Nordex recorded earnings before interest, taxes, depreciation and amortisation of €124m last year, up almost 22% on its 2018 result and in line with guidance.
The German turbine manufacturer said in preliminary results on Monday that the surge led to an EBITDA margin of 3.8%, down from 4.1% in the year-ago period but within the expected 3-5% range.
Consolidated sales hit €3.3bn, up from €2.5bn, in the lower end of the forecast range of €3.2bn to €3.5bn.
Working capital ratio as a percentage of consolidated sales was, however -9.1%, compared with -3.8%. “This means that the ratio is well below our target level of under two percent. The high order intake and stringent working capital management had a positive impact on these figures,” the company said.
The company also spent €173m on investments, up from the €120m it guided earlier in the year.
Chief executive José Luis Blanco (pictured) said: “The 2019 financial year was in line with our expectations. We achieved all of the targets in our guidance for 2019.
“Demand for our highly efficient turbines remains strong, which means we have a high volume of orders and are starting 2020 with a well-filled order book.”
He added: “We also used the past year to introduce new turbine models to the market and expand our production capacity worldwide. Our goal is still to efficiently process our customers’ newly awarded projects.”