簡(jiǎn)潔清爽公司商務(wù)模版

January-December2021ResultsSoundperformancewithkeyBP2021-2021milestonesreached1整理課件Tableofcontents1.Periodhighlights2.January–December2021ResultsandKPIs23.Outlook&Risks4.Conclusions2整理課件PeriodhighlightsSoundperformanceandBusinessPlan2021-13progress?Soundprofitability,fullyalignedwithmarketguidance,inahighlycompetitivemarket???GroupsalesandEBITup10%YOY,toEUR3,033MMand131MMEUReachWTGEBITmarginof4%and2,802MWesoldin2021,up16%YOYWindfarmEBITofEUR26MMand417MWinsalesagreementssigned3?Orderbookof1,600MW(1)atDecember2021,up13%YOY?GroupNFDofEUR710MM,2.0xgroupEBITDA,toaccommodateinvestmentplan,salesinternationalization,manufacturingexpansionandprogressinwindfarmactivity?KeymilestonesinCoE(2)optimization,growthandefficiency(BP2021-13)reachedduringtheyear(1)Firmandirrevocableordersandconfirmationofframeworkagreementsreceivedfor2021-2021delivery(2)CostofEnergy3整理課件PeriodhighlightsProfitablegrowthinhighlycompetitivemarketsWTGprofitabilityinlinewiththecompanyguidancerangeof4%to5%despiteoperatinginanincreasinglycompetitiveenvironment12.9%11.9%12.0%3,0332,7642,4052,80211.8%?

10%growthingroupsalesandEBIT?DownwardtrendinWTGmargindueto:4.9%44.3%4.3%3,033?4.0%2,802Geographicsalesmix(inc.pricingpressureinChina)Rampupofnewproductplatforms2,7642,405?GroupEBITDAmargin2021GroupEBITmargin2021WTGEBITDAmargin2021WTGEBITmargin2021GroupsalesEURMMMWesold4整理課件PeriodhighlightsStrongsalesactivityinthewindfarmdivisionPositivetrendintheprofitabilityofthewindfarmdivisiondrivenbytherecoveryoftheconstructionandsalesactivity,with417MWsignedin202120212021175640Q110Q210-4-6Q310Q410Q111Q21137Q311Q411EBITEURMM5整理課件Periodhighlights13%increaseinYEorderbook13%increaseinYEorderbook(1)atDecemberdrivenbyLatinAmerica,with32%ofthetotalordervolume,andNorthAfricawith13%OrderbacklogDecember(MW)13%1,60061,4142021(1)Firmordersandconfirmationofframeagreementsfor2021-2021delivery20216整理課件PeriodhighlightsNFDincreasetofundfoundationsofBP2021-2021GroupNFDtoEBITDAof2.0xinlinewithguidanceEUR810MMEUR710MMEUR607MM2.3x2.0x1.7x0.9x?Q42021cashinflowonwindfarmandWTGdeliveries?FY2021netdebtincreasetoaccommodate:7EUR313MM<2xGroupEBITDA??BP2021-2021investmentneedsGeographicexpansionofcommercialandmanufacturingpresenceIncreasingseasonalityinsalesmixWindfarmactivity?Q12021Q22021Q32021Q42021GroupNFDNFD/EBITDA?7整理課件PeriodhighlightsKeymilestonesBP2021-2021:CoEoptimization1COSTOFENERGY:-10%to-15%(1)in2021?TypecertificateofG128-4,5MW?GloballaunchofG97-2.0MW?356MWinfirmorderssigneduptoDec.202182GROWTH?>5%contributionto2021WTGsales?O&Mservices’GPA?Targetingabovemarketaverageavailabilityof99%?10%reductioninoperatingcosts3EFFICIENCY?Launchof4newR&Dcentres(USA,India,Singapore,UK)(1)CoEreductiondependingonproductplatformandmarket8整理課件PeriodhighlightsNewmarketopeningslinkedtoCoEoptimization(*)USACoE2021CoE202110080/85100EuropeCoE2021CoE202185/90100ChinaCoE2021CoE202183/859IndiaRampupofG97-2MWdriverofCoEreductionBrazil2021firstyearofoperations(*)Customer’sCoEoptimizationfrombase2021=1009整理課件PeriodhighlightsKeymilestonesBP2021-2021:Growth1COSTOFENERGY?

