Nordex Se · XETR:NDX1
Nordex — Q1 2008 Earnings Presentation
16 slides from Nordex's earnings presentation, May 26, 2008
Slide 1: Nordex AG Q1 2008 Conference Call
Nordex AG Nordex AG Conference Call Nordex AG Q1 2008 Conference Q1 2008 Call May 26, 2008 May 26, 2008 Page 1
Slide 2: Highlights in Q1/2008
Highlights in Q1/2008 Financial highlights Total revenue up 50% in Q1/08 compared to Q1/07 (thereof EUR 30mn unfinished goods) EBIT rose by 18% to EUR 6.6mn Working capital ratio stands at a low level of 7.8% Order book increased by 136% to EUR 3.3bn More than 50% of the business volume is expected
Slide 3: Key Figures P+L: Q1/2008
Key Figures P+L: Q1/2008 (€ million) Q1/2008 YoY Q1/2007 Sales 199 32% 151 Total Revenues 231 50% 154 EBIT 6.6 18% 5.6 % RoS 3.3% 3,7% Net Profit 5.7 21% 4.7 EPS 0.09 € 13% 0.08 € Page 3
Slide 4: Sales by Quarter 2008 vs. 2007
Sales by Quarter 2008 vs. 2007 2008e: EUR 1.1 bn 2007: EUR 747 mn Q1: 18% Q1: 20% Q4: 34% Q2: 23% Q3: 23% 2nd half: > 60% 2nd half: 57% Page 4
Slide 5: Output Q1/2008 increased by 59%
Output Q1/2008 increased by 59% Output by quarter in MW 210 7 7% G R: CA 132 132 38 Q1/05 Q1/06 Q1/07 Q1/08 Page 5
Slide 6: Key Figures Balance Sheet: Q1/2008
Key Figures Balance Sheet: Q1/2008 (€ millions) 31-Mar-2008 31-Dec-2007 31-Mar-2008 31-Dec-2007 Liquid funds 176.4 212.2 Trade payables 110.8 78.9 Trade receivables and 155.2 99.2 Provisions 40.5 37.0 future receivables Net inventories 289.1 231.8 Prepayments received 260.9 233.9 Other current asset
Slide 7: Working Capital Development
Working Capital Development 138% 254 133% 199 116% 121% 127% 135% 172 171 151 140 21.1% 9.8% 7.8% 7.1% 2.3% 2.3% 31-Dec-06 30-Mar-07 30-Jun-07 30-Sep-07 31-Dec-07 31-Mar-08 Revenues (mn. €) WC / Revenues Advanced payment ratio Page 7
Slide 8: Cash Flow Statement: Q1/2008
Cash Flow Statement: Q1/2008 (€ million) Q1 2008 Q1 2007 Net profit/loss 5.7 4.7 Depreciation 3.9 3.1 Change in provisions 0.7 0.8 Change in inventories (57.3) (16.0) Change in trade receivables and other assets (56.7) (6.4) Change in trade payables and other liabilities 73.9 (12.7) Change in deferr
Slide 9: The Development of three regional Markets
The Development of three regional Markets 2006: BTM 5 year forecast 2007: BTM 5 year forecast 2008: BTM 5 year forecast RoW 1% RoW 1% RoW 1% Europe America Europe America Europe America 53% 23% 46% 26% 38% 29% 23% 27% 30% Asia Asia Asia Offshore: 9% Offshore: 5% Offshore: 4% Page 9
Slide 10: Re-entry into the US Market
Re-entry into the US Market First N90 installed in 2007 USA First major project (62.5 MW) in 2008, followed by a 150 MW New MW - 2012: 43,500 CAGR 15% farm in 2009 Product focus: N90, N100 (2,500 kW) Nordex‘s market share: Set-up full operation structures (including nacelle in 2009 2007 2012e and bl
Slide 11: Order intake at record high
Order intake at record high New orders (2006, 2007, Q1/ 2008) By region in Q1 2008 (€ Mio.) 1,400 GER 6% 1,300 1,200 12M: RoE €1.2bn USA 30% 07 1,100 57% 2 0 1,000 + ~60% China 900 9M: 8% €823m 12M: 800 6M: €767m €683m 6 700 200 By product in Q1 2008 600 3M: 500 €406m 9M: S70 / S77 9% €515m 8 3M: €3
Slide 12: Order Backlog at All-Time-High (as of 31/3/08)
Order Backlog at All-Time-High (as of 31/3/08) € 3.3bn 3500 3000 Conditional orders Binding contract in force 2500 Advance payment / reservation fee received 2100 2000 Firm orders € 1.4bn 1500 Binding contract in force Building permit received 1000 594 Grid contract in force 1200 Finance approved 50
Slide 13: Outlook
Outlook Full year 2008 Revenue target of € 1.1bn and EBIT margin target of 7% Revenues in the second half 2008 will be relatively higher compared to the second half of 2007 Profitability in the second half will be boosted by revenues from projects nearing completion and for which the costs are being
Slide 14: Appendix
Appendix Page 14
Slide 15: Shareholder Structure of Nordex
Shareholder Structure of Nordex Shareholder structure as of 20/5/08 CMP Freefloat 25.6% 42.8% Goldman Sachs 16.7% HypoVereinsbank 4.1% BlackRock 3.3% HSH Nordbank 3.6% Nordvest 3.9% Page 15
Slide 16: Nordex Management Team
Nordex Management Team T. Richterich B. Schäferbarthold Dr. H. Müller Dr. E. Voss C. Pedersen CEO CFO COO CTO COO Sales Previous positions with Previous positions with Previous positions with Managing Director of Previous positions with Warth & Klein as auditor Siemens and Roland WIND-consult Nordex