Nordex Group
Nordex SE - Investor Factbook
2 | Nordex SE - Investor Factbook | › Classification: Public |
Experienced management team
José Luis Blanco
CEO
- CEO Acciona Windpower
- Various Senior Management & Chief Officer positions at Gamesa
Christoph Burkhard
CFO
- CFO Siemens Wind Power Offshore
- Various other positions at Siemens
- BHF Bank, EBRD
Patxi Landa
CSO
- Business Development Director and Executive Committee member at Acciona Windpower
- Various Chief Officer positions at Acciona
© Nordex 2020
3 | Nordex SE - Investor Factbook | › Classification: Public |
Agenda
1
2
3
4
5
Company overview & business model
Products & markets
Financials
Nordex share
Sustainability
© Nordex 2020
4 | Company overview & business model | › Classification: Public |
Investment Case
Strategic pillars
Global | COE | Onshore | ||||||||
Global player with strong | Competitive and COE-driven | Onshore wind energy | ||||||||
presence in all volume | product portfolio covers | is the key technology for | ||||||||
and growth markets for | all regions and | the irrevocable transition | ||||||||
onshore wind energy | market conditions | to renewable energy | ||||||||
| | | ||||||||
Shareholder
Strong anchor shareholder supports growth strategy
Team
Experienced management
and outstanding team
© Nordex 2020
5 | Company overview & business model | › Classification: Public |
Nordex and Acciona Windpower created a truly global player
Market focus
Customer focus
Product focus
Technology focus
A strong fit benefitting from complementary approaches
Nordex | AWP | ||
+ | = | ||
Europe | Emerging markets | ||
Small & medium-sized | + | Large developers | = |
customers | and IPPs | ||
Complex and land | + | Projects without | = |
constrained projects | land constraints | ||
+ | = | ||
Blades | Concrete towers | ||
Nordex Group
Truly global
Broad customer base
Different projects
Complementary
technologies
Creating a stronger
and more competitive
company
© Nordex 2020
6 Company overview & business model
Nordex - a pioneer in wind with more than 30 years of experience
- Global manufacturer of wind energy systems focused on turbines in the 2-5MW 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 TecDax and 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 GW in over 40 countries
7 | Company overview & business model | › Classification: Public |
Where we are - track record of Nordex
MORE THAN 28,132 MW INSTALLED WORLDWIDE
SPAIN | 1,993 MW |
FRANCE | 2,253 MW |
PORTUGAL | 421 MW |
ITALY | 745 MW |
CROATIA | 57 MW |
GREECE | 166 MW |
UK | 1,468 MW |
ARGENTINIA | 261 MW |
CANADA | 203 MW |
USA | 4,631 MW |
MEXICO | 1,172 MW |
COSTA RICA | 50 MW |
PERU | 132 MW |
COLOMBIA | 20 MW |
BRAZIL | 1,185 MW |
URUGUAY | 309 MW |
CHILE | 288 MW |
IRELAND | 855 MW |
GERMANY | 4,490 MW |
POLAND | 461 MW |
CZECH REPUBLIC 12 MW | |
ROMANIA | 100 MW |
BULGARIA | 8 MW |
NORWAY | 190 MW |
SWEDEN | 514 MW |
FINLAND | 512 MW |
DENMARK | 152 MW |
BELGIUM | 80 MW |
NETHERLANDS | 328 MW |
ESTONIA | 18 MW |
LITHUANIA | 70 MW |
TURKEY | 2,090 MW |
PAKISTAN | 300 MW |
INDIA | 78 MW |
CHINA | 1,053 MW |
JAPAN | 73 MW |
SOUTH KOREA | 65 MW |
AUSTRALIA | 371 MW |
EGYPT | 63 MW |
SOUTH AFRICA | 563 MW |
OTHERS (ROW) | 330 MW |
© Nordex 2020
8 | Company overview & business model | › Classification: Public |
Nordex achieved global top 4 in 2019
MARKET SHARES (BASED ON MW INSTALLED)
Europe | Nordex |
placed 4th | Group |
11.5% |
