Nordex Se · XETR:NDX1
Nordex — FY2022 Earnings Presentation
36 slides from Nordex's earnings presentation, Mar 31, 2023
Slide 1: Nordex SE – Financial-year figures 2022
› Classification: Public | Nordex Group Nordex SE – Financial-year figures 2022 31st March 2023 FY figures 2022 | 31 March 2023
Slide 2: Disclaimer
› Classification: Public 2| Disclaimer › All financial figures within this presentation are final and audited. › This presentation was produced in March 2023 by Nordex SE solely for use as a source of general information regarding the economic circumstances and status of Nordex SE. It does not const
Slide 3: Agenda
› Classification: Public 3| Agenda Introduction José Luis Blanco Markets and orders Patxi Landa Financials Dr Ilya Hartmann Sustainability Dr Ilya Hartmann Operations and technology José Luis Blanco Guidance and Outlook José Luis Blanco Q&As All Key takeaways José Luis Blanco FY figures 2022 | 31 Ma
Slide 4: Executive summary FY 2022
› Classification: Public 4 | Introduction Executive summary FY 2022 FY 2022 RESULTS Sales EBITDA margin Working capital ratio EUR 5,694m -4.3% -10.2% › Healthy order intake of 1.9 GW in Q4/2022 with around 20% increase in ASP to EUR 0.89m/MW (EUR 0.74m/MW in the previous year quarter). › Sales amoun
Slide 5: Nordex makes top 3 worldwide in 2022 for installations
› Classification: Public 5 | Introduction Nordex makes top 3 worldwide in 2022 for installations ONSHORE MARKET SHARE EX CHINA (BASED ON MW INSTALLATIONS) Global market share Europe Nordex 15.3% Group placed 2nd 22.9% #3 #3 #4 15.5% 15.3% Americas Nordex 10.8% Group placed 4th 12.0% 2020 2021 2022 S
Slide 6: Agenda
› Classification: Public 6| Agenda Introduction José Luis Blanco Markets and orders Patxi Landa Financials Dr Ilya Hartmann Sustainability Dr Ilya Hartmann Operations and technology José Luis Blanco Guidance and Outlook José Luis Blanco Q&As All Key takeaways José Luis Blanco FY figures 2022 | 31 Ma
Slide 7: Order intake FY 2022
› Classification: Public 7 | Markets and orders Order intake FY 2022 Order intake turbine* (in MW) Order intake turbine* by regions (in MW in %) Europe North America Latin America RoW -20% 7,945 6,326 58% 73% 9% 21% 6% 21% 12% FY 2021 FY 2022 FY 2021 FY 2022 › Order intake in Q4/2022: 1,902 MW (3,33
Slide 8: Service business FY 2022
› Classification: Public 8 | Markets and orders Service business FY 2022 Development of service revenues (EUR m) and EBIT margin Comments EBIT margin 15.8% 18.5% 16.7% › Service sales share totaled around 10% of group sales 574 in the reporting period 438 468 › Service EBIT margin of 16.7% in FY 202
Slide 9: Combined order book of almost EUR 9.8bn at the end of FY 2022
› Classification: Public 9 | Markets and orders Combined order book of almost EUR 9.8bn at the end of FY 2022 Order book turbines (EUR m) Order book service (EUR m) +6% +7% 6,535 3,256 6,178 3,037 12M/2021 12M/2022 12M/2021 12M/2022 › Turbine order book of around EUR 6.5bn reflects › 10,599 WTGs und
Slide 10: Agenda
› Classification: Public 10 | Agenda Introduction José Luis Blanco Markets and orders Patxi Landa Financials Dr Ilya Hartmann Sustainability Dr Ilya Hartmann Operations and technology José Luis Blanco Guidance and Outlook José Luis Blanco Q&As All Key takeaways José Luis Blanco FY figures 2022 | 31
Slide 11: Shareholder loans conversion update: Continued strong commitment from largest shareholder Acciona
› Classification: Public 11 | Financials Shareholder loans conversion update: Continued strong commitment from largest shareholder Acciona Equity ratio increasing substantially to 26% on a pro forma basis* Significantly positive impact on key Around EUR 46m interest costs savings p.a. directly f
Slide 12: Income statement FY 2022
› Classification: Public 12 | Financials Income statement FY 2022 in EUR m (rounded figures) FY 2022 FY 2021 abs. change Comments Sales 5,694 5,444 250 › Solid sales growth of EUR Total revenues 5,991 5,052 939 5,694m in FY 2022 due to ongoing good order intake Cost of materials -5,505 -4,225 -1,280
