Nordex SE Conference Call FY Frankfurt/Main, 25/03/2013

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1 Nordex SE Conference Call FY 2012 Frankfurt/Main, 25/03/2013

2 AGENDA 1. Highlights Winds of change Dr. J. Zeschky 2. Reorganisation USA / China Dr. J. Zeschky 3. Business performance and financials 2012 B. Schäferbarthold 4. Markets and products Dr. J. Zeschky 5. Strategy implementation and outlook Dr. J. Zeschky APPENDIX: Financial calendar 2013 Shareholder structure 2

3 HIGHLIGHTS WINDS OF CHANGE 2012 Sharpening strategic focus aligning capacity to market activity Adjusting capacity in China and US in line with projected demand One-time expenses of EUR 75 mn Drastic reduction of operating losses going forward 2012 revenue, EBIT before one-time expenses and operating cashflow in line with guidance order intake grew against a declining industry trend 2013 Strategic initiatives on time and on budget Positive Outlook: Revenue EUR bn Order intake ~EUR 1.2 bn EBIT margin 2% - 3% Positive operating cashflow 3

4 CHINA ORGANISATIONAL MEASURES AND FUTURE SET-UP Current situation Measures and costs Domination of Chinese OEMs [Market shares 2012] Foreign OEMs 7,5% -5 92,5% -2 Chinese OEMs Shift in Market dynamics [GW] Market decrease 2011/12 New project approvals Grid-connection bottleneck 13 Measures: Impairment of assembly plants and capitalized product development Write downs on inventories Discontinued blade production in Dongying 130 employees laid off (-35 % of CN total) Temporary layoffs in Yinchuan (nacelle assembly) Amount: EUR 30.2 mn Future set-up APEC * instead of APAC : Focus on sales business outside China, esp. Pakistan, Philippines and Thailand Sourcing from China *Asia Pacific excluding China Sources: MAKE Consulting, CWEA 4

5 USA ORGANISATIONAL MEASURES AND FUTURE SET-UP Current situation Measures and costs Pressure on electricity prices [Wholesale price decreases 2011/2012] Measures: Mid-Columbia -24% CAISO NP15-15% MISO Illinois Hub -17% PJM West -22% Palo Verde -18% Info Southern -25% ERCOT -43% Mass Hub -23% NYISO Zone -27% Impairment of assembly plant Write downs on inventories Provisions for reduction of personal 40 employees affected (-19% of US total) Significant reduction of structural costs (-50%) Amount: EUR 44.8 mn Volatility in installations [GW] Forecast 8 3 Future set-up Stronger focus on sales outside the US, esp. South and Central America Selected project development in the US and other markets in the Americas e Sources: MAKE Consulting, AWEA, EIA 5

6 GOOD BUSINESS PERFORMANCE ALONG THE ENTIRE VALUE CHAIN IN 2012 Order backlog EUR Mio. (+50%) Backlog already covers 80% of sales guidance 2013 Installations 920 MW (-5%) Double digit market shares in UK, Ireland, Turkey, Norway, Sweden, Belgium Production Turbine production: 909 MW (+17%) Blade production: 258 MW (+19%) Productivity Value added per employee: +10% Production time reduced (hrs/wtg): -26% Service Sales: EUR 119 mn (+26%) Further improvement in service quality rank 3 in BWE-survey Serviceumfrage

7 INCOME STATEMENT FY 2012 In EUR mn FY 2012 FY 2011 in % Sales 1, Total revenues 1, Cost of materials (865.3) (690.3) 25.4 Gross profit ,3 0.6 Personnel costs (140.2) (146.5) (4.3) Net other oper. expenses (87.2) (88.5) (1.5) EBITDA 8.2 (0.7) >100 Depreciation (69.3) (26.3) (>100) EBIT after exceptionals (61.1) (27.0) (>100) Exceptionals (75.1) (19.4) (>100) EBIT before exceptionals 14.0 (7.6) >100 Net financial result (24.0) (18.2) (31.9) EBT (85.1) (45.2) (88.3) Tax (2.8) (1.9) (47.4) Net Profit continued operations (87.9) (47.1) (86.6) Net Profit discontinued operations (6.5) (2.4) (>100) Net Profit (94.4) (49.5) (90.7) Sales increase of 17% due to strong performance in Europe (+28%) and service business (+26%) EBITDA before exceptionals EUR 41.5 mn (2011: EUR 18.8 mn) Positive operational EBIT of EUR 14mn exceptionals China and US amounting to EUR 75.1 mn 7

