Nordex Se · XETR:NDX1
Nordex — 9M 2011 Earnings Presentation
19 slides from Nordex's earnings presentation, Nov 14, 2011
Slide 1: Nordex SE Conference Call 9M 2011
Nordex SE Conference Call 9M 2011 Hamburg, 14/11/2011
Slide 2: Overview
OVERVIEW Q3 2011 in line with expectations; despite high structural costs and pricing pressure Construction delays in Q4 2011 due to more difficult project financing Reducing guidance 2011 on sales and EBIT Strong order intake: guidance for full year revised up to EUR 1.1 bn Strategic initia
Slide 3: Development Wind Energy Industry 2011
DEVELOPMENT WIND ENERGY INDUSTRY 2011 New installations +11 % (yoy) expected in 2011 Core markets in Central Europe on track (Fukushima effect), but growing uncertainty in other EU states Nordex: European order intake increased by 75% to EUR 648 mn Americas installations forecast 2011: + 28%
Slide 4: Order Intake Development
ORDER INTAKE DEVELOPMENT Development of firm order intake 2010 - 2011 in EUR mn New orders up 34 % in 9M 2011 vs. 9M 2010 91 % of new orders from Europe, 6 % from the US and 3 % from Asia Strong development of European business (+ 75 %), especially in Sweden, UK, France and Germany Nordex wi
Slide 5: Rebound in Order Intake Builds the Basis for Top Line Growth in 2012
REBOUND IN ORDER INTAKE BUILDS THE BASIS FOR TOP LINE GROWTH IN 2012 Improved book-to-bill ratio leads to higher firm order backlog (all figures in EUR mn) Order Firm order backlog backlog Order intake Sales Book to bill ratio 1.5 0.2 0.9 0.4 0.9 0.8 1.3 1.1 Q3: Book-to-bill ratio remains at > 1;
Slide 6: Income Statement
INCOME STATEMENT In EUR mn 9M 2011 9M 2010 Δ in % Sales 668.2 614.2 8.8 Total revenues 695.0 634.4 9.6 Cost of materials (505.9) (465.0) 8.8 Gross profit 189.1 169.4 11.6 Personnel costs (102.6) (87.0) 17.9 Other operating (exp.)/inc. (55.8) (50.3) 10.9 EBITDA 30.7 32.1 (4.4) Depreciation (19.7) (14
Slide 7: Inventories and Working Capital Development
INVENTORIES AND WORKING CAPITAL DEVELOPMENT Inventories in EUR mn WC including reservation fees (WC to total revenues) Decrease in working capital by EUR 58 mn in Q3 2011 Working capital ratio* at 34.2 % (2010: 24.3%) * Based on sales target 2011 Conference Call 9M 2011 | Nordex SE | Hamburg | N
Slide 8: Cash Flow Statement
CASH FLOW STATEMENT In EUR mn 9M 2011 9M 2010 Net result (0.6) 8.5 Depreciation 19.7 14.8 Change in provisions (18.0) (2.8) Change in working capital (73.7) (26.9) Other cash outflow from operating activities 9.8 5.6 Cash flow from operating activities (62.8) (0.8) Cash flow from investing activitie
Slide 9: Balance Sheet
BALANCE SHEET In EUR mn 9M 2011 2010 9M 2011 2010 Liquid funds 211.0 141.1 Current bank borrowings 46.6 30.3 Trade receivables 159.3 262.6 269.5 Trade payables 177.7 and future receivables Net inventories 293.2 279.0 Prepayments received 81.6 126.1 Other current assets 65.8 54.4 Other current liabil
Slide 10: 10 Key Measures to Increase Competitiveness
10 KEY MEASURES TO INCREASE COMPETITIVENESS Core Challenges for Nordex Key Measures to strengthen our Business Model Market Business Products Structure/ Approach Segments Organization 1. Sales: Strong 4. Leverage own 7. Launch products 9. Clear Management European base with project develop- with sup
Slide 11: Savings on Structural Costs
SAVINGS ON STRUCTURAL COSTS Personnel Target: 250 FTE in Europe (thereof 217 FTE in Germany) Measures: voluntary 220 50 programme √, transitional company (tbd), layoffs (tbd) Targeted cost cutting measures Other operating expenses Lease rental Reduced charges warranty costs Europe Travel 190 costs T
Slide 12: Nordex Efficiency Programme
NORDEX EFFICIENCY PROGRAMME Global wind Efficiency programme 2011/12 Competitive position class market 3,2-114 3,0-112 3,0-101 3,0-101 2,75-103 N100/2500 40% N117/2400 IEC3 N117/2400 2,3-113 Series start 7/2012 2,0-100 2,0-92 + 17.7% AEP N100/2500 0 2.000 4.000 Full load hours (Gross p.a.)* Target:
Slide 13: Realignment of Global Reach
REALIGNMENT OF GLOBAL REACH Status China Joint Venture: MoU signed with domestic state owned group Potential JV partner belongs to one of the biggest wind farm operators in China with a strong project pipeline Presentation held on August 11, 2011 Negotiations proceeding on schedule Status Offs
Slide 14: New Organization of Management Completed
NEW ORGANIZATION OF MANAGEMENT COMPLETED Dr. Jürgen Zeschky will be the new CEO of Nordex 2003 - ´12: Executive Vice President VOITH TURBO, Heidenheim, Germany 1997-´03: Director of Operations CEO MANNESMANN DEMAG DELAVAL, Trenton, NJ, USA (acquired by Siemens in 2000) Clear focus on 1994-´97: Manag
Slide 15: Turbine Prices to Recover from 2013 Onwards
TURBINE PRICES TO RECOVER FROM 2013 ONWARDS Expected turbine prices (EUR mn/MW) vs. Nordex gross margin development Gross margin (%) Cost cutting fully effective in 2012 Growing importance of offshore market (higher pricing level) Reduced over capacities will lead to a more balanced market Sourc
Slide 16: Outlook Nordex
OUTLOOK NORDEX 2011e: Project delays in Q4 will led to lower sales and earnings than previously forecast 2011 Guidance Old New Order intake ~ EUR 1,000 mn ~ EUR 1,100 mn Revenues ~ EUR 1,000 mn ~ EUR 920 mn EBIT (before one-offs) Operating profit ~ EUR – 10 mn More optimistic for 2012: Order i
Slide 17: Shareholder Structure of Nordex SE
SHAREHOLDER STRUCTURE OF NORDEX SE SKion/momentum capital 24.99% Freefloat 75.01% On the basis of 73.529 mn shares, as of November 2011 Conference Call 9M 2011 | Nordex SE | Hamburg | November 14, 2011 17
Slide 18: 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 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 19