DGAP-News: Nordex SE / Key word(s): Half Year Results 
Nordex Group records sales and earnings growth in first half of 2021 
2021-08-12 / 07:00 
The issuer is solely responsible for the content of this announcement. 
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Nordex Group records sales and earnings growth in first half of 2021 
  . Sales up 32 percent to EUR 2.7 billion in the first six months of the year 
  . EBITDA of EUR 68.4 million results in EBITDA margin of 2.5 percent 
  . Installations up 44 percent to 3.0 gigawatts 
  . Guidance for 2021 maintained 
  . Capital increase of EUR 586 million successfully completed in July and guarantee facility increased and extended 
    until 2024; Revolving Credit Facility (RCF) cancelled ahead of maturity 
 
Hamburg, 12 August 2021. The Nordex Group (ISIN: DE000A0D6554) announced today significant year-on-year growth in sales 
and earnings before interest, taxes, depreciation and amortization (EBITDA) in the first half of 2021. Sales rose to 
EUR 2.7 billion (H1 2020: EUR 2.0 billion) due to the sharp increase in activity levels. Gross revenue, which also 
includes changes in inventories, rose by almost 17 percent to EUR 2,324.5 million (H1 2020: EUR 1,990.0 million). The 
impact of the COVID-19 pandemic on the operating business only had a limited influence on the Group's positive 
performance in the second quarter. However, the indirect effects of the pandemic were still clearly evident in the 
upheaval in the raw materials and logistics markets. Against this backdrop, EBITDA amounted to EUR 68.4 million (H1 
2020: EUR -70.8 million). This corresponds to an EBITDA margin of 2.5 percent (H1 2020: -3.5 percent). 
Operating performance 
The Nordex Group increased its order intake in the Projects segment (excluding services) by 9.9 percent to 2.8 GW in 
the first six months of 2021 (H1 2020: 2.5 GW); this corresponds to a value of EUR 1,961.7 million after EUR 1,805.9 
million in the previous year. Of this order intake (in MW), 71 percent was attributable to Europe and 29 percent to 
Latin America. At the end of the first half of the year, the Nordex Group's order book amounted to EUR 7.7 billion (H1 
2020: EUR 8.1 billion), which consisted of EUR 4.8 billion (H1 2020: EUR 5.4 billion) in the Projects segment and EUR 
2.9 billion (H1 2020: EUR 2.7 billion) in the Service segment. 
The Company increased its production in turbine assembly by 5.3 percent in the first half of 2021, from 2,948 MW in the 
first half of the previous year to 3,105 MW. The number of rotor blades produced by the Group's own plants rose 
year-on-year to 819 units (H1 2020: 623 units). The Nordex Group also procured 1,209 rotor blades from external 
suppliers (H1 2020: 1,215 rotor blades). 
The Nordex Group continued to increase its installation output in the first six months of 2021, installing 775 wind 
turbines in 21 countries with a total output of 3.0 GW (previous year: 610 wind turbines in 22 countries with a total 
output of 2.1 GW). Of the installations (in MW) carried out in the period under review, 54 percent were attributable to 
Europe, 15 percent to North America, 18 percent to Latin America and 13 percent to the "Rest of the World" region. This 
increase had a significant impact on sales in the Projects segment in the first half of the year, which rose from EUR 
1,839.7 million in the first half of the previous year to EUR 2,484.1 million in the period under review. Sales in the 
Service segment rose slightly by 3.5 percent to EUR 216.8 million in the first half of the year (H1 2020: EUR 209.6 
million). 
Key financial figures at a glance 
Total assets fell by 7.3 percent compared with the end of 2020 to approx. EUR 4.1 billion. The equity ratio ran up to 
16.6 percent as of 30 June 2021 (31 December 2020: 17.5 percent). Net debt increased to EUR 67.8 million (31 December 
2020: EUR 41.0 million). Net debt is going to improve in the third quarter once adjusted for the recent capital raise. 
The working capital ratio as a percentage of consolidated sales was minus 6.5 percent (31 December 2020: minus 6.3 
percent). 
The Nordex Group is maintaining its guidance for the current financial year of achieving consolidated sales of EUR 4.7 
to 5.2 billion and an EBITDA margin of 4.0 to 5.5 percent. Capital expenditure is expected to reach approximately EUR 
180 million, while the working capital ratio as a percentage of consolidated sales is predicted to be below minus 6 
percent. This guidance is subject to greater uncertainty than usual, as emphasized when it was originally issued in 
March 2021. 
"Our business performance continued to gather momentum in the second quarter, with profitability in particular 
improving as expected compared to the first quarter. While the direct consequences of the pandemic continue to subside, 
due in part to the widespread vaccination of our workforce, the indirect impact of this crisis is still readily 
apparent from the disruption to the raw materials and logistics markets. Our task now is to manage this successfully," 
said José Luis Blanco, CEO of the Nordex Group. He added: "At the same time, we are pleased with the very successful 
completion of our capital increase via rights issue. The related significant improvement in our balance sheet structure 
is a vital prerequisite for continuing to develop the Nordex Group in a focused manner in the years ahead and 
establishing it as one of the top three companies in the onshore sector." 
Capital increase successfully completed in July; guarantee credit facility increased and extended; RCF cancelled prior 
to maturity 
In July, the Nordex Group successfully completed the rights issue announced at the end of June, generating gross 
issuing proceeds of EUR 586.2 million by issuing 42,672,276 new shares at a subscription price of EUR 13.70. These 
proceeds are divided into cash contributions of EUR 389.6 million and contributions in kind of EUR 196.6 million 
provided by the main shareholder in the form of loan receivables arising from a shareholder loan. The aim of this 
capital increase was to strengthen the balance sheet, increase financial flexibility and support future profitable 
growth. The Group will also be able to save interest costs in the future. Parallel to this capital increase, the Nordex 
Group increased its existing guarantee credit facility - assessed according to sustainability criteria - by EUR 171 
million to EUR 1.41 billion in total by exercising a top-up option. It was agreed that this top-up would also make up 
to EUR 100 million available in the form of secured cash credit lines. In addition, the Nordex Group was able to extend 
the vast majority of its guarantee credit line in advance by a further year until 2024. Furthermore, Nordex cancelled 
the EUR 350 million state guaranteed RCF, exiting Corona related state aid well ahead of initial maturity. 
Reporting information 
The complete interim report for the first half of 2021 is now available on the Nordex Group's website in the Investor 
Relations section under "Publications" (ir.nordex-online.com). The Group interim management report and the condensed 
interim consolidated financial statements were not reviewed by an auditor. The key financial figures as of 30 June 2021 
presented below do not yet include the capital increase described above, since this was completed in the third quarter 
of 2021. 
 
