Thyssenkrupp Nucera Ag & Co. Kgaa · XETR:NCH2
Thyssenkrupp Nucera Ag & Co. Kgaa — Q2/6M 2023/24 Earnings Presentation
33 slides from Thyssenkrupp Nucera Ag & Co. Kgaa's earnings presentation, May 15, 2024
Slide 1: Q2/6M 2023/24 Results Presentation
Q2/6M 2023/24 Results Presentation May 15, 2024
Slide 2: With you today
With you today Dr. Werner Ponikwar (CEO) Dr. Arno Pfannschmidt (CFO) Dr. Hendrik Finger (Head of IR) 22 15 May 2024 | Q2/6M 2023/24 Results Presentation | thyssenkrupp nucera
Slide 3: Disclaimer
Disclaimer This presentation has been prepared by thyssenkrupp nucera AG & Co. KGaA (“thyssenkrupp nucera”) and comprises the written materials/slides for a presentation concerning thyssenkrupp nucera. By attending this presentation and/or reviewing the slides you agree to be bound by the following
Slide 4: Q2 Highlights
Q2 Highlights Commercial momentum remains strong: European AWE project with >100 MW capacity signed in April; paid Basic Engineering and Design AWE sales growth package with CEPSA and selection as preferred supplier by ABEL Energy +59% (yoy) Project execution on plan: Module and cell fabrication in
Slide 5: 1. Business update
1. Business update 5 15 May 2024 | Q2/6M 2023/24 Results Presentation | thyssenkrupp nucera
Slide 6: Signed contracts and close customer collaboration underscore nucera's strong industry positioning
Signed contracts and close customer collaboration in different stages underscore nucera’s strong industry positioning and market demand Contract signed for >100 MW Basic Engineering and Design Named preferred supplier for electrolyzer plant Package for 300 MW in Spain 260 MW project in Australia • S
Slide 7: Additional gH2 project announcements around the globe
Additional gH2 project announcements around the globe – Despite short-term delays, actively pursued projects are getting closer to FID as of as of as of as of as of as of Dec 23 Feb 24 May 24 Dec 23 Feb 24 May 24 Potential No. of projects #104 #103 #132 contract >30bn € >30bn € > 36bn € value Substa
Slide 8: Project execution on plan for all gH2 projects
Project execution on plan for all gH2 projects NEOM • Construction site is making rapid and significant progress • Delivery to site ongoing, erection of first modules started CF Industries • Electrolyzer installed, mechanical completion achieved & commissioning activities nearing completion • Start-
Slide 9: Strategic partnership with Fraunhofer IKTS to industrialize SOEC technology
Strategic partnership with Fraunhofer IKTS to industrialize SOEC technology • Strengthening and diversifying of hydrogen technology portfolio for industrial applications through highly innovative high-temperature electrolysis (SOEC) • Investment in the further development and industrialization of th
Slide 10: U.S. Department of Energy funding to build integrated gigawatt factory
U.S. Department of Energy funding to build integrated gigawatt factory acknowledges nucera's technological leadership • Selected for a $50 million grant by the U.S. Department of Energy (DoE) • Purpose of the funding is the mass production of cells and the establishment of an automated AWE assembly
Slide 11: World Hydrogen 2024 Awards
World Hydrogen 2024 Awards thyssenkrupp nucera has been shortlisted in two categories for the 2024 edition of the prestigious World Hydrogen Awards "Clean Hydrogen Project Award" for Shell’s 1 Hydrogen Holland I project, which is supplied 0 with thyssenkrupp nucera’s electrolyzer modules Our 20MW AW
