Nordex: First Half 2005

Transcription

1 Nordex: First Half 2005 Conference Call August 30, 2005 Page 1 We ve got the power.

2 Agenda Business Development First Half 2005 Outlook 2005 and Mid-term Targets EBIT Improvement Program 2008 Annex Page 2

3 Highlights Restructuring of operating business in spring 2005 finalized Financial restructuring completed in June 2005: Equity ratio 26.9 % Turnaround achieved: EBIT (operational) 2.1 EUR mn in June 2005 Q2/2005: Order intake % / Revenues + 99 % Below average working capital ratio of approx. 17 % Upgrading of product portfolio and new market initiatives in preparation Page 3

4 Development of Sales EUR mn Q1/2003 Q1/2004 Q1/2005 Q2/2003 Q2/2004 Q2/2005 Page 4

5 Sales Split First Half 2005 Total volume: EUR mn by region 52% Germany Rest of Europe Asia 47% 1% 71% N80/N90 S70/S77 28% Page 5 by turbine N60/N62 Sub-MW 0 % 1%

6 Development of EBIT (operational) EUR mn 0 Q1/2003 Q1/2004 Q1/2005 Q2/2003 Q2/2004 Q2/ Page

7 Income Statement (IFRS) Page 7 EUR mn 01/01/ /30/ /01/ /30/2005 Revenues % Total Revenues % Cost of materials as a percentage of total revenues % % 22.5% Personnel costs as a percentage of total revenues % % 1.2% Depreciation/amortization as a percentage of total revenues % % -5.1% Other operating income/expenses as a percentage of total revenues % % -4.4% EBIT (operational) % One-off items Financial result % Net income / loss %

8 Balance Sheet (IFRS) EUR mn Assets Shareholders equity and liabilities 12/31/ /30/ /31/ /30/2005 Fixed assets Shareholder s equity Current assets Provisions Net inventories Liabilities Receivables and other assets Liquid funds Banks Trade payables Other liabilities Other assets Others TOTAL TOTAL Page 8

9 Cash Flow Statement (IFRS) EUR mn Net income / loss Change in provisions Change in inventories Change in trade receivables and other assets Change in trade payables and other liabilities Other changes from operating activities Cash flow from operating activities Cash flow from investing activities Cash flow from financing activities Change in liquidity Cash / cash equivalents at beginning of period Cash / cash equivalents at end of period 10/01/ /31/ /01/ /30/ Page 9

10 Nov. Dec. Sept. Oct. Aug. Page 10 EUR mn July Order Intake 2005 Budget: Σ 240 Budget: Σ 300 Feb. Jan. May April March June

11 Agenda Business Development First Half 2005 Outlook 2005 and Mid-term Targets EBIT Improvement Program 2008 Annex Page 11

12 Market Development 2005 Germany: France: First Half 2005 minus 30 % in new installation Nordex increased market share to 8 % (2004: 5 %) Change in feed-in law (12 MW limitation eliminated) 50 % of in 2004 permitted wind farms received by Nordex (204 MW) China: Introduction of renewable energy law (coming into force 01/2006) Currently 4 Nordex projects in production/erection phase Page 12 USA: Energy bill extends wind power incentive (PTC) until end of 2007 Texas doubled RPS target to 5,880 MW until 2015

13 Germany: Broad Support of Renewable Energy Support of Renewable Energy should be unchanged or increased Partisan of: eliminated or reduced 80 % 84 % 90 % 99 % FDP CDU/CSU SPD Bündnis 90/Die Grünen 17 % 12 % 7 % 1 % 83 % 88 % East-Germany West-Germany 9 % 8 % Page 13 Source: Institute forsa, April 2005, 1,003 interviews

14 Nordex: Outlook 2005 Sales 280 EUR mn Order Intake 300 EUR mn EBIT (operational) ~ - 2 EUR mn Return to profitability in 2006 Page 14

15 Targets Realign the business with market opportunities after business is stabilised Nordex will be one of the top suppliers of MW-Turbines in the European core markets and in Far East After recapitalization Nordex will increase market share in home markets and establish strategic partnerships in markets such as India, Spain and US Due to cost efficient production and reorganisation of the processes Nordex will reach a reasonable EBIT margin in the near future Page 15

16 Agenda Business Development First Half 2005 Outlook 2005 and Mid-term Targets EBIT Improvement Program 2008 Annex Page 16

17 Enhance Profitability EBIT Improvement Program 2008 Current situation: Restructuring program eliminated reasons for losses in the past; profitability level 2-4 % Target: Implement measures to improve EBIT to a level of 10% in 2008 Measures: Kick-off (March, 31) Definition 50% of target (Summer 2005) Implement 17% of target (Winter 2005) Page 17

18 Sustained Profitability EBIT level After Restructuring Program 2 % Service Performance 2 % Procurement & Logistics % Technical Points 2-3 % Others % Target Σ 10 % Page 18

19 Time Table Next Steps Spring 2005 Summer 2005 Winter 2005/ Identification of Potential Definition of Measures Implementation of Measures First Effects of Implementation Full-Run Effects of Implementation Page 19

20 Agenda Business Development First Half 2005 Outlook 2005 and Mid-term Targets EBIT Improvement Program 2008 Annex Page 20

21 Shareholder Structure On Basis of 58.8 mn Shares (as of: June 23, 2005) Freefloat 21.4 % CMP 35.2 % Nordvest A/S 4.8 % HSH Nordbank 5.0 % Hypo Vereinsbank 5.7 % Morgan Stanley 4.8 % Goldman Sachs 23.1 % Page 21

22 Financial Calendar August 30, 2005 Interim Report First Half 2005 Telephone Conference November 29, 2005 Interim Report Nine Month 2005 Telephone Conference April 28, 2006 Annual Report 2005 Press, Analyst, Telephone Conference Page 22

23 Contact Nordex AG Bornbarch Norderstedt Germany Ralf Peters Head of Corporate Communication/Investor Relations Phone: +49 (0)40/ Fax: +49 (0)40/ rpeters@nordex-online.com Page 23

24 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 AG is unable to give a guarantee that the actual financial results of the company may not differ from those as shown herein. Page 24