FINANZA Greifswald, MasterUntertitelformat. bearbeiten. Nordex SE

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1 FINANZA 2010 Exportfinanzierungen am Beispiel der Windkraft Nordex SE Greifswald, MasterUntertitelformat bearbeiten

2 INHALT Überblick Nordex Historie, Präsenz, Wachstum Exportfinanzierung von Windenergieanlagen in die Türkei

3 Nordex Reliable Nordex at a Glance Installed base Global manufacturer of wind energy systems with a focus on turbines in the 2.5 MW Class 4 Founded in 1985 in Denmark 4 IPO in 2001 By region Germany 32% Other Europe 53% Africa 1% Most extensive and consistent use of platform technology in the industry. Variants for different wind and climate conditions with some shared components. Main production sites in Germany (Rostock), China (Dongying, Yinchuan) and USA (Jonesboro) Headquartered in Germany (Norderstedt) 2,321 employees as of 03/2010 America 3% Mainstream ( MW) 27% Asia 11% By segment Small (<0.75 MW) 3% Total: 5,721 MW (equals 4% share of installed base) MW Class ( MW) 70%

4 Well established Established Global Production, Sales and Distribution Network Chicago Hamburg Kolding, Uppsala Rostock Yinchuan Jonesboro Beijing Manchester Dongying Barcelona, Porto Headquarters Paris Production Sites Roma Branches Istanbul Warsaw Countries / regions with main service activities

5 Top-line Growth and Sales in mn EBITDA ( mn) and EBITDA margin ,183 1, % % % % GR CA 8% %

6 Exportfinanzierung

7 At the basic structure of a buyer credit a German bank is involved who applies for the export guarantee Buyer Credit credit risk assessment based on Turkish customer credit rating f ro g tt e akin Le ert d un Euler Hermes gu expo ar rt an te e exporter s guarantee Nordex co EPC nt ra ct Export Bank r po x e Turkish Customer r tc it ed export bank applies at Euler Hermes for cover application in German language in order to secure a smooth application process and a positive decision to cover the bank should be familiar with the process and Euler Hermes Bank will be mandated by Turkish customer

8 The involvement of a local bank who provides a bank guarantee could provide more comfort to grant cover Buyer Credit with bank guarantee credit risk assessment based on credit rating of local bank f ro g tt e akin Le ert d un Euler Hermes gu expo ar rt an te e Nordex exporter s guarantee Export Bank export financing bank guarantee Turkish Customer funding EPC contract Turkish Bank export bank applies at Euler Hermes for cover application in German language in order to secure a smooth application process and a positive decision to cover the bank should be familiar with the process and Euler Hermes Bank will be mandated by Turkish customer

9 The fees to be paid for the export guarantee depend on country risk, financing term, and buyer s credit rating Basic drivers of funding cost depends on commercial credit risk tenure and market determines basic interest rates credit spread Hermes fee credit spread 6m Libor/ Euribor based Swap rate 6m Libor/ Euribor based swap rate commercial financing export financing reduced due to export guarantee tenure and market determines interest rates

10 Export financing could be an attractive alternative compared to pure commercial funding Advantages of an export financing ECA-covered financing burdens capital cost of the financing bank only with 5% share which is not covered by ECA ( Basel II rules) Lower interest rates compared to commercial financing Independency of funding at local banking market Long term financing (in recent market commercially difficult to achieve) High financing volumes (without necessity of syndication) Prefinancing of downpayments during construction is covered by ECA Ø Reliable Financing: The exporting company can be confident to get its deliveries paid the importing wind park operator gets his wind turbines independently of economic crisis or political turbulences

11 VIELEN DANK FÜR Nordex SE Thomas Stötzel Head of Corporate Finance and Treasury Bornbarch 2, Norderstedt, Deutschland Telefon Fax