Nordex SE · XETR:NDX1
Nordex — 9M 2021 Earnings Presentation
42 slides from Nordex's earnings presentation, December 2021
Slide 1: Nordex SE – Investor Factbook
› Classification: Public | Nordex Group Nordex SE – Investor Factbook December 2021 – March 2022 © Nordex 2021
Slide 2: Experienced management team
› Classification: Public 2 | Nordex SE – Investor Factbook Experienced management team José Luis Blanco Dr Ilya Hartmann Patxi Landa CEO CFO CSO › CEO at Acciona Windpower › CEO Division Europe at Nordex › Business development director Group and Executive Committee › Various senior management member
Slide 3: Agenda
› Classification: Public 3 | Nordex SE – Investor Factbook Agenda 1 Company overview & business model 2 Products & markets 3 Financials 4 Nordex share 5 Sustainability © Nordex 2021
Slide 4: Investment Case Strategic drivers
› Classification: Public 4 | Company overview & business model Investment Case Strategic drivers Global Technology Onshore Global player with strong Competitive product portfolio will Onshore wind energy presence in all volume be developed further, ramp-up of is the key technology for and growth mar
Slide 5: Nordex and Acciona Windpower created a global player
› Classification: Public 5 | Company overview & business model Nordex and Acciona Windpower created a global player A strong fit benefitting from complementary approaches Nordex AWP Nordex Group Market focus Europe + Emerging markets = Truly global Small & medium-sized Large developers Customer focu
Slide 6: Nordex – a pioneer in wind with more than 35 years of experience
› Classification: Public 6 | Company overview & business model Nordex – a pioneer in wind with more than 35 years of experience Nordex is deeply rooted in Germany… …and a global industry leader in the wind turbine market Innovative global manufacturer Highly attractive and resilient Global manufactu
Slide 7: Where We Are – Track Record
› Classification: Public 7 | Company overview & business model Where We Are – Track Record © Nordex 2021
Slide 8: Long history as one of the pioneers in onshore wind industry
› Classification: Public 8 | Company overview & business model Long 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 2,000th in Denmark to produce Nord
Slide 9: Value chain - Nordex core business
› Classification: Public 9 | Company overview & business model Value chain - Nordex core business MORE THAN A MANUFACTURER. Project Wind Farm Production and Technical Wind Farm Services and Development System Planning Implementation Operations Maintenance Project Turbine Civil Electrical Installatio
Slide 10: Production footprint supports international supply chain and demand
› Classification: Public 10 | Company overview & business model Production footprint* supports international supply chain and demand A TRULY GLOBAL SUPPLY CHAIN SET UP TO DELIVER, WITH THE LOWEST TOTAL LANDED COSTS, TO EVERY MAJOR MARKET Germany Turkey China ›Nacelle ›Blades ›Smart Logistics ›Blades
Slide 11: Agenda
› Classification: Public 11 | Nordex SE – Investor Factbook Agenda 1 Company overview & business model 2 Products & markets 3 Financials 4 Nordex share 5 Sustainability © Nordex 2021
Slide 12: Competitive portfolio for all different sites
› Classification: Public 12 | Products & markets Competitive portfolio for all different sites BASED ON OUR EVOLUTIONARY PRODUCT DEVELOPMENT PHILOSOPHY AND THE FLEXIBLE DELTA4000 PLATFORM, WE OFFER HIGHLY EFFICIENT PRODUCTS FOR SITE REQUIREMENTS AROUND THE WORLD PROVEN PLATFORMS AND COMPONENTS, HIGH
Slide 13: Nordex Global Service Network
› Classification: Public 13 | Products & markets Nordex Global Service Network © Nordex 2021
Slide 14: Service portfolio: Nordex service makes the difference
› Classification: Public 14 | Products & markets Service portfolio: Nordex service makes the difference On-site Off-site Maintenance Monitoring & Spare Parts Training & Inspections Technical Support Management › Maintenance › 24/7 Control Centre › Worldwide supply of › Uniform qualification of › HSE
Slide 15: Wind will be a prominent source as global energy production rises
› Classification: Public 15 | Products & markets 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% 6
