Nordex Se · XETR:NDX1
Nordex — Q1 2010 Earnings Presentation
18 slides from Nordex's earnings presentation, May 12, 2010
Slide 1: Nordex SE Conference Call Q1/2010
Nordex SE Conference Call Q1/2010 Hamburg, May 12, 2010
Slide 2: Overview
Overview EUR 94 mn new orders in April alone New business promising after difficult start in 2010 Gross margin widened to 28% Substantial drop in cost-of-materials ratio Decline in sales due to project postponements Nevertheless break-even in EBIT and consolidated profit Strong financial position So
Slide 3: Nordex' largest order since 2007
Nordex‘ largest order since 2007 09.04.2010, Press release Nordex obtains order f o r major project in Sweden Supply of 295 MW f o r projects by Skelleftea Kraft AB Hamburg, 9 April 2010. Nordex has signed a frame work agreement with “Skelleftea Kraft utility the municipally-owned is a Skelleftea st
Slide 4: First US project in 2010
First US project in 2010 11.05.2010, Press release Nordex awarded 50 MW project for first Maryland wind f a r m Hamburg, May 11, 2010. Construction of Maryland’s first wind farm has begun. Nordex USA, Inc. has been awarded an order for 20 N90 2.5 megawatt wind turbines to be installed at a 50-megawa
Slide 5: Offshore project Arcadis Ost 1
Offshore project „Arcadis Ost 1“ Nordex acquired a roughly 40% stake in the project company developing „Arcadis Ost 1“ offshore wind farm 70 turbines with a combined capacity of at least 300 MW Construction of first turbines planned for 2014 Conference Call: Q1/2010 | Nordex SE | Hamburg | 12.05.201
Slide 6: Income statement
Income statement In EUR mn Q1/2010 Q1/2009 in % Sales 150.5 233.3 (35.5) Total revenues 170.4 245.1 (30.5) Cost of materials (123.4) (193.4) (36.2) Gross profit 47.0 51.7 (9.1) Personnel costs (28.7) (26.0) 10.4 Depreciation (4.5) (5.1) (11.8) Other operating exp./inc. (13.4) (20.3) (34.0) EBIT 0.4
Slide 7: Inventories and working capital development
Inventories and working capital development Inventories in EUR mn WC including reservation fee (WC to total revenues) 406 392 372 35 357 341 318 30 289 273 247 25 20 15 10 5 0 Q1/2008 Q2/2008 Q3/2008 Q4/2008 Q1/2009 Q2/2009 Q3/2009 Q4/2009 Q1/2010 Working capital ratio* down to 17.2% (2009: 18.4%) D
Slide 8: Cash flow statement
Cash flow statement In EUR mn Q1/2010 Q1/2009 Net profit 0.0 0.4 Depreciation 4.5 5.1 Change in provisions 5.5 (14.8) Change in working capital (0.7) (50.0) Change in deferred taxes (1.0) (2.0) Other non-cash expenses (7.1) (0.4) Cash flow from operating activities 1.2 (61.7) Cash flow from investin
Slide 9: Balance sheet
Balance sheet In EUR mn Q1/2010 2009 Q1/2010 2009 Liquid funds 151.6 159.9 Current bank borrowings 27.8 22.4 Trade receivables 169.2 187.2 Trade payables 80.3 85.7 and future receivables Net inventories 272.8 247.4 Prepayments received 150.4 138.2 Other current assets 58.2 56.9 Other current liabili
Slide 10: Firm order intake in EUR mn
Firm order intake in EUR mn 234 205 199 96 94 71 Q1/2009 Q2/2009 Q3/2009 Q4/2009 Q1/2010 Apr 10 Disappointing order intake at the beginning of 2010 Business recovery started in April 2010 with 32% more order intake than in Q1/2010 as the whole Firm order intake April 2010: China (50 MW), USA (50 MW)
Slide 11: Total order backlog in EUR mn
Total order backlog in EUR mn 3,300 3,300 3,300 3,044 2,900 2,909 2,491 2,304 ~ 2,300 1,894 1,970 1,876 1,715 1,357 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Apr 2007 2008 2009 Order books at EUR ~ 2.3 bn, comprised EUR ~ 500 mn firm orders and EUR ~1,8 bn conditional orders New framework agreement in
Slide 12: Nordex on the way to reach sales target 2010
Nordex on the way to reach sales target 2010 Probabililty of converting new orders into revenues Nearly two-thirds of sales target 2010 secured in the same year Q1 Q2 66% – 100% 50% – 75% Q3 Q4 Secured sales portion Sales target 2010 2010 25% – 50% 10% – 25% Sales target 2010 mainly covered by Q1 sa
Slide 13: Order intake expected to increase from H2 2010
Order intake expected to increase from H2 2010 Four Factors which should lead to an order increase from H2 2010 Recovery project financing New products afford yield increase: e.g. „Gamma“ Increase in order intake from H2 2010 Higher electricity demand Rising oil price Conference Call: Q1/2010 | Nord
Slide 14: Outlook & Summary
Outlook & Summary Nordex still expects single digit growth for the full year 2010 • Project finance recovery and stronger order intake expected from H2/2010 onwards • First milestone order from Sweden underpins Nordex‘ operating efficiency; further new order intake from USA and Asia Improved EBIT ma
Slide 15: Appendix
Appendix 15
Slide 16: Shareholder structure of Nordex SE
Shareholder structure of Nordex SE 21.83% 3.36% 74.81% Skion/momentum capital CJ Holding ApS Free float On the basis of 66.845 mn shares, as of May 2010 16
Slide 17: Thank you for your attention.
Thank you for your attention. Nordex SE Bornbarch 2, 22848 Norderstedt, Germany www.nordex-online.com Ralf Peters Head of Corporate Communications Telefon +49 40 30030 1522 Fax +49 40 30030 1333 E-Mail [email protected] 17
Slide 18: 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