Friedrich Vorwerk Group Se · XETR:VH2
Friedrich Vorwerk — H1 2022 Earnings Presentation
23 slides from Friedrich Vorwerk's earnings presentation, Aug 12, 2022
Slide 1: Driving the clean energy transition. H1 Earnings Call
Driving the clean energy transition. H1 Earnings Call August 12, 2022
Slide 2: Key messages
Key messages Key messages Key figures Russia-Ukraine war continues to act as strong catalyst across all VORWERK end-markets + 142 % Order intake H1 22 vs. H1 21 Backed by strong industry tailwind, VORWERK 422 again registers record-level order intakes Order backlog €m as of 30.06.2022 Especially LNG
Slide 3: Market update
Market update 2
Slide 4: Germany is under pressure to accelerate energy transition due to Ukraine war
Germany is under pressure to accelerate energy transition due to Ukraine war Climate Change Act 2021 Compulsory carbon reduction goals by sector Reductions of carbon emission by 65% by 2030 Carbon neutrality by 2045 3
Slide 5: The Russia-Ukraine war acts as strong catalyst across VORWERKs key markets
The Russia-Ukraine war acts as strong catalyst across VORWERKs key markets “ opportunity “ 4
Slide 6: VORWERK is ideally positioned to drive the energy transition
VORWERK is ideally positioned to drive the energy transition Revenue FY 2021: 279 €m 66% 17% 4% 13% Clean Adjacent Natural Gas Electricity Hydrogen Opportunities High-pressure Underground cable Hydrogen-ready District heating pipeline construction construction pipeline construction infrastructure Co
Slide 7: Financial performance
Financial performance 6
Slide 8: Our record-level order backlog provides excellent visibility and a strong basis for further growth
Our record-level order backlog provides excellent visibility and a strong basis for further growth Order intake Order backlog in €m in €m +35 % 422 +142 % 252 37 % Adjacent Opportunities 313 45 % 25 % Adjacent Opportunities 8% Clean Hydrogen 4% 14 % 15 % Electricity 10 % Clean Hydrogen 104 16 % 17 %
Slide 9: On the back of our strong order backlog, Q2 revenue increased by 5 %
On the back of our strong order backlog, Q2 revenue increased by 5 % year-on-year Revenue in €m +5% 84.4 80.1 76.3 70.1 Typical seasonal 58.4 revenue development 52.5 Q1 21 Q1 22 Q2 21 Q2 22 Q3 21 Q4 21 Covid-19 effects 8
Slide 10: Revenue growth was strongly driven by our Adjacent Opportunities segment
Revenue growth was strongly driven by our Adjacent Opportunities segment Revenue by segment in €m +8 % 142.8 132.7 14 % 26 % Adjacent Opportunities 4% 2% Clean Hydrogen 16 % 17 % Electricity 66 % 55 % Natural gas H1 21 H1 22 9
Slide 11: Profitability remains strong, but below previous year’s level
Profitability remains strong, but below previous year’s level EBITDA (adj.1) EBIT (adj.1) in €m in €m 20.8 % 15.6 % 16.1 % 10.2 % 27.5 22.3 21.3 14.6 H1 21 H1 22 H1 21 H1 22 10 1) Adjustments primarily refer to IPO-related costs
Slide 12: Several effects currently weigh down profitability
Several effects currently weigh down profitability Effects primarily in Q1 Effects primarily in Q2 Costs associated with Integration of Increase in material, energy and project ramp-up Puhlmann Group personnel expenses Ramp-up of large projects typically Integration of recently acquired Progress and
Slide 13: For FY 2022 we expect to generate revenues of >320 million € at a 13-15% EBIT margin
For FY 2022 we expect to generate revenues of >320 million € at a 13-15% EBIT margin Revenue in €m, blue bubbles show adj. EBIT margin1 Revised 16 % 13-15 % +15 % >320 279 2021 2022 12 1) Adjustments for 2021 primarily refer to IPO-related costs
Slide 14: VORWERK balance sheet
VORWERK balance sheet Balance sheet in €m, as at 30.06.2022 283 283 Fixed assets** 120 156 Equity 10 Mezzanine financing Working 24 122 Financial liabilities capital 33 Operating liabilities (LT) 60 Operating liabilities (ST) Cash* 41 Assets Liabilities & Equity * Liquidity incl. securities 13 ** Wi
Slide 15: Business update
Business update 14
Slide 16: The Wilhelmshaven connecting pipeline is critical for Germany‘s energy security
The Wilhelmshaven connecting pipeline is critical for Germany‘s energy security Wilhelmshaven connecting pipeline Project description Critical infrastructure Customer: The Wilhelmshaven connecting pipeline serves to connect the new Wilhelmshaven LNG terminal to the existing natural gas grid (NETRA t
Slide 17: The Brunsbüttel connecting pipeline marks the second large-scale LNG-related project
The Brunsbüttel connecting pipeline marks the second large-scale LNG-related project Brunsbüttel connecting pipeline Project description Critical infrastructure Customer: The Brunsbüttel connecting pipeline (ETL 180/185) serves to connect the new Brunsbüttel LNG terminal to the existing natural gas
Slide 18: Multiple additional LNG-related infrastructure projects are already underway
Multiple additional LNG-related infrastructure projects are already underway Exemplary LNG projects Stade Lubmin connecting pipeline ETL 179 LNG terminals Wilhelmshaven Planned by Gasunie Deutschland Floating LNG terminal planned by private connecting pipeline Sande-Nüttermoor investors (Regas), add
Slide 19: VORWERK is driving sustainability for our customers and across our own operations
VORWERK is driving sustainability for our customers and across our own operations Cooperation with Hoeller electrolyzer Wiesmoor hydrogen project Power generation through PV Project management 25+ years experience Conversion of excess power into in the development hydrogen through own electrolyzer P
Slide 20: Questions & Answers
Questions & Answers Torben Kleinfeldt CEO Tim Hameister CFO 19
Slide 21: Financial Calendar 2022
Financial Calendar 2022 March 2 Preliminary Figures FY 2021 │ Earnings Call March 16 Berenberg EU Opportunities Conference March 29 Jefferies Pan-European Mid-Cap Conference March 31 Annual Report 2021 May 13 Quarterly Report Q1 2022 │ Earnings Call May 25 Berenberg Tarrytown Conference June 1 Annua
Slide 22: 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 an
Slide 23: Driving the clean energy transition
Driving the clean energy transition
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