Nordex SE Conference Call Q Hamburg 13 November 2014

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1 Nordex SE Conference Call Q Hamburg 13 November 2014

2 AGENDA 1. Highlights 9m 2014 Dr. Jürgen Zeschky 2. Market snapshots Dr. Jürgen Zeschky 3. Operational progress Dr. Jürgen Zeschky 4. Financials 9m 2014 Bernard Schäferbarthold 5. Outlook 2014 / 2017 Dr. Jürgen Zeschky 6. Appendix 2

3 1. GOOD Q3 AND STRONG Q4 OUTLOOK Highlights 9m 2014 vs. 9m 2013 Order intake up by 6 % Sales up by 21 % EBIT margin at 4.7 % - Q3 stand alone at 5.1 % Further improvement in the working capital ratio to -3.4 % Significant positive free cash flow of EUR 120 m Net liquidity position of EUR 263 m Narrowing and upgrade of guidance for major KPIs 3

4 AGENDA 1. Highlights 9m 2014 Dr. Jürgen Zeschky 2. Market snapshots Dr. Jürgen Zeschky 3. Operational progress Dr. Jürgen Zeschky 4. Financials 9m 2014 Bernard Schäferbarthold 5. Outlook 2014 / 2017 Dr. Jürgen Zeschky 6. Appendix 4

5 2. MARKET SNAPSHOTS 9M 2014 Order activities picking up in Germany and France EMEA North driven by Finland, UK and Ireland Market entrance in Lithuania (24 MW Delta; 2 nd order 45 MW) New EU climate targets in line with expectations renewable ambitions still supportive Strong momentum in Turkey due to grid license rush Closure of round #3 in South Africa begins in 11/2014 Significant increase in sales in Latin America (+64%) 5

6 2. SUCCESSFUL WINDENERGY HAMBURG MEDIA AWARD FOR INDUSTRIAL INNOVATION Successful premiere of the fair in Hamburg with international visitors, suppliers, customers and investors World premiere and showcase of the NR 65.5 the blade for the new N131/3000 light wind turbine Presentation of mid-term financial targets (sales of EUR 2 bn; 7-8 % EBIT margin by 2017) during the Capital Markets Day Business journal uro voted Nordex SE as Germany s most innovative industrial enterprise Criteria: R&D spending Innovation Quality Continuity Internationalization Long-term analysis (10 yrs) 6

7 AGENDA 1. Highlights 9m 2014 Dr. Jürgen Zeschky 2. Market snapshots Dr. Jürgen Zeschky 3. Operational progress Dr. Jürgen Zeschky 4. Financials 9m 2014 Bernard Schäferbarthold 5. Outlook 2014 / 2017 Dr. Jürgen Zeschky 6. Appendix 7

8 3. STEADY INCREASE IN ORDER INTAKE Order intake 9m 2014 vs 9m 2013 (in EUR m) Order intake 9m 2014 by region +6% 1,186 1,253 EMEA East Americas 6% EMEA North APAC Germany 25% 37% 9m m % EMEA South Order intake of EUR 1,253 m Nordex best 9m ever More than 90% from EMEA: Germany, France, Turkey and Finland as main markets Bestseller N117/2400 (share of 45%), Generation Delta accounts for 19% of new orders 8

9 3. ONGOING HIGH ORDER BOOK Development of the firm order book 9m 2013 FY m 2014 (in EUR m) +8% 1,292 1,259 1,354 30/9/ /12/ /9/2014 Firm order book already covers a significant part of 2015 sales EMEA currently accounts for 90% of the firm order book Book-to-bill ratio at 1.1 9

10 3. BUSINESS PERFORMANCE ALONG THE VALUE CHAIN Production Project Management - Service Turbine assembly: 1,076 MW (+ 7% yoy) H1 backlog compensated (H1: Delta ramp-up) Blade production: 387 blades (+95% yoy) increase despite ramp-up work Installations: 1,068 MW (+16% yoy) 437 turbines in 16 countries installed main markets Germany, Turkey, Ireland and South Africa Service sales: EUR 118 m (+17% yoy) Renewal rate: remains at a high level of 98% 10

11 3. BUSINESS PERFORMANCE ALONG THE VALUE CHAIN R&D Status N131/3000 Static blade test passed first milestone certificate for blade type NR 65.5 Successful logistical test during the Hamburg fair transport right into the city centre using new specialized equipment First order signed for 24 MW* Installation of the first turbine planned for end of November (Janneby, Germany) NR 65.5 NR 58.5 *current status conditional; communal wind farm company 11

