Results Presentation – Q2 2016 Senvion S.A. 12th …...Results Presentation – Q2 2016 Senvion...
Transcript of Results Presentation – Q2 2016 Senvion S.A. 12th …...Results Presentation – Q2 2016 Senvion...
Results Presentation – Q2 2016 Senvion S.A. 12th August 2016
MM82 WTGs at Gordonbush project, Scotland, UK
1
Disclaimer
This presentation (the “Presentation”) has been prepared by Senvion S.A. (“Senvion” and together with its subsidiaries, “we,” “us” or the “Group”) solely for informational purposes and has not been independently verified, and no representation or warranty, express or implied, is made or given by or on behalf of the Group. Senvion reserves the right to amend or replace this Presentation at any time. This Presentation is valid only as of its date, and Senvion undertakes no obligation to update the information in this Presentation to reflect subsequent events or conditions. This Presentation may not be redistributed or reproduced in whole or in part without the consent of Senvion. Any copyrights that may derive from this Presentation shall remain the sole property of Senvion. This Presentation does not constitute or form part of, and should not be construed as, an offer or invitation or inducement to subscribe for, underwrite or otherwise acquire, any securities of Senvion, nor should it or any part of it form the basis of, or be relied on in connection with, any investment decision with respect to securities of Senvion or any other company. Certain statements in this Presentation are forward-looking statements. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial consequences of the plans and events described herein. Actual results may differ from those set forth in the forward-looking statements as a result of various factors (including, but not limited to, future global economic conditions, changed market conditions affecting the wind industry, intense competition in the markets in which the Group operates, costs of compliance with applicable laws, regulations and standards, diverse political, legal, economic and other conditions affecting the Group’s markets, and other factors beyond the control of the Group). Neither Senvion nor any of its respective directors, officers, employees, advisors, or any other person is under any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on forward-looking statements, which speak of the date of this Presentation. Statements contained in this Presentation regarding past trends or events should not be taken as a representation that such trends or events will continue in the future. In particular, no statements in this Presentation should be construed as concrete guidance as to the results of operations, cash-flows, balance sheet data or any non-financial metrics as of or for the financial year ending December 31, 2016 or any subsequent financial period. Certain financial data included in the presentation consists of “non-IFRS financial measures”. These non-IFRS financial measures may not be comparable to similarly titled measures presented by other companies, nor should they be construed as an alternative to financial measures determined in accordance with IFRS. You are cautioned not to place undue reliance on any non-IFRS financial measures and ratios included herein. This Presentation does not constitute or contain any investment, legal, accounting, regulatory, taxation or other advice. Due to rounding, numbers presented through out this and other documents may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.
2
Conclusion and Outlook 3
Key Financial Highlights 2
Agenda
Key Highlights in Q2 2016 1
Appendix 4
Key Highlights in Q2 2016
MD77 WTGs at Ar Tri Milin project, France
4
Key highlights
Senvion on track for its full year targets
Q2 16 sales growth of +7% compared to Q2 15
Q2 16 adj. EBITDA of €45m; improvement of c.80% yoy
H1 16 adj. EBITDA margin improving to 8.3% compared to 6.2% in H1 CY15
H1 16 adj. PAT at €8mn
Net working capital level at -3%; continues to be low
Quarterly installations growing by +19%
New market entries update
Conditional order intake of 300 MW in Chile
