Senvion Brief Presentation
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1 Senvion Brief Presentation as of August 208 0
2 Disclaimer This presentation (the Presentation ) has been prepared by Senvion S.A. ( Senvion and together with its subsidiaries, we, us or the Group ) solely for informational purposes and has not been independently verified, and no representation or warranty, express or implied, is made or given by or on behalf of the Group. Senvion reserves the right to amend or replace this Presentation at any time. This Presentation is valid only as of its date, and Senvion undertakes no obligation to update the information in this Presentation to reflect subsequent events or conditions. This Presentation may not be redistributed or reproduced in whole or in part without the consent of Senvion. Any copyrights that may derive from this Presentation shall remain the sole property of Senvion. This Presentation does not constitute or form part of, and should not be construed as, an offer or invitation or inducement to subscribe for, underwrite or otherwise acquire, any securities of Senvion, nor should it or any part of it form the basis of, or be relied on in connection with, any investment decision with respect to securities of Senvion or any other company. Certain statements in this Presentation are forward-looking statements. Forward-looking statements involve all matters that are not historical by using the words may, will, would, should, expect, intend, estimate, anticipate, believe and similar expressions or their negatives. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial consequences of the plans and events described herein. Actual results may differ from those set forth in the forward-looking statements as a result of various factors (including, but not limited to, future global economic conditions, changed market conditions affecting the wind industry, intense competition in the markets in which the Senvion Group operates, costs of compliance with applicable laws, regulations and standards, diverse political, legal, economic and other conditions affecting the Senvion Group and the Senvion Group s markets, and other factors beyond the control of the Senvion Group). The Senvion Group, including its directors, officers, employees, advisors and any other persons, is under no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on forward-looking statements. Statements contained in this Presentation regarding past trends or events should not be taken as a representation that such trends or events will continue in the future. In particular, no statements in this Presentation should be construed as concrete guidance as to the results of operations, cashflows, balance sheet data or any non-financial metrics as of or for the financial year ending December 3, 207 or any subsequent financial period. Certain financial data included in this Presentation consists of non-ifrs financial measures. These non-ifrs financial measures may not be comparable to similarly titled measures presented by other companies, nor should they be construed as an alternative to other financial measures determined in accordance with IFRS. You are cautioned not to place undue reliance on any non-ifrs financial measures and ratios included herein. This Presentation does not constitute or contain any investment, legal, accounting, regulatory, taxation or other advice. Due to rounding, numbers presented through out this and other documents may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.
3 Agenda 2 3 Senvion today Key highlights Key financials 2
4 Onshore Offshore Senvion at a glance A leading global player in wind energy Key facts Revenues (207),890m Adj. EBITDA / margin (207) 52m / 8.0% Installed base (H 8) 7.2 GW Order book (H 8) 5.4bn Revenue breakdown By business (End-7) Total:,890m Installed base breakdown² By region (End-7) Total installed base: 7.0 GW Service coverage By serviced fleet (End-7) Total installed base: 7.0 GW Offshore 8% Services 6% Onshore 65% North America 6% Asia 2% Australia 3% Europe 79% MW not under service 20% Serviced base: 3.6 GW MW under Service ~80% Product portfolio snapshot 3 MM series 2.XM series 3.XM series 6.XM series First mover and technological leader in 3MW class Strong player in all wind classes Released industry-leading low wind turbine 3.4M40 Expanded portfolio via acquisition of Kenersys assets in India First mover in 5MW+ class Largest operating fleet in 5MW+ class Largest commercially proven turbine by power rating 0MW+ turbine study announced Notes:. Includes net firm orders, signed contracts and service order book 2. Europe: Germany, France, UK, Italy, Belgium, Poland, Portugal; North America: Canada, USA; Other: Netherlands, China, Japan, Austria, Hungary, Czech Republic, Spain, Sweden, India, Greece, Russia, Korea, Switzerland, Romania, Turkey 3. Selected products 3
5 Significant track record through 7.2 GW of installed base Turkey Romania Poland & Belarus Sweden & Norway Germany Netherlands & Belgium France UK Spain Portugal Senvion installed worldwide, MW Europe Germany 5857 France 2,364 UK 2,97 Italy Others 929 Russia 240 Total 3748 Ireland Canada Japan Switzerland USA North America Canada 378 USA,264 Total 2,642 Italy Czech Republic Austria Hungary & Serbia Greece South Korea China India Asia China 234 Japan 24 Others2 Total Australia As per ; Includes all installed and SCADA connected systems. Austria, Belarus, Belgium, Czech Republic, Greece, Hungary, Ireland, Netherlands, Norway, Poland, Portugal, Romania, Russia, Serbia, Spain, Sweden, Switzerland, & Turkey 2. India & South Korea Total 472 4
