2021-09-21
http://w3.windfair.net/wind-energy/pr/38326-nexans-half-year-q2-results-growth-cable-offshore-wind-performance-rebound-sales

News Release from Nexans Deutschland GmbH

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Nexans half-year 2021 earnings: strong performance supports structural value growth

2021 Guidance raised on the back of record EBITDA in H1 2021/ Subsea High Voltage leadership in motion with Empire Wind projects preferred supplier agreement, Nexans Aurora vessel delivered and Charleston US plant on track for Q3 / Building blocks of Strategic Ambition to become an Electrification Pure Player / Positive net income at 81 million euros

Image: NexansImage: Nexans

Today, Nexans published its financial statements for the six months ending 30th June, 2021, as approved by the Board of Directors at its meeting on 27th July, 2021 chaired by Jean Mouton. Commenting on the Group’s performance, Christopher Guérin, Nexans’ Chief Executive Officer, said: “Ahead of expectations for 2021, we are confidently building the blocks of our 2022 – 2024 new strategic ambition presented at our Capital Markets Day last February.

This first semester’s strong performance anchors the first steps of our strategic vision to become the pure player in sustainable electrification. Nexans is now a structured, healthy and solid Group. We will continue to trigger structural value growth while amplifying our impact on energy transition.”

  • Rebound in standard sales by +12.0% organic growth year-on-year at 3,112 million euros in first half 2021, with a step-up in the second quarter at +24.2% organic growth, supported by a solid catch-up in demand and a positive mix/price management
  • Record EBITDA of 222 million euros and EBITDA rate 7.1%, up +155 bps against H1 2020, thanks to selective growth, effective raw material monitoring (supply, price inflation), structural complexity and cost reductions
  • Outperformance in ROCE at 14.2% end of June 2021
  • Turnaround in net income of 81 million euros boosted by copper price increase
  • Free Cash Flow of 90 million euros, from continued strict working capital management leading to a best-in-class Operating Working Capital on Sales below 4% despite top line growth
  • Solid balance sheet with a further record low Net Debt at 112 million euros (vs. 179 million euros in December 2020) supporting Nexans 2022-2024 Strategic Ambition
  • Subsea High Voltage leadership in motion as state-of-the-art Nexans Aurora delivered on-time and ready to work on secured projects; Charleston US plant conversion on track for Q3
  • 2021 Guidance  raised on EBITDA to €430-€460m (from €410-€450m) and ROCE to 13%-15% (from 12.5%-14.5%); confirmed Free Cash Flow between €100m to €150m
Source:
Nexans
Author:
Press Office
Link:
www.nexans.com/...
Keywords:
Nexans, half year, Q2, results, growth, cable, offshore, wind, performance, rebound, sales



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