Presentation Nordex

Transcription

Presentation Nordex

CAPITAL MARKETS DAY
2015
Frankfurt
12 November
2015
DISCLAIMER
This presentation was produced in November 2015 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”, “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 of a qualitative nature only, prepared as up-to-date and are
subject to revision in the future. Any forward-looking statements
relating to Nordex SE shall not be understood to be profit forecasts
but rather medium-term management targets. 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.
Capital Markets Day 2015 | Nordex SE | Frankfurt am Main | 12 November 2015
2
AGENDA
1.
Introduction
2.
Medium-term targets and key financials
3.
AWP and transaction rationale
4.
Integration of Nordex and AWP
5.
Markets & Customers
6.
Strategic priority LCOE
7.
Products & Technology
8.
Wrap up & key take aways
3
BRIEF REVIEW CMD 2014
The only constant in business is change ...
Original plan CMD 2012 / 2014
2012-15
2014-17
Turnaround
Moderate
growth
Strategy reset
and recovery
Profitable niche
Sales
2015
Sales
2017
EUR 1.5
mn
EUR 2.0
mn
EBIT
2015
EBIT
2017
5%
7-8%
Growth
above
plan
NEW TARGETS
FOR 2018
Changing
market
conditions
LCOE
minus
1215%
4
MILESTONES SINCE LAST CMD
Status Quo
PROFITABLE GROWTH
HIGH VALUE
PRODUCTS
KPIs 2015 ahead of strategic plan
 Order intake EUR 2.3 – 2.4 bn
 Revenue EUR 2.3 – 2.4 bn
 EBIT-margin 5 – 6 %
 Introduction of N131/3300
 High tower
 CORE 15 measures
PROJECT DRIVEN
COMPANY
 Order execution excellence
 Process data management on track
 Product development process underway
BUSINESS MODEL
EXPANSION
 AWP acquisition in closing phase
 „Prepare for auctions“ on track
 Other initiatives “on hold” due to
integration process
5
NEW DIRECTION: GOING FOR SCALE AND RISK REDUCTION
THROUGH AWP ACQUISITION
Initial situation changed
1
Success in the
market:
we GREW
FASTER than
expected
2017 Sales
TARGET
ACHIEVED early
2
+
Changing market
conditions
(emerging
markets, auction
regimes) FAVOUR
SCALE PLAYERS
3
+
PERFECT MATCH
with AWP
Strategy changed – new targets for 2018
6
1
WE GREW FASTER THAN EXPECTED, 2017 TARGETS
ACHIEVED EARLY
Actual performance vs. original 2017 targets
Nordex performed better than
industry average
Revenue target achieved early
Global onshore order intake – Sep 2014 vs. 2015 (in GW)
-9%
Forecast
2015
Target
2017
Up to
2.4
2.0
Revenues
(EUR bn)
20.6
18.9
+50%
1.0
Improved net cash position
1.5
9M 2015
Nordex
Industry average
(excl. China)
Net cash
position (EUR mn)
250.2
2014
232.2
Source: MAKE OI tracking
Strength increased and made AWP acquisition feasible
7
2 MARKET INCREASINGLY FAVOURS SCALE PLAYERS
Pressure from
competitors
Pressure from
customers
Volume shifting to
emerging markets
(incl. local content
requirement)
Pricing
Pressure on R&D to
bring down LCOE
Nordex
Chinese OEMs
will start moving
Customers get
bigger and gain
bargaining power
Market based
systems such as
auctions in mature
markets
Our competitive position will strengthen as a result of the merger and will safeguard
our strategic position
8
3 PERFECT MATCH WITH AWP
Strategic fit of Nordex and AWP
1
Risk reduction: complementary markets and customer base, global
production footprint
2
Broadened product portfolio, complementary technology assets
3
Combined entity backed by Acciona as strategic shareholder and
potential key customer
4
Increased shareholder value: targeted synergies worth EUR 95 mn in
2019 with increased profitability at eye level with industry leaders
Strong strategic fit and good timing
9
NORDEX + AWP WILL FORM GLOBAL PLAYER WITH
UP TO EUR 4.5BN OF REVENUE 2018
Original plan CMD 2012 / 2014
New targets
2012-15
2014-17
2018
Turnaround
Moderate
growth
Global player
Strategy reset
and recovery
Profitable niche
Sales
2015
EUR
1.5 bn
Sales
2017
EUR 2.0
bn
EBIT
2015
5%
EBIT
2017
7-8%
Growth
above
plan
Global reach and broad
market focus
Sales
2018
EUR
4.2-4.5
bn
Changing
market
conditions
LCOE
minus
12-15%
EBITDA
2018
>10%
LCOE
minus
15-18%
The acquisition of AWP allows Nordex to become a global player
10
MAIN STRATEGIC FOCUS AREAS REMAIN THE SAME
To a certain extent: business as usual
Strategic focus areas 2015 - 2018
LCOE down*
Strategic
fit
Small
overlap
Merger
transition office
Successful merger
within 18 months
Realize 100%
synergies by 2019
Product
development
process
Continue growth
path, leveraging
Nordex and AWP
strengths
Quality
Management
Competitive product
portfolio addressing
different customer
needs
Project driven
company
More balanced
sales split
Top 5 position
in reach
Cost
down
Integration of
AWP (new)
Value
up
Operational
Excellence
Strengthen
service
business
Prepare for
auction
systems*
Enablers
High-value
products
OI growth*
Strategic targets
Profitable
Growth
11
* AWP strengths
Focus on profitable growth, LCOE improvements and project driven company remains
AWP strengthens Nordex in several focus areas
11
NORDEX AIMS TO FORM A GLOBAL PLAYER BY GOING FOR
SCALE AND LEVERAGING EXISTING FOCUS AREAS
Leverage strategic
focus areas and
reduce risks
Initial situation
Perfect match
with AWP
Market environment
changing quickly and
favouring scale players
Integration of AWP
Nordex + AWP
will become a
global player with
EUR 4.2 – 4.5 bn
in revenue target
in 2018
We grew faster than
expected, 2017 sales
targets achieved early
High-value products
Project-driven
company
Profitable
growth
12
NORDEX AIMS TO FORM GLOBAL PLAYER BY GOING FOR
Leverage strategic
focus areas and
reduce risks
Initial situation
Perfect match
with AWP
Market environment
Integration of AWP
Nordex + AWP
will become a
global player with
EUR 4.2 – 4.5 bn
in revenue target
in 2018
We grew faster than
High-value products
Project-driven
company
Profitable
growth
13
AGENDA
1.
Introduction
2.
3.
4.
5.
Markets & Customers
6.
7.
8.
14
FORMING A MAJOR PLAYER IN WIND …
Significant size from day 1 – ambitious medium-term targets
2015E KEY FIGURES
TARGET
Order
intake
EUR 2.3-2.4
bn*
EUR 1.0-1.2 bn
Sales
EUR 2.3-2.4
bn*
EUR 1.0 bn
5-6%
6-7%
EBIT
margin
Establish Nordex
and Acciona
Windpower as a
global TOP 5
Track
record
>12 GW
>6 GW
Employees
~3,000
~1,400
company
*incl. guidance update Q3 2015
15
… WITH UP TO EUR 4.5 BN SALES AND AN EBITDA-MARGIN
OF >10%
Overview of the new medium-term targets 2018*
Sales
EUR 4.2 – 4.5 bn
EBITDA margin
>10%
W/C ratio
< 5%
CAPEX
< 2.5% of sales
*including Acciona Windpower
16
EUR >4.2BN SALES IN 2018 WITH INCREASED
PROFITABILITY ILLUSTRATE NORDEX‘ PROFITABLE SCALE
APPROACH
Overview of the new medium-term Targets
Actual 2014
Sales (EUR bn)
1.7
Exp. 2015
Nx: 2.3-2.4
AWP: 1.0
Target 2018E
 Form TOP 5 wind OEM
 Significant sales
4.2-4.5
increase based on
strengths in growth
EBITDA margin
W/C ratio
CAPEX
7%
-2.3%
4.4%
Nx: 7-8%
AWP: 8-9 %
>10%
markets and highly
competitive products
Nx: 1%
AWP: n/a
<5%
Nx: ~3%
AWP: n/a
<2.5%
 Profitability
improvement driven by
LCOE reduction, overproportional service
business growth and
synergies
 Synergies through joint
R&D will reduce CAPEX
17
SALES POTENTIAL OF UP TO EUR 4.5BN IN 2018 BASED ON
MARKET POSITIONING AND COMPETITIVE PRODUCTS
Targeted sales development until 2018 (in EUR bn)
 Targeted sales increase to EUR
~10% p.a.
4.2 – 4.5
4.2-4.5 bn sales mainly from
strong position in
emerging/growth markets
and competitive products
2.3 – 2.4
meeting broad customer needs
1.7
 Growth of ~10% p.a. above
industry average (4-5 % incl. CN)
 Combined order backlog of
~EUR 2.5 bn and sales pipeline
2014
2015e
Nordex
stand alone
2016e
2017e
2018e
Combined
entity
ensures short-term visibility
 Balanced market presence
provides risk mitigation against
„volume shocks“
18
EMERGING MARKETS AND JOINT PRODUCT PORTFOLIO
WILL BE THE MAIN GROWTH DRIVERS
Overview growth drivers (in EUR bn)
 Expected sales volume of AWP
4.2-4.5
1.0
2015: EUR 1 bn
 Growth stemming from
IN
BRA
Mx
emerging markets, esp. India,
Brazil and Mexico
2.3-2.4
 New markets in LatAm, APAC
and Africa addressable with a
joint product portfolio
 Growth markets and new
markets to over-compensate
stagnating/decreasing markets
Nx 2015e
AWP
2015e
Emerging
markets
New
Total 2018
markets (targeted)
e.g. UK
19
NORDEX PLANS TO CONTINUE TO OUTGROW THE MARKET
Global wind installations, excl. China (in GW)
 Nordex expects to outgrow the
market in 2015
+15%
33.0
31.8
31.0
28.7
 Target to continue to
+1%
29.0
outperform the wind industry
by growing 8-12% (based on
installations) backed by
− Broad geographic mix
+8-12%
+20%
− Strong presence in growing
3.5-3.8
emerging markets
1.5 1.8
− Competitive product portfolio
2014 2015 2016 2017 2018
2014 2015 2016 2017 2018
Nordex
Overall industry
(excl. China)
for “land constrained” and
“grid constrained” markets
20
BALANCED SALES MIX OF STABLE AND EMERGING
MARKETS PROVIDES BASIS FOR REVENUE GROWTH
Geographical mix of revenues
APAC
6%
EMEA 60%
30% Americas
4%
New markets
 Balanced sales mix
 Provides good balance between stable markets in Europe and emerging
markets in LatAm, esp. in Mexico, Brazil and India
 New opportunities in Middle East, Africa and APAC under observation
 Risk mitigation as well as growth opportunities
21
TARGETED EBITDA LEVEL OF >10 % AT EYE LEVEL WITH
INDUSTRY LEADERS
Targeted EBITDA development until 2018 (in % of revenues)
>2-3%pts
>10%
 Targeted profitability increase
by >2%pts driven mainly by
synergies, LCOE improvement
7 – 8%
and over-proportional growth of
7%
high-margin service business
 Targeted Synergies will kick in
on a medium-term perspective
during the integration process
 Targeted profitability 2018 on
2014
2015e
Nordex
stand alone
2016e
2017e
2018e
Combined
entity
par with industry leaders
 Change of guided KPI from EBIT
to EBITDA due to purchase price
allocation (PPA) of the AWP
merger
22
SERVICE BUSINESS EXPECTED TO GROW OVER
PROPORTIONALLY, DRIVING NORDEX’ PROFITABILITY
Targeted Nordex service revenues share (in % of sales)
10%
8%
9-10%
>350
 High top line growth in 2015
(>35%) leads to decrease of
service business share, as
service business growth is
expected at 14%
+14%
 Top line growth targeted to
167
continue on level of 10-15% from
2016 going forward, therefore
service business share will
increase due to catch-up effect,
2014
2015e
Nordex
stand alone
2016e1
2017e
Combined
entity
2018e
driving Nordex’ profitability
23
STRONG FOCUS ON LCOE REDUCTION AND SYNERGIES IN
COMBINED BUSINESS ARE KEY PROFITABILITY DRIVERS
Targeted EBITDA bridge 2015-18 (in %)
>10%
 Two lean companies merging, no
further scale effect to be expected
 Transition phase will cause onetime expenses
7-8%
 Changing market conditions (e.g.
auction systems) and strong
competition will cause price
pressure
 Stringent LCOE program to at
least compensate pressure
 Over proportional service
2015
Price
LCoE up Synergies Service
decrease
2018
business growth
 Synergies of EUR 95 mn targeted
- 60 % to be realized in 2018
24
TOTAL PURCHASE PRICE WILL BE ALLOCATED TO VARIOUS
ASSETS AND LIABILITIES OF AWP
Indicative process of purchase price allocation
Purchase price paid by Nordex needs to
be allocated to various assets and
liabilities acquired from AWP, more
specifically in the following order:
1
2
3
1
2
3
Purchase
price
Identifiable
intangible
assets
Deferred
tax
Goodwill
Identifiable intangible assets of
AWP, e.g. order backlog, Acciona
framework agreement, intellectual
property
Deferred tax
Remaining amount to be recognize
as goodwill
At closing date, Nordex shall recognize AWP’s identifiable assets, liabilities and
contingent liabilities at their fair value
25
INCREASED SHAREHOLDER VALUE THROUGH SYNERGIES
WORTH EUR 95MN BY 2019
Expected annual EBIT impact of targeted synergies (pre transaction & merger cost)
95
8
A 5% additional sales through upand cross-selling
B Min. 1% material cost savings
C Joint management &
administration ~ EUR 6.5mn
7
37
D Joint R&D: total savings ~EUR
8mn

