Nordex SE · XETR:NDX1
Nordex — FY2020 Earnings Presentation
26 slides from Nordex's earnings presentation, Mar 23, 2021
Slide 1: Nordex SE – Financial-year figures 2020
| Nordex Group Nordex SE – Financial-year figures 2020 23rd March 2021 Financial figures 9M/2020 | 13 Nov 2020
Slide 2: Disclaimer
2| Disclaimer › All financial figures within this presentation are final and audited. › This presentation was produced in March 2021 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 sa
Slide 3: Agenda
3 | Agenda Agenda Introduction José Luis Blanco Markets and orders Patxi Landa Financials Dr Ilya Hartmann Operations and technology José Luis Blanco Guidance FY 2021 José Luis Blanco Drivers strategic targets José Luis Blanco Strategic targets FY 2022 José Luis Blanco Q&As All Key takeaways José Lu
Slide 4: Executive summary FY 2020
4 | Introduction Executive summary FY 2020 FY 2020 SUCCESSFULLY COMPLETED IN LINE WITH REINSTATED GUIDANCE Sales EBITDA margin Working capital ratio EUR 4,651m 2.0% -6.3% › Order intake amounted to around 6 GW in FY 2020 despite Covid-19 pandemic › 81% accounts for latest Delta4000 turbine series. ›
Slide 5: Nordex remains top 4 worldwide in FY 2020
5 | Introduction Nordex remains top 4 worldwide in FY 2020 ONSHORE MARKET SHARES (BASED ON MW INSTALLED) Europe Nordex Americas Nordex Group Group placed 3rd 14.9% placed 4th 6.9% Asia pacific Global Nordex (excl. China) (excl. China) Group no installations in 2020 placed 4th 9.2% Others Source: Woo
Slide 6: Nordex approaching top 3 worldwide in FY 2020
6 | Introduction Nordex approaching top 3 worldwide in FY 2020 ONSHORE MARKET SHARES (BASED ON ORDER INTAKE MW ) Europe Nordex Americas Nordex Group Group placed 2nd 31.3% placed 4th 12.7% Asia pacific Global Nordex (excl. China) (excl. China) Group no orders in 2020 placed 4th 14.2% Others Source:
Slide 7: Global onshore wind market expected to peak in 2021
7 | Markets & orders Global onshore wind market (excl. China) expected to peak in 2021; CAGR 2020 to 2024 at -1.4% Capacity addition (GW) Key highlights Europe GLOBAL › German market slowly recovering fueled by permitting support (excl. China) CAGR -1.4 % › Positive near-term momentum in Finland and
Slide 8: Order intake FY 2020
8 | Markets & orders Order intake FY 2020 Order intake turbine* (in MW) Order intake turbine* by regions (in MW in %) Europe North America Latin America RoW -3% 6,207 6,020 51% 59% 28% 20% 18% 21% 3% 0% 12M/2019 12/2020 12M/2019 12M/2020 › Again strong order intake in FY 2020: EUR 4,218m › Largest o
Slide 9: Service business FY 2020
9 | Markets & orders Service business FY 2020 Development of service revenues (EUR m) and EBIT margin Comments EBIT margin 16.1% 17.7% 15.8% › Service sales share amounted to 9.4% of group sales 438 in FY 2020 403 343 › Service EBIT margin of 15.8% in FY 2020 › 97.3% average availability of WTGs und
Slide 10: Combined order book of over EUR 8.1bn at the end of FY 2020
10 | Markets & orders Combined order book of over EUR 8.1bn at the end of FY 2020 Order book turbines (EUR m) Order book service (EUR m) +11% -4% 5,534 2,819 5,298 2,537 12M/2019 12M/2020 12M/2019 12M/2020 › Turbine order book of around EUR 5.3bn at the end › 8,383 wind turbines under service – corr
Slide 11: Comprehensive financing activities in FY 2020
11 | Financials Comprehensive financing activities in FY 2020 Extention of Multi-Currency Guarantee Facility (MGF) State-guaranteed Revolving Credit Facility (RCF) › Amount: EUR 1.24bn › Amount: EUR 350m (EUR 100m already paid back) › Tenor: 3 years with 1+1 renewal option › Tenor: Due in April 2022
Slide 12: Income statement FY 2020
12 | Financials Income statement FY 2020 in EUR m (rounded figures) FY 2020 FY 2019 abs. change Comments Sales 4,651 3,285 1,366 › Sales figures of EUR 4,651m Total revenues 4,346 3,871 474 showing strong growth despite Covid-19 pandemic in FY 2020 Cost of materials -3,798 -3,096 -702 › EBITDA margi
Slide 13: Income statement Q4/2020
13 | Financials Income statement Q4/2020 in EUR m (rounded figures) Q4/2020 Q4/2019 abs. change Comments Sales 1,483 1,342 132 › Sales figures of EUR 1,483m Total revenues 1,237 1,352 -115 showing high execution level in the last quarter 2020 as Cost of materials -1,034 -1,092 58 expected Gross prof
Slide 14: Balance sheet FY 2020