8 CASH FLOW STATEMENT FY 2012 In EUR mn FY 2012 FY 2011 Net result (87.9) (47.1) Depreciation Change in working capital (17.7) Other cash outflow from operating activities (1.8) (9.3) Cash flow from operating activities (47.3) Cash flow from investing activities (56.1) (44.4) Cash flow from financing activities (21.0) Change in liquidity from cash flows from cont. operations Change in liquidity from cash flows from disc. operations (0.3) (0.3) Liquidity beginning of period Other (0.9) 1.9 Liquidity end of period Exceptional depreciation in China and the US amounting to EUR 38.8 mn Positive operating cash flow of EUR mn (2011: EUR mn) Liquidity inflow due to strong order intake in Q4 and strict working capital management Investing activities focused on R&D (total R&D-expenditures EUR 45.7 mn; 2011: EUR 43.2 mn) Liquidity up 30% YoY 8

9 INVENTORIES AND WORKING CAPITAL DEVELOPMENT Quarterly development of inventories and working capital ratio mn EUR % 400 WC (WC to total revenues) Inventories in EUR mn % Q Q Q Q Q Q Strict working capital management resulted in a continuous improvement of the working capital ratio since mid 2011 Sharp decrease in working capital ratio in Q4 to 8.7% (FY 2011: 27.9%) partly due to substantial prepayments received Inventories stable YoY despite higher production volume in

10 BALANCE SHEET FY 2012 In EUR mn Liquid funds Trade receivables and future receivables Net inventories Other current assets Current assets Capitalized dev. expense Deferred tax assets Other non-current assets Current bank borrowings Trade payables Other current liabilities Current liabilities Non-current bank borrowings Deferred tax liabilities Bond Other non-current liabilities Non-current assets Non-current liabilities Shareholders equity Total assets 1, ,029.0 Total liabilities 1, , Bond disclosed under current liabilities / short-term debt in FY 2011 in the amount of EUR mn 2 incl. accrued interest until Equity ratio decreased to 26.2 % ( : 36.6 %) Net cash position EUR 29.6 mn ( : net debt EUR 54.0 mn) Re-financing secured - syndicated loan with a volume of EUR 475 mn extended until June 2014 with an option for extension until June

11 APAC Americas EMEA CURRENT WIND MARKET SITUATION Change of legal framework initiated or expected for major markets Northern and Eastern markets stable Southern Europe still weak Some uncertainties in Germany but possible boom in 2013 Groundbreaking ceremonies in South Africa ( Dorper and Kouga ) Nordex: Encouraging customer interest in N117/2400, good production capacity utilization; strong order book in Northern Europe, Germany and South Africa US record year in wind installations: 13.1 GW (2011: 6.8 GW) PTC-extension for 2013/14 (start of construction 2013 required) Market entrance in South America (two projects in Uruguay) Nordex: Lack of orders in the US, underutilized production capacity will be adjusted; project development activities intensified (Chile, Honduras; 300 MW pipeline) Development in China slowing down only 13.0 GW installed in 2012 (2011: 17.6 GW), foreign OEMs below 1 GW Tier II markets such as Pakistan, Philippines or Thailand slowly developing Nordex: underutilized production capacity will be adjusted; first project in Pakistan (49.5 MW) fully commissioned 11

12 MARKET OUTLOOK UNTIL 2016 Regional development Assumptions Forecast MAKE forecast stable - global WTG installations to grow with a CAGR of ~5% % Americas Market potential of >50GW p.a. from 2014 onwards thereof more than 90% onshore Demand in Northern and Eastern Europe stable Tier II markets like Ireland (CAGR +26%), Finland (CAGR +19%) and Norway (CAGR +8%) catching up e 2017e Asia-Pac. Europe RoW Southern Europe held back by the debtcrises, but fairly stable thanks to Turkey (CAGR +11 %) and France (CAGR +4 %) Americas: US market main reason for global market stagnation in 2013 due to late PTC-extension LatAm catching up Asian volume still driven by China but still affected by grid constraints / gridconnection bottlenecks Sources: 2011/ GWEC; MAKE Consulting RoW: South Africa and selected countries in North Africa are new emerging markets 12

13 ORDER INTAKE DEVELOPMENT NORDEX OUTPERFORMED ITS PEER GROUP Order intake development in the wind industry [EUR mn/mw] -4% -37% +32% +15% MAKE (MW) * Nordex (EUR mn) New order intake record of EUR 1,268 mn (2011: 1,107 mn) and improved margins on new orders in 2012 Figures imply an increase in market share due to focus on the right markets and success of N117/2400 Targeted order intake for 2013: ~ EUR 1.2 bn Sources: MAKE Consulting ; * 2012 announced and publicly available orders