45
Additional synergy potential may
apply, e.g.,
 Reduction of export credit financing cost
 Production cost synergies

Sales
A
Procure- Admin.
ment
B
C
R&D
Total
D
Total post merger integration cost
estimated at EUR 20-25mn in total for
2016-2019
 Majority for consulting and IT migration
 No investment bank costs
26
WORTH EUR 95M AS OF 2019
Targeted synergies run rate: four years until full realization
Targeted sales upsides
Targeted admin savings
5% additional
sales = EUR
45mn
= EUR
6.5mn
100
59
8
Total targeted
synergies
%
23
77
31
100
46
%
= EUR 95mn
pre deal cost
2016 2017 2018 2019
2016 2017 2018 2019
100
Targeted COGS savings
62
1% material cost
red. = EUR
37mn
10
27
%
Targeted R&D savings
= EUR
8mn
2016 2017 2018 2019
100
60
10
25
100
40
%
2016 2017 2018 2019
70
%
0
2016 2017 2018 2019
27
CONTINUED STRICT WORKING CAPITAL MANAGEMENT
KEEPS W/C-RATIO BELOW 5%
Targeted development of W/C ratio (in % of total sales)
<5%
<5%
 Current working capital ratio
at 1% with an unchanged
forecast target of <5% for
2015
 Combined entity to keep proven
strict working capital
1.0%
management principles:
 Working capital optimised
milestone payments
-2.3%
2014
Q3 2015
Nordex
stand alone
2016e
2017e
2018e
Combined
entity
 no pre-production
 No production stock building
for major components
28
CAPEX TO STAY BELOW 2.5 % - LARGER SCALE ALLOWS
ABSOLUTE CAPEX TO EXPAND TO EUR 90-100M P.A.
Targeted development of CAPEX (in % of total sales and in absolute terms)
EUR
76m
EUR
65-70m
EUR 90100m
4.4%
 CAPEX level targeted to slowly
decline while investments
increase in absolute terms
 Targeted level of EUR 90 – 100
~3%
<2.5%
mn will ensure a competitive
product portfolio
 No major investments in
production capacities
foreseeable – some final
investments in Acciona´s plant in
2014
2015e
Nordex
stand alone
2016e1
2017e
Combined
entity
2018e
India
1) Less acquistion effects
29
DEVELOPMENT OF THE FINANCE EXPENSES
Targeted development of finance expenses (in % of total sales)
-0.6%pts
 Financing of AWP will lead to
1.2
an increase in absolute finance
expenses
 Finance expense in % of sales
0.6
targeted to decrease due to
optimised conditions for debt and
guarantees as well as topline
growth
2014
2015e
Nordex
stand alone
2016e
2017e
2018e
Combined
entity
30
REGULAR FINANCING MEASURES 2016/2017 WELL
ON THE WAY
Overview of the financing elements
Repayment of the current bond (EUR 150mn)
 Due in April 2016
 Straight cash back
 EIB loan to cover R&D expenses
Syndicated loan




Negotiations well on track
Increase to EUR 1 bn
Optimised terms and conditions
Option for additional EUR 200 mn after closing of the AWP acquisition
31
FINANCING OF AWP ACQUISITION THROUGH EQUITY
INCREASE AND DEBT INSTRUMENT
Financing of AWP acquistion
Equity Increase
Shares
 16.1mn new shares
 Registration in Q1 2016
 EUR 26.00 per share
Amount: EUR ~420 mn
Purchase
price
(EUR 785
mn)
Debt instrument
Cash
 Analysis of possible market instruments
instead of cash
 Bridge loan and term loan likely as short
term solutions
32
MEDIUM-TERM TARGETS 2018
Overview of the new medium-term targets 2018
Sales
EUR 4.2 – 4.5 bn
EBITDA margin
>10%
W/C ratio
<5%
CAPEX
< 2.5% of sales
33
AGENDA
1.
Introduction
2.
3.
4.
5.
Markets & Customers
6.
7.
8.
34
AGENDA
3.
3.1 Introducing Acciona and AWP
3.2 Transaction rationale
35
Table of contents
1. ACCIONA Group
2. ACCIONA Energy
3. ACCIONA Windpower
-36-
1. ACCIONA Group
-37-
ACCIONA Group
Overview
Listed company based in Spain – IBEX 35
 €4.4bn market capitalisation1; EBITDA 2015E: €1.2bn²
A global leader in Renewable Energy, Infrastructures and Water
Sustainable development as cornerstone of the business
45% of its revenues in 2014 from international markets
Family-owned company: ~ 60% Entrecanales family
1As
of 30th October 2015
²Analyst consensus last three months
-38-
ACCIONA Group
Current structure
16%
73%
WISE
Energy
● #5 global renewable operator
Infrastructure
●
-
82% civil works
● Vertically integrated
-
64% international
● Over 20 years of experience
●
11%
€5.7bn backlog
● Leader in key technologies
● With global presence
12%
20 concessions, €1.4bn
3%
Water
●
€9.4bn backlog
●
>70m people across the
●
globe benefit from its
2014 EBITDA contribution
●
activities
●
Infrastructures
Construction
Engineering
Concessions
Water
D&C
O&M
-39-
Others
2%
International service
●
Asset man.: €6.5bn AUM
provider
●
Real Estate: 1.5bn GAV
Integrated offer of ancillary
●
Shipping co.: +2.3m
services
capital invested
Generation assets: 8.5GW
7.1GW wind
0.9GW hydro
0.5GW solar
0.1GW other
Other businesses
ACCIONA Windpower
CO2/Energy marketing
Energy efficiency
Service
15,000 employees
Services
Airport handling
Facility services
Forwarding
Urban services
passengers
●
Winery: 1.5ha wine yards
Others
Asset manager
Real Estate
Shipping company
Winery
ACCIONA Group
Global presence
Strategic countries¹
CANADA
POLAND
SPAIN
USA
INDIA
ITALY
COLOMBIA
MEXICO
BRAZIL
CHILE
AUSTRALIA
SOUTH AFRICA
Wind
¹ Strategic countries where ACCIONA is present
Infrastructures
CSP
-40-
Water
2. ACCIONA Energy
-41-
ACCIONA Energy
Positioning factors
1
Only in renewables
In the main technologies
2
Throughout the value chain
Proven reliability and customized solutions
3
A global company
In +20 countries
4
The longest experience
+20 years in a sector with many new actors
-42-
ACCIONA Energy
Key figures 2015 9months
Sales (€m)
1
EBITDA (€m)
Total Installed capacity 2015 YTD (MW)
Wind
Hydro
7,208MW
888MW
32%
68%
100%
Biomass
61MW
consensus last three months
SPV
TOTAL
314MW
143MW
8,614
20%
100%
80%
Spain
1Analyst
CSP
International
-43-
2%
98%
30%
70%
ACCIONA Energy
Horizontal and vertical integration
2
Throughout the value chain
Proven reliability and customized solutions
Value chain
Engineering
Business
&
Development
Construction
WTG
-44-
Production/
Power
generation/
operator
Trading
Energía
Energy
Management
ACCIONA Energy
Geographical presence
A global company
In +20 countries
3
Generation assets 2014 Total MW: 8,502MW
Portugal
Wind: 120MW
SPV: 46MW
Hungary
Poland
Croatia
Wind: 71MW
Wind: 30MW
Italy
Wind: 156MW
Wind: 24MW
Canada
Wind: 181MW
India
US
Wind: 628MW
Wind: 86MW
CSP: 64MW
Australia
Mexico
Wind: 557MW
Spain
Costa Rica
Wind : 50MW
Chile
Wind : 45MW
South Africa
Wind: 4,743MW
Wind : 45MW
Hydro: 888MW
SPV: 94MW
CSP: 250MW
Other: 73MW
-45-
Wind: 305MW
Greece
Wind : 48MW
ACCIONA Energy
Growth capacities
The longest experience
+20 years in a sector with many new actors
4
Total
MW
growth
19902014
-46-
ACCIONA Energy
Key figures
Sales (€m)
EBITDA (€m)
Installed
capacity
(MW)
1Analyst
consensus last three months
-47-
Wind Spain
4,743
Wind international
2,465
Conventional Hydro
640
Hydro special regime
248
Solar Thermoelectric
314
Biomass
61
Solar PV
143
TOTAL
8,614
3. ACCIONA Windpower
-48-
ACCIONA Windpower
Overview
Profile

