Nordex SE Investor Presentation. Hamburg July, 2015

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1 Nordex SE Investor Presentation Hamburg July, 2015

2 AGENDA 1. Intro and corporate strategy 2. Markets and market success 3. Products and R&D 4. Financials 2014 & outlook 5. Appendix (shareholder structure) 2

3 1. COMPANY PROFILE NORDEX SE Nordex at a glance Installed capacity (10.7 GW) Global manufacturer of wind energy systems with a focus on turbines in the 2-3 MW class Most extensive and consistent use of platform technology in the industry; variants for different wind and climate conditions leveraging shared components Production sites in Germany (Rostock blades and nacelles) Headquartered in Germany (Hamburg) and USA (Chicago); subsidiaries in more than 20 other countries Listed company in the German TecDax Main shareholder Skion/momentum (22.8%), rest is freefloat 1 Revenues 2014: EUR 1.74 bn ~3,000 employees as of Q1/2015 Track record as of Q1/2015: >6,000 turbines and >10,700 MW in 40 countries worldwide Other Europe 57% Mainstream (1.3/1.5 MW) 22% By region Germany 23% ) 1 as of Dec Asia 10% Small (<1.0 MW) 7% America 8% By segment Africa 2% MMW Class ( MW) 71%

4 1. MANAGEMENT STRUCUTURE New structure to increase operational and strategic responsibility of top managers Supervisory Board Board Lars Bondo Krogsgaard Bernard Schäferbarthold Executive Committee Board + 7 top managers with ~70 years of experience in wind 4

5 1. INTRODUCTION TO STRATEGY Strategy implementation: Nearly all targets reached one year earlier Turnaround (Phase I) successfully managed delivered as promised Start of Phase II: Stronger focus on margin improvement Underlying measures for all main functions defined and partly initiated Main financial targets 2017: EBIT 7-8% Positive FCF 5

6 1. CHANGE OF PRIORITIES: FROM STRONG TOP-LINE GROWTH TO FOCUS ON PROFITABILITY Phase 1: Reaching critical top-line (Revenues in bn EUR) Phase 2: Margin improvement (EBIT margin in %) , % 4-5% E 6

7 1. PHASE I ( ): OVERVIEW Key strategy areas identified in 2012 Focused sales and service strategy Improved operational excellence Reductions in cost of materials Development of excellent products and launch of Generation Delta Finalize restructuring Financial stability Main Financial targets CMD 2013 CMD 2014 Current Guidance Timeframe Order Intake EUR 1.5bn n/a EUR bn Sales EUR 1.5bn EUR 2.0bn EUR bn Gross margin 25% 25% n.a. EBIT margin 5% 7-8% 5-6% CAPEX EUR 60-70m EUR 50-60m EUR 60-65m W/C ratio <10% <5% <5% FCF neutral FCF positive FCF positive 7

8 1. MAIN FOCUS AREAS OF THE NEW STRATEGY (PHASE 2) PROFITABLE GROWTH HIGH VALUE PRODUCTS PROJECT DRIVEN COMPANY BUSINESS MODEL EXPANSION 8

9 AGENDA 1. Corporate Strategy 2. Markets and market success 3. Products and R&D 4. Financials 2014 & outlook 5. Appendix (Shareholder structure)

10 2. DIFFERENTIATION PAYS OFF Doing Things Differently Competitor s developments Broad global market approach Strong focus on utilities/big IPPs Onshore and offshore Narrow scope Low complexity Different WTG platforms ~20 focus markets Strong focus on small/midsized customers Onshore only Broad scope Accept complexity One competitive product for each wind class

11 2. FOCUSED SALES APPROACH LEAD TO DOUBLE DIGIT MARKET SHARES IN MANY FOCUS MARKETS Currently focused on ~20 countries onshore market position 2014 UK Market share 2014: 10% Order intake: +58% Ireland Market share 2014: 47% Sweden Market share 2014: 10% Finland Market share 2014: 40% Order intake: +52% Germany Market share 2014: 9% Order intake:+ 28% Pakistan Market share 2014: 66% France Market share 2014: 10% Order intake: +200% Turkey Market share 2014: 20% Order intake: +67% Chile Subsidiary established Uruguay Market share 2014: 14% Major order of 142 MW received South Africa Market share 2014: 20% Qualified for 111 MW round 3 EUROPE Market share 2014: 10% 10% 10% GLOBAL Market share 2014: 3% Order intake: + 17%