New sales office in Japan with first order of 6 MW
Ongoing discussions in other markets
3.2M114 at Neuenkirchen project, Germany
5
Key highlights
3.4M140 Update
Product development ahead of plan
Conditional contract for the 3.4M140 prototype in Germany, operational in 2017
Conditional contract for 69 MW as part of a larger 100 MW frame agreement incl. 3.4M140 in Germany
Organisational update
CEO has taken over supply chain responsibilities; search for new COO underway
Focus on streamlining processes
Integrated Planning Process for sustainable and profitable growth
WindArt Project World’s tallest contemporary art project, Portugal
6 Notes: 1 Existing core markets – Australia, Canada, France, Germany and United Kingdom 2 Existing other markets – Austria, Belgium, Italy, Netherlands, Poland, Portugal, Romania and Spain 3 New market focus – Chile, Finland, India, Ireland, Japan, Mexico, Norway, Peru, Sweden and Uruguay
Significant increase in market opportunity
4 Defined as presence of employees and/or offices in the country 5 Includes Finland, Norway and Sweden 6 Includes Chile, Peru and Uruguay Source: MAKE Consulting Q2 2016
New market focus3 Existing other markets2 Existing core markets1
New market focus Annual installations in GW
Country Annual GW (avg 16-18)
Local presence4
Mexico 0.8
Ireland
1.1 Turkey
Nordics5 1.0
Japan
India 2.9
0.4
0.4
15.0
South Cone6 0.6
Addressable market reach expanding by
about +23 %
Senvion adding new markets to its portfolio Delivering next level of growth as independent company
Under review
Avg 12 - 15 Avg 16 - 18
12.2
9.1
3.2
6.1
1.8
7.1
111 MW – Conditional order in Norway
300 MW – Conditional order in Chile
6 MW – Firm order
Early successes
417 MW orders in new markets already
7 Note: Figures prior Dec 15 are for Senvion GmbH for comparison Majority of our conditional German orders may be reclassified into order pipeline if requisite permits are not received by Dec 16, leading to decline in conditional orders 1. Net Firm orders are confirmed orders minus PoC revenues already booked; Signed contracts are conditional orders and may not always convert into firm orders
1.7
1.8
1.8
2.1
2.3
1.7
1.5
1.5
1.6
1.7
1.7
1.6
1.4
1.5
2.0
1.9
1.6
1.7
06/15 3.7
09/15 3.4
12/15 3.4
03/16 3.6
06/16 3.5
3.3
09/14 3.1
12/14 3.4
03/15 3.7
06/14
Stable order book of €5.6bn Providing solid coverage of revenues for 2016
Total order book at ~€5.6bn as of 30 June 2016
– €1.7bn of net firm orders
including offshore orders of
€591m
– €1.7bn of conditional orders,
pending for conversion to
unconditional contracts
– €2.1bn of service contracts
Net firm orders at €1.7bn
WTG order book (€bn)1 Q2 2016 split by geography
Senv
ion
Gm
bH
Senv
ion
S.A.
Key highlights
Others
Offshore
France
Canada
UK
Germany
Jun-16
103 (6%)
591 (34%)
171 (10%)
189 (11%)
377 (22%)
289 (17%)
Conditional orders Net Firm Orders
8
Mar-15
1.5
Dec-14
1.8 1.5
Jun-15
1.9
Dec-15 Sep-15
2.0
Mar-16 Jun-16
2.1
+14.1%
2.1
Stable order book of €5.6bn (cont’d) Providing solid coverage of revenues for 2016
€2.1bn of service order book
– Fastest growing segment with +14.1% vs. Q2 15
– High growth and high margin business
– More than 11 GW of installations under service coverage
– Best in class contract duration with up to 20 years tenor and average tenor of ~10 years
– Renewal rates at 75%+ over the last 3 years2
Service order book (€bn)
Average duration of service contracts1 (years)
Note: H1 2015 figures are of Senvion GmbH for comparison purposes; 1. Only includes active contracts and does not include contracts not yet initiated; 2. Average for 3 years based on semi-annual data
Senvion GmbH Senvion S.A.
Senvion GmbH Senvion S.A.
Key highlights
10.4
Jun-16 Dec-15 Mar-16
10.2
Mar-15
9.5 10.2 9.2 8.7
Mar-14 Mar-13
9 Note: Figures prior Dec 15 are for Senvion GmbH and provided for comparison
Order intake comparison
Firm WTG order intake (€m)
Order announcement policy
Firm orders starting from 20 MW
All firm orders in new markets
Cumulative orders of €50m from one hub
Strategic conditional contracts
Large service orders Senvion GmbH Senvion S.A.
