Nordex: Q Conference Call November 29, Page 1. We ve got the power.

Transcription

1 Nordex: Q Conference Call November 29, 2005 Page 1 We ve got the power.

2 Content Business Development Market Initiatives Earning Improvement Program Outlook 5 Appendix Page 2

3 Highlights Financial restructuring completed in June 2005: Current equity ratio 27.1 % Q3/2005: Order intake doubled / total revenues + 21 % Turnaround achieved: EBIT (before one-off items) 0.1 EUR mn in Q3/2005 Upgrading of product portfolio and new market initiatives in preparation 2nd earnings improvement program right on track Page 3

4 Order Intake Development in mn EUR % Recapitalisation completed Q1 Q2 Q3 Page 4 Recapitalisation has been driving order intake since May 2005

5 Order Intake Q1-3 / 2005 Total volume: 280 EUR mn by region 55% Germany Rest of Europe Asia 39% 6% 62% 30% Page 5 by turbine N80/N90 S70/S77 N60/N62 8%

6 Orders on Hand in mn EUR + 88% mn mn /30/ /30/ Germany Europe Asia Page 6 Plus more than 400 MW signed projects in the order pipeline

7 Development of Sales in mn EUR Q1 Q2 Q Page 7 Limited sales growth in Q3/2005 due to component shortage

8 Development of EBIT (operational) in mn EUR 5 Q1 Q2 Q Page

9 Income Statement (IFRS) EUR mn 01/01/ /30/ /01/ /30/2005 Sales % Total Revenues % Cost of materials as a percentage of total revenues % % 21.7% Personnel costs as a percentage of total revenues % % 0.4% Depreciation/amortization as a percentage of total revenues % % 2.3% Other operating income/expenses as a percentage of total revenues % % 24.4% EBIT (operational) % One-off items Financial result % Tax Page 9 Net income / loss %

10 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 10

11 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 01/01/ /30/ /01/ /30/ Page 11

12 Content Business Development Market Initiatives Earning Improvement Program Outlook 5 Appendix Page 12

13 Market Initiatives China: India Start of serial blade production for N60/1,300 kw (4.000 sqm.) Negotiation on production JV for S70/77 (1.5 MW) finalized Evaluation of potential partners for local licence production / project development activities Start of negotiations in December 2005 USA France: Screening opportunities for re-entry in the US market Preparing first measures (patent issue or alternative concepts) 204 MW own developed projects sold 17 new projects under development (total capacity: 180 MW) Page 13 Products: Release of a new N90/2500 (certified for strong and low wind sites; high / low speed version) Re-design NR-45, NR-30 (China) blade Development of new turbines in 90m and 100m class commenced (launch in 2008 expected)

14 Market Development by WTG Segments New installed MW p.a CAGR: 16.6% e 2007e 2008e 2009e Source: BTM < > 2500 total installed capacity (kw) Page 14 MW-Class ( kw) is the fastest growing segment

15 Content Business Development Market Initiatives Earning Improvement Program Outlook 5 Appendix Page 15

16 Sustained Profitability EBIT level After Restructuring Program 2 % Service Performance 2 % Procurement & Logistics % Technical Points 2-3 % Others % Target Σ 10 % Page 16

17 Status of Earning Improvement Program in % / /2005e e 7/2006ee 12/2006e e 12/2007ee Page 17 implementation

18 Content Business Development Market Initiatives Earning Improvement Program Outlook 5 Appendix Page 18

19 Order Intake 2005 / Enhanced Budget EUR mn 400,0 350,0 300,0 Q1-3: 280 mn FYe: > 350 mn 250,0 200,0 150,0 Q1-2: 158 mn 100,0 50,0 Q1: 35 mn 0,0 Feb Mar Apr May June July Aug Sept Oct. Nov Dec Status Budget old Budget new Page 19

20 Nordex: Outlook 2005 and e 2006e Sales 280 EUR mn > 400 EUR mn Order Intake > 350 EUR mn > 450 EUR mn EBIT (operational) - 2 EUR mn 10 EUR mn Page e and 2008e: Y-on-Y growth in sales > 20%

21 Content Business Development Market Initiatives Earning Improvement Program Outlook 5 Appendix Page 21

22 Core Markets until 2009 in MW 84% New installed Capacity Canada 4% Italy 4% France 4% China 4% Portugal 5% India 10% USA 23% UK 10% Germany 18% Worldmarket CAGR: 16.6% Small Markets Top 10 Markets Spain 17% Page 22 Source: BTM 2005

23 Shareholders structure Freefloat 21,35% CMP 35,24% Page 23 Nordvest A/S 4,81% Morgan Stanley 4,82% HSH Nordbank 5,02% HypoVereinsbank 5,69% Goldman Sachs 23,06%

24 Financial Calendar April 26, 2006 Annual Report 2005 Press and Analyst Conference Page 24

25 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 25

26 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 26