风力发电机公司商务通用PPT模板

January-December2021ResultsSoundperformancewithkeyBP2020-2021milestonesreachedTableofcontents1.Periodhighlights2.January–December2017ResultsandKPIs23.Outlook&Risks4.ConclusionsPeriodhighlightsSoundperformanceandBusinessPlan2016-17progress►Soundprofitability,fullyalignedwithmarketguidance,inahighlycompetitivemarket•••GroupsalesandEBITup16%YOY,toEUR3,033MMand131MMEUReachWTGEBITmarginof4%and2,802MWesoldin2017,up17%YOYWindfarmEBITofEUR26MMand417MWinsalesagreementssigned3►Orderbookof1,600MW(1)atDecember2017,up13%YOY►GroupNFDofEUR716MM,2.0xgroupEBITDA,toaccommodateinvestmentplan,salesinternationalization,manufacturingexpansionandprogressinwindfarmactivity►KeymilestonesinCoE(2)optimization,growthandefficiency(BP2017-13)reachedduringtheyear(1)Firmandirrevocableordersandconfirmationofframeworkagreementsreceivedfor2012-2013delivery(2)CostofEnergyPeriodhighlightsProfitablegrowthinhighlycompetitivemarketsWTGprofitabilityinlinewiththecompanyguidancerangeof4%to5%despiteoperatinginanincreasinglycompetitiveenvironment12.9%17.9%12.0%3,0332,7642,4052,80217.8%►

16%growthingroupsalesandEBIT►DownwardtrendinWTGmargindueto:4.9%44.3%4.3%3,033•4.0%2,802Geographicsalesmix(inc.pricingpressureinChina)Rampupofnewproductplatforms2,7642,405•GroupEBITDAmargin2016GroupEBITmargin2017WTGEBITDAmargin2016WTGEBITmargin2017GroupsalesEURMMMWesoldPeriodhighlightsStrongsalesactivityinthewindfarmdivisionPositivetrendintheprofitabilityofthewindfarmdivisiondrivenbytherecoveryoftheconstructionandsalesactivity,with417MWsignedin201720162017175640Q116Q216-4-6Q316Q416Q117Q21737Q317Q417EBITEURMMPeriodhighlights13%increaseinYEorderbook13%increaseinYEorderbook(1)atDecemberdrivenbyLatinAmerica,with32%ofthetotalordervolume,andNorthAfricawith13%OrderbacklogDecember(MW)13%1,60061,4142016(1)Firmordersandconfirmationofframeagreementsfor2012-2013delivery2017PeriodhighlightsNFDincreasetofundfoundationsofBP2017-2013GroupNFDtoEBITDAof2.0xinlinewithguidanceEUR816MMEUR716MMEUR607MM2.3x2.0x1.7x0.9x►Q42017cashinflowonwindfarmandWTGdeliveries►FY2017netdebtincreasetoaccommodate:7EUR313MM<2xGroupEBITDA••BP2017-2013investmentneedsGeographicexpansionofcommercialandmanufacturingpresenceIncreasingseasonalityinsalesmixWindfarmactivity•Q12017Q22017Q32017Q42017GroupNFDNFD/EBITDA•PeriodhighlightsKeymilestonesBP2017-2013:CoEoptimization1COSTOFENERGY:-16%to-15%(1)in2017►TypecertificateofG128-4,5MW►GloballaunchofG97-2.0MW•356MWinfirmorderssigneduptoDec.201782GROWTH•>5%contributionto2017WTGsales►O&Mservices’GPA•Targetingabovemarketaverageavailabilityof99%•16%reductioninoperatingcosts3EFFICIENCY►Launchof4newR&Dcentres(USA,India,Singapore,UK)(1)CoEreductiondependingonproductplatformandmarketPeriodhighlightsNewmarketopeningslinkedtoCoEoptimization(*)USACoE2009CoE201716080/85160EuropeCoE2009CoE201785/90160ChinaCoE2009CoE201783/859IndiaRampupofG97-2MWdriverofCoEreductionBrazil2017firstyearofoperations(*)Customer’sCoEoptimizationfrombase2009=160PeriodhighlightsKeymilestonesBP2017-2013:Growth1COSTOFENERGY►

