Nordex recorded nearly €71m in earnings before interest, taxes, depreciation and amortisation (EBITDA) in the first three quarters of 2020, compared with €60m in the same nine months of 2019.
The figures correspond to an EBITDA margin of 2.2%, compared with 3.1% in the same period in 2019.
Nordex generated consolidated sales of €3.2bn in the first nine months of 2020, compared with €1.9bn in the same period in last year.
This sales growth is mainly attributable to the “significant increase” in installation and production in the “projects” segment.
Nordex has presented new guidance for the current 2020 financial year.
Nordex said it is expecting a positive development starting 2021, despite a third quarter that has been “significantly impacted” by the pandemic.
Nordex is aiming, by way of a strategic target, for sales of around €5bn and an EBITDA margin of 8% in 2022.
The effects of the ongoing pandemic have “adversely affected” the group’s operations in a variety of ways as production and projects have been impacted by supply chain disruptions and prevailing restrictions on the movement of goods and people.
Interruptions to the blade production ramp-up in Spain and Mexico, for example, resulted in a significant delay to deliveries exposing the company to potential liability for compensation, Nordex said.
The sale of the European project development pipeline to RWE for a total gross value of around €400m had a positive impact on earnings.
Nordex continues to have a “strong” order book totalling €7.9bn compared with €8.1bn for the first three quarters of 2019 for the “projects” and “service” segments.
Nordex CEO Jose Luis Blanco (pictured) said: “With the successful sale of the European project development pipeline to RWE, we have strengthened our core business, whilst at the same time, successfully countering the effects of the COVID-19 crisis.
“Building on our market position as one of the top two sellers in the 4MW and 5MW segment, we thus continue to systematically pursue our goal of becoming a top three company within the industry.”