1、nordischPresentationsIP Presentation Nordex21 Roadshow Pres Nordex_May2006.ppt,Investor Presentation Nordex AG,July 2006,nordischPresentationsIP Presentation Nordex21 Roadshow Pres Nordex_May2006.ppt,Nordex Management Team,Thomas Richterich CEO / CFO,Carsten Pedersen Board Member Head of Sales,Dr. H

2、ansjrg Mller COO,Previous positions with MAN, Ferrostaal and Babcock Borsig CFO since 2002, CEO since 2005,Managing Director of Nordex Energy GmbH since 1987 and Board Member of Nordex Responsible for Sales, since 2001,Previous positions with Siemens and Roland Berger Since 2004 Nordex board member

3、for Operations,nordischPresentationsIP Presentation Nordex21 Roadshow Pres Nordex_May2006.ppt,Nordex at a Glance,Headquarter: Norderstedt, Germany Founded in 1985 in Denmark Establishment of production operations in Germany (1992) and China (1998) IPO in 2001 Global manufacturer of wind energy syste

4、ms with a focus on turbines in the “MW class” 2005 Sales of 309m 721 employees Main production sites in Rostock (Germany) and Baoding (China),Installed Base by Geography,Installed Base by Segment,Germany 44%,Asia 20%,Africa 4%,America 2%,Other Europe 30%,Mainstream(0.75-1.5MW) 51%,“MW Class”(1.5-2.5

5、MW) 43%,Small WTG (750 kW) 6%,Total Base (as of Mar-2006): 2,738,nordischPresentationsIP Presentation Nordex21 Roadshow Pres Nordex_May2006.ppt,Investment Highlights,Attractive fast growing end-markets Well positioned for strong growth Technology leader Well-positioned across the value chain Positio

6、ned in high-growth product segments International expansion Successful completion of turnaround Momentum generation widely expected to be extended again Supportive new renewable energy law in China European Parliament reiterates position on renewable energy targets (20% by 2020),Source: Goldman Sach

7、s Commodity Research, Bundesverband Wind Energie, Merrill Lynch Commodities Research,Demand for wind energy driven by renewables regulations, price competitiveness of wind energy and strong worldwide energy demand,Generation Cost in /MWh,nordischPresentationsIP Presentation Nordex21 Roadshow Pres No

8、rdex_May2006.ppt,Well Positioned for Strong Growth: Technology Leader,Nordex track record of technological innovation,Production of the worlds largest series wind turbine (250 kW),Construction of the worlds first series MW wind turbine,Completion of the worlds first series of 80m class 2.5 MW wind t

9、urbine,Installation of 1st Nordex offshore turbine,Launch of serial production of 90m class 2.5 MW wind turbine,New drive train concept with differential gearbox (N90/2500) Upgrade yaw system Upgrade pitch system New platform generation Modular tower concept incl. standardized mounting parts (S70 &

10、N90) Advanced control system (reduced-load operation) Redesign of rotor blade NR45 (until maturity phase) Adoption to international grid codes Development of 100m class turbine,1987,1995,2000,2003,2005,nordischPresentationsIP Presentation Nordex21 Roadshow Pres Nordex_May2006.ppt,Well Positioned for

11、 Strong Growth: Well Positioned Across the Value Chain,Wind farm systemplanning,Technical realisation,Wind farm operation,Service and maintenance,Project development marketing financing,Micrositing of 100% of signed projects to review customer layout Supporting customers (co-development) to receive

12、necessary approvals and to optimize the park layout,nCore business: WTG assembly, production of selected components, installation on site, initial operation,2200 turbines are currently under Nordex service Full service contract offering up to 9+3 years duration,Market leader in France (high margin p

13、otential) Development of first commercially financed project in China,nAdditional service offering: increasing demand due to new wind farm investors, which are only interested in stable cash flow,nordischPresentationsIP Presentation Nordex21 Roadshow Pres Nordex_May2006.ppt,Well Positioned for Stron

14、g Growth: Positioned in High-Growth Product Segments,MW-Class (1500 2500 kW) is by far the fastest growing segment and will be the market mainstream in the next 5 years,Newly installed MW p.a.,CAGR: 12.2%,NM,+39.9%,+13.6%,(35.2)%,Nordex is growing faster than the market and has established a proven

15、technological position in the MW turbine class,nordischPresentationsIP Presentation Nordex21 Roadshow Pres Nordex_May2006.ppt,Nordex Has Grown Faster Than the Market Leading to Recovery of Market Share,Market Share,2H,1H,World Market Growth40%,Source: BTM 2006,Nordex Newly Installed Capacity in MW,n

16、ordischPresentationsIP Presentation Nordex21 Roadshow Pres Nordex_May2006.ppt,Well Positioned for Strong Growth: International Expansion,China:,Foundation of rotor blade production (4,000 sqm) for N60/1,300 kW in spring 2005 Foundation of production JV for S70/77 (1,500 kW) in spring 2006 Foundation

