Quarterly Results Presentation Q 206 Senvion S.A.
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 proerty 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 3, 206 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.
Agenda Key Highlights 2 3 Financials Q 206 Conclusion and Outlook 4 Appendix 2
Key Highlights in Q 206
Key highlights Q 206 Senvion continues to be on track for its full year targets Q in line with previous years Healthy order book development Further improvements in working capital Positive free cash flow generation Market share gains Gained c.4% market share in EMEA in 205 Increased market share globally to 6.6% (excl. China) Successful market entries in Chile and Japan Early success already showcasing our ability to execute on strategy of entering new markets 4
Senvion in EMEA and globally Largest market share gains among peers in Europe EMEA Top OEMs for 205 4.3 GW Global¹ Top OEMs for 205 6.0 GW GE 6.3% 4.4% Nordex 9.6% 9.2% Senvion.7% 7.5% Others 4.7% 9.0% Siemens 6.7% 20.9% Vestas 24.2% 23.2% Enercon 6.8% 25.8% Adwen.7% 0.2% Senvion 6.6% 4.0% Acciona 3.2% 0.9% Nordex 5.% 5.4% Enercon 8.9% 4.4% Gamesa 9.6% 7.4% Suzlon.5% 3.7% Siemens 4.0% 5.2% Others 7.9% 3.% Vestas 22.4% 7.3% GE 9.2% 8.4% Senvion gained c.4% market share in EMEA in 205, more than any other OEM in the market Source MAKE Report EMEA Market Share - Top Wind Power Markets in 205, MAKE Global wind turbine oem 205 market share ¹ Excl. China x.x%: 205 market share x.x%: 204 market share 5
Stable order book of 5.6bn Providing solid coverage of revenues for 206 WTG order book ( bn) Q 206 split by geography Key highlights Senvion GmbH Senvion S.A. Mar-6 Dec-5 Sep-5 Jun-5 Mar-5 Dec-4 Sep-4.8.8 2. 2.3.7.5.5.7.6.4.5 2.0.9.6 3.6 3.4 3.4 3.7 3.7 3.4 3. Net firm orders at.8bn RoW 3% Canada 3% Germany 5% UK 24% Total order book at ~ 5.6bn as of 3 March 206 -.8bn of net firm orders including offshore orders of 637m -.7bn of signed contracts, pending for conversion to unconditional contracts - 2.bn of service contracts Jun-4.6.7 3.3 Offshore 35% Mar-4.7.9 3.6 Net firm orders Signed contracts Mar-6 Note Figures prior Dec 5 are for Senvion GmbH for comparison Net Firm orders are confirmed orders minus PoC revenues already booked; Signed contracts are conditional orders and may not always convert into firm orders 6
Stable order book of 5.6bn (cont d) Providing solid coverage of revenues for 206 Service order book ( bn) +35.3% Key highlights 2.bn of service order book.50.44.52.5.53.84.94.97 2.06 - Fastest growing platform with +35.3% vs Q 5 Mar-4 Jun-4 Sep 4 Dec-4 Mar-5 Jun-5 Sep-5 Dec-5 Mar 6 - High growth and high margin Senvion GmbH Senvion S.A. business Average duration of service contracts (years) - Close to GW of installations under service coverage 8.60 8.70 9.20 9.50 +7.4% 0.20 0.20 - Predictable and annuity-like contracts with up to 20 years tenor and average tenor of ~0 years Mar-2 Mar-3 Mar-4 Mar-5 Dec-5 Mar 6 - Renewal rates at 75%+ over the last 3 years 2 Senvion GmbH Senvion S.A. Only includes active contracts and does not include contracts not yet initiated 2 Average for 3 years based on semi-annual data 7
Order intake Firm WTG order intake ( m) Germany Canada France UK Others Offshore,06 662 62 7 520 84 458 64 3 438 44 35 55 30 52 327 303 24 80 2 269 3 36 40 5 35 06 74 24 6 42 3 58 67 47 37 2 54 273 54 209 04 30 6 80 6 64 06 06 6 Mar-4 Jun-4 Sep-4 Dec-4 Mar-5 Jun-5 Sep-5 Dec-5 Mar-6 Further order wins in April Chile - Announced conditional order of 300 MW, installation in 207 Japan - Converted signed contract of 6 MW into firm order Order announcement policy Firm orders starting from 20 MW All firm orders in new markets Cumulative orders of 50m from one hub Strategic CP contracts Senvion GmbH Senvion S.A. Large service orders Note Figures prior Dec 5 are for Senvion GmbH and provided for comparison 8