12 AGENDA 1. Highlights 9m 2014 Dr. Jürgen Zeschky 2. Market snapshots Dr. Jürgen Zeschky 3. Operational progress Dr. Jürgen Zeschky 4. Financials 9m 2014 Bernard Schäferbarthold 5. Outlook 2014 / 2017 Dr. Jürgen Zeschky 6. Appendix 12

13 4. GROUP INCOME STATEMENT 9M 2014 In EUR millions 9m2014 9m 2013 in % Sales 1, , Total revenues 1, , Cost of materials (1,014.5) (844.6) 20.1 Gross profit Personnel costs (124.0) (113.0) 9.7 Other operating (expenses)/income (60.6) (68.7) (11.8) EBITDA Depreciation (29.7) (29.0) 2.4 EBIT Net financial result (17.8) (20.3) (12.3) EBT >100 Tax (14.2) (5.5) (>100) Net profit >100 Sales increase of 21%, sales more evenly spread across the focus markets Gross margin affected by ramp-up costs for generation delta EBIT margin improvement up to 4.7% (EBIT/Sales) 5.1% in Q Significant improvement in net profit: EUR 28.0 m 13

14 4. POSITIVE FREE CASH FLOW Key figures cash flow statement 9m 2014 Key figures cash flow statement 9m 2013 Cash flow from operating activities Cash flow from investing activities in EUR m Free cash flow Cash flow from operating activities Cash flow from investing activities in EUR m Free cash flow Significant improvement in operating and free cash flow yoy Positive operating cash flow underlines strong business performance and working capital management Positive free cash flow reflects operational and financial progress in the organisation 14

15 4. POSITIVE DEVELOPMENT OF INVENTORIES AND WORKING CAPITAL RATIO Development of inventories (in EUR m) and working capital ratio (in %) m 2014 EUR mn W/C ratio in % % % Q FY 2011 FY 2012 FY 2013 Q Further reduction of the W/C ratio down to -3.4%; ratio expected to be around zero at year end Inventories up by 7% yoy due to higher scheduled production and installations in H but still slightly below YE 2013 level (EUR 264 m) 15

16 4. GROUP BALANCE SHEET 9M 2014 In EUR millions FY FY 2013 Liquid funds Current bank borrowings Fixed deposit (>3 months) Trade payables Trade receivables and future receivables Other current provisions 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 remains very stable: Net liquidity increased to EUR m (FY 2013: EUR m) Equity ratio at a stable 30.5% (FY 2013: 30.9 %) 1 Bond incl. interest 16

17 AGENDA 1. Highlights 9m 2014 Dr. Jürgen Zeschky 2. Market snapshots Dr. Jürgen Zeschky 3. Operational progress Dr. Jürgen Zeschky 4. Financials 9m 2014 Bernard Schäferbarthold 5. Outlook 2014 / 2017 Dr. Jürgen Zeschky 6. Appendix 17

18 5. OUTLOOK 2014 Encouraging order intake so far High activity level in Q4 will drive sales and margins Working capital development will support a positive free cash flow 2014e old 2014e update Q3 Order intake EUR bn EUR bn Sales EUR bn EUR bn EBIT margin % % Cash flow Positive op. cash flow Positive free cash flow Working capital ratio <5% 0% Investment ~ EUR 80 m ~ EUR 70 m 18

19 5. OUTLOOK 2017 Big challenges solved during the turnaround with further improvements to come by 2017 Competitive products Successful sales & service strategy Strategic issues (CN, Offshore) solved Refinancing completed Some operational issues remain Dedicated measures put in place to resolve these and to improve profitability further We have successfully dealt with difficult challenges in 2012/13 We are confident that we can resolve the remaining operational issues 19

20 5. OUTLOOK 2017 Sales growth to EUR 2bn Minus 12-15% in LCoE EBIT to 7-8% Moderate growth Focus on profitability 20

21 TIME FOR YOUR QUESTIONS 21

22 6. APPENDIX: SHAREHOLDER STRUCTURE NORDEX SE SKion/momentum capital 22.79% DWS 3.06% Norges Bank 3.01% Free float 71.14% Based on shares, as of October

23 6. APPENDIX: FINANCIAL CALENDAR 2014 As of November 2014 Date Event November, 13 Analyst call Q November, 27 December, 4 HSBC Zurich Conference HSBC Luxembourg Conference 23

24 6. DISCLAIMER This presentation was produced in November 2014 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, there 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. 24

25 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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