Nordex SE - Investor Factbook - March - May 2021 Nordex Group - Investor Relations Portal
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› Classification: Public
|
Nordex Group
Nordex SE – Investor Factbook
March – May 2021
© Nordex 2021
› 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 at Acciona Windpower
& Chief Officer positions at › Various management positions
Gamesa at Acciona Energy › Various Chief Officer positions
at Acciona
© Nordex 2021
› 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
› 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 markets for production in India for global the irrevocable transition
onshore wind energy demand and company program to renewable energy
Shareholder Team
Strong anchor shareholder Experienced management
supports growth strategy and outstanding team
© Nordex 2021
› 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 focus + = Broad customer base
customers and IPPs
Complex and land Projects without
Product focus + = Different projects
constrained projects land constraints
Complementary
Technology focus Blades + Concrete towers =
technologies
Creating a stronger
and more competitive
company
© Nordex 2021
› 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
Global manufacturer of onshore wind energy of onshore wind turbine Highly attractive and resilient
systems with growing market share. systems: Among the Service business with:
Top 4 21 GW
Founded 1985, listed company in the German MDAX
and TecDax.
under service
industry leaders worldwide*
Track record of more than 32 GW in over 40 countries. More than
Leading product in new 4 MW+
Headquarters in Hamburg; subsidiaries for sales and turbine segment: 35 years
service in all core markets. of industry experience:
Leading-edge
Production sites in Germany, Spain, Brazil, India, USA product portfolio At the forefront of the
technological development
(mothballed) and Mexico.
Revenues 2020: around EUR 4.6bn. Nordex has around 5,000 suppliers in Germany.
Thereof many large industrial component suppliers; and
Main shareholder Acciona S.A. (33.6%). numerous small local suppliers, such as small service, logistics
and specialised construction companies, many of them
depending on Nordex to a large extent.
*Based on MW installed.
© Nordex 2021
› Classification: Public
7 | Company overview & business model
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
© Nordex 2021 Source: Wood Mackenzie Global Wind Power Project Installation Database (Jan – Nov 2020).
› Classification: Public
8 | Company overview & business model
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: Wood Mackenzie Global Wind Turbine Order Database Feb 2021 (2021).
© Nordex 2021
› Classification: Public
9 | Company overview & business model
Installation track record of Nordex
MORE THAN 31,882 MW INSTALLED WORLDWIDE (AT THE END OF FY 2020)
SPAIN 2,357 MW GERMANY 4,718 MW NORWAY 190 MW
FRANCE 2,489 MW POLAND 494 MW SWEDEN 537 MW
PORTUGAL 423 MW CZECH REPUBLIC 12 MW FINLAND 690 MW
ITALY 778 MW ROMANIA 100 MW DENMARK 152 MW
CROATIA 280 MW UKRAINE 133 MW BELGIUM 93 MW
GREECE 281 MW BULGARIA 8 MW NETHERLANDS 539 MW
UK 1,468 MW LUXEMBOURG 23 MW ESTONIA 18 MW
IREALND 1,014 MW AUSTRIA 5 MW LITHUANIA 70 MW
TURKEY 2,282 MW
PAKISTAN 300 MW
INDIA 78 MW
CHINA 1,053 MW
JAPAN 73 MW
SOUTH KOREA 65 MW
ARGENTINIA 461 MW
AUSTRALIA 371 MW
CANADA 203 MW
EGYPT 63 MW
USA 5,082 MW
SOUTH AFRICA 704 MW
MEXICO 1,584 MW
OTHERS (ROW) 330 MW
COSTA RICA 50 MW
PERU 132 MW
COLOMBIA 20 MW
BRAZIL 1,481 MW
URUGUAY 309 MW
CHILE 372 MW
© Nordex 2021
9
› Classification: Public
10 | 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 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
Gamma Delta generation Windpower become one 4 MW product Entry into the
generation company series Delta4000 5 MW Class
Launch
N149./5.X and
2008 2013 2014 2016 2018 N163./5.X
2010 2013 2016 2017 2019
More than Launch of
Introduction Industrial Implementation 2,000 MW of Opening of first N133/4.8 for
of the AW in Brazil with the opening the AW 3000 assembly plant strong wind
3000 of hub production plant platform sold in India sites
© Nordex 2021› Classification: Public
11 | 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 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 2021› Classification: Public
12 | Company overview & business model
Production footprint supports international supply chain and demand
GOOD GEOGRAPHICAL FIT FOR PRODUCTION TO SERVE GLOBAL DEMAND.
