Friedrich Vorwerk Group Se · XETR:VH2
Friedrich Vorwerk — Q3 2022 Earnings Presentation
22 slides from Friedrich Vorwerk's earnings presentation, Nov 11, 2022
Slide 1: Driving the clean energy transition. Q3 Earnings Call
Driving the clean energy transition. Q3 Earnings Call November 11, 2022
Slide 2: Germany is under pressure to accelerate energy transition due to Ukraine war
Germany is under pressure to accelerate energy transition due to Ukraine war Climate Change Act 2021 Compulsory carbon reduction goals by sector Reductions of carbon emission by 65% by 2030 Carbon neutrality by 2045 1
Slide 3: The Russia-Ukraine war acts as strong catalyst across VORWERKs key markets
The Russia-Ukraine war acts as strong catalyst across VORWERKs key markets “ opportunity “ 2
Slide 4: VORWERK is ideally positioned to drive the energy transition
VORWERK is ideally positioned to drive the energy transition Revenue FY 2021: 279 €m 66% 17% 4% 13% Clean Adjacent Natural Gas Electricity Hydrogen Opportunities High-pressure Underground cable Hydrogen-ready District heating pipeline construction construction pipeline construction infrastructure Co
Slide 5: Financial performance
Financial performance 4
Slide 6: Our record-level order backlog provides excellent visibility and a strong basis for further growth
Our record-level order backlog provides excellent visibility and a strong basis for further growth Order intake Order backlog in €m in €m +19 % 372 +73 % 313 318 40 % Adjacent Opportunities 25 % 43 % Adjacent Opportunities 4% 14 % 8% Clean Hydrogen 184 14 % 10 % 15 % Electricity Clean Hydrogen 12 %
Slide 7: Q3 revenues increased by 52% y-o-y
Q3 revenues increased by 52% y-o-y Revenue in €m +52% 115.9 84.4 80.1 76.3 70.2 58.4 52.5 Typical seasonal revenue development Q1 21 Q1 22 Q2 21 Q2 22 Q3 21 Q3 22 Q4 21 6
Slide 8: The growing Adjacent Opportunities segment now accounts for a quarter of total revenues
The growing Adjacent Opportunities segment now accounts for a quarter of total revenues Revenue by segment in €m +24 % 258.7 25 % Adjacent Opportunities 208.9 14 % 6% Clean Hydrogen 4% 17 % 17 % Electricity 65 % 53 % Natural gas 1-9 21 1-9 22 7
Slide 9: In Q3, both EBITDA and EBIT increased by more than 30% compared to the previous year
In Q3, both EBITDA and EBIT increased by more than 30% compared to the previous year EBITDA EBIT in €m in €m 20.5 % 17.9 % 16.2 % 14.3 % +33% 20.7 +34 % 15.6 16.6 12.3 Q3 21 Q3 22 Q3 21 Q3 22 8
Slide 10: Profitability remains strong, but below previous year’s level
Profitability remains strong, but below previous year’s level EBITDA (adj.1) EBIT (adj.1) in €m in €m 20.6 % 16.6 % 16.1 % 12.0 % 43.1 43.0 33.7 31.1 1-9 21 1-9 22 1-9 21 1-9 22 9 1) Adjustments primarily refer to IPO-related costs
Slide 11: VORWERK balance sheet remains strong with an equity ratio of 54%
VORWERK balance sheet remains strong with an equity ratio of 54% Balance sheet in €m, as at 30.09.2022 307 307 Fixed assets** 130 166 Equity (54%) 10 Mezzanine financing 28 Financial liabilities Working 167 capital 38 Operating liabilities (LT) 65 Operating liabilities (ST) Cash* 9 Assets Liabilitie
Slide 12: VORWERK trade working capital typically shows a seasonal development
VORWERK trade working capital typically shows a seasonal development Trade Working Capital in €m 150 101 91 74 121 Contract assets 72 50 82 78 62 30 54 45 29 27 Trade receivables 24 20 20 18 16 16 6 6 6 6 8 9 11 Inventories -3 -4 -5 -6 -4 -4 -5 -6 -4 -4 Trade payables -18 -14 -8 -11 Advance payments
Slide 13: Several temporary effects currently increase the magnitude of seasonal working capital build-up
Several temporary effects currently increase the magnitude of seasonal working capital build-up Significant revenue growth Significant revenue growth leads to proportionally higher working capital build-up Build-up of inventory Planned increase in project inventories to avoid potentially costly proj
Slide 14: Business update
Business update 13
Slide 15: VORWERK is on track to complete the Wilhelmshaven LNG connection pipeline on time
VORWERK is on track to complete the Wilhelmshaven LNG connection pipeline on time Wilhelmshaven LNG connection pipeline Project description ECI Customer European critical infrastructure The Wilhelmshaven connection pipeline serves to connect the new Wilhelmshaven LNG terminal to the existing natural
Slide 16: Work on the second large LNG connection line in Brunsbüttel has also been started
Work on the second large LNG connection line in Brunsbüttel has also been started Brunsbüttel LNG connecting pipeline Project description ECI Customer: European critical infrastructure The Brunsbüttel connecting pipeline (ETL 180/185) serves to connect the new Brunsbüttel LNG terminal to the existin
Slide 17: Multiple additional LNG-related infrastructure projects are already underway
Multiple additional LNG-related infrastructure projects are already underway Exemplary LNG projects Stade Lubmin connecting pipeline ETL 179 LNG terminals Wilhelmshaven Planned by Gasunie Deutschland Floating LNG terminal planned by private connecting pipeline Sande-Nüttermoor investors (Regas), add
Slide 18: VORWERK recently achieved an important milestone to drive one of Germany’s largest cable projects
VORWERK recently achieved an important milestone to drive one of Germany’s largest cable projects Corridor A North Project description Tender process BorWin 4 DolWin4 New HVDC cable line for the distribution Phase 1 Definition of contract scope Customer: of wind power from Lower Saxony to and mode o
Slide 19: With the Kaisersesch Hydrogen Quarter, VORWERK participates in an innovative hydrogen project
With the Kaisersesch Hydrogen Quarter, VORWERK participates in an innovative hydrogen project Kaisersesch Hydrogen Quarter Project description Customer: Surplus energy LOHC hydrogen storage system Innovative pilot project for the local use of green hydrogen for local transport buses and time- H2 com
Slide 20: Financial Calendar 2022
Financial Calendar 2022 March 2 Preliminary Figures FY 2021 │ Earnings Call March 16 Berenberg EU Opportunities Conference March 29 Jefferies Pan-European Mid-Cap Conference March 31 Annual Report 2021 May 13 Quarterly Report Q1 2022 │ Earnings Call May 25 Berenberg Tarrytown Conference June 1 Annua
Slide 21: Disclaimer
Disclaimer By accessing this document you agree to abide by the limitations set out hereafter. The information contained in this document relating to Friedrich Vorwerk Group SE (“Friedrich Vorwerk" or the "Company") may not be redistributed, reproduced, published, or passed on to any other person an
Slide 22: Driving the clean energy transition
Driving the clean energy transition
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