Sales in the Service segment rose by 17.7 percent to € 403.2 million (2018: € 342.6 million), thus making a 12 percent contribution to overall sales. By the end of the year, Nordex serviced more than 7,760 wind turbines worldwide with total output of 19.6 GW, often on long-term service contracts. The order book in the Service segment rose by 14.4 percent to € 2,536.5 million (31 December 2018: € 2,217.7 million).
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