【正文】 1 營(yíng)業(yè)稅附加稅 688860/年 738063 772086 807810 845320 營(yíng)銷費(fèi)用 1157247/年 1215109 1020691 669828 703320 凈現(xiàn)金流 +10652155 +9768399 10463437 10311346 11734969 結(jié)束 請(qǐng)各位領(lǐng)導(dǎo)審閱 ,提出有待促進(jìn)項(xiàng)目之意見(jiàn) ,以作依據(jù)修改 . 部門 :招商部 2022/11/4 練輝東 Table of contents 1. Period highlights 2. January – December 2022 Results and KPIs 13 3. Outlook amp。 South Cone 2022 Rest of Europe RoW 2022 2022 results and KPIs WTG Profitable delivery in a highly petitive market Wind turbine EBIT margin of %, within the mitted guidance, in a highly petitive market thanks to Gamesa’s flexible structure and strict cost focus % % Gross margin negatively impacted by ? ? ? A highly petitive environment Pricing pressure in China Compensated partially by Oamp。a. 22 MW under construction 2022 2022 MW missioned Final stages – Total MW (1) Excluding Chinese and Indian wind farms. 2022 Results and KPIs Wind Farms Evolution of NFD Increasing NFD levels to acmodate strong sales activity with deliveries in 2022 A 2year 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 2022 results and KPIs Consolidated group Financial Statements MM EUR Sales WTG Wind Farms Adjustments EBIT WTG EBIT Margin Wind Farms Adjustments Net Ine NFD NFD / EBITDA WTG Wind Farms 2022 2,764 2,623 432 (290) 119 127 % 0 (8) 50 210 405 196 2022 3,033 2,875 534 (376) 131 116 % 26 (11) 51 710 273 438 Q4 2022 1,018 865 300 (147) 49 19 % 17 13 22 710 273 438 25 25 Table of contents 1. Period highlights 2. January – December 2022 Results and KPIs 26 3. Outlook amp。 Bloomberg New Energy Finance 0 5 10 15 m/s (1) Outlook and risks Program launched to prop up the BP 202213: 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: G97cII2 MW and G1142 MW Intensify mercial efforts ? ? In new markets: South Africa, Middle East, South East Asia/Australasia, With new utilities in Northern and Central Europe 33 Internationalisation of Oamp。M services (GPA) targeting 99% availability in Gamesa180。 Sales Capex Wind Farms MW delivered(3) EBIT (MMEUR) Net debt (EUR m) Group NFD/EBITDA FCF (1) 2022 guidance included wind farm delivered to Iberdrola (244MW) ahead of planned scheduled (Q1 2022) at client’s request. (2) 2022 is peak year of capex in BP 20222022 (3) Excluding Chinese joint promotion agreements Guidance 2022 2,8003,100 %% 15%20% 250 2022 2,802 % 24% 229 Guidance 2022 2,800–3,200 % % 20%25% 275(2) 35 177 26 438 (1) 2x Breakeven Outlook and risks Understanding 2022 volume outlook Gamesa to prioritise balance sheet strength and profitability to sales volume +13% 1,414 MW 1,600 MW Healthy order flow, up 13%YOY at December 2022, driven by Latin America and South Cone (+514 MW) and North of Africa (+201 MW) 2022 sales volume impacted by Gamesa’s priority for balance sheet strength and profitability in the context of: ? ? ? Slow down in US demand ahead of PTC expiration Grid connection delays and liquidity constraints in China Short term demand volatility linked to regulatory changes in India 36 Dec. 2022 Next year delivery Delivery 202213 Dec. 2022 Outlook and risks Understanding 2022 WTG margin outlook Ramp up of new product platforms and geographical manufacturing bases, part of BP 20222022, impact negatively on 2022 WTG margin (?) impact in 2022 Smaller () impact in 2022 Increasing (+) impact in 2022 Increasing (+) impact in 2022 37 4,0 24 2022 mg% Market mix New production rampup Product mix Cost optimization 2022 mg% Emerging markets’ increasing contribution to group sales WW ramp up of new G9x2MW platform, and G10X 4,5 MW industrialization New products’ (,0 MW) contribution to sales Operational Efficiency programs Table of contents 1. Period highlights 2. January – December 2022 Results and KPIs 38 3. Outlook amp。M services 10% group sales growth through mercial and Oamp。 localization of supply chain。 Buy strategy and reduction of construction, logistics costs and overheads 2022 financial guidance brings forward free cash flow breakeven while continuing carrying through the actions enpassed in the Business Plan (1) (2) Firm and irrevocable orders and confirmation of FAs at Dec. year N for delivery in 20222022 Cost of Energy optimization depending on product platform and geography Conclusions Operational flexibility, strict cost control and mercial internationalization are key for short term performance From challenges Continuous economic weakness in the Western world impacting energy demand Regulatory uncertainty, driven by budget deficits, impacting wind installation in key markets (US, Southern Europe, India). Delays in grid connection in China 40 Overcapacity continues to promote aggressive petitive practices among some peers Into opportunities Well diversified (country and client) sales base, wind farm activity and increasing role of Oamp。 Buy and supply chain localization) reduces cost exposure to sudden changes in demand and optimize capex investment Strict cost focus and early capacity adjustment to demand (first USA and now Europe) protect group profitability and allow for EBIT margin above industry average Ramp。 of accident leaves per million hours worked (2) N1