Germany Turkey China
›Nacelle ›Blade ›Smart Logistics
›Blade ›Blade
Spain
›Nacelle
›Blade
Mexico ›Tower
›Tower
›Blade
India
›Nacelle
Brazil ›Tower
›Nacelle ›Blade
›Blade
›Tower
South Africa
Chile ›Tower
›Tower
© Nordex 2021› Classification: Public
13 | Nordex SE – Investor Factbook
Agenda
1 Company overview & business model
2 Products & markets
3 Financials
4 Nordex share
5 Sustainability
© Nordex 2021› Classification: Public
14 | Products & markets
Competitive portfolio for all different sites
© Nordex 2021› Classification: Public
15 | Products & markets
N163/5.X – Key Facts
WTG design purely focused
on lowest possible COE lifetime extension up to 25 years
Standard design lifetime of 20 years
163m rotor
Same nacelle as N149/5.X
>5MW rating
N163/5.X
utilizing site potential
IEC S class
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 (Annual Energy Production)
(vs. N149/4.0-4.5)
© Nordex 2021› Classification: Public
16 | Products & markets
Nordex global service network with more than 21 GW under contract
EU
Nordics
1.3 GW
EU EU
UK & Ireland Central
2.2 GW 3.8 GW
North
America
EU
3.6 GW Mediterranean
3.5 GW
E. Europe, Turkey
& Mid East
3.0 GW
Brazil
1.3 GW
Rest of
World
2.4 GW
© Nordex 2021› Classification: Public
17 | 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 inspections › Support for technical spare parts, 365 days all service technicians
issues a year worldwide
Trouble Shooting Digital and Data Upgrades &
& Repair Analytics Modernizations
› Onsite repair & › Driving digital change, › Products to enhance
troubleshooting remote diagnostics & the performance of the
› Exchange & overhaul predictive maintenance. installed fleet
of major components
© Nordex 2021› Classification: Public
18 | 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%
69% 31% 25%
25% 75%
2% 4%
11% 60%
26,141 40,991 8% 7,566 20,391
TWh TWh GW GW
15% 7%
38%
20%
Conventional Wind Storage
Conventional Renewable
Hydro Solar Other
Strong, continuous growth of onshore wind in the medium term expected
Source: Bloomberg New Energy Finance, New Energy Outlook 2020.
Conventional sources include nuclear, coal, gas and oil capacities.
© Nordex 2021 Other renewables include geothermal, hydro and others.› Classification: Public
19 | Products & markets
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 Sweden
40.8 49.2 41.5 37.1 38.5 › New FIT announced in Turkey at higher than expected pricing,
enabling continuity in the market
› New auction held in Spain with disappointing pricing level. Solar
Europe
PV beat wind
18.3 16.2 › Italy: Tech-neutral auction hosted in 2020 undersubscribed by
12.4 14.5 14.3
45% as developers struggle with permitting projects in time
2020e 2021e 2022e 2023e 2024e
North America
› USA: One year prolongation of PTC value and project spillover
from 2020 will support market volumes in 2021. Biden’s win
International
expected to improve regulation
30.8
28.3
25.3 24.2 Rest of the world
22.6
14.7
17.1 9.0 6.3 7.9 › Positive market momentum in Brazil and Chile continued fueled
by PPA demand
› Negative momentum in Mexico continues with very limited
16.2 16.4 16.3 16.3
11.2 activity in the market
› South Africa held the accelerated round auction
2020e 2021e 2022e 2023e 2024e › Delays in Federal and State auctions in India with increasing
Rest of the World North America focus on hybrid projects
© Nordex 2021 Source: Wood Mackenzie (2020), Q4 Market Outlook Update; numbers are rounded.› Classification: Public
20 | Nordex SE – Investor Factbook
Agenda
1 Company overview & business model
2 Products & markets
3 Financials
4 Nordex share
5 Sustainability
© Nordex 2021› Classification: Public
21 | Financials
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 orders came from USA, Brazil, Germany,
(EUR 4,415m in the previous year) Norway and Great Britain in FY 2020
› Thereof in Q4/2020: EUR 1,576m (EUR 1,102m in › Order intake for Delta4000 generation increased to
prior-year quarter) 81% in FY 2020 compared to 44% in FY 2019
› Stable ASP of EUR 0.70m/MW in FY 2020 › Order intake received from 20 different countries in
FY 2020
*Group segment „Projects“.
