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TRANSCRIPT
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© Nordex 2020
› Classification: Public
Nordex Group
Nordex SE – Investor Factbook
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© Nordex 2020
› Classification: Public
Experienced management team
2 Nordex SE – Investor Factbook
José Luis BlancoCEO
› CEO Acciona Windpower
› Various Senior Management & Chief Officer positions at Gamesa
› CFO Siemens Wind Power Offshore
› Various other positions at Siemens
› BHF Bank, EBRD
Christoph BurkhardCFO
› Business Development Director and Executive Committee member at Acciona Windpower
› Various Chief Officer positions at Acciona
Patxi LandaCSO
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© Nordex 2020
› Classification: Public
Agenda
3 Nordex SE – Investor Factbook
1 Company overview & business model
2 Products & markets
3 Financials
4 Nordex share
5 Sustainability
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© Nordex 2020
› Classification: Public
Investment Case
4 Company overview & business model
Global
Global player with strong presence in all volume and growth markets for onshore wind energy
COE
Competitive and COE-driven product portfolio covers
all regions and market conditions
Onshore
Onshore wind energy is the key technology for the irrevocable transition
to renewable energy
Shareholder
Strong anchor shareholder supports growth strategy
Team
Experienced managementand outstanding team
Strategic pillars
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© Nordex 2020
› Classification: Public
Nordex and Acciona Windpower created a truly global player
5 Company overview & business model
Market focus
Customer focus
Product focus
Technology focus
Emerging markets
Large developersand IPPs
Projects without land constraints
Concrete towers
Europe
Small & medium-sized customers
Complex and land constrained projects
Blades
+
+
+
+
=
=
=
=
Truly global
Broad customer base
Different projects
Complementary technologies
Nordex AWP Nordex Group
Creating a stronger and more competitive
company
A strong fit benefitting from complementary approaches
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© Nordex 2020
› Classification: Public
© Nordex 2019 | 6. April 2020 |
|6 Company overview & business model
› Global manufacturer of wind energy systems focused on turbines in the 2-5 MW class
› WTG variants for different wind and climate conditions, addressing the requirements of developed as well as emerging markets
› Production sites in Germany, Spain, Brazil, India, USA, Argentina and Mexico
› Headquarter in Hamburg; subsidiaries for sales and service in all core markets
› Listed company in the German TecDaxand SDAX
› Founded 1985 in Denmark, IPO in 2001
› Acquisition of Acciona Windpower (AWP) in 04/2016
› Main shareholder Acciona S.A. (36.41%)
› Revenues 2019: Around EUR 3.3bn
› Track record of more than 28 GWin over 40 countries
Nordex – a pioneer in wind with more than 30 years of experience
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© Nordex 2020
› Classification: Public
Where we are – track record of Nordex
7 Company overview & business model
MORE THAN 28,132 MW INSTALLED WORLDWIDE
SPAIN
FRANCE
PORTUGAL
ITALY
CROATIA
GREECE
UK
1,993 MW
2,253 MW
421 MW
745 MW
57 MW
166 MW
1,468 MW
855 MW
4,490 MW
461 MW
12 MW
100 MW
8 MW
IRELAND
GERMANY
POLAND
CZECH REPUBLIC
ROMANIA
BULGARIA
NORWAY
SWEDEN
FINLAND
DENMARK
BELGIUM
NETHERLANDS
ESTONIA
LITHUANIA
190 MW
514 MW
512 MW
152 MW
80 MW
328 MW
18 MW
70 MW
ARGENTINIA
CANADA
USA
MEXICO
COSTA RICA
PERU
COLOMBIA
BRAZIL
URUGUAY
CHILE
261 MW
203 MW
4,631 MW
1,172 MW
50 MW
132 MW
20 MW
1,185 MW
309 MW
288 MW
TURKEY
PAKISTAN
INDIA
CHINA
JAPAN
SOUTH KOREA
AUSTRALIA
EGYPT
SOUTH AFRICA
OTHERS (ROW)
2,090 MW
300 MW
78 MW
1,053 MW
73 MW
65 MW
371 MW
63 MW
563 MW
330 MW
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© Nordex 2020
› Classification: Public
Nordex achieved global top 4 in 2019
8 Company overview & business model
MARKET SHARES (BASED ON MW INSTALLED)
Europe
placed 4th
Americas
placed 4th
Asia pacific(excl. China)
No installations in 2019
Global(excl. China)
placed 4th
NordexGroup
11.5%
NordexGroup
7.3%
NordexGroup
7.6%
Others
Source: Wood Mackenzie Global Wind Power Project Installation Database (2020)
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© Nordex 2020
› Classification: Public
Our history as one of the pioneers in onshore wind industry
9 Company overview & business model
First company worldwide to produce a MW-classturbine
1995
Founding of Nordexin Denmark
1985
