Nordex Se · XETR:NDX1

Nordex — FY2012 Earnings Presentation

25 slides from Nordex's earnings presentation, Mar 25, 2013

  1. Slide 1: Nordex SE Conference Call FY 2012

    Nordex SE Conference Call FY 2012 Frankfurt/Main, 25/03/2013

  2. Slide 2: Agenda

    AGENDA 1. Highlights – Winds of change Dr. J. Zeschky 2. Reorganisation USA / China Dr. J. Zeschky 3. Business performance and financials 2012 B. Schäferbarthold 4. Markets and products Dr. J. Zeschky 5. Strategy implementation and outlook Dr. J. Zeschky APPENDIX: Financial calendar 2013 Shareholder

  3. Slide 3: Highlights – Winds of Change

    HIGHLIGHTS – WINDS OF CHANGE 2012  Sharpening strategic focus – aligning capacity to market activity  Adjusting capacity in China and US in line with projected demand  One-time expenses of EUR 75 mn  Drastic reduction of operating losses going forward  2012 revenue, EBIT before one-time expense

  4. Slide 4: China – Organisational Measures and Future Set-up

    CHINA – ORGANISATIONAL MEASURES AND FUTURE SET-UP Current situation Measures and costs Domination of Chinese OEMs  Measures: [Market shares 2012]  Impairment of assembly plants and Foreign OEMs capitalized product development 7,5%  Write downs on inventories  Discontinued blade production in Don

  5. Slide 5: USA – Organisational Measures and Future Set-up

    USA – ORGANISATIONAL MEASURES AND FUTURE SET-UP Current situation Measures and costs Pressure on electricity prices [Wholesale price decreases 2011/2012] Measures:  Impairment of assembly plant Mid-Columbia Mass Hub -24% PJM West -23%  Write downs on inventories -22% CAISO NP15 -15% MISO Illinois

  6. Slide 6: Good Business Performance Along the Entire Value Chain in 2012

    GOOD BUSINESS PERFORMANCE ALONG THE ENTIRE VALUE CHAIN IN 2012 Order backlog • EUR 1.049 Mio. (+50%) • Backlog already covers 80% of sales guidance 2013 Installations • 920 MW (-5%) • Double digit market shares in UK, Ireland, Turkey, Norway, Sweden, Belgium Production • Turbine production: 909 MW (

  7. Slide 7: Income Statement FY 2012

    INCOME STATEMENT FY 2012 In EUR mn FY 2012 FY 2011 ∆ in % Sales 1,075.3 916.8 17.3 Total revenues 1,100.9 924.6 19.1 Cost of materials (865.3) (690.3) 25.4 Gross profit 235.6 234,3 0.6 Personnel costs (140.2) (146.5) (4.3) Net other oper. expenses (87.2) (88.5) (1.5) EBITDA 8.2 (0.7) >100 Depreciati

  8. Slide 8: Cash Flow Statement FY 2012

    CASH FLOW STATEMENT FY 2012 In EUR mn FY 2012 FY 2011 Net result (87.9) (47.1) Depreciation 69.2 26.8 Change in working capital 161.6 (17.7) Other cash outflow from operating activities (1.8) (9.3) Cash flow from operating activities 141.1 (47.3) Cash flow from investing activities (56.1) (44.4) Cas

  9. Slide 9: Inventories and Working Capital Development

    INVENTORIES AND WORKING CAPITAL DEVELOPMENT Quarterly development of inventories and working capital ratio 2010 – 2012 mn EUR % 400 40 WC (WC to total revenues) 350 Inventories in EUR mn 35 310 293 -1% 300 275 275 279 281 30 273 27.9 267 250 227 235 25 224 24.3 205 200 20 150 15 100 10 8.7 50 5 0 0

  10. Slide 10: Balance Sheet FY 2012

    BALANCE SHEET FY 2012 In EUR mn 31.12.12 31.12.11 31.12.12 31.12.11 Liquid funds 274.8 212.0 Current bank borrowings 27.5 76.2 Trade receivables 189.4 245.9 260.1 Trade payables 109.7 and future receivables Net inventories 224.3 227.4 Other current liabilities 338.2 407.5 Other current assets 68.8 6

  11. Slide 11: Current Wind Market Situation

    CURRENT WIND MARKET SITUATION  Change of legal framework initiated or expected for major markets  Northern and Eastern markets stable – Southern Europe still weak  Some uncertainties in Germany but possible boom in 2013 EMEA  Groundbreaking ceremonies in South Africa (“Dorper” and “Kouga”)  Nor

  12. Slide 12: Market Outlook until 2016

    MARKET OUTLOOK UNTIL 2016 Regional development Assumptions Forecast  MAKE forecast stable - global WTG installations to grow with a CAGR of ~5% +5%  Market potential of >50GW p.a. from 56 2014 onwards – thereof more than 90% 53 52 51 onshore 11 Americas 45 45 9  Demand in Northern and Eastern Eur

