Vestas Wind Systems A/S
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1 Vestas Wind Systems A/S Jakob Warnecke, Specialist, Investor Relations 22 September 2016 Vestas Wind Systems A/S
2 Disclaimer and cautionary statement This document contains forward-looking statements concerning Vestas financial condition, results of operations and business. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning new potential accounting standards and policies, and Vestas potential exposure to market risks and statements expressing management s expectations, beliefs, estimates, forecasts, projections and assumptions. There are a number of factors that could affect Vestas future operations and could cause Vestas results to differ materially from those expressed in the forward-looking statements included in this document, including (without limitation): (a) changes in demand for Vestas' products; (b) currency and interest rate fluctuations; (c) loss of market share and industry competition; (d) environmental and physical risks; (e) legislative, fiscal and regulatory developments, including changes in tax or accounting policies; (f) economic and financial market conditions in various countries and regions; (g) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, and delays or advancements in the approval of projects; (h) ability to enforce patents; (i) product development risks; (j) cost of commodities; (k) customer credit risks; (l) supply of components from suppliers and vendors; and (m) customer readiness and ability to accept delivery and installation of products and transfer of risk. All forward-looking statements contained in this document are expressly qualified by the cautionary statements contained or referenced to in this statement. Undue reliance should not be placed on forward-looking statements. Additional factors that may affect future results are contained in Vestas annual report for the year ended 31 December 2015 (available at vestas.com/investor) and these factors should also be considered. Each forwardlooking statement speaks only as of the date of this document. Vestas does not undertake any obligation to publicly update or revise any forward-looking statement as a result of new information or future events others than required by Danish law. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this document. 2 Vestas Wind Systems A/S
3 About Vestas 1 Vestas Wind Systems A/S
4 A global energy company dedicated exclusively to wind energy Revenue and EBIT margin EURm and percent FCF and net investments EURm Return on invested capital Percent 6, , , , , Revenue EBIT margin FCF Net investments Return on invested capital 21,781 people employed worldwide and more than 35 years of experience with wind energy. 4 Vestas Wind Systems A/S
5 Vestas at a glance Core business areas to fulfil Vestas vision to become the undisputed global wind leader Wind turbines Services MHI Vestas Offshore Wind Wind turbines covering all wind classes across the world and reflecting our customers need for clean, competitive and reliable energy. A broad range of service offerings securing optimal performance of the wind turbines and the customers return on investment. Joint Venture between Mitsubishi Heavy Industries and Vestas to offer clean, competitive and reliable energy for the offshore market. Superior cost-effective wind technologies, products and services. 5 Vestas Wind Systems A/S
6 Turbine evolution Market requirements, customer demands, and wind turbine innovation in continuous balance V10-30 kw (1979) V kw V MW V10-30 kw (1979) Swept area: 78.5m 2 Hub height: 18 metre Rated power: 30 kw V MW (2016) Swept area: 14,527m 2 Hub height: 149 metre Rated power: 3.45 MW 6 V MW Vestas Wind Systems A/S V MW V MW (2016)
7 Vestas locations Vestas has a unique global reach in sales, installation, and manufacturing Global headquarters Sales & Service Production Research 7 Vestas Wind Systems A/S
8 Global market presence Vestas has installed almost 57,000 wind turbines, the equivalent of ~74 GW, in 75 countries across 6 continents Cumulative deliveries by continent, end 2015 GW Europe North America 9.1 Asia 1.9 South America 0.5 Africa 2.3 Australia 8 Vestas Wind Systems A/S