17、 of rotor blade production for S70/77 planned for 2006 Market re-entry in 2006/7 Upgrading capacities for project development 17 new projects developed, construction expected in 2006/7 (total capacity: 240 MW) Successful re-entry achieved in 2006 (first major orders signed) Successful entry achieved

18、 in 2006 (first major order signed),Country,Activity,As of Mar-2006 Nordex has installed 1,543 turbines outside Germany (56% of total installed base) and is further expanding its international operations.,UK:,USA:,France:,Italy:,nordischPresentationsIP Presentation Nordex21 Roadshow Pres Nordex_May2

19、006.ppt,Momentum Generation: Continuously Increasing Order Intake,Q1: 35m,Q1-2: 158m,Q1-3: 280m,Q1-4: 395m,Q1: 263m,2005,2006,+67%,Germany 21%,Rest of Europe75%,Asia 4%,Total: 400m,Total: 400m,N80/N90 77%,N60/N62 8%,Sub-MW 0%,S70/S77 15%,2004,Q1-2: 400m,nordischPresentationsIP Presentation Nordex21

20、Roadshow Pres Nordex_May2006.ppt,Further Upside Potential,Implementation of EBIT improvement plan started in spring 2005 to achieve sustainable profitability (target: 5 10% EBIT margin) Positive market development since autumn 2005 generates good opportunities to secure bottom-line growth short- / m

21、edium-term improved utilisation of capacities increasing sales prices EBIT improvement plan will secure profitability long-term,nordischPresentationsIP Presentation Nordex21 Roadshow Pres Nordex_May2006.ppt,Main Drivers of Bottom-Line Growth,Increase in price per MW - due to shortages of WTG,2006,20

22、07,2008,+,+ +,+/-,EBIT improvement program,+,+,+,Increase in material costs,-,- -,-,Expenditures in new markets,- -,-,-,Target EBIT margin,3.0%,4 7%,5 10%,Target revenue growth,+ 50%,+ 50%,+ 50%,(1),Higher utilization of capacity,+,+ +,+ +,(2),(3),(4),(5),nordischPresentationsIP Presentation Nordex2

23、1 Roadshow Pres Nordex_May2006.ppt,Further Upside Potential:Enhanced Outlook 2006,Projected revenues secured by order volume: 100% of 2006 revenues secured by unconditional orders Unconditional and conditional orders ( 1bn) secure workload until end of 2007 Mid-term annual growth target of 50%,2006E

24、 (old)2006E (new) Order Intake 450m 600m (Y-on-Y) +14% +50% Revenues 400m 460m (Y-on-Y) 30% +50% EBIT Margin 2.5% 3.0%,nordischPresentationsIP Presentation Nordex21 Roadshow Pres Nordex_May2006.ppt,Opportunities for and Limitations of Growth Beyond Plan,1. Markets,Recovery of market share, target 5%

25、,New set-up in 1-2 markets p.a. Cautious towards offshore,2. Core components,International supply 2-3 supplier strategy,Production capacity gear boxes and blades,3. Product development capabilities,Solid 2.5 MW technology Scaling up to 4.0 MW,Above 4.0 MW completelynew design required,4. Production

26、capacities,Europe: expandable to750 (turbines) / 400 (blades) MW Asia: expandable to250 (turbines) / 300 (blades) MW,North America Further investments in Europe and Asia,5. Management & organisation,Restructuring completed Basis for further improvements,Max. growth path +50% p.a.,6. Financial capabi

27、lities,Set-up for business volume with a target of 1b,Working capital requirements secured due to increased bond lines Investment requirements secureddue to capital increase ( 70m),Limitations,Opportunities,nordischPresentationsIP Presentation Nordex21 Roadshow Pres Nordex_May2006.ppt,Investment Hig

28、hlights,Attractive fast growing end-markets Well positioned for strong growth Technology leader Well-positioned across the value chain Positioned in high-growth product segments International expansion Successful completion of turnaround Momentum generation & further upside potential Strong manageme

29、nt team with proven track record,nordischPresentationsIP Presentation Nordex21 Roadshow Pres Nordex_May2006.ppt,Appendix,nordischPresentationsIP Presentation Nordex21 Roadshow Pres Nordex_May2006.ppt,in %,Source: ARA, WTI, Datastream,Increasing prices of fossil fuels have made wind more competitive,

30、Price Development of Fossil Fuels,nordischPresentationsIP Presentation Nordex21 Roadshow Pres Nordex_May2006.ppt,Market power price was considerably in excess of the EEG tariff,Spot Market Price in 2005 (EEX),Peakload,Baseload,Euro/MWh,EEG max. remuneration (85.9 EUR/MWh),EEG basic remuneration (53.

