Picture new turbines/ products/ flagship product H1 2017 Performance Update Investors and analysts presentation Senvion S.A. August 11, 2017
Disclaimer This presentation (the Presentation ) has been prepared by Senvion S.A. ( Senvion and together with its subsidiaries, we, us or the Group ) solely for informational purposes and has not been independently verified, and no representation or warranty, express or implied, is made or given by or on behalf of the Group. Senvion reserves the right to amend or replace this Presentation at any time. This Presentation is valid only as of its date, and Senvion undertakes no obligation to update the information in this Presentation to reflect subsequent events or conditions. This Presentation may not be redistributed or reproduced in whole or in part without the consent of Senvion. Any copyrights that may derive from this Presentation shall remain the sole property of Senvion. This Presentation does not constitute or form part of, and should not be construed as, an offer or invitation or inducement to subscribe for, underwrite or otherwise acquire, any securities of Senvion, nor should it or any part of it form the basis of, or be relied on in connection with, any investment decision with respect to securities of Senvion or any other company. Certain statements in this Presentation are forward-looking statements. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial consequences of the plans and events described herein. Actual results may differ from those set forth in the forward-looking statements as a result of various factors (including, but not limited to, future global economic conditions, changed market conditions affecting the wind industry, intense competition in the markets in which the Group operates, costs of compliance with applicable laws, regulations and standards, diverse political, legal, economic and other conditions affecting the Group s markets, and other factors beyond the control of the Group). Neither Senvion nor any of its respective directors, officers, employees, advisors, or any other person is under any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on forward-looking statements, which speak of the date of this Presentation. Statements contained in this Presentation regarding past trends or events should not be taken as a representation that such trends or events will continue in the future. In particular, no statements in this Presentation should be construed as concrete guidance as to the results of operations, cash-flows, balance sheet data or any non-financial metrics as of or for the financial year ending December 31, 2017 or any subsequent financial period. Certain financial data included in the presentation consists of non-ifrs financial measures. These non-ifrs financial measures may not be comparable to similarly titled measures presented by other companies, nor should they be construed as an alternative to financial measures determined in accordance with IFRS. You are cautioned not to place undue reliance on any non-ifrs financial measures and ratios included herein. This Presentation does not constitute or contain any investment, legal, accounting, regulatory, taxation or other advice. Due to rounding, numbers presented through out this and other documents may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. 1
Agenda 1 Key highlights 2 Markets and Orders 3 Financial results 4 Guidance 5 Key takeaways 2
Tursi windfarm in Italy 1 Key highlights
H1 2017 Key highlights at a glance Progress being made on all parameters Financials Full year guidance adjusted to account for Chile order conversion 2017 revenues expected to amount to 1.90bn-1.95bn Adj. EBITDA margin guidance remains unchanged at 8.0-8.5% H1 revenues at 830mn with adj. EBITDA margin at 7.4%, in line with guidance 1 Higher order intake Steady progress on our promises for 2017 H1 2017 firm order intake up by 70% Offshore order of 307mn Booked 429 MW conditional order in Australia Financial close achieved for 299 MW Chile order in Q3 H1 2016 +70% H1 2017 2 New modular products 3 new products introduced since the annual results 2MW product portfolio strengthened 3.7M144 launch already backed by 429 MW conditional order in Australia 3.6M140 3.7M144 3 Cost reductions Opex run rate down by 19% yoy Bond annual interest cost down by 42% Factory closures on track Closing of three factories Net 660 headcount reduction planned H1 2016 H1 2017 Opex -19% HYB Int pre refi HYB int post refi Interest -42% 4
