Nordex announced on Sunday evening in Hamburg that the capital increase of almost 10 percent in the form of a private placement would generate gross issue proceeds of around EUR 139 million. The transaction will be a good 16 million new shares sold to Acciona for 8.70 euros each. The price corresponds to the XETRA closing price on Friday.
The share reacted positively to the capital increase and temporarily rose by 9.63 percent to EUR 9.54 in XETRA trading on Monday. At the top it even went up by 11.84 percent to 9.73 euros. Acciona is thus demonstrating the urgently needed commitment, said a dealer. Although the step was expected, the timing came as a surprise, commented Jefferies analyst Constantin Hesse. The cash position is currently still solid. He was also pleasantly surprised by the scope
The papers, which initially ran strong after the Corona stock market crash in 2020, have been mostly down for more than a year. Since their high since early 2016, reached in April 2021, they have lost 70 percent based on Friday’s closing price. So far, the course has not benefited from the expansion of renewable energies in the wake of climate change.
Nordex wants to use the fresh money to improve its cash register and balance sheet and also to protect itself against the short-term risks to which the wind power sector is currently exposed. CEO Jos Luis Blanco called the increased commitment of the Spanish anchor shareholder a “clear vote of confidence” in the company and in the onshore wind turbine business. “This step is an important pillar of our future business development.” Acciona’s stake increases by around six percentage points to almost 40 percent as a result of the capital increase.
The wind turbine manufacturer had accumulated high losses in the first quarter. A few days ago, the company cited the costs for the realignment of rotor blade production, lower installation performance and increased raw material and logistics costs as reasons.
Nordex stuck to its forecast for 2022, which it had already lowered at the end of May. The Hamburgers joined a whole series of wind turbine manufacturers who are suffering from inflation. In recent weeks, manufacturers such as Vestas or the Siemens Energy subsidiary Siemens Gamesa have lowered their annual forecasts due to rising costs and supply chain disruptions.
However, with a view to the issues of energy transition and energy security, Nordex is confident that demand in the industry will increase significantly in the long term. The company had to delay the release of its first-quarter results until mid-June due to a cyber security incident. Since the group was breaking the rules of the German Stock Exchange, the share was removed from the SDax and the TecDax.
/stk/jha/
HAMBURG (dpa-AFX)
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Image sources: Nordex, Lukassek / Shutterstock.com