Tài liệu Vestas

Unique revenue enablers Boosting sales and delivering project specific optimisation Vestas’ capital markets day 2012 2... Where we came fromNot recognised as a business Service reven

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Solutions and Services

– Our second revenue stream

by John Nielsen, SVP, Global Solutions and Services Keith Grassi, SVP, Plant Products & Technologies

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Service business opportunities and challenges

4 Unique revenue enablers

Boosting sales and delivering project specific optimisation

Vestas’ capital markets day 2012

2

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CONTINOUS DEVELOP, COST OUT,

EXPAND ON RETROFITS, UPGRADES AND NON- VESTAS TURBINES

Vestas Solutions and Services covering the entire value chain

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Shareholder

value 2007-2012

1

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Growing revenue and earnings

Translating into shareholder value

*Service EBIT before allocation of Group costs

850

705

504 396

EBIT margin %*

Revenue

(mEUR)

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Where we came from

Not recognised as a business

Service revenue of EUR 298m resulting in loss

Customer loyalty index alarmingly low

Baseline 2007

6 Vestas’ capital markets day 2012

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Where we are today

7

Service recognised as a business opportunity

<2% Lost Production Factor (2009: 4.5 per cent)

55% Reduction of warranty work (from 2009)

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Customer

Value 2007-2012

2

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The journey from reactive to predictive

A cultural change has created sustainable customer and shareholder value

Vestas’ “virtual” service business was established in 2007

Clear performance targets set with data derived from SAP and SCADA

A performance driven journey

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Investments in processes, tools and training

Integrated and global operational model in place

Vestas Central

WTG Components

Wind Turbine Generator

VMP Controller

WTG Operation Set Points

WTG Control Operators

Technical validation &

recommendation

Vestas Data Center Condition Based Operation

CBO CBO CBO

CBO Generator Gearbox Pitch Blades

WTG Health Reports

Sales Business Unit

10

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Prevention of severe damages through monitors

Predictive intelligence and condition monitoring enabled prevention of severe generator failures

Cost reduction  Changed motor instead of whole bearing or worst case, entire generator (reduced cost by factor 7)

Minimised lost production  Optimal planning (reduced downtime by a factor 5)

Monitoring generator slip ring suction system

Problem solved – Replace suction motor

Damage detected

Business impact

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Investment in supply chain with global footprint

12

High delivery performance while reducing inventory and driving cost out

Drop-off warehouse

Vestas central parts setup

Local sourcing

Central

Warehouse

Parts Depot New parts

New parts Parts exchange

Wind turbines End-customer

Kan ban of ready components

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We are committed to flawless turbine performance

June 2012: Performance of all turbines covered by performance guaranteed contracts

Monthly LPF and contractual availability for Vestas’ fleet

2010

Jan

2009

2.0%

Jan

2012

Jan

2011

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Lost Production Factor

1% of LPF

= EUR 1,840 MW/Year*

× 30,000 MW

×

2.5% improvement

=

EUR 138m

* Based on CF 30 per cent and a PPA of 70 EUR/MWh

Total annual customer value from improving LPF

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Industry leading full scope service contracts

Time based availability

Energy based availability

= 1 - (energy lost / total possible production)

= total available time / calendar time

Technically reliable turbine Supply chain efficiency Troubleshooting efficiency Effective planning and bundling

with enhanced planning

Technically reliable turbine Supply chain efficiency Troubleshooting efficiency Effective planning and bundling Weather based planning

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0,0 100,0 200,0 300,0 400,0 500,0 600,0

In a typical European wind farm 50 per cent of annual energy production is obtained in

21 per cent of available time

Distribution of hours in a year

at different wind speeds Energy produced in a year at

different wind speeds

21%

50%

Source: V112-3.0 MW turbine; noise mode 0; air density 1,225; Wind distribution estimated with a A = 8 and k 2.2

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Growth drivers

3

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Several market growth drivers

Vestas’ market potential within maintenance service is extensive

MW not under service

52*

Total service market

30 June 2012 (GW)

*Calculated as 2011 installed base + 0,5*expected market size for 2012 based on BTM figures

Sources: BTM and Vestas track record as per 30 June 2012

Vestas MW installed

30 June 2012 (GW)

Shipments of 6.3 GW in 2012

Renewal rate of

90 per cent Upgrades

Order backlog of EUR 4.8bn with average contact length ~ 6-7 years

~20 per cent of this potential is realistic and meaningful to capture

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Several market growth drivers

Vestas market potential within maintenance service is extensive

Total service market

30 June 2012 (GW)

*Calculated as 2011 installed base + 0.5* expected market size for 2012 based on BTM figures

Sources: BTM and Vestas track record as per 30 June 2012

Vestas MW installed

30 June 2012 (GW)

52

Vestas turbines

3 rd party turbines

MW not under service

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Business opportunities and challenges towards 2015

Opportunities:

• Develop upgrade solutions

• Develop repair solutions

• Recapture service contracts

• Service and maintenance of third-party

turbines

Challenges:

commoditising maintenance

independent service providers and upstream suppliers

• Emerging market with no or small infrastructure and footprint

Achievable within our current business model

Our current business model must adapt

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certainty for the customer

New WTG sales, renewals and upgrades

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Unique

revenue

enablers

4

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My role at Vestas

Past experience

Microsoft Corporation, USA:

Delivered key component of largest

product and services release in the

company’s history

Xcel Energy, USA:

Delivered business solutions that

combine wind and traditional

generation assets for maintenance

optimisation and energy market

Keith Grassi

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Pre-sales services

and solutions Solutions and Services

Covering the entire customer value chain

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Solutions and Services

This is about enabling Vestas projects

=

revenue

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Global, high resolution library – Faster time to market

Unique sales enablers

Optimised plant layout drives optimised business case

Early grid compliance analysis and cost certainty

Fast responding plant control for on-going grid compliance

Platform integrating monitoring, reporting and data

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4.9 GW

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Capex light

solutions and services

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EUR 4.2m – recovered energy production

Power plant controller

Lower cost of energy and improved business case certainty

Concrete examples:

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Macarthur wind power plant

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Macarthur wind power plant

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Pre-sales solutions and benefits

Energy production optimised to lower cost of energy and improve project IRR

Optimised use of wind turbine electrical capabilities to minimise cost

Using existing platforms for project specific optimisation

Minimising risk of down-time through enhanced reliability

Minimising risk of loss of plant revenue through integrated stand-by solution

Benefits

Winning package:

• Wind turbines

• Advanced solutions and services

• EPC (Engineering, Procurement & Construction)

• Long-term service

Offering

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Potential cost of

EUR 3m

avoided

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What’s in the pipeline?

34

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New and coming unique solutions and services

Site specific optimisation Site specific optimisation

New & pending releases

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To sum up

Unique revenue enablers

• Boost sales (4.9 GW)

• Capex light (based on unique existing Vestas knowledge and competencies)

• Lower Cost of Energy (avg 4.8 per cent improved annual energy production)

• Better Business Case Certainty (grid compliance and operating reliability)

• More offerings in the pipeline (OCAS®, Site specific optimisation and more)

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This presentation 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 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 presentation, 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 presentation 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 2011 (available at vestas.com/investor) and these factors also should be considered Each forward-looking statement speaks only as of the date of this presentation 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 presentation

Disclaimer and cautionary statement

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