Frankfurt/Main
May 15, 2013
Nordex SE Conference Call Q1 2013
1. Highlights Dr. J. Zeschky
2. Market Update and business performance Dr. J. Zeschky
3. Financials B. Schäferbarthold
4. Summary and guidance 2013 Dr. J. Zeschky
5. Appendix
AGENDA
Conference Call Q1 2013 | Nordex SE | Frankfurt/M. | May 15, 2013 2
Significant performance improvement in major KPIs:
Order intake rose by another 5 % yoy
Sales increased by 30 % yoy
EBIT of EUR -0.7m in line with budget and significantly above Q1 2012 (EUR -9 mn)
Working capital ratio well below 15 % target (11.8 % in Q1 2013 vs. 19.7 % in Q1 2012)
Reorganisation, cost-cutting-programme “Core 15” and operational excellence measures on track
No further losses from US and China operations
N117/2400 sales accelerating – account for 80 % of new orders
Development and prototype production of the Delta Generation on time and on budget
1. HIGHLIGHTS
Conference Call Q1 2013 | Nordex SE | Frankfurt/M. | May 15, 2013 3
2. MARKET UPDATE
Conference Call Q1 2013 | Nordex SE | Frankfurt/M. | May 15, 2013 4
Rules and regulations regarding the ITC-/PTC-extension for 2013/14 published (start of construction or at least 5 % of the investment spent)
Market entrance in South America (two projects in Uruguay)
Nordex: organisational adjustments in the US being implemented; focused project development activities in LatAm (Chile, Honduras)
China intends to reduce the grid-connection bottleneck – 19 GW expected for 2013
Tier II markets such as Pakistan, Philippines or Thailand slowly developing – follow-up order in Pakistan (50 MW) just received
Nordex: organisational adjustments in China being implemented; last few nacelles currently being produced
Change of legal framework initiated or expected for major markets
Demand in core markets like Northern Europe and in Turkey still stable
No major changes expected in Germany over the next 1-2 years
Nordex: Encouraging customer interest in N117/2400, good production capacity utilization; strong order book in Northern Europe, Germany, Turkey and South Africa
EM
EA
A
meric
as
AP
AC
2. BUSINESS PERFORMANCE ALONG THE VALUE CHAIN
Conference Call Q1 2013 | Nordex SE | Frankfurt/M. | May 15, 2013 5
Order backlog
•EUR 1.141 Mio. (+36 % yoy)
•Sales target 2013 fully covered by existing backlog
Installations
•228.3 MW (+101 % yoy)
•Thereof 97 % in Europe, esp. UK (85 MW), Germany (63 MW) and Turkey (30 MW)
Production
•Turbine production:236.5 MW (+60 % yoy)
•Blade production: 37.5 MW (-44 % yoy) due changeover to NR 58.5 blade type
Service
•Share of sales 12 % (Q1 2012: 14 %)
•Almost 3,000 WTGs (+7% yoy) under contract
2. ORDER INTAKE
Development of firm order intake Q1 2009 – Q1 2013 (in EUR mn) Order intake distribution Q1 2013
Order intake of EUR 327.9 mn - best Q1 since 2008 (EUR 406.0 mn)
76 % from Europe – main markets Germany, UK and Ireland
Bestselling turbine N117/2400 with a share of 80 %
Conference Call Q1 2013 | Nordex SE | Frankfurt/M. | May 15, 2013 6
154
71
234
406
328312
+9% +5%
Q1 2013
Q1 2012 Q1 2011 Q1 2010 Q1 2009 Q1 2008
APAC
1% Americas
23% EMEA
76%
2. ORDER BACKLOG
Development of firm order backlog 2012 – Q1 2013 (in EUR mn)
Firm order backlog now at EUR 1,141 mn (31.03.2012: EUR 862 mn)
Thereof 87 % EMEA - exposure to Southern European countries affected by the debt crisis <5 %
Conditional order backlog at EUR 1.127 mn
Conference Call Q1 2013 | Nordex SE | Frankfurt/M. | May 15, 2013 7
1.1411.049
735
873837
+9% +36%
Q1 2013 Q4 2012 Q3 2012 Q2 2012 Q1 2012
3. INCOME STATEMENT
Conference Call Q1 2013 | Nordex SE | Frankfurt/M. | May 15, 2013 8
In EUR mn
Q1 2013 Q1 2012 ∆ in %
Sales 259.0 198.3 30.6
Total revenues 281.1 191.1 47.1
Cost of materials (221.3) (151.5) 46.1
Gross profit 59.8 39.6 51.0
Personnel costs (34.7) (32.8) 5.8
Other operating (expenses)/income (17.9) (8.8) >100
EBITDA 7.2 (2.0) >100
Depreciation (7.9) (7.0) 12.9
EBIT (0.7) (9.0) >100
Net financial result (7.1) (5.1) 39.2
EBT (7.8) (14.1) (44.7)
Tax (0.6) 0.1 (>100)
Net Profit (8.4) (14.0) (40.0)
Sales increase of >30 % due to strong business in EMEA (share of 95 %)
Slight gross margin improvement by 0.5 percentage points to 21.3 %
Increase in structural costs due to higher volume and set up costs for new country organisations
3. CASH FLOW STATEMENT
Conference Call Q1 2013 | Nordex SE | Frankfurt/M. | May 15, 2013 9
In EUR mn
Q1 2013 Q1 2012
Net result (8.4) (14.0)