Installation of the 100th Nordexturbine
1999
Installation of the 2000th Nordex turbine
2003
Commencement of industrial rotor blade production
2001
Completion of the world’s first series multi-MWturbine
2000
First AW 60/1300prototype
2000
Opening of the wind turbine assembly in Barásoain, Spain
2003
Start of the seriesproduction of the AW 1500
2005
Opening of production facility in US
2007
Introduction of the AW 3000
2008
Launch of Gamma generation
2010
Industrial Implementation in Brazil with the opening of hub production plant
2013
Launch of Delta generation
2013
More than 2000 MW of the AW 3000 platform sold
2014
Nordex and AccionaWindpower become one company
2016
Opening of first assembly plant in India
2016
Launch of 4 MW product series Delta4000
2017
Launch of N133/4.8 for strong wind sites
2018
Launch N155/4.5Entry into the 5 MW ClassLaunch N149./5.X andN163./5X
2019
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© Nordex 2020
› Classification: Public
What we do - Nordex core business
10 Company overview & business model
VALUE CHAIN. MORE THAN A MANUFACTURER.
CivilWorks
Electrical Infrastructure
Installation & Commissioning
ServiceTurbineDelivery
ProjectDevelopment
› Selection of location
› Ownership
› Optimal siting
› Wind measurements
› Soil survey
› Sound / shade emission
› Economic viability
› Grid connection
› Special purpose registration
› Environmental permitting
› Building permitting
Project Development
Wind Farm System Planning
Production and Technical Implementation
Wind Farm Operations
Services and Maintenance
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© Nordex 2020
› Classification: Public
Strategy roadmap further strengthens our competitive position
11 Company overview & business model
We are:
We focus on:
We deliver:
Sustainable | Global | COE Leader
Leading global onshore wind turbine supplier
COE | Speed | Flexibility
Global market presence
COE optimized product portfolio
Supply chain transformation
Operational cost efficiencies
Servicebusiness
1 2 3 4 5
4.7 GW order intake in 9M/2019
regionally well balanced
New product N163/5.X enlarges product portfolio
Stringent W/C-management
programmeimplemented
Ramping up India and
blade production in Turkey
Continuously growing with
dedicated features as predictive maintenance
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© Nordex 2020
› Classification: Public
Nordex production footprint shows international supply chain
12 Company overview & business model
GOOD GEOGRAPHICAL FIT FOR PRODUCTION TO SERVE GLOBAL DEMAND.
Brazil›Nacelle›Blade›Tower (2x)
India›Nacelle›Tower›Blade
Germany›Nacelle›Blade
Spain›Nacelle›Blade›TowerMexico
›Tower›Blade
Argentina›Nacelle›Tower (3x)
Chile›Tower
South Africa›Tower
China›Smart Logistics›Blade (2x)
Turkey›Blade
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© Nordex 2020
› Classification: Public
Nordex operates a lean and flexible business model
13 Company overview & business model
Third party Partially in-house Key focus/in-house
Turbine development, production, projects and logistics
Turbine Research & Development
Componentdevelopment and
manufacturing
Turbine assembly
Project Management and Logistics
Asset light business model in value chain
Focus on core competencies by outsourcing parts of value
chain
Wind farm development and operations
Project development
Wind farm owners
Operation and maintenance
Limited vertical integration allows company to manage capital commitmentand retain a flexible business model
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© Nordex 2020
› Classification: Public
Agenda
14 Nordex SE – Investor Factbook
1 Company overview & business model
2 Products & markets
3 Financials
4 Nordex share
5 Sustainability
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© Nordex 2020
› Classification: Public
Development of product portfolio & pipeline
Product portfolio with highly efficient products for all different sites
Products & markets
Lightwind
Mediumwind
Strongwind
4MW+
3MW+
2MW+
N131/3000-3900
N117/3000-3600
N100/3300
AW125/3000-3150
AW132/3000-3465
AW140/3000
AW148/3000
AW116/3000
N90/2500
N100/2500
N117/2400
N133/4.8
N149/4.0-4.5 incl. 4.8 mode
N163/5.x
N149/5.x
today 2022+
Gamma
Delta
Delta4000
AW
N155/4.5 Future focus of productdevelopment
Phase-out of Gamma platformin preparation
Phase-out of 3MW Deltaplatform in preparation
Continuous CoEimprovementsfor low wind sites
One platform with marketspecific derivatives
5MW
Site dependent
15
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© Nordex 2020
› Classification: Public
N149/5.X – Key facts
16 Products & markets
N149/5.X
