Nordex SE Conference Call FY 2014

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1 Nordex SE Conference Call FY 2014 Frankfurt 23 March 2015

2 AGENDA 1. Highlights Dr. Jürgen Zeschky 2. Operational progress Dr. Jürgen Zeschky 3. Financials 2014 Bernard Schäferbarthold 4. Market development Lars Bondo Krogsgaard 5. Outlook Dr. Jürgen Zeschky 6. Appendix 2

3 1. HIGHLIGHTS 2014 was a very good year Strong demand in focus markets Sales + 21%, EBIT ppt to 4.5%, free cash flow of EUR 89m Order intake + 17% Successful market launch of the new Generation Delta N131/3000 Implementation of medium-term strategy going according to plan 2015 has started well, positive order momentum continues 2017 sales target may be achieved earlier than previously expected 3

4 AGENDA 1. Highlights Dr. Jürgen Zeschky 2. Operational progress Dr. Jürgen Zeschky 3. Financials 2014 Bernard Schäferbarthold 4. Market development Lars Bondo Krogsgaard 5. Outlook Dr. Jürgen Zeschky 6. Appendix 4

5 2. BUSINESS PERFORMANCE ALONG THE VALUE CHAIN Production Installations - Service Turbine assembly: 1,417 MW (+ 6% yoy) H1 Delta ramp-up; assembly Rostock +14% Blade production: 519 blades (+ 59% yoy) successful ramp-up of NR58.5 Installations: 1,489 MW (+19% yoy) 603 turbines installed in 18 countries main markets Germany, Turkey, Ireland, South Africa and Pakistan Service sales: EUR 166 m (+15% yoy) Renewal rate: 90% (+13ppt) Turbine availability remains at a high level of 98% Service order book: EUR 771 m (+ 23%) 5

6 2. Status N131/3000 Update Installation of the first turbine completed in Janneby, Germany 28 WTGs on order for 2015 projects in Germany and Finland Successful completion of IEC design evaluation conformity statements (DECS) and DIBt type approvals Awarded Windpower Monthly s Turbine of the Year Award in 3MW+ segment Myllykangas II Kooninkallio- Kankaanpää Janneby Wettringen I & II Hollich Sellen 6

7 2. UPDATE ON IMPLEMENTATION OF MEDIUM-TERM STRATEGY I. Profitable growth Sales strategy Strengthened service business -> Entry in selected growth markets -> New options for premium contracts II. High value products LCoE-reduction driven product strategy Cost down culture & discipline -> Series start of N131/3000 mid > Value up/cost down dev. projects -> CORE 15 going according to plan III. Project driven company / Operational Excellence Business process alignment Order execution excellence Efficient product development -> Project ownership implemented -> Revision of core processes ongoing -> Product development prog. improved 7

8 AGENDA 1. Highlights Dr. Jürgen Zeschky 2. Operational progress Dr. Jürgen Zeschky 3. Financials 2014 Bernard Schäferbarthold 4. Market development Lars Bondo Krogsgaard 5. Outlook Dr. Jürgen Zeschky 6. Appendix 8

9 3. GROUP INCOME STATEMENT 2014 In EUR millions in % Sales 1, , Total revenues 1, , Cost of materials (1,342.7) (1,151.0) 16.7 Gross profit Personnel costs (167.8) (153.2) 9.5 Other operating expenses/income (108.0) (114.4) (5.6) EBITDA Depreciation (43.0) (39.3) 9.4 EBIT Net financial result (22.7) (26.1) (13.0) EBT >100 Tax (16.3) (7.9) >100 Net profit 39.0 (10.3) >100 Sales growth drives gross profit increase of 13 % Increase in the EBIT margin by 1.4 ppt to 4.5 % Net profit almost quadrupled 9

10 3. DEVELOPMENT OF GROSS MARGIN AND PRODUCTIVITY Development of gross margin (in %) Gross profit per FTE (in TEUR) +8% ppt Gross margin of 22.8% slightly lower than last year, mainly because of ramp-up phase of the Generation Delta and cost overruns in some wind farm projects Value added measured as gross profit/fte above last year 10

