Nordex SE Investor Presentation - Status: January 2016
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Nordex SE Investor Presentation Status: January 2016
AGENDA 1. Intro and corporate strategy 2. Markets and market success 3. Products and R&D 4. Financials 9M 2015 and Guidance 2015 5. AWP merger – transaction rationale and integration 6. Appendix (shareholder structure; financial calendar) Investor presentation | Nordex SE | January 2016 2
1. COMPANY PROFILE NORDEX SE – PIONEER IN WIND
WITH 30 YEARS OF EXPERIENCE
Nordex at a glance Installed capacity (>12 GW)
Global manufacturer of wind energy systems America Africa
with a focus on turbines in the 2-3 MW class 7% 2%
Asia
Most extensive and consistent use of platform 8% Germany
technology in the industry; variants for different 23%
wind and climate conditions leveraging shared
components By region
Other
Production sites in Germany (Rostock – blades
Europe
and nacelles) 60%
Headquartered in Germany (Hamburg);
subsidiaries in more than 20 other countries
Small
Business combination agreement signed with (3,000 employees 20%
Track record as of H1/2015:
>6,600 turbines and >12,000 MW in 41
countries worldwide
Investor presentation | Nordex SE | January 2016 3
1. MERGER WITH ACCIONA WINDPOWER (AWP) AT A
GLANCE
Business Combination Agreement (BCA) signed on October 4, 2015
Acquisition of Acciona Windpower to form a global player
Transaction volume of EUR 785 mn
Acciona S.A. to become strategic shareholder with a stake of 29.9%
Merger control process initiated in the US, EU, RSA, TR and PK – deal closure expected
in Q1 2016
Main medium-term financial targets of the combined company 2018:
Sales
EBITDA
EUR
margin
4.2 – 4.5
>10%
bn
Investor presentation | Nordex SE | January 2016 4
1. NORDEX AND ACCIONA WINDPOWER FORMING A MAJOR
PLAYER IN WIND
Significant size from day 1 – ambitious medium-term targets
2015E Pro forma KPIs TARGET
Order EUR 2.3-2.4
EUR 1.0-1.2 bn
intake bn*
EUR 2.3-2.4 Establish Nordex and
Sales EUR 1.0 bn
bn*
Acciona Windpower
EBIT
margin
5-6% 6-7% as a global TOP 5
OEM with EUR >4 bn
Track
>12 GW >6 GW in sales
record
Employees ~3,000 ~1,400
*incl. guidance update Q3 2015
Investor presentation | Nordex SE | January 2016 5
1. NORDEX AND AWP TO FORM A GLOBAL PLAYER BY GOING
FOR SCALE AND LEVERAGING EXISTING FOCUS AREAS
Leverage strategic
Initial situation focus areas and
reduce risks
Perfect match Integration of AWP
with AWP
Nordex + AWP
will become a
High-value products
global player with
Market environment EUR 4.2 – 4.5 bn
changing quickly and in revenue target
favouring scale players in 2018
Project-driven
company
We grew faster than
expected, 2017 sales Profitable
targets achieved early growth
Investor presentation | Nordex SE | January 2016 6
AGENDA 1. Intro and corporate strategy 2. Markets and market success 3. Products and R&D 4. Financials 9M 2015 and Guidance 2015 5. AWP merger – transaction rationale and integration 6. Appendix (shareholder structure; financial calendar) Investor presentation | Nordex SE | January 2016 7
2. WHY INVEST IN THE SEGMENT? WHY INVEST IN
NORDEX?
