Nordex: Profit Warning from May 2022 underestimated actual costs
RECAP: Back in May 25, 2022, Nordex issued a profit warning and its stock was down -17.05%. The new estimates where:
FY2022 PROFIT WARNING ESTIMATES FROM MAY 2022 (Source: Nordex's IR website section):
– FY2022 Consolidated sales: EUR 5.2 to 5.7 billion
– FY2022 EBITDA-margin: minus 4 to 0 percent, including all one-off effects
- Capital expenditure: EUR 180 million
- Working capital ratio: below -7%
In March 31st, 2023 investors got to know the actual figures of the company.
FY2022 ACTUALS (Source: Nordex's IR website section):
– FY2022 Consolidated sales: EUR 5.6936 billion
– FY2022 EBITDA-margin: -4.3%
- Capital expenditure: EUR 204.8 million
- Working capital ratio: -10.2%
Capital expenditure and staff costs were up 21.4% and 18.5%, respectively.
The company suffers from delays in project intakes.
Overall, I reckon Consolidated sales were in the upper boundary of the profit warning but costs increased dramatically, probably due to inflation and related supply-chain issues that are still not fully corrected from China today, in 2023.
FY2022 PROFIT WARNING ESTIMATES FROM MAY 2022 (Source: Nordex's IR website section):
– FY2022 Consolidated sales: EUR 5.2 to 5.7 billion
– FY2022 EBITDA-margin: minus 4 to 0 percent, including all one-off effects
- Capital expenditure: EUR 180 million
- Working capital ratio: below -7%
In March 31st, 2023 investors got to know the actual figures of the company.
FY2022 ACTUALS (Source: Nordex's IR website section):
– FY2022 Consolidated sales: EUR 5.6936 billion
– FY2022 EBITDA-margin: -4.3%
- Capital expenditure: EUR 204.8 million
- Working capital ratio: -10.2%
Capital expenditure and staff costs were up 21.4% and 18.5%, respectively.
The company suffers from delays in project intakes.
Overall, I reckon Consolidated sales were in the upper boundary of the profit warning but costs increased dramatically, probably due to inflation and related supply-chain issues that are still not fully corrected from China today, in 2023.
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