Senvion installations Installations (MW) Germany Canada Australia France UK US Others (combined) Offshore Annual Installations Quarterly Installations 2,202 307 290,844 398,745 24,487 7 673 49 60 666 84 8 58 3 250 262 566 66 6 23 87 6 05 53 27 68 63 06 275 37 43 99 39 20 9 233 326 372 55 98 Mar-3 Mar-4 Mar-5 CY5 Q CY5 Q CY6 Senvion GmbH Senvion S.A. Senvion GmbH Senvion S.A. Key highlights Installations to pick up as the year progresses Q is generally softer in terms of activity Large installations expected in UK this year Includes Austria, Czech Republic, Poland, Netherlands, Sweden, Italy, Romania, Belgium, Portugal, Turkey 9
Financials Q 206
Key highlights Stable margins despite softer quarter Senvion S.A. Senvion GmbH Senvion S.A. ( m, unaudited) PF adj. CY5 QCY5 2 QCY6 3 Revenues 2,39 456 364 Gross profits 608 3 22 Gross margin % 28.4% 28.8% 33.4% Adjusted EBITDA 20 32 27 Adjusted EBITDA % 9.8% 7.% 7.5% Adjusted EBIT 54 8 4 Adjusted EBIT % 7.2% 3.9% 3.8% Net working capital % (4.7%) 8.3% (6.4%) Key highlights Q historically the softest quarter in the year - Offshore revenue recognition delayed due to need to retrofit the offshore blades in stock Adjusted operating margins improved despite lower revenues yoy Positive free cash flow leads to cash balance of 439m Cash on hand 49 30 439 Net Debt/(Net Cash) (3) (279) (25). Pro-forma adjusted financials are unaudited and prepared as if Senvion S.A. acquired Senvion GmbH from st January 205; Adjusted EBITDA does not include PPA effects of 90m, trailing edge provision of 22m, acquisition related costs of 28m and general warranty release income of 4mn. EBIT does not include reorganisation expenses of 8mn and PPA impacts of 04m 2. Trailing edge provision of 8.2m excluded from Gross profits 3. Gross margins adjusted for PPA of.5mn, EBITDA is adjusted for one time listing costs of 6.5m, EBIT is adjusted for PPA in D&A of 26m. All effects are cumulative.
Revenue development Service business continues to grow Onshore revenues ( m) Service revenues ( m) Offshore revenues ( m) 369 (29%) 262 56 +30% 73 28 +3% 29 Q 205 Q 206 Q 205 Q 206 Q 205 Q 206 Other revenues at 3.6m & 0.8m for Q 205 & Q 206 respectively Onshore revenues breakup ( m) Europe ( m) Americas ( m) Asia-Pacific ( m) 338 (29%) 24 +75% 22 23 8 0 Q 205 Q 206 Q 205 Q 206 Q 205 Q 206 Mainly due to lower revenues in Germany Includes revenues from Canada Includes revenues from Australia. Q 205 figures are of Senvion GmbH for comparison purposes 2
Other key performance metrics COGS ( m) Key highlights Q 206,836 6.8% COGS Gross margin,366,477,563 24.4% 25.4% 28.4% 389 2 28.8% 35 33.4% Gross margin consistently increased over last three years Higher gross margins driven by increased proportion of service revenues Mar-203 Mar-204 Mar-205 PF adj CY5 Senvion GmbH Senvion S.A. Q 205 Q 206 Senvion GmbH Senvion S.A. Adequate SG&A base to support business growth Operating cost breakdown 4 ( m) Personnel Other operating D&A Further cost optimisation initiatives underway 49.8% 7.9% 366 433 468 2.6% 2.8% 2.6% 7.% 8.8% 8.5% 5 3.2% 9.9% 22 3 3.7% 2.9% 8.6%.% 0.9% 0.7% 2.2% 6.9% Mar-203 Mar-204 Mar-205 PF adj. CY5 Senvion GmbH Senvion S.A. Q 205 Q 206 Senvion GmbH Senvion S.A. Note - All % are calculated based on revenues. Excludes PPA impact of.5mn ; 2. Excludes trailing edge provision of 8.2m; 3. PPA effect of 26m excluded from D&A, IPO costs excluded from Opex; 4. Excludes net FX gain/loss 3
Bridge between reported and adjusted earnings Income Statement Senvion SA Adjustments Senvion SA m, unaudited Q CY6 Adj. Q CY6 Revenue 364 364 Total performance 473 473 Material expenses (352).5 (35) Gross profit 20 22 Gross margin % 33.0% 33.4% Other operating income 9 9 Personnel expenses (62) (62) Other operating expenses (53) 2 6.5 (46) FX gain/loss 5 5 EBITDA 9 27 EBITDA % 5.3% 7.5% Depreciation & Amortisation (39) 3 26 (3) EBIT (20) 4 EBIT% (6.9%) 3.8% Net interest (22) 4 7.7 (4) Taxes 0 5 (8.) 2 Net Profit from cont. operations (32) PAT % (6.9%) 0.3% Material costs include PPA impact of.5m 2 Opex includes one time listing costs of 6.5m 3 D&A includes PPA impact of 4 26m Key adjustments Interest expense includes shareholder loan interest of 7.7m, which has been fully converted into equity before listing 5 Includes positive PPA impact of 8.m 4
