Nordex Se · XETR:NDX1

Nordex — H1 2014 Earnings Presentation

20 slides from Nordex's earnings presentation, Aug 18, 2014

  1. Slide 1: Nordex SE Conference Call H1 2014

    Nordex SE Conference Call H1 2014 Hamburg 18 August 2014

  2. Slide 2: Agenda

    AGENDA 1. Highlights H1 2014 Dr. Jürgen Zeschky 2. Market snapshots Dr. Jürgen Zeschky 3. Operational progress Dr. Jürgen Zeschky 4. Financials Bernard Schäferbarthold 5. Outlook 2014 Dr. Jürgen Zeschky 6. Nordex Capital Markets Day 2014 Dr. Jürgen Zeschky 7. Appendix Conference Call H1 2014| Nordex

  3. Slide 3: Highlights H1 2014

    1. HIGHLIGHTS H1 2014 H1 2014 vs. H1 2013  Stable order intake: up 8 %  Sales up by 23 %  EBIT margin at 4.5 %  Net liquidity position of EUR 214 m  Significant positive free cash flow of EUR 70 m  Further improvement in the working capital quota to -1.4 %  Sales guidance 2014 fully covered –

  4. Slide 4: Market Snapshots H1 2014

    2. MARKET SNAPSHOTS H1 2014  New German EEG in place since 1 August – increase of project negotiations under the new framework conditions (“EEG 2014”)  Increased activity in France after conclusion of legal complaints EMEA  Increasing installations in core markets like Germany (1,723 MW) or Turke

  5. Slide 5: Stable Order Intake

    3. STABLE ORDER INTAKE Order intake H1 2014 vs H1 2013 (in EUR m) Order intake H1 2014 by region +8% 909 APAC Americas 839 2% EMEA South 9% EMEA North 37% 18% 34% Germany H1 2013 H1 2014  Order intake of EUR 909 m – Nordex´ best H1 ever  Around 90% from EMEA with Germany, France and Turkey as main

  6. Slide 6: Sales Guidance 2014 Fully Covered by the Current Order Book

    3. SALES GUIDANCE 2014 FULLY COVERED BY THE CURRENT ORDER BOOK Development of the firm order book H1 2013 – FY 2013 – H1 2014 (in EUR m) +12% 1,415 1,300 1,259 30/6/2013 31/12/2013 30/6/2014  Firm order book of EUR 1,415 m (31.12.2013: EUR 1,259 m) covers 2014 sales target  EMEA currently accounts

  7. Slide 7: Business Performance Along the Value Chain

    3. BUSINESS PERFORMANCE ALONG THE VALUE CHAIN  Decreasing turbine production due to fitting activities for the Production Delta Generation - further increase in blade production  Turbine assembly: 579 MW (-12% yoy)  Blade production: 231 blades (+125% yoy)  Increase by 19% to 667 MW (H1 2013: 56

  8. Slide 8: Groundbreaking for the Extension of the Blade Production

    3. GROUNDBREAKING FOR THE EXTENSION OF THE BLADE PRODUCTION  Groundbreaking ceremony for the blade factory extension (10,500 m2) together with federal and local politicians  Ramp-up of the five mould lead factory planned starting Q1 2015  Focus on the production of newest blade types (NR 58.5; NR

  9. Slide 9: Generation Delta on Track

    3. GENERATION DELTA ON TRACK  Power curves and sound power levels of the Delta Generation turbines N100/3300 and N117/3000 proven by measurements of DNV GL  Generation Delta serial production in full swing - first N117/3000 projects in installation phase  New light wind turbine N131/3000 on track

  10. Slide 10: Group Income Statement H1 2014

    4. GROUP INCOME STATEMENT H1 2014 In EUR millions H1 2014 H1 2013 ∆ in % Sales 815.4 660.6 23.4 Total revenues 774.5 683.7 13.3 Cost of materials (605.2) (534.2) 13.3 Gross profit 169.3 149.5 13.2 Personnel costs (81.0) (74.7) 8.4 Other operating (expenses)/income (32.5) (41.6) 21.9 EBITDA 55.8 33.2

  11. Slide 11: Positive Free Cash Flow

    4. POSITIVE FREE CASH FLOW Key figures cash flow statement H1 2014 Key figures cash flow statement H1 2013 in EUR m in EUR m Cash flow from operating 91.2 Cash flow from operating -39.1 activities activities Cash flow from investing -21.2 Cash flow from investing -33.0 activities activities Free cas

  12. Slide 12: Positive Development of Inventories and Working Capital Ratio

    4. POSITIVE DEVELOPMENT OF INVENTORIES AND WORKING CAPITAL RATIO Development of inventories (in EUR m) and working capital ratio (in %) 2011 – H1 2014 EUR mn % W/C ratio in % 400 37.3 40 350 35 310 -13% +9% 293 27.7 30 300 281 267 257 264 240 25 250 227 235 224 228 205 198 20 200 181 15 150 8.7 10 1

  13. Slide 13: Group Balance Sheet H1 2014

    4. GROUP BALANCE SHEET H1 2014 In EUR millions 30.6.2014 FY 2013 30.6.2014 FY 2013 Liquid funds 250.9 333.0 Current bank borrowings 8.5 8.4 Fixed deposit (>3 months) 135.0 0 Trade payables 200.3 190.3 Trade receivables and future 227.9 214.0 Other current provisions 51.8 45.3 receivables Net invento

  14. Slide 14: Outlook 2014

    5. OUTLOOK 2014  Nordex is well on track for the 2014 guidance  Sales 2014 fully covered by order backlog  Promising order pipeline for H2 2014 from mature and emerging markets  Ongoing focus on strict working capital management to support a strong cash flow 2014e Order intake EUR 1.5 – 1.7 b Sa

  15. Slide 15: Nordex Capital Markets Day 2014

    6. NORDEX CAPITAL MARKETS DAY 2014  24 September in Hamburg  Preliminary program  Tour of the international wind fair WindEnergy Hamburg  Visit to N117/3000 showcase turbine in the harbour of Hamburg including a barge boat trip  Presentation of Nordex´ mid-term strategy and targets  Dinner and

  16. Slide 16: Time for Your Questions

    TIME FOR YOUR QUESTIONS Conference Call H1 2014| Nordex SE | 18 August 2014 16

  17. Slide 17: Appendix: Shareholder Structure Nordex SE

    7. APPENDIX: SHAREHOLDER STRUCTURE NORDEX SE SKion/momentum capital 22.79% DWS 3.06% Free float 74.15% Based on 80.882.447 shares, as of May 2014 Conference Call H1 2014| Nordex SE | 18 August 2014 17

  18. Slide 18: Appendix: Financial Calendar 2014

    7. APPENDIX: FINANCIAL CALENDAR 2014 As of August 2014 Date Event August, 18 Analyst call H1 2014 September, 22 Goldman Sachs / Berenberg German Corporate Conference September, 24 Capital Markets Day / Evening Event during the WindEnergy fair (Hamburg) October, 25 Börsentag Hamburg 2014 November, 13

  19. Slide 19: Disclaimer

    7. 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

  20. Slide 20: Thank You for Your Attention

    THANK YOU FOR YOUR ATTENTION. Nordex SE Ralf Peters Head of Corporate Communications Oliver Kayser Investor Relations Manager Langenhorner Chaussee 600, 22419 Hamburg, Germany Phone: +49 (0)40 30030 1000 Fax: +49 (0)40 30030 1333 eMail: investor-relations@nordex-online.com NDX1 ISIN: DE000A0D6554 WK

Nordex — H1 2014 Earnings Presentation on 6ix