Wind industry Nordex
Environmental drivers: Pioneer in the industry with 30 years
Renewable energy targets, of experience
obligations or carbon emission
reduction targets in >100 countries Track record of >12 GW installed
Programs to support wind in >70 capacity respectively >6,000 WTGs in
countries >40 countries
Tailwind from COP 21/Paris
agreement Global reach with strong foothold in
Economical drivers: mature markets in Europe (Nx) and
emerging markets in LatAm (AWP)
Cost competitiveness against
conventional generation technology
Ongoing LCoE reductions to reach Growth story based on LCoE
grid-parity in all wind classes to improvements following a successful
become “subsidy free” turnaround story
Energy-related drivers:
>EUR 4.2 bn and sales and >10%
Fast to grid – lead time of nine EBITDA margin targeted for 2018 to
months from signing to production become a TOP 5 player in onshore
Diversification of generation portfolio wind
Independence from commodity and
electricity imports
Investor presentation | Nordex SE | January 2016 8
2. FOCUSED SALES APPROACH LEAD TO DOUBLE DIGIT
MARKET SHARES IN MANY FOCUS MARKETS
Currently focused on ~20 countries – onshore market position 2014
UK Sweden Finland
Market share 2014: 10% Market share 2014: 10% Market share 2014: 40%
Order intake: +58% Order intake: +52%
Germany
Ireland Market share 2014: 9%
Market share 2014: 47% Order intake:+ 28%
Pakistan
Market share 2014: 66%
France China
Market share 2014: 10% Sourcing only
Order intake: +200%
Turkey
Market share 2014: 20%
Order intake: +67%
Chile
Subsidiary established
EUROPE
South Africa Nx Market share 2014:
Market share 2014: 20% 10% 10% 10%
Uruguay Qualified for 111 MW round 3 GLOBAL
Market share 2014: 14% Nx Market share 2014:
Major order of 142 MW
Nordex received
3%
AWP
Investor presentation | Nordex SE | January 2016 9
2. STRONG ORDER INTAKE MOMENTUM
Order intake 9M/15 vs. 9M/14 Order intake by countries/regions
(in EUR mn) 9M/15
+57%
1,964 Americas
13% Germany
GER
EMEA other*
1,253 12%
43%
9%
South Africa
8%
France 15%
Turkey
9m 2014 9m 2015
*incl. Pakistan
Order intake of almost EUR 2 bn
Generation Delta accounts for more than 20% of new orders; N117/2400 remains
bestselling WTG with 40% of new orders from six countries
One third of OI stems from emerging markets such as South Africa, Uruguay and Pakistan
Investor presentation | Nordex SE | January 2016 102. ORDER BOOK ON A RECORD LEVEL – BOOK-TO-BILL-
RATIO INDICATING FURTHER GROWTH
Development of the firm order book* 2013 – 9M 2015 (in EUR mn)
+23%
1.791
+16%
1.462
1.259
1.19
1.17
1.13 Book-to-
bill ratio*
FY 2013 FY 2014 9m 2015
EMEA (including Pakistan) currently accounts for 88% of the firm order book, the Americas stand at
12%
Book-to-bill ratio* of 1.19 indicating further growth
Conditional order back-log at EUR 562 mn (9M 2014: EUR 935 mn; -40% after high conversion
rate and signing of large projects in RSA, UY, PK)
* Turbine business, excluding service
Investor presentation | Nordex SE | January 2016 112. A CLOSER LOOK AT THE SUCCESS IN CORE MARKETS -
FRANCE AND GERMANY IN H1 2015
Installations France H1 2015: Installations Germany H1 2015:
524 MW onshore ~1,200 MW onshore
OEM 5 Nordex
OEM 4 12%
6%
6% Nordex
28%
OEM 3
16%
18%
26%
OEM 2 88%
OEM 1
Others (not disclosed)
Gains in market share: 11.8 %
French market picking up – on the way back to
(H1 2014: 8.1%; FY 2014: 8.4 %)
a solid GW market
German market intact for 2015-17; EEG
Market leadership with 28 % in H1 2015
amendment and details on tender regime
(based on grid-connections; FY 2015: 9.1%)
expected for late summer
Strong development pipeline
Current focus on selling N131/3000 and
Sources: FEE, VDMA updated version N131/3300
Investor presentation | Nordex SE | January 2016 124. DEMAND OUTLOOK PER REGION
New capacity 2014 – 2020 (in GW)
2015/2016:
+2% Global onshore growth of ~17 %
expected in 2015. Clean energy
55 53 51 spending still at a high level
51 50
49 2017 dip mainly caused by decrease
47 12 13 in CN and the US; upside potential if
14 14
14 13 ITC/PTC program will be prolonged
EMEA 13 for more than one year
14 Through 2020:
16 9 10 11
8 Germany: continues on a high level
Americas 11 (~3 GW p.a.) after 2017
Northern Europe: Nordex core
markets provide stable foundation -
gains in market share targeted in
28 27 28 27 27
APAC 24 25 various focus markets
Southern Europe: High demand
for volume in Turkey and France
Emerging Markets: Ongoing
growth opportunities in Africa (RSA,
2014 2015e 2016e 2017e 2018e 2019e 2020e
Egypt), Latin America (URU, Chile)
Source: MAKE Q3 outlook as of 9/2015 and APAC (PAK etc.)
