NORDEX SE

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Nordex seeks to move 280 MW of projects out of Ukraine

03/29/2022 | 03:59am

* Double-digit million euro loss risk in Ukraine

* Nordex shares rise as much as 8.3%

* Expects 2022 sales to be at least flat

FRANKFURT, March 29 (Reuters) - German wind turbine maker Nordex is trying to move 280 megawatts worth of projects in Ukraine to other, safer locations, the company's chief executive said on Tuesday.

"We are working on measures to relocate those projects," Jose Luis Blanco told Reuters after Nordex, which competes with Vestas, General Electric and Siemens Gamesa , released final results for 2021.

Nordex, in which Spain's Acciona owns a 33.6% stake, said in its annual report that its business exposure to Ukraine was putting at risk a mid double-digit million euro amount in 2022.

Nordex's shares still rose as much as 8.3% after the firm forecast sales of 5.4 billion to 6.0 billion euros ($5.9 billion to $6.6 billion) and a core profit (EBITDA) margin of 1.0%-3.5% for 2022.

In 2021, Nordex's EBITDA margin came in at 1% on sales of 5.4 billion euros. Its 2021 net loss widened to 230 million euros from 130 million a year earlier, hit by higher raw materials and logistics costs.

"The sector as a whole is in a very terrible profitability situation," Blanco said, adding the group's net loss would narrow but still remain negative in 2022 and that the first quarter of the year, which ends on Thursday, will be weak. ($1 = 0.9083 euros) (Reporting by Christoph Steitz and Tom Kaeckenhoff; Editing by Zuzanna Szymanska, Editing by Madeline Chambers)

© Reuters 2022
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