Order announcements in Q2 2016
Chile – Conditional order of 300 MW
Germany – Frame order of 100 MW; 69 MW already converted to conditional order
Italy – Firm order of 60 MW
UK – Firm order of 27 MW
Germany – Cond. contract for 3.4M140 prototype with 3.4 MW
Onshore – €1.5bn Offshore – €662m
CY15
209130 161
273
64106 106
61122
67 13754
80
51 4247
80
104
54 73
3135 106
55
17440
131 58
36
144
113
52
64
24
Mar-16
269
Jun-16
25
284 16
Dec-15
303
12
Sep-15
327
24
21
Jun-15
1,061
6
662
Mar-15
520
Dec-14
458
Sep-14
310
Jun-14
315
Canada France Offshore Germany Others UK
H1 CY16 Onshore – €554m
Offshore – €0m
CY14 Onshore – €1.7bn
Offshore – €9m
10
Senvion installations
Installations (MW)
Significant increase in installations during Q2 2016 vs. Q2 2015 mainly due to UK and other markets
Installations to pick up further in H2 2016
Note: H1 2015 figures are of Senvion GmbH for comparison purposes; Others includes Austria, Czech Republic, Poland, Netherlands, Sweden, Italy, Romania, Belgium, Portugal, Turkey
Senvion S.A. GmbH S.A.
Key highlights
275
153
262
666
16
372
Dec-15
1,745
Others (combined) US Australia UK France Canada Germany
85
122
18
114
66
21
27
Q2 16
12
334
113
280
Q2 15
36
+19.4%
Annual Installations
121
145
52286
115
45
30
575
-2.0%
H1 16
233
92
587
H1 15
27 16
GmbH S.A.
H1 installations Q2 installations
Key Financial Highlights
MM82 WTGs at Gordonbush project, Scotland, UK
12
Key highlights Strong performance in Q2 16 yoy
Note: H1 2015 figures are of Senvion GmbH for comparison purposes; Senvion SA figures are reviewed, while Senvion GmbH figures are unaudited 1 Pro-forma adjusted financials are unaudited and prepared as if Senvion S.A. acquired Senvion GmbH from 1st January 2015; Financials are adjusted for PPA effects of €136.5m,
trailing edge provision of €22m, acquisition related costs of €28m, general warranty release income of €4m and reorganisation expenses of €8m 2 Q2 2016 financials are adjusted for PPA of €18.4m and €0.2m of IPO costs in OPEX 3 Q2 2015 financials are adjusted for €6.3m of offshore blade provision in COGS 4 H1 2016 financials are adjusted for PPA of €53.2m, shareholder loan interest of €7.7m and €6.7m of IPO costs in OPEX 5 H1 2015 financials are adjusted for €14.5m of offshore blade provision in COGS
Senvion GmbH
Senvion S.A.
Senvion GmbH
Senvion S.A.
Senvion S.A.
(€m) Adj. Q2CY153
Adj. Q2CY162
Adj. H1CY155
Adj. H1CY164
PF adj. CY151
Revenues 471 505 927 870 2,139
Gross profits 121 146 253 268 608
Gross margin % 25.7% 29.0% 27.2% 30.8% 28.4%
Adjusted EBITDA 25 45 58 72 210
Adjusted EBITDA % 5.4% 8.9% 6.2% 8.3% 9.8%
Adjusted EBIT 12 25 30 39 154
Adjusted EBIT % 2.6% 5.0% 3.3% 4.5% 7.2%
Adjusted PAT 2 7 12 8 63
Net working capital % 6.7% (2.7)% 6.7% (2.7)% (4.7)%
Cash on hand 313 371 313 371 419
Net Debt/(Net Cash) (292) 42 (292) 42 (3)
Q2 2016:
Revenues grew by 7.2% yoy
Margin improvement on all levels
Positive adj PAT of €7m
H1 2016:
Adjusted EBITDA higher by 24.1% yoy
EBITDA improvement due to improved gross margins and rigorous fixed cost control
Key highlights
13
H1 revenue development Growth across all three segments in Q2
369
390 393
262
-14%
H1 2016
655
H1 2015
759
Onshore revenues breakup (€m)
Service revenues (€m)
55 65
7356
+25%
H1 2016
138
H1 2015
111
Onshore revenues (€m) Offshore revenues (€m)
292847
+42%
H1 2016
75
H1 2015
53 25
Other revenues at €4.5m & €1.1m for H1 2015 & H1 2016 respectively
239 324
338 241
-2%
H1 2016
565
H1 2015
577
023
19NA
H1 2016 H1 2015
42
Note: H1 2015 figures are of Senvion GmbH for comparison purposes; Senvion SA figures are reviewed, while Senvion GmbH figures are unaudited
Europe (€m) Americas (€m) Asia-Pacific (€m)
Revenue in Q2 increase mainly driven by UK, Portugal and Austria
Includes revenues from Canada Includes revenues from Australia
Q1 Q2 Growth in Q2: 1% Growth in Q2: 86% Growth in Q2: 19%
132 70
-35%
H1 2016
92
22
H1 2015
140
8
14
Other key performance metrics
Material cost development (€m)
Fixed cost breakdown3 (€m)
Senvion GmbH Senvion S.A.