Americas | Nordex |
placed 4th | Group |
7.3% |
Asia pacific | Global | Nordex |
(excl. China) | (excl. China) | |
Group | ||
No installations in 2019 | placed 4th | 7.6% |
Others
© Nordex 2020 | Source: Wood Mackenzie Global Wind Power Project Installation Database (2020) |
9 | Company overview & business model | › Classification: Public |
Our history as one of the pioneers in onshore wind industry
Founding | First company | Installation | Completion | Commencement | Installation | |
of Nordex | worldwide | of the 100th | of the world's | of industrial | of the 2000th | |
in Denmark | to produce | Nordex | first series | rotor blade | Nordex turbine | |
a MW-class | turbine | multi-MW | production | |||
turbine | 2000 | turbine | 2003 | 2005 | 2007 | |
1985 | 1995 | 1999 | 2000 | 2001 | 2003 | Start of | |
the series | Opening of | ||||||
First AW | Opening of the wind | production | production | ||||
60/1300 | turbine assembly in | of the AW | facility in | ||||
prototype | Barásoain, Spain | 1500 | US |
Launch of | Launch of | Nordex and Acciona | Launch of | Launch N155/4.5 | ||||
Entry into the | ||||||||
Gamma | Delta generation | Windpower become one | 4 MW product | |||||
5 MW Class | ||||||||
generation | company | series Delta4000 | ||||||
Launch | ||||||||
2008 | 2013 | 2014 | 2016 | 2018 | N149./5.X and | |||
N163./5X | ||||||||
2010 | 2013 | 2016 | 2017 | 2019 | ||||
More than | Launch of | |||||||
Introduction | Industrial Implementation | 2000 MW of the | Opening of first | N133/4.8 for | ||||
of the AW | in Brazil with the opening | AW 3000 | assembly plant | strong wind | ||||
3000 | of hub production plant | platform sold | in India | sites |
© Nordex 2020
10 | Company overview & business model | › Classification: Public |
What we do - Nordex core business
VALUE CHAIN. MORE THAN A MANUFACTURER.
Project | Wind Farm | Production and Technical | Wind Farm | Services and | |||||||
Development | System Planning | Implementation | Operations | Maintenance | |||||||
Project | Turbine | Civil | Electrical | Installation & | Service | ||||||
Development | Delivery | Works | Infrastructure | Commissioning |
- Selection of location
- Ownership
- Optimal siting
- Wind measurements
- Soil survey
- Sound / shade emission
- Economic viability
- Grid connection
- Special purpose registration
- Environmental permitting
- Building permitting
© Nordex 2020
11 | Company overview & business model | › Classification: Public |
Strategy roadmap further strengthens our competitive position
We are: | Sustainable | Global | COE Leader | ||||||||
We focus on: | |||||||||
COE | Speed | Flexibility | |||||||||
1 | 2 | 3 | 4 | 5 | |||||
We deliver: | Global market | COE optimized | Supply chain | Operational cost | Service | ||||
presence | product portfolio | transformation | efficiencies | business | |||||
4.7 GW order intake | New product | Ramping up | Stringent | Continuously | |||||
in 9M/2019 | N163/5.X enlarges | India and | W/C-management | growing with | |||||
regionally well | product portfolio | blade production | programme | dedicated features | |||||
balanced | in Turkey | implemented | as predictive | ||||||
maintenance | |||||||||
Leading global onshore wind turbine supplier
© Nordex 2020
12 | Company overview & business model | › Classification: Public |
Nordex production footprint shows international supply chain
GOOD GEOGRAPHICAL FIT FOR PRODUCTION TO SERVE GLOBAL DEMAND.
