Nordex Group: New Order from Brazil - 2020 Financial Guidance Withdrawn Due to Corona Pandemic
Hamburg, Germany - The wind turbine manufacturer continues to collect orders. In view of the uncertainties caused by the COVID 19 pandemic, the listed company has initially downgraded its forecast for the current fiscal year 2020.
Nordex Group receives order to supply 59 MW to Brazil
Nordex Group has received another order for AW132/3465 turbines from Brazil. The manufacturer will supply 17 turbines for its regular customer Voltalia Brasil, for its 58.8 MW Ventos Serra do Mel 4 (VSM4) wind farm. The order also includes a service agreement for service and maintenance of the turbines for a period of 15 years.
The wind farm VSM 4 will be built in Voltalia’s Serra Branca Cluster located in the state of Rio Grande do Norte, near to the city of Serra do Mel in the north-east of Brazil. The Nordex Group will install the 17 turbines for VSM 4 on 120 metre concrete towers produced by its local factory in Areia Branca, Rio Grande do Norte. In order to ensure the project includes a maximum local content, the Nordex Group will manufacture the nacelles in its plant in Simões Filho in Bahia as well as purchasing the rotor blades from Brazil. Installation works on VSM 4 are due to start in 2020, with full commissioning scheduled for spring 2021.
Nordex withdraws guidance for financial year 2020 due to COVID-19 pandemic
Against the background of the worldwide impacts of the continuing COVID-19 pandemic on its business, the management board of Nordex SE in this week has decided to withdraw the guidance for the current financial year 2020. That guidance was given subject to the pandemic’s effects and published together with the annual financial statements for the financial year 2019 on 24 March 2020.
While Nordex’s performance improved substantially in line with expectations in the first quarter of 2020 compared to the same period of the previous year, the impacts of the COVID-19 pandemic will affect the results of Nordex from the second quarter of 2020, which effects are not yet quantifiable, the company says. As Nordex points out, in view of the continuing uncertainty regarding the duration and severity of the disruptions and since, therefore, potential further consequences on supply chain, productions and execution of projects (installations) cannot be reliably assessed, the prerequisites for a realistic and robust estimation of Nordex’s performance do no longer exist.
Accordingly, the management board of Nordex has decided this week on May 05, 2020 to withdraw the guidance for the financial year 2020. In the current situation and since it is uncertain for how long it continues to exist it is not foreseeable when a new guidance for the current financial year 2020 will be possible, Nordex says.
Source: IWR Online, 08 May 2020