Investor presentation | Nordex SE | January 2016 13AGENDA 1. Intro and corporate strategy 2. Markets and market success 3. Products and R&D 4. Financials 9M 2015 and Guidance 2015 5. AWP merger – transaction rationale and integration 6. Appendix (shareholder structure; financial calendar) Investor presentation | Nordex SE | January 2016 14
3. HIGHLY COMPETITIVE PRODUCT PORTFOLIO FOR ALL
ONSHORE WIND CLASSES
Rotor-
diameter
131 m
N131/3000*
117 m
N117/2400 N117/3000
100 m
N100/2500 N100/3300
90 m
*Introduction of N131/3300 (for N90/2500
German market) on HUSUM Wind fair
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
Investor presentation | Nordex SE | January 2016 153. STATUS OF THE NEWEST TURBINES N131/3000 AND
N131/3300
Update
Installation of first turbines (WTG)
completed
>50 WTGs already booked as firm order for
projects in Germany and Finland
Successful completion of IEC design Myllykangas II
evaluation conformity statements (DECS)
and DIBt type approvals
Awarded Windpower Monthly‘s „Turbine of Kooninkallio-
the Year“ Award in 3MW+ segment Kankaanpää
Further optimisation for the German market
launched and first WTG N131/3300
installed
Janneby
Wettringen I & II
Hollich Sellen
Investor presentation | Nordex SE | January 2016 163. SERVICE – MAJOR DRIVER OF MARGINS
Service products
• Basic: Service, maintenance, 24-hour remote monitoring
• Extended: Basic + availability guarantee
• Premium light: Extended + repair and replacement of selected components
• Premium: Premium light + repairs and replacement of all main components
• Contract durations variable between 5 – 15 years
• Concepts for modernisation
Key figures
• Global system availabilty (As of 09/2015) : ~98 %
• WTGs under contract (As of 11/2015) : 3,950 or 8.8 GW
• Service sales (2014): EUR 166 mn
• Planned sales increase: 15% p.a.
Investor presentation | Nordex SE | January 2016 17AGENDA 1. Intro and corporate strategy 2. Markets and market success 3. Products and R&D 4. Financials 9M 2015 and Guidance 2015 5. AWP merger – transaction rationale and integration 6. Appendix (shareholder structure; financial calendar) Investor presentation | Nordex SE | January 2016 18
4. HIGHLIGHTS 9M 2015
Overview Q3
Business well on track
Book-to-bill-ratio of 1.2 indicating further growth
Strong sales and strong order intake
EBIT margin in line with forecast
Positive free cash flow
Increase in sales and order intake guidance
Signing of Acciona Windpower acquisition
Merger clearance on track – notification finalized in five jurisdictions (EU, US, RSA,
TR, PK)
Investor presentation | Nordex SE | January 2016 194. SOLID BUSINESS PERFORMANCE ALONG THE VALUE
CHAIN
Production – Installations - Service
Turbine assembly: 1,539 MW (+43% yoy) –
assembly of turbines for installations in Q4
Blade production: 261 blades (-33% yoy) –
lagging behind budget due to delays related to the
expansion of facility in Rostock and ramp-up of NR 65.5
Installations: 1,158 MW (+8% yoy) –
large installations scheduled for Q4
448 turbines installed in 13 countries – main
markets Germany, Turkey, Finland and France
Service sales: EUR 138.4 mn (+17% yoy)
Renewal rate: 95% (-3 ppt)
Investor presentation | Nordex SE | January 2016 204. GROUP INCOME STATEMENT 9M 2015
In EUR millions
9M 2015 9M 2014 ∆ in %
Sales 1,786.2 1,266.6 41.0
Total revenues 1,769.9 1,288.6 37.3
Cost of materials (1,389.0) (1,008.2) 37.8
Gross profit 380.9 280.4 35.8
Personnel costs (143.4) (124.0) 15.6
Other operating (expenses)/income (99.4) (66.9) 48.6
EBITDA 138.1 89.5 54.3
Depreciation (40.5) (29.7) 36.4
EBIT 97.6 59.9 62.9
Net financial result (15.2) (17.8) (14.6)
EBT 82.5 42.1 95.7
Tax (37.1) (14.2) >100
Net profit 45.4 28.0 62.2
Sales increase reflects strong orders in previous quarters and increased production volume
Net profit increased by 62 % especially due to lower structural cost ratio; higher tax rate in Q3
results from the fact that potential future tax benefits of Nx entities could not yet been realized
9M EBIT margin of 5.5 % well in the target range; EBIT margin in Q3 at 5.3 % due to quality issues
with supplied blades – root cause identified, quality initiative started
