专业实用商务PPT模版.ppt

January-December,2012 Results,Sound performance with key BP,2011-2013 milestones reached,February 23rd 2012/Madrid(Spain),Table of contents,1.Period highlights,2.January December 2011 Results and KPIs,2,3.Outlook&Risks,4.Conclusions,Period highlights,Sound performance and Business Plan 2011-13 progress,Sound profitability,fully aligned with market guidance,in a highly competitive market,Group sales and EBIT up 10%YOY,to EUR3,033 MM and 131MM EUR each,WTG EBIT margin of 4%and 2,802 MWe sold in 2011,up 16%YOY,Wind farm EBIT of EUR26 MM and 417MW in sales agreements signed,3,Order book of 1,600 MW(1)at December 2011,up 13%YOY,Group NFD of EUR710MM,2.0 x group EBITDA,to accommodate investment plan,sales,internationalization,manufacturing expansion and progress in wind farm activity,Key milestones in CoE(2)optimization,growth and efficiency(BP 2011-13)reached,during the year,(1)Firm and irrevocable orders and confirmation of framework agreements received for 2012-2013 delivery,(2)Cost of Energy,Period highlights,Profitable growth in highly competitive markets,WTG profitability in line with the company guidance range of 4%to 5%,despite operating in an increasingly competitive environment,12.9%,11.9%12.0%,3,033,2,764,2,405,2,802,11.8%,10%growth in group,sales and EBIT,Downward trend in WTG,margin due to:,4.9%,4,4.3%,4.3%,3,033,4.0%,2,802,Geographic sales mix,(inc.pricing pressure,in China),Ramp up of new,product platforms,2,764,2,405,Group EBITDA margin,2010,Group EBIT margin,2011,WTG EBITDA margin,2010,WTG EBIT margin,2011,Group sales EUR MM,MWe sold,Period highlights,Strong sales activity in the wind farm division,Positive trend in the profitability of the wind farm division driven by the,recovery of the construction and sales activity,with 417MW signed in 2011,2010,2011,17,5,6,4,0,Q1 10,Q2 10,-4,-6,Q3 10,Q4 10,Q1 11,Q2 11,3,7,Q3 11,Q4 11,EBIT EURMM,Period highlights,13%increase in YE order book,13%increase in YE order book(1)at December driven by Latin America,with,32%of the total order volume,and North Africa with 13%,Order backlog December(MW),13%,1,600,6,1,414,2010,(1)Firm orders and confirmation of frame agreements for 2012-2013 delivery,2011,Period highlights,NFD increase to fund foundations of BP 2011-2013,Group NFD to EBITDA of 2.0 x in line with guidance,EUR810MM,EUR710MM,EUR607MM,2.3x,2.0 x,1.7x,0.9x,Q4 2011 cash inflow on wind farm and,WTG deliveries,FY 2011 net debt increase to,accommodate:,7,EUR313MM,2x Group,EBITDA,BP2011-2013 investment needs,Geographic expansion of,commercial and manufacturing,presence,Increasing seasonality in sales mix,Wind farm activity,Q1 2011,Q2 2011,Q3 2011,Q4 2011,Group NFD,NFD/EBITDA,Period highlights,Key milestones BP 2011-2013:CoE optimization,1,COST OF ENERGY:,-10%to-15%(1)in 2011,Type certificate of G128-4,5 MW,Global launch of G97-2.0 MW,356MW in firm orders signed up to,Dec.2011,8,2,GROWTH,5%contribution to 2011 WTG sales,O&M services GPA,Targeting above market average,availability of 99%,10%reduction in operating costs,3,EFFICIENCY,Launch of 4 new R&D centres(USA,India,Singapore,UK),(1)CoE reduction depending on product platform and market,Period highlights,New market openings linked to CoE optimization(*),USA,CoE 2009 CoE 2011,100,80/85,100,Europe,CoE 2009,CoE 2011,85/90,100,China,CoE 2009 CoE 2011,83/85,9,India,Ramp up of G97-2MW,driver of CoE reduction,Brazil,2011 first year of,operations,(*)Customers CoE optimization from base 2009=100,Period highlights,Key milestones BP 2011-2013:Growth,1,COST OF ENERGY,16%growth in WTG MWe sold,23 markets and 46+clients,57/43 sales ratio big utilities/spot market,Order backlog up 13%YOY,10,2,GROWTH:,+10%consolidated sales,growth in 2011,16.300 MW under maintenance and new,value