14 | Financials Balance sheet FY 2020 in EUR m 31.12.20 31.12.19 abs. change Δ in % Comments (rounded figures) Non-current assets 1,526 1,489 37 2.5 › Strong cash position of EUR 778m at the end of FY 2020 Current assets 2,884 2,514 371 14.7 (EUR 510m year-end 2019) Total assets 4,410 4,003 407 10.2
Slide 15: Working capital development FY 2020
15 | Financials Working capital development FY 2020 Working capital ratio (in % of sales)* Working capital development (in EUR m)* FY guidance 2020 -4% -258 -32 27 -293 -5.7 -6.3 -295 265 -7.1 -7.5 -9.1 Q3/ Receiva- Inven- Prepay- Pay- Q4/ Q4/ Q1/ Q2/ Q3/ Q4/ 2020 bles tories ments ables 2020 2019 2
Slide 16: Cash flow statement FY 2020
16 | Financials Cash flow statement FY 2020 in EUR m (rounded figures) FY 2020 FY 2019 Comments Cash flow from operating activities -346 -157 › Cash flow from operating before net working capital activities mainly influenced by the negative net result Cash flow from changes in working -6 195 capital
Slide 17: Total investments FY 2020
17 | Financials Total investments FY 2020 CAPEX (in EUR m) Comments Property, plant, equipment › Investments in FY 2020 mainly consists of: Intangible assets • Investments in blade production facilities in -5.6% Mexico, India and Brazil 172.5 162.9 • Investments in installation and transport tooling
Slide 18: Capital structure FY 2020
18 | Financials Capital structure FY 2020 Net debt*/EBITDA** Equity ratio (in %) 30 6.7 7 6 25 5 4 3.6 Ambition level 1.5 20 18.6 3 17.3 17.5 2 15 13.8 13.6 1 0.7 0.4 1.2 0 -1 10 Q4/ Q1/ Q2/ Q3/ Q4/ Q4/ Q1/ Q2/ Q3/ Q4/ 2019 2020 2020 2020 2020 2019 2020 2020 2020 2020 › At the end of FY 2020 leverag
Slide 19: Strong ramp-up in operations in FY 2020
19 | Operations & technology Strong ramp-up in operations in FY 2020 Installations (MW) Production +77% Turbine assembly (MW) Inhouse blade production (#) 5,461 +24% +13% 5,786 1,545 1,366 4,677 3,090 12M/2019 12M/2020 12M/2019 12M/2020 12M/2019 12M/2020 › Total installations of 1,492 WTGs in 23 cou
Slide 20: Guidance for FY 2021
20 | Guidance Guidance for FY 2021* Sales: EUR 4.7 – 5.2bn EBITDA margin: 4.0 – 5.5% Working capital ratio: below -6% CAPEX: approx. EUR 180m *Please note that the assumptions underlying the guidance are subject to greater FY figures 2020 | 23 March 2021 uncertainties than normal.
Slide 21: Wind will be a prominent source as global energy production rises
21 | Drivers Wind will be a prominent source as global energy production rises World energy production is rising … … with wind as a major contributor Electricity generation in 2019 and 2050 Global installed capacity mix in 2019 and 2050 2019 2050 2019 2050 2% 8% 69% 31% 25% 25% 75% 2% 4% 11% 60% 26,
Slide 22: Strong demand in 4 MW+ segment, driving revenue growth for Nordex
22 | Drivers Strong demand in 4 MW+ segment, driving revenue growth for Nordex Woodmac Global Onshore Installation Forecast (GW) Comments 80 80 › Demand for 4 MW+ turbines expected to be very strong, growing at a CAGR of 30% from 2020 to 2024. 70 70 › Nordex’ s Delta4000 is one of the most competiti
Slide 23: Strategic capacity expansion - India for Global Initiative
23 | Drivers Strategic capacity expansion as part of comprehensive company program - India for Global Initiative India for Global (I4G) marks Nordex strategic › Production from India is planned for export only and will support initiative to leverage its existing local expertise Nordex ambitions to g
Slide 24: Strategic targets for FY 2022
24 | Strategic targets Strategic targets for FY 2022 Sales: approx. EUR 5.0bn EBITDA margin: 8% Capacity: 6 GW+ FY figures 2020 | 23 March 2021
Slide 25: Key takeaways
25 | Key takeaways Key takeaways › Business performance in Q1/2021 still impacted by the ongoing Covid-19 pandemic and volatility in the market, expecting recovery in Q2/2021. › Demand for new turbine Delta4000 platform remains on a promising level with strong focus on Europe and the Americas. › Com
Slide 26: Contact details
26 | Contact details IF YOU HAVE ANY QUESTIONS PLEASE CONTACT THE INVESTOR RELATIONS TEAM: Felix Zander Phone: +49-40-30030-1116 Email: fzander@nordex-online.com Tobias Vossberg Phone: +49-40-30030-2502 Email: tvossberg@nordex-online.com Rolf Becker Phone: +49-40-30030-1892 Email: rbecker@nordex-onl