12 2. ORDER INTAKE Order intake H1/15 vs. H1/14 (in EUR mn) Order intake by areas H1/ % 1,354 RoW other 6% Americas GER 19% FIN Germany 30% TRK FR EMEA other 25% RSA 8% 12% Turkey H H France Order intake of EUR 1.4 bn Generation Delta accounts for ~20% of new orders; bestselling WTG N117/2400 (~ 40%) One third of the OI stems from emerging markets like South Africa, Uruguay and Pakistan 12

13 2. GROWTH IN NORDEX MARKETS EXPECTED Order intake 2013 and 2014 by markets (in EUR) +28% % +200% +61% +52% >100% Germany Turkey France UK/IRL Finland Lithuania Past Success Factors Highly competitive N117/2400 for low-wind sites turbine of the year Focus on small and medium-sized customers; comprehensive sales and service support Focus on increasing sales in Germany Future Success Factors N131/3000 next stage of evolution turbine of the year Expand business with existing (loyal) customer base Exploit opportunities with big IPPs / utilities Ability to serve new markets profitably 13

14 2. ORDER BOOK Development of the firm order book* 2013 H (in EUR mn) +21% % Book-tobill ratio* FY 2013 FY 2014 H EMEA currently accounts for 78% of the firm order book, Americas 15% and Asia 7% Book-to-bill ratio* improvement to 1.34 (H1 2014: 1.17) Conditional order back-log at EUR 664 mn (H1 2014: EUR 720 mn; -7.7%) * Turbine business, excluding service 14

15 4. A CLOSER LOOK AT FRANCE AND GERMANY Installations France H1: 524 MW onshore OEM 5 OEM 4 6% 6% Nordex 28% OEM 3 16% Installations Germany H1: ~1,200 MW onshore Nordex 12% OEM 2 18% 26% OEM 1 Others (not discolsed) 88% French market picking up on the way back to a solid GW market Market leadership with 28 % in H (based on grid-connections; FY 2015: 9.1%) Strong development pipeline Sources: FEE, VDMA Gains in market share: 11.8 % (H1 2014: 8.1%; FY 2014: 8.4 %) German market intact for ; EEG amendment and details on tender regime expected for late summer Current focus on selling N131/3000 ongoing modification of WTG 15

16 2. UNWAVERING SUPPORT FOR WIND IN GERMANY Onshore is the backbone of the Energiewende S. Gabriel* in MW new onshore rep onshore offshore Source: VDMA/BWE, MAKE Consulting, Market Update Q *Minister for Energy & Economic Affairs Germany cap onshore Highlights of the expected development in Germany Government remains committed to the Energiewende Developer/investor visibility improved with new legislation Record installations in 2014 Repowering excluded from the cap of 2,500 MW/p.a. Changes to tender markets in 2017/19 More potential in Germany The important German home market will remain stable product portfolio increasingly competitive

17 4. DEMAND OUTLOOK IN GW PER REGION +4% EMEA Americas 11 APAC Offshore e 2016e 2017e 2018e 2019e 2020e Source: MAKE Q2 outlook as of 6/ /2016: Global onshore growth of ~16 % expected in Clean energy spending still at a high level 2016 dip mainly caused by China and the US Through 2020: Germany: continues on a high level (~3 GW p.a.) Northern Europe: Nordex core markets provide stable foundation for our business - gains in market share targeted in various focus markets Southern Europe: High demand for volume in Turkey and France Eastern Europe: Some recovery in EMEA East due to new regulations in Poland Emerging Markets: Ongoing growth opportunities in Africa (RSA, Egypt), Latin America (URU, Chile) and smaller markets in Asia (PAK etc.) 17