© Nordex 2021› Classification: Public
22 | Financials
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 – corresponding
of FY 2020 reflects consistent high order intake to around 21 GW at the end of FY 2020
over the previous quarters
› Distribution on Nordex focus markets in FY 2020:
Europe (62%), North America (16%), Latin
America (16%), Rest of World (6%)
© Nordex 2021› Classification: Public
23 | Financials
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 under service
› Service order book remains strong of around EUR
2.8bn at the end of FY 2020
2018 2019 2020 › 21 GW of installed base are under service contracts
representing a coverage of around 66%
Share of fleet under contract (as % of installed base)
› Average service contract duration of around 11 years
under contract
not under contract
34%
Installed
base:
31.9 GW Thereof:
74% Nordex WTGs
66%
26% AWP WTGs
© Nordex 2021› Classification: Public
24 | Financials
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 countries in › Output turbines totaled 1,488 units in FY 2020: 802
FY 2020 (938 WTGs in previous year) GER, 437 ESP, 160 IND, 79 BRA and 10 ARG
› Geographical split: 46% Europe, 30% North › Inhouse blade production of 1,545 units in FY 2020:
America, 19% Latin America and 5% Rest of World 724 GER, 369 MEX, 289 IND and 163 ESP
› Outsourced blade production of 2,816 units in FY 2020
(previous-year period: 2,556 units)
© Nordex 2021› Classification: Public
25 | 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
› Purpose: Guarantees and up to EUR 100m in › Purpose: General corporate purposes
ancillary facilities
› Specialties: Closed in August 2020, ESG-linked,
› Specialties: Closed in April 2020, ESG-linked 90% German federal- and state-guaranteed
Secured refinancing of SSD Equity capital increase by way of ABB
› EUR 215m of SSD up for refinancing in April 2021 › Successful capital increase of EUR 200m by way of
Accelerated Book Building (ABB) on December 1st, 2020
› Nordex already secured the upcoming refinancing in the
context of the RCF › Very strong interest from investors with transaction being
3.5x oversubscribed
› Replacing loan has a tenor of 5 years, the proceeds of
which have been received and will be used for the SSD › Key shareholder placed significant order during the
repayment next month placement process
© Nordex 2021› Classification: Public
26 | 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 margin of 2.0% in line
Gross profit 547 775 -228
with guidance for FY 2020
Personnel costs -434 -361 -73
› EBITDA strongly impacted by
Other operating (expenses)/income -19 -291 272 Covid-19 and non-recurring
costs, offset by inflows from
EBITDA 94 124 -30 RWE pipeline sale
Depreciation/amortization -156 -143 -12
› PPA depreciation amounted to
EBIT -62 -20 -42 around EUR 24m in FY 2020
(EUR 24m in the previous year)
Net profit -130 -73 -57
Gross margin* 11.8% 23.6%
EBITDA margin 2.0% 3.8%
EBIT margin w/o PPA -0.8% 0.1%
*Gross profit in relation to sales.
© Nordex 2021› Classification: Public
27 | 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 profit 203 260 -56
› PPA depreciation in Q4/2020
Personnel costs -120 -96 24 totaled EUR 5.3m (EUR 5.7m
in previous-year quarter)
Other operating (expenses)/income -61 -101 40
EBITDA 22 64 -41
Depreciation/amortization -41 -41 0
EBIT -19 23 -41
Net profit -22 4 -53
Gross margin* 13.8% 19.4%
EBITDA margin 1.6% 4.7%
EBIT margin w/o PPA -0.9% 2.1%
*Gross profit in relation to sales.
© Nordex 2021› Classification: Public
28 | 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 › Reclassification of promissory
notes (SSD) into current
Equity 774 745 29 3.9 liabilities due to maturity in
April 2021
Non-current liabilities 653 914 -261 -28.6 › Refinancing of promissory
notes (SSD) of EUR 215m
Current liabilities 2,984 2,343 641 27.3 already been secured
Equity and total liabilities 4,410 4,003 407 10.2
Net debt* -41 -84
Working capital ratio** -6.3% -9.1%
Equity ratio 17.5% 18.6%
*Cash and cash equivalents less bank borrowings and bond.
