Nordex SE Conference Call H Hamburg August 15, 2013

Transcription

1 Nordex SE Conference Call H Hamburg August 15, 2013

2 AGENDA 1. Highlights Dr. J. Zeschky 2. Market update Dr. J. Zeschky 3. Business performance Dr. J. Zeschky 4. Financials B. Schäferbarthold 5. Summary and guidance 2013 Dr. J. Zeschky 6. Appendix Conference Call H Nordex SE Hamburg August 15,

3 1. HIGHLIGHTS Order Intake, sales and EBIT H1 above targets Strategy implementation on track operational improvements First turbines of the Delta Generation installed Raising Guidance 2013 for all major KPIs Conference Call H Nordex SE Hamburg August 15,

4 2. MARKET UPDATE FORECAST AND HIGHLIGHTS Regional development (grid-connections in GW) e >4% e Sources: GWEC; MAKE Consulting e e e Americas Asia-Pac. Europe RoW Market highlights MAKE forecast for slightly downgraded but global WTG installations to grow with a CAGR of >4% Demand in Northern European focus markets in line or above global average Southern Europe held back by the credit crisis, all in all still stable thanks to Turkey and France USA: Main reason for market decline in 2013 due to late PTC/ITC- extension; pricing pressure from shale gas Asian volume driven by China but market price still under pressure - Tier II markets such as Pakistan, Philippines or Thailand slowly developing RoW: South Africa and countries in North Africa emerging Onshore WTGs account for >90 % of the market potential Conference Call H Nordex SE Hamburg August 15,

5 APAC Americas EMEA 2. MARKET UPDATE CURRENT DEVELOPMENTS Continuing global demand for N117/2400 First major order for the Delta generation from Sweden Strong order book in Germany and rest of Northern Europe, Turkey and South Africa High production capacity utilization in the nacelle assembly in Rostock on a single shift basis Organizational adjustments in the US being implemented Assembly of nacelles for the remaining projects end of production and closure of the factory in Jonesboro planned for Q Sale of own developed project Beebe 1B to Exelon (46.6 MW) Ongoing project development and sales activities in LatAm (esp. Uruguay, Chile, Honduras) and the USA Organizational adjustments in China being implemented Assembly of nacelles for the remaining projects end of production and closure of the factory in Yinchuan planned for Q Sales focus outside China (e.g. Pakistan, Philippines, Vietnam, Thailand) No additional exceptionals in 2013 all costs fully covered in 2012 Conference Call H Nordex SE Hamburg August 15,

6 3. BUSINESS PERFORMANCE ALONG THE VALUE CHAIN Order backlog EUR Mio. (+50 % yoy) Sales target 2013 fully covered by existing backlog Installations MW (+96 % yoy) Major markets in EMEA: Germany (109 MW), UK (100 MW) and Turkey (87.5 MW) Service Sales up 7 % (H1 2013: EUR 63.0 mn vs H EUR 58.7 mn) Performance in line with budget (sales and EBIT) Global WTG availability >98 % Production Turbine production: MW (+93 % yoy) Blade production: 76.1 MW (-38 % yoy) due to changeover to NR 58.5 blade type Conference Call H Nordex SE Hamburg August 15,

7 3. BUSINESS PERFORMANCE STRONG INCREASE IN PRODUCTIVITY Development of turbine production in Rostock H H (in MW) +121% +36% H H H H H Efficiency gains lead to 30 % increase in weekly turbine production Assembly time cut by 25 % as a result of changes in process, improved tooling and changes in the assembly layout Improvements achieved without any disruption to ongoing production Conference Call H Nordex SE Hamburg August 15,

8 3. BUSINESS PERFORMANCE - SIGNIFICANT PROGRESS FOR THE DELTA GENERATION First turbines of the Delta Generation installed in Janneby, Northern Germany (N100/3300 on 100m tower; N117/3000 on 91m tower) Important certificates achieved to ensure the main approvals and permissions: International: DECS/IEC Germany: DIBt First major order from developer O2 for the Swedish project Maevaara (72 MW; 24x N117/3000; 120m tower) Conference Call H Nordex SE Hamburg August 15,

9 4. FIRM ORDER INTAKE Development of firm order intake H H (in EUR mn) Order intake distribution H % 839 Americas APAC 9% 5% Germany 28% 521 EMEA other 58% H H Order intake of EUR mn - best H1 ever 86 % from EMEA region main markets Germany, Turkey, Scandinavia, South Africa Bestselling turbine N117/2400 with a share of 60 % Conference Call H Nordex SE Hamburg August 15,