14 THE KEY TO SUCCESS FOCUS AND PRODUCTS Growth in order intake against a declining industry trend due to: Focused approach (countries projects customers) Superior IEC 3 product N117/2400 full range of certificates, excellent results of prototype testing, 50 WTGs installed already, very good reputation (e.g. IEC 3 turbine of the year in Windpower Monthly ) Solution-driven innovations such as the Anti-Icing-System and a range of tower solutions 14

15 ORDER BACKLOG DEVELOPMENT AND ORDER BOOK Development of firm order backlog in EUR mn +50% 1, FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 Increase in order backlog of 50 % - Nordex will start 2013 with one of the highest order backlogs ever Low exposure to Southern Europe (<10%) Additional conditional order backlog of EUR 1.4 bn (2011: EUR 1.3 bn) leads to a sound start in Q Revenue guidance for 2013: EUR bn, of which 80% is already covered 15

16 GENERATION DELTA PROVEN TECHNOLOGY AT A NEW STAGE OF EVOLUTION Increased: Annual Energy Production (+31%) Improved: Designed: Serviceability for Reliability Launch: EWEA 2013 First order: February 2013 First installations: June 2013 Serial delivery: January 2014 Generation Delta Lower Cost of Energy for medium wind sites - N117/3000 and strong wind sites - N100/

17 GENERATION DELTA COMPETITIVE PRODUCT PORTFOLIO FOR ALL ONSHORE WIND CLASSES Rotor diameter 117 m N117/2400 N117/ m N100/ % AEP N100/ % AEP 90 m N90/2500 6,0 6,5 7,0 7,5 8,0 8,5 9,0 9,5 10,0 Wind Speed in m/s IEC 3a IEC 2a IEC 1a 17

18 STRATEGY IMPLEMENTATION UPDATE Sales Strategy: Germany initiative up and running: strong order momentum in 2012 (OI +60% yoy) as well as in January and February 2013 (84 MW already booked for projects in Southern Germany with customers like ABO Wind, WSB, Planet Energy / Greenpeace) Turn-key excellence: ground-breaking ceremony in South African projects Dorper and Kouga Improvement of contribution margin in order backlog Operational Excellence Blade and tower supply already improved in Q compared to the previous year - close monitoring via task force approach to secure quality (EBIT-effect of 1% in 2013) Cost of materials N-ergize programme successfully completed follow up initiative CORE 15 (Cost Reduction of 15% until 2015) well on the way Products Delta Generation developed in time and on budget Launch of N100/3300 (IEC 1) and N117/3000 (IEC 2) at the EWEA 2013 in Vienna first order already booked production facility under preparation All initiatives being tracked by a Project Management Office 18

19 CONSISTENT STRATEGY IMPLEMENTATION IS KEY TO ACHIEVING OUR GUIDANCE external Internal strategy implementation volume 2013e ~24-39mn 14mn CN -61.1mn US EBIT 2012 One-offs Price Pressure Service + Products CORE 15 Operational Excellence New structure Economies of Scale EBIT 2-3% 19

20 CONCLUDING REMARKS 2013 = We will deliver! Mid-sized turbine producers can grow profitably in the wind industry Products = Success Nordex has found its place in the market Nordex new strategic direction is on track 20

21 ANY QUESTIONS? 21

22 APPENDIX: FINANCIAL CALENDAR 2013 Date Event 25 March 2013 Publication of the Annual Report for the 2012 financial year; Press conference in Frankfurt/Main and analyst call 15 May 2013 Interim report for the first quarter 2013; Analyst Call 15 May 2013 Deutsche Bank GSAC conference in Frankfurt May 2013 Road show (Frankfurt, Zürich, London) planned 04 June 2013 Annual General Meeting in Rostock 15 August 2013 Interim report for the first half 2013; Analyst Call Sept./Oct Capital Markets Day planned September 2013 UniCredit German Investment Conference 14 November 2013 Interim report for the third quarter 2013; Analyst Call 22

23 APPENDIX: SHAREHOLDER STRUCTURE OF NORDEX SE SKion/momentum capital 24.99% Free float 75.01% On the basis of mn shares, as of November

24 Disclaimer The targeted goals in this document reflect forward looking statements which are based solely on estimates and not on predictable risks. Should the estimates with regard to the successful integration of acquisitions and the future internal growth of the company not to be realized or if other unpredictable risks should arise, it cannot be ruled out that the actual financial results of the company will differ substantially from the targeted goals as laid out in this document. In this respect Nordex SE is unable to give a guarantee that the actual financial results of the company will not differ from any forecasts or guidance given. 24

25 Contact Ralf Peters Head of Corporate Communications Phone: +49 (0) Fax: +49 (0) Oliver Kayser Investor Relations Manager Phone: +49 (0) Fax: +49 (0) Nordex SE Langenhorner Chaussee 600, Hamburg, Germany 25

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