Friedrich Vorwerk Group Se · XETR:VH2
Friedrich Vorwerk — Investor Presentation (March 2023)
21 slides from Friedrich Vorwerk's investor presentation, March 2023
Slide 1: Driving the clean energy transition
Driving the clean energy transition.
Slide 2: VORWERK is critical in transforming and delivering energy from producers to consumers
VORWERK is critical in transforming and delivering energy from producers to consumers Production/ Transformation/ transportation Consumer import LNG Terminals Storage & Compressor Gas pressure Pipelines measurement stations regulating & International metering stations pipelines Landfall Power-to-Hea
Slide 3: VORWERK's fully integrated service offering enables critical energy infrastructure
VORWERK’s fully integrated service offering enables critical energy infrastructure Automated welding processes Gas pressure control & measuring plants Public and private permitting Process & detail engineering No-dig procedures (HDD) Compressor & pump stations Cable pull Electrolyser technologies In
Slide 4: Financial performance
Financial performance 3
Slide 5: Q4 Revenues increased by 56% y-o-y, which is significantly above expectations
Q4 Revenues increased by 56% y-o-y, which is significantly above expectations Revenues in €m +56% 115.9 109.4 84.4 80.1 76.3 70.2 58.4 52.5 Typical seasonal Revenues development Q1 21 Q1 22 Q2 21 Q2 22 Q3 21 Q3 22 Q4 21 Q4 22 4
Slide 6: This leads to full year revenues of €368 million – an increase of 32% y-o-y
This leads to full year revenues of € 368 million – an increase of 32% y-o-y Revenues in €m +32 % 368.2 Guidance 2022: > 320 €m 279.1 FY 2021 FY 2022 5
Slide 7: However, profitability in Q4 was significantly lower than expected
However, profitability in Q4 was significantly lower than expected EBITDA EBIT in €m in €m 20.6 % 6.5 % 15.7 % 2.6 % -51% 14.3 -74 % 10.9 7.1 2.8 Q4 21 Q4 22 Q4 21 Q4 22 6
Slide 8: The low profitability is rooted in the overstretched capacity and one-off effects
The low profitability is rooted in the overstretched capacity and one-off effects Short-notice order extensions and time pressure in critical gas projects Several large projects, including the LNG connections, were extended in scope and were under immense time pressure at the end of 2022, while inte
Slide 9: Leading to a significant shortfall of EBITDA and EBIT in the full year
Leading to a significant shortfall of EBITDA and EBIT in the full year EBITDA (adj.1) EBIT (adj.1) in €m in €m 20.6 % 13.6 % 16.0 % 9.2 % -13% 57.5 50.1 -24 % 44.5 33.8 FY 2021 FY 2022 FY 2021 FY 2022 8 1) Adjustments primarily refer to IPO-related costs
Slide 10: Business update
Business update 9
Slide 11: Work on the second large LNG connection line in Brunsbüttel has also been started
Work on the second large LNG connection line in Brunsbüttel has also been started Brunsbüttel LNG connecting pipeline Project description ECI Customer: European critical infrastructure The Brunsbüttel connecting pipeline (ETL 180/185) serves to connect the new Brunsbüttel LNG terminal to the existin
Slide 12: VORWERK recently achieved an important milestone to drive one of Germany's largest cable projects
VORWERK recently achieved an important milestone to drive one of Germany’s largest cable projects Corridor A North Project description Tender process BorWin 4 DolWin4 New HVDC cable line for the distribution Phase 1 Definition of contract scope Customer: of wind power from Lower Saxony to and mode o
Slide 13: The recently won BorWin6 project again underlines BoDo's strong positioning
The recently won BorWin6 project again underlines BoDo's strong positioning in the field of onshore realization of offshore cable connections Project BorWin 6 Description A total of 235km long and 980 MW DC Customer link for transporting wind power from the BorWin Kappa converter station to the conv
Slide 14: Bohlen & Doyen has concluded a framework agreement for the execution of HDD drilling operations
In addition, Bohlen & Doyen has concluded a framework agreement for the execution of HDD drilling operations Description Customer Framework agreement for HDD drilling for various offshore landfall projects (including BorWin6) and various hydraulic engineering services (logistics, launch and target s
Slide 15: Due to massive electrification efforts, the German electricity infrastructure market is facing an unprecedented wave of investments
Due to massive electrification efforts, the German electricity infrastructure market is facing an unprecedented wave of investments 2023 2024 2025 2026 2027 2028 2029 2030 A310 A-Nord* OstWind6 SuedLink Tiefbau Hansa Powerbridge BorWin6 Amprion Korridor B DC34 Project order LanWin3+6 Prospective pro
Slide 16: The large electricity HVDC projects are expected to start making substantial revenue contributions from 2024 onwards
The large electricity HVDC projects are expected to start making substantial revenue contributions from 2024 onwards LNG projects (WAL, Brunsbüttel) Large natural gas projects Natural Gas (e.g. EUGAL, large compressor stations, L- to H-gas conversion etc.) Large electricity HVDC projects (A-Nord, Su
Slide 17: After substantial growth in the past years, we expect a transitional year 2023
After substantial growth in the past years, we expect a transitional year 2023 Revenues in €m -19 % 368 >300 279 FY 2021 FY 2022 FY 2023 16
Slide 18: For the transitional year 2023, we expect the EBITDA margin to remain on 2022 level
For the transitional year 2023, we expect the EBITDA margin to remain on 2022 level EBITDA margin (adj.) EBIT margin (adj.) in % in % EBITDA margin on 2022 level EBIT margin below 13.6 9.2 2022 level FY 2022 FY 2023 FY 2022 FY 2023 17
Slide 19: Driving the clean energy transition
Vorwerk is a key catalyst for change towards a decarbonized energy system One of Germany‘s largest energy infrastructure providers with a strong focus on the energy Driving the clean sources of the future energy transition Natural Electricity Clean Adjacent Gas Hydrogen opportunities 60 years of ful
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 an
Slide 21: Driving the clean energy transition
Driving the clean energy transition
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