proven Delta4000 product series“Staged Approach” philosophy
149m rotorproven blade of N149/4.0-4.5
>5MW ratingutilizing site potential
IEC S classup to IEC A
suitable in core low-to-medium wind speed sites
104.8 dB(A) @ 5.5 MW
+ numerous sound modes
lifetime extension up to 25 yearsStandard design lifetime of 20 years
Nacelle dimensions remain unchanged to N149/4.0-4.5
WTG design purely focused on lowest possible COE
only 5 MW+ WTG based on proven platform
first contracts already signed
up to 164m hub heightssite-specific towers
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© Nordex 2020
› Classification: Public
N163/5.X – Key Facts
17 Products & markets
N163/5.X
Same nacelle as N149/5.X163m rotor
>5MW ratingutilizing site potential
IEC S class
various site-specific towersup to 164m hub height
numerous sound modes
lifetime extension up to 25 yearsStandard design lifetime of 20 years
WTG design purely focused on lowest possible COE
Single-piece bladebased on N149 design
Suitable in core low-to-medium wind speed sites
+20% AEP(vs. N149/4.0-4.5)
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© Nordex 2020
› Classification: Public
Global service network
18 Products & markets
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© Nordex 2020
› Classification: Public
Service portfolio: Nordex service makes the difference
19 Products & markets
On-site Off-site
Trouble Shooting & Repair
›Onsite repair & troubleshooting
›Exchange & overhaul of major components
Upgrades &Modernizations
› Products to enhance the performance of the installed fleet
Training
›Uniform qualification of all service technicians worldwide
Spare Parts Management
›Worldwide supply of spare parts, 365 days a year
Digital and DataAnalytics
›Driving digital change, remote diagnostics & predictive maintenance.
Maintenance & Inspections
›Maintenance
›HSE inspections
Monitoring & Technical Support
›24/7 Control Centre
›Support for technical issues
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© Nordex 2020
› Classification: Public
Wind will be a prominent source as global energy production rises
20 Products & markets
Strong, continuous growth of onshore wind in the medium term expected
World energy production is rising…
Electricity generation by region ( PWh)
OECD countries
European Union
US
China
India
Others
… with onshore wind as a major contributor
Cumulative global installed capacity by source (GW)
2018
2035
528
22
526
258
Onshore Wind
Offshore Wind
Conventional Sources
PV
Other Renewables
3,630
2,180
1,451
1,831
4,365
4,731
+313%
+8%0
5.000
10.000
15.000
20.000
25.000
30.000
35.000
40.000
20202012 2015 2025 2030 2035
+39%
Source: Bloomberg New Energy Finance, New Energy Outlook 2019, as of Jun-2019Conventional sources include nuclear, coal, gas and oil capacitiesOther renewables include geothermal, hydro and others
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© Nordex 2020
› Classification: Public
Global demand for electricity continues to grow and will increasingly be met by renewables
21 Products & markets
Global renewable electricity generationKey drivers of trend
› Global demand for electricity will grow by almost 62% until 2050:
In non-OECD countries, power demand is expected to double
Most of the growth comes from large, rapidly expanding economies, especially China and India
In OECD countries, demand will be flat or even negative, reflecting a combination of improved energy efficiency, modest economic expansion, and retreat from energy-intensive industries
These dynamics are slightly offset by the increasingly important role of electric vehicles
› Cheap renewable energy and batteries fundamentally reshape the electricity system
› A total of USD 13.3 trillion will be invested in new power generating capacity between 2018 and 2050, with over 83% going to renewables 0
5
10
15
20
25
30
2018 2050e
PWh
2035e
3.1
7.2
17.9
26.4
6.8
8.8+4%
Cumulative renewable electricity generation in China and India
non-OECD countries
2.3
7.2
10.3
OECD countries
Source: BNEF NEO 2019
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© Nordex 2020
› Classification: Public
Agenda
22 Nordex SE – Investor Factbook
1 Company overview & business model
2 Products & markets
3 Financials
4 Nordex share
5 Sustainability
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© Nordex 2020
› Classification: Public
Executive summary
23 Financials
FY 2019 RESULTS FULLY IN LINE WITH GUIDANCE
Sales
EUR 3,285m
EBITDA margin
3.8%
Working capital ratio
-9.1%
› Strongest ever order intake of 6.2 GW in FY 2019 - increase of 31% compared to previous year 2018.