Senvion S.A.
Key highlights
Higher gross margins due to much better Q1 gross margins
Gross margins in Q2 CY16 at 29.0% v/s 25.7% in Q2 of CY15 due to project mix
Other operating expenses maintained at stable level
Increase in employee costs due to reduction of external consultants and hiring permanent staff plus ramp up of offshore and Chile production
Higher D&A charge during Q2 16 due to higher R&D amortisation
Note: H1 2015 figures are of Senvion GmbH for comparison purposes; 1. Excludes trailing edge provision of €14.5m; 2. Excludes PPA impact of €1.5m
674760
H1 2015
27% 31%
H1 2016
COGS Gross margin
56 55 62 66
45 43 47 452014
Q1 2015
15
Q2 2016
111 130
115 122
Q1 2016 Q2 2015
13
OPEX Personnel D&A
PF adj CY15
28%
1.563
Senvion GmbH Senvion S.A.
2 1
4
3. Excludes net FX gain/loss; 4. PPA effect of €26m excluded from D&A, IPO costs of €6.5m excluded from OPEX; 5. PPA effect of €26m excluded from D&A and IPO costs of €0.2m excluded from OPEX
5
15
Breakup of tangible Capex and R&D
R&D spend (€m)
2.6% 3.1%
Note: H1 2015 figures are of Senvion GmbH for comparison purposes; 1. Excluding capitalised R&D
3.0% 4.1%
Total Tangible Capex1 (€m)
1.8% 3.6%
Senvion GmbH Senvion S.A. Senvion GmbH Senvion S.A.
Key highlights
Current capex includes investments into moulds for future product lines, further product improvements and other maintenance capex
Full year capex likely to be higher than current rate due to India entry and expansion of Portugese blade factory
R&D spend in line with annual target
Key R&D spending focused on acceleration of 3.4M140 development and new product enhancements
2.2% 1.5% 2.2%
Senvion GmbH Senvion S.A.
% of revenue
1.6% 2.6% 1.4%
Senvion GmbH Senvion S.A.
10 10
59
H1 2016
19 15
H1 2015
Q2 Q1
23 25
10 1133
H1 2016 H1 2015
35
% of revenue
30
4346
35
Mar-14 Mar-13 Mar-15 PF adj CY15
22 21
19
45392320
22
Mar-15
67
PF adj CY15
42
Mar-14
58
Mar-13
44 Exp. R&D Cap. R&D
16
Net working capital Working capital continues to be in a low range
Key highlights
Proactive management of working capital continues
– Better alignment of supplier payment terms to project milestones
– Stock in transit temporarily increased due to busy installation season ahead
Solid basis to further optimise net working capital
8.3%
12.1%
9.2%
NWC1 % of trailing 12 months revenue Net working capital
Note: H1 2015 figures are of Senvion GmbH for comparison purposes; ¹ Net working capital defined as current assets (adjusted for liquid funds and assets of disposal Group classified as held for sale) minus total current liabilities (adjusted for provisions, liabilities of disposal Group classified as held for sale and short-term loans and current portion of long-term loans).
Senvion GmbH Senvion S.A.
-57
-132-101
160
213211
Jun-16
-2.7%
Mar-16
-6.4%
Dec-15
-4.7%
Mar-15
8.3%
Mar-14
12.1%
Mar-13
9.2%
Net working capital1 evolution (€m)
17
Senvion S.A. Cash flow summary
Senvion GmbH
Senvion S.A.
Senvion GmbH
Senvion S.A.