Spanish company 100% subsidiary of ACCIONA

Four turbine assembly plants in Spain, USA and Brazil and a new plant under construction in
India. Blade manufacturing plant in Spain

Most competitive COE in 3.0MW WTG segment, for all wind classes

~1,400 employees. Highly qualified and experienced team

AWP launched its first prototype in 2000. As of today, it has installed and has orders totaling 6.7GW

Strong proprietary technology portfolio

-
Fully in-house developed and certified turbine design
-
In-house blade design
-
Patented concrete tower design
EPC and O&M capabilities provided to customers
Business model
Design
Manufacturing
Construction
& Transport
Assembly
-49-
Commissioning
Maintenance
and support
ACCIONA Windpower
Key figures
Key figures
(Million Euro)
Jan-Sep 14 Jan-Sep15
Revenues
EBITDA
Margin (%)
Backlog evolution (MW)
Chg.
Chg. (%)
467
762
294
63.0%
15
68
53
n.m.
3.2%
8.9%
Key highlights



Revenues increase more than 1.6x vs 9M 2014
EBITDA improves +€53m
425MW awarded in 9M 2015
AWP installs 752MW in 9M 2015 vs 528MW in
9M 2014
−
100% international
−
93% 3MW turbine
−
94% for third party clients
−
6% for ACCIONA group
 100% for third party clients
 100% 3MW turbine
-50-
ACCIONA Windpower
Global coverage
Track record
Canada
177MW
UK
36MW
France
USA
Poland
183MW
Spain
1,706MW
Mexico
989MW
Italy
Greece
64MW
6MW
Chile
Turkey
South Korea
58MW
65MW
India
Costa Rica
50MW
249MW
30MW
39MW
1,409MW
China
Croatia
Brazil
Australia
1,020MW
238MW
105MW
South Africa
138MW
Total operating and contracted capacity: 6,561MW
AW3000: 2,448MW
AW1500: 4,113MW
-51-
ACCIONA Windpower
Key milestones
Key milestones
 First 1,300kW
wind turbine
prototype (AW60/1300GL class
I)
 Third 1,300kW turbine
prototype (AW70/1300 GL class III)
 Preseries 20 x AW1300
 ACCIONA S.A. acquires
EHN and Ingetur, which
become Acciona
Energía and Acciona
Windpower
1999 2000 2001 2002 2003 2004 2005
 Engineering
task force
 Second 1,300kW
turbine prototype
(AW-70/1300Gl
class II)
 First manufacturing facility in
Navarre (Spain)
 Second factory in
Castellon (Spain)
 JV and new factory in
China
 First 3MW prototype
2007
2008 2009
 Factory
in Iowa
(USA)
 Blade facility
in Navarre
(Spain)
 Termination of
JV in China
 AW-116
launched
 3MW serial
production
starts
 AW-125
Class III
launched
2011 2012 2013
 Hub factory in
Bahia (Brazil)
 6MW R&D
program in
place
 AW-132 Class III
launched.
 Indian Market.
Nacelle factory
2014 2016
 Nacelle factory
in Bahia
(Brazil)
 AW-125 Class
IIb
 AW-1,500 series production starts
 COE reduction
by 25% vs
2012
20 years of history and 17 technologies of operating experience in the wind
turbine sector
-52-
ACCIONA Windpower
Product
3MW platform

5 different rotor
diameters:
4 rotor diameters

5 tower heights and 2 tower types
-
100m
-
109m
-
116m
-
125m
-
132m
7 different tower
heights:
-
84m, 87.5m,
92m, 95.5m,
100m, 120m,
137.5m

2 tower types:
-
Steel and
concrete
-53-
ACCIONA Windpower
COE
COE program
2012
2013
2014
2015
2016
2014 COE
reduction
achieved 28.86%
COE 25%/14
GAP
analysis
COE 16
GOALS
COE
New
COE 16
Order intake
COE 20%/14
Management
by process
-54-
Launch
Improvement
plan
Metrics
Scorecard
EBITDA
AGENDA
3.
3.1 Introducing Acciona and AWP
3.2 Transaction rationale
55
STRONG STRATEGIC FIT AS KEY DEAL DRIVER
Combining AWP and NX reduces market risks while creating big global player
1
Risk reduction: complementary markets and customer base, global
production footprint
2
Broadened product portfolio, complementary technology assets
3
Combined entity backed by ACCIONA as strategic shareholder and
potential key customer
4
Increased shareholder value: Synergies worth EUR 95m as of 2019
driving profitability at eye level with industry leaders
5
Global player with reduced risk and targeted EUR 4.2-4.5 bn in sales
in 2018  top 5 position in reach
56
RISK REDUCTION: COMPLEMENTARY MARKETS AND
CUSTOMER BASE
1
Global reach: More balanced geographic market presence
Nordex
Together:
NX and AWP focus regions/countries
highly complementary
AWP
FOCUS ON
FOCUS ON
LATAM &
EUROPE
EMERGING
MARKETS
>80% of business
>70% of business
Current EMEA core
markets e.g. DE,
FR, TR, UK, FI,
RSA
Current core
markets MEX, BRA,
USA; IND emerging
Total addressable market >80% (excl. China)
57
COMBINED COMPANY WILL ADDRESS FULL RANGE OF
CUSTOMER SEGMENTS
1
Complementary customer bases
Nordex
Together:
Full range of customer segments
Nordex
SMALL &
MID-SIZED
CUSTOMERS
AWP
Small
cust.
Reg. Utilities,
Financial IPP
BIG
DEVELOPER
& IPP
(incl. Acciona
Developer
Typical deal:
AWP
Big Utilities & IPP
15 – 30 MW
Energia)
Typical deal:
100MW
Extra benefit: Strategic alliance with Acciona Energia and its vast project pipeline
58
GLOBAL, FLEXIBLE PRODUCTION FOOTPRINT,
ABLE TO FULFILL LOCAL PRODUCTION NEEDS
1
Global footprint*
GER
 Active
 Nacelle
 Blade
ES
 Active
 Nacelle
 Blade
CN
 Mothballed
 Nacelle
 Blade
US (Iowa)