31、9 EUR/MWh),Source: EEX,nordischPresentationsIP Presentation Nordex21 Roadshow Pres Nordex_May2006.ppt,The Nordex Groups Restructuring Concept was based on Five Core Elements,Elements of restructuring at Nordex Group,Focus on attractive core markets Concentration on foreign growth markets Improved ma

32、rketing efficiency,Regaining technical position in upper market segment Elimination of existing deficiencies and lowering production costs Priority: N80/N90,Elimination of previous organizational shortcomings Pragmatic approach to optimize business processes with immediate activities Avoidance of in

33、ventory losses and guarantee expenditure,Radical cost-cutting by means of operative and structural measures Creation of a reasonable cost structure to regain competitiveness,Harnessing liquidity potential by reducing working capital Creation of a reasonable cost structure to regain competitiveness,1

34、,2,3,4,5,nordischPresentationsIP Presentation Nordex21 Roadshow Pres Nordex_May2006.ppt,2005 Recapitalisation and Current Shareholder Structure of Nordex,CMP 26.7%,GoldmanSachs 17.4%,HypoVereinsbank 4.3%,HSH Nordbank 3.8%,Morgan Stanley 3.7%,Nordvest 4.1%,Freefloat 40.04%, 70.4m from issue of 5.5m n

35、ewshares,nordischPresentationsIP Presentation Nordex21 Roadshow Pres Nordex_May2006.ppt,Monthly Index Ranking TecDAX 6/30/2006,CompanyRank Market Cap in million*Rank Turnoverin million* NORDEX18342.6815563.58 . .30 )* on basis of freefloat )* 12 Month,nordischPresentationsIP Presentation Nordex21 Ro

36、adshow Pres Nordex_May2006.ppt,Product Overview,Nordex N601,300kWstallGL1/GL2 Nordex S70/771,500kWpitchGL2/IEC 3a Nordex N802,500kWpitchIEC 1a Nordex N902,300kWpitchGL2 Nordex N902,500kWpitchIEC 1b (HS) IEC 2a (LS),TypeCapacityRegulationCertification,nordischPresentationsIP Presentation Nordex21 Roa

37、dshow Pres Nordex_May2006.ppt,Production Facilities,8-10 WTG MW-class/week,2 WTG 600 kW-class/week,99 blades/year,Yinchuan: S70/77 JV,NR-34/37120 blades/year NR-40/45180 blades/year,nordischPresentationsIP Presentation Nordex21 Roadshow Pres Nordex_May2006.ppt,Income Statement (IFRS) Fiscal 2005,01-

38、Oct-2003- 30-Sep-2004,m,Sales Total Revenues Cost of materialsas a percentage of total revenues Personnel costsas a percentage of total revenues Depreciation/amortisationas a percentage of total revenues Other operating income/expensesas a percentage of total revenues EBIT (operational)One-off items

39、 Financial result Tax Net income/loss,221.6 218.8 (173.3) 79.2% (34.5)15.8% (12.1) 5.5% (24.0)11.0% (25.5)(2.5) (5.1) 0.4 (33.5),01-Jan-2005- 31-Dec-2005,309.0 319.4 (251.3) 78.6% (34.1) 10.7% (11.7) 3.7% (22.1) 6.9% 0.3 (5.4) (3.0) 0.1 (8.2),39.4% 46.0% 45.0% (1.3)% (3.3)% (7.9)% 101.2%(116.0)% 41.

40、4% 75.4%,87.4 100.6 78.0 (0.4) (0.4) (1.9) 25.8(2.9) 2.1 0.3 25.3,nordischPresentationsIP Presentation Nordex21 Roadshow Pres Nordex_May2006.ppt,Income Statement (IFRS) Q1/2006,01-Jan-2005- 31-Mar-2005,m,Sales Total Revenues Cost of materials Personnel costs Depreciation/amortisation Other operating

41、 income/expenses EBIT (operational)One-off items Financial result Tax Net income/loss,01-Jan-2006- 31-Mar-2006,124.7 122.8 (101.2) (9.1) (2.9) (7.3) 3.7 0.0 (1.0) 0.0 2.6,34.9 40.7 (30.6) (8.8) (2.8) (6.0) (8.7) (1.6) (0.9) 0.1 (9.5),nordischPresentationsIP Presentation Nordex21 Roadshow Pres Nordex

42、_May2006.ppt,Balance Sheet (IFRS) Q1/2006,m,31-Dec-2005 31-Mar-2006 (as if incl. cap. Increase),Fixed assets Current assets Net inventories Receivables and other assets Liquid funds Other assets Total Assets,Shareholders equity Provisions Liabilities Banks Trade payables Other liabilities Others Total liabilities and equity,55.5 1