Nordex SE. Capital Markets Day Introduction - Thomas Richterich

Transcription

1 Nordex SE Capital Markets Day Introduction - Thomas Richterich Rostock, 13 October 2011

2 PROGRAMME NORDEX CAPITAL MARKETS DAY Welcome & overview Break Lunch Presentation Market development Presentation Production & efficiency Presentation Testing facility engineering Plant tour rotor blade production & testing facility Presentation Products & sales Transfer to turbine assembly facility in Rostock Plant tour turbine assembly Summary & leave-taking Thomas Richterich, CEO Nordex SE Morten B. Keller, CEO MAKE Consulting Dr. Marc Sielemann, COO Nordex SE Helmut Resing-Woermer, Head of test & prototype Nordex Energy GmbH Dr. Rolf Buetje, Head of rotor blade plant Nordex Energy GmbH Lars Bondo Krogsgaard, CSO Nordex SE Jens Martin Hoika, Head of Production Europe Nordex Energy GmbH Thomas Richterich, CEO Nordex SE 2

3 SHORT BIOGRAPHY Thomas Richterich (CEO Nordex SE) Studied business management Head of Controlling, MAN Gutehoffnungshütte AG Head of Controlling, Ferrostaal AG Commercial Director, Ferrostaal Industrial Plant Services GmbH Director and Head of Controlling, Babcock Borsig AG 2002 Commercial Director, Babcock Borsig Power GmbH Chief Financial Officer, Nordex SE Since 2005 CEO, Nordex SE Morten B. Keller (CEO MAKE Consulting) Mr. Keller is co-founder of MAKE Consulting. He focuses on strategies, supply chain and commercial and financial aspects. Mr. Keller has held managerial positions within business development, marketing and communication at NEG Micon and Vestas Wind Systems, and has been Senior Renewable Energy Analyst at Nordea Bank. Dr. Marc Sielemann (COO Nordex SE) Studied engineering Project Engineer/Research Assistant at the Institute of Production Engineering and Machine Tools, University of Hanover Group Head MAN Nutzfahrzeuge Head of Component Production, MAN Nutzfahrzeuge AG Head of Commercial Vehicle Production Operations in Eastern Europe Managing Director of MAN Nutzfahrzeuge AG / MAN Trucks Sp. z o.o., Poland Since 04/2009 COO, Nordex SE 3

4 SHORT BIOGRAPHY Helmut Resing-Woermer (Head of Test & Prototype Nordex Energy GmbH) Studied electrical engineering Development Engineer, Nordex Energy GmbH Head of Measurement Group, Nordex Energy GmbH Since 2008 Head of Test & Prototype Departement, Nordex Energy GmbH Dr. Rolf Buetje (Head of Rotor Blade Plant Nordex Energy Gmbh) Studied engineering Various management positions at Airbus Head of Corporate Research Center Germany, EADS Head of Vertical Tail Production, Airbus Since 2009 Head of Rotor Blade Plant, Nordex Energy GmbH Lars Bondo Krogsgaard (CSO Nordex SE) Studied law, MBA Shipping trainee, A.P. Moller/MAERSK Lawyer, Bech Brunn COO, Young & Rubicam Denmark Group COO, Brandts Ventures Vice President Renewables, DONG Energy CEO Region EMEA, Siemens Wind Power Since 10/2010 CSO, Nordex SE 4

5 SHORT BIOGRAPHY Jens Martin Hoika (Head of Production Europe Nordex Energy GmbH) Studied mechanical engineering Joining Technology Engineer, Bertrand Faure / Faurecia Team Leader Joining Technology, Faurecia Production Manager, Faurecia Unna Head of Production Component Department, MAN Nutzfahrzeuge AG Vice President Supply Chain Management, MAN Truck & Bus AG Since 2011 Head of Production Europe, Nordex Energy GmbH 5

6 KEY MESSAGES Dynamics of the wind business are changing Product differentiation becomes more and more important High quality is a key success factor, stronger focus on quality in China Smart medium-sized businesses have good prospects in this industry Clear focus Platform strategy Fast and flexible organisation 6

7 OUTLOOK WIND ENERGY MARKET Development new installed capacity in GW Total volume : 69 GW Total volume : 152 GW Total volume : 86 GW Thereof globally offshore `11 -`16: 24 GW WTG installations will grow by 10 % (CAGR) between 2010 and 2016 Offshore will account for ~ 8 % of the expected market volume between 2011 and 2016 The US will be the most volatile market Source: MAKE Consulting, August