1 Order intake order intake up 70% Firm WTG order intake ( mn) 1 Offshore (Figures in mn) Onshore current markets Onshore new markets 554 549 5 H1 2016 +70% 940 307 549 84 H1 2017 Further pipeline 299 MW Chile order to convert to firm in Q3; financial close achieved Few large conditional orders expected to become firm in Australia and Nordics Normal order intake assumed in core markets 1,304 1,283 21 CY16 +53% 2,000 CY17 Guidance Pipeline continues to be strong; forecasted 2bn firm order intake in CY17 on track 5
Offshore Onshore 2 Product updates Proto of 3.4M140 already installed Current product Upgraded product Progress 1 3.7M144 Three products introduced since annual results publication 2 Power upgrade Rotor upgrade Wind class upgrade 3.XM Power upgrade Rotor upgrade 3.7M144 already helped close Senvion s largest ever order of 429 MW (Conditional) in Australia Few more products variations in pipeline Two prototypes are already installed 3 2.XM Power upgrade Rotor upgrade Wind class upgrade 3.4M140 installed in Q2 2017 3.6M140 to be installed shortly 4 2.3M124 / 2.4M114 Rotor upgrade 5 10MW+ Rotor upgrade Power upgrade Specific details Announced Initial work already started Discussions with clients ongoing 6
3 MOVE FORWARD Progress card Cutting fixed cost intensity Opex run rate ( mn) Interest costs Footprint consolidation Consistent reduction in Opex Reduction driven by cuts in legal and consulting cost, admin and travel costs -22% Total interest burden down by 19% in Q2 Led by successful refinancing of bonds - 42% reduction in annual interest costs Factory closures scheduled Husum and Trampe factories to be closed in Q3 2017 Bremerhaven blade plant to be closed by Jan 2018 47 45-17% 44 53 39 35 11.6-19.0% 9.4* Agreement reached with works council on the key points of the balance of interests and social plan within the framework of the future program Successful settlement in a short time frame of four months from announcement Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Mar-17 Jun-17 Main job reductions likely to be achieved in H2 2017/early 2018 * - Underlying interest costs without pre payment premium of earlier High yield bond and other related one time expenses of refinancing 7
Steven Holliday Board strengthened with new Chairman Steven Holliday New Chairman effective June 15, 2017 Key roles before joining Senvion Led National Grid, an international electricity and gas company responsible for delivering energy across the UK and north eastern U.S., as Chief Executive for nearly 10 years Non-executive director of Marks & Spencer for 10 years Deputy Chairman and senior independent non-executive director at FTSE 100 listed ConvaTec since its 2016 IPO Lead non-executive director at DEFRA, the U.K government s Department for Environment, Food and Rural Affairs 8
Offshore Nordsee Ost Installation 2 Markets and orders Strengthened international footprint
Recent industry developments Recent updates in key markets Recent developments Mature markets New markets 4 India a 2 1 1 First round of 1 GW auction by central government completed and PPAs also signed Second round with 1 GW to be auctioned by end of August 2017 Gujrat and Tamilnadu are auctioning 500 MW each as separate state auctions in August 2017 Price for wind likely to go down further from Rs 3.46/KWh Europe 1 France First 500 MW auction awaited in Dec 2017 2 Spain First round of 3 GW technology neutral auctions completed Wind won 99% (2.9 GW) of the auctions at an avg. price of 43/MWh Second round tendered 5 GW against the previously announced 3 GW. Wind won 1.1 GW at an avg. price of 33/MWh 3 Australia Target of 33 TWh by 2020 Requires 5.9 GW add l capacity Key drivers of demand - Renewed Govt focus, shortage of RE certificates in 2018, closure of coal plants, Higher electricity prices 4 3 Senvion ready with new and improved portfolio to compete in auctions 10