Breakup of tangible Capex and R&D Total Tangible Capex ( m) % of revenue.5% 2.6% 2.2%.4% 2.2% 46 43 35 30 2.8% Key highlights Full year capex likely to be higher than last years 0 0 Mar-203 Mar-204 Mar-205 PF adj CY5 Q 205 Q 206 Senvion GmbH Senvion S.A. Senvion GmbH Senvion S.A. R&D spend ( m) % of revenue.8% 2.6% 3.0% 3.% 3.8% 4.9% 67 42 45 58 9 22 22 2 39 45 20 23 8 8 5 2 Mar-203 Mar-204 Mar-205 PF adj CY5 Q 205 Q 206 7 Increase in R&D spend likely compared to previous years to invest into new products Senvion GmbH Senvion S.A. Senvion GmbH Senvion S.A. Excluding capitalised R&D Capitalised R&D Expensed R&D 5
Net working capital Working capital levels improved further Net working capital evolution ( m) Key highlights 2 23 9.2% 2.% 60 8.3% Further improvement achieved in working capital - Better alignment in suppliers payment terms to the project milestones Mar-3 Mar-4 Mar-5 (0) (4.7%) Dec-5 (32) (6.4%) Mar-6 - Better client advances in UK and Offshore during the quarter - Inventory levels went up due to busy installations season ahead Senvion GmbH Senvion S.A. Net working capital NWC % of trailing 2 months revenue. 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). 6
Senvion S.A. Cash flow summary Senvion GmbH Senvion S.A. ( m, unaudited) Q CY5 Q CY6 Cash flows from operating activities (20) 4 Cash flows from investing activities (22) (9) Cash flows from financing activities (2) (2) Cash flow from discontinued operations (0) 0 TOTAL Cash Flow (44) 20 Net cash position of 25 m as on Q 206 7
Conclusion & Outlook
Wind Installed capacity in selected markets Senvion is benefitting from several developments Cumulated market volume (On- & Offshore in GW) Canada UK Nordics India 2 5 206 208 Federal ambitions, provincial targets and the overall goal to reduce coal capacity support outlook of stable GW+ market 5 9 206 208 Grace periods for ROC lessen the impact on pipeline until end of 207-208 (leading to 800MW+ market) subsidy-free CfDs being considered 9 206 208 Higher traction after reform of joint certificate scheme After dip in 206, markets may grow back to a.gw by 208 28 34 206 208 Outstanding 60GW target by 2022 resulting in stable 2.5-3GW market that takes-off by end of decade Chile France Germany Australia 2 206 208 Wind as big winner of last renewable energy auction Next auction with much larger volumes Stable 300MW+ market 3 206 208 Steady GW market peaking in 208 Auction system kicking in 209 with minor influence on stability 49 58 206 208 Onshore markets staying at high level (3GW+) in the shortterm Auction system may bring volatility in short term 4 5 206 208 Revised energy target giving certainty which brings the market back to a GW+ level in the longterm Source: GWEC/EWEA, MAKE 9
Clear roadmap to deliver strategic goals 2 Top line Growth in Addressable Markets Sustain and grow market shares in Current Markets and in new market entries Based on strong product portfolio In low wind and with best in class LCOE And solid Service business with With improved efficiency and better aftermarket products and offerings Grow Profitability Focus on quality Drive product cost reduction Using global supply chain and multi-vendor sourcing Stringent target costing and value engineering Lead time reduction in scheduling/installation time 3 Organization From Function to Project Organization 4 Enhanced Cost Transparency 20
