Nordex Se · XETR:NDX1
Nordex — Q1 2011 Earnings Presentation
18 slides from Nordex's earnings presentation, May 11, 2011
Slide 1: Nordex SE Conference Call Q1 2011
Nordex SE Conference Call Q1 2011 Hamburg, 11/5/2011
Slide 2: Overview Q1 2011
Overview Q1 2011 Markets remain challenging, but we have had a good start to the year • Revenue + 22 %, EBIT flat • Strong order intake in Q1 (+ 117 %) On track to reach full-year targets; confirming guidance Equity and bond issues secure financial position and investment in new products Changes in
Slide 3: Income statement
Income statement In EUR mn Q1 2011 Q1 2010 ∆ in % Sales 183.1 150.5 21.7 Total revenues 192.3 170.4 12.9 Cost of materials (138.1) (123.4) 11.9 Gross profit 54.2 47.0 15.3 Personnel costs (32.6) (28.7) 13.6 Other operating (exp.)/inc. (15.0) (13.4) 11.9 EBITDA 6.5 4.9 32.7 Depreciation (6.1) (4.5) 3
Slide 4: Inventories and working capital development
Inventories and working capital development Inventories in EUR mn WC including reservation fee (WC to total revenues) 35 406 392 372 357 30 341 318 289 279 281 25 273 275 275 247 20 15 10 5 0 Q1/2008 Q2/2008 Q3/2008 Q4/2008 Q1/2009 Q2/2009 Q3/2009 Q4/2009 Q1/2010 Q2/2010 Q3/2010 Q4/2010 Q1/2011 Inve
Slide 5: Cash flow statement
Cash flow statement In EUR mn Q1 2011 Q1 2010 Net result (1.8) 0.0 Depreciation 6.1 4.5 Change in provisions (8.2) 7.3 Change in working capital (97.8) (0.7) Other cash outflow from operating activities 17.2 (9.9) Cash flow from operating activities (84.5) 1.2 Cash flow from investing activities (10
Slide 6: Capital measures strengthened Nordex' financial position and its ability to invest in product development
Capital measures strengthened Nordex`financial position and its ability to invest in product development Nordex issued 6,684,499 new shares from capital increase against cash on March 29, 2011 • Placed at a price of EUR 8.40 per share (threefold oversubscribed) with institutional investors by way of
Slide 7: Balance sheet
Balance sheet In EUR mn Q1 2011 2010 Q1 2011 2010 Liquid funds 133.9 141.1 Current bank borrowings 64.1 30.3 Trade receivables 130.2 267.9 269.5 Trade payables 177.7 and future receivables Net inventories 280.7 279.0 Prepayments received 76.0 126.1 Other current assets 53.6 54.4 Other current liabil
Slide 8: Change of POC method
Change of POC method Presentation held on March 28, 2011 IFRS postponed new accounting principles to Q4 2011 Conference Call Q1 2011 | Nordex SE | Hamburg | May 11, 2011 8
Slide 9: New installed wind energy capacity is expected to grow by 13% per year until 2015
New installed wind energy capacity is expected to grow by 13% per year until 2015 Wind Energy Market outlook 2011–2015 in GW 64 Forecast 58 53 15 CAGR: 16% 48 14 12 40 13 32 34 9 30 CAGR: 12% 7 26 Americas 11 24 21 20 17 Asia 11 15 16 18 CAGR: 13% Europe 10 13 10 10 RoW 1 1 2 2 1 2009 2010 2011e 201
Slide 10: Wind market development 2011
Wind market development 2011 Accelerated transition to renewable energy expected Germany: increase of renewable energy ahead with offshore focus Proportion of European business in Q1 2011: 80 % (2010: 96 %) Strong Q2 order intake in Europe expected Installations more than doubled in Q1 2011 vs. Q1 2
Slide 11: Nordex' offshore turbine will be a highly competitive product in the next generation
Nordex’ offshore turbine will be a highly competitive product in the next offshore-turbine generation Swept rotor area per MW 1st generation (2002 – 2009): Energy production per turbine is too low with 2-3 MW WTG (high infrastructure costs/MW) 2nd generation (2009 – 2014): Existing 5-6 MW offshore t
Slide 12: Order intake
Order intake Development of firm order intake 2010 – Q1 2011 in EUR mn 304 258 201 + 117 % 154 71 Q1/2010 Q2/2010 Q3/2010 Q4/2010 Q1/2011 New orders up 117% in Q1 2011 vs. Q1 2010 74 % of new orders from Europe, 26 % from the US Further growth in order intake in second quarter expected Conference Ca
Slide 13: Nordex builds Sweden's largest wind farm
Nordex builds Sweden´s largest wind farm Press release April 2010 Nordex will build “Blaiken”, a 150 MW (60 turbines) wind farm in Sweden Customers are Skelleftea Kraft (leading energy supplier in Sweden) and Fortum (one of the largest utilities in Europe based in Finland) N100/2500 will be fitted w
Slide 14: No issue with production overcapacity
No issue with production overcapacity Nordex production capacity Max. capacity 2,500 Fixed costs in EUR mn (depreciation) MW Planned production 2011 750 MW 750 MW Total effect on earnings:: EUR 3.9 mn 250 MW 250 MW 5.5 (2.3) 4.0 100 MW 1.4 1.5 (0.9) 1.3 1.5 (0.7) Germany USA China Due to low fixed c
Slide 15: Outlook 2011
Outlook 2011 Presentation held on March 28, 2011 Nordex confirms guidance for 2011 Distribution of revenues and results in the course of the year will be comparable to previous year Conference Call Q1 2011 | Nordex SE | Hamburg | May 11, 2011 15
Slide 16: Shareholder structure of Nordex SE
Shareholder structure of Nordex SE SKion/momentum capital 23.95% Freefloat 76.05% On the basis of 73.529 mn shares, as of May 2011 Conference Call Q1 2011 | Nordex SE | Hamburg | May 11, 2011 16
Slide 17: 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 18: 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 18