Nordex has reported a drop in earnings before taxes, interest, depreciation and amortisation (EBITDA) to €53m in in 2021, compared with €94m in 2020, due to high raw materials and shipping costs.
At 1%, the EBITDA margin reached the expected level but was below the previous year’s figure of 2%, with the turbine maker unable to improve its margins as originally planned in 2021 due to higher costs.
Consolidated sales rose by 17% to €5.4bn in 2021 and Nordex “markedly increased” its installations in 2021 to reach 1619 of turbines, with an output of 6.7GW, compared with 1533, with an output of 5.5GW, in 2020.
Sales in the Projects segment rose by 18.2% to €4.9bn, while sales in the Service segment grew by 6.9% to €468m.
The order book in the Service segment increased by 7.7% to €3bn, while the order book in the Projects segment “expanded considerably” to €6.2bn.
Nordex reported an order book and a book-to-bill ratio of 1.14 (2020: 1.00) in 2021.
Nordex Group CEO Jose Luis Blanco said: “Our order book of more than €9bn and high installation figures underline the attractiveness of our product portfolio and our execution capabilities amid challenging conditions.
“As a result, we are well positioned to take advantage of sustained momentum in the global wind energy market in the medium-term.
“However, in the short-term we face significant challenges due to the persistent pressure on costs.
“The war in Ukraine and the as-yet-unforeseeable indirect global consequences of this conflict are creating additional uncertainty.
“Nevertheless, we are confident that we will be able to steadily increase our margins and profitability.”