Nordex Se · XETR:NDX1
Nordex — H1 2012 Earnings Presentation
15 slides from Nordex's earnings presentation, Aug 14, 2012
Slide 1: Nordex SE Conference Call H1 2012
Nordex SE Conference Call H1 2012 Hamburg, 14/08/2012
Slide 2: Agenda
AGENDA 1. Highlights H1 2012 Dr. J. Zeschky 2. Market development and order intake Dr. J. Zeschky 3. Financials B. Schäferbarthold 4. Guidance 2012 B. Schäferbarthold 5. Concluding remarks Dr. J. Zeschky Conference Call H1 2012 | Nordex SE | Hamburg | August 14, 2012 2
Slide 3: Highlights and Financial Summary H1 2012
HIGHLIGHTS AND FINANCIAL SUMMARY H1 2012 Markets remain challenging due to policy uncertainties and grid connection issues Nordex is gaining market volume compared with the industry as a whole • Nordex: stable order intake of EUR 522 mn; global industry orders down by approx. 30%1 • Conditional
Slide 4: Market Development H1 2012
MARKET DEVELOPMENT H1 2012 Regional development Market highlights Forecast Cumulated forecast downgraded but global WTG installations to grow ~6% with a CAGR of ~6% 53 53 Global growth in H1-2012 up by 51 48 20%; Germany (+26% YoY) and USA 46 11 10 Americas (+37% YoY) above average 12 41 Deman
Slide 5: Order Intake of EUR 522mn in Line with Guidance and Above Industry Trend
ORDER INTAKE OF EUR 522MN IN LINE WITH OUR GUIDANCE FOR 2012 AND ABOVE INDUSTRY TREND Development of firm order intake H1 2010 - 2012 (in EUR mn) above industry trend 522 522 -30% 11 11 329 8 N/A Europe APAC Americas RoW Nordex Nordex Nordex Industry Industry Industry H1 2010 H1 2011 H1 2012 H1 2010
Slide 6: Positive Order Backlog Development Continues
POSITIVE ORDER BACKLOG DEVELOPMENT CONTINUES Development of firm order backlog 2010 – HY1 2012 in EUR mn +50% +25% 873 698 581 411 FY 2010 H1 2011 FY 2011 H1 2012 Order backlog 50 % above H1 2011 Further improvement due to European order intake – European business covers more than 80 % of the or
Slide 7: Income Statement H1 2012
INCOME STATEMENT H1 2012 In EUR mn H1 2012 Q2 2012 H1 2011 Q2 2011 Sales 421.1 222.8 403.3 220.1 Total revenues 435.4 244.3 442.7 250.4 Cost of materials (339.3) (187.8) (318.7) (180.6) Gross profit 96.1 56.5 124.0 69.8 Personnel costs (67.2) (34.4) (66.7) (34.0) Net other oper. expenses (27.5) (18.
Slide 8: Cash Flow Statement H1 2012
CASH FLOW STATEMENT H1 2012 In EUR mn H1 2012 Q2 2012 H1 2011 Q2 2011 Net result (23.3) (9.3) (4.1) (2.2) Depreciation 14.5 7.5 12.7 6.6 Change in provisions 2.0 7.2 (16.6) (8.5) Change in working capital 19.1 (29.7) (132.2) (34.4) Other cash outflow from operating (16.3) (14.4) 17.8 0.6 activities
Slide 9: Inventories and Working Capital Development
INVENTORIES AND WORKING CAPITAL DEVELOPMENT Development of inventories and working capital ratio 2010 – Q2 2012 mn EUR % 400 WC incl. reservation fees (WC to total revenues) 40 Inventories in EUR mn 350 -24% 35 310 293 300 275 275 279 281 30 273 250 227 235 25 205 200 20 150 15 100 10 50 5 0 0 Q1 20
Slide 10: Balance Sheet H1 2012
BALANCE SHEET H1 2012 In EUR mn H1 2012 2011 H1 2012 2011 Liquid funds 175.1 212.0 Current bank borrowings 29.7 76.2 Trade receivables 111.5 278.6 260.1 Trade payables 109.7 and future receivables Net inventories 234.6 227.4 Other current liabilities 297.0 407.6 Other current assets 60.2 60.7 Curren
Slide 11: Guidance 2012
GUIDANCE 2012 FY 2012e Sales EUR 1 – 1.1 bn upper end possible if project execution at a swifter pace Firm order intake EUR 1 – 1.1 bn EBIT 1 – 3% margin Economies of scale Working capital ratio Decrease compared to 2011 (27.7 %) Cash flow Positive operating cash flow Conference Call H1 2012 | N
Slide 12: Financial Schedule for H2 2012
FINANCIAL SCHEDULE FOR H2 2012 Publication of the new Nordex Strategy • Macquarie • Capital Altern. • Q3 Results • HSBC Markets 13.09. Day 4.10. Energy 13.11. • Analyst 27.11. Conf. Conf. Call • Zürich • Frankfurt • London Conference Call H1 2012 | Nordex SE | Hamburg | August 14, 2012 12
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 August 2012 Conference Call H1 2012 | Nordex SE | Hamburg | August 14, 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