Germany Senvion well positioned in home market Auctions overview Timelines May 17-1 st Auction complete Aug 17 1 GW auction over, results awaited Nov 17 1 GW auction planned A look at first A look auction at first results auction results 807 MW allocation Average price 57/MWh, c.20% lower than erstwhile FiT 95%+ bids won by community wind farms with longer schedules Senvion s deal share in first auction (10%+) better than 6% market share last year Senvion participation in Southern Germany likely by third auction onwards Further price reductions expected in upcoming auctions Senvion market share target Strategy for next auctions Mainly driven by North Germany 17% 14% 6% CY14 CY15 CY16 Source: MAKE Consulting 15-20% CY19 target Partnerships with developers preferable ahead of auctions and permitting Partnership with Utilities (e.g. EnBW) Several hundred MWs For low wind sites in Southern Germany Partnership with big developers (e.g.) Prokon 100 MW 11
Order book of 5.5bn Firm order book improving Order book ( bn) Q2 2017 split by geography Q2 17 1.6 1.4 3.0 2.5 5.5 Net firm orders at 1.6bn Figures in mn Q1 17 1.3 1.6 2.9 2.3 5.3 1,552 Q4 16 1.3 1.8 3.0 2.3 5.5 Offshore 487 Q3 16 1.5 1.9 3.4 2.2 5.6 Q2 16 1.7 1.7 3.5 2.1 5.6 New markets 170 Q1 16 1.8 1.7 3.6 2.1 5.4 Germany 397 Q4 15 1.8 1.6 3.4 2.0 5.4 Onshore 1.07bn Q3 15 2.1 1.4 3.4 1.9 5.6 UK 245 Q2 15 2.3 1.5 3.7 1.8 5.2 France Others 219 34 Net firm orders 1 Conditional orders 2 Service orders Total order book Q2 17 Note: Figures prior Dec 15 relate to Senvion GmbH 1. Net Firm orders are confirmed orders minus PoC revenues already booked. 2. Conditional orders are signed contracts where either building permit and/or grid connection and/or financing is missing. 12
Order intake Continues to be strong Firm WTG order intake ( mn) 1 Key orders in Q2 Offshore Others Canada France UK Germany New markets 307mn offshore order in Germany +107% 45 MW order in Belgium 587 53 MW In new markets 269 16 80 54 58 61 459 64 21 353 284 292 113 34 36 64 96 114 112 73 10 39 25 122 147 149 169 307 11 97 119 53 Serbia 42 MW Croatia 10 MW Further order wins in Q3 299 MW Chile order finally achieved financial close; likely to become firm in August Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Pipeline continues to be strong; forecasted 2bn firm order intake in CY17 on track 13
Improving visibility for 2019 Significant progress in strategy implementation 2019 2019 visibility Onshore sales (Current markets) Revenue visibility of ~40% in new markets for 2019 With 429 MW cond l order booked with RES in ANZ 2.1bn Co-operation agreement with EnBW in Germany Provides visibility for better market share in Germany Onshore sales (new markets) Order booking in several new small markets Serbia, Croatia, Ireland, Czech Republic Service ~ 0.38bn High visibility as it is backed by firm order book Offshore ~ 0.2-0.3bn High visibility as base revenues backed by firm orders With some potential for upside Total 2.6-2.7bn Current markets: Austria, Belgium, Canada, Germany, France, Italy, Netherlands, Poland, Portugal, UK, New Markets: Australia, Eastern EU countries, Egypt, India, Ireland, Japan, LatAm excl. Brazil, MENA, Nordics, Serbia, US 14
Continuously improving service business Improving KPIs Service revenue ( mn) +20.5% 66.1 72.6 65.4 65.5 72.8 72.6 78.8 21% growth in revenues Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 GW under service Mar-17 Jun-17 Business segment with high growth potential and attractive margins 10.2 Dec-15 +11.4% 10.8 11.4 11.9 12.1 12.1 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Average duration of service contracts 1 (years) 12.7 Jun-17 Leading service tenor in the industry with almost 11 years GW under service growing by 11%, while average contract tenors growing by 6% +5.8% Service renewal rate at >80% 2 in H1 2017 10.2 10.2 10.4 10.5 10.7 10.9 11.0 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Note: 1. Only includes active contracts and does not include contracts not yet initiated; 2) Average renewal rate of service contracts for last 3 years based on semi-annual data. 15
