The Nordex Group has reported preliminary sales and earnings growth for 2014.
According to Nordex, sales increased 21% to EUR 1.7 billion for the year ended Dec. 31, compared with EUR 1.4 billion in 2013. The company also reported that earnings before interest and taxes rose 76% to EUR 78 million, compared with EUR 44.3 million last year.
The company attributes the growth to strong performance in the core Europe and Africa (EMEA) region, as well as in the Americas. In fact, the EMEA region accounted for 84% of Nordex sales. The Americas grew at an above-average rate to EUR 200.7 million, compared with EUR 81.7 million last year.
In Asia, sales improved by nearly 75% to EUR 72.2 million, compared with EUR 41.3 million in 2013. Production increased with expanded capacity, allowing rotor blade production to rise by more than 55% to 507 units. At the same time, turbine assembly output increased to 1.4 GW, compared to 1.3 GW in 2013.
A below-average increase in structural costs had a positive impact on operating earnings. Further factors with a positive effect on earnings included a higher degree of vertical integration, a more profitable product mix and cost-cutting efforts in various operating areas.Â
Consolidated net profit rose at a disproportionately strong rate due to the more favorable funding terms. Nordex entered into a new loan contract in February 2014 that included a larger credit facility on more favorable terms.
