OFFERING MEMORANDUM Global Offering of up to ... - Nordex
OFFERING MEMORANDUM Global Offering of up to ... - Nordex
OFFERING MEMORANDUM Global Offering of up to ... - Nordex
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Summary <strong>of</strong> the <strong>Offering</strong> Memorandum<br />
The following is a summary <strong>of</strong> certain information contained in this <strong>Offering</strong> Memorandum and should<br />
be read in conjunction with the more detailed information and the financial statements <strong>of</strong> the<br />
Company, including the notes there<strong>to</strong> (see ‘‘Financial Information’’) appearing elsewhere in this<br />
<strong>Offering</strong> Memorandum. As this summary may not contain all <strong>of</strong> the key information needed by<br />
inves<strong>to</strong>rs, the entire <strong>Offering</strong> Memorandum should be read carefully.<br />
Overview <strong>of</strong> the <strong>Nordex</strong> Gro<strong>up</strong><br />
The <strong>Nordex</strong> Gro<strong>up</strong>, comprising six domestic German and five foreign companies, develops and produces<br />
technologically advanced wind turbines with an emphasis on high performance turbines, in particular<br />
megawatt turbines. The Company regards itself as a systems developer, focused on its key capabilities:<br />
the development and engineering <strong>of</strong> large wind turbines, the development and production <strong>of</strong> controls<br />
and electrical technology for its wind turbines and the development and manufacture <strong>of</strong> ro<strong>to</strong>r blades<br />
for megawatt wind turbines. In addition, the <strong>Nordex</strong> Gro<strong>up</strong> has positioned itself as a provider <strong>of</strong><br />
services such as the technical planning <strong>of</strong> wind farm systems, from the identification <strong>of</strong> suitable sites<br />
<strong>to</strong> the technical implementation <strong>of</strong> wind farms, including connection <strong>to</strong> the grid, as well as the<br />
servicing <strong>of</strong> wind turbines.<br />
In the fiscal year ended September 30, 2000, the <strong>Nordex</strong> Gro<strong>up</strong> had an average <strong>of</strong> 573 employees and<br />
generated sales revenues <strong>of</strong> approximately E273 million and EBIT (earnings before interest and taxes)<br />
<strong>of</strong> approximately E13.2 million based on the IAS Pro Forma Consolidated Financial Statements.<br />
<strong>Nordex</strong>’s overall strategy is <strong>to</strong> increase its worldwide market share through a combination <strong>of</strong> organic<br />
and external growth and <strong>to</strong> be one <strong>of</strong> the world’s <strong>to</strong>p three manufacturers <strong>of</strong> wind turbines. To this<br />
end, the <strong>Nordex</strong> Gro<strong>up</strong> intends <strong>to</strong> build <strong>up</strong>on its technological advantage in the megawatt segment and<br />
also <strong>to</strong> further expand its international presence. <strong>Nordex</strong>’s strategy also focuses on increasing<br />
pr<strong>of</strong>itability through the introduction <strong>of</strong> more intensively industrial manufacturing.<br />
The <strong>Offering</strong><br />
Offered Shares: The <strong>of</strong>fering (the ‘‘<strong>Offering</strong>’’) consists <strong>of</strong> 36,000,000 shares (the<br />
‘‘Offered Shares’’):<br />
(a) 18,000,000 New Shares from the capital increase against<br />
cash contributions resolved at the Ordinary General<br />
Shareholders’ Meeting on February 21, 2001 which was<br />
entered in the commercial register on March 30, 2001 and<br />
(b) 13,300,000 shares from the holdings <strong>of</strong> the Selling<br />
Shareholders, as well as<br />
(c) <strong>up</strong> <strong>to</strong> 4,700,000 shares from the holdings <strong>of</strong> the Selling<br />
Shareholders as part <strong>of</strong> the Over-allotment Option granted<br />
<strong>to</strong> Dresdner Bank (the ‘‘Option Shares’’).<br />
Lead manager: Dresdner Bank, with Westdeutsche Landesbank Girozentrale as<br />
co-lead manager.<br />
The <strong>Offering</strong>, <strong>Offering</strong> Period, Price<br />
Range and Offer Price:<br />
The <strong>Offering</strong> consists <strong>of</strong> a public <strong>of</strong>fering <strong>of</strong> the Offered Shares in<br />
the Federal Republic <strong>of</strong> Germany, an international private<br />
placement outside the Federal Republic <strong>of</strong> Germany and the<br />
United States (the ‘‘United States’’) <strong>to</strong> non-US persons in reliance<br />
on Regulation S <strong>of</strong> the United States Securities Act <strong>of</strong> 1933, as<br />
amended (the ‘‘Securities Act’’) and a private placement in<br />
reliance on Rule 144A <strong>of</strong> the Securities Act (‘‘Rule 144A’’) <strong>to</strong><br />
institutional inves<strong>to</strong>rs in the United States by way <strong>of</strong> a<br />
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