16%growthinWTGMWesold?23marketsand46+clients57/43salesratiobigutilities/spotmarketOrderbacklogup13%YOY102GROWTH:+10%consolidatedsalesgrowthin2021??

16.300MWundermaintenanceandnewvalueaddedO&Mserviceslaunched?GPA,LCR,3rdparty’sfleet,lifeextensionprogrammes3

417MWinwindfarmsalesagreementssignedEFFICIENCY10整理課件PeriodhighlightsKeymilestonesBP2021-2021:Efficiency1COSTOFENERGY

Adjustmentofcapacitytodemandandlocalisationofsupplychain??43%reductioninbladecapacityinSpainsince2021CapacitytransformedintoO&MandBigComponentsRepairCentersIndianmarketservedwith65%localisedlocal(forG5x-850KW)112GROWTH?

Maximisingflexibility&optimisinginvestmentthroughMake&Buystrategy?Significantadvancesforbladesandcasting

Reductionofoverheads3?EFFICIENCY:FlatgroupmarginsYOY5%reductioninstructurecosts/MWesold

Reductionofconstructionandlogisticcosts?OTDupto97.6%(from95%)11整理課件PeriodhighlightsGamesaVentureCapital:InvestinginSustainableGrowthCapitalizingonourresources……toachievefinancialandstrategicreturnsMarketPosition&CustomersMission:ProvideindustrialandfinancialsupporttohighgrowthpotentialandtechnologyintensiveearlystagecompaniesworldwideMainobjetives:

BuildandmanageaprofitableportfolioofcompanieswithsignificantsynergieswithGamesa.Focusinkeysectors:Solar,eMobility,marineenergy,energyefficiency,small-windandoffgridsolutions12IntegratedSupplyChain

CurrentPortfolio:

N2S:EnergyEfficiencyandeMobilityWorldWater:SmallscaledesalinationandwatertreatmentSkyBuilt:SolarbasedoffgridanddistributedgenerationNewProductDevelopment12整理課件Tableofcontents1.Periodhighlights2.January–December2021ResultsandKPIs133.Outlook&Risks4.Conclusions13整理課件WindTurbineGenerationDivision1414整理課件2021resultsandKPIsWindTurbineGenerators-FinancialStatementsEURMM20212021Var.11/10Q411Sales2,6232,875+9.6%865MWe2,4052,802+16.5%83715EBITDAEBITDA/Sales33812.9%34011.8%+0.6%-1.1p.p.10111.7%EBITEBIT/Sales1274.9%1164.0%-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+2.0x2730.8x15整理課件2021resultsandKPIsWindturbinegenerators-Activity15%increaseindeliveriesandthereductionofEx-workshighlightmanagementeffectivenessduring2021EvolutionofMWesold2,8022,4051615%2,6853,092oWIPincreasetoaccommodatesalesandmanufacturinginternationalization-138-1422021Var.WIP(2)Ex-works(1)497-7872021Delivered(1)Stockvariationofinvoicedfinishedproductsavailablefordelivery(2)Stockvariationofnon-invoicedfinishedproducts1616整理課件2021resultsandKPIsWindturbinegenerators-ActivityIndiaandLatinAmericakeydriversofgrowthin2021Geographicmix(MWesold)28%28%

Increasinglydiversifiedgeographicmix

LatinAmericaandSouthConetrebleitscontributionwhileIndiamorethandoublesit3%1%1723%19%22%15%20%14%7%8%8%5%

Europe,includingSpain,remainstable

LowgasandPPApricesnegativelyimpactUSdemandSpainUSAChinaIndiaLatam&SouthCone2021RestofEuropeRoW202117整理課件2021resultsandKPIsWTG-ProfitabledeliveryinahighlycompetitivemarketWindturbineEBITmarginof4.0%,withinthecommittedguidance,inahighlycompetitivemarketthankstoGamesa’sflexiblestructureandstrictcostfocus12.9%11.8%