© Nordex 2021 **Based on actual sales figures.› Classification: Public
29 | 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 2020 2020 2020 2020
› Despite impact from Covid-19 working capital well › Decrease in inventories driven by high installation
below guided figure of -4% for FY 2020 level in the last quarter 2020
› Working capital development supported by stringent
working capital management throughout the year
*Based on last twelve months sales.
© Nordex 2021› Classification: Public
30 | 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 › Cash flow from investing
activities reflecting cash
inflow from RWE deal
Cash flow from operating activities -352 38
received 2nd November 2020
› Cash flow from investing
Cash flow from investing activities 232 -164 activities also driven by
ongoing expansion of supply
chain and blade production
Free cash flow -120 -126
› Cash flow from financing
activities largely impacted by
Cash flow from financing activities 406 31 capital increase in December
2020 and funds received from
RCF and outflows from leasing
Change in cash and cash equivalents* 285 -95 payments, partial repayment
of RCF and EIB facility
*Including FX effects.
© Nordex 2021› Classification: Public
31 | 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
and equipment
• Investments in product development
› Decrease in intangible assets because of lower level
134.2
of development costs compared to previous year
134.1
38.3
28.8
12M/2019 12M/2020
© Nordex 2021› Classification: Public
32 | 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 leverage ratio well below own › Equity ratio increased towards year-end primarily
ambition level of 1.5 as expected driven by successful capital increase in December
2020
*Cash and cash equivalents less bank borrowings and bond.
© Nordex 2021 ** Based on last twelve months.› Classification: Public
33 | Financials
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
© Nordex 2021 uncertainties than normal.› Classification: Public
34 | Financials
Debt maturity profile
› Solid debt maturity profile with next real refinancing due in Q1/2023 (HY-Bond).
› EUR 1.24bn multi-currency guarantee facility (MGF) due in April 2023.
› Refinancing of Schuldschein (SSD) due in April 2021 secured.
© Nordex 2021› Classification: Public
35 | Financials
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 years in
multilayer regulatory package DRIVERS Germany. Further repowering
potential coming from the US,
Denmark, Spain, India
US-Market:
New EEG for Germany Regional projects:
Another prolongation of 60%
valid since 1 January 2021: strong
PTC until 2025;
political support to expand onshore
President Biden announced to
wind by 71 GW by 2030;
participate in the Paris Accord again 100% electricity from renewables for
Investitionsbeschleunigungsgesetz
and set target for the USA to federal state Schleswig-Holstein and
will support wind power projects,
become carbon free by 2050 Hamburg until 2035
e.g. improving permitting processes
© Nordex 2021› Classification: Public
36 | Financials
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 competitive 4 MW+
60
platforms in the market with the second highest cumulative
60
order intake in 2020.*
50
50
4 MW+ › Furthermore, Nordex order intake in 2020 consisted of
CAGR +30% 81% generated with the latest Delta4000 turbines.
40
40
› Commercial success of the Delta4000 and forecasted
strong demand for 4 MW+ turbines will support the
30
30
revenue and profit profile of Nordex over the next 4 years.
20
20
10
10
--
'17
'17 '18
'18 '19e '20e
'19e '20e '21e
'21e '22e
'22e '23e
'23e '24e
'24e '25e
'25e '26e
'26e '27e
'27e '28e
'28e
>5.0x› Classification: Public
37 | Financials
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 grow further and to gain market share in the wind
to increase Delta4000 production capacity in onshore segment globally.
best cost countries. › Components from additional Indian capacity expected to create a
significant cost advantage compared to other currently operating
production locations.
› Ramp-up of new capacity is going to benefit from existing infrastructure
and staff.
› Quality of products secured through European suppliers delivering their
components also locally from India.
› Well experienced management to run the initiative (management team
from India).
› Additional new blade facility* starts operations in 2021. Existing blade
and nacelle facilities already converted to produce Delta4000 platform.
Necessary Capex considered in 2021 budget.
*Picture left side showing new blade facility.
© Nordex 2021› Classification: Public
38 | Financials
Strategic targets for FY 2022
Sales: approx. EUR 5.0bn
EBITDA margin: 8%
Capacity: 6 GW+
© Nordex 2021› Classification: Public
39 | Nordex SE – Investor Factbook
Agenda
1 Company overview & business model
2 Products & markets
3 Financials
4 Nordex share
5 Sustainability
© Nordex 2021› Classification: Public
40 | Nordex share
Stable shareholder structure and expanded market coverage in 2020
Shareholder structure Analyst coverage
Sell
Freefloat
1
Acciona S.A.