  13. Slide 13: Order Intake Development – Nordex Outperformed Its Peer Group

    ORDER INTAKE DEVELOPMENT – NORDEX OUTPERFORMED ITS PEER GROUP Order intake development in the wind industry 2010 –2012 [EUR mn/MW] +15% -4% +32% 1.268 -37% 1.107 836 * MAKE (MW) Nordex (EUR mn) 2010 2011 2012 2010 2011 2012  New order intake record of EUR 1,268 mn (2011: 1,107 mn) and improved marg

  14. Slide 14: The Key to Success – Focus and Products

    THE KEY TO SUCCESS – FOCUS AND PRODUCTS  Growth in order intake against a declining industry trend due to:  Focused approach (countries – projects – customers)  Superior IEC 3 product N117/2400 – full range of certificates, excellent results of prototype testing, 50 WTGs installed already, very g

  15. Slide 15: Order Backlog Development and Order Book

    ORDER BACKLOG DEVELOPMENT AND ORDER BOOK Development of firm order backlog 2008 –2012 in EUR mn +50% 1,049 824 698 473 411 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012  Increase in order backlog of 50 % - Nordex will start 2013 with one of the highest order backlogs ever  Low exposure to Southern Europ

  16. Slide 16: Generation Delta – Proven Technology at a New Stage of Evolution

    GENERATION DELTA – PROVEN TECHNOLOGY AT A NEW STAGE OF EVOLUTION  Increased: Annual Energy Production (+31%)  Improved: Serviceability  Designed: for Reliability  Launch: EWEA 2013  First order: February 2013  First installations: June 2013  Serial delivery: January 2014  Generation Delta 

  17. Slide 17: Generation Delta – Competitive Product Portfolio for All Onshore Wind Classes

    GENERATION DELTA – COMPETITIVE PRODUCT PORTFOLIO FOR ALL ONSHORE WIND CLASSES Rotor diameter 117 m N117/2400 N117/3000 +31% AEP 100 m +31% AEP N100/2500 N100/3300 90 m N90/2500 6,0 6,5 7,0 7,5 8,0 8,5 9,0 9,5 10,0 Wind Speed in m/s IEC 3a IEC 2a IEC 1a Analyst Call FY 2012 | Nordex SE | Frankfurt/M.

  18. Slide 18: Strategy Implementation Update

    STRATEGY IMPLEMENTATION UPDATE  Sales Strategy:  Germany initiative up and running: strong order momentum in 2012 (OI +60% yoy) as well as in January and February 2013 (84 MW already booked for projects in Southern Germany with customers like ABO Wind, WSB, Planet Energy / Greenpeace)  Turn-key e

  19. Slide 19: Consistent Strategy Implementation Is Key to Achieving Our Guidance 2013

    CONSISTENT STRATEGY IMPLEMENTATION IS KEY TO ACHIEVING OUR GUIDANCE 2013 2012 external Internal strategy implementation volume 2013e ~24-39mn 14mn CN -61.1mn US EBIT One-offs Price Service + CORE 15 Operational New Economies EBIT 2012 Pressure Products Excellence structure of Scale 2-3% Analyst Call

  20. Slide 20: Concluding Remarks

    CONCLUDING REMARKS  2013 = We will deliver!  Mid-sized turbine producers can grow profitably in the wind industry  Products = Success  Nordex has found its place in the market  Nordex’ new strategic direction is on track Analyst Call FY 2012 | Nordex SE | Frankfurt/M.| March 25, 2013 20

  21. Slide 21: Any Questions?

    ANY QUESTIONS? Analyst Call FY 2012 | Nordex SE | Frankfurt/M.| March 25, 2013 21

  22. Slide 22: Appendix: Financial Calendar 2013

    APPENDIX: FINANCIAL CALENDAR 2013 Date Event 25 March 2013 Publication of the Annual Report for the 2012 financial year; Press conference in Frankfurt/Main and analyst call 15 May 2013 Interim report for the first quarter 2013; Analyst Call 15 May 2013 Deutsche Bank GSAC conference in Frankfurt 15-1

  23. Slide 23: Appendix: Shareholder Structure of Nordex SE

    APPENDIX: SHAREHOLDER STRUCTURE OF NORDEX SE SKion/momentum capital 24.99% Free float 75.01% On the basis of 73.529 mn shares, as of November 2012 Analyst Call FY 2012 | Nordex SE | Frankfurt/M.| March 25, 2013 23

  24. Slide 24: 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

  25. Slide 25: 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 Oliver Kayser Investor Relations Manager Phone: +49 (0)40 30030 1024 Fax: +49 (0)40 30030 1333 eMail: okayser@nordex-online.com Nordex SE Langenhorner Chaussee

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