Mothballed
 Nacelle
IND
 Planned
 Nacelle


•
BRA
Active
Nacelle
N: Nacelle Manufacturing
Manufacturing Site
B: Blade Manufacturing
*tower design with on-site manufacturing not displayed
Good geographic fit for production purposes
59
BROADENED PRODUCT PORTFOLIO, COMPLEMENTARY
TECHNOLOGY ASSETS
2
Complementary product focus
Together:
Winning in very different markets
Nordex
AWP
Dealing with
Projects with
RESTRICTIONS
NO LAND
& LAND
CONSTRAINTS
CONSTRAINTS
Focus: Sophisticated
Focus: Low capex
WTG solution
WTG solutions
Typical project:
Typical project:
Noise restricted sites
100 MW in
emerging markets
Solutions to serve customer need around the globe
60
BROADENED PRODUCT PORTFOLIO, COMPLEMENTARY
TECHNOLOGY ASSETS
2
Combining valuable experience in blade design and tower manufacturing
Nordex
Together:
Broad technology portfolio
AWP
BLADE
TECHNOLOGY
CONCRETE
Carbon fibre
TOWER
Low noise level
incl. Anti-Icing
System (AIS)
design with on-site
manufacturing
(“tower camp
factories”)
Technology assets in blades and towers as key levers for LCOE reduction
61
COMBINED ENTITY BACKED BY ACCIONA AS STRATEGIC
SHAREHOLDER AND POTENTIAL KEY CUSTOMER
3
Acciona Energia …
… as a strategic anchor shareholder
… as a potential key customer
INSTALLED
REN. ENERGY (MW)
Acciona
29.9%
Freefloat
64.4%
5.7%
SKion/
momentum
>8.6 GW
Other
Wind
ACCIONA Energia
is one of the
>7.2
GW
leading renewable
energy asset
owners in the
2015 YTD
world
Nordex will leverage Acciona’s deep expertise
in the full value chain of the wind industry
62
STRATEGIC RATIONALE - STRONG FIT BETWEEN THE
COMPANIES
AWP
∑
1
-
3
: Minimal overlap, no cannibalization
MARKET
CUSTOMER
PRODUCT
TECHNOLOGY
FOCUS
FOCUS
FOCUS
FOCUS
Projects without
Concrete
land constraints
Towers
Emerging
Markets
Nordex
+
Europe
=
TRULY
GLOBAL
Large Developers
and
IPPs
+
Small & mid-sized
customers
=
BROAD
CUSTOMER
BASE
A STRONGER
+
+
Complex and land
constrained
COMPETITIVE
Blades
projects
=
=
DIFFERENT
COMPLEMENT.
PROJECTS
TECHNOLOGIES
AND MORE
COMPANY
63
TARGETED IN THE AMOUNT OF EUR 95M BY 2019
4
Targeted annual EBIT impact of synergies (pre transaction & merger cost)
95
8
A 5% additional sales through upand cross-selling
B Min. 1% material cost savings
C Joint management &
administration ~ EUR 6.5m
7
37
D Joint R&D: total savings ~EUR 8m

Additional synergy potential may
apply, e.g.,
 Reduction of export credit financing cost
 Production cost synergies
45

Sales
A
Procure- Admin.
ment
B
C
R&D
Total
D
Total post merger integration cost
estimated at EUR 20-25m in total for
2016-2019
 Majority for consulting and IT migration
 No investment bank costs
64
GLOBAL PLAYER WITH REDUCED RISK AND TARGETED EUR
4.2-4.5 BN IN SALES IN 2018  TOP 5 POSITION IN REACH
5
Total onshore market 2019 simulation*
Estimated onshore volume:
~50 GW
 Mid term combined market share
onshore c.8% (on+offshore c.7%)
Pure Player
 Much more balanced regional sales
15%
Other
Big Industrial
12%
10% Chinese Player
10%
5%
Pure Player
7%
Chinese Player
8%
7%
Big Industrial
Pure Player
Nordex+AWP
split compared to standalone
positions. Cumulated sales target
split 2015-2019:
APAC
6%
EMEA 60%
30% Americas
4%
* OEM market share development illustrative
New markets
65
AGENDA
1.
Introduction
2.
3.
4.
5.
Markets & Customers
6.
7.
8.
66
INTEGRATION WILL BE MANAGED BY A JOINT MERGER &
TRANSITION OFFICE (MTO)
Key activities of the MTO
Preparation of the integration is
currently a top priority
Structure of merger and
transition office (MTO) agreed
and established
Activities and first work streams
commenced
Hit the ground running!
67
SET-UP OF THE MTO AND WORKSTREAMS
Felix Willing
(Nx; Head of IT
Nx)
MTO
Alfredo
Lecumberri Eusa
(AWP)
Sven Mantwill
(Nx)
NN
NN
NN
Workstream
Leader
Area 2
Sponsor
Sponsor
Leader
Leader
Area X
Sponsor
Sponsor
Leader
Leader
Function 1
Sponsor
Sponsor
Leader
Leader
Function 2
Sponsor
Sponsor
Leader
Leader
Function X
Sponsor
Leader
..
.
..
.
..
.
..
.
Sponsor
..
.
Leader
..
.
Sponsor
..
.
Sponsor
..
.
Area 1
Others
Patxi Landa
Esparza (AWP)
Synergies
Bernard
Schäferbarthold
(Nx)
IT/Systems
Jose Luis Blanco
Dieguez (AWP)
Processes
Lars Bondo
Krogsgaard (Nx)
Organization / P&C
Steering
Committee
Leader
68
Set-up
SET-UP AND RESPONSIBILITIES OF THE MTO
• The Merger & Transition Office shall be a temporary function for app. 18 months, depending
on the progress of the merger
• Members of the MTO shall focus on the merger of Nordex and AWP (highest priority)
Responsibilities
Master
planning
Organizational
design
Synergies
Culture
Cummunication
• Set-up and define the master roadmap
• Challenge & support the workstreams
• Reporting of the progress of each workstream
• Establish principles for the organizational design and ensure consistency
across the lines
• Define high level organization with steering committee and detailed
organization with workstream leaders
• Elaborate the baseline for the synergy targets
• Monitor the achievements of synergies
• Craft approach to cultural differences and change management
• Drive cultural change according to crafted plan
• Develop internal communication plan
• Drive communication – over-communicate
69
NEXT STEPS FOR MERGING OF NX AND AWP
Closing
Signing
VALUE
CAPTURE
MASTER PLAN
Pre-Close Planning
ENABLEMENT
Day 100
Q1 2016
4 Oct 2015
Set up
MTO