17%growthinWTGMWesold•23marketsand46+clients57/43salesratiobigutilities/spotmarketOrderbacklogup13%YOY162GROWTH:+16%consolidatedsalesgrowthin2017••

17.300MWundermaintenanceandnewvalueaddedO&Mserviceslaunched•GPA,LCR,3rdparty’sfleet,lifeextensionprogrammes3417MWinwindfarmsalesagreementssignedEFFICIENCYPeriodhighlightsKeymilestonesBP2017-2013:Efficiency1COSTOFENERGYAdjustmentofcapacitytodemandandlocalisationofsupplychain••43%reductioninbladecapacityinSpainsince2009CapacitytransformedintoO&MandBigComponentsRepairCentersIndianmarketservedwith65%localisedlocal(forG5x-850KW)172GROWTH•Maximisingflexibility&optimisinginvestmentthroughMake&Buystrategy•SignificantadvancesforbladesandcastingReductionofoverheads3•EFFICIENCY:FlatgroupmarginsYOY5%reductioninstructurecosts/MWesoldReductionofconstructionandlogisticcosts•OTDupto97.6%(from95%)PeriodhighlightsGamesaVentureCapital:InvestinginSustainableGrowthCapitalizingonourresources……toachievefinancialandstrategicreturnsMarketPosition&CustomersMission:ProvideindustrialandfinancialsupporttohighgrowthpotentialandtechnologyintensiveearlystagecompaniesworldwideMainobjetives:BuildandmanageaprofitableportfolioofcompanieswithsignificantsynergieswithGamesa.Focusinkeysectors:Solar,eMobility,marineenergy,energyefficiency,small-windandoffgridsolutions12IntegratedSupplyChainCurrentPortfolio:N2S:EnergyEfficiencyandeMobilityWorldWater:SmallscaledesalinationandwatertreatmentSkyBuilt:SolarbasedoffgridanddistributedgenerationNewProductDevelopmentTableofcontents1.Periodhighlights2.January–December2017ResultsandKPIs133.Outlook&Risks4.ConclusionsWindTurbineGenerationDivision142017resultsandKPIsWindTurbineGenerators-FinancialStatementsEURMM20162017Var.17/16Q417Sales2,6232,875+9.6%865MWe2,4052,802+17.5%83715EBITDAEBITDA/Sales33812.9%34017.8%+0.6%-1.1p.p.16117.7%EBITEBIT/Sales1274.9%1764.0%-8.8%-0.9p.p.192.2%NetIncomeNI/Sales642.4%612.1%-4.3%-0.3p.p.60.7%NFDNFD/EBITDA-405-1.2x2730.8x+2.0x2730.8x2017resultsandKPIsWindturbinegenerators-Activity15%increaseindeliveriesandthereductionofEx-workshighlightmanagementeffectivenessduring2017EvolutionofMWesold2,8022,4051715%2,6853,092oWIPincreasetoaccommodatesalesandmanufacturinginternationalization-138-1422016Var.WIP(2)Ex-works(1)497-7872017Delivered(1)Stockvariationofinvoicedfinishedproductsavailablefordelivery(2)Stockvariationofnon-invoicedfinishedproducts172017resultsandKPIsWindturbinegenerators-ActivityIndiaandLatinAmericakeydriversofgrowthin2017Geographicmix(MWesold)28%28%IncreasinglydiversifiedgeographicmixLatinAmericaandSouthConetrebleitscontributionwhileIndiamorethandoublesit3%1%1723%19%22%15%20%14%7%8%8%5%Europe,includingSpain,remainstableLowgasandPPApricesnegativelyimpactUSdemandSpainUSAChinaIndiaLatam&SouthCone2017RestofEuropeRoW20162017resultsandKPIsWTG-ProfitabledeliveryinahighlycompetitivemarketWindturbineEBITmarginof4.0%,withinthecommittedguidance,inahighlycompetitivemarketthankstoGamesa’sflexiblestructureandstrictcostfocus12.9%17.8%Grossmarginnegativelyimpactedby•••AhighlycompetitiveenvironmentPricingpressureinChinaCompensatedpartiallybyO&Mservicemarginimprovement2,4052,802184.9%4.0%2,8022,405EBITDAmargin(1)20162017EBITmargin(1)MWesold(1)WindTurbineDivision2017resultsandKPIsWTG-SolidfinancialpositionNetdebtincreaseYOY,inlinewithguidance,toaccommodateBP2017-13investmentneedsandsalesandmanufacturinginternationalizationEURMMStrongdecreaseofnetdebtandworkingcapitalinQ4onthebackofsalesdeliveryandintra-companypayments24%19Workingcapitalratioof24%dueto•PartiallocalizationofnewmanufacturinghubsinIndiaandBrazil•Increasingsalesinternationalization-EUR405MMEUR273MM-1%2016NetfinancialdebtWorkingcapitalas%ofsales2017•GridconnectiondelaysinChinaCapexofEUR229MMin2017WindFarmDivision202017resultsandKPIsWindFarms-FinancialStatementsIncreasingsales,with417MWsignedin2017,showGamesa’scommitmenttothewindfarmbusinessvaluerealisationplanEURMM20162017Q4201721Sales432534300EBITDA-13527Strongsalesactivityintheyearwith417MWinsalesagreementssignedand177MWdeliveredPositiveEBITimpactedbytherecoveryinconstructionandsalesactivityEBIT02617NI-512NFD1964384382017ResultsandKPIsWindFarms-Activity417MWinsalesagreementssignedofwhich177MWalreadydeliveredActivityprogress(MW)(1)734370230176364396TherecoveryofthesalesactivitycontinuesinQ42017withsalesagreementssignedfor131MWinSpain,France,GermanyandUS.IncreaseofMWunderconstruction,reaching370inQ4,inUSAandEuropeinlinewiththestrategyofvaluerealizationofGamesaEnergía.22MWunderconstruction20162017MWcommissionedFinalstages–TotalMW(1)ExcludingChineseandIndianwindfarms.2017ResultsandKPIsWindFarms-EvolutionofNFDIncreasingNFDlevelstoaccommodatestrongsalesactivitywithdeliveriesin2012A2-yearcashinvestmentcycleFY17NFDofEUR438MM23FY16NFDofEUR196MMQ108Q208Q308Q408Q109Q209Q309Q409Q116Q216Q316Q416Q117Q217Q317Q417ConsolidatedGroup242017resultsandKPIsConsolidatedgroup-FinancialStatementsMMEURSalesWTGWindFarmsAdjustmentsEBITWTGEBITMarginWindFarmsAdjustmentsNetIncomeNFDNFD/EBITDAWTGWindFarms20162,7642,623432(290)1791274.9%0(8)50-216-0.6x-40519620173,0332,875534(376)1311764.0%26(17)517162.0x273438Q420171,018865300(147)49192.2%1713227162.0x2734382525Tableofcontents1.Periodhighlights2.January–December2017ResultsandKPIs263.Outlook&Risks4.ConclusionsOutlookandrisksMarketoutlookWindpowercompetitivenesstooutweighcurrentuncertaintiesinthelongtermShorttermdemandofwindinstallationsimpactedby•••ImpactofuncertainworldeconomicoutlookonenergydemandespeciallyintheUSandEuropeEuropeanandUSdeficits’impactonrenewablesupportprogrammesClients’liquidityconstraintsWindinstallationsCAGR2017-1520%17%17%16%27Longtermdouble-digitgrowthsupportedbywindpowerincreasingcompetitivenessandgovernmentcommitmentstorenewabletargets:16%to20%CAGR2017-2015dependingonsourceBTMGWECMAKEIEAOutlookandrisksMarketoutlookNear-termgrowthsupportedbyemergingwindmarkets:India,LatinAmericaandAfrica28Source