Q&A Financial calendar 206 Event Date Q 206 results May 0, 206 Berenberg Energy Efficiency & Construction Sector Conference 206, Zurich dbaccess German, Swiss & Austrian Conference, Berlin J P Morgan Capital Goods CEO Conference, London June 7, 206 June 8, 206 June 9, 206 Your Investor Relations Team: Dhaval Vakil Vice President Capital Markets and M&A Q2 206 results August 2, 206 Macquarie's 9th Alternative Energy Conference, London September 6, 206 Q3 206 results November 5, 206 Publication of preliminary annual financials March 207 Annual results 206 March 207 Annual general meeting May 3, 207 T: +44 20 7034 7992 M: +44 778839085 Email: dhaval.vakil@senvion.com Julia Stargardt Manager Capital Markets T: +49 40 5555 090 357 M: +49 72 3683 906 Email: julia.stargardt@senvion.com For general queries: IR@senvion.com 2
Appendix
Senvion S.A. Income statement Senvion S.A. Senvion GmbH Senvion S.A. ( m, unaudited) PF adj. CY5 Q CY5 Q CY6 Revenues 2,39 456 364 Capitalized development expenses 45 3 Changes in finished goods and WIP (3) 52 98 Total performance 2,7 52 472 Material expenses / services obtained (,563) (398) (352) Gross profit 608 23 20 Gross margin % 28.4% 27.0% 33.0% Other operating income 2 9 Personnel expenses (230) (56) (62) Other operating expenses (82) (45) (53) Foreign exchange gain/loss 3 (0) 5 EBITDA 20 24.3 9 EBITDA % 9.8% 4.7% 5.3% Depreciation & Amortization (56) (5) (40) EBIT 54 9.7 (20) EBIT % 7.2%.9% (6.9%) Net interest (int cost int income) (52) (5) (22) Earnings before taxes 02 5 (42) EBT % 4.8%.% (9.0%) Taxes (39) (3) 0 Net Profit from cont. operations 63 3 (32) PAT % 2.9% 0.5% (6.9%) 2 3 4 5 Comments Senvion GmbH figures are only provided for comparison purposes Includes the PPA impact of.5mn 2 Includes IPO expenses of 6.5m 3 Includes PPA of c. 26m 4 Includes interest on shareholder loan, which has been fully converted into equity on listing 5 Includes positive PPA benefit of c. 8mn Note Net FX impact is shown separately Pro-forma adjusted financials are unaudited and prepared as if Senvion S.A. acquired Senvion GmbH from st January 205. Adjusted EBITDA does not include PPA effects, trailing edge provision of 22m, acquisition related costs of 28m and general warranty release income of 4m. EBIT does not include reorganisation expenses of 8m and PPA impact of 04m 23
Senvion S.A. Bridge between reported and adjusted P&L Income Statement Senvion SA Adjustments Senvion SA ( m) PF CY5 PF Adjusted CY5 Revenue 2,39 2,39 Changes in finished goods and WIP (3) (3) Capitalised development expenses 45 45 Total performance 2,7 2,7 Material expenses/ services obtained (,585) 22 (,563) Gross profit 587 608 Gross margin % 27.4% 28.4% Other operating income 48 2 (4) 44 Personnel expenses (230) (230) Other operating expenses (240) 3 28 (22) EBITDA 65 20 EBITDA % 7.7% 9.8% Depreciation & Amortisation (56) (56) EBIT before reorganisation exp. 08 54 EBIT before reorganisation exp% 5.% 7.2% Reorganisation expenses 2 (8) 8 0 EBIT 00 54 EBIT % 4.7% 7.2% Net interest (95) 4 43 (52) PPA impacts (37) 37 Earnings before taxes (3) 02 EBT % (6.%) 4.8% Taxes (without PPA impact) (25) 5 (4) (39) Net Profit from cont. operations (56) 63 PAT % (7.3%) 2.9% Adjustments Material expenses include the trailing edge provision of 22m 2 Other operating income include income from warranty release of 4m 3 Opex include one-off acquisition related transaction costs of 28m in the holding companies 4 Interest expense includes shareholder loan interest of 35m, which will not occur post listing and other one-off costs 5 Adjusting tax impacts due to above adjustments. Pro-forma adjusted financials are unaudited and prepared as if Senvion S.A. acquired Senvion GmbH from st January 205 and shows PPA in one line below EBIT rather than in each line item for ease of understanding. PPA comprises ( 96m), ( 04m), 7m and 57m for line items material expenses, depreciation and amortisation, other operating income and taxes respectively 24 2. Reorganisation expenses relate to closing of the Canadian blade facility