added O&M services launched,GPA,LCR,3rd partys fleet,life extension,programmes,3,417MW in wind farm sales agreements,signed,EFFICIENCY,Period highlights,Key milestones BP 2011-2013:Efficiency,1,COST OF ENERGY,Adjustment of capacity to demand and,localisation of supply chain,43%reduction in blade capacity in Spain,since 2009,Capacity transformed into O&M and Big,Components Repair Centers,Indian market served with 65%localised,local(for G5x-850 KW),11,2,GROWTH,Maximising flexibility&optimising,investment through Make&Buy strategy,Significant advances for blades and casting,Reduction of overheads,3,EFFICIENCY:,Flat group margins YOY,5%reduction in structure costs/MWe sold,Reduction of construction and logistic costs,OTD up to 97.6%(from 95%),Period highlights,Gamesa Venture Capital:Investing in Sustainable,Growth,Capitalizing on our,resources,to achieve financial and strategic returns,Market Position&,Customers,Mission:Provide industrial and financial support to high growth,potential and technology intensive early stage companies worldwide,Main objetives:,Build and manage a profitable portfolio of companies with,significant synergies with Gamesa.,Focus in key sectors:Solar,eMobility,marine energy,energy,efficiency,small-wind and offgrid solutions,12,Integrated Supply,Chain,Current Portfolio:,N2S:Energy Efficiency and eMobility,WorldWater:Small scale desalination and water treatment,SkyBuilt:Solar based offgrid and distributed generation,New Product Development,Table of contents,1.Period highlights,2.January December 2011 Results and KPIs,13,3.Outlook&Risks,4.Conclusions,Wind Turbine Generation,Division,14,2011 results and KPIs,Wind Turbine Generators-Financial Statements,EUR MM,2010,2011,Var.11/10,Q4 11,Sales,2,623,2,875,+9.6%,865,MWe,2,405,2,802,+16.5%,837,15,EBITDA,EBITDA/Sales,338,12.9%,340,11.8%,+0.6%,-1.1p.p.,101,11.7%,EBIT,EBIT/Sales,127,4.9%,116,4.0%,-8.8%,-0.9p.p.,19,2.2%,Net Income,NI/Sales,64,2.4%,61,2.1%,-4.3%,-0.3p.p.,6,0.7%,NFD,NFD/EBITDA,-405,-1.2x,273,0.8x,+2.0 x,273,0.8x,2011 results and KPIs,Wind turbine generators-Activity,15%increase in deliveries and the reduction of Ex-works highlight,management effectiveness during 2011,Evolution of MWe sold,2,802,2,405,16,15%,2,685,3,092,o WIP increase to accommodate sales and,manufacturing internationalization,-138,-142,2010,Var.WIP(2),Ex-works(1),497,-787,2011,Delivered,(1)Stock variation of invoiced finished products available for delivery,(2)Stock variation of non-invoiced finished products,16,2011 results and KPIs,Wind turbine generators-Activity,India and Latin America key drivers of growth in 2011,Geographic mix(MWe sold),28%,28%,Increasingly diversified,geographic mix,Latin America and South Cone,treble its contribution while,India more than doubles it,3%,1%,17,23%,19%,22%,15%,20%,14%,7%,8%,8%,5%,Europe,including Spain,remain,stable,Low gas and PPA prices,negatively impact US demand,Spain,USA,China,India,Latam&,South,Cone,2011,Rest of,Europe,RoW,2010,2011 results and KPIs,WTG-Profitable delivery,in a highly competitive market,Wind turbine EBIT margin of 4.0%,within the committed guidance,in a highly,competitive market thanks to Gamesas flexible structure and strict cost focus,12.9%,11.8%,Gross margin negatively impacted by,A highly competitive environment,Pricing pressure in China,Compensated partially by O&M,service margin improvement,2,405,2,802,18,4.9%,4.0%,2,802,2,405,EBITDA margin(1),2010,2011,EBIT margin(1),MWe sold,(1)Wind Turbine Division,2011 results and KPIs,WTG-Solid financial,position,Net debt increase YOY,in line with guidance,to accommodate BP2011-13,investment needs and sales and manufacturing internationalization,EUR MM,Strong decrease of net debt and,working capital in Q4 on the back of,sales