€m Q2 CY15 Q2 CY16 H1 CY15 H1 CY16
Cash flows from operating activities 29 (44) 9 (3)
Cash flows from investing activities (16) (23) (38) (42)
Cash flows from financing activities (1) (1) (3) (3)
TOTAL Cash Flow 12 (68) (32) (48)
Liquidity position of €371m as on Q2 2016
Note: H1 2015 figures are of Senvion GmbH for comparison purposes; Senvion SA figures are reviewed, while Senvion GmbH figures are unaudited
Conclusion & Outlook
MM82, MM92 WTGs at Lac Alfred, Canada – Senvion‘s largest onshore project to date
19
Wind Installed capacity in selected markets Senvion is benefitting from several developments
Source: GWEC/EWEA, MAKE
Cumulated market volume (On- & Offshore in GW)
12 15
2016 2018
Federal ambitions, provincial targets and the overall goal to reduce coal capacity support outlook of stable 1GW+ market
Canada Grace
periods for ROC lessen the impact on pipeline until end of 2017-2018 (leading to 800MW+ market)
subsidy-free CfDs being considered
UK Higher
traction after reform of joint certificate scheme
After dip in 2016, markets may grow back to a 1.1GW by 2018
Nordics Outstanding
60GW target by 2022 resulting in stable 2.5-3GW market that takes-off by end of decade
India
Wind as big winner of last renewable energy auction
Next auction with much larger volumes
Stable 300MW+ market
Chile Steady 1GW
market peaking in 2018
Auction system kicking in late 2018 slightly earlier than expected
France Onshore
markets staying at high level (3GW+) in the short-term
Increased certainty emerging re Auction system
Germany Revised
energy target giving certainty which brings the market back to a 1GW+ level in the long-term
Australia
15 19
2016 2018
9 11
2016 2018
28 34
2016 2018
1 2
2016 2018
11 13
2016 2018
49 58
2016 2018
4 5
2016 2018
20
Regulatory framework in Germany Increased certainty emerging
Key highlight of the new regulations
New regulations cleared - 4 auctions p.a.
Onshore auction target for 2017-2019 - 2.8 GW p.a.
Projects receiving permits by Dec 2016 can be installed until end of 2018 under the current FiT system
Projects under current FiT system will face monthly reduction of 1.05% in FiT for installations between March and August 2017
Offshore: Installation target by 2030 - 15 GW
– Two auctions in 2017 and 2018 respectively for total of 3.1 GW for the period 2021 – 2025
IEC1 wind zones in Germany
IEC 1 IEC 2 IEC 3 IEC 3-4
Note: 1. IEC = International Electrotechnical Commission; Class 1 = high wind speed site; Class 3-4 = low wind speed site Source: DiBT, Frauenhofer IWES, Senvion
Senvion is ready with its 3.4M140 WTG to address changing market conditions
Focus on executing current firm orders and add more projects by offering new services to customers
Start increasing its presence in Southern Germany with its new low wind offering 3.4M140, from 2018
Senvion strategy
21
Enhanced Cost Transparency
Top line Growth in Addressable Markets Sustain and grow market shares in
– Current Markets and in new market entries
Based on strong product portfolio – In low wind and with best in class LCOE
And solid Service business with – With improved efficiency and better aftermarket products and offerings
Grow Profitability Focus on quality Drive product cost reduction
– Using global supply chain and multi-vendor sourcing
– Stringent target costing and value engineering
Lead time reduction in scheduling/installation time
Organization – From Function to Project Organization
2
4
3
Clear roadmap to deliver strategic goals
1
22
High single digit growth compared to CY15
Similar margins compared CY15
Guidance 2016
Revenues Revenue €2.25 – 2.3bn
Margins Adj. EBITDA around 9.5%
Guidance during IPO What it means Status
On Target
On Target
23
Financial calendar 2016
Event Date
Q2 2016 results August 12, 2016
Morgan Stanley Industrials and Natural Resources Summit, London September 9, 2016
J.P Morgan London Small/Mid Cap Conference 2016, London September 15, 2016
Macquarie's 9th Alternative Energy Conference, London September 16, 2016