Investor presentation | Nordex SE | January 2016 214. GROUP BALANCE SHEET 9M 2015
In EUR millions
30.09.15 31.12.14 30.09.15 31.12.14
Liquid funds & fixed-term
454.4 388.4 Trade payables 308.9 177.5
deposits
Trade receivables and future Current bank borrowings,
345.0 185.5 182.4 0
receivables esp. Bond1
Net inventories 223.3 273.9 Other current liabilities 402.3 451.8
Other current assets 122.9 73.4
Current Assets 1,145.6 921.2 Current liabilities 893.6 629.3
Property, plant, equipment 144.1 136.2 Bond1 0 156.2
Capitalized R&D expenses 106.4 106.1 Deferred tax liabilities 65.6 30.8
Deferred tax assets 52.8 44.8 Other non-current liabilities 71.0 27.6
Other non-current assets 29.9 31.6
Non-current assets 333.2 318.7 Non-current liabilities 136.6 214.6
Shareholders‘ equity 448.6 396.0
Total assets 1,478.9 1,239.9 Total liabilities 1,478.9 1,239.9
Balance sheet strengthened:
Net liquidity increased to EUR 250 mn (31.12.2014: 232 mn)
Current bank borrowings include bond (maturity in 4/2016), first tranche of EIB loan drawn
Total assets up 19 % to EUR 1.5bn; equity ratio 30.3 % (31.12.2014: 31.9 %) 1 Bond incl. interest
Investor presentation | Nordex SE | January 2016 224. WORKING CAPITAL DEVELOPMENT
Development of working capital FY 2013 – 9M 2015
40 3
2,2
20 1,0 2
1,0
1
0
0
-20 -1
-40 -2
-1,4
-2,1
-3
-60
-2,3 -4
-3,4
-80 -5
-4,8
-100 -6
FY 2013 3M H1 9M FY 2014 3M H1 9M
2014 2014 2014 2015 2015 2015
W/C (EUR mn) W/C ratio
Working capital ratio well within target range (4. OPERATING CASH FLOW AND FREE CASH FLOW
Key figures cash flow statement Changes in working capital
in EUR mn 9M 9M in EUR mn 9M 9M
2015 2014 2015 2014
Consolidated profit + d/a 85.8 57.7
Cash flow from 67.3 162.7
operating activities + Decrease in inventories 50.6 7.3
Cash flow from (48.8) (43.0) -/+ Change in trade receivables -159.5 16.7
investing activities + Increase in trade payables 131.4 69.9
Free cash flow 18.5 119.7 - Decrease in prepayments
received (non-capitalised) -84.4 -6.7
= Payments from changes
in working capital -61.9 87.2
Decreased operating cash flow because of higher production/installation activities leading to
increased working capital (especially in terms of trade receivables)
Investing activities in 9M 2015 mainly for:
capitalized product development
expansion of the blade center in Rostock – project almost completed
Investor presentation | Nordex SE | January 2016 244. GUIDANCE 2015
2014A 2015 old (H2) 2015 update (9M)
Order intake EUR 1.75 bn EUR 2.1 – 2.3 bn EUR 2.3 – 2.4 bn
Sales EUR 1.73 bn EUR 2.0 – 2.2 bn EUR 2.3 – 2.4 bn
EBIT margin 4.5 % 5–6% 5–6%
Working capital
- 2.3 %AGENDA 1. Intro and corporate strategy 2. Markets and market success 3. Products and R&D 4. Financials 9M 2015 and Guidance 2015 5. AWP merger – transaction rationale and integration 6. Appendix (shareholder structure; financial calendar) Investor presentation | Nordex SE | January 2016 26
5. STRONG STRATEGIC FIT AS KEY DEAL DRIVER
Combining AWP and NX reduces market risks while creating big global player
Risk reduction: complementary markets and customer base, global
1
production footprint
2 Broadened product portfolio, complementary technology assets
Combined entity backed by Acciona as strategic shareholder and
3
potential key customer
Increased shareholder value: Synergies worth EUR 95m as of 2019
4
driving profitability at eye level with industry leaders
Global player with reduced risk and targeted EUR 4.2-4.5 bn in sales
5
in 2018 top 5 position in reach
Investor presentation | Nordex SE | January 2016 275. RISK REDUCTION: COMPLEMENTARY MARKETS AND
CUSTOMER BASE
Global reach: More balanced geographic market presence
Together:
Nordex AWP
NX and AWP focus regions/countries
highly complementary
FOCUS ON
FOCUS ON LATAM &
EUROPE EMERGING
MARKETS
>80% of business
>70% of business
Current EMEA core
markets e.g. DE, Current core
FR, TR, UK, FI, markets MEX, BRA,
RSA USA; IND emerging
Total addressable market >80% (excl. China)
Investor presentation | Nordex SE | January 2016 285. COMBINED COMPANY WILL ADDRESS FULL RANGE OF
CUSTOMER SEGMENTS
Complementary customer bases
Together:
Nordex Full range of customer segments AWP
Nordex AWP
Small BIG
SMALL & cust.
