Annual Report 2019 to Our Shareholders 02 Content

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Annual Report 2019 to Our Shareholders 02 Content 2019 NORDEX GROUP ANNUAL REPORT KEY FIGURES AT A GLANCE Key figures Nordex Group 2018 2019 Change Earnings Sales EUR million 2,459.1 3,284,6 33,6% Gross revenue EUR million 2,364.9 3,871.4 63,8% EBITDA EUR million 101.7 123.8 21,7% EBIT EUR million –54.2 –19.6 63,8% Free Cash flow EUR million 44.0 –126.0 n/a Capital expenditure EUR million 112.9 172.5 52,8% Consolidated net profit for the year EUR million –83.9 –72.6 13,5% Earnings per share 1 EUR –0.86 –0.73 n/a EBITDA margin % 4.1 3.8 –0,3 PP Working capital ratio % –3.8 –9.1 –5.3 PP Statement of financial position Total assets as at 31 Dec. EUR million 3,058,5 4,002,7 30,9% Equity as at 31 Dec. EUR million 697.3 745.4 6,9% Equity ratio % 22.8 18.6 –4,2 PP Employees Employees as at 31 Dec. 5.676 6.880 21,2% Staff costs EUR million 325.9 360.7 10,7% Staff cost ratio % 13.3 11. 0 –2,3 PP Company-specific performance indicators Order intake segment projects EUR million 3,637,3 4,415,0 21,4% Installed capacity MW 2.522 3.090 22,5% 1 Earnings per share = basic, based on average weighted shares for 2018: 96.982 million shares (2017: 96.982 million shares) To our shareholders Key figures at a glance 01 Nordex SE Annual Report 2019 To our shareholders 02 Content CONTENT Combined Group To our shareholders Management Report 04 20 04 To our shareholders 20 Fundamental information about the Group 06 The Management Board 36 Report on Economic Position 08 Supervisory Board 38 Significant events during the reporting period 10 Nordex shares and bond 39 Overview of the financial year 13 Report of the Supervisory Board 44 Comparison of actual and forecast business performance 45 Management assessment of the company’s economic performance 45 Results of operations, financial position and net assets 49 Opportunities and risk report 62 Report on post-balance sheet date events 62 Report on expected developments 65 Guidance of the nordex group for 2020 67 Overall assessment of expected developments by the management board 67 Business performance of the parent company Nordex SE 68 Concluding declaration of the Management board and takeover- related disclosures 70 Corporate governance report Nordex SE Annual Report 2019 To our shareholders Content 03 Consolidated financial statements Notes 78 90 78 Consolidated statement of financial position 90 General information 80 Consolidated income statement 90 Accounting policies 81 Consolidated statement of 100 Financial risk management comprehensive income 107 Capital risk management 82 Consolidated cash flow statement 108 Group segment reporting 84 Consolidated statement of changes in equity 110 Notes to the statement of financial position 86 Consolidated statement of changes in equity 134 Notes to the income statement 89 Notes to the consolidated financial statements 140 Related party disclosures 142 Consolidated cash flow statement 142 Events after the reporting date 143 Corporate Governance Code declaration pursuant to Section 161 of the German Stock Corporation Act (AktG) 143 Utilization of relief provisions 144 Remuneration report 150 Auditor’s fee 152 Statement of changes in property, plant and equipment and intangible assets 156 List of shareholdings 156 As at 31 December 2019 168 Responsibility statement 169 Independent auditor’s report 176 Financial calendar, imprint and contact Nordex SE Annual Report 2019 To our shareholders 04 Letter to the shareholders LETTER TO THE SHAREHOLDERS During the 2019 financial year, we once again saw the importance of our company‘s global positioning. We generated order intake of 6.2 GW from 22 countries, up 31 percent on the previous year’s figure of 4.75 GW. This enabled us to offset the continuing decline in volumes in individual markets such as Germany. Overall, we completed 2019 in line with our expectations. Consoli- dated sales increased to almost EUR 3.3 billion and this, like our EBITDA margin of 3.8 percent, fell within the forecast range. We improved our working capital ratio measured in relation to sales to minus 9.1 percent, well below our target level of under two percent. Although we began the year planning to make EUR 120 million in investments, the final figure was dependent upon order intake for new turbines during the year. Due to the large number of orders received, we increased the investment volume to EUR 160 million in August 2019. We have approximately reached this level with an actual figure of EUR 172.5 million. In 2019 we focused on the further development of our product portfolio and thus on the Delta4000 series. We JOSÉ LUIS BLANCO introduced three new versions of this product to the Chief Executive Officer market. In April, we entered the 5MW class with our new