Set up
Workstreams

Q2 2016
Ensure Business
continuity
Synergy &
Growth
Execute Plan for Day
1/30/100
Develop Plan for
Day 1/30/100
Track Synergies & Manage Risks
Day 1 readiness Workshop
Deep Dive
Synergies
Quick Wins
Continuous Synergy Delivery
Organisational Implementation
Organisational
Design
Change Management
IT Systems integration
COMMUNICATION - COMMUNICATION - COMMUNICATION
Employee
MeetingDay
| Nordex
| 19./20.
2015
Capital Markets
2015 |SE
Nordex
SE |October
Frankfurt
am Main | 12 November 2015
70
MERGER APPROVAL EXPECTED IN Q1 2015
BCAMerger
Signing filing
4. Oct
2015
Q4 2015
EU phase I
(Pre-filing done)
U.S. phase I
(data collection)
South Africa phase I
(data collection)
Turkey phase I
(data collection)
Pakistan phase I
(data collection)
Early
scenario
Realistic
scenario
Q1 2016
Extended phase I
(further queries if needed)
Extended phase I
Late scenario
Q2 2016ff.
In-depth
phase
(if required)
In-depth phase
(if required)
Extended phase I
Extended phase I
In-depth phase
(if required)
Extended phase I
Employee
MeetingDay
| Nordex
| 19./20.
2015
Capital Markets
2015 |SE
Nordex
SE |October
Frankfurt
71
ENHANCEMENT OF CORPORATE GOVERNANCE STRUCTURE
Two-tier SE („Vorstand“ and „Aufsichtsrat“)
Management
Board
SKion
CSO
CFO
CEO
Supervisory Board
COO
Executive Committee
CEO –
COO –
CFO –
CSO –
Lars Bondo Krogsgaard
Deputy CEO – José Luis Blanco
Bernard Schäferbarthold
Patxi Landa
(independent) members
Acciona group represented with
two members
• Management board with around 50 years of experience in the wind industry
72
ORGANISATIONAL PRINCIPALS ARE ALREADY ESTABLISHED
AT BOTH PARTIES AND WILL REMAIN
Principles – Central and area organization
Central organization
General direction
 Responsible for corporate
Management
 Owns central functions (“back-end”)
 Sets overall strategic direction for
“front-end”
Functions steered directly, e.g.
 Engineering
 Manufacturing
 Procurement
 Central governance for Sales, PM,
Service
Area organization
+
General direction
 Responsible for the local business
 Owns business and customers (“frontend”)
 Local “plays the game”
Functions steered directly, e.g.
 Local sales
 Local project management
 Local service
Organizational principles remain the same
73
MATRIX ORGANISATION WITH HIGH OPERATIONAL
RESPONSIBILITY OF THE AREAS
Indicative organization structure
Management Board and Executive Committee
Central organization
Area organization
Area 1
Central
governance
Engineering
Sales
Production
Proj.
Mgmt.
…
Service
Area 2
Area x
74
AGENDA
1.
Introduction
2.
3.
4.
5.
Markets & Customers
6.
7.
8.
75
MATURE MARKETS STAGNATE BEFORE GROWTH RESUMES
Global onshore grid connected forecast 2014 to 2024e
Demand
decrease in
North America
and Europe
onshore
Recovery 2014-2015
Growth lead by Onshore LCOE
+ Emerging Markets
 Driven by Americas and China
(GW)
40
Stagnation 2015-2017
 North America and European
onshore demand reduction
balances out emerging market
growth
+5.8%
+10.3%
-7.1%
 Regulatory uncertainty hinders
growth
20
0
14
´15e
´16e
´17e
´18e
´19e
´20e
North America
Southern Europe
Latin America
Eastern Europe
Northern Europe
Africa and Middle East
´21e
´22e
´23e
´24e
Asia Pacific (excl. China)
Source : Make - Onshore Wind Market Developments report dated 24/09/2015
Resume growth 2018 onwards
 Wind Power grid parity to drive
post 2018 onshore growth
despite lower expected
subsidies
 Emerging market demand is a
strong driver for global growth
after 2017 with MEA as the
strongest region
76
VERY LITTLE OVERLAP IN CURRENT FOCUS MARKETS – NO
CANNIBALISATION EFFECTS
Nordex & AWP markets
 Nordex and AWP markets
are highly complementary:
 Overlap only in 5 countries,
noteworthy volumes only in
US & RSA
 No cannibalisation expected
due to different product
positioning
Acciona Market
 Total addressable onshore
market ~50% (>80% excl.
China)
Overlap
Nordex Market
Global reach with highly complementary sales organisations
77
BEST OF TWO WORLDS REFLECTED IN THREE FOCUS
MARKETS
GER

German market intact for
2015-17

N131/3300 PH164 launched
in Husum Nordex
Product well positioned 
Scoring with N131/3300

MEX

Strong growth in next five
years due to new energy
reform

Deals under old regime
secured



Draft Law expected for end
of 2015/ beginning 2016
Acciona well established
with very competitive
product
German customers
continue developing
pipeline despite increasing
permitting barriers
Nordex is gaining market
share in large volume
market
Acciona well positioned in
high growth market
ZAF

Nordex has won projects in
all previous rounds
 Experience
organization in the
market

