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