Nordex Se · XETR:NDX1
Nordex — 9M 2020 Earnings Presentation
25 slides from Nordex's earnings presentation, Nov 13, 2020
Slide 1: Nordex SE – Nine-month financial figures 2020
| Nordex Group Nordex SE – Nine-month financial figures 2020 13th November 2020 Financial figures 9M/2020 | 13 Nov 2020
Slide 2: Disclaimer
2 | Disclaimer Disclaimer › All financial figures within this presentation are unaudited. › This presentation was produced in November 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
Slide 3: Agenda 9M/2020
3 | Agenda Agenda 9M/2020 Executive summary José Luis Blanco Covid-19 operational impact José Luis Blanco Markets and orders Patxi Landa Financials Christoph Burkhard Operations and technology José Luis Blanco Guidance FY 2020 José Luis Blanco Strategic targets FY 2022 José Luis Blanco Drivers strat
Slide 4: Executive summary
4 | Executive summary Executive summary 9M/2020 RESULTS Sales EBITDA margin Working capital ratio EUR 3,167m 2.2% -5.7% › Order intake amounted to 3,759 MW in 9M/2020 with a share of 81% coming from turbine generation Delta4000. › 9M/2020 sales of EUR 3.2bn up 63% versus 9M/2019 (EUR 1.9bn). › EBITD
Slide 5: COVID-19 and major non-recurring events impacting EBITDA in 2020
5 | Operational impact COVID-19 and major non-recurring events impacting EBITDA in 2020 General Replacement EPC Covid-19 Blade of sub- project 1 Productivity impacts on production and projects due to supply impact ramp up LD`s contractors Nordics Total disruption and restricted movement of goods and
Slide 6: Order intake 9M/2020
6 | Markets & orders Order intake 9M/2020 Order intake turbine* (in MW) Order intake turbine* (in MW) by regions (in %) Europe North America Latin America RoW -21% 4,742 3,759 45% 64% 34% 16% 18% 20% 3% 0% 9M/2019 9M/2020 9M/2019 9M/2020 › Order intake in 9M/2020: EUR 2,642m (EUR 3,314m › Largest or
Slide 7: Service 9M/2020
7 | Markets & orders Service 9M/2020 Development of service revenues (EUR m) and EBIT margin Comments EBIT margin 17.6% 14.8% › Service sales share accounts for 10.0% of group sales +11% in the first nine months 2020 318.3 › Service EBIT margin of 14.8% at the end of 9M/2020 287.1 › 97.4% average av
Slide 8: Order backlog remains on high level: EUR 7.9bn at the end of 9M/2020
8 | Markets & orders Order backlog remains on high level: EUR 7.9bn at the end of 9M/2020 Order backlog turbines (EUR m) Order backlog service (EUR m) +12% -9% 5,651 2,768 5,138 2,476 9M/2019 9M/2020 9M/2019 9M/2020 › Turbine order backlog of EUR 5,138m at the end of › 8,192 wind turbines under serv
Slide 9: Income statement 9M/2020
9 | Financials Income statement 9M/2020 in EUR m 9M/2020 9M/2019 abs. change Comments Sales 3,167.4 1,943.0 1,224.4 › Sales figures of EUR 3,167m Total revenues 3,107.6 2,519.7 587.9 at the end of Q3/2020 reflecting overall growth of Cost of materials -2,764.2 -2,004.3 -759.9 Nordex despite the pand
Slide 10: Balance sheet 9M/2020
10 | Financials Balance sheet 9M/2020 in EUR m 30.09.20 31.12.19 abs. change Δ in % Comments Non-current assets 1,494.8 1,488.9 5.9 0.4 › Cash position of EUR 408m at the end of 9M/2020 (EUR Current assets 3,170.6 2,513.8 656.8 26.1 334m end of Q2/2020) Total assets 4,665.4 4,002.7 662.7 16.6 › Incr
Slide 11: Working capital development 9M/2020
11 | Financials Working capital development 9M/2020 Working capital ratio (in % of sales)* Working capital development (in EUR m)* 33 107 -5.2 237 -5.7 49 -7.1 -7.5 -258 -9.1 -306 Q3/ Q4/ Q1/ Q2/ Q3/ Q2/ Receiva- Inven- Prepay- Pay- Q3/ 2019 2019 2020 2020 2020 2020 bles tories ments ables 2020 › Wo
Slide 12: Cash flow statement 9M/2020
12 | Financials Cash flow statement 9M/2020 in EUR m 9M/2020 9M/2019 Comments Cash flow from operating activities › Negative cash flow from -238.5 -93.6 before net working capital operating activities not yet reflecting cash from RWE Cash flow from changes in WC -42.5 30.8 transaction (received on N