Prices are increasingly
under pressure

Acciona has been successful
ín the latest round
 Good product fit
Nordex market experience
and Acciona technology can
secure strong position
78
STRATEGIC INITIATIVE “GET READY FOR AUCTIONS”
DEFINED AND UNDERWAY
TRENDS & EFFECTS
Auction systems being established in more
and more markets – not only in Europe
Auctions can lead to
• Insecurity about bid award
Not expected
In place
Expected
Uncertain
• More demanding financing requirements
• More certainty about support levels
• Stable volume addition
Source: adapted from MAKE
The Strategic Initiative “Get ready for auctions”
• Assesses the requirements the change towards auction system in core markets brings
• Identifies and adjusts processes, tools and organizational structures to cover these requirements
• Establishes an even closer relationship with customers in order to bring each project
successfully through the auction
• Supports Nordex to achieve profitable growth in auction markets
79
EMERGING MARKETS DRIVE GROWTH
Top 20 Emerging Markets – new capacity 2015e – 2024e
Cumulated new capacity top 20 Emerging Markets
by individuals countries
0
1
2
3
4
Chile
5
3.72
Peru
2.10
Argentina
2.01
Colombia
2.4GW
Average
 Expanded South Africa Renewable Energy
Independent Power Producer Programme 4 in
Q2/15 signals better days ahead
1.60
Norway
2.71
Finland
2.67
Russia
2.70
Ukraine
2.65
2.7GW
Average
2.7GW
Average
South Africa
5.56
Egypt
Cumulated new capacity top 20 Emerging
Markets by region
8
4.27
Ethiopia
2.65
Morocco
2.63
Iran
7
3.2GW
Average
5
1.70
Pakistan
4
3.33
Philippines
3
2.48
South Korea
1.01
Thailand
1.71
Vietnam
+14.9%
6
2.30
Saudi Arabia
Taiwan
6
Strong MEA
 Recent forecast Upgrade strengthens a
nucleus of markets (Iran, Egypt, Ethiopia and
Saudi Arabia) in a region otherwise
characterised by distant growth markets
1.7GW
Average
2
1
1.36
0
0.41
Latin America
´15e ´16e ´17e ´18e ´19e ´20e ´21e ´22e ´23e ´24e
Northern Europe
Eastern Europe
Middle East and Africa
Asia Pacific (Excl. China)
Source : Make - Onshore Wind Market Developments report dated 24/09/2015; bold=current/historical focus markets of Nordex and AWP
80
LOW THREAT OF DIRECT COMPETITION FOR SAME
CUSTOMERS
Strategic fit from customer perspective
 Top 10 ≙ ~36% of total OI
 Top 10 ≙ ~97% of total OI
 Typical project size:
 Typical project size:
~15-30MW
Small
cust.
 Key segments:
Community wind parks,
Small/mid-sized
Reg. Utilities,
Financial IPP*
Developer
developers, IPPs and
utilities
~100MW
 Key segments: Mid-sized
developers and IPPs
 Core customer Acciona
Energia, acc. for 35%-40% of
Big Utilities & IPP
2015-2017 sales planning
Same customer segments in scope, but …
... different projects and countries in focus, hence …
no historical (and low threat of future) overlap
81
BROADER GEOGRAPHIC DIVERSIFICATION
A balanced regional split
BRA, MEX,
others
USA, CAN
North Am
Lat Am
GER, RSA,
SWE, TUR,
others
IND
EMEA APAC Others
Acciona
 AWP standalone dependency
on LatAm markets, esp. BRA
+ MEX
 BRA: high volumes, high
competition, margin quality
dependant on local SCM
 Risk: regional political and
economical stability
 Nordex focused on Europe
with dependency on core
markets GER, TUR, RSA
Nordex
USA
URU, CHI
GER, TUR, RSA, FRA,
etc.
PAK
 Good margins, but low/
stagnating growth
 Risk: maturing markets,
subsidy schemes phase out
 Combined, much more
balanced regional sales split
Combined
 Balanced mix
COMBINED 8%
22%
North Am Lat Am
4%
6%
60%
Europe
APAC others
 ~30 active markets
 Less vulnerable to markets
swings
82
SIMILAR PRODUCTS, BUT WITH A DIFFERENT TARGET
POSITIONING
Unconstrained terrain:
no land constraint, mostly flat terrain, no noise
constraints
CSF: Min. capex requirement
Constrained terrain:
limited space, topographic and or noise
constraints
CSF: Max. AEP
Same nameplate capacity of 3 MW but R&D approach and design differ
83
AGENDA
1.
Introduction
2.
3.
4.
5.
Markets & Customers
6.
7.
8.
84
current
development
past
WHY IS LEVELIZED COST OF ENERGY IMPORTANT
Beat the
Competition
Beat the
Hurdle Rate
future
Beat other
Projects
Beat other
energy forms
High Feed-in Tariffs
OEM’s main concern: Maximize IRR
for the customer
Decreasing remuneration and
power price
Change of focus
Make the project commercially
feasible for the customer
Competitive auction systems
Certain LCOE level needs to be
reached to be among winners
Competitive bidding across
technologies
Lowest LCOE wins!
Key KPI:
LCOE
It all comes down to
offering the lowest
possible LCOE
85
LCOE TARGET 2015-2018
LCOE Target 2014-2017
LCOE Target 2015-2018
 Low wind (IEC3)
LCOE Roadmap
 minus 12-15% by
2017
 Holistic target and
approach for the joint
company
 minus 15-18% by 2018
86
LCOE BREAKDOWN
What does it take to lower the LCOE by 1% - sensitivity example
CAPEX
OPEXLifetime
LCOE
AEPLifetime
minus
1% LCOE
(all other factors being equal)
-12%
Tower
CAPEX
or
-9%
Service
OPEX
or
+1%
AEP
Example based on standard scope of N117/3000 R91, all other factors being equal
87
LCOE DOWN – PROFITABILITY UP
Implementation of a comprehensive program to realize LCOE reduction
 Many good initiatives within NX in the
Yield
Capex
past years
Opex
 Main LCOE focus in regards to new
products (yield)
 Holistic approach to reduce LCOE
LCOEToday
focusing on the entire value chain and
LCOEFuture
lifecycle of the product
 Company wide LCOE targets
Opex
Capex
Yield
NPVToday
NPVFuture
Aim: Reduce LCOE by 15-18% by 2018
Employee
MeetingDay
| Nordex
| 19./20.
2015
Capital Markets
2015 |SE
Nordex
SE |October
Frankfurt
88
88
HOW WE WILL ACHIEVE THE TARGET
Value Up & Cost Down
capex
cost down
LCOE [EURct/kWh]
opex
cost down
b
value up
a
a
Value up
b
Cost down
value up
cost down
year
n
t
year
n+1
89
HOW WE WILL ACHIEVE THE TARGET - BREAKDOWN
Value Up breakdown
a
Value up
NEW PRODUCTS
opex
Windfarm
capex
Windfarm
LCOE [EURct/kWh]
CUSTOMIZATION
OTHER (e.g. terms&conditions)
Turbine
t
year
n
year
n+1
Value Up is divided into three major fields of action
90
HOW WE WILL ACHIEVE THE TARGET - BREAKDOWN
Cost Down breakdown
a
b
Value up
Cost down
CAPEX
Blade
Tower
Nacelle
Transport
Project Management
…
OPEX
•
•
opex
Windfarm
capex
Windfarm