Grossmarginnegativelyimpactedby???AhighlycompetitiveenvironmentPricingpressureinChinaCompensatedpartiallybyO&Mservicemarginimprovement2,4052,802184.9%4.0%2,8022,405EBITDAmargin(1)20212021EBITmargin(1)MWesold(1)WindTurbineDivision18整理課件2021resultsandKPIsWTG-SolidfinancialpositionNetdebtincreaseYOY,inlinewithguidance,toaccommodateBP2021-13investmentneedsandsalesandmanufacturinginternationalizationEURMM

StrongdecreaseofnetdebtandworkingcapitalinQ4onthebackofsalesdeliveryandintra-companypayments24%19

Workingcapitalratioof24%dueto?PartiallocalizationofnewmanufacturinghubsinIndiaandBrazil?Increasingsalesinternationalization-EUR405MMEUR273MM-1%2021NetfinancialdebtWorkingcapitalas%ofsales2021?GridconnectiondelaysinChinaCapexofEUR229MMin202119整理課件WindFarmDivision2020整理課件2021resultsandKPIsWindFarms-FinancialStatementsIncreasingsales,with417MWsignedin2021,showGamesa’scommitmenttothewindfarmbusinessvaluerealisationplanEURMM20212021Q4202121Sales432534300EBITDA-13527

Strongsalesactivityintheyearwith417MWinsalesagreementssignedand177MWdelivered

PositiveEBITimpactedbytherecoveryinconstructionandsalesactivityEBIT02617NI-512NFD19643843821整理課件2021ResultsandKPIsWindFarms-Activity417MWinsalesagreementssignedofwhich177MWalreadydeliveredActivityprogress(MW)(1)734370230166364396

TherecoveryofthesalesactivitycontinuesinQ42021withsalesagreementssignedfor131MWinSpain,France,GermanyandUS.

IncreaseofMWunderconstruction,reaching370inQ4,inUSAandEuropeinlinewiththestrategyofvaluerealizationofGamesaEnergía.22MWunderconstruction20212021MWcommissionedFinalstages–TotalMW(1)ExcludingChineseandIndianwindfarms.22整理課件2021ResultsandKPIsWindFarms-EvolutionofNFDIncreasingNFDlevelstoaccommodatestrongsalesactivitywithdeliveriesin2021A2-yearcashinvestmentcycleFY11NFDofEUR438MM23FY10NFDofEUR196MMQ108Q208Q308Q408Q109Q209Q309Q409Q110Q210Q310Q410Q111Q211Q311Q41123整理課件ConsolidatedGroup2424整理課件2021resultsandKPIsConsolidatedgroup-FinancialStatementsMMEURSalesWTGWindFarmsAdjustmentsEBITWTGEBITMarginWindFarmsAdjustmentsNetIncomeNFDNFD/EBITDAWTGWindFarms20212,7642,623432(290)1191274.9%0(8)50-210-0.6x-40519620213,0332,875534(376)1311164.0%26(11)517102.0x273438Q420211,018865300(147)49192.2%1713227102.0x273438252525整理課件Tableofcontents1.Periodhighlights2.January–December2021ResultsandKPIs263.Outlook&Risks4.Conclusions26整理課件OutlookandrisksMarketoutlookWindpowercompetitivenesstooutweighcurrentuncertaintiesinthelongterm

Shorttermdemandofwindinstallationsimpactedby???ImpactofuncertainworldeconomicoutlookonenergydemandespeciallyintheUSandEuropeEuropeanandUSdeficits’impactonrenewablesupportprogrammesClients’liquidityconstraintsWindinstallationsCAGR2021-1520%17%16%10%27

Longtermdouble-digitgrowthsupportedbywindpowerincreasingcompetitivenessandgovernmentcommitmentstorenewabletargets:10%to20%CAGR2021-2021dependingonsourceBTMGWECMAKEIEA27整理課件OutlookandrisksMarketoutlookNear-termgrowthsupportedbyemergingwindmarkets:India,LatinAmericaandAfrica2828整理課件OutlookandrisksRegulatoryandgovernmentsupportoutlookRegulatoryvolatilitynegativelyimpactingmediumtermdemandinmaturemarkets:USAandSouthernEurope,but20/20/20targetsinplaceSHORTTERMMEASURESSOUTHERNEUROPESpain:RD1/2021:moratoriumonnewrenewableinstallationsnotincludedintheRegisterofPre-assignment.