18 2. GLOBAL DEMAND OUTLOOK PER REGION Global growth of 13 % expected in Clean energy spending still at a high level Northern Europe: Nordex core markets provide stable foundation for our business - gains in market share targeted Southern Europe: High demand in Turkey and France will boost our growth Eastern Europe: Recovery in EMEA East due to new regulation in Poland Source: MAKE 3/2015 Emerging Markets: Growth opportunities in Africa (RSA, Egypt) Latin America (URU, Chile) and smaller markets in Asia (PAK etc.) market entry in Chile and selected watch markets in Africa 18

19 AGENDA 1. Corporate Strategy 2. Markets and market success 3. Products and R&D 4. Financials 2014 & Outlook 5. Appendix (Shareholder structure) 19

20 3. HIGHLY COMPETITIVE PRODUCT PORTFOLIO FOR ALL WIND CLASSES Rotordiameter 131 m N131/ m N117/2400 N117/ m N100/2500 N100/ m N90/2500 6,0 6,5 7,0 7,5 8,0 8,5 9,0 9,5 10,0 Wind speed [m/s] IEC 3a IEC 2a IEC 1a

21 3. STATUS N131/3000 Update Installation of the first turbine completed in Janneby, Germany 30 WTGs on order for 2015 projects in Germany and Finland Successful completion of IEC design evaluation conformity statements (DECS) and DIBt type approvals Awarded Windpower Monthly s Turbine of the Year Award in 3MW+ segment Myllykangas II Kooninkallio- Kankaanpää Janneby Wettringen I & II Hollich Sellen 21

22 AGENDA 1. Corporate Strategy 2. Markets and market success 3. Products and R&D 4. Financials 2014 & Outlook 5. Appendix (Shareholder structure) 22

23 4. HIGHLIGHTS ON FY was a very good year Strong demand in focus markets Sales + 21%, EBIT ppt to 4.5%, free cash flow of EUR 89m Order intake + 17% Successful market launch of the new Generation Delta N131/3000 Implementation of medium-term strategy going according to plan 2015 has started well, positive order momentum continues 2017 sales target may be achieved earlier than previously expected 23

24 4.... AND ON H Nordex in good shape Good H1 results Strong increase in revenues and order intake EBIT margin up to 5.6% Positive free cash flow Largest single order in Nordex history so far (Pampa, Uruguay) Strategic projects on track Guidance for FY 2015 raised for sales and order intake Update on strategy and medium-term targets during Capital Markets Day on 15 October 24

25 4. BUSINESS PERFORMANCE ALONG THE VALUE CHAIN Production Installations - Service Turbine assembly: MW (+ 75% yoy) assembly of turbines for installations in H2 Blade production: 165 blades (- 29% yoy) extension of facility in Rostock, ramp-up of NR 65.5 Installations: MW (-8% yoy) phasing of projects with a focus in H2 235 turbines installed in 12 countries main markets Germany, Turkey and France Service sales: EUR 92 mn (+24% yoy) Renewal rate: 87% (-10 ppt) 25

26 4. GROUP INCOME STATEMENT H In EUR millions H H in % Sales 1, Total revenues 1, Cost of materials (847.9) (597.7) 41.9 Gross profit Personnel costs (93.4) (81.0) 15.3 Other operating (expenses)/income (54.6) (40.0) 36.5 EBITDA Depreciation (26.4) (18.7) 41.2 EBIT Net financial result (10.3) (12.9) (20.2) EBT >100 Tax (14.4) (7.7) 87.0 Net profit >100 Sales increase reflects high order backlog and order intake as well as sales of large projects and increased production volume Net profit increase by 123 % due to higher volume and as a result of lower structural costs, relative to total revenues and optimized financial result H1 EBIT margin of 5.6 % well in the target range; EBIT margin in Q2 at 6.1 % 26

27 4. DEVELOPMENT OF GROSS MARGIN AND PRODUCTIVITY Development of gross margin Q H (in %) Gross profit per employee (in TEUR) % Q Q Q Q Q Q H H Based on sales H Some volatility of gross margin during the year, with % expected for the full year Value added measured as gross profit/employee above last year 27