Slide 16: Agenda
› Classification: Public 16 | Nordex SE – Investor Factbook Agenda 1 Company overview & business model 2 Products & markets 3 Financials 4 Nordex share 5 Sustainability © Nordex 2021
Slide 17: Order intake 9M/2021
› Classification: Public 17 | Financials Order intake 9M/2021 Order intake turbine* (in MW) Order intake turbine* by regions (in MW in %) Q3 Europe North America Latin America RoW +23% H1 4,610 3,759 1,829 64% 62% 1,227 2,782 16% 18% 2,532 20% 20% 9M/2020 9M/2021 9M/2020 9M/2021 › Order intake in 9M
Slide 18: Service 9M/2021
› Classification: Public 18 | Financials Service 9M/2021 Development of service revenues (EUR m) and EBIT margin Comments EBIT margin 14.8% 16.7% › Service sales share accounts for 8.4% of group sales in +4% the first nine months 2021 318 332 › Service EBIT margin stands at 16.7% › 97.3% average ava
Slide 19: Combined order backlog at a high level of almost EUR 8.0bn
› Classification: Public 19 | Financials Combined order backlog at a high level of almost EUR 8.0bn at the end of 9M/2021 Order backlog turbines (EUR m) Order backlog service (EUR m) -3% +7% 5,138 5,006 2,953 2,768 9M/2020 9M/2021 9M/2020 9M/2021 › Turbine order backlog of EUR 5,006m at the end of ›
Slide 20: Strong operations in 9M/2021 despite challenging market environment
› Classification: Public 20 | Financials Strong operations in 9M/2021 despite challenging market environment Installations (MW) Production +46% Turbine assembly (MW) Blade production (#) 4,858 +9% +25% 4,807 1.242 4,415 3,319* 990 9M/2020 9M/2021 9M/2020 9M/2021 9M/2020 9M/2021 › Total installations
Slide 21: Income statement 9M/2021
› Classification: Public 21 | Financials Income statement 9M/2021 in EUR m 9M/2021 9M/2020 abs. change Comments Sales 3,956 3,167 789 › Strong growth in sales Total revenues 3,585 3,108 477 achieved on the back of high execution Cost of materials -2,908 -2,764 -144 › EBITDA margin of 2.5% Gross prof
Slide 22: Balance sheet 9M/2021
› Classification: Public 22 | Financials Balance sheet 9M/2021 in EUR m 30.09.21 31.12.20 abs. change Δ in % Comments Non-current assets 1,573 1,526 47 3.1 › Balance sheet showing substantially improved equity Current assets 2,691 2,884 -193 -6.7 and leverage ratio Total assets 4,264 4,410 -146 -3.3
Slide 23: Working capital development 9M/2021
› Classification: Public 23 | Financials Working capital development 9M/2021 Working capital ratio (in % of sales)* Working capital development (in EUR m)* -343 -5.7 -196 -418 -6.3 -6.5 99 -9 31 -7.6 -7.7 Q3/ Q4/ Q1/ Q2/ Q3/ Q2/ Receiva- Inven- Prepay- Pay- Q3/ 2020 2020 2021 2021 2021 2021 bles tor
Slide 24: Cash flow statement 9M/2021
› Classification: Public 24 | Financials Cash flow statement 9M/2021 in EUR m 9M/2021 9M/2020 Comments Cash flow from operating activities › Cash flow from operating 2.3 -238.5 before net working capital activities mainly driven by consistent positive working Cash flow from changes in working capita
Slide 25: Total investments 9M/2021
› Classification: Public 25 | Financials Total investments 9M/2021 CAPEX (in EUR m) Comments Property, plant, equipment Intangible assets › Investments in 9M/2021 mainly consists of: • Investments in establishment and expansion of 3.3% blade production facilities 112.2 108.6 • Investments in transpo
Slide 26: Capital structure 9M/2021
› Classification: Public 26 | Financials Capital structure 9M/2021 Net debt*/EBITDA** Equity ratio (in %) 30 28.5 4 3.6 25 2 0.4 0.3 0.3 0 20 17.5 16.2 16.6 -2 15 13.6 -4.2 -4 -6 10 Q3/ Q4/ Q1/ Q2/ Q3/ Q3/ Q4/ Q1/ Q2/ Q3/ 2020 2020 2021 2021 2021 2020 2020 2021 2021 2021 › Leverage ratio in Q3/2021
Slide 27: Revised guidance for FY 2021
› Classification: Public 27 | Financials Revised guidance for FY 2021 Old Guidance Revision Sales: EUR 4.7 – 5.2bn EUR 5.0 – 5.2bn EBITDA margin: 4.0 – 5.5% Around 1% Working capital ratio: below -6% No Change CAPEX: approx. EUR 180m No Change Please note the assumptions underlying the guidance are
Slide 28: Strategic targets
› Classification: Public 28 | Financials Strategic targets Comments Revision › FY 2021 and FY 2022 to be impacted by supply chain inflation until compensated Sales: ~ EUR 5.0bn by pass-through to No Change (in the short term) customers › During transition margins EBITDA margin: 8% in FY 2022 8% in m
