Nordex reported a slight dip in earnings before interest, tax, depreciation and amortisation (EBITDA) in the first quarter of 2021 compared to the same period in 2020.
EBITDA for the first quarter of this year was €10.4m against €13.1m in the first quarter of 2020, resulting in an EBITDA margin of 0.8%, compared to 1.4% in the same period in 2020.
Sales increased from €964.6m in the previous year’s quarter to €1.25m in the first quarter of 2021.
As a result of the measures taken by Nordex, business processes are “largely stable, although their efficiency is still impacted or they are delayed”.
In addition, a large number of lower margin legacy projects were still being executed in the first quarter of 2021, Nordex said.
In the first quarter of 2021, Nordex increased installations output, installing 356 wind turbines in 20 countries with a total capacity of 1400MW.
In the same quarter of the previous year, 269 wind turbines were installed in 21 countries with a total capacity of 899MW.
Of the installed capacity (in MW), 57% was in Europe, 21% in North America, 16% in Latin America and 6% in the rest of the world.
As a result, sales in the projects segment increased from €862.6m in the prior-year quarter to €1.1m in the reporting period.
The service segment saw sales increase by 5.9% to €108m in the first quarter of this year.
In the first quarter of 2021, Nordex produced a total of 304 turbines with a rated capacity of just under 1300MW compared to 448 turbines with a rated capacity of 1641MW in the first quarter of the previous year.