Slide 12: 2. Update on Q2/6M 2023/24 financials
2. Update on Q2/6M 2023/24 financials 12 15 May 2024 | Q2/6M 2023/24 Results Presentation | thyssenkrupp nucera
Slide 13: Strongly growing AWE sales and declining EBIT in Q2 as expected
Strongly growing AWE sales and declining EBIT in Q2 as expected Order intake: Increase in CA, while AWE came in below PY due to usual volatility of project business and phasing of projects Sales: Strongly growing AWE business (+59% yoy); NEOM continues to drive the top-line EBIT: Declined by -13mn €
Slide 14: Low order intake in Q2 due to usual volatility in project business
Low order intake in Q2 due to usual volatility in the project business – strong increase in Q3 expected Order intake (mn €) Q2 6M Order intake Q2 • Increase in CA driven by both -42% -14% new build and service business • AWE below PY levels in Q2, but 292 already >200mn € of order intake 251 booked
Slide 15: Strong AWE sales growth in Q2 and 6M supports group development
Strong AWE sales growth in Q2 and 6M supports group development Sales (mn €) Q2 6M Sales development Q2 • Significant increase in AWE +11% +23% sales driven by projects in Saudi Arabia, Brazil and Sweden AWE: +59% AWE: +69% • Slight increase in CA new build 376 offset by expected decline in 306 serv
Slide 16: Rapid and steadily growing gH2 sales including some quarterly volatility
Last years have shown rapid & steadily growing gH2 sales including some quarterly volatility – significant growth trajectory going forward LTM sales of 411mn € equal 160 a ~2.5x increase in sales 600 Last 12-months (LTM) rolling sales trend (mn €) compared to last year’s Q2 Quarterly AWE sales (mn €
Slide 17: EBIT below PY due to volume/mix effects and planned ramp-up costs
EBIT below PY due to volume/mix effects and planned ramp-up costs EBIT (mn €) % of sales Q2 6M EBIT development Q2 • Lower gross margin (in %) due -13mn € -25mn € to higher sales share of NEOM and lower share of CA services 1.5% -6.3% 4.4% -3.0% • Increase in other cost of sales for AWE ramp-up and
Slide 18: AWE sales multiplied in Italy, ramp-up impacts EBIT in Germany
AWE sales multiplied in Italy, ramp-up impacts EBIT in Germany Segment performance (mn €) Q2 2023/24 Germany Italy Japan China RoW Group Sales & EBIT development Q2 Sales 102 28 12 14 13 168 • Germany: Sales increase driven % growth 24% 67% -18% -39% -18% 11% by AWE business (NEOM); EBIT declined st
Slide 19: Outlook FY 2023/24 – Group sales guidance specified; EBIT confirmed
Outlook FY 2023/24 – Group sales guidance specified; EBIT confirmed Underlying assumptions FY 2022/23 FY 2023/24 • Sales growth driven by existing order backlog • Lower gross margin (in %) due to 820mn € to 900mn € higher AWE sales share, mix effects Group Sales: (in line with the previously expecte
Slide 20: Update on AWE ambition – continued strong growth expected
Update on AWE ambition – continued strong growth expected despite temporary shifts in project FIDs FY 2022/23 FY 2023/24 FY 2024/25 Mid-point equals >60% Mid-point equals >130% increase vs. 2022/23 increase vs. 2022/23 500mn € to 550mn € 700mn € to 800mn € AWE Sales of 323mn € (previously 600mn € to
Slide 21: AWE sales ambition updated in view of phasing effects in order intake
AWE sales ambition updated in view of phasing effects in order intake – project execution contributing to sales growth as planned 1st published in June 2022 Previous AWE sales Updated AWE sales ambition for FY 2023/24 ambition for FY 2023/24 • Delayed conversion of reservation agreements • Project F