6 Production footprint optimisation Faster production cycle and leaner manufacturing From Germany focused to globally streamlined footprint Key benefits Reducing complexity by consolidating global production facilities Nacelle Blades Nacelle Blades Generating synergy effects and benefitting from scale Bremerhaven Husum Trampe Oliveira de Frades Bremerhaven Vagos Bremerhaven Oliveira de Frades Baramati Vagos Ustron, Warszovice Realizing shorter production cycle times Leveraging capacities in low cost countries 3.6 GW Nacelle capacity CY6 installations.7 GW 2.7 GW Nacelle capacity Sufficient capacity for growth 5
7 Wind to witness sustainable long term growth Volumes to grow faster than any other technology Renewables taking over global energy mix... Energy generation in (TWh)..with Wind gaining the most Annual capacity addition by technology (GW) Industry observations 25,374 3,63 27% 39% Growth 84% Cheap renewables and batteries fundamentally reshape energy systems 62% 50% % PV and Wind are already cheaper than building new large scale coal and gas plants in many markets. 30-4% % % % India has the cheapest new wind and solar anywhere in the world Renewables Fossil Fuel Others Wind Solar Nuclear & Others Fossil Fuel Annual wind installations are projected to double in a decade Source: New Energy Outlook, BNEF June 208; Fossil Fuel include coal, gas and oil capacities 6
8 Members of SET Management Board Strong management team with extensive experience in mature manufacturing industries Manav Sharma Acting CEO & CFO 3 years experience in industrials and consumer Leads Finance Team at Senvion since 203 Bachelor s degree in Computer Engineering and a post-graduate diploma in Management from the Symbiosis International University Pune, India. David Hardy CSO & Executive Director Joined Management Board in June years experience in the industry sector Worked for Vestas for 7 years and for GE for 0 years Degree of Mechanical Engineering and holds a MBA in Finance & Management, North Carolina and New York Christian Roth COO Servet Sert CTO Anette Tronnier-Meyknecht EVP HR Mathias Schroeder EVP Compliance & Legal 20 years of experience in aerospace and steel and forging industry Graduated in earth sciences at the University of Würzburg, Germany Doctorates in conjunction with the Fraunhofer Institut in Dortmund, Germany 22 years experience in product development and industrialization incl. 6 years in wind Six Sigma Black Belt Executive MBA from Université Paris-Dauphine and Université du Québec à Montréal 22 years of management experience incl. years in the industrial sector Holds Law degree with a focus on labor law Graduated law at Eberhard- Karls-University in Thübingen 20 years of relevant Legal and Compliance experience in the service sector High expertise in Corporate law, Corporate Governance, M&A, Capital markets law and Compliance Dr. iur - Christian-Albrechts- University in Kiel, Germany 7 SET = Strategic Executive Team
9 Senvion successfully adapts to wind markets evolution Focused on further supporting growth initiatives Key developments Volume shift towards emerging markets Senvion achievements Order intake growth of +36% in 207 Order intake growth in new markets: +400% 2 Better products required to improve LCoEs Attractive portfolio throughout the segments, supported by project optimised, modular-based product philosophy 3 Auctions favour flexible OEM suppliers Run-rate savings of c.20% from efficiency program and shifting supply chain footprint to low cost countries 4 Volume and margin volatility in turbine business Platform with industry leading coverage and renewal rate of ~75% Service revenues 6% of the total revenues Senvion has successfully adapted its business model and is now focused on further expanding efforts in proven growth areas 8
10 Agenda 2 3 Senvion today Key highlights Key financials 9
11 4 strategic pillars Focus on higher growth markets to benefit from expansion of global installations 2 Best in class technology and modular product portfolio underpinning high entry barriers 3 MOVE FORWARD significant operational improvement initiative well underway 4 Growing Service platform providing an annuity-like backbone to cash flow generation 0
12 Strong order intake in last six quarters Growth expected to continue Firm WTG order intake ( mn) CY6 CY7 H CY7 H2 CY7 H CY8 ON OFF.3bn NIL.5bn 306m 633mn 306m 836mn NIL 797mn NIL Onshore order intake growth yoy yoy growth 3% 06% 5% 9% 37% -46% 26% growth in H +36% % growth in Q2,304 45,59 CY6, CY7 393% yoy Q Q Q3 7 Q Q Q2 8 Growth led by new markets 226 MW in Australia 432 MW in India Announced 700MW+ conditional orders since June Offshore Onshore new markets Onshore current markets Healthy order intake and order pipeline to support 209 revenue growth
13 Healthy order momentum in July and August Enhanced visibility build comfort for 209 Key orders announced in Strong order visibility Onshore Announcements in H MW firm orders in India 226 MW firm orders in Australia 74 MW firm orders in Argentina Onshore Firm orders of 700mn+ ; key projects include 432 MW in India + 74 MW in Argentina MW in Australia Additional order pipeline for bn+ 300 MW+ conditional orders in Australia C.500 MW conditional orders in Spain & India Orders in advanced level of discussions in Middle east, Argentina and Germany Announcements in July-Mid August 205 MW conditional order in Chile 245 MW conditional order in Spain 250 MW conditional order in India 30 MW agreement with Prokon, Germany Offshore and Service 209 visibility Firm revenue coverage of c. 600mn Service expected to grow 0%; Predictable and supported by order book Full coverage for offshore revenues.3bn firm orders in hand + Large advanced pipeline in place Significant firm coverage for 209 revenues, providing solid visibility for growth 2
