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

As of December 31, 2000, the Nordex Group’s research and development department employed a total
of 34 people, 14 of whom worked in mechanical engineering, ten in technology, five in product
optimization and offshore development, and five in other areas of research and development.
The following table gives an overview of the Company’s research and development expenses and the
percentage represented by these expenses of overall revenue for fiscal years 1997/1998, 1998/1999
and 1999/2000 (all figures are based on the IAS Pro Forma Consolidated Financial Statements):
Research and development
Fiscal year
1997/1998
Fiscal year
1998/1999
EUR thousand
Fiscal year
1999/2000
Nordex Energy GmbH 1,060.4 2,498.2 4,042.3
Nordex Rotor GmbH 0 0 0
Südwind Energy GmbH 0 0 0
Nordex Planungs- und Vertriebsgesellschaft mbH 0 0 0
Nordex Automation GmbH 0 0 0
Total 1,060.4 2,498.2 4,042.3
in % of revenue for the relevant fiscal year 1.28% 1.11% 1.48%
The technical development of a wind turbine prototype, which takes approximately one-and-a-half
years, is generally followed by field testing lasting approximately one year, certification and type
approval. The process of approval serves to document the structural engineering required for
construction permit and to prevent the requirement to audits of individual turbines. To receive type
approval, the construction principles of the wind turbine are first tested and certified by an expert body
for wind turbines. This certification then serves as the basis for type approval.
During field testing, the prototype is installed on a suitable windy site and tested under normal
operating conditions. Depending on the length of this test phase and the type of wind turbine, the
Company can incur considerable costs, although the electricity generated during the field test can in
part defray these costs.
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