28 4. GROUP BALANCE SHEET H In EUR millions Liquid funds & fixed-term deposits Trade receivables and future receivables H FY 2014 H FY Trade payables Bond Net inventories Other current liabilities Other current assets 111, Current Assets 1, Current liabilities Property, plant, equipment Bond Capitalized R&D expenses Deferred tax liabilities Deferred tax assets Other non-current liabilities Other non-current assets Non-current assets Non-current liabilities Shareholders equity Total assets 1, ,239.9 Total liabilities 1, ,239.9 Balance sheet strengthened: Net liquidity increased to EUR 282 mn ( : mn) Bank borrowings remain at zero bond reclassified as current liability (maturity in 4/2016) Total assets up 13% to EUR 1.4bn; equity ratio 30.8 % ( : 31.9 %) 1 Bond incl. interest 28

29 4. WORKING CAPITAL Development of working capital 2013 H ,2 1,0 3 2 W/C ratio ,4-3,4-2,3-4,8-2, W/C (EUR mn) FY 2013 Q H Q FY 2014 Q H Working capital ratio well below the target (<5%) Volatility reflects production and installation activity Continuing stringent working capital management with: Optimised turnaround and order times High customer prepayments 29

30 4. OPERATING CASH FLOW AND FREE CASH FLOW Key figures cash flow statement H Key figures cash flow statement H Cash flow from operating activities Cash flow from investing activities in EUR mn 73.4 (31.5) Free cash flow 41.9 Cash flow from operating activities Cash flow from investing activities in EUR mn 91.2 (21.2) Free cash flow 70.0 Cash flow from financing activities (-35.0) Cash flow from financing activities (-152.2) Decreased operating cash flow because of higher operational performance and corresponding increase in trade payables/receivables Investing activities in H mainly for capitalized product development and expansion of the blade center in Rostock project almost completed Cash flow from financing activities results from investment in fixed-term deposits 30

31 4. GUIDANCE A 2015 old 2015 update Order intake EUR 1.75 bn EUR bn EUR bn Sales EUR 1.73 bn EUR bn EUR bn EBIT margin 4.5 % 5 6 % 5 6 % Working capital ratio - 2.3% < 5% <5 % Investment EUR 76.3 m ~ EUR m ~EUR m Guidance update triggered by strong order momentum and increase in activity level Large installation volume in H2 31

32 4. MEDIUM-TERM DIRECTION 2017 Strong demand Positive momentum Solid order book for Nordex Measures to improve operating efficiency High growth brings its own challenges Implementation of operational improvement according to plan, impact not yet fully reflected in financial results Strong product pipeline and focused sales strategy to secure future development 32

33 AGENDA 1. Corporate Strategy 2. Markets and market success 3. Products and R&D 4. Financials 2014 & outlook 5. Appendix (Shareholder structure) 33

34 5. APPENDIX: SHAREHOLDER STRUCTURE NORDEX SE SKion/momentum capital % JPMorgan 5.02 % DWS 4.73 % Free float 67.46% Based on shares, as of July

35 5. APPENDIX: FINANCIAL CALENDAR 2015 Date Event 30 July H results and analyst call 2 September HSBC Industrials Conference (London) 10 September Commerzbank Sector Conference (Frankfurt) September Goldman Sachs & Berenberg German Corporate Conference (Munich) 15 October Capital Markets Day (Frankfurt) 31 October Börsentag (Hamburg) 12 November Q results and analyst call November EWEA fair (Paris) 3 December HSBC Luxembourg Conference 35

36 5. DISCLAIMER This presentation was produced in July 2015 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 forwardlooking 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. 36

37 THANK YOU FOR YOUR ATTENTION. Nordex SE Ralf Peters Oliver Kayser Head of Corporate Communications Senior Manager Investor Relations Langenhorner Chaussee 600, Hamburg, Germany Phone: +49 (0) Fax: +49 (0) NDX1 ISIN: WKN: DE000A0D6554 A0D

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