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

Vestas Wind Systems A/S and Bonus Energy, the Spanish manufacturers Gamesa Eólica and Made, the
German company Enercon GmbH and the US manufacturer Enron Wind Corp. (Tacke/Zond).
The following diagram illustrates the market shares of the Nordex Group and its competitors based on
the number of new turbines installed worldwide in 1999:
Bonus
8.6%
Made
5.6%
Enron
(Tacke/Zond)
9.2%
Nordex
7.8%
(Source: BTM Consult ApS – March 2000)
Market share 1999
Other
7.7%
Gamesa
12.6%
NEG Micon
19.4%
Vestas
16.6%
Enercon
12.5%
According to the provisional results of the study by BTM Consult ApS relating to 2000, the Nordex
Group increased its market share from 7.8% in 1999 to approximately 8.4% in 2000 (Source: BTM
Consult ApS – February 2001 (draft)).
NEG Micon A/S, a listed company, was created in the mid-1990s from the merger of the Danish
manufacturers Nordtank Energy Group and Micon, which had both been active in the market since the
early 1980s, and the acquisition of another Danish manufacturer, Windworld. NEG Micon was the
global market leader in 1999 in terms of total installed capacity (source: BTM Consult ApS – March
2000).
Vestas Wind Systems A/S, also a listed company, is a Danish manufacturer that has been in the wind
energy business since it first developed and has wind turbines installed in countries around the world.
Vestas produces the key components of its wind turbines such as rotor blades, controls and some
masts (source: BTM Consult ApS – March 2000).
Gamesa Eólica, a joint venture between the Gamesa Group, Vestas and Sodena, was formed in the early
1990s. Gamesa is the largest wind turbine manufacturer in Spain and has been a listed company since
2000 (source: BTM Consult ApS – March 2000).
Enercon GmbH, which was formed in the mid-1980s, is the leading German wind turbine manufacturer
in terms of installed turbines. Enercon uses a particularly high percentage of components produced inhouse
in its wind turbines (source: BTM Consult ApS – March 2000).
Enron Wind Corp. (Tacke/Zond) is a subsidiary of the US-based Enron Group, one of the world’s largest
suppliers of gas technology. In the mid-1990s, Enron launched its activities in the wind energy sector
with the acquisition of Zond Systems Inc., a company which had formerly focused exclusively on
developing wind turbines, and Tacke GmbH, a German turbine manufacturer (source: BTM Consult ApS
– March 2000).
Bonus Energy is a Danish manufacturer that also has decades of experience in the wind turbine market.
Bonus is a pioneer in the area of active stall regulation (source: BTM Consult ApS – March 2000).
Made Energias Renovables is a wholly-owned subsidiary of the Spanish energy group Grupo Endesa
and has a market presence in Tunisia and China as well as Spain (source: BTM Consult ApS – March
2000).
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