Portugal:Awardofanynewgenerationcapacityforsupplyingelectricity(inc.renewables)suspended.

Italy:ChangeofGreenCertificatesforFiTregimeforwindfarmsbuilt2021onwardsandforallwindfarmsafter2021.Moratoriumtowindinstallationsinsomeregions.AMERICA

USA:ExpiryofPTC/ITC(USD22/MWh)attheendof2021LONGTERMTARGETSSOUTHERNEUROPESpain:35GWofwindin2021

Portugal:31%renewableenergyfromtotalenergyconsumption

Italy:12GWofwindpowerin202129AMERICA

USA:StateRESinplacein29statesand8stateshavegoals29整理課件OutlookandrisksRegulatoryandgovernmentsupportoutlookButsolidcommitmentfromemergingmarkets:AsiaASIA

India:ShiftfromaccelerateddepreciationtoGBI(INR0.5/kWh)andREC(1.5-3.9INR)China:2021Target:150-200GWofwindpower.4FiTcategories,rangingfrom0.51RMB/KWhto0.61RMB/KWhJapan:2021Target:10%ofitsenergycomingfromrenewables.SubsidieshaltedandwaitingforFiTtobedetermined.Currently,pricesarebasedonaspotpriceplusaREC/MWhgenerated.Australia:2021Target:20%ofitsenergycomingfromrenewables.RECsystem(nowcalledLGCs).LGCprice:c.42AUD/MWhwithceilingat65AUD/MWh.

Thailand:2022Target:25%ofitsenergycomingfromrenewables(800MWofwind).Supplementtonormalelectricitytariffwithapremiumgrantedduring10years.2types:4.5baht/kWhforprojectsbelow50MWand3.5baht/kWhforprojectsover50MW.GovernmentconsideringintroducingFiT.

SouthKorea:CombinesaFITwithcapitalandtaxincentives.FITtobereplacedbyaRenewablePortfolioStandardin2021.CanhostCDMprojects.Planstolaunchcarbon-emissionstradingsystemin2021.3030整理課件OutlookandrisksRegulatoryandgovernmentsupportoutlookButsolidcommitmentfromemergingmarkets:LatinAmericaandAfricaLATINAMERICABrazil:Tendersystem.Nextauction:A-3auctionwillbeheld22ndMarch2021.Mexico:Target:4.5GWofrenewableenergyby2021,7GWby2021butnogenericregulation(FiTorREC)forrenewables.

Chile:Target:20%ofitsenergycomingfromrenewables.5%ofpowerdistributedbyutilitiescomesfromrenewablesandwillincrease0.5%p.a.untilreaching10%in2024.Peru:Renewableenergytendersevery2years(nextauction:2021).GovernmentforecastsUSD33minvestmentinwindenergyuntil2021.31AFRICASouthAfrica:2030Target:8.4GWofwindpower.TendersystemsinceAugust2021.634MWawardedinAugustauctions.Nextauction:March2021.Egypt:2021Target:7.2GWofwindpower(5GWtocomefromprivateinvestors).ProjectstenderedthroughcompetitivebidsandFiTplannedfor2021.31整理課件OutlookandrisksCoEoutlookTheCOEofanaverageonshorewindfarmwillbefullycompetitivewithtraditionalenergysourcesby2021(1)AVERAGETURBINEHUBHEIGHT(METRES)80326040201980199020002021AVERAGETURBINEPOWERCURVE1984-2021(%)100%75%50%25%0%20211984Source:TheEconomicsofWindEnergy,EWEAReport2021;BloombergNewEnergyFinance051015m/s(1)32整理課件OutlookandrisksProgramlaunchedtopropuptheBP2021-13:CoEandgrowth1COSTOFENERGY2GROWTH

