OFFERING MEMORANDUM Global Offering of up to ... - Nordex

Recent Developments and Outlook
During the first quarter of the fiscal year 2000/2001, which started on October 1, 2000, Nordex AG took
up its activity as a holding company, having consolidated its five subsidiaries through its principal
shareholders, Borsig Energy GmbH and Nordwerk A/S.
In the first quarter of the current fiscal year Nordex AG, in addition to the cost of establishing the
business operations, incurred expenses primarily for the restatement of the Group quarterly accounts
according to IAS (EUR 68 thousand), communications consultancy in preparation for the Offering (EUR
30 thousand) as well as recruitment expenses (EUR 26 thousand). Further, in relation to the planned
Offering and the related expenses, reserves of EUR 223 thousand were established in the IAS Pro Forma
Consolidated Interim Financial Statement as of December 31, 2000.
The Nordex Group was able to conclude contracts for the supply of 113 wind turbines in the first
quarter of the current fiscal year. During the same period, 46 wind turbines and through the end of
February 2001 another 52 wind turbines were installed. The total operating performance of the Nordex
Group during the first quarter of fiscal year 2000/2001 was EUR 69 million. In the first quarter of the
fiscal year 2000/2001 costs of EUR 50.8 million for materials, EUR 5.7 million for personnel and EUR 9.5
million for other operating expenses were incurred. The number of employees rose to 634 at December
31, 2000, of which 458 (72%) were employed by Nordex Energy GmbH.
For the rest of the fiscal year 2000/2001 the Nordex Group expects that the sales of the 1.5 megawatt-
Plant S-70 in Germany will continue to be strong and that first ventures elsewhere in Europe with this
type could be realized. The Company has noted a strong market interest for the new N-80 with 2.5
megawatts both in Germany and abroad. The main focus for the foreign market remain the wellestablished
N-43, N-50, N-60 and N-62. In addition to a core market which is continuing to be busy,
especially in Germany and Denmark, the Nordex Group is expecting to realize a number of large scale
projects abroad, and, in February 2001, signed a contract for the supply of a 20 megawatt windfarm in
Canada and in March 2001 a contract for the supply of a 40 megawatt windfarm in the United States.
The positive business expectations are based on the development of the in-house rotor production,
which has so far preceded in accordance with plan, with the industrial wing production scheduled to be
operational by the end of the fiscal year, and the continuing development and increased use of
NORDEX Control with its advantages as compared to the steering concepts used by competitors in the
past. At the same time the administrative areas of the Nordex Group are being, where so required,
continuously expanded.
The Nordex Group further plans to develop its sales activities in what it considers to be major growth
markets – United States, Spain as well as in China – but also in France and the U.K. The Company
expects that the focusing of its management will lead to a further strengthening of the market position
there. The same also applies to the consolidation of the procurement and storage at the production
location in Rostock resulting from the new group structure.
Oberhausen, March 2001 Nordex AG
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