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Annual Report 2018 to Our Shareholders 02 the Nordex Value Chain

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Annual Report 2018 to Our Shareholders 02 the Nordex Value Chain 2018 NORDEX GROUP ANNUAL REPORT KEY FIGURES AT A GLANCE Key figures Nordex Group 2017 2018 Change Earnings Sales EUR million 3,077.8 2,459.1 –20.1% Gross revenue EUR million 3,127.4 2,364.2 –24.4% EBITDA EUR million 200.7 101.7 –49.3% EBIT EUR million 43.4 –54.2 n / a Free Cash flow EUR million –54.7 44.0 n / a Capital expenditure EUR million 144.3 112.9 –21.8% Consolidated net profit for the year EUR million 0.3 –83.9 n / a Earnings per share 1 EUR 0.00 –0.86 n / a EBITDA margin % 6.5 4.1 –2.4 pp Working capital ratio % 5.3 –3.8 –9.1 pp Statement of financial position Total assets as at 31 Dec. EUR million 2,807.6 3,058.5 8.9% Equity as at 31 Dec. EUR million 919.0 697.3 –24.1% Equity ratio % 32.7 22.8 –9.9% Employees Employees as at 31 Dec. 5,260 5,676 7.9% Staff costs EUR million 359.2 325.9 –9.3% Staff cost ratio % 11. 7 13.3 1.6 pp Company-specific performance indicators Order intake segment projects EUR million 2,216.1 3,637.3 64.1% Installed capacity MW 2,699 2,522 –6.6% 1 Earnings per share = basic, based on average weighted shares for 2018: 96.982 million shares (2017: 96.982 million shares) To our shareholders 3 figures for the financial year 2018 01 FIGURES 3 FOR THE FINANCIAL YEAR 2018 3.6 7,545 billion euros wind turbines ORDER INTAKE IN 2018 IN IN THE PROJECTS SEGMENT SERVICE >25 gigawatts INSTALLED CAPACITY SINCE THE COMPANY WAS FOUNDED FIND OUT MORE ONLINE www.nordex-online.com/en Nordex SE Annual Report 2018 To our shareholders 02 The Nordex value chain PATHS TO SUCCESS 3 THE NORDEX VALUE CHAIN The Nordex Group is an integrated, global supplier of innovative, multi-megawatt onshore wind turbine systems. The core of its business is the development of complete systems, including control software and central components, as well as wind turbine-related services. The supply chain consists of a balanced mix of in-house production and sourcing from third parties. Nordex’s relatively limited vertical integration allows it to ideally manage its capital commitments and react flexibly to new market trends. 1 2 3 SALES AND SUPPLIER MAINTENANCE AND PRODUCTION LOGISTICS PROJECT MANAGEMENT The heart of Nordex Sophisticated system Extensive services integration concept for customers Sales are conducted based on suc- Nordex involves suppliers in product If requested and instructed to do so cessful product development (R&D). development at an early stage. Devel- by the customer, Nordex manages Nordex assists and supports its opment partners supply the majority and supports the entire project from customers (primarily wind farm of wind turbine components (gear- planning and design and the coor- developers and operators) with their boxes, generators, converters). dination of all activities connected planning from an early stage. Pro- Independent blade producers sup- with assembly all the way to (turn- duction begins once a contract has ply additional rotor blades manufac- key) handover and commissioning been awarded. In-house manufac- tured according to Nordex specifica- of wind turbines. Yet this is far from turing focuses on the assembly of tions to supplement in-house core the end of the process! nacelles and hubs as well as the pro- production. duction of a significant part of the Nordex provides an extensive ser- rotor blades. Supply parts are pur- Optimizing the supply chain for vice with complete technical sup- chased via a global network. new wind farms on all continents port for the ongoing operation of to fit the exact requirements of spe- installed wind turbines. Service Line production for turbine assembly, cific projects becomes increasingly contracts are generally entered into efficient processes in rotor blade important in a highly competitive over a period of several years and production and an intensified com- environment. are an important factor in customer mon parts strategy ensure lean relationships. manufacturing. Nordex SE Annual Report 2018 To our shareholders The Nordex value chain 03 Nordex SE Annual Report 2018 To our shareholders 04 Content CONTENT Combined Group To our shareholders Management Report 06 18 06 Letter to the shareholders 20 Fundamental information about the Group 08 Management Board 36 Research and development 10 Supervisory Board 37 Report of economic position 12 Nordex shares and bond 40 Significant events during the reporting period 14 Report of the Supervisory Board 41 Overview of the financial year 45 Comparison of actual and forecast business performance 46 Management assessment of the company’s economic performance 46 Results of operations, financial position and net assets 51 Opportunities and risk report 64 Report on post-balance sheet date events 64 Report on expected developments 68 Guidance of the Nordex Group for 2019 69 Overall assessment of expected developments by the