Senvion S.A. Balance sheet Assets ( m, unaudited) Dec-5 Mar-6 Liquid Funds 49 439 Current Assets (excluding liquid funds) 805 869 Receivables 280 88 Inventories 47 543 Others 09 38 Property, plant & equipment 93 93 Goodwill and other intangible assets 687 667 Other Non current assets 2 9 Total 2,26 2,88 Liabilities ( m, unaudited) Dec-5 Mar-6 Loans (short term and long term) 6 5 Subordinated shareholder loan 469 0 Current liabilities (excluding provisions and short term loans) 906,00 Advance payments received 29 354 Trade payables 382 43 Gross amount due to customers for contract work as a liability 72 47 Others 6 69 Provisions 28 222 Other liabilities 586 566 Total equity capital (69) 384 Total 2,26 2,88 Note Current liabilities does not include short term loans; other liabilities include deferred taxes; Equity capital includes minority interest 25
Senvion S.A. Cash flow summary Senvion S.A. Senvion GmbH Senvion S.A. ( m, unaudited) PF adj. CY5 Q CY5 Q CY6 Result before income taxes (27) 5 (42) Adjustments for Depreciation on property, plant and equipment, amortization of intangible assets and write-offs on financial assets 0 5 39 Interest income () () () Interest expenses 62 5 23 Increase/decrease in provisions (7) 6 5 Profit/loss from sales of property, plant and equipment, intangible and other long-term assets 0 0 0 Change in working capital 32 (46) 22 Interest received Interest paid (27) (4) (5) Income tax paid/received (3) 0 () Other non-cash income and expenses 0 0 0 Cash flow from operating activities 38 (20) 4 Thereof from discontinued operations 0 0 Cash receipts from the sale of property, plant and equipment, intangible and other long-term assets 0 2 Cash payments for the purchase of intangible assets (33) (4) () Cash payments from purchase of property, plant and equipment and other long-term assets (6) (8) (0) Acquisition of subsidiary: Net of cash acquired (73) 0 0 Cash flow from investing activities (779) (22) (9) Thereof from discontinued operations 0 0 0 Cash repayments of amounts borrowed 0 (2) (2) Cash flow from financing activities 874 (2) (2) Increase/decrease in cash and cash equivalents 43 (44) 20 Cash and cash equivalents at the beginning of the period 0 344 43 Cash and cash equivalents at the end of the period 43 300 434 Liquid funds 49 30 439 Cash displayed in Assets of disposal group classified as held for sale 0 6 0 Short-term bank liabilities (6) (7) (5) Cash and cash equivalents at the end of the period 43 300 434 26
Key terms of the bond Senior secured notes (Green Bond) 205 Issuer Principal amount 400m Senvion Holding GmbH Issue Date April 29, 205 Maturity Date November 5, 2020 Ranking Senior secured Interest 6.625 % Interest Payment May 5 and November 5, commencing November 5, 205 Minimum Denomination Optional Redemption Regulation S ISIN/ Common Code Rule 44A ISIN/ Common Code Listing Trustee 00,000 and integral multiples of,000 in excess thereof Prior to May 5, 207: Equity clawback up to 40% at 06.625%; provided that at least 50% of the original issue size remains outstanding after redemption. Up to 0% in any 2-month period commencing the Issue Date, at 03%. 00% plus make-whole premium. On and after May 5, 207, Notes may redeemed at: 03.33% until May 4, 208 0.656% until May 4, 209 00.000% from May 5, 209 XS223808749/22380874 XS223809390/22380939 Irish Stock Exchange (traded on the Global Exchange Market) Deutsche Trustee Company Limited Comments In order to reduce future cash interest payments, as well as future amounts due at maturity or upon redemption, we may, from time to time, purchase our Senior Secured Notes for cash in open market purchases, privately negotiated transactions or otherwise We will evaluate any such transactions, including the amount and timing of purchases, in light of then-existing market conditions and other factors The amounts involved in any such transactions, individually or in the aggregate, may be material 27