LCOE [EURct/kWh]
•
•
•
•
•
•
WTG O&M
…
t
year
n
year
n+1
Cross-departmental effort required to reduce LCOE
91
LCOE DOWN – PROFITABILITY UP PROGRAM
Why we believe that the program will be successful
NX
AWP
 Strategic initiative ‘LCOE
Roadmap’ was initiated last year
 Successful implementation of a
company-wide COE reduction
initiative
 On track with initial target:
minus 12%-15% LCOE by 2017
 Many good initiatives within NX
with main focus on “value up” /
new products
 Example: N131/3300 with 134m
and 164m
 Aim: find and implement LCOE
reduction measures
throughout the value chain
 From 2012-2014 AWP reached
a reduction of up to 28%
 New COE target is 16% in two
years
Nordex is on-track and AWP’s experience is expected to have
a positive impact on the joint LCOE roadmap
92
CONCLUSION LCOE DOWN / PROFITABILITY UP
LCOE is the key driver to
be competitive
Nordex is well positioned
to tackle the upcoming
auction system
The reduction target of
minus 15-18% in LCOE is
a holistic target for the
joint company
AWP will contribute
significant knowledge to
drive down LCOE further
93
AGENDA
1.
Introduction
2.
3.
4.
5.
Markets & Customers
6.
7.
8.
94
NORDEX TURBINE PORTFOLIO HIGHLY COMPETITIVE IN
EVERY WIND CLASS
Current product portfolio
Generation
DELTA
rotor
diameter
3-3.3 MW WTGs
131 m
N131/3000
N131/3300*
proven technology on the
next stage of evolution
117 m
N117/3000
N117/2400
100 m
N100/3300
Generation
GAMMA
90 m
N100/2500
N90/2500
6,0
6,5
7,0
7,5
8,0
8,5
9,0
9,5
10,0
wind speed [m/s]
IEC 3a
IEC 2a
IEC 1a
* for Germany only
Employee
Meeting
Nordex
SE | 19./20.
October 2015
Capital
Markets
Day| 2015
| Nordex
SE | Frankfurt
95
95
PRODUCT AND TECHNOLOGY
Highlights 2015
N117/2400
 Firm orders to date
900 WTGs
DELTA Platform
 Order intake to date
1000 MW
N131/3000
 103.1 dB(A) measured sound
power level approved by DNV GL
Success Story
Order Intake
Noise Level
N131/3300
Product Launch
 Launch of N131/3300 including a
164m tower
96
N117/2400: > 2100MW SOLD
19 x Myllykangas
8 x Nyby-Ii
9x Honkajoki
15x Monaincha
34x Beebe I
+19x Beebe II
>900x
Stadum
Behrendorf
7x Lazenay
Aliaga
44 xx Aliaga
9x Yenihisar
N117/2400
>2,100 MW
Hohen-Luckow
Dradenau II
Rotes Land
sold
59 x Pampa
21 x Florida
28 x Juan Pablo Terra
56 x Amakhala
Ullersdorf
Kirchhain
Harzkopf
Hohenahr
Ruhlkirchen
Hochheim
Bayrischer
Odenwald
Wetzdorf
Schwanfeld
Remlingen
Illschwang
Ursensollen
Zöschingen
…and many more
>470x N117/2400
Installed
Order Intake
Status: 10/2015
97
NORDEX N117 WITH HYBRID TOWER ON 141M HUBHEIGHT
IDEAL COMBINATION FOR LOCATIONS IN FORESTS
98
Highlights 2015
N117/2400
900 WTGs
DELTA Platform
1,000 MW
N131/3000
Success Story
Order Intake
Noise Level
N131/3300
Product Launch
164m tower
99
THE DELTA PLATFORM AT ONE SITE
Windpark Janneby
(Schleswig-Holstein)
N100/3300
N117/3000
N131/3000
Highlights 2015
N117/2400
900 WTGs
DELTA Platform
1,000 MW
N131/3000
Success Story
Order Intake
Noise Level
N131/3300
Product Launch
164m tower
101
GENERATION DELTA
NR65.5 – NEXT STAGE OF NORDEX BLADE EVOLUTION
NR 50
NR 58.5
NR 65.5
Performance-optimized root section
Sound & load-optimized tip section
 Max. chord moves further towards
root to increase yield and limit loads
 More slender outboard section
to optimize load and wake properties
 Introduction of yield-optimized Nordex  Selection of proven family of profiles
flatback profiles
with superior sound power properties
102
N131/3000: LOWEST NOISE EMISSION IN ITS CLASS
 Quiet, more quiet, N131/3000:
2 dB(A) lower sound level than average
low wind turbine*
 Less sound effects on residential areas
and surroundings
 Less curtailment at sound restricted
areas
N131/3000:
104.5 dB(A)
 With Nordex Flexible Sound Power
Management even more flexibility in
wind farm layout
Average IEC3:
106.5 dB(A)
40 dB(A)
32 dB(A)
23 dB(A)
+170m
32 dB(A)
2,000m
1,000m
500m
An average IEC3 class
turbine* needs to stand
17% further away from
immission point to reach
same sound pressure level
as N131/3000
* N131/3000-R99 compared to current IEC3
class turbines with rotor diameter >110m
Highlights 2015
N117/2400
900 WTGs
DELTA Platform
1,000 MW
N131/3000
Success Story
Order Intake
Noise Level
N131/3300
Product Launch
 Launch of N131/3300 including
a 164m tower
104
N131/3300
N131/3300 – optimized for German project parameters
164m
Product launched at
HUSUM WIND 2015
134m
high tower solutions
PH134, PH164
even at forested sites
optimal performance
N131/3300
PH134
N131/3300
PH164
105
PRODUCT STRATEGY AIMS AT CONTINUOUS LCOE
REDUCTION STEPS
STAGED APPROACH
aims at
AEP
 customizing through regionalization
 minimizing design changes
 using existing components
Value Up
Value
Up 33
enables
 continuous product improvements
 even shorter innovation cycles
 utilization of the full platform potential
Value
Up 22
Value Up
minimizes
Value
Up 11
Value Up
time
 development risk
 time-to-market
 complexity
106
STAGED APPROACH
Example N131/3300
Gross AEP
(6,5 m/s at 140m)
+6.8%
11.8 GWh/a
 +300kW more Power and
+30m more hub height to
maximize AEP
+4.9%
11.0 GWh/a
 while maintaining the
noise level of 104.5dB(A)
10.5 GWh/a
N131/3000
PH134
 Turbine specifically
designed for German
project parameters
N131/3300
PH134
N131/3300
PH164
k=2,0 | α=0,20 | ρ=1,225 kg/m³
107
PRODUCT AND TECHNOLOGY ROADMAP AND PROCESS
2016
2017
2018
…
Market Driven Product Roadmap
N131/3300
Value Up 2
MARKET DRIVEN
PRODUCT ROADMAP
Value Up 3
...
PRODUCT DRIVEN
TECHNOLOGY ROADMAP
Product Driven Technology Roadmap
technology
set 1
technology
set 2
technology
set 3
…
DRIVEN
ENGINEERING ORGANIZATION
Product and Technology Driven
Engineering Organization
108
NORDEX EVOLUTONARY DEVELOPMENT
15
years and
more than
10,000 MW
*
*commissioned /under construction as of April 2015
Generation Delta
Generation Gamma
Generation Beta
Generation Alpha
N90/2500
N80/2500
N90/2500
N100/2500
N117/2400
N100/3300
N117/3000
N131/3000
N131/3300 (DE)
N80/2500
2000
2007
2010
2013
Global fleet availability in 2014/15 ~98 %
(Turbines under Nordex Service)
109
SIMILAR PRODUCT DESIGN AND COMPLEMENTARY
CAPABILITIES ENABLE SYNERGETIC PRODUCT DEVELOPMENT
Fundamentally similar design
Drivetrain
Generator
design
Converter