8 CHALLENGING MARKET ENVIRONMENT Build-up of capacities has led to ongoing pressure on turbine prices ASPs down 20% from peak in 2009 Wind asset financing back at high level of Q Low level of orders in US, but many projects expected in H Strong growth in China; situation in Europe has improved US power prices halved, PPAs improving but still at low level Positive order activity in onshore projects in Northern and Central-Eastern Europe First projects by Chinese OEMs in US and Europe, but only possible with Chinese financing 8

9 Cost (EUR) NORDEX IS ON A GOOD WAY TO FURTHER REDUCE COSTS OF ENERGY Two strategic levers to reduce Cost of Wind Energy (CoE) 1. Cost down Reduce WTG and OMS cost Increased energy yield (+ 17%) Cost reduction N-ergize (- 15%) Cost of Energy 2. Performance up Increase Energy yield Performance 9

10 THE ANSWER: CUTTING THE COST OF WIND ENERGY WHICH IS WHAT NORDEX IS DOING Additional measures: Structural costs Already implemented: Europe 2011 Nordex 2010 N-ergize 15 % cost reduction 2012 Optimisation EUR 190 mn EUR 140 mn Increased energy yield by up to 17 % Full financial impact in

11 PRODUCT DEVELOPMENT WITH A DUAL FOCUS: COST REDUCTION AND PERFORMANCE INCREASE Head mass per MW [t/mw] Future light cost reduction -25% Tomorrow 4 MW Onshore 6 MW Offshore Today heavy 2.5 MW Gamma 1.5 MW Beta +20% Update 1.5 MW N117/2.4 MW 2,000 3,000 4,000 5,000 Swept area per MW [m²/mw] "performance increase 11

12 PRODUCT DEVELOPMENT PROGRAMME Key differentiator: Energy efficiency Further Development of the 2.5 MW platform Differentiators - Energy efficiency Qualifiers - Full grid integration Must have - High reliability 4 MW Onshore turbine Based on its high quality products and a full grid integration programme Nordex is taking the next step to differentiate itself from its competitors Nordex product development programme will significantly increase energy efficiency The new products are designed to be best in class 6 MW Offshore turbine 12

13 REALIGNMENT OF GLOBAL REACH Nordex USA Top 5 player and state-of-theart production facility Excellent access to utility companies and project development pipelines of vital importance Nordex China Partnership with domestic player with full access to market Negotiation with some shortlisted companies Nordex Offshore Looking for a partner with related and complementary expertise and strong balance sheet Going forward Nordex seeks to strengthen distribution and customer access through strategic partnerships outside Europe and in offshore business 13

14 NORDEX EUROPE Subsidiaries Production facility in Rostock, Germany Headquarters located in Hamburg, Germany Uppsala Rostock Nacelle and blade production Start of production in Rostock: Nacelle: 1999 Dublin Kolding Manchester Paris Warsaw Blade: 2001 Max. production capacity 2,500 MW/year approx. 400 employees in production Porto Barcelona Rome Istanbul Hamburg Headquarters 14

15 NORDEX USA First installation in the US in 1996 Nordex USA HQ established 2008 in Chicago Start of production 10/2010 Production capacity Jonesboro (AR) 750 MW/year No. 4 in new orders placed in employees 15

16 NORDEX CHINA The 1 st N90/2500kW turbine in China was installed in Dec., 2010, at CEPRI s testing base in Zhangbei, Hebei. Beijing Headquarters 100 % subsidiary - Established in All central functions for Nordex China - Employees: 124 Yinchuan Turbine assembly 60 % JV - Established in Assembly of nacelles - Employees: 99 Dongying Blade production 100 % subsidiary - Established in Production of rotor blades - Employees:

17 10 KEY MEASURES TO INCREASE COMPETITIVENESS Core Challenges for Nordex Key Measures to strengthen our Business Model Market Approach Business Segments Products Structure/ Organization 1. Sales: Strong European base with focused market approach 4. Leverage own project development for order intake baseline 7. Launch products with superior energy yield and performance 9. Clear Management structure reflecting challenges & new business targets 2. Asia: Joint Venture 3. Americas: Continue market penetration 5. Enhance Service business 6. Market entry offshore (JV) 8. Continue successful path to further drive WTG cost down 10.Reduce cost structure to safeguard company value 17