Nordex SE Analyst Call Q1 2013 · Conference Call Q1 2013 | Nordex SE | Frankfurt/M. ... the actual financial results of the company will not differ from any forecasts or guidance

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


2. MARKET UPDATE


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


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 %


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


1.1411.049

735

873837

+9% +36%

Q1 2013 Q4 2012 Q3 2012 Q2 2012 Q1 2012

3. INCOME STATEMENT


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


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


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


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


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


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


On the basis of 73.529 mn shares, as of April 2013

Free float 75.01%

SKion/momentum capital 24.99%

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 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.


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]

Documents

Nordex SE Analyst Call Q1 2013 · Conference Call Q1 2013 | Nordex SE | Frankfurt/M. ... the actual financial results of the company will not differ from any forecasts or guidance