Nordex Se · XETR:NDX1
Nordex — FY2011 Earnings Presentation
20 slides from Nordex's earnings presentation, Apr 2, 2012
Slide 1: Nordex SE Fiscal 2011 and Outlook
Nordex SE Fiscal 2011 and Outlook Frankfurt, April 2nd, 2012
Slide 2: Agenda
AGENDA 1. Global Wind Market – Development 2011 and Outlook B. Schäferbarthold 2. Order Intake B. Schäferbarthold 3. Financials 2011 B. Schäferbarthold 4. Outlook 2012 B. Schäferbarthold 5. New CEO B. Schäferbarthold 6. Initial Strategic Assessment Dr. J. Zeschky 7. Strategic Focus Dr. J. Zeschky 8.
Slide 3: Moderate growth of 6% in 2011 for the wind industry as a whole
MODERATE GROWTH OF 6% IN 2011 FOR THE WIND INDUSTRY AS A WHOLE Northern and Eastern markets stable – Southern Europe weakening New MW installed: Market +4%; Nordex +9% New orders received: Wind industry -13%; Nordex +50%1 Nordex: Slight market share improvement and significant outperformance
Slide 4: Outlook wind energy market 2012-16: stable growth after US-induced dip in 2013
OUTLOOK WIND ENERGY MARKET 2012 – 16: STABLE GROWTH AFTER US-INDUCED DIP IN 2013 Regional development Market highlights Forecast Global WTG installations to grow by 22% in 2012; CAGR 2011 – 2016: +7% +7% Northern European demand stable 57 Southern Europe held back by the 55 52 credit crisis, b
Slide 5: Order intake increased by 84% in Q1 2012
ORDER INTAKE INCREASED BY 84% IN Q1 2012 Development of firm order intake 2011 – 2012 in EUR mn +84% 399 368 Others UK 14% 284 GER 24% 5% 186 154 FR 13% 23% 20% TR PL Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012p Promising start in 2012: Order intake 84% above Q1 2011 – best first quarter in three year
Slide 6: Income statement 2011
INCOME STATEMENT 2011 In EUR mn 2011 2010 Δ in % Sales 920.8 972.0 (5.3) Total revenues 927.0 1,007.9 (8.0) Cost of materials (692.5) (748.2) (7.4) Gross profit 234.5 259.7 (9.7) Personnel costs (147.4) (119.4) 23.5 Depreciation (27.8) (22.5) 23.6 Other operating exp./inc. (89.0) (77.7) 14.5 EBIT (2
Slide 7: Cash flow statement 2011
CASH FLOW STATEMENT 2011 In EUR mn 2011 2010 Net profit (49.5) 21.2 Depreciation 28.2 22.5 Change in provisions (3.7) (4.8) Change in working capital (14.2) (34.0) Other cash inflow from operating activities (4.1) 5.8 Cash flow from operating activities (43.3) 20.3 Cash flow from investing activitie
Slide 8: Key figures balance sheet 2011
KEY FIGURES BALANCE SHEET 2011 In EUR mn 2011 2010 2011 2010 Liquid funds 212.0 141.1 Current bank borrowings 76.2 30.3 Trade receivables Trade payables 109.7 260.1 269.5 177.7 and future receivables Net inventories 227.4 279.0 Others (esp. Bond) 407.5 268.8 Other current assets 60.7 54.4 Current li
Slide 9: Outlook 2012 – Back to black
OUTLOOK 2012 – BACK TO BLACK EBIT Bridge 2011 2012 in EUR mn ~10-30 ~-20 ~20 ~35-40 -10 EBIT 2011 Cost Price Scale/ EBIT target measures pressure Volume 2012 Expected price-pressure partly compensated by “n-ergize”-programme; remaining effect estimated at EUR 20 mn Additional upside potential
Slide 10: Guidance 2012
GUIDANCE 2012 Nordex expects a stable level of new orders EUR 1 – 1.1 bn • Serial production N117/2400, flexible solutions for the Gamma Generation (e.g. hybrid towers up to 140 m; anti icing) Increase in business volume ~ EUR 1 - 1.1 bn • Sound order book of ~EUR 700m at the beginning of 20
Slide 11: Board led by new CEO, Dr. Jürgen Zeschky
BOARD LED BY NEW CEO, DR. JÜRGEN ZESCHKY • Dr. Jürgen Zeschky • Previously Executive Vice President of Voith Turbo in Heidenheim, Germany between 2003 - 2012 • A highly profitable „hidden champion“ which makes drive systems used in a broad range of industries • 1991-2003: Director Operations Mannesm
Slide 12: Initial strategical assessment
INITIAL STRATEGICAL ASSESSMENT • Strong position in core European onshore market • Best-in-class product for IEC III – development pipeline targeting IEC I and Strengths IEC II • Flexible organisation ensures customized solutions • Quality products with high availability Need for a focused strategy!
Slide 13: A more focused strategy: Europe, Americas, China
A MORE FOCUSED STATEGY Our biggest market and our main opportunity Stable regulatory environment in Northern and Central Europe Europe Nordex offers attractive “low cost of energy” packages Opportunities in selected markets outside the EU Accounts for 1/5 of our business 2011 Expect toug
Slide 14: A more focused strategy: Offshore
A MORE FOCUSED STATEGY Challenges: Delays (due to grid issues and shortages in financing) put pressure on earnings Technological innovation needed to develop cost competitive power systems (CoE) High start-up costs due to long time to market Offshore is not yet a volume market OFFSHORE Norde
Slide 15: A more focused strategy: Products
A MORE FOCUSED STATEGY Challenges: Constant reduction in cost of energy (CoE) to cover pricing pressure Shorten time to market Innovation and customization PRODUCTS Nordex priorities: Further reduction of CoE by 20% until 2015 Reduce development lead times by focus on onshore Serial star
Slide 16: Nordex' strategy: goals and targets
NORDEX’ STRATEGY: GOALS AND TARGETS 2013 2012 Further growth generated by a „Back to black“ clear focus on and profitability profitable 2011 • OI: EUR 1 -1.1 bn onshore • Sales: EUR 1-1.1 business and bn R&D-capabilities Preparing the ground • EBIT: 1-3% • Reorganisation and cost reduction • Strong
Slide 17: My goals for 2012
MY GOALS FOR 2012 1. Finding good solutions for the offshore project and our business in China 2. Development of a clear strategic profile 3. Efficient implementation of strategy Fiscal 2011 and Outlook | Nordex SE | Frankfurt/M. | 02.04.2012 17
Slide 18: Shareholder structure of Nordex SE remains stable
SHAREHOLDER STRUCTURE OF NORDEX SE REMAINS STABLE SKion/momentum capital 24.99% Freefloat 75.01% On the basis of 73.529 mn shares, as of March 2012 Fiscal 2011 and Outlook | Nordex SE | Frankfurt/M. | 02.04.2012 18
Slide 19: Contact
Contact Ralf Peters Head of Corporate Communications Phone: +49 (0)40 30030 1522 Fax: +49 (0)40 30030 1333 eMail: rpeters@nordex-online.com Nordex SE Langenhorner Chaussee 600, 22419 Hamburg, Germany www.nordex-online.com Fiscal 2011 and Outlook | Nordex SE | Frankfurt/M. | 02.04.2012 19 19
Slide 20: 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