Nordex Group Nordex SE Investor...
Transcript of Nordex Group Nordex SE Investor...
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© Nordex 2020
Nordex Group
Nordex SE – Investor FactbookAugust - October 2020
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© Nordex 2020
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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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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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 drivers
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Nordex and Acciona Windpower created a top 4 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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|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 (mothballed), 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
› Merger with Acciona Windpower (AWP) in 04/2016
› Main shareholder Acciona S.A. (36.41%)
› Revenues 2019: Around EUR 3.3bn
› Installations of more than 29 GWin over 40 countries
Nordex – a pioneer in wind with more than 30 years of experience
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Installation track record of Nordex
7 Company overview & business model
MORE THAN 29,537 MW INSTALLED WORLDWIDE
SPAIN
FRANCE
PORTUGAL
ITALY
CROATIA
GREECE
UK
2,094 MW
2,412 MW
423 MW
754 MW
215 MW
191 MW
1,468 MW
937 MW
4,564 MW
461 MW
12 MW
100 MW
8 MW
23 MW
5 MW
IRELAND
GERMANY
POLAND
CZECH REPUBLIC
ROMANIA
BULGARIA
LUXEMBOURG
AUSTRIA
NORWAY
SWEDEN
FINLAND
DENMARK
BELGIUM
NETHERLANDS
ESTONIA
LITHUANIA
190 MW
537 MW
641 MW
152 MW
93 MW
517 MW
18 MW
70 MW
ARGENTINIA
CANADA
USA
MEXICO
COSTA RICA
PERU
COLOMBIA
BRAZIL
URUGUAY
CHILE
360 MW
203 MW
4,782 MW
1,172 MW
50 MW
132 MW
20 MW
1,308 MW
309 MW
288 MW
TURKEY
PAKISTAN
INDIA
CHINA
JAPAN
SOUTH KOREA
AUSTRALIA
EGYPT
SOUTH AFRICA
OTHERS (ROW)
2,135 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 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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Long 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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Value chain - Nordex core business
10 Company overview & business model
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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Strategy 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
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Production footprint supports international supply chain and demand
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 operates 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
Balanced vertical integration allows Nordex to manage capital commitment efficiently and retain a flexible business model
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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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Development of product portfolio & pipeline
Competitive portfolio 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
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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 (major order of 400
MW from Norway received in March 2020)
up to 164m hub heightssite-specific towers
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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 (Annual Energy Production)(vs. N149/4.0-4.5)
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Global service network with more than 21 GW under contract
18 Products & markets
NorthAmerica
3.9 GW
Rest of World
2.6 GW
Brazil
1.3 GW
E. Europe, Turkey& Mid East
3.0 GW
EUNordics
1.2 GW
EUMediterranean
3.3 GW
India &
Australia
0.1 GW
EUCentral
3.6 GW
EUUK & Ireland
2.2 GW
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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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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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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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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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Executive summary
23 Financials
H1/2020 RESULTS
Sales
EUR 2,048m
EBITDA margin
-3.5%
Working capital ratio
-7.1%
› State-guaranteed revolving credit facility of EUR 350m closed on August 6th protecting Nordex Group against the effects and
remaining uncertainties caused by the Covid-19 pandemic.
› In the context of the new facility, the refinancing of the promissory notes (Schuldscheindarlehen) of EUR 215m due in April 2021 has already been secured.
› Potential sale of Nordex European project development pipeline to RWE for EUR 403m with closing expected in Q4/2020.
› Successful refinancing of multi-currency guarantee facility of EUR 1.21bn already completed in April 2020.
› Order intake with a volume of 2,532 MW in H1/2020 dominated by latest turbine generation Delta4000 attributable to around 79% of the order intake.
› Strong sales number of EUR 2,048m in H1/2020 due to high activity level despite Covid-19.
› Results in H1/2020 influenced by extraordinary costs due to Covid-19 impact.