N149/5.X model. This turbine is ideally suited for weak to moderate wind conditions. We followed this up by unveiling the N155/4.5 in May, a promising addi- tion to the range that is particularly suitable for use Dear Shareholders and in growth markets such as North and South America, where it offers clear cost benefits. In August we added Business Partners, our second turbine in the 5MW class to our portfolio, the Our goal remains unchanged: We want to create a com- N163 /5.X. This product is designed for low wind condi- petitive global company with positive long-term pros- tions and generates up to 20 percent more income at a pects for the future, as the wind industry still offers reduced cost of energy and with quicker returns on cap- excellent market opportunities across the world. In ital employed. In short, we believe our current product addition to global positioning, a highly-efficient prod- portfolio gives us significant market opportunities. At uct portfolio tailored to the needs of our customers and the end of the year, we were able to book the first order a solid financial structure are key factors in achieving for a 286 MW wind farm equipped with 53 N149/5.X tur- our goal. We used 2019 to introduce three new product bines, which will see the first installations of Nordex tur- versions to the market, shift our supply chain to coun- bines in the 5 MW class. tries with better cost structures, expand production capacity and reinforce our financial base with a capital increase. Against this backdrop, our efforts continue to be focused on remaining on our growth trajectory and increasing profitability. Nordex SE Annual Report 2019 To our shareholders Letter to the shareholders 05 Our company remains on track for long-term growth. A worldwide to contain COVID-19 and their economic stable financial basis is essential in this regard. With this impact. These broad ranges take into account consis- in mind, we carried out a 10 percent capital increase via tently high activity levels, operational challenges and a direct placement with our anchor shareholder Acciona uncertainties on the production side. Generally speak- S.A. in October 2019 to finance our growth. We received ing, 2020 sales figures will once again be higher in the EUR 99 million in gross issuing proceeds, which has second half of the year than in the first six months. strengthened our capital structure and is providing us Working capital management and cash flow generation with support as we process our high order volume. Our continue to play a key role. We are aiming for a negative two strategic investors Acciona and SKion /momentum working capital ratio in relation to consolidated sales by fully backed this initiative. We welcome Acciona’s deci- the end of the year. We will also invest in our products sion to support us with additional equity as our biggest and supply chain during 2020 and are planning invest- single shareholder. ments totaling at a minimum of EUR 140 million. The final investment amount will ultimately depend on the We have implemented three overarching packages of market situation and the pace in which the supply chain measures for 2020 to improve our long-term profit- continues to evolve. ability. Firstly, we expect to complete the transforma- tion of our supply chain during the current year and Onshore wind energy is a competitive market and a expand our production capacity to as much as six giga- key part of the global transition to renewable energy. It watts. Secondly, it is also important for us to process has established itself as the most cost-effective source the high number of projects and installations as effi- of power in many markets. Our aim is to successfully ciently as possible. Both tasks are challenging and sub- complete our customers’ projects and thus ensure a ject to uncertainties including the coronavirus (COVID- sustainable supply of clean energy in both industrial- 19), among others. The measures initially introduced in ized countries and emerging economies. We continue China have extended to the global markets and have led to see good demand for wind energy worldwide and to delays in the delivery of components and molds for are keen to profit from this. Our employees carry out rotor blades, for example. We are currently analyzing their roles with dedication, passion and persistence and potential impacts, the extent to which this will lead to respond flexibly to customers and their requirements, project delays and whether the shifting of the supply all while focusing on achieving the lowest possible cost chain can be completed as planned. The aim of the third of energy. I would like to extend warm thanks to my col- package of measures is to further develop the product leagues for this commitment.
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