Mexico ›Tower ›Blade
Chile
›Tower
Germany ›Nacelle ›Blade
Spain
›Nacelle ›Blade ›Tower
Brazil ›Nacelle ›Blade ›Tower (2x)
Argentina ›Nacelle ›Tower (3x)
Turkey | China | |
›Blade | ›Smart Logistics | |
›Blade (2x) | ||
India ›Nacelle ›Tower ›Blade
South Africa
›Tower
© Nordex 2020
13 | Company overview & business model | › Classification: Public |
Nordex operates a lean and flexible business model
Turbine development, production, projects and logistics | ||||
Asset light | ||||
business model | Component | Project | ||
in value chain | Turbine Research | Turbine | ||
development and | Management | |||
& Development | assembly | |||
manufacturing | and Logistics | |||
Focus on core | Wind farm development and operations | ||
competencies | |||
by outsourcing | |||
parts of value | Project | Wind farm | Operation and |
chain | development | owners | maintenance |
Limited vertical integration allows company to manage capital commitment
and retain a flexible business model
Third party | Partially in-house | Key focus/in-house |
© Nordex 2020
14 | Nordex SE - Investor Factbook | › Classification: Public |
Agenda
1 2 3 4 5
Company overview & business model
Products & markets
Financials
Nordex share
Sustainability
© Nordex 2020
15 | Products & markets | › Classification: Public |
Product portfolio with highly efficient products for all different sites
Development of product portfolio & pipeline
Light | Medium | Strong | |||
wind | wind | wind | |||
N149/5.x | |||||
5MW | |||||
N163/5.x | |||||
N133/4.8
4MW+ | N155/4.5 |
One platform with market specific derivatives
Delta4000
Future focus of product development
3MW+
N149/4.0-4.5 incl. 4.8 mode
AW116/3000
AW125/3000-3150
AW132/3000-3465
AW140/3000
AW148/3000
N100/3300
N117/3000-3600
N131/3000-3900
N90/2500
Continuous CoE
AWimprovements for low wind sites
Delta | Phase-out of 3MW Delta |
platform in preparation | |
2MW+ | N100/2500 |
N117/2400
Gamma | Phase-out of Gamma platform |
in preparation | |
Site dependent | today | 2022+ |
© Nordex 2020
16 | Products & markets | › Classification: Public |
N149/5.X - Key facts
WTG design purely focused | lifetime extension up to 25 years |
on lowest possible COE | |
Standard design lifetime of 20 years | |
proven Delta4000 product series | 149m rotor |
"Staged Approach" philosophy | proven blade of N149/4.0-4.5 |
only 5 MW+ WTG based on proven platform
IEC S class
up to IEC A
suitable in core low-to- medium wind speed sites
>5MW rating
N149/5.X | utilizing site potential | |
up to 164m hub heights | ||
Nacelle dimensions remain | site-specific towers | |
unchanged to N149/4.0-4.5 |
first contracts already signed | 104.8 dB(A) @ 5.5 MW |
+ numerous sound modes |
© Nordex 2020
17 | Products & markets | › Classification: Public |
N163/5.X - Key Facts
WTG design purely focused | lifetime extension up to 25 years |
on lowest possible COE | |
Standard design lifetime of 20 years |
Same nacelle as N149/5.X
IEC S class
163m rotor
>5MW rating
N163/5.X | utilizing site potential |
Suitable in core | |
various site-specific towers | low-to-medium wind speed sites |
up to 164m hub height
numerous sound modes
Single-piece blade | +20% AEP |
based on N149 design | (vs. N149/4.0-4.5) |
© Nordex 2020
18 | Products & markets | › Classification: Public |
Global service network
© Nordex 2020
19 | Products & markets | › Classification: Public |
Service portfolio: Nordex service makes the difference
On-site
Off-site
Maintenance
- Inspections
- Maintenance
- HSE inspections
Monitoring &
Technical Support
- 24/7 Control Centre
- Support for technical issues
Spare Parts
Management
- Worldwide supply of spare parts, 365 days a year
Training
- Uniform qualification of all service technicians worldwide
Trouble Shooting
- Repair
- Onsite repair & troubleshooting
- Exchange & overhaul of major components
Digital and Data
Analytics
- Driving digital change, remote diagnostics & predictive maintenance.