Senvion installations Stable run rate Installations (MW) Annual Installation +1.0% H1 installations +7.3% Increase in installations by 7% yoy compared to last year 1,746 666 262 16 154 275 0 1,762 351 273 0 218 485 112 577 115 33 51 145 233 619 167 8 54 72 191 Installations mainly driven by Germany and Offshore projects Increase in installations expected in Q3 2017 373 324 123 CY 15 CY 16 H1 16 H1 17 Germany Canada Australia France UK Offshore Others (combined) 16
Senvion Les Hauts Pays Windfarm in France 3 Financial results
Key highlights Performance in line with last year ( mn) Adj. Q2 CY16 Adj. Q2 CY17 Adj. H1 CY16 Adj. H1 CY17 Revenue 505 437 870 830 Gross profits 146 138 267 261 Gross margin % 29.0% 31.5% 30.8% 31.5% Adjusted EBITDA 45 40 72 62 Adjusted EBITDA % 8.9% 9.2% 8.3% 7.4% Adjusted EBIT 25 25 39 30 Adjusted EBIT % 5.0% 5.7% 4.5% 3.6% Adjusted PAT 7 15 8 16 Net working capital (2.7%) 4.6% (2.7%) 4.6% H1 revenues down by c.5%, in line with guidance H1 Adj. EBITDA margin of 7.4% in line with expectations Cash level reduced to 150mn on account of higher inventory build up Adjusted net profit at 16mn, higher by 2x compared to H1 2016 Cash on hand 371 150 371 150 Net Debt / (Cash) 42 261 42 261 Note: Q2/H1 2016 financials are adjusted for IPO related costs, interest on shareholder loans and PPA, Q2/H1 2017 financials are adjusted for PPA effects, extraordinary expenses and one off expenses in relation to high yield bond refinancing In the first half of 2017, there is no material difference in consolidated revenues, Adjusted EBITDA and total external net debt of Senvion Topco Group and Senvion SA Group 18
Revenue development Growth in service and offshore revenues Onshore revenues ( mn) Service revenues ( mn) Offshore revenues ( mn) Q2 Q1 656 393 263 H1 2016 (25%) 491 263 227 H1 2017 +10% 138 151 65 79 73 73 H1 2016 H1 2017 75 47 29 H1 2016 +145% 184 94 91 H1 2017 Other revenues at 1.3mn in Q2 2017 and 3.1mn in H1 2017 & 0.3mn for Q2 2016 & 1.1mn for H1 2016 respectively Onshore revenues breakdown ( mn) Europe ( mn) Americas ( mn) Asia-Pacific ( mn) 565 324 461 249 241 212 H1 2016 H1 2017 Lower revenues mainly due to Portugal and UK 92 14 8 70 17 22 10 7 0 6 H1 2016 H1 2017 Includes revenues from Canada H1 2016 H1 2017 Includes revenues from Japan and Australia 19
Additional key performance metrics Opex run rate reduction already visible Material cost development ( mn) 1,563 1,618 Adj. COGS Gross margin 28.5% 28.0% 30.8% 31.5% 674 700 Higher gross margin due to higher service revenues component and better offshore margins PF Adj CY15 CY16 H1 16 H1 17 Cost breakdown ( mn) -13% 135 122 131 121 127 18 117 14 20 13 17 15 47 45 44 53 39 35 62 66 64 64 71 66 Q1 16 Q2 16 Q3 16 Q4 16 Note: Financials adjusted for PPA, offshore provisions, IPO related costs. D&A OPEX Q1 17 Personnel Q2 17 Opex reduction driven by MOVE FORWARD program; likely to stabilise at current levels Employee costs positively influenced by MOVE FORWARD However, employee costs likely to go up in H2 2017 due to additional hiring in service and blade division and as we convert some temp positions into permanent ones 20
Breakup of total Capex and R&D Spending in line with last year Total intangible and tangible capex 1 ( mn) 1.4% 2.7% 60 2.2% 3.2% H1 Capex driven by Portugal blade factory expansion 30 27 19 12 10 9 15 Key spending focus will be on new moulds in H2 2017 PF adj CY15 CY16 H1 16 H1 17 [%] Capex over sales Q2 Q1 R&D expenditure ( mn) 3.1% 3.1% 4.1% 4.3% 67 68 22 23 45 45 36 36 11 13 25 23 Key R&D spending focused on acceleration of 3.4M140, 3.6M140 development and new product enhancements PF adj CY15 CY16 H1 16 H1 17 [%] R&D over sales Expensed Note: 1. Excluding capitalised R&D. Capitalised 21