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Order intake H1/2020
24 Financials
Order intake turbine* (in MW) Order intake turbine* by regions (in %)
› Order intake in H1/2020: EUR 1,806m (EUR 2,112m in previous year period)
› Stable ASP of EUR 0.71m/MW in first half-year 2020
› Largest orders come from Norway, Spain, Great Britain, Chile, Brazil and Turkey in H1/2020
› Share of latest turbine generation Delta4000 was 65% in Q2/2020 and 79% for the first half-year 2020
2,532
3,038
H1/2020H1/2019
-17%
20%21%
37%
80%
37%
0%
0%
H1/2019
5%
H1/2020
Europe RoWLatin AmericaNorth America
*Group segment „Projects“
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Growing service business
Financials
Share of fleet under contract (as % of installed base)
Comments
EBIT margin
25
Development of service revenues (EUR m) and EBIT margin
181.6
H1 2019
209.6
H1 2020
+15%
17.3% 16.7%› Service sales share amounted to 10.2% of group sales
in the first half-year 2020
› Service EBIT margin of 16.7% in the first six months 2020
› 97.6% average availability of WTGs under service
› Service order backlog stands at over EUR 2.7bn at the end of Q2/2020
72%
28%
Installedbase:
29.5 GW Thereof:69% Nordex WTGs31% AWP WTGs
under contract
not under contract
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Combined order backlog of over EUR 8bn at the end of H1/2020
26 Financials
Order backlog turbines (EUR m) Order backlog service (EUR m)
› Order backlog of EUR 5,367m at the end of Q2/2020 reflects high order intake over the last quarters
› Well balanced geographical footprint on Nordex focus markets: Europe (64%), Latin America (17%), North America (11%), Rest of World (8%)
› 8,257 wind turbines under service corresponding to 21.3 GW at the end of Q2/2020
H1/2019 H1/2020
5,271 5,367
+2%
2,299
H1/2019 H1/2020
2,704
+18%
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Operations H1/2020
27 Financials
Installations (MW) Production
› Total installations of 662 WTGs in 21 countries in H1/2020 (H1/2019: 242 WTGs)
› Geographical split: 45% Europe, 17% Latin America, 32% North America and 6% Rest of World
› Output turbines of 787 units in H1/2020: 392 GER, 247 ESP, 96 IND, 42 BRA and 10 ARG
› Inhouse blade production of 623 units in H1/2020: 351 GER, 142 IND, 123 MEX and 7 ESP
› Outsourced blade production of 1,215 units in the first half-year 2020
H1/2019
2,287
H1/2020
778
+194%
2,948
1,735
H1/2019 H1/2020
+70%
Turbine assembly (MW)
659
H1/2019 H1/2020
623
-5%
Inhouse blade production (#)
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Comprehensive financing structure successfully closed
28 Financials
› Three-year extension of EUR 1.21bn multi-currency guarantee facility (MGF) wasclosed on April 9th
› RCF of EUR 350m backed by German State guarantee covering 90% was closed on August 6th
› RCF provided by a consortium of nine lenders was significantly oversubscribed
› Refinancing of promissory notes (Schuldscheindarlehen) of EUR 215m due in April 2021 has been secured in the context of the state-guaranteed RCF
› MGF and RCF contain an ESG component and fit seamlessly into the company`s sustainable financing structure
Participating Lenders Recent financing activitiesDetails Revolving credit facility (RCF)
Amount: 350m EUR
Duration: 30th April 2022
Number of banks: 9
Purpose: • General corporate purposes• Cash drawings
Security: • Unsecured• Pari-passu
ESG rating provider: ISS ESG
ESG company rating: B
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© Nordex 2020
Income statement H1/2020
29 Financials
Comments
› Strong sales of EUR 2,048m in the first six months 2020
› EBITDA margin of -3.5% reflects Covid-19 impact
› Covid-19 mainly lead to major production stops and site interruptions causing significant cost increases
› FY impact of Covid-19 cannot be assessed at this point in time
in EUR m H1/2020 H1/2019 abs. change
Sales 2,047.9 990.8 1,057.1
Total revenues 1,990.0 1,603.6 386.4
Cost of materials -1,702.3 -1,300.8 -401.5
Gross profit 287.6 302.8 -15.2
Personnel costs -203.2 -172.9 -30.3
Other operating (expenses)/income -155.2 -112.8 -42.4
EBITDA -70.8 17.1 -87.9
Depreciation/amortization -75.6 -67.3 -8.3
EBIT -146.4 -50.2 -96.2
Net profit -180.0 -55.4 -124.6
Gross margin* 14.0% 30.6%
EBITDA margin -3.5% 1.7%
EBIT margin w/o PPA -6.5% -3.8%
*Gross profit in relation to sales.
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Balance sheet H1/2020
30 Financials
Comments
› Cash position of EUR 334m at the end of H1/2020 (EUR 396m H1/2019) reflecting successful Covid-19 mitigation management
› The shifts between non-current and current liabilities largely relate to the reclassification of the promissory note (SSD) of EUR 215m due in 04/2021
› The refinancing of EUR 215m promissory notes due in April 2021 has already been secured in the context of the state-guaranteed RCF
in EUR m 30.06.20 31.12.19 abs. change Δ in %
Non-current assets 1,457.5 1,488.9 -31.4 -2.1
Current assets 2,566.0 2,513.8 52.2 2.1
Total assets 4,023.5 4,002.7 20.8 0.5
Equity 554.9 745.4 -190.5 -25.6
Non-current liabilities 640.1 914.2 -274.1 -30.0
Current liabilities 2,828.5 2,343.2 485.3 20.7
Equity and total liabilities 4,023.5 4,002.7 20.8 0.5
Net debt* -241.4 -84.0
Working capital ratio** -7.1% -9.1%
Equity ratio 13.8% 18.6%
*Cash and cash equivalents less bank borrowings and bond. **Based on last twelve months sales.
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© Nordex 2020
Working capital development H1/2020
31 Financials
Working capital ratio (in % of sales)* Working capital development (in EUR m)*
-4.7
Q1/2020
Q3/2019
Q2/2019
Q4/2019
Q2/2020
-5.2
-9.1
-7.5-7.1
› Absolute working capital in Q2/2020 improved compared to the end of previous quarter
› Working capital ratio increased due to higher sales
› Working capital remains stable compared to YE 2019 reflecting success of short-term Covid-19 mitigation actions
-289-307
76
Prepay-ments
Inven-tories
Q1/2020
Receiva-bles
Q2/ 2020
30
42
82
Pay-ables
*Based on last twelve months sales.