14 2 Focusing now on new product launches Product roadmap ready more efficient products with lower lifetime costs Status update on New Products Key focus areas Platform Prototype Installation Markets 209 Orders 4.2M Late 208 H2 209 Firm order booked. Developing mobile nacelle facility concept for 4 MW platform 2 4.2M Early 209 H2 209 Order in pipeline M30 turbine fully localised in India M 2.3M Late 208 Mid 209 Early 209 Mid 209 Conditional order booked Conditional order booked 3. Towers sourcing from Asia, wherever possible 5 3.7M Late 208 Mid 209 Firm order booked 4. Blades sourcing from Asia to increase Ranked leading turbine type in its respective wind class and rating segment by MAKE consulting 3
15 3 MOVE FORWARD Second phase of initiatives accelerated Phase I Consolidation of production footprint Three factories closed in Germany Capacity reduced to 2.7 GW New suppliers added from Asia; ramp-up under way Reduction of employees Net reduction in employees - ~600 Fixed costs reduction 207 Opex costs cut by 9%; add l 5% in H interest costs cut by 28%; 22% in H 208 Create a winning organisation Secure 209/2020 Execution Financial metrics Phase II Realignment of resources to global demand Create a winning operating model for the organization Enhance the winning culture of organization Focus on order intake growth Deliver product development pipeline Ensure delivery 208 and 209 project plan Establish proper supply chain footprint Maximize gross margin realization Maximise service profitability Improve net working capital Improve balance sheet ratios Total savings in mn Detailed planning underway 4
16 4 Growing service business Efficient set-up to drive resilient and profitable growth Key results Key attributes Service revenue ( mn) Significant growth Full year double digit growth expected Working towards digitisation mn mn mn 78.0 High visibility from 2.7bn service order book High visibility High margins and cash flow contribution 0+ years average duration providing annuity-like revenue High renewal rate 2 (~75% last 3 years) Stronger contribution margin v/s turbine business ~35% share of revenues in H 208 Q 7 Q2 7 Q3 7 Q4 7 Q 8 Q2 8 GW under service +.4% +7.9% Higher FCF contribution Q2 6 Q2 7 Q2 8 Service provides a growing, predictable, annuity-like cash flow stream to the business Notes:.Only includes active contracts and tenors weighted by no. of WTGs 2.Turbine renewal rate of service contracts since 206 based on quarterly data 5
17 Agenda 2 3 Senvion today Key highlights Key financials 6
18 Key financials 207 Performance on target despite challenging environment ( mn) Adj. Q4 CY6 Adj. Q4 CY7 Adj. CY6 Adj. CY7 Revenue ,20,890 Gross profits Gross margin % 25.4% 24.2% 28.0% 28.5% Adjusted EBITDA Adjusted EBITDA % 9.7% 8.4% 9.3% 8.0% Adjusted EBIT Adjusted EBIT % 7.4% 5.% 6.4% 4.5% Adjusted PAT Net working capital % (3.7%) 2.5% (3.7%) 2.5% Revenues in line with guidance Stable gross margins; likely to be impacted by.5%-3% in 208 EBITDA margin of 8.0% achieved in challenging market environment Net working capital influenced by Chilean project inventories and slightly lower order intake; further reduction expected to happen in Q/Q2 208 Cash on hand Net Debt / EBITDA <0.x <0.x 7
19 Order book of 5.4bn in Q2 208 Firm order book improving by 32% yoy Order book ( bn) Net Firm Orders Conditional Service Total Q2 208 split by geography Net firm orders at 2.bn Q Figures in mn 2,053 Q Offshore 306 Q % Q New markets,60 Q Onshore.7bn Q 7 Q Germany UK France Others Q2 8 Offshore Onshore Service orders Note: Net Firm orders are confirmed orders minus PoC revenues already booked. Conditional orders are signed contracts where either building permit and/or grid connection and/or financing is missing. 8
20 Net working capital Meaningful WC improvement expected in H2 Net working capital Net working capital evolution ( mn) Working Capital NWC % of trailing 2 months revenue slightly lower (3.7)% (83) Q4 6 (0.2)% (5) Q 7 4.6% 99 2.% Q % 8 8.3% Q % 47 Q4 7 3.% 54 Q 8 2.6% 40 Q2 8 Cash converted into inventory with underlying firm orders for H2 208 Inventory build up of 70mn in Q2 208 WC expected to normalise by end of Q4 208 Quarterly cash flow evolution ( m) 64 4 (09) (73) (59) (40) Seasonal effects of inventory build up generated negative cash flow in first half Positive FCF generation expected in H2 208 Q3 6 Q4 6 Q 7 Q2 7 Q3 7 Q4 7 Q 8 Q2 8 Free cash flow Operating cash flow Investing cash flow. Net working capital defined as current assets (adjusted for liquid funds and assets of disposal Group classified as held for sale) minus total current liabilities (adjusted for provisions, liabilities of disposal Group classified as held for sale and short-term loans and current portion of long-term loans). 9
21 Thank you for your attention Senvion SA All rights reserved. No part of this document may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photography, recording, or any information storage and retrieval system, without permission from Company. 20
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