delivery and intra-company,payments,24%,19,Working capital ratio of 24%due to,Partial localization of new manufacturing,hubs in India and Brazil,Increasing sales internationalization,-EUR405MM,EUR273MM,-1%,2010,Net financial debt,Working capital as%of sales,2011,Grid connection delays in China,Capex of EUR229MM in 2011,Wind Farm Division,20,2011 results and KPIs,Wind Farms-Financial Statements,Increasing sales,with 417MW signed in 2011,show Gamesas commitment to,the wind farm business value realisation plan,EUR MM,2010,2011,Q4 2011,21,Sales,432,534,300,EBITDA,-1,35,27,Strong sales activity in the year,with 417MW in sales agreements,signed and 177MW delivered,Positive EBIT impacted by the,recovery in construction and,sales activity,EBIT,0,26,17,NI,-5,1,2,NFD,196,438,438,2011 Results and KPIs,Wind Farms-Activity,417 MW in sales agreements signed of which 177MW already delivered,Activity progress(MW),(1),734,370,230,166,364,396,The recovery of the sales activity,continues in Q4 2011 with sales,agreements signed for 131MW,in Spain,France,Germany and,US.,Increase of MW under,construction,reaching 370 in Q4,in USA and Europe in line with the,strategy of value realization of,Gamesa Energa.,22,MW under,construction,2010,2011,MW commissioned,Final stages,Total MW,(1)Excluding Chinese and Indian wind farms.,2011 Results and KPIs,Wind Farms-Evolution of NFD,Increasing NFD levels to accommodate strong sales activity with deliveries in,2012,A 2-year cash investment cycle,FY11 NFD of,EUR438 MM,23,FY10 NFD of,EUR196 MM,Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11,Consolidated Group,24,2011 results and KPIs,Consolidated group-Financial Statements,MM EUR,Sales,WTG,Wind Farms,Adjustments,EBIT,WTG,EBIT Margin,Wind Farms,Adjustments,Net Income,NFD,NFD/EBITDA,WTG,Wind Farms,2010,2,764,2,623,432,(290),119,127,4.9%,0,(8),50,-210,-0.6x,-405,196,2011,3,033,2,875,534,(376),131,116,4.0%,26,(11),51,710,2.0 x,273,438,Q4 2011,1,018,865,300,(147),49,19,2.2%,17,13,22,710,2.0 x,273,438,25,25,Table of contents,1.Period highlights,2.January December 2011 Results and KPIs,26,3.Outlook&Risks,4.Conclusions,Outlook and risks,Market outlook,Wind power competitiveness to outweigh current uncertainties in the long,term,Short term demand of wind installations impacted by,Impact of uncertain world economic outlook on energy demand especially in the US and Europe,European and US deficits impact on renewable support programmes,Clients liquidity constraints,Wind installations CAGR 2011-15,20%,17%,16%,10%,27,Long term double-digit growth,supported by wind power increasing,competitiveness and government,commitments to renewable targets:10%to,20%CAGR2011-2015 depending on,source,BTM,GWEC,MAKE,IEA,Outlook and risks,Market outlook,Near-term growth supported by emerging wind markets:India,Latin America,and Africa,28,Source:GWEC,Wind Market Report 2010,Outlook and risks,Regulatory and government support outlook,Regulatory volatility negatively impacting medium term demand in mature,markets:USA and Southern Europe,but 20/20/20 targets in place,SHORT TERM MEASURES,SOUTHERN EUROPE,Spain:RD1/2012:moratorium on new renewable,installations not included in the Register of Pre-,assignment.,Portugal:Award of any new generation capacity for,supplying electricity(inc.renewables)suspended.,Italy:Change of Green Certificates for FiT regime for,wind farms built 2013 onwards and for all wind farms,after 2015.Moratorium to wind installations in some,regions.,AMERICA,USA:Expiry of PTC/ITC(USD22/MWh)at the end of,2012,LONG TERM TARGETS,SOUTHERN EUROPE,Spain:35GW of wind in 2020,Portugal:31%renewable energy,from total energy consumption,Italy:12 GW of wind power in,2020,29,AMERICA,USA:State RES in place in 29,states and 8 states have