9 World market leader According to Make Consulting, Vestas is the global No. 1 in terms of market shares Cumulative historic installations 2015 grid-connected Onshore and offshore, end 2015 Percent Onshore, 2015 Percent Vestas Vestas Other 30% 16% 12% GE Others 30% 13% 12% Goldwind 3% Guodian 4% Suzlon 4% Sinovel 7% Goldwind 9% Enercon 8% 8% Gamesa Siemens 100% = 431 GW Senvion 3% 11% GE 4% Mingyang 5% 6% Envision 5% 5% 5% Gamesa Siemens Guodian Enercon 100% = 58 GW Vestas all time No. 1. Vestas No. 1 in Source: Make Consulting. 9 Vestas Wind Systems A/S
10 Our key differentiators 2 Vestas Wind Systems A/S
11 Key differentiators remain intact Global reach, technology and service leadership, and scale give Vestas a unique position to compete in the marketplace Global reach Pioneer and most experienced wind energy company in the world. Unique global reach in terms of sales, manufacturing, installation, and service. In 2015, Vestas had order intake from 34 countries and deliveries in 34 countries. Technology and service leadership Wind turbines covering all wind classes across the world. A broad range of service offerings securing optimal performance. Best-in-class quality. World-class siting and forecasting. Scale More people dedicated to wind than anyone else, largest volume. Largest global installed base of 74 GW across 75 countries. Largest service organisation with 63 GW under service. Data insights from monitoring of more than 30,000 wind turbines. 11 Vestas Wind Systems A/S
12 Unique global reach once again manifested in 2015 Balanced order intake from 34 countries across five continents in Installations in Guatemala and Serbia expand global reach to 75 countries. Order intake by country, FY 2015 Canada Northern Europe United Kingdom Netherlands Belgium Ireland Scandinavia Finland Sweden Denmark Norway 8,943 MW 34 countries 5 continents USA South Korea Mexico Costa Rica Chile Jamaica Brazil Southern Europe France Turkey Italy Portugal Greece Georgia* Central Europe Germany Poland Austria Romania Serbia* Switzerland India China Vietnam Thailand Australia Uruguay * New markets for Vestas with firm order intake for the first time in Vestas Wind Systems A/S
13 Two highly competitive turbine platforms continue to excel Both platforms delivering strong market performance in 2015 driving our competitiveness 2 MW platform 3 MW platform Order intake by region, 2015 MW Order intake by region, 2015 MW Americas Americas 20% EMEA Asia Pacific 3% 11% 34% EMEA Asia Pacific Offshore 18% 61% Total 2 MW 3,943 MW 52% Total 3 MW 5,000 MW V90-1.8/2.0 MW V MW V /2.0 MW V MW V /3.45 MW V /3.45 MW V /3.45 MW V /3.45 MW V MW V MW Demand for proven performance remains strong: One of the most trusted platforms in the industry providing customers great certainty on their business case. Continued demand highlights US flagship status of the V MW. Market leading technology with global reach: Fulfilling specific needs, e.g. de-icing, LDST, offshore. V136 large rotor perfect match for medium to low wind. Versatile 3 MW platform now also taking off in the US with several large orders in Further supported by attractive service offerings and strong execution, siting and development capabilities. 13 Vestas Wind Systems A/S
14 Industry leading service capabilities driving growth Operation & maintenance and aftersales solutions to improve turbine efficiency Financial performance Service offering Service revenue and EBIT meur and percent 39 17% 44 17% 54 21% 49 17% 29 10% 69 22% 2014 Q Q Q Q Q Q4 The Q EBIT was negatively impacted by EUR 19m impairments and write-offs on service inventory. Global reach MW under service, end 2015 EMEA ~31 GW Americas ~20 GW Asia Pacific ~6 GW O&M service packages to tailor customers needs. A 24/7 online surveillance system, providing data every 10th minute is used to closely monitor and control turbine performance. Vestas has the ability to predict meteorological conditions world-wide down to areas of 10x10m. After sales solutions include: - Project planning (site selection and design). - Construction and installation support. - Plant optimisation. 14 Vestas Wind Systems A/S
15 High product quality, reliability, and performance Warranty consumption and LPF continue at very satisfactory low levels Warranty provisions made and consumed meur Lost Production Factor (LPF) Percent FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 Dec 2009 Dec 2010 Dec 2011 Dec 2012 Dec 2013 Dec 2014 Dec 2015 Provisions made Provisions consumed Key takes: Warranty consumption constitutes approx 1.1 percent of revenue over the last 12 months. Warranty provisions made correlates with revenue in the year, corresponding to approx 1.9 percent in Key takes: LPF continues at a low level below 2.0. LPF measures potential energy production not captured by the wind turbines. 15 Vestas Wind Systems A/S