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Cash flow statement H1/2020
32 Financials
Comments
› Cash flow from operating activities reflecting the negative net result partly compensated by cash inflows from VAT phasing effects
› Cash flow from investing activities reflects further expansion of supply chain management
› Cash flow from financing activities primarily driven by repayment of EIB and other short-term loans
in EUR m H1/2020 H1/2019
Cash flow from operating activities before net working capital
-74.2 -123.7
Cash flow from changes in workingcapital
6.2 23.1
Cash flow from operating activities -68.0 -100.6
Cash flow from investing activities -69.0 -60.7
Free cash flow -137.1 -161.3
Cash flow from financing activities -24.1 -50.6
Change in cash and cash equivalents -161.1 -211.9
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Total investments in H1/2020
33 Financials
CAPEX (in EUR m) Comments
› Investments in H1/2020 primarily comprise:
• Investments in blade production facilities in Mexico and 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 period
47.1
13.1
H1/2019
67.3
11.8
H1/2020
60.2
79.1
31.4%
Intangible assets
Property, plant, equipment
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Capital structure H1/2020
34 Financials
Net debt*/EBITDA** Equity ratio (in %)
› Due to low EBITDA and decreased cash level compared to Q1/2020 both impacted by Covid-19 the leverage ratio increased
› Equity ratio decreased in Q2/2020 due to negative net result
-1
0
1
2
3
4
5
6
7
Q3/2019
2.5
Q2/2019
Q4/2019
2.2
0.7
Q1/2020
1.2
6.7
Q2/2020
10
15
20
25
30
Q2/2019
17.4
Q1/2020
15.5
Q3/2019
18.617.3
Q4/2019
13.8
Q2/2020
*Cash and cash equivalents less bank borrowings and bond. ** Based on last twelve months.
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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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Impact of Covid-19 pandemic on Nordex business performance
36 Financials
• Covid-19 pandemic started in China causing disruptions globally
• Shutdowns and restrictions impacting value chain at different stages and at different times
• Travel and transport restrictions limiting mobility for people as well as for goods
• Increasing demand of green energy expected for the time post Covid-19
Clear focus on working capital and cash flow management
Health & safety of all Nordex employees and business partners is top priority
Ensure business continuity at all possible options
Global cross-functional Covid-19 taskforce established to assess the
situation continuously
Strong focus on supply chain continuity
Management priorities Impact on NordexGlobal environment
• Reduced capacity utilization due to temporary shutdowns (e.g. Mexico)
• Higher costs related to disruptions in project execution
• Delays in installations leading to an increase of inventories
• Negotiations with customers and suppliers on Liquidated Damages (LD) and prolongation costs
• Delays in ramping up and enlarging the supply chain
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Key takeaways
37 Financials
Order momentum expected to remain strong in H2/2020 with continuously high share of new turbine generation Delta4000.
Comprehensive financing structure in place in order to protect the company against the effects and remaining uncertainties caused by Covid-19 pandemic.
Covid-19 impact on further business performance in FY 2020 cannot finally be assessed at this point in time.
Potential sale of 2.7 GW project development pipeline to RWE will strengthen Nordex capital structure and support growth trajectory.
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© Nordex 2020
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
Stable shareholder structure & good market coverage
39 Nordex share
Shareholder structure Analyst coverage
Key figures:*
› Number of shares: 106,680,691
› Share price: EUR 10.67
› Market capitalization: EUR 1,138m
Consensus of 14 analysts:**
› Ø Share price: EUR 12.00
› Ø 2020 Revenues (e): EUR 4,290m
› Ø 2020 EBITDA margin (e): 4.1% (adj. 2.6%***)
Freefloat
36.41%
Acciona S.A.
63.59%
Hold
8
Sell
Buy
5
1
*As of 21 August 2020** Nordex own consensus as of 18 August 2020*** EBITDA margin adjusted by the expected proceeds from the planned sale of Nordex European project pipeline to RWE
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Nordex share price development (Jan 2019 – 24 August 2020)
40 Nordex share
Volatility of share price is mainly driven by transformation phase of industry and company
March 2019 May 2019 July 2019 Sept. 2019 Nov. 2019 Jan. 2020 March 2020 May 2020 July 2020
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© Nordex 2020
Strong and committed anchor shareholder
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 FY 2019:
› Market capitalization: c. €5.2bn
› Revenue: €7.2bn
› EBITDA: €1.4bn
› 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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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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Sustainability strategy 2019 to 2021
43 Sustainability
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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.
ESG-Rating
ISS-ESG (B), MSCI (A), SUSTAINALYTICS (25.8), CDP (C) and IMAG (AA)
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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 Virtual Annual General Meeting
13 August Interim Report H1 2020
13 November Interim Statement Q3 2020
*Subject to change
Nordex SE – Investor Factbook
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Disclaimer
46 Nordex SE – Investor Factbook
› All financial figures within this presentation are unaudited.
› This presentation was produced in August 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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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