› 44% of the 6.2 GW order intake in FY 2019 accounts for latest turbine generation Delta4000.
› Book-to-bill-ratio of 1.53 signalling further growth in the future.
› Delta4000 product portfolio with five different product variants covering all customer requirements.
› On October 8th cash capital increase of EUR 99m through private placement to anchor shareholder Acciona.
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© Nordex 2020
› Classification: Public
Order intake FY 2019
24 Financials
Order intake turbine* (in MW) Order intake turbine* by regions (in %)
› Strong order intake in FY 2019: EUR 4,415m (EUR 3,637m in the previous year)
› Thereof in Q4/2019: EUR 1,102m (EUR 1,290m in prior-year quarter)
› Stable ASP of EUR 0.71m/MW in FY 2019
› Large orders from USA, Turkey, Mexico, Sweden and Brazil in FY 2019
› 44% of order intake for new Delta4000 generation in FY 2019
› Share of Delta4000 generation was 49% in Q3 and increased to 57% in Q4/2019 indicating transition to 4/5 MW class products
6,207
4,754
12M/2018 12M/2019
+31%
15%
25%
18%
15%
28%
45% 51%
12M/201912M/2018
3%
Latin AmericaEurope North America RoW
*Group segment „Projects“
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© Nordex 2020
› Classification: Public
Growing service business generates steady cash flows
Financials
Share of fleet under contract (as % of installed base)
Comments
EBIT margin
25
Development of service revenues (EUR m) and EBIT margin
315343
403
2017 2018 2019
15.1% 16.1% 17.7% › Service sales share amounted to 12.3% of group sales in FY 2019
› Service EBIT margin of 17.7% in FY 2019
› 97.5% average availability of WTGs under service
› Strong service order backlog of around EUR 2.5bn at the end of FY 2019
› 19.6 GW of installed base are under service agreement – this represents a coverage of around 70%
› Average service contract duration is over 10 years
70%
30%
Installedbase:
28.2 GW Thereof:72% Nordex WTGs28% AWP WTGs
under contract
not under contract
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© Nordex 2020
› Classification: Public
Age profile of turbine order backlog* as of year end 2019
› Order backlog provides good visibility for next two years
› Majority of orders older than 24 months are mostly completed with only final invoicing outstanding
Strict policies for order recognition and healthy age profile of order backlog
Financials
Strict policies for order recognition
› A legally binding contract has been signed
› All necessary construction permits have been issued
› A connection has been established with the grid or a grid-connection agreement has been signed
› The customer has obtained the necessary financing and payment security was exchanged
› The customer has remitted the agreed prepayment
Nordex does not recognize “conditional” orders
26
* Turbine portion of order backlog considered only; no service contracts reflected.
> 24 months<12 months 12-24 months
33%
65%
2%
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© Nordex 2020
› Classification: Public
Combined order backlog of around EUR 8.1bn at the end of FY 2019
27 Financials
Order backlog turbines (EUR m) Order backlog service (EUR m)
› Order backlog of EUR 5,534m at the end of FY 2019 reflects consistent high order intake over the last quarters
› Distribution on Nordex focus markets: Europe (52%), North America (19%), Latin America (17%), Rest of World (12%)
› At the end of FY 2019: 7,760 wind turbines under service – corresponding to 19.6 GW
12M/2018 12M/2019
3,869
5,534
+43%
2,537
2,218
12M/2018 12M/2019
+14%
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© Nordex 2020
› Classification: Public
Order backlog well-balanced across platforms, markets and customers
28 Financials
› Order backlog well-balanced between platforms, with Delta4000 already reaching 40% by the end of FY 2019.
› Gamma platform soon to be phased out. Other legacy platforms to be phased out gradually in line with customer and market demands.
Order backlog (EUR m) as of year end 2019
Platforms Markets Customer type
› Nordex with strong base in European home markets.
› No dependence on one single market or region.