Slide 29: Successful capital raise combined with increase and extension of guarantee facilities
› Classification: Public 29 | Financials Successful capital raise combined with increase and extension of guarantee facilities resetting capital structure €586m equity raise Strengthened metrics Positioning business for Q2 2021 reported Q2 2021 pro-forma* accelerated profitable Cash contribution: ~E
Slide 30: Debt maturity profile
› Classification: Public 30 | Financials Debt maturity profile › Very solid debt maturity profile with next real refinancing due in 2023 (HY-Bond). › EUR 1.41bn multi-currency guarantee facility (MGF) due in April 2024. © Nordex 2021
Slide 31: Financial key figures in the multi-year overview
› Classification: Public 31 | Financials Financial key figures in the multi-year overview Sales (in EUR m) Working Capital ratio 5.3 4,651 3,078 3,285 2,459 -3.8 2017 2018 2019 2020 -6.3 -9.1 EBITDA (in EUR m) 2017 2018 2019 2020 201 124 102 94 2017 2018 2019 2020 © Nordex 2021
Slide 32: Operational key figures in the multi-year overview
› Classification: Public 32 | Financials Operational key figures in the multi-year overview Order intake turbines (in EUR m) Installations (in MW) 4,415 4,217 5,461 3,637 3,090 2,216 2,699 2,522 2017 2018 2019 2020 2017 2018 2019 2020 Order book turbines (in EUR m) Production output turbines (in MW)
Slide 33: Agenda
› Classification: Public 33 | Nordex SE – Investor Factbook Agenda 1 Company overview & business model 2 Products & markets 3 Financials 4 Nordex share 5 Sustainability © Nordex 2021
Slide 34: Stable shareholder structure and strong market coverage
› Classification: Public 34 | Nordex share Stable shareholder structure and strong market coverage Shareholder structure Analyst coverage Freefloat* Acciona S.A. Hold 4 33.6% 66.4% 9 Buy Key figures:** Consensus of 13 analysts FY 2021:*** › Number of shares: 160,021,035 › Ø Share price: EUR 19.80 ›
Slide 35: Nordex share price development (January 2020 – December 2021)
› Classification: Public 35 | Nordex share Nordex share price development (January 2020 – December 2021) › Nordex share price significantly recovered since Covid-19 dip in March 2020. › The interest of the capital market in Nordex remains on a high level, leading to a higher valuation of the share p
Slide 36: Agenda
› Classification: Public 36 | Nordex SE – Investor Factbook Agenda 1 Company overview & business model 2 Products & markets 3 Financials 4 Nordex share 5 Sustainability © Nordex 2021
Slide 37: Sustainability strategy 2019 to 2021
› Classification: Public 37 | Sustainability Sustainability strategy 2019 to 2021 © Nordex 2021
Slide 38: Latest sustainability key facts
› Classification: Public 38 | Sustainability Latest sustainability key facts Product Employees Lifecycle assessment of wind farm with Delta4000 Lost time injury frequency (LTIF) was lowered to turbines shows: 3.9 in FY 2020 (FY 2019: 4.6). only 6.5 g CO2e are emitted per kilowatt-hour electricity ge
Slide 39: Macro & long-term drivers: the trend to renewables is irrevocable
› Classification: Public 39 | Sustainability Macro & long-term drivers: the trend to renewables is irrevocable Repowering On its way to an economy with net-zero GHG emissions: EU aims for climate neutrality by 2050 10,000 WTGs running out alone The European Green Deal as a within the next three year
Slide 40: Preliminary financial calendar 2022
› Classification: Public 40 | Nordex SE – Investor Factbook Preliminary financial calendar 2022 2022 Event 29 March Publication of Annual Report 2021 12 May Interim Statement Q1/2022 31 May Annual General Meeting 11 August Interim Report H1/2022 15 November Interim Statement 9M/2022 © Nordex 2021
Slide 41: Disclaimer
› Classification: Public 41 | Nordex SE – Investor Factbook Disclaimer › This presentation was produced in December 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 sale of securi
Slide 42: Contact details
› Classification: Public 42 | Nordex SE – Investor Factbook 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 Nordex