10 4. FIRM ORDER BACKLOG Development of firm order backlog 2012 H (in EUR mn) +49% % Q H Q FY 2012 Q H Firm order backlog now at EUR 1,300 mn ( : EUR 873 mn) Thereof 90 % EMEA but low exposure to Southern European countries affected by the debt crisis (<5 % ) Conditional order backlog at EUR mn Conference Call H Nordex SE Hamburg August 15,

11 4. INCOME STATEMENT In EUR mn H H in % Sales Total revenues Cost of materials (534.2) (339.3) 57.4 Gross profit Personnel costs (74.7) (67.2) 11.1 Other operating (expenses)/income (41.6) (27.5) 51.3 EBITDA >100 Depreciation (18.3) (14.5) 25.5 EBIT 15.0 (13.1) >100 Net financial result (12.5) (11.0) 13.3 EBT 2.6 (24.1) >100 Tax (1.3) 0.8 (>100) Net Profit 1.3 (23.3) >100 Sales increase of 57 % due to strong business in EMEA (share of 93 %) Improvement in gross profit by 56 % Increase in structural costs (+23 % yoy) well below sales increase (+57 % yoy), despite additional costs for new country organisations Conference Call H Nordex SE Hamburg August 15,

12 4. CASH FLOW STATEMENT In EUR mn H H Net result 1.3 (23.3) Depreciation Change in working capital (33.4) 19.1 Other cash outflow from operating activities (25.2) (14.3) Cash flow from operating activities (39.1) (4.0) Cash flow from investing activities (33.0) (21.0) Cash flow from financing activities (23.7) (13.1) Change in liquidity from cash flows (95.8) (38.1) Liquidity beginning of period Other (4.3) (1.2) Liquidity end of period Working capital ratio of 9.5% stable since end of 2012(FY 2012: 8.7%) and significantly lower yoy (H1 2012: 21.4 %) Higher cash outflow from financing activities due to a redemption payment (credit facility in China) Investment focus on product development, upgrade of the German plants for the Generation Delta and the NR 58.5 blade Conference Call H Nordex SE Hamburg August 15,

13 4. INVENTORIES AND WORKING CAPITAL DEVELOPMENT Quarterly development of inventories and working capital ratio 2010 Q Inventories in EUR mn % Q Q Q Q Q Strict working capital management resulted in a low working capital ratio of 9.5 % despite higher business volume Inventories stable despite high project volume in the next quarters Conference Call H Nordex SE Hamburg August 15,

14 4. BALANCE SHEET In EUR mn H FY 2012 H FY 2012 Liquid funds Current bank borrowings Trade receivables and future receivables 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 Deferred tax liabilities Deferred tax assets Bond Other non-current assets Other non-current liabilities Non-current assets Non-current liabilities Shareholders equity Total assets 1, ,066.1 Total assets 1, ,066.1 Liquid funds decreased due to higher purchasing volume and increased production for the large order backlog Net debt position of EUR -18 mn 1 Bond incl. accrual interest Equity ratio slightly improved slightly to 28.4 % ( : 26.2%) Conference Call H Nordex SE Hamburg August 15,

15 5. SUMMARY AND GUIDANCE 2013 H above our expectations Order intake momentum strong Sales target 2013 fully covered by strong order backlog A yield-driven product mix (esp. N117/2400), improvements in cost-cutting (CORE 15) as well as operational excellence will drive the EBIT-margin Guidance old Upgrade Guidance new Order Intake [EUR] EUR bn + EUR 100 mn EUR bn Sales [EUR] EUR bn + EUR 100 mn EUR bn EBIT 2 3 % % pts % Working capital ratio 15 % Max. - 5 % pts % Conference Call H Nordex SE Hamburg August 15,

16 6. FINANCIAL CALENDAR Date Event 15 August 2013 Interim report for the first half 2013; Analyst Call September 2013 Capital Markets Day (Frankfurt/Main) 25 September 2013 UniCredit German Investment Conference (Munich) 26 September 2013 Macquarie Alternative Energy Conference (London) 8-9 October 2013 Deutsche Börse Sector Conference (Stockholm) 14 November 2013 Interim report for the third quarter 2013; Analyst Call November 2013 Bankhaus Lampe Hamburg Investment Conference 28 November 2013 HSBC Zurich Conference Conference Call H Nordex SE Hamburg August 15,

17 6. SHAREHOLDER STRUCTURE OF NORDEX SE SKion/momentum capital 24.99% Free float 75.01% On the basis of mn shares, as of August 2013 Conference Call H Nordex SE Hamburg August 15,

18 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. Conference Call H Nordex SE Hamburg August 15,

19 MANY THANKS FOR YOUR ATTENTION. 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 Conference Call H Nordex SE Hamburg August 15,