33,6%
7 Buy
Hold 6
66,4%
Key figures:* Consensus of 14 analysts FY 2021:**
› Number of shares: 117,348,759 › Ø Share price: EUR 25.90
› Share price: EUR 26.96 › Ø 2021 Revenues (e): EUR 4.74bn
› Market capitalization: EUR 3.16bn › Ø 2021 EBITDA margin (e): 4.6%
*As of 30 March 2021
© Nordex 2021 ** Nordex own consensus as of 30 March 2021› Classification: Public
41 | Nordex share
Nordex share price development (January 2020 – March 2021)
› Nordex share price significantly recovered since Covid-19 dip in March 2020.
› The interest of the capital markets in Nordex remains on a high level, leading to a high evaluation of the share price and
increased liquidity.
› As a result the German Stock Exchange decided to include Nordex into the MDAX for mid-caps as of 22 March 2021.
© Nordex 2021› Classification: Public
42 | Nordex share
Strong and committed anchor shareholder
Acciona Group profile / strategy Recent support for Nordex
› Holding company with a presence in over 40 countries that invests,
develops and operates infrastructure, with a particular emphasis on Continuously strong commitment to strategic
renewable energy investment into Nordex recently underpinned by:
› Group operates through three main business segments:
› EUR 99m capital increase in October 2019
› Infrastructure: Covers construction activities, industrial activities,
concessions, water and services › Support the refinancing of SSD due in April 2021
› Energy: Includes activities ranging from construction of › EUR 200m capital increase in December 2020
wind farms to generation and distribution
› Other: Deals with businesses relating to fund
management and stock market brokerage, wine Long-term supportive shareholder since merger of
production, real estate business and other wind turbine business into Nordex in 2016
1
investments
Additional liquidity facilitates expected growth due to
ongoing demand for Delta4000 platform
Key facts FY 2020: 2
› Market capitalization: EUR 6.4bn
› Revenue: EUR 6.5bn Commitment of anchor shareholder proves Nordex’
path of profitable growth
› EBITDA: EUR 1,124m 3
› Established track record across Debt and Equity Capital Markets
› Entrecanales family as main anchor shareholder holding over 50%
© Nordex 2021› Classification: Public
43 | Nordex SE – Investor Factbook
Agenda
1 Company overview & business model
2 Products & markets
3 Financials
4 Nordex share
5 Sustainability
© Nordex 2021› Classification: Public
44 | Sustainability
Sustainability strategy 2019 to 2021
© Nordex 2021› Classification: Public
45 | 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 generated.
86
nationalities were working at Nordex in FY 2020.
A single Nordex large-scale turbine1 covers
the average annual electricity demand of about Environment
4,125
65.1 %
four-person households2.
of the overall amount of purchased electricity
in 2020 was generated by the use of
Renewables (Target: 100% by end of 2021)
469 g of CO2
are saved per kWh generated by wind turbines ESG-Rating
(compared to the global electricity mix 20183).
Projection for one Delta4000 N149/4.0-4.5 at low wind
speed: ISS-ESG (B, PRIME), MSCI (A), SUSTAINALYTICS (24.1), CDP
savings of approx. (B) and IMAG (AA)
5,392 t CO2 per year.
1 Reference: N149/5.5, medium wind speed of 7.5m/s, incl. losses.
2 https://www.co2online.de/energie-sparen/strom-sparen/strom-sparen-stromspartipps/stromverbrauch-4-personen-haushalt/ average electricity demand of 4,000 kWh/a.
© Nordex 2021 3 https://www.iea.org/reports/global-energy-co2-status-report-2019/emissions.› Classification: Public
46 | Nordex SE – Investor Factbook
Financial calendar 2021
2021 Event
05 March Publication of preliminary figures FY 2020
23 March Publication of Annual Report 2020
05 May Annual General Meeting
11 May Interim Statement Q1/2021
12 August Interim Report H1/2021
15 November Interim Statement 9M/2021
© Nordex 2021› Classification: Public
47 | Nordex SE – Investor Factbook
Disclaimer
› All financial figures within this presentation are final and audited.
› This presentation was produced in April 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 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 2021› Classification: Public
48 |
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-online.com
Nordex SE
Langenhorner Chaussee 600
22419 Hamburg / Germany
www.nordex-online.com
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