Nordex : Q1 statement / Q1 financial report 2021

Q1 2021

NORDEX GROUP

Interim report for the period from 1 January 31 March 2021

KEY FIGURES AT A GLANCE

Nordex Group key figures
				01.01. -	01.01. -
			31.03.2020		31.03.2021		Change
Earnings
Sales		EUR million	964.6		1,251.2	29.7%
Gross revenue		EUR million	1,021.5		1,120.9	9.7%
EBITDA		EUR million	13.1		10.4		-20.6%
EBIT		EUR million		- 23.7	-28.1		n / a
Free cash flow		EUR million		- 56.9	10.4		n / a
Capital expenditure		EUR million	37.3		38.6	3.5%
Consolidated net loss for the year		EUR million		- 38.0	-54.7		n / a
Earnings per share 1		EUR		- 0.36	-0.47		n / a
EBITDA margin		%	1.4		0.8		-0.6 PP
Working capital ratio		%		- 7.5	-7.6		-0.1 PP
Statement of financial position
as of 31.03.2021 and 31.12.2020
Total assets		EUR million	4,410.1		4,277.0		-3.0%
Equity		EUR million	773.5		693.4		-10.4%
Equity ratio	%	17.5		16.2		-1.3 PP
Employees
Employees as of 31 March			7,496		8,393	12.0%
Staff costs		EUR million	89.7		118.0	31.5%
Staff cost ratio		%	9.3		9.4		0.1 PP
Company-specific performance indicators
Order intake, Projects segment		EUR million	1,184.6		910.8		-23.1%
Installed capacity		MW	899.2		1,399.5	55.6%

1 Earnings per share = based on a weighted average of 117.349 million shares (previous year: 106.681 million shares)

To our shareholders  Contents	01

CONTENTS

To our shareholders

Group management report

02 Letter to the shareholders04 Group interim management report

Consolidated financial statements	Notes to the consolidated
financial statements

10

Consolidated statement of financial position

20

Notes to the consolidated financial statements

1. Consolidated income statement
2. Consolidated statement of comprehensive income
3. Consolidated cash flow statement

16 Consolidated statement of changes in equity

Other information

1. Responsibility statement
2. Financial calendar, publishing information and contact

Nordex SE

Interim Report Q1 2021

02 To our shareholders  Letter to the shareholders

LETTER TO THE SHAREHOLDERS

Dear Shareholders, Business Partners

and Friends of the Company,

We began 2021 with high installation volumes and adapted fully to the requirements of the pandemic, which continues to affect our activities. Although our main business processes are running smoothly due to the various measures we intro- duced, particularly in production and installation, their efficiency is still compromised and there are some delays, albeit to nowhere near the same extent as last year.

	The growth prospects for the global wind industry remain
	positive. They have also been boosted by recent political
	developments such as the European Green Deal, the realign-
	ment of US climate policy, and Germany's new climate tar-
	gets, the latter of which now aim to reduce greenhouse gas
	emissions by 65 percent by 2030 compared to 1990 levels
	instead of the previous target of 55 percent. We were again
	encouraged by our order intake trend in the first three months
	of 2021, particularly in light of the cautious start to the year
José Luis Blanco	across the entire industry. The Nordex Group received orders
Chief Executive Officer	for 279 wind turbines with a nominal output of more than
	1.2 gigawatts, with 73 percent of these orders attributable
	to the Delta4000 range. In addition, the new N155 and N163
	rotor blade models are now increasingly being deployed.

Nordex SE

Interim Report Q1 2021

To our shareholders  Letter to the shareholders	03

During the first quarter of 2021, we increased our sales from EUR 965 million in the same quarter last year to EUR 1.25 billion and recorded earnings before interest, taxes, depreciation and amortization (EBITDA) of EUR 10.4 million after EUR 13.1 million in the prior-year period. This resulted in an EBITDA margin of 0.8 percent, which we expected in light of the current environment and the still noticeable impact of the pandemic on our business. In addition, a larger number of lower-margin projects were still being implemented during the first quarter of 2021.

At this point, I would once again like to mention an event that provided us with joy and motivation in equal measure: Nordex's shares were admitted to the Deutsche Börse's MDAX on 22 March 2021 - coinciding almost exactly with our 20th anniversary as a listed company. The 60 stocks of the MDAX index for medium-sized listed companies follow on directly from Germany's leading DAX index, which includes the country's 30 largest stocks. This means that Nordex SE is one of the 90 most important listed companies in Germany. The admission of our shares was largely due to the increase in market capitalization resulting from the share price rise as well as a high level of liquidity (the number of shares traded each day).

Overall, we anticipate positive business performance and an improvement in the quality of our financial key performance indicators, based on our stabilized supply chain, the quality of our order intake and the results of the corporate program we launched last year. We also believe that the global progress in coronavirus vaccinations will have an increasingly positive impact on efforts to contain the pandemic. In light of this, we are confirming our guidance for 2021.

We as the Nordex team will tackle this year's many challenges with plenty of enthusiasm, commitment and moti­ vation to ensure that the Company continues to develop in line with our strategy.

Thank you for placing your trust in our work.

Kind regards,

José Luis Blanco

Chief Executive Officer

Hamburg, May 2021

Nordex SE

Interim Report Q1 2021