Nordex Group earnings before interest, taxes, depreciation and amortization (EBITDA) fell over 24% in 2020, according to preliminary results for the year.
EBITDA was €94.0m in 2020, down from €123.8m in the previously 12 months.
This resulted in an EBITDA margin that was down to 2.0% from 3.8%, although the 2020 figure meets the company’s guidance.
Consolidated sales rose by 41.6% to €4.6bn, from €3.3bn in 2019, which was above the forecast figure of approximately €4.4bn.
The order intake was over 6.0GW, almost matching the previous year’s order volume of 6.2GW, despite the coronavirus pandemic, Nordex said.
Europe accounted for 62% of orders, with North America and Latin America representing 19% each.
“This distribution reflects the Nordex Group’s global positioning while showing a shift in incoming orders toward established markets,” the company said.
Nordex invested €162.9m during the year, which was slightly less than both the forecast capital expenditure figure of €170m and the previous year’s volume of €172.5m.
Capital expenditure mainly focused on the establishment and expansion of rotor blade production in Mexico, India and Brazil and the procurement of production, installation and transportation equipment, the company said.
Nordex chief executive Jose Luis Blanco said: “In 2020, we took swift and pragmatic action to address the impact of the coronavirus pandemic.
“Despite these difficult conditions, we installed turbines with an output of around 5.5GW worldwide.
“Our order intake benefited from the sustained momentum in the wind power market, with our higher-margin Delta4000 turbine technology performing particularly well.”
Nordex added that the figures are preliminary and the company will present its final audited results for 2020 and guidance for 2021 on 23 March.