Slide 13: Income statement Q4/2022
› Classification: Public 13 | Financials Income statement Q4/2022 in EUR m (rounded figures) Q4/2022 Q4/2021 abs. change Comments Sales 1,820 1,488 332 › Q4/2022 gross margin mainly Total revenues 2,099 1,467 632 influenced by Cost of materials -2,052 -1,316 -736 › Installation delays and other proj
Slide 14: Balance sheet FY 2022
› Classification: Public 14 | Financials Balance sheet FY 2022 in EUR m 31.12.22 31.12.21 abs. change Δ in % Comments (rounded figures) Non-current assets 1,795 1,608 187 11.6 › Healthy liquidity level of EUR 714m at the end of FY 2022 Current assets 2,961 2,500 462 18.5 including cash facility unde
Slide 15: Working capital development FY 2022
› Classification: Public 15 | Financials Working capital development FY 2022 Working capital ratio (in % of sales)* Working capital development (in EUR m)* FY guidance 2022 below -7% 106 4 -145 -9.8 -19 -10.2 -10.2 -525 -10.8 -11.3 -579 Q4/ Q1/ Q2/ Q3/ Q4/ Q3/ Receiva- Inven- Prepay- Pay- Q4/ 2021 2
Slide 16: Cash flow statement FY 2022
› Classification: Public 16 | Financials Cash flow statement FY 2022 in EUR m (rounded figures) FY 2022 FY 2021 Comments Cash flow from operating activities -374 -135 › Cash flow from operating before net working capital activities mainly influenced by lower margin development Cash flow from changes
Slide 17: Total investments FY 2022
› Classification: Public 17 | Financials Total investments FY 2022 CAPEX (in EUR m) Comments Property, plant, equipment › Investments in FY 2022 above guided level, mainly Intangible assets consists of: +21% • Investments in expansion of blade production 204.8 facilities and moulds in India, Spain a
Slide 18: Capital structure FY 2022
› Classification: Public 18 | Financials Capital structure FY 2022 (Net debt) / net cash* Equity ratio (in %) 40 500 35 424 400 ~577m1) 30 315 25.9 292 300 271 25 244 ~26%2) 20.5 21.0 200 20 17.9 18.5 100 15 0 10 Q4/ Q1/ Q2/ Q3/ Q4/ Q4/ Q1/ Q2/ Q3/ Q4/ 2021 2022 2022 2022 2022 2021 2022 2022 2022 20
Slide 19: Agenda
› Classification: Public 19 | Agenda Introduction José Luis Blanco Markets and orders Patxi Landa Financials Dr Ilya Hartmann Sustainability Dr Ilya Hartmann Operations and technology José Luis Blanco Guidance and Outlook José Luis Blanco Q&As All Key takeaways José Luis Blanco FY figures 2022 | 31
Slide 20: Nordex sustainability strategy 2025 was developed in 2021 based on comprehensive materiality analysis
› Classification: Public 20 | Sustainability Nordex sustainability strategy 2025 was developed in 2021 based on comprehensive materiality analysis; first targets achieved in 2022 Together for change – Wind for a sustainable future Main targets › Provide fully recyclable blades by 2032 › Decrease car
Slide 21: Nordex activities have a very high EU Taxonomy-alignment; sustainability ratings above industry average
› Classification: Public 21 | Sustainability Nordex activities have a very high EU Taxonomy-alignment; sustainability ratings above industry average EU Taxonomy Eligibility and Alignment ESG Rating Scores Nordex contributes to objectives climate change mitigation and Nordex Scale climate change adap
Slide 22: Agenda
› Classification: Public 22 | Agenda Introduction José Luis Blanco Markets and orders Patxi Landa Financials Dr Ilya Hartmann Sustainability Dr Ilya Hartmann Operations and technology José Luis Blanco Guidance and Outlook José Luis Blanco Q&As All Key takeaways José Luis Blanco FY figures 2022 | 31
Slide 23: Operational performance in FY 2022
› Classification: Public 23 | Operations and technology Operational performance in FY 2022 Installations (MW) Production FY 2022: 5,221 MW 2021 2022 Turbine assembly (MW) Total blade production (#) FY 2021: 6,679 MW In-house outsourced Impacted due to cyber +12% security incident 1,881 7,463 +6% 1,8
Slide 24: Agenda
