Nordex earnings before interest, taxes, depreciation and amortisation (EBITDA) were over €50m last year, falling about 47% from the €94m posted in 2020, according to its preliminary results released today.
This corresponds to an expected EBITDA margin of around 1% for 2021, down from 2% in 2020, the German company said.
The company said it was hit by high costs for logistics, particularly for shipping, and raw materials.
Sales rose to €5.4bn in 2021 from €4.7bn in 2022, which was above the company’s guidance range of €5.0bn to €5.2bn.
Nordex said it invested €168.7m last year, which was slightly less than the target of €180m, but higher than the €162.9m invested in 2020.
The order intake was 7.95GW in 2021, up from 6GW in 2020. Orders were boosted by a 1GW deal with Acciona in Australia.
Europe accounted for 58% of orders, Latin America 21%, North America 9% and the Rest of the World 12%.
Nordex chief executive Jose Luis Blanco said: “The Nordex Group performed well amid challenging conditions in 2021 and remained on its growth trajectory, as reflected by the increase in its sales, installation, production and order intake figures.
“This was contrasted by extremely high costs for logistics – particularly for shipping – and raw materials, which had a significant adverse impact on our profitability as expected.
“While the environment will remain challenging in the short term, the medium and long-term outlook is still very positive, driven by global efforts to produce carbon-free electricity and the recent focus on ensuring regional energy security.”
Nordex will present its final audited figures for 2021, including its guidance for 2022, on 29 March.