Net working capital Working capital continues to be in a low range Net working capital 1 evolution ( mn) 213 12.1% 160 8.3% 12.1% 8.3% 99 4.6% Increase in working capital due to higher inventory due to upcoming installations in Chile, Norway and other markets (4.7%) (101) (6.4%) (132) (2.7%) (6.4%) (57) (5.8%) (119) (3.7%) (83) (0.2%) (5) Working capital to improve significantly in H2 on the back of order execution and continued order intake Mar-14 Mar-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar 17 Jun 17 Net working capital Senvion GmbH Senvion S.A. NWC 1 % of trailing 12 months revenue Note: 1. Net working capital defined as current assets (adjusted for liquid funds and assets of disposal Group classified as held for sale) minus total current liabilities (adjusted for provisions, liabilities of disposal Group classified as held for sale and short-term loans and current portion of long-term loans). 22
Senvion S.A. Cash flow summary Senvion S.A. Senvion S.A. Senvion GmbH Senvion S.A. ( mn, unaudited) Q2 CY16 Q2 CY17 H1 CY16 H1 CY 17 Cash flows from operating activities (44) (140) (3) (219) Cash flows from investing activities (23) (32) (42) (62) Free Cash Flow (67) (172) (45) (281) Cash flows from financing activities (1) (3) (3) (8) Total Net Cash Flow (68) (175) (48) (290) Negative free cash flow due to higher working capital investments 23
Wind Farm Reußenköge, Germany 4 Guidance
Senvion 2017 guidance Revenue guidance adjusted H1 2017 Guidance 2017 Revenues 830mn 1.9-1.95bn* Adj. EBITDA margin 7.4% ~8.0 8.5%* Firm order intake 940mn (70% higher yoy) 2.0bn+ (CY16-1.3bn) Note: 1. Revenue guidance adjusted after late conversion of the Chile order of 299 MW into firm order. No change in adjusted EBITDA margin guidance 25
Bald Hills Wind Farm, Australia 5 Key takeaways
Key takeaways 1 H1 performance in line with guidance 2 Order intake growing with improving visibility for 2019 3 Successful product introductions and development continues 4 MOVE FORWARD reductions in opex and interest costs visible; settlement with the workers council achieved in short timeframe 5 Service business continues to excel 27
MM tubines in France Appendix
Financial calendar Financial Calendar 2017 Event Date Annual Results 2016 March 16, 2017 Q1 2017 results May 11, 2017 Your Investor Relations Team: Dhaval Vakil Vice President Capital Markets and M&A Phone UK: +44 20 7034 7992 Mobile: +44 7788390185 Email: dhaval.vakil@senvion.com Anja Siehler Sr. Manager Capital Markets Phone Lux: +352 26 00 5285 Mobile: +49 152 21817093 Email: anja.siehler@senvion.com Annual General Meeting May 31, 2017 For general inquiries: IR@senvion.com Q2 2017 results August 11, 2017 Q3 2017 results November 10, 2017 29
Income statement Q2 2017 Bridge between reported and adjusted earnings Income Statement mn Q2 2017 Adjustment Adj. Q2 2017 Revenue 437 437 Total performance 446 446 Material expenses (308) (308) Gross profit 138 138 Gross margin % 31.5% 31.5% Other operating income 6 6 Personnel expenses (66) (66) Other operating expenses (35) (35) FX gain/loss (2) (2) EBITDA 40 40 EBITDA % 9.2% 9.2% D&A (41) 1 26 (15) EBIT (1) 25 EBIT% (0.2%) 5.7% Extraordinary expenses (19) 2 19 0 Net interest (30) 3 20 (9) Taxes 7 4 (8) (1) Net Profit from continued ops (43) 15 1 2 3 4 Key adjustments Includes PPA effects Includes 19m of further restructuring expenses. The total restructuring expenses stand at 52mn, of which 34mn relate to employee termination costs, 6mn relate to refund of govt grant and balance relate to legal, consultancy costs and other misc expenses in relation to restructuring. The Company reached final agreement with the works council on key points of the balance of interests and social plan in August 2017 20m of one time call premium for the old bond, and expenses related to refinancing Includes positive PPA effect 30
