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

The Nordex Group has registered the following Internet domain names, among others:
nordex.ag nordex.de nordex.dk
nordex-online.de nordex-online.dk nordex-online.com
nordex-energy.com suedwind.com suedwind-online.de
suedwind-online.com suedwind-energy.com npv-online.com
npv-planungundvertrieb-de nordex-automation.com nordex-rotor.com
nordex-windenergie.de nordex-windkraftanlagen.de nordex-windpower.com
nordex-windturbines.com nordex-aktie.de nordex-ipo.de
Management and Employees
The Nordex Group had an average of 523 employees in fiscal year 1999/2000. The following table lists
the average number of employees by activity over the past three fiscal years.
Fiscal year 1997/ Fiscal year 1998/ Fiscal year 1999/
Activity
1998
1999
2000
Production 72 195 325
Research and development 6 20 32
Sales and marketing 18 28 31
Administration 49 97 135
Total 145 340 523
As of September 30, 2000, the Nordex Group employed approximately 137 people overseas. The
majority, approximately 128 employees, worked in manufacturing at Nordex Energy GmbH in Give,
Denmark. Other employees of the Nordex Group were employed in sales and marketing companies and
offices in countries including Spain, Greece, the United States, Turkey, France and China.
As of December 31, 2000, the Nordex Group had a total of 634 employees, 401 of whom were
employed in production, 34 in research and development, 59 in sales and 140 in administrations, i.e. in
the areas of purchasing, technical settlement and services, accounting and human resources. In
addition, as of December 31, 2000, the Nordex Group had an additional 15 trainees, 14 of whom were
employed by Nordex Energy GmbH and one by Nordex Automation GmbH.
For the Nordex Group to achieve its strategic aims (see ‘‘—Strategy’’), highly qualified personnel must be
employed at all levels of the Group. The employees of the Nordex Group therefore continually undergo
training and professional development. As part of the Offering, the employees in Germany will have the
option to acquire Nordex shares and thus to participate in the financial success the Nordex Group aims
to achieve. The issue of stock options as part of an employee and management equity compensation
plan is intended to further increase the attractiveness of the Nordex Group to qualified managers and
professionals, in that these employees will profit from future increases in the Company’s value (see
‘‘Executive Bodies of the Company—Employee and Management Share Scheme’’). There have been no
work interruptions at Nordex AG to date.
The Nordex Group is managed by the Management Board of the Company, which currently comprises
three members (see ‘‘Executive Bodies of the Company—Employee and Management Share Scheme
and—Management Board’’). The next level of management consists of other managers at Nordex AG as
well as managing directors of Nordex subsidiaries.
Due to the short period of time Nordex Group has existed in its current legal form, no Group works
council has been formed to date at Nordex AG itself. Work councils are in existence for Nordex Energy
GmbH and Nordex Automation GmbH. No works councils have been formed at Nordex Rotor GmbH,
Südwind Energy GmbH and Nordex Planungs- und Vertriebsgesellschaft mbH.
No collective bargaining agreements are currently in place at Nordex AG. Collective bargaining
agreements exist at Nordex Automation GmbH in relation to the relocation of the registered office and
works holiday rules.
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