› Classification: Public 24 | Agenda Introduction José Luis Blanco Markets and orders Patxi Landa Financials Dr Ilya Hartmann Sustainability Dr Ilya Hartmann Operations and technology José Luis Blanco Guidance and Outlook José Luis Blanco Q&As All Key takeaways José Luis Blanco FY figures 2022 | 31
Slide 25: FY 2022 performance compared with the guidance
› Classification: Public 25 | Guidance and Outlook FY 2022 performance compared with the guidance 2022 Guidance 2022A* Sales: EUR 5.2bn – 5.7bn EUR 5.7bn EBITDA margin: Around -4% -4.3% Working capital ratio: Below -7% -10.2% CAPEX: Approx EUR 180m EUR 205m * For clarity: figures include all excepti
Slide 26: Long term outlook continues to be positive
› Classification: Public 26 | Guidance and Outlook Long term outlook continues to be positive Annual global onshore capacity additions (GW) › At current rate of installations, we will have >2/3 Huge gap between of the wind capacity required for 1.5o C and net targets and actual 310 zero pathway, con
Slide 27: While near term outlook of the core operations improving on the back of better quality order intake
› Classification: Public 27 | Guidance and Outlook While near term outlook of the core operations improving on the back of better quality order intake 2022 onshore order intake (MW) by turbine OEM* Key takeaways APeC Ranked Americas 10,746 #3 EMEA Continued momentum in order intake 7,784 supports
Slide 28: Guidance for FY 2023
› Classification: Public 28 | Guidance and Outlook Guidance for FY 2023 2023 guidance Sales: EUR 5.6 - 6.1bn EBITDA margin: -2% to +3% Working capital ratio: below -9% CAPEX: approx. EUR 200m Please note the assumptions underlying the guidance are subject to greater uncertainties than normal FY figu
Slide 29: Mid-term outlook
› Classification: Public 29 | Guidance and Outlook Mid-term outlook Period of volatility Period of stabilisation Period of growth 8% EBITDA (2021-2022) (2023-2024) (2025 and beyond) margin × Ukraine and Russia conflict Turbine prices Mid-term target improving Policy momentum and maintained deman
Slide 30: Nordex taking early initiatives in the green hydrogen market to complement its core business
› Classification: Public 30 | Guidance and Outlook Nordex taking early initiatives in the green hydrogen market to complement its core business Demand for green hydrogen likely to take off Hydrogen initiatives Global hydrogen demand (Mtpa) 7.5x Project development 1 2 Electrolyzers 660 initiatives 3
Slide 31: Joint Venture with Acciona Group to develop the hydrogen projects
› Classification: Public 31 | Guidance and Outlook 1 Joint Venture with Acciona Group to develop the hydrogen projects Strategic partnership to benefit both parties Pipeline of green hydrogen projects in attractive One of the largest project developers with a much geographies bigger financial ca
Slide 32: Joint Venture with Sodena to develop the electrolyzers
› Classification: Public 32 | Guidance and Outlook 2 Joint Venture with Sodena to develop the electrolyzers Strategic partnership to benefit both parties Pipeline of green hydrogen projects already Owned by the Govt of Navarra, Spain available Experience of investing in over 120 business Lar
Slide 33: Time for your questions
› Classification: Public 33 | Q&As Time for your questions Answers Questions FY figures 2022 | 31 March 2023
Slide 34: Key takeaways
› Classification: Public 34 | Key takeaways Key takeaways › Focus on energy security and energy independence strengthening the case for the wind 1 industry given it is one of the most competitive sources of energy today. › Short term challenges remain due to geopolitical uncertainty and lingering su
Slide 35: Thank you for your attention
› Classification: Public 35 | Thank you for your attention FY figures 2022 | 31 March 2023
Slide 36: Contact details
› Classification: Public 36 | Contact details IF YOU HAVE ANY QUESTIONS PLEASE CONTACT: Felix Zander Phone: +49 152 0902 40 29 Email: fzander@nordex-online.com Tobias Vossberg Phone: +49 173 4573 633 Email: tvossberg@nordex-online.com Nordex SE Langenhorner Chaussee 600 22419 Hamburg / Germany www.n