Nordex Se · XETR:NDX1
Nordex — Q1 2012 Earnings Presentation
15 slides from Nordex's earnings presentation, May 15, 2012
Slide 1: Nordex SE Conference Call Q1 2012
Nordex SE Conference Call Q1 2012 Hamburg, May 15, 2012 1
Slide 2: Agenda
AGENDA 1. Highlights Q1 2012 and strategy recap Dr. J. Zeschky 2. Financials Q1 2012 B. Schäferbarthold 3. Guidance 2012 B. Schäferbarthold 4. Sidebar Wind vs. Solar Dr. J. Zeschky 5. Summary Dr. J. Zeschky Conference Call Q1 2012 | Nordex SE | Hamburg | May 15, 2012 2
Slide 3: Highlights Q1 2012
HIGHLIGHTS Q1 2012 Good start into 2012 Sales in line with expectations; structural costs reduced by almost 10%; EBIT negative due to seasonally low installation volume Order intake more than doubled compared to Q1 2011 (+103%) Significant improvement in working capital ratio (~20%) as well
Slide 4: Important strategic decisions made in Q1
IMPORTANT STRATEGIC DECISIONS MADE IN Q1 • No return on invested capital for at least 5 years; return uncertain Offshore depending on future market development • Unfavorable risk return profile • Focus on onshore R&D Product • Leverage additional R&D resources development • Next generation of IEC I
Slide 5: Income Statement Q1 2012
INCOME STATEMENT Q1 2012 In EUR mn Q1 2012 Q1 2011 Δ in % Sales 198.3 183.1 8.3 Total revenues 191.1 192.3 (0.6) Cost of materials (151.5) (138.1) 9.7 Gross profit 39.6 54.2 (26.9) Personnel costs (32.8) (32.7) 0.3 Other operating (exp.)/inc. (8.8) (15.0) (41.3) EBITDA (2.0) 6.5 (>100) Depreciation
Slide 6: Order intake of EUR 312 mn covers ~30% of our full year guidance
ORDER INTAKE OF EUR 312 mn COVERS ~30% OF OUR FULL YEAR GUIDANCE Development of firm order intake 2011 – 2012 in EUR mn +103% 399 368 Others EU TR 312 13% FR 34% 12% 186 154 18% PL 22% UK Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Order intake more than doubled – on track to achieve order intake guid
Slide 7: Positive order backlog development continues
POSITIVE ORDER BACKLOG DEVELOPMENT CONTINUES Development of firm order backlog 2010 – 2012 in EUR mn +108% 837 698 402 31/3/ 2011 31/12/2011 31/3/2012 Order backlog more than doubled compared to Q1 2011 European business accounts for 80% of the order book Conditional order backlog at EUR 1.3 b
Slide 8: Guidance 2012 confirmed
GUIDANCE 2012 CONFIRMED FY 2012e Sales EUR 1 – 1.1 bn • based on strong order backlog of EUR 837m • and outstanding book-to-bill-ratio of 1.6x in Q1 Order intake EUR 1 – 1.1 bn EBIT 1 – 3% margin higher sales and earnings H2 reflecting normal seasonal pattern • improved capacity utilization • high m
Slide 9: Cash Flow Statement Q1 2012
CASH FLOW STATEMENT Q1 2012 In EUR mn Q1 2012 Q1 2011 Net result (14.0) (1.8) Depreciation 7.0 6.1 Change in provisions (5.2) (8.2) Change in working capital 48.9 (97.8) Other cash outflow from operating activities (1.9) 17.2 Cash flow from operating activities 34.8 (84.5) Cash flow from investing a
Slide 10: Balance Sheet Q1 2012
BALANCE SHEET Q1 2012 In EUR mn Q1 2012 2011 Q1 2012 2011 Liquid funds 230.7 212.0 Current bank borrowings 34.8 76.2 Trade receivables 101.1 214.8 260.1 Trade payables 109.7 and future receivables Net inventories 205.2 227.4 Other current liabilities 236.8 268.8 Other current assets 61.8 60.7 Curren
Slide 11: Wind vs. Solar: different business models and different challenges
WIND vs. SOLAR: DIFFERENT BUSINESS MODELS AND DIFFERENT CHALLENGES WIND SOLAR Competitiveness • Low cost of (renewable) • High cost of in cost of energy energy for onshore wind (renewable) energy (69 €/MWh)1 (154 €/MWh)1 • Close to grid parity •Still highly reliant on incentives Renewable Energy Log
Slide 12: Summary
SUMMARY Strategy focused on onshore business Development of best-in-class turbines for IEC I and IEC II in the N117/2400 range Leverage additional R&D resources following offshore decision Promote a spirit of entrepreneurship throughout the organization Strategy development process kicked
Slide 13: Shareholder structure of Nordex SE
Shareholder structure of Nordex SE SKion/momentum capital 24.99% Freefloat 75.01% On the basis of 73.529 mn shares, as of May 2012 Conference Call Q1 2012 | Nordex SE | Hamburg | May 15, 2012 13
Slide 14: Disclaimer
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 ot
Slide 15: Contact
Contact Ralf Peters Head of Corporate Communications Phone: +49 (0)40 30030 1522 Fax: +49 (0)40 30030 1333 eMail: [email protected] Nordex SE Langenhorner Chaussee 600, 22419 Hamburg, Germany www.nordex-online.com 15