DEVELOPER
MID-SIZED Reg. Utilities, & IPP
Financial IPP
CUSTOMERS
(incl. Acciona
Developer
Energia)
Typical deal: Big Utilities & IPP Typical deal:
15 – 30 MW 100MW
Extra benefit: Strategic alliance with Acciona Energia and its vast project pipeline
Investor presentation | Nordex SE | January 2016 295. GLOBAL, FLEXIBLE PRODUCTION FOOTPRINT,
ABLE TO FULFILL LOCAL PRODUCTION NEEDS
Global footprint*
GER
Active
Nacelle
Blade
ES
Active CN
Nacelle Mothballed
Blade Nacelle
US (Iowa) Blade
Mothballed
Nacelle
IND
Planned
Nacelle
BRA N: Nacelle Manufacturing
Active
Manufacturing Site B: Blade Manufacturing
Nacelle
*tower design with on-site manufacturing not displayed
• Good geographic fit for production purposes
Investor presentation | Nordex SE | January 2016 305. BROADENED PRODUCT PORTFOLIO, COMPLEMENTARY
TECHNOLOGY ASSETS
Complementary product focus
Together:
Nordex Winning in very different markets AWP
Dealing with Projects with
RESTRICTIONS NO LAND
& LAND CONSTRAINTS
CONSTRAINTS
Focus: Low capex
Focus: Sophisticated
WTG solution
WTG solutions
Typical project:
Typical project:
100 MW in
Noise restricted sites
emerging markets
Solutions to serve customer need around the globe
Investor presentation | Nordex SE | January 2016 315. BROADENED PRODUCT PORTFOLIO, COMPLEMENTARY
TECHNOLOGY ASSETS
Combining valuable experience in blade design and tower manufacturing
Together:
Nordex Broad technology portfolio AWP
BLADE
TECHNOLOGY CONCRETE
Carbon fibre TOWER
design with on-site
Low noise level
manufacturing
incl. Anti-Icing
(“tower camp
System (AIS)
factories”)
Technology assets in blades and towers as key levers for LCOE reduction
Investor presentation | Nordex SE | January 2016 325. 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)
~10% p.a. Targeted sales increase to EUR
4.2-4.5 bn sales mainly from
4.2 – 4.5
strong position in
emerging/growth markets and
competitive products meeting
2.3 – 2.4 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 ensures
short-term visibility
2014 2015e 2016e 2017e 2018e
Nordex Combined Balanced market presence
stand alone entity provides risk mitigation against
„volume shocks“
Investor presentation | Nordex SE | January 2016 335. EMERGING MARKETS AND JOINT PRODUCT PORTFOLIO
WILL BE THE MAIN GROWTH DRIVERS
Overview growth drivers (in EUR bn)
Expected sales volume of
4.2-4.5 AWP 2015: EUR 1 bn
IN
BRA
Growth stemming from
Mx
1.0 RSA emerging markets, esp. India,
Brazil, Mexico, South Africa
2.3-2.4 New markets in LatAm, APAC
and MEA addressable with a
joint product portfolio
Growth markets and new
markets to over-compensate
stagnating/decreasing markets
Nx 2015e AWP Emerging New Total 2018 e.g. UK
2015e markets markets (targeted)
Investor presentation | Nordex SE | January 2016 345. TARGETED EBITDA LEVEL OF >10 % AT EYE LEVEL WITH
INDUSTRY LEADERS
Targeted EBITDA development until 2018 (in % of revenues)
Targeted profitability increase
>2-3%pts >10%
by >2%pts driven mainly by
synergies, LCOE improvement and
7 – 8%
over-proportional growth of high-
7%
margin service business
Targeted Synergies will kick in
on a medium-term perspective
during the integration process
Targeted profitability 2018 on
par with industry leaders
2014 2015e 2016e 2017e 2018e Change of guided KPI from EBIT
Nordex Combined to EBITDA due to purchase price
stand alone entity allocation (PPA) of the AWP
merger
Investor presentation | Nordex SE | January 2016 355. STRONG FOCUS ON LCOE REDUCTION AND SYNERGIES
IN COMBINED BUSINESS ARE KEY PROFITABILITY DRIVERS
Targeted EBITDA bridge 2015-18 (in %)
Two lean companies merging, no
>10% further scale effect to be expected
Transition phase will cause one-