Complementary technology assets
NX
(both with gearbox)
 Blade innovations
(both with double fed
induction generator)
(both with partial
converter)
• Carbon fiber
• Anti-icing
AWP
 Proprietary concrete
tower design
 Low noise levels
 Mobile concrete
tower production
 High steel towers
 Strong IP base
 Hybrid towers
 Localization
Fundamentally similar design but different philosophies
110
NORDEX AND ACCIONA WIND POWER
COMPETITIVE PRODUCT PORTFOLIO
NX
AWP
Land constrained –
maximize AEP per WTG
(5 WTGs)
Grid constrained –
maximize capacity factor
(100 MWs)
Noise
Noise restrictions
No noise restrictions
Specialization
Cold climate, AIS
Execution of large projects
Local Content
Blades (Turkey; third
party supplier)
Typical project
Typical Competitor
≥ 3MW WTGs
Blades and Nacelle (Brazil)
Concrete Towers (flexible)
2MW WTGs
Complementing product portfolio despite similar rating
111
UTILIZE PRODUCT AND TECHNOLOGY SYNERGIES WHILE
TARGETING DIFFERENT MARKET SEGMENTS
TOOLS
TOWERS
BLADES
CONTROLLS
SUPPLIERS
STANDARDS
TECHNOLOGY
& DESIGN
PLATFORM FOR CONSTRAINED MARKETS
PLATFORM FOR UNCONSTRAINED MARKETS
Product Portfolio Synergies
Create one generic product base
in terms of toolbox for validation, similar controller base, combine corporate standards, etc.
Build on two product platforms to ensure global competitiveness
realize economies of scale by utilizing components, tools, processes, suppliers, etc.
Increase efficiency by joint future developments
tower solutions, grid development, transport & installation equipment, etc.
112
CONCLUSION PRODUCTS AND TECHNOLOGY
Fundamentally
similar design
Complementary
technology assets
Targeting different
market segments
Complementing
product portfolio
113
AGENDA
1.
Introduction
2.
3.
4.
5.
Markets & Customers
6.
7.
8.
114
MEDIUM-TERM TARGETS 2018
Targeted KPIs until 2018
Sales
EUR 4.2 – 4.5 bn
EBITDA margin
>10%
W/C ratio
‹ 5%
CAPEX
< 2.5% of sales
LCOE
Minus 15 – 18%
115
NORDEX AIMS TO FORM GLOBAL PLAYER BY GOING FOR
Leverage strategic
focus areas and
reduce risks
Initial situation
Perfect Match
with AWP
Market environment
Integration of AWP
Nordex + AWP
will become a
global player with
EUR 4.2 – 4.5 bn
in revenue target
in 2018
We grew faster than
High-value products
Project-driven
company
Profitable
growth
116
THANK YOU FOR YOUR ATTENTION.
Nordex SE
Ralf Peters
Oliver Kayser
Rolf Becker
Head of Corporate Communications
Senior Manager Investor Relations
Junior Manager Investor Relations
Langenhorner Chaussee 600, 22419 Hamburg, Germany
Phone:
+49 (0)40 30030 1000
Fax:
+49 (0)40 30030 1333
eMail:
investor-relations@nordex-online.com
NDX1
ISIN:
WKN:
DE000A0D6554
A0D655
www.nordex-online.com
117

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