Nordex SE · XETR:NDX1
Nordex — 9M 2019 Earnings Presentation
21 slides from Nordex's earnings presentation, Nov 13, 2019
Slide 1: Nordex SE – Nine-month figures 2019
| Nordex Group Nordex SE – Nine-month figures 2019 Conference Call, 13 November 2019 9M-figures 2019 | 13 Nov 2019
Slide 2: Disclaimer
2| Disclaimer › All financial figures within this presentation are unaudited. › This presentation was produced in November 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 constitute an offer for the sale of
Slide 3: Agenda
3| Agenda Executive summary José Luis Blanco Markets and orders Patxi Landa Financials Christoph Burkhard Operations and technology José Luis Blanco Guidance 2019 José Luis Blanco Q&As All Key takeaways José Luis Blanco 9M-figures 2019 | 13 Nov 2019
Slide 4: Increased activity in Q3/2019 according to expectations
4 | Executive summary Increased activity in Q3/2019 according to expectations 9M/2019 RESULTS Sales EBITDA margin Working capital ratio EUR 1,943m 3.1% -5.2% › Guidance for full year 2019 confirmed. › Q3/2019 another strong quarter with order intake of 1.7 GW (Q3/2018: 974 MW). › Around 50 percent o
Slide 5: Latest market developments
5 | Markets & orders Latest market developments Americas Europe Rest of World › Very high activity level expected › Climate Protection Program in 2020 and 2021 due to released in Germany defines › Federal and State policies anticipated demand from new roadmap for onshore wind until supporting market
Slide 6: Order intake 9M/2019
6 | Markets & orders Order intake 9M/2019 Order intake turbine* (in MW) Order intake turbine* by regions (in %) Europe North America Latin America RoW +54% 4,742 32% 45% 3,070 17% 34% 38% 18% 13% 3% 9M/2018 9M/2019 9M/2018 9M/2019 › Strong order intake in 9M/2019: EUR 3,314m › Largest order volume c
Slide 7: Further growth of service business
7 | Markets & orders Further growth of service business Service sales (in EUR m) Comments +11% › Service sales share amounted to 14.8% of group 287.1 sales in 9M/2019 258.4 › Service EBIT margin of for 17.6% in first nine months 2019 › 97.5% average availability of WTG under service › Strong Service
Slide 8: Combined order backlog of EUR 8.1bn as of 9M/2019
8 | Markets & orders Combined order backlog of EUR 8.1bn as of 9M/2019 Order backlog turbines (EUR m) Order backlog service (EUR m) +80% +15% 5,651 2,477 2,151 3,140 9M/2018 9M/2019 9M/2018 9M/2019 › Strong increase in turbine order backlog to EUR › Increasing number of wind turbines under service:
Slide 9: Income statement 9M/2019
9 | Financials Income statement 9M/2019 in EUR m 9M/2019 9M/2018 abs. change Comments Sales 1,943.0 1,772.9 170.1 › Q3/2019 sales figures of EUR Total revenues 2,519.7 1,753.3 766.4 952m reflecting expected high execution Cost of materials -2,004.3 -1,281.5 -722.8 › High total revenues signal Gross
Slide 10: Balance sheet 9M/2019
10 | Financials Balance sheet 9M/2019 in EUR m 30.09.19 31.12.18 abs. change Δ in % Comments Non-current assets 1,425.3 1,277.6 147.7 11.6 › Cash position of EUR 388m at the end of 9M/2019 Current assets 2,570.5 1,781.0 789.5 44.3 › Further balance sheet Total assets 3,995.8 3,058.5 937.3 30.6 prolo
Slide 11: Working capital development 9M/2019
11 | Financials Working capital development 9M/2019 Working capital ratio (in % of sales) Working capital development (in EUR m)* 5.4 175 FY guidance 2019 < 2% 318 277 -1.5* 153 -3.8 -4.7 -117 -5.2 -136 Q3/ Q4/ Q1/ Q2/ Q3/ Q2/ Receiva- Inven- Prepay- Pay- Q3/ 2018 2018 2019 2019 2019 2019 bles torie
Slide 12: Cash flow statement 9M/2019
12 | Financials Cash flow statement 9M/2019 in EUR m 9M/2019 9M/2018 Comments Cash flow from operating activities › Cash flow from operating -93.6 9.9 before net working capital activities mainly influenced by net loss and phasing-related Cash flow from changes in WC 30.8 -67.6 VAT outflows › Cash f
Slide 13: Total investments 9M/2019
13 | Financials Total investments 9M/2019 CAPEX (in EUR m) Comments Property, plant, equipment Intangible assets › Investments in 9M/2019 primarily comprise: • Investments in blade production facilities in 67.1% Mexico and Spain 100.9 • Investments in nacelle production facility in India • Investmen
Slide 14: Capital structure 9M/2019
14 | Financials Capital structure 9M/2019 Net debt*/EBITDA** Equity ratio (in %) 30 3.0 2.5 2.5 2.2 25 23.7 22.8 2.0 1.8 19.7 1.5 1.3 20 17.4 1.0 15.5 0.5 0.3 15 0.0 -0.5 10 Q3/ Q4/ Q1/ Q2/ Q3/ Q3/ Q4/ Q1/ Q2/ Q3/ 2018 2018 2019 2019 2019 2018 2018 2019 2019 2019 › Leverage ratio in Q3/2019 as expec
Slide 15: Operations 9M/2019
15 | Operations & technology Operations 9M/2019 Installations (MW) Production -9% Turbine assembly (MW) Blade production (#) 1,719 1,565 +78% +69% 3,095 1.093 1,736 648 9M/2018 9M/2019 9M/2018 9M/2019 9M/2018 9M/2019 › Total installations of 476 WTGs in 16 countries in the › Output turbines amounts
Slide 16: Guidance for FY 2019 confirmed
16 | Guidance 2019 Guidance for FY 2019 confirmed Sales: EUR 3.2 - 3.5bn EBITDA margin: 3.0 - 5.0% Working capital ratio: <2% CAPEX: approx. EUR 160m 9M-figures 2019 | 13 Nov 2019
Slide 17: Time for your questions
17 | Q&As Time for your questions Questions Answers 9M-figures 2019 | 13 Nov 2019
Slide 18: Key takeaways
18 | Key takeaways Key takeaways Full year 2019 with strong seasonal pattern is developing as anticipated. Back-end loaded year showing high activity level in the fourth quarter. Order intake will remain on a good level driven by further demand for Delta4000 product portfolio. Nordex confirming guid
Slide 19: Thank you for your attention
19 | Thank you for your attention 9M-figures 2019 | 13 Nov 2019
Slide 20: Financial calendar 2020
20 | Financial calendar 2020 2020* Event 9 March Publication of preliminary figures FY 2019 24 March Publication of Annual Report 2019 11 May Interim Statement Q1 2020 10 June Annual General Meeting (Rostock) 13 August Interim Report H1 2020 12 November Interim Statement Q3 2020 9M-figures 2019 | 13
Slide 21: Contact details
21 | 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: investor-relations@nordex-online.com Web: www.nordex-online.com 9M-figures 201