16 The case for wind Vestas Wind Systems A/S 3
17 What is the real market opportunity? Today, renewable energy only accounts for a small portion of total world energy consumption World energy consumption by source Million tonnes oil equivalent Source: BP Statistical Review of World Energy Vestas Wind Systems A/S
18 Renewable energy to lead the way in global electricity generation Growth in energy demand expected to be met primarily by renewable energy sources with wind forecasted to lead Renewables expected to account for half of additional global electricity generation, overtaking coal around 2030 to become the largest power source. Source: IEA, World Energy Outlook 2015, November Vestas Wind Systems A/S
19 Wind increasingly often cheapest new power source On a global level, new wind is cost-competitive with coal and gas already today Levelised cost of energy (LCOE) USD/MWh (nominal; excluding subsidies) Source: BNEF, H Global Levelised Cost of Electricity Update, October Vestas Wind Systems A/S
20 Positive investment outlook for wind and renewables until 2040 Planned investments in wind leaves plenty of opportunities for continuously increasing competitiveness Cumulative investments 2016e-2040e* tnusd (real) Wind Utility-scale PV Small scale PV Other RE** Nuclear Fossils * Onshore and offshore. ** Biomass, Geothermal, Hydro, CSP. Source: BNEF New Energy Outlook June 2016, IEA World Energy Outlook 2015, Nov Vestas Wind Systems A/S
21 Why wind will remain the preferred renewables choice The competitiveness of wind will continue to improve. Market specific reduction between 23 and 36 percent expected Expected LCOE development, onshore wind USD/MWh USA -23% China e 2030e Germany -27% -33% Mexico -36% Brazil -32% Australia -30% Source: BNEF Global Wind LCOE Update H Vestas Wind Systems A/S
22 Our strategy Vestas Wind Systems A/S 4
23 Profitable Growth for Vestas Market environment and Vestas key differentiators support Vestas profitable growth strategy 23 Vestas Wind Systems A/S
24 Ambitions to strengthen global leadership Each of the four objectives will allow Vestas to reach its vision and long-term ambitions STRATEGY OBJECTIVES AMBITIONS KEY ENABLERS Markets & Customers 1 Grow profitably in mature & emerging markets Grow faster than the market Global reach. Trusted partner. Service 2 Capture full potential of the service business Grow the service business by more than 40 percent Installed base. Service leadership. Products Profitable Growth for Vestas 3 Reduce the levelised cost of energy Efficiency ReduceLCOE faster than market average R&D scale. Industrialisation. 4 Improve operational excellence Improve earnings capability Economies of scale. Full focus on wind. 24 Vestas Wind Systems A/S
25 Outlook expected to be another year with solid financial performance Outlook Revenue (bneur) min. 9.5 EBIT margin before special items (%) min Total investments (meur) (incl. the acquisition of Availon GmbH) approx 500 Free cash flow (meur) (incl. the acquisition of Availon GmbH) min. 800 Service business is expected to continue to grow with stable margins. Note: Outlook for 2016 is subject to exchange rate movements. 25 Vestas Wind Systems A/S
26 Q&A Financial calendar 2016: Disclosure of Q (8 November 2016). 26 Vestas Wind Systems A/S
27 Thank you for your attention Copyright Notice The documents are created by Vestas Wind Systems A/S and contain copyrighted material, trademarks, and other proprietary information. All rights reserved. No part of the documents may be reproduced or copied in any form or by any means - such as graphic, electronic, or mechanical, including photocopying, taping, or information storage and retrieval systems without the prior written permission of Vestas Wind Systems A/S. The use of these documents by you, or anyone else authorized by you, is prohibited unless specifically permitted by Vestas Wind Systems A/S. You may not alter or remove any trademark, copyright or other notice from the documents. The documents are provided as is and Vestas Wind Systems A/S shall not have any responsibility or liability whatsoever for the results of use of the documents by you. Vestas Wind Systems A/S
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