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

The History of the Nordex Group
The Nordex Group’s wind energy business traces its roots back to Nordex A/S, which was founded in
1985 by the Pedersen brothers, one of whom, Carsten Pedersen, is currently a member of the
Management Board of Nordex AG. In 1996, the Balcke-Dürr Group acquired a 51% stake in Nordex
Energy GmbH, and thus entered the market for wind turbine production.
The following are the significant milestones in the Company’s development:
1985 Formation of Nordex A/S in Give, Denmark, by the Pedersen brothers. Construction of the
first turbine with a capacity of 75 kW.
1987 Launch by Nordex A/S of the N-27/250 kW, the largest production wind turbine on the
world market at the time.
1991 Formation of Nordex Energy GmbH under the name. Nordex Energie Anlagen GmbH as a
sales company in Rinteln, Germany.
1992 Establishment of production facilities in Rerik, Germany. Installation of the 100th Nordex
wind turbine.
1995 Construction by Nordex Energy GmbH of the N-54, world’s first series production wind
turbine in the megawatt that is now the market standard – 157 N-54 wind turbines had
been built by January 10, 2001.
1996 Acquisition by the Balcke-Dürr Group of a 51% stake in Nordex Energy GmbH.
1997 Opening by Nordex of sales offices in Spain and China.
1998 Construction of the first N-60 prototype, a further development of the N-54, with a
capacity of 1,300 kW. Construction of the 1000th megawatt turbine. Formation of a joint
venture in China. The Balcke-Dürr Group increased its stake in Nordex Energy GmbH to
75% and also acquired NPV Planungs- & Vertriebsgesellschaft mbH. Opening by Nordex of
a sales office in Turkey.
1999 Installation by Nordex of its 1000th wind turbine. Formation of Südwind Energy GmbH
and Nordex Rotor GmbH. Establishment of the production center in Rostock, Germany.
Formation of Nordex Ibérica Borsig Energy S.A.
2000 Construction by Nordex of the first N-80, 2,500 kW turbine (currently the largest and most
powerful series production wind turbine in the world) and the first S-70, 1,500 kW turbine.
Formation of Nordex USA, Inc. and establishment of branch offices in Egypt and Greece.
Restructuring of the Nordex Group by transfer of the current subsidiaries into Nordex AG
(previously Taifun AG).
2001 Intended placement and listing of the Company’s Shares.
Structure of the Nordex Group
Nordex AG, founded as ‘‘Taifun AG’’ in 2000, functions as the strategic holding company of the Nordex
Group. Nordex AG manages and coordinates the business activities of its five wholly-owned
subsidiaries and is responsible, in particular, for coordinating purchasing, sales and development
activities on a world-wide basis, as well as for making decisions on the location of production sites.
Further, Nordex AG provides the entire Nordex Group with cost-efficient services achieved through the
centralization of management and coordination activities such as corporate planning, finance and
foreign exchange management, tax planning, patent and industrial property right management, and
investor and public relations, as well as management and personnel functions.
The Nordex Group has organized its various business areas into five wholly-owned subsidiaries. It has
done so in order to tailor the various components it produces on the supply-side to suit each of the
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