› Nordex successfully managed to achieve a shift in its customer base from regional project developers to global utility customers.
› Utilities with strong ratings and defined requirements, many of which are global key players.
35%
40%
23%
2%
Delta4000AW Delta Gamma
52%
19%
17%
12%
Europe
North America Rest of World
Latin America
47%
27%
18%
8%
Utility Developer
IPP Other
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© Nordex 2020
› Classification: Public
Income statement FY 2019
29 Financials
Comments
› Sales figures of EUR 3,285m and EBITDA margin of 3.8% in line with expectations and guidance
› High total revenues signal further sales growth in FY 2020
› PPA depreciation amounted to EUR 24m in FY 2019 (EUR 62.6m in the previous year)
in EUR m FY 2019 FY 2018 abs. change
Sales 3,284.6 2,459.1 825.5
Total revenues 3,871.4 2,364.2 1,507.2
Cost of materials -3,096.0 -1,710.2 -1,385.8
Gross profit 775.4 654.1 121.3
Personnel costs -360.7 -325.9 -34.8
Other operating (expenses)/income -290.9 -226.5 -64.4
EBITDA 123.8 101.7 22.1
Depreciation/amortization -143.4 -155.8 12.4
EBIT -19.6 -54.2 34.6
Net profit -72.6 -83.9 11.3
Gross margin* 23.6% 26.6%
EBITDA margin 3.8% 4.1%
EBIT margin w/o PPA 0.1% 0.3%
*Gross profit in relation to sales.
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© Nordex 2020
› Classification: Public
Balance sheet FY 2019
30 Financials
Comments
› Cash position of EUR 510m at year-end 2019 (EUR 610m year-end 2018)
› Increase in current assets and current liabilities reflects preparation for high installation activity in 2020
› Balance sheet prolongation compared to 2018 is also a result of significantly increased project pipeline
in EUR m 31.12.19 31.12.18 abs. change Δ in %
Non-current assets 1,488.9 1,277.6 211.3 16.5
Current assets 2,513.8 1,781.0 732.8 41.1
Total assets 4,002.7 3,058.5 944.2 30.9
Equity 745.4 697.3 48.1 6.9
Non-current liabilities 914.2 822.9 91.3 11.1
Current liabilities 2,343.2 1,538.3 804.9 52.3
Equity and total liabilities 4,002.7 3,058.5 944.2 30.9
Net debt* -84.0 -32.5
Working capital ratio** -9.1% -3.8%
Equity ratio 18.6% 22.8%
*Cash and cash equivalents less bank borrowings and bond. **Based on actual sales figures.
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© Nordex 2020
› Classification: Public
Working capital development FY 2019
31 Financials
Working capital ratio (in % of sales)* Working capital development (in EUR m)*
Q2/2019
Q4/2018
Q1/2019
Q3/2019
Q4/2019
-3.8
-1.5
-4.7-5.2
-9.1
› Low working capital ratio also supported by continuous stringent working capital management throughout FY 2019
› Decrease in inventories driven by high installation level in Q4/2019
› Receivables management mirrors strong cash focus
-136
-300
162
9247
Q3/2019
47
Prepay-ments
Receiva-bles
Inven-tories
Pay-ables
Q4/ 2019
FY guidance 2019 < 2%
*Based on last twelve months sales.
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© Nordex 2020
› Classification: Public
Cash flow statement FY 2019
32 Financials
Comments
› Cash flow from operating activities impacted by working capital changes and at the same time by net loss and outflows related to VAT phasing effects
› Cash flow from investing activities reflects global SCM expansion
› Cash flow from financing activities mainly impacted by capital increase in October and repayment of SSD tranche in April last year
in EUR m FY 2019 FY 2018
Cash flow from operating activities before net working capital
-156.9 -31.4
Cash flow from changes in workingcapital
194.9 156.3
Cash flow from operating activities 38.0 124.9
Cash flow from investing activities -163.9 -80.9
Free cash flow -126.0 44.0
Cash flow from financing activities 30.6 -46.4
Change in cash and cash equivalents* -95.3 -2.4
*Including FX effects
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© Nordex 2020
› Classification: Public
Total investments FY 2019
33 Financials
CAPEX (in EUR m) Comments
› Investments in FY 2019 mainly consists of:
• Investments in blade production facilities in Mexico and Spain
• Investments in nacelle production facility in India
• Investments in tooling and equipment for international projects
• Investments in product development
› Slight decrease in intangible assets due to lower level of development costs compared to previous year
71.6
134.2
41.3
12M/2018 12M/2019
38.3
112.9
172.5
52.8%
Property, plant, equipment
Intangible assets
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© Nordex 2020
› Classification: Public
Capital structure FY 2019
34 Financials
Net debt*/EBITDA** Equity ratio (in %)
› Leverage ratio significantly declined towards the end of FY 2019 as communicated
› In Q4/2019 leverage ratio well below own ambition level of 1.5 as expected
› Equity ratio improved towards year end 2019 as a result of the capital increase in October 2019
3.0
-0.5
0.5
0.0
1.5
1.0
2.0
2.5
1.3
0.3
Q4/2018
Q1/2019
2.5
Q2/2019
2.2
Q3/2019
0.7
Q4/2019
10
15
20
25
30
15.5
Q1/2019
22.8
Q3/2019
Q4/2018
Q2/2019
19.7
17.418.6
Q4/2019
*Cash and cash equivalents less bank borrowings and bond. ** Based on last twelve months.
