Friedrich Vorwerk Group Se · XETR:VH2
Friedrich Vorwerk — Q1 2024 Earnings Presentation
21 slides from Friedrich Vorwerk's earnings presentation, May 15, 2024
Slide 1: Earnings Call Q1 2024
H Earnings Call Q1 2024 May 15, 2024 Driving the clean energy transition.
Slide 2: Today's presenting team
Today‘s presenting team Torben Kleinfeldt Tim Hameister CEO CFO Group Strategy & Development Finance & Controlling VORWERKer since 2001 VORWERKer since 2019 20+ years industry experience 8+ years industry experience Diplomas in Engineering and Business M.Sc. Financial Management & Accounting 1
Slide 3: Market update
H Market update 5
Slide 4: Energy transition investment estimated at 1.2 trillion €
A recent study estimates the investment for a successful energy transition at 1.2 trillion € - thereof >600 billion € directly addressable by Vorwerk 1.2 trillion € Investment volume required to achieve the energy transition targets by 2030 and 2035 in Germany Thereof by 2035 > 250 bn € > 220 bn € >
Slide 5: Electricity transmission grid investments to exceed 320 billion € until 2045
Until 2045 investments in the electricity transmission grid will even exceed >320 billion € Bundesagentur confirms Electricity Network Development Plan 2023-2037/2045 for +4,800 km New electricity lines* climate-neutral transmission network „ +2,500 km This is the first network development reinforce
Slide 6: EU approval of hydrogen projects paves way for German hydrogen economy
By approving 24 hydrogen projects, the EU paves the way for the German hydrogen economy Commission approves up to €6.9 bn of State aid by 7 Member States for the third Important Project of Common European Interest in the hydrogen value chain IPCEI Hy2Infra Important Project of Common ” H2 Projects G
Slide 7: German Hydrogen Core Grid (Kernnetz)
The IPCEI approval is an important step towards the German Hydrogen Core Grid (“Kernnetz”) German Hydrogen Core Grid (Kernnetz) “ Act on hydrogen grid planning and core grid financing passed Federal Minister Habeck: "The foundation stone for the future of hydrogen has been laid. The development of t
Slide 8: Financial performance Q1 2024
H Financial performance Q1 2024 10
Slide 9: Revenue increased slightly in the first quarter despite challenging weather
Revenue increased slightly in the first quarter despite challenging weather conditions Revenue in €m 109.5 98.2 +5% 92.6 76.7 73.1 Typical seasonal revenue +5 development % Revenue development y-o-y in Q1 2024 Q1 23 Q1 24 Q2 23 Q2 24 Q3 23 Q3 24 Q3 22 Q4 24 11
Slide 10: Profitability improved significantly compared to the previous year
Profitability was also improved significantly compared to the previous year EBITDA EBIT (adj.) in €m, blue bubbles show EBITDA margin in €m, blue bubbles show EBIT margin 7.6% 8.8% 1.7% 2.5% +21% 6.8 +55 % 8.8 % 5.6 EBITDA margin 1.9 in Q1 2024 1.2 Q1/23 Q1/24 Q1/23 Q1/24 2.5% EBIT margin in Q1 2024
Slide 11: Order backlog more than doubled, driven by A-Nord
Driven by A-Nord, the order backlog more than doubled compared to last year Order intake Order backlog in €m in €m -41 % +133% 207 121 1,045 Adj. Opportunities 99 Clean Hydrogen 12 €m 121 Order intake in Q1 2024 449 837 Electricity Q1/23 Q1/24 03/23 98 03/24 Natural Gas >1.0 € bn Order backlog as at
Slide 12: Sales backlog ratio currently at 2.8x
Driven by the energy transition, the sales backlog ratio currently stands at 2.8 X Order backlog & sales backlog ratio (12-month rolling) in €m/ multiple of quarterly sales 2,8 X 2.8 X 1,049 1,045 1,001 1,5 X 1,1 X 1,2 X 1,0 X 0,9 X 378 422 372 449 467 2.8 X 319 278 282 313 315 Sales backlog ratio (
Slide 13: Moderate revenue growth at clearly improving margins expected
Based on our strong order backlog, we expect moderate revenue growth at clearly improving margins Revenue Guidance Profitability guidance │EBITDA margin in €m in €m / in % 8.6% 11-13% >2% 380 373 >380 368 > m€ Revenue Guidance 32 FY 2024 FY 2022 FY 2023 FY 2024 FY 2023 FY 2024 11-13 % Guidance Guida
Slide 14: Business update
H Business update 16
Slide 15: Acquisition of Seyde & Coburg as step in insourcing strategy
The recent acquisition of Seyde & Coburg forms yet another step in the strategy to insource critical technological know-how and hence reduce the reliance on third parties Acquired in 2021 Seyde & Coburg is an established full-service provider active in the field of cathodic corrosion protection (CCP
Slide 16: VORWERK working on SEL, one of the largest pipeline projects in Southern Germany
Natural gas With the SEL, VORWERK is working on one of the largest pipeline projects in Southern Germany terranets bw Süddeutsche Erdgasleitung (SEL) Project details First 25 km section (DN1200) of overall 250+ km pipeline project Construction works as part of equal joint venture VORWERK, Bohlen & D
Slide 17: New technologies to further automate welding procedures
Natural gas VORWERK is continuously working on new technologies to further automate welding procedures Automatic welding system engineered by VORWERK Advantages Higher cost efficiency due to • Increased welding speed based on state-of-the-art dual torch stepper motor design • Reduced personnel costs
Slide 18: Grid expansion requires many new substations
Electricity The massive grid expansion plans require a large number of new substations which results in substantial market potential for VORWERK New project acquisition Past project reference: Liedingen 380 kV substation Substation Stade-West (completed in 2021) Project awarded in H2/23 by major cus
Slide 19: Questions & Answers
Questions & Answers Torben Kleinfeldt CEO Tim Hameister CFO 21
Slide 20: 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 a
Slide 21: Driving the Clean Energy Transition.
H Driving the Clean Energy Transition.
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