Senvion S.A. A leading global player in wind energy Key facts Revenues (Dec-5) 2,39m Adj EBIT 2 / margin (Dec-5) 54m / 7.2% Installed base (Dec-5) 3.7GW Order book (Dec-5) 5.4bn 3 Revenue breakdown Installed base breakdown 4 Installed base serviced By business (Dec-5) By region (Dec-5) By serviced fleet (Dec-5) Offshore 5% Service % Onshore 84% North America 7% Australia 3% APAC 3% Europe 77% MW not under service 26% Serviced base: 0.2GW MW under service 74% MM series Product portfolio snapshot 5 3.XM series 6.XM series Onshore First mover and technology trendsetter in 3MW class Strong player in all wind classes, historically high and medium wind Released industry-leading low wind turbine 3.4M40 Offshore First mover in 5MW+ class Largest operating fleet in 5MW+ class Largest commercially proven turbine by power rating. Financials refer to Senvion s additional consolidated financial statements as of and for the financial years ended Mar-203, Mar-204 and Mar-205, prepared on a voluntary basis covering the three financial periods that were included in the statutory consolidated financial statements each as of and for the financial years ended Mar-203, Mar-204 and Mar-205 published separately. The voluntary consolidated financial statements as of and for the financial years ended Mar-203, Mar-204 and Mar-205 reflect the change in accounting policy for revenue recognition from the sale of onshore wind turbines retrospectively and the application of IAS 0 Events after the Reporting Period for all periods presented herein; 2. Adjusted EBIT is defined as EBIT after applying adjustments to eliminate certain special items. Adjustments to EBIT include adjustments for release of general warranty provisions, adjustments relating to offshore blade provisions and write off of charter contracts for offshore O&M ships; 3. Includes net firm orders, signed contracts and service order book; 4. Offshore installations allocated to Europe; 5. Selected products 28
Our footprint is strategically located in key developed and emerging markets 2 3 5 3 2 5 Key highlights German engineering excellence 7 8 4 4 6 9 9 6 Global presence Increasing sourcing from lowcost countries Positioned to benefit from both worlds Key operations Production 2 3 4 Germany HQ: Hamburg 5 Italy Milan R&D: Osterroenfeld, Buedelsdorf, Osnabrück 6 Australia Melbourne UK Edinburgh 7 Canada Montreal France Paris 8 USA Denver Portugal Oliveira de Frades 9 China & India Sourcing offices 2 3 4 Nacelle/Hub Type Capacity MW Husum MM- Series,000 Trampe 3XM 500 Bremerhaven Oliveira de Frades 3XM, 6XM MM- Series,00,000 Total Hub & Nacelle 3,600 5 6 Blades Type Capacity (%) Bremerhaven RE 6 2% Vagos RE 40/45/ 5/55/59 88% Sales footprint today focused on key developed markets while progressively benefitting from sourcing and production in low-cost countries 29
Significant track record through c.4gw of installed base Romania Poland Sweden Germany Netherlands & Belgium France UK Spain Portugal Senvion Installed Capacity Worldwide (MW,2,3) Europe Germany France UK Italy Others Total 4,54,92,522 82,794 0,563 Canada USA North America Canada,09 USA,264 Total 2,355 Japan Italy Czech Republic Austria Hungary China India Australia Asia Australia 3% NA 7% China 234 Japan 8 India 23 Total 375 Total 440 Asia 3% Europe 77% Globally: 3.7GW Status December 205 Includes all installed and SCADA connected systems 3 Senvion installation from 987 onwards 2 30
Senvion S.A. Product portfolio at a glance Turbine type Rated power (MW) Prototype installation Wind class Offshore turbines 6.5 6.5 204 2009 Class I Class I, II 3.40 205 Class III 3.40 2009 Class I 3.40 204 Class II Onshore 3.XM Series 3.40 205 3.20 205 Class II Class III With Vortex Generators 3.20 204 Class II, III 3.20 20 Class II, III 3.00 204 Class III Onshore MM Series 2.05 2.05 2.00 2005 2003 20 Class II Class I Class II, III 3
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