Nordex Se · XETR:NDX1
Nordex — FY2010 Earnings Presentation
16 slides from Nordex's earnings presentation, Mar 28, 2011
Slide 1: Analyst Call Fiscal 2010 and Outlook
Analyst Call Fiscal 2010 and Outlook Frankfurt, March 28th, 2011
Slide 2: Overview 2010 – Key figures
Overview 2010 – Key figures Revenues in line with management forecast, strong order intake development EBIT margin increased from 3.5% to 4.0% Operating cash flow more than doubled from EUR 9.6 mn to EUR 20.3 mn • Improvement due mainly to reduced working capital outflow Balance sheet • Net cash pos
Slide 3: Income statement 2010
Income statement 2010 In EUR mn Q4/10 Q4/09 2010 2009 YoY ∆ in % Sales 357.9 368.8 972.0 1,182.8 (17.8) Total revenues 373.5 341.5 1,007.9 1,144.2 (11.9) Cost of materials (283.2) (260.4) (748.2) (883.7) (15.3) Gross profit 90.3 81.1 259.7 260.5 (0.3) Personnel costs (32.4) (27.0) (119.4) (105.8) 12
Slide 4: Inventories and working capital 2010 vs. 2009
Inventories and working capital 2010 vs. 2009 Inventories in EUR mn WC including reservation fees (WC to total revenues) Stable development of inventories during 2010 Build-up of working capital compared to previous year primarily a result of preliminary work completed for orders currently under way
Slide 5: Cash flow statement 2010
Cash flow statement 2010 In EUR mn 2010 2009 Net profit 21.2 24.2 Depreciation 22.5 18.0 Change in provisions 4.8 5.4 Change in working capital (34.0) (44.4) Other cash inflow from operating activities 5.8 6.4 Cash flow from operating activities 20.3 9.6 Cash flow from investing activities (58.7) (4
Slide 6: Balance sheet 2010
Balance sheet 2010 In EUR mn 2010 2009 2010 2009 Liquid funds 141.1 159.9 Current bank borrowings 30.3 22.4 Trade receivables 177.7 269.5 187.2 Trade payables 85.7 and future receivables Net inventories 279.0 247.4 Prepayments received 126.1 138.2 Other current assets 54.4 56.9 Other current liabili
Slide 7: Accounting for long-term customer contracts (PoC-method)
Accounting for long-term customer contracts (PoC-method) New IFRS standard for revenue recognition expected in Q2/2011 Based on draft version of the new standard Nordex has investigated the possible impact of the new standard on the 2010 accounts* and 2011 guidance: 2010: Very low impact on sales an
Slide 8: Wind market development 2010
Wind market development 2010 New installations decreased slightly Tough financing situation and growing budget deficits in individual countries; promising developments in new markets (e.g. Turkey) Germany: Accelerated exit from nuclear power being considered; possible increased funding and support f
Slide 9: New installed capacity is expected to grow by almost 14% per year until 2015
New installed capacity is expected to grow by almost 14% per year until 2015 Market outlook 2011–2015 in GW 64 Forecast 58 53 15 CAGR: 16% 48 14 12 40 13 33 34 9 CAGR: 12% 7 Americas 11 Asia 15 16 18 CAGR: 13% 10 13 Europe 10 10 2009 2010 2011e 2012e 2013e 2014e 2015e Source: MAKE Consulting March 2
Slide 10: The N-ergize 2012 programme
The N-ergize 2012 programme Cost savings per WTG Targets 100% Short-term: Compensate for pricing pressure seen in 2010 and raw material risks Mid-term: Improvement of profitability <85% Total cost Savings Additional cost Target today 2011 reductions 2012+ Programme to reduce purchasing costs and imp
Slide 11: Product development programme
Product development programme Further development of the 2.5 MW platform Efficiency packages • + 3% more yield each for all three WTG of the (available: 7/2011) platform Increase in wind class • IEC 1*:+ 10 meters rotor diameter (N80 suitability N90) + 17% more yield (available: 7/2011) • IEC 2*: +
Slide 12: Order intake
Order intake Development of firm order intake 2009 – 2010 in EUR mn Clear upturn in order intake for 2011 in comparison to the previous year (EUR 836 mn) expected > Target: + 20% to app. EUR 1 bn Target based on expected sales of N100, on the wind class upgrade of the 2.5 MW turbines and positive ef
Slide 13: Outlook 2011
Outlook 2011 Stable revenues in 2011 and stable to slightly lower profitability; positive operating cashflow Full impact of cost-cutting and efficiency measures in 2012 Recovery in USA from 2011, in European from 2012 onward, possible boost in Germany if funding is increased Focus in 2009-2010 Focus
Slide 14: CAPEX plan 2011
CAPEX plan 2011 CAPEX forecast 2011 Product development (test field, technical lab) Total Plant (Nacelle Asia & USA, ~ EUR 70 Blade & moulds Europe) Other CAPEX focus on product development • Construction of prototype WTGs • In-house test facilities enable 20 year life time test within three to six
Slide 15: Shareholder structure of Nordex SE
Shareholder structure of Nordex SE SKion/momentum capital 24.99% Freefloat 75.01% On the basis of 66.845 mn shares, as of March 2011 15
Slide 16: 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