Depreciation 7.9 7.0
Change in provisions (2.7) (5.2)
Change in working capital (40.7) 48.9
Other cash outflow from operating activities (16.1) (1.9)
Cash flow from operating activities (60.0) 34.8
Cash flow from investing activities (17.3) (9.1)
Cash flow from financing activities (2.1) (6.1)
Change in liquidity from cash flows (79.4) 19.6
Liquidity beginning of period 274.8 212.0
Other (1.2) (0.9)
Liquidity end of period 194.2 230.7
Cash outflow due to high down-payments in Q4 2012 and increasing business volume in Q1 2013
Investment focus on capitalized R&D and upgrade of the German plants for the Generation Delta and the NR 58.5 blade
3. INVENTORIES AND WORKING CAPITAL DEVELOPMENT
Quarterly development of inventories and working capital ratio 2010 – Q1 2013
Conference Call Q1 2013 | Nordex SE | Frankfurt/M. | May 15, 2013 10
257
224
267
235227
293310
281279275275273
0
50
100
150
200
250
300
350
400
0
5
10
15
20
25
30
35
40
+25%
Q1 2013
11.8
Q1 2012
205
19.7
Q1 2011
34.2
Q1 2010
Inventories in EUR mn
Strict working capital management resulted in a low working capital
ratio of 11.8 % despite higher business volume
Inventories up by 25 % due to high project volume in the remaining
quarters
3. BALANCE SHEET
In EUR mn
Conference Call Q1 2013 | Nordex SE | Frankfurt/M. | May 15, 2013 11
Q1 2013 FY 2012 Q1 2013 FY 2012
Liquid funds 194.2 274.8 Current bank borrowings 28.2 27.5
Trade receivables and future receivables
259.9 245.9 Trade payables 191.9 189.4
Net inventories 256.5 224.3 Other current liabilities 333.8 338.2
Other current assets 84.2 68.8
Current assets 794.8 813.8 Current liabilities 553.9 555.1
Deferred tax assets 42.3 42.6 Non-current bank borrowings 23.2 25.3
Other non-current assets 222.0 209.7 Deferred tax liabilities 17.5 16.5
Bond1 171.3 169.5
Other non-current liabilities 20.5 20.7
Non-current assets 264.3 252.3 Non-current liabilities 232.5 232.0
Shareholders´ equity 272.7 279.0
Total assets 1,059.1 1,066.1 Total assets 1,059.1 1,066.1
Liquid funds decreased due to purchasing and start of production for the
large order backlog
Net debt at EUR 218 mn – stable development within Q1
Equity ratio at 25.7 % (31.12.2012: 26.2%; 31.03.2012: 37.0%)
1 Bond incl. accrual interest
Q1 2013 in line with our expectations
Order intake momentum still strong
Sales target ~90 % covered by strong order backlog
Seasonality with a stronger H2 and cost-cutting benefits
support our EBIT target
Confirmation of guidance for 2013
4. SUMMARY AND GUIDANCE 2013
Conference Call Q1 2013 | Nordex SE | Frankfurt/M. | May 15, 2013 12
Guidance FY 2013
Order Intake EUR ~ 1.2 bn
Sales EUR 1.2 – 1.3 bn
EBIT 2 – 3 %
Working capital ratio ~15 %
5. FINANCIAL CALENDAR
Conference Call Q1 2013 | Nordex SE | Frankfurt/M. | May 15, 2013 13
Date Event
15 May 2013 Interim report for the first quarter 2013; Analyst Call
15 May 2013 Deutsche Bank GSAC conference in Frankfurt
21-22 May 2013 Road show (Luxembourg, London)
04 June 2013 Annual General Meeting in Rostock
15 August 2013 Interim report for the first half 2013; Analyst Call
17 September 2013 Capital Markets Day
24-26 September 2013 UniCredit German Investment Conference
14 November 2013 Interim report for the third quarter 2013; Analyst Call
5. SHAREHOLDER STRUCTURE OF NORDEX SE
Conference Call Q1 2013 | Nordex SE | Frankfurt/M. | May 15, 2013 14
On the basis of 73.529 mn shares, as of April 2013
Free float 75.01%
SKion/momentum capital 24.99%
DISCLAIMER
Conference Call Q1 2013 | Nordex SE | Frankfurt/M. | May 15, 2013 15
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 other unpredictable risks should arise, it cannot be ruled out that the actual financial results of the company will differ substantially from the targeted goals as laid out in this document.
In this respect Nordex SE is unable to give a guarantee that the actual financial results of the company will not differ from any forecasts or guidance given.
MANY THANKS FOR YOUR ATTENTION.
Conference Call Q1 2013 | Nordex SE | Frankfurt/M. | May 15, 2013 16
Nordex SE
Langenhorner Chaussee 600, 22419 Hamburg,
Germany
www.nordex-online.com
Ralf Peters
Head of Corporate Communications
Phone: +49 (0)40 30030 1522
Fax: +49 (0)40 30030 1333
eMail: [email protected]
Oliver Kayser
Investor Relations Manager
Phone: +49 (0)40 30030 1024
Fax: +49 (0)40 30030 1333
eMail: [email protected]
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