Slide 13: Total investments 9M/2020
13 | Financials Total investments 9M/2020 CAPEX (in EUR m) Comments Property, plant, equipment Intangible assets › Investments in 9M/2020 primarily comprise: • Investments in blade production facilities in 7.6% Mexico, India and Brazil 108.6 • Investments in installation and transport tooling 100.9
Slide 14: Capital structure 9M/2020
14 | Financials Capital structure 9M/2020 Net debt*/EBITDA** Equity ratio (in %) 30 6.7 7 6 25 5 4 3.6 20 18.6 3 2.2 17.3 2 15.5 1.2 0.7 15 13.8 13.6 1 0 -1 10 Q3/ Q4/ Q1/ Q2/ Q3/ Q3/ Q4/ Q1/ Q2/ Q3/ 2019 2019 2020 2020 2020 2019 2019 2020 2020 2020 › Leverage ratio in Q3/2020 decreased as expected
Slide 15: Operations 9M/2020
15 | Operations & technology Operations 9M/2020 Installations (MW) Production +144% Turbine assembly (MW) Blade production (#) 3,817 +43% -9% 4,415 1.093 990 3,095 1,565 9M/2019 9M/2020 9M/2019 9M/2020 9M/2019 9M/2020 › Total installations of 1,052 WTGs in 21 countries in › Output turbines amounts t
Slide 16: New guidance FY 2020 reinstated
16 | Guidance New guidance FY 2020 reinstated Sales: approx. EUR 4.4bn EBITDA margin: 2% Working capital ratio: below -4% CAPEX: approx. EUR 170m Financial figures 9M/2020 | 13 Nov 2020
Slide 17: Strategic targets for FY 2022
17 | Targets 2022 Strategic targets for FY 2022 Sales: approx. EUR 5bn EBITDA margin: 8% Capacity: 6 GW+ Financial figures 9M/2020 | 13 Nov 2020
Slide 18: Macro & long-term drivers: the trend to renewables is irrevocable
18 | Drivers Macro & long-term drivers: the trend to renewables is irrevocable Repowering On its way to an economy with net-zero GHG emissions: EU aims for climate neutrality by 2050 10,000 WTGs running out alone The European Green Deal as a within the next three years in multilayer regulatory packa
Slide 19: Drivers to keep the order intake momentum to support strategic targets for FY 2022
19 | Drivers Drivers to keep the order intake momentum to support strategic targets for FY 2022 Highly competitive product portfolio with Delta4000 Strong market position turbines › Nordex EU TOP 2 player in › One of the leading sold turbines terms of order intake in 2020 in the 4 - 5 MW class world
Slide 20: Modules of company program
20 | Company program Modules of company program Initiative clusters Initiative targets Overall project status 1 Supply chain transformation › Setting up 4 GW supply chain in India and › Supply chain topics starting to mature moving current EU partners to India into contracting stage already 2 Produc
Slide 21: Questions Answers
21 | Q&As Time for your questions Questions Answers Financial figures 9M/2020 | 13 Nov 2020
Slide 22: Key takeaways
22 | Key takeaways Key takeaways › Business performance in 2020 significantly affected by Covid-19 pandemic. However, main impacts already reflected in the current financial figures. › Solid order backlog of nearly 8 GW (majority with the more profitable Delta 4000 platform), growing at one of the s
Slide 23: Capital Markets Day coming soon
23 | Capital Markets Day coming soon Nordex will hold a Capital Markets Day* in spring 2021 Financial figures 9M/2020 | 13 Nov 2020 * Format subject to the further development of the Covid-19 pandemic.
Slide 24: Preliminary financial calendar 2021
24 | Preliminary financial calendar 2021* 2021 Event March Publication of preliminary figures FY 2020 23 March Publication of Annual Report 2020 Spring Capital Markets Day 11 May Interim Statement Q1/2021 1 June Annual General Meeting 12 August Interim Report H1/2021 15 November Interim Statement 9M
Slide 25: Contact details
25 | Contact details IF YOU HAVE ANY QUESTIONS PLEASE CONTACT THE INVESTOR RELATIONS TEAM: Felix Zander Phone: +49-40-30030-1116 Email: [email protected] Tobias Vossberg Phone: +49-40-30030-2502 Email: [email protected] Rolf Becker Phone: +49-40-30030-1892 Email: rbecker@nordex-onl