11 3. GROUP BALANCE SHEET 2014 In EUR millions Liquid funds & fixed-term deposits Trade receivables and future receivables Current bank borrowings Trade payables Net inventories Other current liabilities Other current assets Current Assets Current liabilities Property, plant, equipment Non-current bank borrowings Capitalized R&D expenses Bond Deferred tax assets Deferred tax liabilities Other non-current assets Other non-current liabilities Non-current assets Non-current liabilities Shareholders equity Total assets 1, ,191.4 Total liabilities 1, ,191.4 Balance sheet strengthened: Net liquidity increased to EUR mn ( : mn) Equity ratio increased to 31.9% ( : 30.9 %) 1 Bond incl. interest 11

12 3. INVENTORIES AND WORKING CAPITAL RATIO Development of inventories (in EUR mn) and working capital ratio (in %) EUR mn % W/C ratio in % Inventories in EUR mn +4% FY 2011 FY 2012 FY 2013 FY 2014 Continuing stringent working capital management, incl. optimised turnaround and order times, as well as high customer prepayments resulted in a decrease of the working capital ratio of 4.5ppt to -2.3% Inventories up only 4% despite 19% increase in installations 12

13 3. OPERATING CASH FLOW AND FREE CASH FLOW Key figures cash flow statement 2014 Key figures cash flow statement 2013 Cash flow from operating activities Cash flow from investing activities in EUR mn (71.6) Free cash flow 88.7 Cash flow from operating activities Cash flow from investing activities in EUR mn 98.1 (74.3) Free cash flow 23.8 Increased operating cash flow reflects higher earnings as well as a reduction in the working capital Free cash flow increased significantly due to better operativing performance Investing activities in 2014 mainly for expansion of the blade-centre in Rostock 13

14 AGENDA 1. Highlights Dr. Jürgen Zeschky 2. Operational progress Dr. Jürgen Zeschky 3. Financials 2014 Bernard Schäferbarthold 4. Market development Lars Bondo Krogsgaard 5. Outlook Dr. Jürgen Zeschky 6. Appendix 14

15 4. MARKET SNAPSHOTS A successful year globally MARKET NORDEX Strong market growth in Germany, France and Turkey Increase of market share in European volume and growth markets; Successful market entry in Lithuania US installations quadrupled, due to increasing demand of utilities and corporate purchasers, deadline for safe harbor projects extended; Very strong market growth in Uruguay and Chile Critical mass in US secured by OB. Successful project execution and Nordex to build largest farm in Uruguay. New subsidiary established in Chile. Significant growth in Middle East/ Africa region Continued success in Pakistan. Closure of round #3 in South Africa; Nordex qualified as supplier for 111 MW project 15

16 4. ORDER INTAKE Order intake 2014 vs (in EUR m) Order intake by generation (in EUR m) +17% +6% 1,368 1,754 1, % 1, Gamma Delta excl. older models Order intake of EUR 1,754 m a record high N117/2400 (share of 42%*), Generation Delta accounts for 19%* of new orders Strong order momentum continues in Q1/2015 * Order volume 16

17 4. GROWTH IN NORDEX MARKETS EXPECTED Order intake 2013 and 2014 by markets (in EUR) +28% % +200% +61% +52% >100% Germany Turkey France UK/IRL Finland Lithuania Past Success Factors Highly competitive N117/2400 for low-wind sites turbine of the year Focus on small and medium-sized customers; comprehensive sales and service support Focus on increasing sales in Germany Future Success Factors N131/3000 next stage of evolution turbine of the year Expand business with existing (loyal) customer base Exploit opportunities with big IPPs / utilities Ability to serve new markets profitably 17