Berenberg and Goldman Sachs Fifth German Corporate Conference, Munich September 20, 2016
Q3 2016 results November 15, 2016
Publication of preliminary annual financials March 2017
Annual results 2016 March 2017
Annual general meeting May 31, 2017
Q&A
Your Investor Relations Team: Dhaval Vakil Vice President – Capital Markets and M&A Phone UK: +44 20 7034 7992 Mobile: +44 7788390185 Email: [email protected] Julia Stargardt Manager Capital Markets Phone Ger: +49 40 5555 090 3517 Phone Lux: +352 26 00 5305 Mobile: +49 172 3683 906 Email: [email protected] For general queries: [email protected]
Appendix
MM82 & MM92 WTGs at Massiv du Sud, Canada
25
Opex includes one time listing costs of €0.2m
D&A includes PPA impact of €25.7m
Includes positive PPA impact of €7.5m
Q2 2016 Bridge between reported and adjusted earnings
Income Statement Senvion SA Adjust-ments
Senvion SA Senvion GmbH
€m Q2 CY16 Adj. Q2 CY16 Adj. Q2 CY15
Revenue 505 505 471 Total performance 470 470 491 Material expenses (323) (323) (370)1
Gross profit 146 146 121 Gross margin % 29.0% 29.0% 25.7%
Other operating income 7 7 4
Personnel expenses (66) (66) (55)
Other operating expenses (45) 0.2 (45) (43)
FX gain/loss 2 2 (2)
EBITDA 45 45 25 EBITDA % 8.9% 8.9% 5.4%
Depreciation & Amortisation (46) 25.7 (20) (13)
EBIT -1 25 12 EBIT% (0.1)% 5.0% 2.6% Net interest (14) (14) (11) Taxes 4 -7.5 (4) 1 Net Profit from cont. operations (12) 7 2
PAT % (2.3)% 1.4% 0.3%
2
3
1
2
3
1
Key adjustments
Note: Q2 2015 figures are of Senvion GmbH for comparison purposes, Senvion SA figures are reviewed, while Senvion GmbH figures are unaudited 1. Excludes offshore blade provision of €6.3m
26
Senvion S.A.
Senvion GmbH Senvion S.A.
Adjust-ments
Senvion S.A.
€m PF adj. CY151 Adj. H1 CY15 H1 CY16 Adj. H1
CY16 Revenues 2,139 927 870 870 Capitalized development expenses 45 24 24 24
Changes in finished goods and WIP (13) 61 48 48
Total performance 2,171 1,012 942 942 Material expenses / services obtained (1,563) (760) (676) 1.5 (674)
Gross profit 608 253 266 268 Gross margin % 28.4% 27.2% 30.7% 30.8%
Other operating income 11 6 16 16
Personnel expenses (230) (111) (127) (127)
Other operating expenses (182) (88) (99) 6.7 (92)
Foreign exchange gain/loss 3 (3) 8 8
EBITDA 210 58 64 72 EBITDA % 9.8% 6.2% 7.4% 8.3%
Depreciation & Amortization (56) (28) (85) 51.7 (33)
EBIT 154 30 (21) 39 EBIT % 7.2% 3.3% (2.4)% 4.5%
Net interest (int cost – int income) (52) (16) (37) 7.7 (29)
Earnings before taxes 102 14 (57) 10 EBT % 4.8% 0.0% (6.6)% 0.9%
Taxes (39) (2) 13 (15.6) (3)
Net Profit from cont. operations 63 12 (44) 8 PAT % 2.9% 1.3% (5.1)% 0.1%
Comments
Note: Net FX impact is shown separately; H1 2015 figures are of Senvion GmbH for comparison purposes; Senvion SA figures for H1 2016 are reviewed, while Senvion GmbH figures are unaudited 1 Pro-forma adjusted financials are unaudited and prepared as if Senvion S.A. acquired Senvion GmbH from 1st January 2015. Adjusted EBITDA does not include PPA effects of €90m, trailing edge provision
of €22m, acquisition related costs of €28m and general warranty release income of €4m. EBIT does not include reorganisation expenses of €8m and PPA impact of €104m
Senvion GmbH figures are only provided for comparison purposes
Includes the PPA impact of €1.5m
Includes IPO expenses of €6.7m
Includes PPA of €51.7m
Includes shareholder loan interest of €7.7m, which has been fully converted into equity on listing
Includes positive PPA benefit of €15.6m
1
3
1
Senvion S.A. Income statement
2 4
4
5
5
2
3
27
Note: Current liabilities does not include short term loans; other liabilities include deferred taxes; Equity capital includes minority interest
Assets (€m) Mar-16 Jun-16 Liquid Funds 439 371 Current Assets (excluding liquid funds) 869 857
Receivables 188 202 Inventories 543 536 Others 138 118
Property, plant & equipment 193 193 Goodwill and other intangible assets 667 644 Other Non current assets 19 26 Total 2,188 2,090
Liabilities