goals,Outlook and risks,Regulatory and government support outlook,But solid commitment from emerging markets:Asia,ASIA,India:Shift from accelerated depreciation to GBI(INR 0.5/kWh)and REC(1.5-3.9 INR),China:2020 Target:150-200GW of wind power.4FiT categories,ranging from 0.51RMB/KWh to,0.61RMB/KWh,Japan:2020 Target:10%of its energy coming from renewables.Subsidies halted and waiting for,FiT to be determined.Currently,prices are based on a spot price plus a REC/MWh generated.,Australia:2020 Target:20%of its energy coming from renewables.REC system(now called,LGCs).LGC price:c.42AUD/MWh with ceiling at 65AUD/MWh.,Thailand:2022 Target:25%of its energy coming from renewables(800MW of wind).,Supplement to normal electricity tariff with a premium granted during 10 years.2 types:4.5,baht/kWh for projects below 50 MW and 3.5 baht/kWh for projects over 50 MW.Government,considering introducing FiT.,South Korea:Combines a FIT with capital and tax incentives.FIT to be replaced by a Renewable,Portfolio Standard in 2012.Can host CDM projects.Plans to launch carbon-emissions trading,system in 2015.,30,Outlook and risks,Regulatory and government support outlook,But solid commitment from emerging markets:Latin America and Africa,LATIN AMERICA,Brazil:Tender system.Next auction:A-3 auction will be held 22nd March 2012.,Mexico:Target:4.5GW of renewable energy by 2012,7GW by 2014 but no generic regulation,(FiT or REC)for renewables.,Chile:Target:20%of its energy coming from renewables.5%of power distributed by utilities,comes from renewables and will increase 0.5%p.a.until reaching 10%in 2024.,Peru:Renewable energy tenders every 2 years(next auction:2013).Government forecasts,USD33m investment in wind energy until 2020.,31,AFRICA,South Africa:2030 Target:8.4GW of wind power.Tender system since August 2011.634MW,awarded in August auctions.Next auction:March 2012.,Egypt:2020 Target:7.2GW of wind power(5GW to come from private investors).Projects,tendered through competitive bids and FiT planned for 2012.,Outlook and risks,CoE outlook,The COE of an average onshore wind farm will be fully competitive,with traditional energy sources by 2016(1),AVERAGE TURBINE HUB HEIGHT(METRES),80,32,60,40,20,1980,1990,2000,2010,AVERAGE TURBINE POWER CURVE 1984-,2011(%),100%,75%,50%,25%,0%,2011,1984,Source:The Economics of Wind Energy,EWEA Report 2009;Bloomberg New Energy Finance,0,5,10,15,m/s,(1),Outlook and risks,Program launched to prop up the BP 2011-13:,CoE and growth,1,COST OF ENERGY,2,GROWTH,Focus on increasing reliability and,availability of exiting platforms,and reduce cost of materials,New product development:,G97cII-2 MW and G114-2,MW,Intensify commercial efforts,In new markets:South Africa,Middle East,South East Asia/Australasia,With new utilities in Northern and Central,Europe,33,Internationalisation of O&M services,Value realisation of Gamesa Energia pipeline,Focus on US market,New O&M services(GPA)targeting,99%availability in Gamesas,worldwide fleet,Life extension of wind turbines,3,EFFICIENCY,Outlook and risks,Program launched to prop up the BP 2011-13:,efficiency to remain critical,Continue capacity adjustment to demand,From capacity reduction to capacity consolidation and product adaptation in,Spain,Complete localisation of supply chain in India and Brazil,Adaptation of capacity to new G9X-2 MW in China,linked to cost reductions,34,Optimization of construction and logistic costs,Central logistics department to standardise processes and optimise,purchases to reduce costs,Reduction of construction times through WOSS,Reduction of storage costs,(1),New procurement tools to be displayed through the organisation to simplify,homologation process,speed procurement times and reduce procurement costs,Overhead reducti