Nordex Se · XETR:NDX1
Nordex — Q1 2024 Earnings Presentation
20 slides from Nordex's earnings presentation, May 14, 2024
Slide 1: Nordex SE – Financial figures Q1/2024
| Nordex Group Nordex SE – Financial figures Q1/2024 14th May 2024 Financial figures Q1/2024 | 14 May 2024
Slide 2: Disclaimer
2| Disclaimer › All financial figures within this presentation are unaudited. › This presentation was produced in May 2024 by Nordex SE solely for use as a source of general information regarding the economic circumstances and status of Nordex SE. It does not constitute an offer for the sale of secu
Slide 3: Agenda
3| Agenda Introduction José Luis Blanco Markets and orders Patxi Landa Financials Dr Ilya Hartmann Operations and technology José Luis Blanco Guidance and Outlook José Luis Blanco Q&As All Key takeaways José Luis Blanco Financial figures Q1/2024 | 14 May 2024
Slide 4: Executive summary Q1/2024
4 | Introduction Executive summary Q1/2024 Q1/2024 Results Commentary › Order intake of 2.1 GW (Q1/2023: 1 GW) shows a strong start into the year with stable ASP of EUR 0.85m/MW (Q4/2023: ASP of 0.84m). First US order of 148 MW booked in 2024. Sales: › Sales increased by around 30% to EUR 1,574m com
Slide 5: Nordex continues to grow its market share (ex China) based on order intake and installations
5 | Introduction Nordex continues to grow its market share (ex China) based on order intake and installations Onshore market share (MW orders) - as published Onshore market share (MW Installations) on 29th Feb 2024 Global market share Global market share (c.43 GW order intake) (c.44 GW installed) No
Slide 6: Order intake Q1/2024
6 | Markets & orders Order intake Q1/2024 Order intake turbine* (in MW) Order intake turbine* by regions (in MW in %) Europe North America Latin America RoW +104% 2,086 67% 1,021 100% 3% 30% Q1/2023 Q1/2024 Q1/2023 Q1/2024 › Order intake totaled to EUR 1,765m in Q1/2024 › Orders received from eleven
Slide 7: Growth in service business Q1/2024
7 | Markets and orders Growth in service business Q1/2024 Service revenues (EUR m) and EBIT margin Comments +9% › Share of service sales amounted to around 11% of 166 group sales in Q1/2024 152 › Service EBIT margin of 15.1% in the first three months 2024, reflects a slight uptick in the margins yea
Slide 8: Combined order book of over EUR 11bn at the end of Q1/2024
8 | Markets & orders Combined order book of over EUR 11bn at the end of Q1/2024 Order book turbines (EUR m) Order book service (EUR m) +14% +11% 7,333 3,791 6,458 3,405 Q1/2023 Q1/2024 Q1/2023 Q1/2024 › Solid growth of order book by around 14% to › 11,700 wind turbines under service agreement - arou
Slide 9: Income statement Q1/2024
9 | Financials Income statement Q1/2024 Comments in EUR m (rounded figures) Q1/2024 Q1/2023 abs. change › Growth of ~29% recorded in Sales 1,574 1,217 357 sales at the end of Q1/2024 compared to previous year Total revenues 1,458 1,243 215 quarter Cost of materials -1,149 -1,135 -14 › Gross margins
Slide 10: Balance sheet Q1/2024
10 | Financials Balance sheet Q1/2024 in EUR m 31.03.24 31.12.23 abs. change Δ in % Comments (rounded figures) Non-current assets 1,915 1,869 46 2.4 › Solid liquidity levels of around EUR 741m at the end of Current assets 3,273 3,553 -280 -7.9 Q1/2024 Total assets 5,188 5,422 -234 -4.3 › Lower net c
Slide 11: Working capital development Q1/2024
11 | Financials Working capital development Q1/2024 Working capital ratio (in % of sales)* Working capital development (in EUR m)* -7.0 -479 251 FY 2024 -9.6 guidance: 98 -10.2 below -9% -151 -10.6 -746 69 -11.5 Q4/ Receiva- Inven- Prepay- Pay- Q1/ Q1/ Q2/ Q3/ Q4/ Q1/ 2023 bles tories ments ables 20
Slide 12: Cash flow statement Q1/2024
12 | Financials Cash flow statement Q1/2024 in EUR m Q1/2024 Q1/2023 Comments Cash flow from operating activities › Cash flow from operating 65 -133 before net working capital activities before net working capital positive as operational Cash flow from changes in working performance normalized -267
Slide 13: Total investments in Q1/2024
13 | Financials Total investments in Q1/2024 CAPEX (in EUR m) Comments Property, plant, equipment › Key investment priorities in Q1/2024 mainly include Intangible assets the following: +36% • Investments in blade and nacelle production 33.9 facilities, moulds and tooling • Investments in installatio
Slide 14: Capital structure Q1/2024
14 | Financials Capital structure Q1/2024 (Net debt)/net cash* Equity ratio (in %) 700 631 22 600 500 20 20.7 400 360 344 359 18 18.8 18.6 18.0 300 16 200 104 14 15.0 100 0 12 Q1/ Q2/ Q3/ Q4/ Q1/ Q1/ Q2/ Q3/ Q4/ Q1/ 2023 2023 2023 2023 2024 2023 2023 2023 2023 2024 › Lower cash levels mainly reflect
Slide 15: Operational performance Q1/2024
15 | Operations & technology Operational performance Q1/2024 Installations (MW) Production Turbine assembly (MW) Total blade production (#) -16% In-house outsourced 1,319 +9% 1,103 1,171 -7% 1,078 1,121 1,039 233 313 888 (79%) 726 (70%) Q1/2023 Q1/2024 Q1/2023 Q1/2024 Q1/2023 Q1/2024 › Total install
Slide 16: Guidance for FY 2024 confirmed
16 | Guidance and Outlook Guidance for FY 2024 confirmed Q1/2024 2024 guidance Sales: EUR 1,574m EUR 7.0 - 7.7bn EBITDA margin: 3.3% 2.0% to 4.0% Working capital ratio: -7% below -9% CAPEX: ~EUR 34m approx. EUR 175m Please note the guidance is based on the assumptions of a stable supply chain. Finan
Slide 17: Time for your questions
17 | Q&As Time for your questions Answers Questions Financial figures Q1/2024 | 14 May 2024
Slide 18: Key takeaways
18 | Key takeaways Key takeaways Macro environment improving, but near-term headwinds remain in the form of 1 inflation, higher interest rates and supply chain reliability. Order intake and pipeline continues to be healthy with improving margin profile on a 2 more stable cost base. 3 Q1/2024 perform
Slide 19: Thank you for your attention
19 | Thank you for your attention Financial figures Q1/2024 | 14 May 2024
Slide 20: Contact details
20 | Contact details IF YOU HAVE ANY QUESTIONS PLEASE CONTACT: Anja Siehler phone: +49 (0)162 351 53 34 email: asiehler@nordex-online.com Tobias Vossberg phone: +49 (0)173 4573 63 3 email: tvossberg@nordex-online.com Torben Rennemeier phone: +49 (0)152 3461 79 54 email: trennemeier@nordex-online.com