Upgrades &
Modernizations
- Products to enhance the performance of the installed fleet
© Nordex 2020
20 | Products & markets | › Classification: Public |
Wind will be a prominent source as global energy production rises
World energy production is rising…
Electricity generation by region ( PWh)
OECD countries | US | India | ||||
European Union | China | Others | ||||
40.000 | +39% | ||||
35.000 | |||||
30.000 | |||||
25.000 | |||||
20.000 | |||||
15.000 | |||||
10.000 | |||||
5.000 | |||||
0 | |||||
2012 | 2015 | 2020 | 2025 | 2030 | 2035 |
… with onshore wind as a major contributor
Cumulative global installed capacity by source (GW)
2018 2035
Onshore Wind | 528 | ||||||
2,180 | +313% | ||||||
Offshore Wind | |||||||
22 | |||||||
258 | |||||||
PV | 526 | ||||||
3,630 | |||||||
Other | 1,451 | ||||||
Renewables | 1,831 | ||||||
Conventional | 4,365 | ||||||
+8% | |||||||
Sources | 4,731 | ||||||
Strong, continuous growth of onshore wind in the medium term expected
Source: Bloomberg New Energy Finance, New Energy Outlook 2019, as of Jun-2019 | |
© Nordex 2020 | Conventional sources include nuclear, coal, gas and oil capacities |
Other renewables include geothermal, hydro and others | |
21 | Products & markets | › Classification: Public |
Global demand for electricity continues to grow and will increasingly be met by renewables
Key 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-intensiveindustries
- 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
Global renewable electricity generation | ||||
Cumulative renewable electricity generation in China and India | ||||
PWh | ||||
30 | ||||
26.4 | ||||
25 | ||||
+4% | 8.8 | OECD | ||
20 | 17.9 | countries | ||
15 | 6.8 | 10.3 | non-OECD | |
countries | ||||
10 | 7.2 | |||
7.2 | ||||
5 | 3.1 | |||
2.3 | ||||
0 | 2018 | 2035e | 2050e | |
© Nordex 2020 | Source: BNEF NEO 2019 |
22 | Nordex SE - Investor Factbook | › Classification: Public |
Agenda
1
2 3 4 5
Company overview & business model
Products & markets
Financials
Nordex share
Sustainability
© Nordex 2020
23 | Financials | › Classification: Public |
Executive summary
FY 2019 RESULTS FULLY IN LINE WITH GUIDANCE
Sales | EBITDA margin | Working capital ratio | ||
EUR 3,285m | 3.8% | -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-ratioof 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.
© Nordex 2020
24 | Financials | › Classification: Public |
Order intake FY 2019
Order intake turbine* (in MW) | Order intake turbine* by regions (in %) | ||||||||||||||||||||
+31% | 6,207 | Europe | North America | Latin America | RoW | ||||||||||||||||
45% | |||||||||||||||||||||
4,754 | 51% | ||||||||||||||||||||
15% | |||||||||||||||||||||
25% | 28% | ||||||||||||||||||||
15% | 18% | ||||||||||||||||||||
3% | |||||||||||||||||||||
12M/2018 | 12M/2019 | ||||||||||||||||||||
12M/2018 | 12M/2019 | ||||||||||||||||||||
- 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
© Nordex 2020 | *Group segment "Projects" |
25 | Financials | › Classification: Public |
Growing service business generates steady cash flows
Development of service revenues (EUR m) and EBIT margin
EBIT margin | 15.1% | 16.1% | 17.7% |
403
315 343
2017 2018 2019
Share of fleet under contract (as % of installed base)
Comments
- 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
under contract | |
30% | not under contract |
Installed | |
base: | |
28.2 GW | Thereof: |
70% | 72% Nordex WTGs |
28% AWP WTGs |
© Nordex 2020
26 | Financials | › Classification: Public |
Strict policies for order recognition and healthy age profile of order backlog
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
Age profile of turbine order backlog* as of year end 2019
2%
33%
65%
<12 months 12-24 months > 24 months
- Order backlog provides good visibility for next two years
- Majority of orders older than 24 months are mostly completed with only final invoicing outstanding
© Nordex 2020 | * Turbine portion of order backlog considered only; no service contracts reflected. |
27 | Financials | › Classification: Public |
Combined order backlog of around EUR 8.1bn at the end of FY 2019
Order backlog turbines (EUR m)
+43%
5,534
3,869
Order backlog service (EUR m)
+14%
2,537
2,218
12M/2018 | 12M/2019 | 12M/2018 | 12M/2019 |
› Order backlog of EUR 5,534m at the end of FY | › At the end of FY 2019: 7,760 wind turbines under | ||
2019 reflects consistent high order intake over | service - corresponding to 19.6 GW |
the last quarters
- Distribution on Nordex focus markets: Europe (52%), North America (19%), Latin America (17%), Rest of World (12%)
© Nordex 2020
28 | Financials | › Classification: Public |
Order backlog well-balanced across platforms, markets and customers
Order backlog (EUR m) as of year end 2019
Platforms | Markets | Customer type | |||||||||||||||||||||
2% | 12% | 8% | |||||||||||||||||||||
23% | 18% | ||||||||||||||||||||||
35% | 17% | ||||||||||||||||||||||
47% | |||||||||||||||||||||||
52% | |||||||||||||||||||||||
40% | 19% | 27% | |||||||||||||||||||||
AW | Delta4000 | Delta | Gamma | Europe | Latin America | Utility | Developer | ||||||||||||||||
North America | Rest of World | IPP | Other | ||||||||||||||||||||
- 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.