Slide 22: Key messages
Key messages AWE business keeps growing dynamically; temporary EBIT decline in line with expectations Project execution on track; modular electrolyzer concept is a success Commercial momentum remains strong; project signed with a capacity of >100 MW Huge market opportunity in green hydrogen; our tec
Slide 23: Questions & Answers
Questions & Answers 23 15 May 2024 | Q2/6M 2023/24 Results Presentation | thyssenkrupp nucera
Slide 24: Events & financial calendar
Events & financial calendar Upcoming events Financial calendar IR Contact May 22 Berenberg Roadshow Aug 13 Q3/9M 2023/24 thyssenkrupp nucera AG & Co. KGaA (London) Investor Relations Dec 17 Q4/FY 2023/24 May 23 dbAccess European Champions Conference +49 231 229 724 347 (Frankfurt) ir@thyssenkrupp-nu
Slide 25: Appendix
Appendix 25 15 May 2024 | Q2/6M 2023/24 Results Presentation | thyssenkrupp nucera
Slide 26: EBITDA
EBITDA (in mn €) Q2 2022/23 Q2 2023/24 EBITDA 3.3 -9.1 EBITDA margin (in %) 2.2% -5.4% (in mn €) 6M 2022/23 6M 2023/24 EBITDA 15.2 -8.8 EBITDA margin (in %) 5.0% -2.3% 26 15 May 2024 | Q2/6M 2023/24 Results Presentation | thyssenkrupp nucera
Slide 27: Group | Summary income statement Q2
Group | Summary income statement Q2 (in mn €) Q2 2022/23 Q2 2023/24 Sales 151.2 168.0 % growth 98% 11% Cost of sales -130.6 -151.8 Gross profit 20.6 16.2 % margin 13.6% 9.6% R&D -4.4 -9.2 SG&A -12.7 -20.1 Other income /(expense), net -1.1 2.5 EBIT 2.3 -10.6 % margin 1.5% -6.3% Financial income /(exp
Slide 28: Group | Summary income statement 6M
Group | Summary income statement 6M (in mn €) 6M 2022/23 6M 2023/24 Sales 306.0 376.3 % growth 73% 23% Cost of sales -259.0 -337.7 Gross profit 47.0 38.6 % margin 15.4% 10.2% R&D -7.6 -14.6 SG&A -24.7 -36.8 Other income /(expense), net -1.4 1.4 EBIT 13.3 -11.4 % margin 4.4% -3.0% Financial income /(
Slide 29: Group | Summary balance sheet assets
Group | Summary balance sheet assets (in mn €) Sept 30, 2023 Mar 31, 2024 Property, plant and equipment 10.2 12.5 Goodwill 54.8 54.3 Intangible assets other than goodwill 0.6 0.7 Other non-current assets1 21.8 21.0 Total non-current assets 87.3 88.5 Inventories 107.7 132.4 Trade accounts receivable
Slide 30: Group | Summary balance sheet equity and liabilities
Group | Summary balance sheet equity and liabilities (in mn €) Sept 30, 2023 Mar 31, 2024 Equity attributable to equity holders 744.8 734.4 Accrued pension and similar obligations1 7.3 9.0 Other provisions 1.3 1.4 Deferred tax liabilities 10.2 12.6 Lease liabilities and other financial liabilities 3
Slide 31: Group | Summary cash flow statement Q2
Group | Summary cash flow statement Q2 (in mn €) Q2 2022/23 Q2 2023/24 Net income 3.6 -7.2 Depreciation & amortisation 1.0 1.5 Change in NWC1 0.1 2.1 Other operating cash flow2 14.8 -10.4 Operating cash flow 19.5 -14.0 Expenditures for acquisitions 0.0 -2.6 Capital expenditures -0.2 -1.1 Proceeds fr
Slide 32: Group | Summary cash flow statement 6M
Group | Summary cash flow statement 6M (in mn €) 6M 2022/23 6M 2023/24 Net income 12.1 -4.4 Depreciation & amortisation 1.9 2.8 Change in NWC1 5.6 -10.2 Other operating cash flow2 23.4 7.6 Operating cash flow 43.0 -4.0 Expenditures for acquisitions 0.0 -3.2 Capital expenditures -0.7 -1.7 Proceeds fr
Slide 33: 15 May 2024 | Q2/6M 2023/24 Results Presentation | thyssenkrupp nucera
33 15 May 2024 | Q2/6M 2023/24 Results Presentation | thyssenkrupp nucera
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