Wind turbine manufacturer Nordex announced its preliminary results for fiscal year 2023, affirming its guidance for the period. The company reported consolidated sales of €6.5 billion, marking an increase from the previous year's figure of €5.7 billion and surpassing the upper end of the forecast range of €5.6 billion to €6.1 billion.
Nordex disclosed that its earnings before interest, taxes, depreciation, and amortization (EBITDA) reached break-even on a full-year basis, totaling €2 million, compared to a loss of €244 million in the prior year. This translated to an EBITDA margin of 0%, an improvement from -4.3% in the previous year, and fell within the guided range of -2% to 3%.
The company noted a slight decline in its working capital ratio in relation to consolidated sales, reaching -11.5% compared to -10.2% in the previous year, slightly below the guided -9%.
Nordex's investments for the year amounted to approximately €131 million, a decrease from €205 million in the previous year, and below the forecast figure of around €200 million.
Ending the year on a positive note, Nordex reported a solid order intake of 7.4 gigawatts (GW), up from 6.3 GW in the previous year, while maintaining stable prices and a promising order outlook.
José Luis Blanco, Chief Executive Officer of Nordex Group, commented on the results, stating, “2023 was a transition year with a step-up in the right direction.” Blanco acknowledged the anticipated weak start to the year but highlighted the gradual improvement throughout each quarter, particularly noting a stronger second half. He emphasized reaching break-even in terms of profitability and expressed confidence in the company's foundation for further business development.
Nordex Group is scheduled to release its final and audited results for fiscal year 2023, along with guidance for 2024, on 29 February 2024.
