Nordex Se · XETR:NDX1
Nordex — H1 2020 Earnings Presentation
19 slides from Nordex's earnings presentation, Aug 13, 2020
Slide 1: Nordex SE – Half-year financial figures 2020
| Nordex Group Nordex SE – Half-year financial figures 2020 13th August 2020 Financial figures H1/2020 | 13 August 2020
Slide 2: Disclaimer
2| Disclaimer › All financial figures within this presentation are unaudited. › This presentation was produced in August 2020 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 s
Slide 3: Agenda H1/2020
3 | Agenda Agenda H1/2020 Executive summary José Luis Blanco Markets and orders Patxi Landa Financials Christoph Burkhard Operations and technology José Luis Blanco Q&As All Key takeaways José Luis Blanco Financial figures H1/2020 | 13 August 2020
Slide 4: Executive summary
4 | Executive summary Executive summary H1/2020 RESULTS Sales EBITDA margin Working capital ratio EUR 2,048m -3.5% -7.1% › State-guaranteed revolving credit facility of EUR 350m closed on August 6th protecting Nordex Group against the effects and remaining uncertainties caused by the Covid-19 pandem
Slide 5: Order intake H1/2020
5 | Markets & orders Order intake H1/2020 Order intake turbine* (in MW) Order intake turbine* by regions (in %) Europe North America Latin America RoW -17% 3,038 2,532 37% 80% 37% 0% 21% 20% 5% 0% H1/2019 H1/2020 H1/2019 H1/2020 › Order intake in H1/2020: EUR 1,806m (EUR 2,112m › Largest orders come
Slide 6: Growing service business
6 | Markets & orders Growing service business Development of service revenues (EUR m) and EBIT margin Comments EBIT margin 17.3% 16.7% › Service sales share amounted to 10.2% of group sales +15% in the first half-year 2020 209.6 › Service EBIT margin of 16.7% in the first six months 181.6 2020 › 97.
Slide 7: Combined order backlog of over EUR 8bn at the end of H1/2020
7 | Markets & orders Combined order backlog of over EUR 8bn at the end of H1/2020 Order backlog turbines (EUR m) Order backlog service (EUR m) +2% +18% 5,271 5,367 2,704 2,299 H1/2019 H1/2020 H1/2019 H1/2020 › Order backlog of EUR 5,367m at the end of › 8,257 wind turbines under service correspondin
Slide 8: Comprehensive financing structure successfully closed
8 | Financials Comprehensive financing structure successfully closed Details Revolving credit facility (RCF) Participating Lenders Recent financing activities Amount: 350m EUR › Three-year extension of EUR 1.21bn multi- Duration: 30th April 2022 currency guarantee facility (MGF) was closed on April
Slide 9: Income statement H1/2020
9 | Financials Income statement H1/2020 in EUR m H1/2020 H1/2019 abs. change Comments Sales 2,047.9 990.8 1,057.1 › Strong sales of EUR 2,048m in Total revenues 1,990.0 1,603.6 386.4 the first six months 2020 Cost of materials -1,702.3 -1,300.8 -401.5 › EBITDA margin of -3.5% reflects Covid-19 impac
Slide 10: Balance sheet H1/2020
10 | Financials Balance sheet H1/2020 in EUR m 30.06.20 31.12.19 abs. change Δ in % Comments Non-current assets 1,457.5 1,488.9 -31.4 -2.1 › Cash position of EUR 334m at the end of H1/2020 (EUR Current assets 2,566.0 2,513.8 52.2 2.1 396m H1/2019) reflecting successful Covid-19 Total assets 4,023.5
Slide 11: Working capital development H1/2020
11 | Financials Working capital development H1/2020 Working capital ratio (in % of sales)* Working capital development (in EUR m)* -4.7 -5.2 42 76 -7.1 -7.5 82 -289 30 -307 -9.1 Q1/ Receiva- Inven- Prepay- Pay- Q2/ Q2/ Q3/ Q4/ Q1/ Q2/ 2020 bles tories ments ables 2020 2019 2019 2019 2020 2020 › Abso
Slide 12: Cash flow statement H1/2020
12 | Financials Cash flow statement H1/2020 in EUR m H1/2020 H1/2019 Comments Cash flow from operating activities › Cash flow from operating -74.2 -123.7 before net working capital activities reflecting the negative net result partly Cash flow from changes in working compensated by cash inflows 6.2
Slide 13: Total investments in H1/2020
13 | Financials Total investments in H1/2020 CAPEX (in EUR m) Comments Property, plant, equipment › Investments in H1/2020 primarily comprise: Intangible assets • Investments in blade production facilities in Mexico 31.4% and India 79.1 • Investments in tooling and equipment for international projec
Slide 14: Capital structure H1/2020
14 | Financials Capital structure H1/2020 Net debt*/EBITDA** Equity ratio (in %) 30 6.7 7 6 25 5 4 20 18.6 3 2.5 2.2 17.4 17.3 2 15.5 1.2 0.7 15 13.8 1 0 -1 10 Q2/ Q3/ Q4/ Q1/ Q2/ Q2/ Q3/ Q4/ Q1/ Q2/ 2019 2019 2019 2020 2020 2019 2019 2019 2020 2020 › Due to low EBITDA and decreased cash level › Equ
Slide 15: Operations H1/2020
15 | Operations & technology Operations H1/2020 Installations (MW) Production +194% Turbine assembly (MW) Inhouse blade production (#) 2,287 +70% -5% 2,948 659 623 1,735 778 H1/2019 H1/2020 H1/2019 H1/2020 H1/2019 H1/2020 › Total installations of 662 WTGs in 21 countries in › Output turbines of 787
Slide 16: Time for your questions
16 | Q&As Time for your questions Questions Answers Financial figures H1/2020 | 13 August 2020
Slide 17: Key takeaways
17 | Key takeaways Key takeaways Order momentum expected to remain strong in H2/2020 with continuously high share of new turbine generation Delta4000. Covid-19 impact on further business performance in FY 2020 cannot finally be assessed at this point in time. Comprehensive financing structure in pla
Slide 18: Thank you for your attention
18 | Thank you for your attention Financial figures H1/2020 | 13 August 2020
Slide 19: Contact details
19 | Contact details IF YOU HAVE ANY QUESTIONS PLEASE CONTACT THE INVESTOR RELATIONS TEAM: Felix Zander Tobias Vossberg Rolf Becker Nordex SE Langenhorner Chaussee 600 22419 Hamburg Germany Phone: +49-40-30030-1000 Email: [email protected] Web: www.nordex-online.com Financial figu