18 Europe APAC Americas 4. DEMAND OUTLOOK Regional development (New onshore installations in GW) Market overview 52 +2% Global: growth of 2% CAGR forecast; masks disparate trends between and within regions Europe: stable high volumes in N. Europe and recovery in E. (+11% CAGR) and growth in S. Europe (+9 % CAGR) MENA: strongest region with 14% CAGR forecast from a low base, expected growth in Egypt, Saudi-Arabia and South Africa APAC: significant near-term growth in China but tailing off towards the end of the forecast period; strong growth in India; a lot of small growth markets (APAC ex China: +13 % CAGR) MENA Americas: Decline in N. America forecast, but good growth in Latin America Source: MAKE Consulting Q1/2015 Outlook 18

19 AGENDA 1. Highlights Dr. Jürgen Zeschky 2. Operational progress Dr. Jürgen Zeschky 3. Financials 2014 Bernard Schäferbarthold 4. Market development Lars Bondo Krogsgaard 5. Outlook Dr. Jürgen Zeschky 6. Appendix 19

20 5. ORDER BOOK Development of the firm order book* 2014 vs (in EUR m) + 16% 1,259 1,462 31/12/ /12/2014 * Turbine business, excluding service Firm order book already covers a significant part of 2015 sales EMEA currently accounts for 88% of the firm order book, Americas 10% and Asia 2% Book-to-bill ratio* at 1.13x Service contracts EUR 0.8bn (+ 23%) Strong start in Q1/

21 5. GUIDANCE A 2015E Order intake EUR 1.75 bn EUR bn Sales EUR 1.73 bn EUR bn EBIT margin 4.5 % 5 6 % Working capital ratio - 2.3% < 5% Investment EUR 76.3 m ~ EUR m 21

22 5. MEDIUM-TERM PRIORITIES 2017 Secure and improve market position Selected growth markets Customer focus, customization Invest in product development Value up Cost down Operational Excellence Project company Efficient product development and ramp up Profitable growth of service business 22

23 TIME FOR YOUR QUESTIONS 23

24 6. APPENDIX: SHAREHOLDER STRUCTURE NORDEX SE SKion/momentum capital 22.79% Free float 77.21% Based on shares, as of December

25 6. APPENDIX: FINANCIAL CALENDAR 2015 Date Event 13 May Q results and analyst call 2 June Annual General Meeting, Rostock 9-10 June Bank of America Merrill Lynch Utilities & Renewables Conference, London June Deutsche Bank German, Swiss & Austrian Conference, Berlin 13 August H results and analyst call September Capital Markets Day 12 November Q results and analyst call 25

26 6. DISCLAIMER This presentation was produced in March 2015 by Nordex SE solely for use as a source of general information regarding the economic circumstances and status of Nordex SE. It does not constitute an offer for the sale of securities or an invitation to buy or otherwise acquire securities in the Federal Republic of Germany or any other jurisdiction. In particular it is not intended to be an offer, an investment recommendation or a solicitation of an offer to anyone in the U.S., Canada, Japan and Australia or any other jurisdiction. This presentation is confidential. Any reproduction or distribution of this presentation, in whole or in part, without Nordex SE s prior written consent is expressly prohibited. This presentation contains certain forward-looking statements relating to the business, financial performance and results of Nordex SE and/or the industry in which Nordex SE operates, these statements are generally identified by using phrases such aim, anticipate, believe, estimate, expect, forecast, guidance, intend, objective, plan, predict, project, and will be and similar expressions. Although we believe the expectations reflected in such forward-looking statements are based upon reliable assumptions, they are prepared as up-to-date and are subject to revision in the future. We undertake no responsibility to update any forwardlooking statement. There is no assurance that our expectations will be attained or that any deviations may not be material. No representation or warranty can be given that the estimates, opinions or assumptions made in, or referenced by, this presentation will prove to be accurate. 26

27 THANK YOU FOR YOUR ATTENTION. Nordex SE Ralf Peters Oliver Kayser Head of Corporate Communications Investor Relations Manager Langenhorner Chaussee 600, Hamburg, Germany Phone: +49 (0) Fax: +49 (0) NDX1 ISIN: WKN: DE000A0D6554 A0D

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