Management Board 70 Business performance of the parent company Nordex SE 70 Takeover-related disclosures 72 Corporate Governance Report Nordex SE Annual Report 2018 To our shareholders Content 05 Consolidated financial statements Notes 80 92 82 Consolidated statement of financial position 94 General information 84 Consolidated income statement 94 Accounting policies 85 Consolidated statement 106 Financial risk management of comprehensive income 111 Capital risk management 86 Consolidated cash flow statement 112 Group segment reporting 88 Consolidated statement of changes in equity 114 Notes to the statement of financial position 141 Notes to the income statement 147 Other financial obligations and contingent liabilities 148 Related party disclosures 150 Consolidated cash flow statement 151 Events after the reporting date 151 Corporate governance code declaration pursuant to section 161 of the German Stock Corporation Act (AKTG) 151 Util ization of relief provisions 153 Remuneration report 159 Auditor’s fee 160 Statement of changes in property, plant and equipment and intangible assets 164 List of shareholdings 174 Responsibility statement 175 Independent auditor’s report 182 Financial calendar, imprint and contact Nordex SE Annual Report 2018 To our shareholders 06 Letter to the shareholders LETTER TO THE SHAREHOLDERS are globally positioned and financially solid can benefit from these opportunities. For me, the high order volume we generated in 2018 is a clear indication that the Nordex Group already meets these requirements. We are continuing to work on enhancing our profile and thus enabling profitable growth. The past 2018 financial year demonstrated how important it is to have a global presence. Our home market of Germany was dominated by both price competition and a decline in volumes that has not yet been offset by other markets. Despite this, however, our earnings were in line with our expectations. Con- solidated sales and the EBITDA margin were both within their anticipated ranges at just under EUR 2.5 billion and 4.1 percent respectively. Investments were also in line with our forecast at just under EUR 113 million. The Company clearly exceeded its targets for the working capital ratio measured in relation to sales, improving this figure from 5.3 percent in the previous year to minus 3.8 percent in 2018. Stringent working capital management as well as prepayments received in the context of the strong order intake contributed to this result. We also successfully completed the structural cost reduction program and the refinancing of the Nordex Group by means of a bond placement. JOSÉ LUIS BLANCO Chief Executive Officer One particularly important milestone came in late summer 2018, when we successfully installed the prototypes of our N149/4.0-4.5 and AW140/3000 turbines. This technology is very competitive and efficient and has received positive feedback from our customers. We have already recorded a number of orders, including the N149/4.0-4.5 order in Sweden (Project “Nysäter” Dear Shareholders with an output of 475 MW) and the AW140/3000 order and Business Partners, in India (Project ‘Mulanur’ with 300 MW). Overall, we boosted our order intake by 73 percent compared to the previous year from 2.74 GW to 4.75 GW. We continue Our main objective for 2018 was to make our company, to see good demand for our new turbines and expect the Nordex Group, fit for the future. The wind industry robust volume growth in all relevant markets. currently offers greater opportunities than ever before. However, only manufacturers who offer highly efficient products, focus on their customers’ interests, and who Nordex SE Annual Report 2018 To our shareholders Letter to the shareholders 07 We have set ourselves ambitious targets for 2019 in Wind energy has established itself as the most cost- order to improve our profitability for the long term. effective source of power in many markets. It is our Three key elements are involved here. The first import- highest priority to make our customers’ projects a ant task is to process the high number of installations in success and thus ensure a sustainable supply of clean our projects as efficiently as possible. The second energy in both industrialized countries and emerging element relates to our production. We will continue to economies. We continue to see robust demand for steadily expand our supply chain in best cost countries wind energy worldwide and are keen to profit from this and increase our production capacity, as it is particularly in every respect. Our employees carry out their roles important for us to be able to react flexibly to fluctua- with dedication, passion and perseverance, respond tions in demand. Thirdly, we will continue enhancing flexibly to new situations, and focus their thinking on our product portfolio. We are planning to unveil the our customers and on achieving the lowest possible third turbine model in the Delta4000 series in early cost of energy.
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