Nordex Se · XETR:NDX1
Nordex — FY2012 Earnings Presentation
25 slides from Nordex's earnings presentation, Mar 25, 2013
Slide 1: Nordex SE Conference Call FY 2012
Nordex SE Conference Call FY 2012 Frankfurt/Main, 25/03/2013
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
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
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
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
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 (
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
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
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
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
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
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
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
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
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
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
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.
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
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
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
Slide 21: Any Questions?
ANY QUESTIONS? Analyst Call FY 2012 | Nordex SE | Frankfurt/M.| March 25, 2013 21
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
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
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
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