The German wind turbine manufacturer, Nordex Group, expects a visible rise in sales and a further increase in operating profit for 2020, although it cautioned that COVID-19 risks would hamper sales and their ability to deliver orders, the company announced Tuesday.
"The Nordex Group today announced that it began 2020 with a well-filled order book for new wind turbines of €5.5 billion, up 43% on the previous year," the German manufacturer said.
Subject to the unforeseeable extent and duration of the measures taken worldwide to contain COVID-19 and their economic impact, Nordex anticipated consolidated sales of €4.2 to €4.8 billion for the current financial year.
It added that it was optimistic that sales in the second half of 2020 will exceed those of the first half.
Nordex expects earnings before interest, taxes, depreciation and amortization (EBITDA) to be within a range of €160 to €240 million in 2020.
However, the company cautioned that against the backdrop of COVID-19 in which the Group’s business performance in 2020 is subject to significant uncertainty, "which primarily result from the action that has already been and has yet to be taken in many countries to contain the virus, and from the spread of the disease itself."
The company stressed that it is still too early to conclusively assess the consequences of the current situation, adding that this guidance is based on the company's expectation that it will be able to process its order book efficiently and without any material interruptions despite the current and possible future measures taken to contain COVID-19.
"However, should significant disruptions occur in the wake of the pandemic, a correction may be necessary," it said.
By Ebru Sengul Cevrioglu