Ambition level
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© Nordex 2020
› Classification: Public
Debt maturity profile of Nordex Group
35 Financials
(in EUR m)
13 13 3 70
50
100
150
200
250
300
350
2026202120202019 20242022 2023 2025
228
56
307
EIB BondSSD fix SSD var
› SSD maturity of EUR 43.5m was fully repaid out of cash in April 2019.
› Major upcoming debt maturities in Q2/2021 (SSD) and 2023.
› All Nordex debt instruments well within its covenant thresholds.
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© Nordex 2020
› Classification: Public
FY 2019 a year of significant ramp-up in operations
36 Financials
Installations (MW) Production
› Total installations of 938 WTGs in 21 countries in FY 2019
› Geographical split: 44% Europe, 29% Latin America, 23% North America and 4% Rest of World
› Output turbines totaled 1,388 units in FY 2019: 536 GER, 526 ESP, 234 IND, 49 BRA and 43 ARG
› Inhouse blade production of 1,366 units in FY 2019: 600 ESP, 465 GER, 234 IND and 67 MEX
› Outscourced blade production of 2,556 units in FY 2019
12M/2019
3,090
12M/2018
2,522
+23%
12M/2018
4,677
2,278
12M/2019
+105%
Turbine assembly (MW)
807
12M/2018 12M/2019
1,366
+69%
Inhouse blade production (#)
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© Nordex 2020
› Classification: Public
Guidance 2020 - subject to the unforeseeable extent and duration of the measures taken globally to contain COVID-19
37 Financials
Working capital ratio: <0%
Sales: EUR 4.2 - 4.8bn
EBITDA: EUR 160 - 240m
CAPEX: min. EUR 140m*
*Depending on the market situation and the pace of the further development of the supply chain.
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© Nordex 2020
› Classification: Public
Agenda
38 Nordex SE – Investor Factbook
1 Company overview & business model
2 Products & markets
3 Financials
4 Nordex share
5 Sustainability
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© Nordex 2020
› Classification: Public
Stable shareholder structure & comprehensive market coverage
39 Nordex share
Shareholder structure Analyst coverage
Key figures:*
› Number of shares: 106,680,691
› Share price: EUR 7.05
› Market capitalization: EUR 752m
Consensus of 13 analysts:**
› Ø Share price: EUR 12.00
› Ø 2020 Revenues (e): EUR 4,042m
› Ø 2020 EBITDA margin (e): 5.0%
36.41%
Acciona S.A.
Freefloat
63.59%
5Buy
7Hold
Sell
1
*As of 31 March 2020** Nordex own consensus as of 31 March 2020
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© Nordex 2020
› Classification: Public
Nordex share price development (Jan 2019 - March 2020)
40 Nordex share
Volatility of share price is mainly driven by transformation phase of industry and company
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© Nordex 2020
› Classification: Public
Strong and committed anchor shareholder supporting Nordex
41 Nordex share
› Holding company with a presence in over 40 countries that invests, develops and operates infrastructure, with a particular emphasis on renewable energy
› Group operates through three main business segments:
› Infrastructure: Covers construction activities, industrial activities, concessions, water and services
› Energy: Includes activities ranging from construction ofwind farms to generation and distribution
› Other: Deals with businesses relating to fundmanagement and stock market brokerage, wineproduction, real estate business and otherinvestments
Key facts:
› Market capitalization: c. €5bn
› Revenue 2018A: €7.5bn
› EBITDA 2018A: €1.2bn
› Established track record across Debt and Equity Capital Markets
› Entrecanales family as main anchor shareholder holding over 50%, free float c. 39%
Continuously strong commitment to strategic investment into Nordex recently underpinned by €99m capital increase in October 2019
› Long-term supportive shareholder since merger of wind turbine business into Nordex in 2016
› Additional liquidity facilitates expected growth due to ongoing demand for Delta4000 platform
› Commitment of anchor shareholder proves Nordex’ path of profitable growth
› Acciona Group profile / strategy › Recent support for Nordex
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2
3
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© Nordex 2020
› Classification: Public
Agenda
42 Nordex SE – Investor Factbook
1 Company overview & business model
2 Products & markets
3 Financials
4 Nordex share
5 Sustainability
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© Nordex 2020
› Classification: Public
Sustainability strategy 2019 to 2021
43 Sustainability
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› Classification: Public
Sustainability key facts
44 Sustainability
Product
Lifecycle assessment of wind farm with Delta4000 turbines shows:
only 6.4 g CO2e
are emitted per kilowatt-hour electricity generated
A single Nordex large-scale turbine1 covers the average annual electricity demand of about
3,000
four-person households2.
474 g of CO2
are saved per kWh generated by wind turbines (compared to the German electricity mix 20183).
Projection for one Delta4000 at medium wind speed: savings of approx.
6,300 t CO2 per year.
Employees
Lost time injury frequency (LTIF) lowered to
4.6 in FY 2019 (FY 2018: 5.6)
73
nationalities were working at Nordex in FY 2019
Environment
73.5%
of the overall amount of purchased electricity in 2019 was generated by the use of
renewables
1 Reference: N149/4.0-4.5, medium wind speed of 6.5m/s, excl. losses. 2 https://www.musterhaushalt.de/durchschnitt/stromverbrauch/ average electricity demand of 4,432 kWh per year.3 https://www.umweltbundesamt.de/sites/default/files/medien/1410/publikationen/2019-04-10_cc_10-2019_strommix_2019.pdf.
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› Classification: Public
Financial calendar 2020*
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2020* Event
9 March Publication of preliminary figures FY 2019
24 March Analyst conference / Publication of Annual Report 2019
11 May Interim Statement Q1 2020
26 May Annual General Meeting (Rostock)
13 August Interim Report H1 2020
13 November Interim Statement Q3 2020
*Subject to change
Nordex SE – Investor Factbook
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© Nordex 2020
› Classification: Public
Disclaimer
46 Nordex SE – Investor Factbook
› All financial figures within this presentation are final and audited.
› This presentation was produced in April 2020 by Nordex SE solely for use as a source of general information regarding the economic circumstances and status of Nordex SE. It does not constitute an offer for the sale of securities or an invitation to buy or otherwise acquire securities in the Federal Republic of Germany or any other jurisdiction. In particular it is not intended to be an offer, an investment recommendation or a solicitation of an offer to anyone in the U.S., Canada, Japan and Australia or any other jurisdiction. This presentation is confidential. Any reproduction or distribution of this presentation, in whole or in part, without Nordex SE’s prior written consent is expressly prohibited.
› This presentation contains certain forward-looking statements relating to the business, financial performance and results of Nordex SE and/or the industry in which Nordex SE operates, these statements are generally identified by using phrases such “aim”, “anticipate”, “believe”, “estimate”, “expect”, “forecast”, “guidance”, “intend”, “objective”, “plan”, “predict”, “project”, and “will be” and similar expressions. Although we believe the expectations reflected in such forward-looking statements are based upon reliable assumptions, they are prepared as up-to-date and are subject to revision in the future. We undertake no responsibility to update any forward-looking statement. There is no assurance that our expectations will be attained or that any deviations may not be material. No representation or warranty can be given that the estimates, opinions or assumptions made in, or referenced by, this presentation will prove to be accurate.
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© Nordex 2020
› Classification: Public
Contact details
47
IF YOU HAVE ANY QUESTIONS PLEASE
CONTACT THE INVESTOR RELATIONS TEAM:
Felix Zander
Tobias Vossberg
Rolf Becker
Nordex SE
Langenhorner Chaussee 600
22419 Hamburg
Germany
Phone: +49-40-30030-1000
Email: [email protected]
Web: www.nordex-online.com
Nordex SE – Investor Factbook