Focusonincreasingreliabilityandavailabilityofexitingplatforms,andreducecostofmaterials?Newproductdevelopment:G97cII-2MWandG114-2MW

Intensifycommercialefforts??Innewmarkets:SouthAfrica,MiddleEast,SouthEastAsia/Australasia,WithnewutilitiesinNorthernandCentralEurope33

InternationalisationofO&Mservices

ValuerealisationofGamesaEnergiapipeline?FocusonUSmarket

NewO&Mservices(GPA)targeting99%availabilityinGamesa′sworldwidefleet

Lifeextensionofwindturbines3EFFICIENCY33整理課件OutlookandrisksProgramlaunchedtopropuptheBP2021-13:efficiencytoremaincritical

Continuecapacityadjustmenttodemand???FromcapacityreductiontocapacityconsolidationandproductadaptationinSpainCompletelocalisationofsupplychaininIndiaandBrazilAdaptationofcapacitytonewG9X-2MWinChina,linkedtocostreductions34

Optimizationofconstructionandlogisticcosts???CentrallogisticsdepartmenttostandardiseprocessesandoptimisepurchasestoreducecostsReductionofconstructiontimesthroughWOSSReductionofstoragecosts(1)

Newprocurementtoolstobedisplayedthroughtheorganisationtosimplifyhomologationprocess,speedprocurementtimesandreduceprocurementcosts

Overheadreductiontarget(-15%OH/MWesold)inplace3EFFICIENCY(1)WindfarmOptimizedSupplySequence34整理課件Outlookandrisks2021GuidanceBringingfreecashflowbreakevento2021WTGManufacturingWTGMWesoldEBITMarginWCas%ofsalesWindfarmDevelopment&SalesCapexWindFarmsMWdelivered(3)EBIT(MMEUR)Netdebt(EURm)GroupNFD/EBITDAFCF(1)2021guidanceincludedwindfarmdeliveredtoIberdrola(244MW)aheadofplannedscheduled(Q12021)atclient’srequest.(2)2021ispeakyearofcapexinBP2021-2021(3)ExcludingChinesejointpromotionagreementsGuidance20212,800-3,1004.0%-5.0%15%-20%25020212,8024.0%24%229

Guidance20212,800–3,2002.0%-4.0%20%-25%275(2)35c.400c.20c.50017726438

(1)

c.400c.0c.250<2x2.0x

<2.5xBreakeven35整理課件OutlookandrisksUnderstanding2021volumeoutlookGamesatoprioritisebalancesheetstrengthandprofitabilitytosalesvolume+13%1,414MW1,600MW

Healthyorderflow,up13%YOYatDecember2021,drivenbyLatinAmericaandSouthCone(+514MW)andNorthofAfrica(+201MW)2021salesvolumeimpactedbyGamesa’spriorityforbalancesheetstrengthandprofitabilityinthecontextof:???SlowdowninUSdemandaheadofPTCexpirationGridconnectiondelaysandliquidityconstraintsinChinaShorttermdemandvolatilitylinkedtoregulatorychangesinIndia36Dec.2021NextyeardeliveryDelivery2021-13Dec.202136整理課件OutlookandrisksUnderstanding2021WTGmarginoutlookRampupofnewproductplatformsandgeographicalmanufacturingbases,partofBP2021-2021,impactnegativelyon2021WTGmargin(?)impactin2021Smaller(-)impactin2021Increasing(+)impactin2021Increasing(+)impactin2021374,02-42021mg%MarketmixNewproductionramp-upProductmixCostoptimization2021mg%Emergingmarkets’increasingcontributiontogroupsalesW-WrampupofnewG9x-2MWplatform,andG10X-4,5MWindustrializationNewproducts’(i.e.G97-2,0MW)contributiontosalesOperationalEfficiencyprograms37整理課件Tableofcontents1.Periodhighlights2.January–December2021ResultsandKPIs383.Outlook&Risks4.Conclusions38整理課件ConclusionsDeliveringourcommitmentsinacomplexmarket