Senvion S.A. Income statement Income statement Senvion S.A. Senvion S.A. Senvion S.A. Senvion S.A. ( mn, unaudited) Adj. Q2 2016 Adj. Q2 2017 Adj. H1 2016 Adj. H1 2017 Revenues 505 437 870 830 Capitalized development expenses 14 10 24 23 Changes in finished goods and WIP (49) (1) 48 109 Total performance 470 446 942 961 Material expenses / services obtained (323) (308) (674) (700) Gross profit 146 138 268 261 Gross margin % 29.0% 31.5% 30.8% 31.5% Other operating income 7 6 16 15 Personnel expenses (66) (66) (127) (137) Other operating expenses (45) (35) (92) (75) Foreign exchange gain/loss 2 (2) 8 (2) Adj. EBITDA 45 40 72 62 Adj. EBITDA % 8.9% 9.2% 8.3% 7.4% Depreciation & Amortization (20) (15) (33) (32) Adj. EBIT 25 25 39 30 Adj. EBIT % 5.0% 5.7% 4.5% 3.6% Extraordinary expenses 0 (19) 0 (52) Net interest (int cost int income) (14) (9) (29) (21) Taxes (4) (1) (2) 8 Adj Net Profit from cont. operations 7 15 8 16 PAT % 1.4% 3.4% 0.9% 2.0% 31
Senvion S.A. Balance sheet Assets ( mn) Jun-16 Dec -16 Mar-17 Jun-17 Liquid Funds 371 441 327 150 Current Assets (excluding liquid funds) 857 814 865 955 Receivables 202 257 213 223 Inventories 536 430 530 607 Others 118 128 122 125 Property, plant & equipment 193 222 226 228 Goodwill and other intangible assets 644 604 585 562 Other Non current assets 26 19 21 40 Total 2,090 2,101 2,023 1,934 Liabilities ( mn) Mar-16 Dec-16 Mar-17 Jun-17 Loans (short term and long term + high yield bond) 413 415 412 403 Current liabilities (excluding provisions and short term loans) 913 897 871 856 Advance payments received 294 189 187 168 Trade payables 396 431 404 467 Gross amount due to customers for contract work as a liability 63 122 126 91 Others 160 155 154 130 Provisions 225 289 314 297 Deferred Taxes 169 166 148 148 Total equity capital 370 334 278 230 Total 2,090 2,101 2,023 1,934 32
Senvion S.A. Cash flow summary Senvion S.A. Senvion S.A. Senvion S.A. Senvion S.A. ( mn) Q2 2016 Q2 2017 H1 2016 H1 2017 Result before income taxes (15) (50) (57) (115) Adjustments for Depreciation on property, plant and equipment, amortization of intangible assets and write-offs on financial assets 46 41 85 83 Interest income 0 (1) 0 (1) Interest expenses 14 30 37 42 Increase/decrease in provisions 3 (17) 7 8 Profit/loss from sales of property, plant and equipment, intangible and other long-term assets 0 0 0 0 Change in working capital (62) (101) (40) (188) Interest received 0 1 0 1 Interest paid (18) (41) (22) (45) Income tax paid/received (12) (3) (13) (6) Cash flow from operating activities (44) (140) (3) (219) Cash receipts from the sale of property, plant and equipment, intangible and other long-term assets 0 (1) 2 3 Cash payments for the purchase of intangible assets (15) (9) (26) (23) Cash payments from purchase of property, plant and equipment and other long-term assets (8) (23) (18) (42) Cash payments from loans granted to related parties 0 0 0 0 Loss of control in subsidiary from change in ownership interest 0 0 0 0 Cash flow from investing activities (23) (32) (42) (62) Acquisition of treasury shares (0) (2) 0 (6) Cash repayments of amounts borrowed (1) (1) (3) (2) Cash flow from financing activities (1) (3) (3) (8) Increase/decrease in cash and cash equivalents (68) (175) (48) (289) Cash and cash equivalents at the beginning of the period 434 320 414 434 Cash and cash equivalents at the end of the period 366 145 366 145 Liquid funds 371 150 371 150 Short-term bank liabilities (5) (6) (5) (6) 33
Overview of PPA Adjustments Net PPA booked in CY17 ( mn) Expected yearly P&L effects 1 ( mn) 36 Dec-16 75 Q2 17 18 Dec-17e 65 Dec-18e 28 Q1 17 18 Dec-19e 28 CY17 Dec-20e 27 Notes: 1. Including deferred tax impacts and is not the complete schedule; assumed group tax rate of 29.935% for calculations. Source: Company information; Deloitte analysis. 34
Thank you for your participation Senvion S.A. All rights reserved. No part of this document may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photography, recording, or any information storage and retrieval system, without permission from Senvion S.A.