Nordex Se · XETR:NDX1
Nordex — Q1 2019 Earnings Presentation
21 slides from Nordex's earnings presentation, May 14, 2019
Slide 1: Nordex SE Q1 figures 2019
Classification: Strictly Confidential Nordex SE Q1 figures 2019 Conference Call, 14 May 2019
Slide 2: Disclaimer
Classification: Strictly Confidential Disclaimer All financial figures within this presentation are unaudited. This presentation was produced in May 2019 by Nordex SE solely for use as a source of general information regarding the economic circumstances and status of Nordex SE. It does not constitut
Slide 3: Agenda
Classification: Strictly Confidential Agenda 11 Executive summary José Luis Blanco 22 Markets and orders Patxi Landa 33 Financials Christoph Burkhard 44 Operations and technology José Luis Blanco 55 Guidance 2019 José Luis Blanco 66 Q&As All Nordex SE | Q1-figures 2019 14 May 2019 3
Slide 4: Q1 2019 as expected
Executive summary Classification: Strictly Confidential Q1 2019 as expected Q1 2019 results Sales: EUR 398.9m EBITDA margin: 0.8% Working capital ratio: -1.5% Q1 2019 sixth quarter in a row with around 1 GW order intake. Profitability in Q1 2019 affected by low sales volume resulting in lower overhe
Slide 5: Market developments
Markets and orders Classification: Strictly Confidential Market developments Europe America Rest of World Draft National Energy and Climate PTC cycle still in full swing in the Federal und State policies Plans submitted to meet EU goal of US, with very high activity level supporting market activitie
Slide 6: Order intake Q1 2019
Markets and orders Classification: Strictly Confidential Order intake Q1 2019 Order intake turbine* (in MW) Order intake turbine* by regions (in %) Europe +3% North America 41% 1,035 52% Latin America 1,008 RoW 0% 11% 44% 37% 15% 0% Q1 2018 Q1 2019 Q1 2018 Q1 2019 Solid start into the year – EUR 810
Slide 7: Service business continuously growing
Markets and orders Classification: Strictly Confidential Service business continuously growing Service sales (in EUR m) Comments +11% Service sales share amounted to 21.9% of group sales in Q1 2019 87.4 78.8 Service EBIT margin* of 16.5% in Q1 2019 97.4% average availability of WTG under service Str
Slide 8: Combined order backlog increased to EUR 6.6bn in Q1 2019
Markets and orders Classification: Strictly Confidential Combined order backlog increased to EUR 6.6bn in Q1 2019 Order backlog turbines (EUR m) Order backlog service (EUR m) +63% +15% 4,414 2,218 1,930 2,710 Q1 2018 Q1 2019 Q1 2018 Q1 2019 Turbine order backlog reflects strong order intake Over 7,6
Slide 9: Income statement Q1 2019
Financials Classification: Strictly Confidential Income statement Q1 2019 Comments in EUR m Q1 2019 Q1 2018 abs. change Q1 sales in line with expectations Sales 398.9 487.9 -89.0 reflecting back-end loaded year Total revenues 583.6 384.3 199.3 Gross margin of 35.7% impacted Cost of materials -441.1
Slide 10: Balance sheet Q1 2019
Financials Classification: Strictly Confidential Balance sheet Q1 2019 Comments in EUR m 31.03.19 31.12.18 abs. Δ in % change Cash position of EUR 531m at Non-current assets 1,364.6 1,277.6 87.0 6.8 the end of Q1 2019 Current assets 1,966.6 1,781.0 215.6 12.1 Balance sheet prolongation in Q1 2019 du
Slide 11: Working capital development in Q1 2019
Financials Classification: Strictly Confidential Working capital development in Q1 2019 Working capital ratio (in % of sales) Working capital development (in EUR m)* 5.8 5.4 4.8 FY guidance 192 2019 < 2% 294 42 -1.5* -37 3 -3.8 -94 Q1 Q2 Q3 Q4 Q1 Q4 Receiva- Inven- Prepay- Pay- Q1 2018 2018 2018 201
Slide 12: Cash flow statement Q1 2019
Financials Classification: Strictly Confidential Cash flow statement Q1 2019 Comments in EUR m Q1 2019 Q1 2018 Cash flow from 3.2 -14.6 Cash flow from changes in WC (EUR -57.9m) operating activities impacted by higher business activities before net working capital Cash flow from operating activities
Slide 13: Total investments in Q1 2019
Financials Classification: Strictly Confidential Total investments in Q1 2019 CAPEX (in EUR m) Comments 12.2% Investments in Q1 2019 mainly comprised 22.0 19.6 • Investments in tooling and equipment in Spain 15.8 • Ramping up new production facility in India 12.6 and Mexico • Investments in product
Slide 14: Capital structure Q1 2019
Financials Classification: Strictly Confidential Capital structure Q1 2019 Net debt*/EBITDA** Equity ratio (in %) 1.8 2 1.4 35 1.3 0.9 1 30 0.3 24.2 23.1 23.7 25 22.8 0 19.7 -1 0 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 2018 2018 2018 2018 2019 2018 2018 2018 2018 2019 Leverage ratio impacted by an increase in
Slide 15: Operations in Q1 2019
Operations and technology Classification: Strictly Confidential Operations in Q1 2019 Installations (MW) Production -50% Turbine assembly (MW) Blade production (#) 523 +101% 698 +67% 261 300 347 180 Q1 2018 Q1 2019 Q1 2018 Q1 2019 Q1 2018 Q1 2019 Total installations of 84 WTGs in 8 countries in Outp
Slide 16: N149/5.X – Key facts
Operations and technology Classification: Strictly Confidential N149/5.X – Key facts WTG design purely focused on lowest lifetime extension up to 25 years Standard design lifetime of 20 years possible COE 149m rotor proven Delta4000 product series proven blade of N149/4.0-4.5 “Staged Approach” philo
Slide 17: Guidance for 2019 confirmed
Guidance Classification: Strictly Confidential Guidance for 2019 confirmed Sales: EUR 3.2-3.5bn EBITDA margin: 3.0-5.0% Working capital ratio: <2% CAPEX: approx. EUR 120m* * Depending on order intake momentum for Delta4000 in the course of 2019. Nordex SE | Q1-figures 2019 14 May 2019 17
Slide 18: Q&As
Q&As Classification: Strictly Confidential Time for your questions Questions Answers Nordex SE | Q1-figures 2019 14 May 2019 18
Slide 19: Thank you for your attention
Classification: Strictly Confidential Thank you for your attention
Slide 20: Financial calendar 2019
Classification: Strictly Confidential Financial calendar 2019 2019 Event 26 March Publication of Annual Report 2018 14 May Interim statement Q1 2019 4 June Annual General Meeting (Rostock) 14 August Interim report H1 2019 13 November Interim statement Q3 2019 Nordex SE | Q1-figures 2019 14 May 2019
Slide 21: Contact details
Classification: Strictly Confidential 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