(€m) Mar-16 Jun-16 Loans (short term and long term) 15 13 Current liabilities (excluding provisions and short term loans) 1,001 913
Advance payments received 354 294 Trade payables 431 396 Gross amount due to customers for contract work as a liability 47 63 Others 169 160
Provisions 222 225 Other liabilities 566 569 Total equity capital 384 370
Total 2,188 2,090
Senvion S.A. Balance sheet
28
Senvion S.A. Cash flow summary
Senvion GmbH Senvion S.A. Senvion GmbH Senvion S.A. (€m) Q2 CY15 Q2 CY16 H1 CY15 H1 CY16 Result before income taxes (5) (15) 0 (57)
Adjustments for
Depreciation on property, plant and equipment, amortization of intangible assets and write-offs on financial assets 13 46 28 85
Interest income 0 0 (1) 0
Interest expenses 12 14 17 37
Increase/decrease in provisions 1 3 7 7
Profit/loss from sales of property, plant and equipment, intangible and other long-term assets 0 0 0 0
Change in working capital 11 (62) (36) (40)
Interest received 0 0 1 0
Interest paid (3) (18) (7) (22)
Income tax paid/received 0 (12) 0 (13)
Cash flow from operating activities 29 (44) 9 (3) Cash receipts from the sale of property, plant and equipment, intangible and other long-term assets 0 0 0 2
Cash payments for the purchase of intangible assets (12) (15) (26) (26)
Cash payments from purchase of property, plant and equipment and other long-term assets (4) (8) (12) (18)
Cash flow from investing activities (16) (23) (38) (42) Cash repayments of amounts borrowed (1) (1) (3) (3)
Cash flow from financing activities (1) (1) (3) (3) Increase/decrease in cash and cash equivalents 12 (68) (32) (48) Cash and cash equivalents at the beginning of the period 300 434 344 414
Cash and cash equivalents at the end of the period 312 366 312 366 Liquid funds 313 371 313 371
Cash displayed in “Assets of disposal group classified as held for sale” 6 0 6 0
Short-term bank liabilities (7) (5) (7) (5)
Cash and cash equivalents at the end of the period 312 366 312 366
Note: Q1 and H1 2015 figures are of Senvion GmbH for comparison purposes, Senvion SA figures are reviewed, while Senvion GmbH figures are unaudited
29
Key terms of the bond Senior secured notes (Green Bond) 2015
Issuer Senvion Holding GmbH Principal amount €400m Issue Date April 29, 2015 Maturity Date November 15, 2020 Ranking Senior secured Interest 6.625 % Interest Payment May 15 and November 15, commencing November 15, 2015 Minimum Denomination €100,000 and integral multiples of €1,000 in excess thereof
Optional Redemption
Prior to May 15, 2017: Equity clawback – up to 40% at 106.625%; provided that at least 50% of the original issue size remains outstanding after redemption. Up to 10% in any 12-month period commencing the Issue Date, at 103%. 100% plus “make-whole” premium.
On and after May 15, 2017, Notes may redeemed at: 103.313% until May 14, 2018 101.656% until May 14, 2019 100.000% from May 15, 2019
Regulation S ISIN/ Common Code XS1223808749/122380874
Rule 144A ISIN/ Common Code XS1223809390/122380939
Listing Irish Stock Exchange (traded on the Global Exchange Market) Trustee Deutsche Trustee Company Limited
In order to reduce future cash interest payments, as well as future amounts due at maturity or upon redemption, we may consider, from time to time, purchase our Senior Secured Notes for cash in open market purchases, privately negotiated transactions or otherwise; in this case this will be published in accordance with applicable regulations in due course
We will evaluate any such transactions, including the amount and timing of purchases, in light of then-existing market conditions and other factors
The amounts involved in any such transactions, individually or in the aggregate, may be material
Comments
© Senvion S.A. All rights reserved. No part of this document may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photography, recording, or any information storage and retrieval system, without permission from Senvion S.A.
Thank you for your participation