- 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.
© Nordex 2020
29 | Financials | › Classification: Public |
Income statement FY 2019
in EUR m | FY 2019 | FY 2018 abs. change | Comments |
Sales | 3,284.6 | 2,459.1 |
Total revenues | 3,871.4 | 2,364.2 |
Cost of materials | -3,096.0 | -1,710.2 |
Gross profit | 775.4 | 654.1 |
Personnel costs | -360.7 | -325.9 |
Other operating (expenses)/income | -290.9 | -226.5 |
EBITDA | 123.8 | 101.7 |
Depreciation/amortization | -143.4 | -155.8 |
EBIT | -19.6 | -54.2 |
Net profit | -72.6 | -83.9 |
825.5 | › | Sales figures of EUR 3,285m |
1,507.2 | and EBITDA margin of 3.8% in | |
-1,385.8 | line with expectations and | |
guidance | ||
121.3 | › | High total revenues signal |
-34.8 | further sales growth in FY | |
-64.4 | 2020 | |
› | PPA depreciation amounted to | |
22.1 | ||
EUR 24m in FY 2019 (EUR |
12.4 | 62.6m in the previous year) |
34.6 | |
11.3 |
Gross margin* | 23.6% | 26.6% |
EBITDA margin | 3.8% | 4.1% |
EBIT margin w/o PPA | 0.1% | 0.3% |
© Nordex 2020 | *Gross profit in relation to sales. |
30 | Financials | › Classification: Public |
Balance sheet FY 2019
in EUR m | 31.12.19 | 31.12.18 | abs. change | 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% | ||
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
© Nordex 2020 | *Cash and cash equivalents less bank borrowings and bond. |
**Based on actual sales figures. | |
31 | Financials | › Classification: Public |
Working capital development FY 2019
Working capital ratio (in % of sales)* | Working capital development (in EUR m)* |
FY guidance 2019 < 2%
-1.5
-3.8
-4.7
-5.2
-9.1 | ||||
Q4/ | Q1/ | Q2/ | Q3/ | Q4/ |
2018 | 2019 | 2019 | 2019 | 2019 |
-136 | 47 | ||||
162 | 47 | ||||
92 | |||||
-300 | |||||
Q3/ | Receiva- | Inven- | Prepay- | Pay- | Q4/ |
2019 | bles | tories | ments | ables | 2019 |
- 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
© Nordex 2020 | *Based on last twelve months sales. |
32 | Financials | › Classification: Public |
Cash flow statement FY 2019
in EUR m | FY 2019 | FY 2018 |
Comments
Cash flow from operating activities before net working capital
Cash flow from changes in working capital
-156.9-31.4
194.9156.3
› 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 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 |
› | 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 |
© Nordex 2020 | *Including FX effects |
33 | Financials | › Classification: Public |
Total investments FY 2019
CAPEX (in EUR m)
Property, plant, equipment
Intangible assets
52.8%
172.5
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
112.9 | • Investments in product development | |
134.2 | › | Slight decrease in intangible assets due to lower level |
of development costs compared to previous year
71.6
41.3 | 38.3 |
12M/201812M/2019
© Nordex 2020
34 | Financials | › Classification: Public |
Capital structure FY 2019
Net debt*/EBITDA** | Equity ratio (in %) | |
3.0 | 2.5 | ||||
2.5 | |||||
2.2 | |||||
2.0 | Ambition | ||||
1.5 | 1.3 | level | |||
1.0 | 0.7 | ||||
0.5 | 0.3 | ||||
0.0 | |||||
-0.5Q4/ | Q1/ | Q2/ | Q3/ | Q4/ | |
2018 | 2019 | 2019 | 2019 | 2019 |
30 | |||||
25 | 22.8 | ||||
20 | 19.7 | 18.6 | |||
17.4 | |||||
15.5 | |||||
15 | |||||
10Q4/ | Q1/ | Q2/ | Q3/ | Q4/ | |
2018 | 2019 | 2019 | 2019 | 2019 |
› | Leverage ratio significantly declined towards the end | › Equity ratio improved towards year end 2019 as a |
of FY 2019 as communicated | result of the capital increase in October 2019 | |
› | In Q4/2019 leverage ratio well below own ambition | |
level of 1.5 as expected |
© Nordex 2020 | *Cash and cash equivalents less bank borrowings and bond. |
** Based on last twelve months. | |
35 | Financials | › Classification: Public |
Debt maturity profile of Nordex Group
(in EUR m) | EIB | SSD fix | SSD var | Bond | ||||
350 | 307 | |||||||
300 | ||||||||
250 | 228 | |||||||
200 | ||||||||
150 | ||||||||
100 | ||||||||
56 | ||||||||
50 | 13 | 13 | 7 | |||||
0 | 3 | |||||||
2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
- 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.