Nordex Group key financials 
(in EUR million)                30.6.2021 30.6.2020 Change (%) 
Sales                             2,696.6   2,047.9       31.7 
thereof Service segment             216.8     209.6        3.5 
Gross revenue                     2,324.5   1,990.0       16.8 
EBITDA                               68.4     -70.8        n/a 
EBITDA margin                        2.5%     -3.5%     6.0 PP 
EBIT margin (adjusted for PPA)       0.0%     -6.5%     6.5 PP 
Consolidated net profit/loss        -63.7    -180.0        n/a 
Capital expenditure                  75.4      79.1       -4.7 
Free cash flow                      -10.2    -137.1        n/a 
Working capital ratio (31.12.)      -6.5%     -6.3%    -0.2 PP 
Liquidity (31.12.)                  501.5     778.4      -35.6 
Net debt (31.12.)                    67.8      41.0       65.4 
Equity ratio (31.12.)               16.6%     17.5%    -0.9 PP 
Order intake (Projects)           1,961.7   1,805.9        8.6 
Order intake (Service)              247.1     327.3      -24.5 
Order book (Projects)             4,833.4   5,367.3       -9.9 
Order book (Service)              2,882.4   2,703.6        6.6

Contact for press inquiries: Nordex SE Felix Losada Phone: +49 (0)40 / 300 30 - 1141 flosada@nordex-online.com Contact for investor inquiries: Nordex SE Felix Zander Phone: +49 (0)40 / 300 30 - 1116 fzander@nordex-online.com

Tobias Vossberg Phone: +49 (0)40 / 300 30 - 2502 tvossberg@nordex-online.com

Rolf Becker Phone: +49 (0)40 / 300 30 - 1892 rbecker@nordex-online.com -----------------------------------------------------------------------------------------------------------------------

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