Soliddeliveryinlinewithguidancecommittedtothemarket???WTGEBITmarginof4%and2,802MWesoldin2021,up16%year-on-yearWindfarmEBITofEUR26MMand417MWinsalesagreementssigned.GroupNFDofEUR710MM,2,0xgroupEBITDA39

Orderbookstoodat1,600MW(1)atDecember2021,up13%year-on-yearKeymilestonesoftheBP2021-13reachedduringtheyear???10%to15%reductioninCoE(2)throughnewproductplatformsandO&Mservices10%groupsalesgrowththroughcommercialandO&MserviceexpansionIncreasingcostefficiencythroughcapacityadjustments;localizationofsupplychain;progressiononMake&Buystrategyandreductionofconstruction,logisticscostsandoverheads2021financialguidancebringsforwardfreecashflowbreakevenwhilecontinuingcarryingthroughtheactionsencompassedintheBusinessPlan(1)(2)FirmandirrevocableordersandconfirmationofFAsatDec.yearNfordeliveryin2021-2021CostofEnergyoptimizationdependingonproductplatformandgeography39整理課件ConclusionsOperationalflexibility,strictcostcontrolandcommercialinternationalizationarekeyforshorttermperformanceFromchallenges

ContinuouseconomicweaknessintheWesternworldimpactingenergydemand

Regulatoryuncertainty,drivenbybudgetdeficits,impactingwindinstallationinkeymarkets(US,SouthernEurope,India).DelaysingridconnectioninChina40

OvercapacitycontinuestopromoteaggressivecompetitivepracticesamongsomepeersIntoopportunities

Welldiversified(countryandclient)salesbase,windfarmactivityandincreasingroleofO&Mservicesalesminimizesimpactofsinglemarketdownturns

Flexibleapproachtomanufacturing(Make&Buyandsupplychainlocalization)reducescostexposuretosuddenchangesindemandandoptimizecapexinvestment

Strictcostfocusandearlycapacityadjustmenttodemand(firstUSAandnowEurope)protectgroupprofitabilityandallowforEBITmarginaboveindustryaverage

R&Dinvestment,fullylinkedtoclients’CoEreductionneeds,guaranteesreturnoninvestment40整理課件ConclusionsCorporateresponsibility:Muchmorethannumbers2021Payroll-GeographicDistribution672021(3)PeopleInternationalstaffPermanentcontractsHealthandsafetyFrequencyindexSeverityIndexEnvironmentISO14.001CentersCO2emissionreduction(t)4731,250,850(2)(1)2021(3)8,35742%7,315Var.15%6p.p.16%1.1569204317,26236%6,3164.853930SpainUSAChinaIndiaBrasilRoW414.190.123.840.09(8%)(25%)2021Payroll-Genderdistribution4736,214,350-16%23%MaleFemale(1)Noofaccidentleavespermillionhoursworked(2)Noofworkdayslostduetoaccidentsper1,000hoursworked(3)Figuresnotaudited77%41整理課件ConclusionsAlignedwiththemaininternationalethicalcorporateprinciplesCommitedwiththehumanrightsandtheenvironment42Includedintheleadingsustainabilityindexes4242整理課件Disclaimer“ThismaterialhasbeenpreparedbyGamesaCorporaciónTecnológica,S.A.,andisdisclosedsolelyasinformation.Thismaterialmaycontaindeclarationswhichconstituteforward-lookingstatements,andincludesreferencestoourcurrentintentions,beliefsorexpectationsregardingfutureeventsandtrendsthatmayaffectourfinancialcondition,earningsandsharevalue.Theseforward-lookingstatementsdonotconstituteawarrantyastofutureperformanceandimplyrisksanduncertainties.Therefore,actualresultsmaydiffermateriallyfromthoseexpressedor