© Nordex 2020
36 | Financials | › Classification: Public |
FY 2019 a year of significant ramp-up in operations
Installations (MW)
+23%
3,090
Production
Turbine assembly (MW) Inhouse blade production (#)
2,522
12M/201812M/2019
+105% | |
4,677 | |
2,278 | |
12M/2018 | 12M/2019 |
+69% | |
1,366 | |
807 | |
12M/2018 | 12M/2019 |
- 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
© Nordex 2020
37 | Financials | › Classification: Public |
Guidance 2020 - subject to the unforeseeable extent and duration of the measures taken globally to contain COVID-19
Sales: | EUR 4.2 - 4.8bn |
EBITDA: | EUR 160 - 240m |
Working capital ratio: | <0% |
CAPEX: | min. EUR 140m* |
© Nordex 2020 | *Depending on the market situation and the pace of the further development of the supply chain. |
38 | Nordex SE - Investor Factbook | › Classification: Public |
Agenda
1
2
3 4 5
Company overview & business model
Products & markets
Financials
Nordex share
Sustainability
© Nordex 2020
39 | Nordex share | › Classification: Public |
Stable shareholder structure & comprehensive market coverage
Shareholder structure | Analyst coverage | ||
Freefloat | Sell | ||
1 | |||
Acciona S.A. |
36.41%
63.59%
5 Buy
Hold
7
Key figures:* | Consensus of 13 analysts:** | |||||
› | Number of shares: | 106,680,691 | › | Ø Share price: | EUR 12.00 | |
› | Share price: | EUR 7.05 | › | Ø 2020 | Revenues (e): | EUR 4,042m |
› | Market capitalization: | EUR 752m | › | Ø 2020 | EBITDA margin (e): | 5.0% |
© Nordex 2020 | *As of 31 March 2020 |
** Nordex own consensus as of 31 March 2020 | |
40 | Nordex share | › Classification: Public |
Nordex share price development (Jan 2019 - March 2020)
Volatility of share price is mainly driven by transformation phase of industry and company
© Nordex 2020
41 | Nordex share | › Classification: Public |
Strong and committed anchor shareholder supporting Nordex
- Acciona Group profile / strategy
- 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 of wind farms to generation and distribution
- Other: Deals with businesses relating to fund
management and stock market brokerage, wine production, real estate business and other investments
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%
- Recent support for Nordex
Continuously strong commitment to strategic investment into Nordex recently underpinned by €99m capital increase in October 2019
- Long-termsupportive 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
© Nordex 2020
42 | Nordex SE - Investor Factbook | › Classification: Public |
Agenda
1
2
3
4
5
Company overview & business model
Products & markets
Financials
Nordex share
Sustainability
© Nordex 2020
43 | Sustainability | › Classification: Public |
Sustainability strategy 2019 to 2021
© Nordex 2020
44 | Sustainability | › Classification: Public |
Sustainability key facts
Product
Lifecycle assessment of wind farm with Delta4000
turbines shows:
only 6.4 g CO2e
are emitted per kilowatt-hour electricity generated
- 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. | |
© Nordex 2020 | 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. |
45 | Nordex SE - Investor Factbook | › Classification: Public |
Financial calendar 2020*
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 |
© Nordex 2020 | *Subject to change |
46 | Nordex SE - Investor Factbook | › Classification: Public |
Disclaimer
- 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.
© Nordex 2020
47 | Nordex SE - Investor Factbook
Contact details
- Classification: Public
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: investor-relations@nordex-online.com
Web: www.nordex-online.com
© Nordex 2020
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Nordex SE published this content on 06 April 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 April 2020 18:27:16 UTC