time 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
business growth
2015 Price LCoE up Synergies Service 2018
Synergies of EUR 95 mn targeted -
decrease
60 % to be realized in 2018
Investor presentation | Nordex SE | January 2016 365. GLOBAL PLAYER WITH REDUCED RISK AND TARGETED EUR
4.2-4.5 BN IN SALES IN 2018 TOP 5 POSITION IN REACH
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%
Big Industrial split compared to standalone
12%
Other positions. Cumulated sales target
10% Chinese Player split 2015-2019:
5%
10% APAC
7% Pure Player
Chinese Player 6%
7% 8%
Big Industrial
Pure Player Nordex+AWP EMEA 60% 30% Americas
4%
* OEM market share development illustrative New markets
Investor presentation | Nordex SE | January 2016 375. ENHANCEMENT OF CORPORATE GOVERNANCE
STRUCTURE
Two-tier SE („Vorstand“ and „Aufsichtsrat“)
CEO SKion
Management
CSO
CFO
Supervisory Board
Board
COO
Executive Committee (independent) members
Acciona group represented with
CEO – Lars Bondo Krogsgaard two members
COO – Deputy CEO – José Luis Blanco
CFO – Bernard Schäferbarthold
CSO – Patxi Landa
• Management board with around 50 years of experience in the wind industry
Investor presentation | Nordex SE | January 2016 385. COMBINED ENTITY BACKED BY ACCIONA AS STRATEGIC
SHAREHOLDER AND POTENTIAL KEY CUSTOMER
Acciona Energia …
… as a strategic anchor shareholder … as a potential key customer
INSTALLED
REN. ENERGY (MW)
• Acciona Energia is
Acciona >8.6 GW one of the leading
29.9% Other renewable energy
asset owners
(mainly onshore
64.4% 5.7% >7.2 wind) in the world
Wind
Freefloat GW • Significant
SKion/
investment volume
momentum
for renewables
expected (USD 2.5
2015 YTD bn 2016ff.)
Nordex will leverage Acciona’s deep expertise
in the full value chain of the wind industry
Investor presentation | Nordex SE | January 2016 39AGENDA 1. Intro and corporate strategy 2. Markets and market success 3. Products and R&D 4. Financials 9M 2015 and Guidance 2015 5. AWP merger – transaction rationale and integration 6. Appendix (shareholder structure; financial calendar) Investor presentation | Nordex SE | January 2016 40
6. APPENDIX: SHAREHOLDER STRUCTURE NORDEX SE
SKion/momentum capital
22.79 %
JPMorgan
5.85 %
Deutsche Asset & Wealth Management
4.92 %
Free
float
64.44%
Based on 80.882.447 shares, as of December, 2015; before closure of AWP merger
Investor presentation | Nordex SE | January 2016 416. APPENDIX: FINANCIAL CALENDAR 2016 (STATUS DECEMBER 2015) Date Event 7-8 January Investor Conference Lyon (Oddo) 19 January Investor Conference Frankfurt (Frankfurt) 2 February Investor Conference Frankfurt (HSBC) 16 February Investor Conference Frankfurt (Oddo Seydler) 26 February Preliminary Results 2015 21 March Press Conference Annual Accounts 2015 3 May Interim Results Q1 2016 10 May Annual General Meeting in Rostock (AGM) 8-10 June Investor Conference Berlin (Deutsche Bank) 28 July Interim Results H1 2016 30 August Investor Conference Frankfurt (Commerzbank) 19-21 September Investor Conference Munich (Goldman Sachs & Berenberg) 8 November Investor Conference Paris (SocGen) 10 November Interim Results Q3 2016 Investor presentation | Nordex SE | January 2016 42
DISCLAIMER This presentation was produced in December 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”, “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. Investor presentation | Nordex SE | January 2016 43
THANK YOU FOR YOUR ATTENTION. Nordex SE Oliver Kayser Senior Manager Investor Relations Rolf Becker 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: DE000A0D6554 WKN: A0D655 www.nordex-online.com Investor presentation | Nordex SE | January 2016 44
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