Business World of Renewable Energy

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Nordex Wins Major Order from Chile and Turkey and Publishes Preliminary Financial Figures for 2019

Hamburg, Germany - The Hamburg based windturbine manufacturer Nordex Group has received large orders from Chile and Turkey. Nordex has also presented its preliminary figures for the 2019 financial year and confirmed its guidance.

In Chile Nordex has won a major order for building a wind farm with turbines from the Delta4000 generation. The 156 MW wind farm will comprise 33 N149/4.0-4.5 turbines. In addition to this, the customer has opted for the Premium Service for a period of 15 years. The wind farm is located 30 kilometres to the north of the Puerto Varas city in the Los Lagos region. According to Nordex after its completion 2021 the wind farm will be able to supply 180,000 households with clean electricity.

In major order for the wind farm in Turkey comprises supply and installation of 27 N149/4.0-4.5 turbines. The customer for the 120 MW "Evrencik" wind farm is Evrencik Elektrik, a long-standing customer of the Nordex Group. The contract also includes a Premium Service agreement with a term of 15 years. Installation of the first turbines at the site in the province of Kirklareli in Eastern Thrace is due to commence in October 2020 already. The annual yield of the 27 turbines in the Delta4000 series is calculated at around 534 million kilowatt hours. As Nordex points out, the company will source the rotor blades, anchor cages, towers and generators for the 27 turbines locally. This means that - like all the Nordex Group's customers in Turkey - Evrencik Elektrik benefits from a higher feed-in tariff as the components are produced in the country.

In the wake of yesterday's (09.03.2020) stock market crash, Nordex published its preliminary figures for the 2019 financial year and confirmed its guidance. The Company increased consolidated sales to EUR 3.28 billion (previous year: EUR 2.46 billion), within the forecast range of EUR 3.2 to 3.5 billion. Earnings before interest, taxes, depreciation and amortization (EBITDA) rose significantly by 21.7 percent to EUR 123.8 million (previous year: EUR 101.7 million). This represents an EBITDA margin of 3.8 percent (previous year: 4.1 percent), which is also within the expected range of three to five percent.

In its original guidance, the Nordex Group predicted that it would invest around EUR 120 million during the 2019 financial year. However, the Company said that the final investment amount would depend on the development of the order volume for turbines. In light of the consistently strong order situation, Nordex then raised its forecast to around EUR 160 million in August 2019. The Nordex Group ultimately invested EUR 172.5 million (previous year: EUR 112.8 million) during the year under review, meaning that this figure was at the expected level.

In 2019 the Nordex Group increased its order intake by 31 percent from 4.75 GW to 6.21 GW. These orders were attributable to the following regions: Europe (51 percent), North America (28 percent), Latin America (18 percent) and the Rest of the World (3 percent). This distribution of orders across the various regions once again underlines the global positioning of the Nordex Group.

The Nordex Group will present its final audited figures for the 2019 financial year, including its guidance for 2020, on 24 March 2020.

Source: IWR Online, 10 Mar 2020