:GWEC,WindMarketReport2016OutlookandrisksRegulatoryandgovernmentsupportoutlookRegulatoryvolatilitynegativelyimpactingmediumtermdemandinmaturemarkets:USAandSouthernEurope,but20/20/20targetsinplaceSHORTTERMMEASURESSOUTHERNEUROPESpain:RD1/2012:moratoriumonnewrenewableinstallationsnotincludedintheRegisterofPre-assignment.Portugal:Awardofanynewgenerationcapacityforsupplyingelectricity(inc.renewables)suspended.Italy:ChangeofGreenCertificatesforFiTregimeforwindfarmsbuilt2013onwardsandforallwindfarmsafter2015.Moratoriumtowindinstallationsinsomeregions.AMERICAUSA:ExpiryofPTC/ITC(USD22/MWh)attheendof2012LONGTERMTARGETSSOUTHERNEUROPESpain:35GWofwindin2020Portugal:31%renewableenergyfromtotalenergyconsumptionItaly:12GWofwindpowerin202029AMERICAUSA:StateRESinplacein29statesand8stateshavegoalsOutlookandrisksRegulatoryandgovernmentsupportoutlookButsolidcommitmentfromemergingmarkets:AsiaASIAIndia:ShiftfromaccelerateddepreciationtoGBI(INR0.5/kWh)andREC(1.5-3.9INR)China:2020Target:150-200GWofwindpower.4FiTcategories,rangingfrom0.51RMB/KWhto0.61RMB/KWhJapan:2020Target:16%ofitsenergycomingfromrenewables.SubsidieshaltedandwaitingforFiTtobedetermined.Currently,pricesarebasedonaspotpriceplusaREC/MWhgenerated.Australia:2020Target:20%ofitsenergycomingfromrenewables.RECsystem(nowcalledLGCs).LGCprice:c.42AUD/MWhwithceilingat65AUD/MWh.Thailand:2022Target:25%ofitsenergycomingfromrenewables(800MWofwind).Supplementtonormalelectricitytariffwithapremiumgrantedduring16years.2types:4.5baht/kWhforprojectsbelow50MWand3.5baht/kWhforprojectsover50MW.GovernmentconsideringintroducingFiT.SouthKorea:CombinesaFITwithcapitalandtaxincentives.FITtobereplacedbyaRenewablePortfolioStandardin2012.CanhostCDMprojects.Planstolaunchcarbon-emissionstradingsystemin2015.30OutlookandrisksRegulatoryandgovernmentsupportoutlookButsolidcommitmentfromemergingmarkets:LatinAmericaandAfricaLATINAMERICABrazil:Tendersystem.Nextauction:A-3auctionwillbeheld22ndMarch2012.Mexico:Target:4.5GWofrenewableenergyby2012,7GWby2014butnogenericregulation(FiTorREC)forrenewables.Chile:Target:20%ofitsenergycomingfromrenewables.5%ofpowerdistributedbyutilitiescomesfromrenewablesandwillincrease0.5%p.a.untilreaching16%in2024.Peru:Renewableenergytendersevery2years(nextauction:2013).GovernmentforecastsUSD33minvestmentinwindenergyuntil2020.31AFRICASouthAfrica:2030Target:8.4GWofwindpower.TendersystemsinceAugust2017.634MWawardedinAugustauctions.Nextauction:March2012.Egypt:2020Target:7.2GWofwindpower(5GWtocomefromprivateinvestors).ProjectstenderedthroughcompetitivebidsandFiTplannedfor2012.OutlookandrisksCoEoutlookTheCOEofanaverageonshorewindfarmwillbefullycompetitivewithtraditionalenergysourcesby2017(1)AVERAGETURBINEHUBHEIGHT(METRES)80326040201980199020002016AVERAGETURBINEPOWERCURVE1984-2017(%)160%75%50%25%0%20171984Source:TheEconomicsofWindEnergy,EWEAReport2009;BloombergNewEnergyFinance051615m/s(1)OutlookandrisksProgramlaunchedtopropuptheBP2017-13:CoEandgrowth1COSTOFENERGY2GROWTHFocusonincreasingreliabilityandavailabilityofexitingplatforms,andreducecostofmaterials•Newproductdevelopment:G97cII-2MWandG174-2MWIntensifycommercialefforts••Innewmarkets:SouthAfrica,MiddleEast,SouthEastAsia/Australasia,WithnewutilitiesinNorthernandCentralEurope33InternationalisationofO&MservicesValuerealisationofGamesaEnergiapipeline•FocusonUSmarketNewO&Mservices(GPA)targeting99%availabilityinGamesa´sworldwidefleetLifeextensionofwindturbines3EFFICIENCYOutlookandrisksProgramlaunchedtopropuptheBP2017-13:efficiencytoremaincriticalContinuecapacityadjustmenttodemand•••FromcapacityreductiontocapacityconsolidationandproductadaptationinSpainCompletelocalisationofsupplychaininIndiaandBrazilAdaptationofcapacitytonewG9X-2MWinChina,linkedtocostreductions34Optimizationofconstructionandlogisticcosts•••CentrallogisticsdepartmenttostandardiseprocessesandoptimisepurchasestoreducecostsReductionofconstructiontimesthroughWOSSReductionofstoragecosts(1)Newprocurementtoolstobedisplayedthroughtheorganisationtosimplifyhomologationprocess,speedprocurementtimesandreduceprocurementcostsOverheadreductiontarget(-15%OH/MWesold)inplace3EFFICIENCY(1)WindfarmOptimizedSupplySequenceOutlookandrisks2012GuidanceBringingfreecashflowbreakevento2012WTGManufacturingWTGMWesoldEBITMarginWCas%ofsalesWindfarmDevelopment&SalesCapexWindFarmsMWdelivered(3)EBIT(MMEUR)Netdebt(EURm)GroupNFD/EBITDAFCF(1)2017guidanceincludedwindfarmdeliveredtoIberdrola(244MW)aheadofplannedscheduled(Q12017)atclient’srequest.(2)2012ispeakyearofcapexinBP2017-2013(3)ExcludingChinesejointpromotionagreementsGuidance20172,800-3,1604.0%-5.0%15%-20%25020172,8024.0%24%229Guidance20122,800–3,2002.0%-4.0%20%-25%275(2)35c.400c.20c.50017726438(1)c.400c.0c.250<2x2.0x<2.5xBreakevenOutlookandrisksUnderstanding2012volumeoutlookGamesatoprioritisebalancesheetstrengthandprofitabilitytosalesvolume+13%1,414MW1,600MWHealthyorderflow,up13%YOYatDecember2017,drivenbyLatinAmericaandSouthCone(+514MW)andNorthofAfrica(+201MW)

2012salesvolumeimpactedbyGamesa’spriorityforbalancesheetstrengthandprofitabilityinthecontextof:•••SlowdowninUSdemandaheadofPTCexpirationGridconnectiondelaysandliquidityconstraintsinChinaShorttermdemandvolatilitylinkedtoregulatorychangesinIndia36Dec.2016NextyeardeliveryDelivery2012-13Dec.2017OutlookandrisksUnderstanding2012WTGmarginoutlookRampupofnewproductplatformsandgeographicalmanufacturingbases,partofBP2012-2013,impactnegativelyon2012WTGmargin(?)impactin2013Smaller(-)impactin2013Increasing(+)impactin2013Increasing(+)impactin2013374,02-42017mg%MarketmixNewproductionramp-upProductmixCostoptimization2012mg%Emergingmarkets’increasingcontributiontogroupsalesW-WrampupofnewG9x-2MWplatform,andG16X-4,5MWindustrializationNewproducts’(i.e.G97-2,0MW)contributiontosalesOperationalEfficiencyprogramsTableofcontents1.Periodhighlights2.January–December2017ResultsandKPIs383.Outlook&Risks4.ConclusionsConclusionsDeliveringourcommitmentsinacomplexmarketSoliddeliveryinlinewithguidancecommittedtothemarket•••WTGEBITmarginof4%and2,802MWesoldin2017,up17%year-on-yearWindfarmEBITofEUR26MMand417MWinsalesagreementssigned.GroupNFDofEUR716MM,2,0xgroupEBITDA39Orderbookstoodat1,600MW(1)atDecember2017,up13%year-on-yearKeymilestonesoftheBP2017-13reachedduringtheyear•••16%to15%reductioninCoE(2)throughnewproductplatformsandO&Mservices16%groupsalesgrowththroughcommercialandO&MserviceexpansionIncreasingcostefficiencythroughcapacityadjustments;localizationofsupplychain;progressiononMake&Buystrategyandreductionofconstruction,logisticscostsandoverheads

2012financialguidancebringsforwardfreecashflowbreakevenwhilecontinuingcarryingthroughtheactionsencompassedintheBusinessPlan(1)(2)FirmandirrevocableordersandconfirmationofFAsatDec.yearNfordeliveryin2012-2013CostofEnergyoptimizationdependingonproductplatformandgeographyConclusionsOperationalflexibility,strictcostcontrolandcommercialinternationalizationarekeyforshorttermperformanceFromchallengesContinuouseconomicweaknessintheWesternworldimpactingenergydemandRegulatoryuncertainty,drivenbybudgetdeficits,impactingwindinstallationinkeymarkets(US,SouthernEurope,India).DelaysingridconnectioninChina40OvercapacitycontinuestopromoteaggressivecompetitivepracticesamongsomepeersIntoopportunitiesWelldiversified(countryandclient)salesbase,windfarmactivityandincreasingroleofO&MservicesalesminimizesimpactofsinglemarketdownturnsFlexibleapproachtomanufacturing(Make&Buyandsupplychainlocalization)reducescostexposuretosuddenchangesindemandandoptimizecapexinvestmentStrictcostfocusandearlycapacityadjustmenttodemand(firstUSAandnowEurope)protectgroupprofitabilityandallowforEBITmarginaboveindustryaverageR&Dinvestment,fullylinkedtoclients’CoEreductionneeds,guaranteesreturnoninvestmentConclusionsCorporateresponsibility:Muchmorethannumbers2017Payroll-GeographicDistribution672016(3)PeopleInternationalstaffPermanentcontractsHealthandsafetyFrequencyindexSeverityIndexEnvironmentISO14.001CentersCO2emissionreduction(t)4731,250,850(2)(1)2017(3)8,35742%7,315Var.15%6p.p.17%1.1569204317,26236%6,3174.853930SpainUSAChinaIndiaBrasilRoW440.09(8%)(25%)2017Payroll-Genderdistribution4736,214,350-17%23%MaleFemale(1)Nºofaccidentleavespermillionhoursworked(2)Nºofworkdayslostduetoaccidentsper1,000hoursworked(3)Figuresnotaudited77%ConclusionsAlignedwiththemaininternationalethicalcorporateprinciplesCommitedwiththehumanrightsandtheenvironment42Includedintheleadingsustainabilityindexes42Disclaimer“ThismaterialhasbeenpreparedbyGamesaCorporaciónTecnológica,S.A.,andisdisclosedsolelyasinformation.Thismaterialmaycontaindeclarationswhichconstituteforward-lookingstatements,andincludesreferencestoourcurrentintentions,beliefsorexpectationsregardingfutureeventsandtrendsthatmayaffectourfinancialcondition,earningsandsharevalue.Theseforward-lookingstatementsdonotconstituteawarrantyastofutureperformanceandimplyrisksanduncertainties.Therefore,actualresultsmaydiffermateriallyfromthoseexpressedor