As expected, the Nordex Group increased sales significantly compared to previous quarters to EUR 1.7 billion during the third quarter. Based on the first nine months of the 2022 financial year sales was at EUR 3.9 billion almost at the same level of the previous year (9M 2021: EUR 4.0 billion). Earnings before interest, taxes, depreciation, and amortization (EBITDA) amounted to minus EUR 200 million (9M 2021: EUR 101 million), resulting in an EBITDA margin of minus 5.2 percent (9M 2021: 2.5 percent). These figures were hampered by the persistently strong inflationary environment and supply chain disruption in particular. The latest improving selling prices for new incoming orders will start to have a positive impact after some time next year.
Operating performance
In the first three quarters of 2022, order intake in the Projects segment (excluding services) came to a solid 4.4 GW (9M 2021: 4.6 GW); this corresponds to a value of EUR 3.6 billion (9M 2021: EUR 3.2 billion). The average selling price (ASP) per megawatt of output in the third quarter was up 32 percent on the prior-year period at EUR 0.91 million. Of the new orders, 69 percent were attributable to Europe, 26 percent to Latin America and 5 percent to North America. By the end of September 2022, the Nordex Group had an order book of nearly EUR 9.7 billion (9M 2021: EUR 8.0 billion), of which EUR 6.5 billion (9M 2021: EUR 5.0 billion) relates to the Projects segment and EUR 3.1 billion (9M 2021: EUR 3.0 billion) to the Service segment. This shows that the Nordex Group’s order book remains strong.
In the first nine months of 2022 the Nordex Group slightly increased its production output of turbines, expanding it from 4.8 GW in the previous year to 4.9 GW. The total manufacturing output of rotor blades amounted to 3,357 units (9M 2021: 3,120 blades) of which the company produced 879 blades in its own plants (9M 2021: 1,242 blades) and 2,478 blades were sourced by external suppliers according to Nordex’s specifications (9M/2021: 1,878 blades).
Despite some instability within its supply chains, the Nordex Group installed a total of 791 wind turbines in 17 countries with a total output of 3.6 GW during the first nine months of 2022 (9M 2021: 1,216 wind turbines in 22 countries with a total output of 4.9 GW). Europe accounted for around 74 percent of installations, while non-European markets accounted for approximately 26 percent. These installations generated EUR 3.5 billion in sales for the Projects segment during the reporting period (9M 2021: EUR 3.6 billion). Sales in the Service segment amounted to EUR 398 million as of the end of September (9M 2021: EUR 332 million).
During the third quarter of 2022, the Nordex Group also unveiled the N175/6.X, its newest turbine in the Delta4000 series. This turbine features a larger rotor, enabling it to generate significantly higher output at lower wind speeds compared to its predecessors.
Key financial figures at a glance
Total assets rose from EUR 4.1 billion at the end of 2021 to EUR 4.6 billion as of 30 September 2022, with trade payables and liabilities from projects both increasing significantly. The equity ratio was 21.0 percent as of 30 September 2022 (31 December 2021: 25.9 percent) and includes the capital increase completed in July 2022. The net cash position amounted to EUR 292 million (31 December 2021: EUR 424 million). The working capital ratio as a percentage of consolidated sales was stable at minus 9.8 percent (31 December 2021: minus 10.2 percent).
José Luis Blanco, CEO of Nordex SE, said: “In a challenging market environment, we managed to achieve higher selling prices for new orders that will compensate for the massive cost increases triggered by external factors and boost our profitability in the medium term. Focusing on the future, we presented our new N175/6.X turbine. In doing so, we are adding a highly efficient turbine to our product range that will enable us to meet the anticipated increase in demand from our customers over the next few years even more effectively. We remain confident about the promising medium-term global outlook for our industry.”
The complete interim report for the period ended 30 September 2022 is now available on the Nordex Group’s 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.