Senvion Group 1(“Senvion”), a leading global player in wind energy, is planning a listing of its shares on the regulated market segment (Prime Standard) of the Frankfurt Stock Exchange during the first half of 2016, subject to market conditions. In connection with the listing, the current owners of Senvion’s shares plan to sell a portion of their shares in a private placement to institutional investors.
For the calendar year 2015, Senvion’s pro forma 2 revenues reached EUR 2.14 billion. Its pro forma adjusted EBIT 3 and adjusted EBITDA were EUR 154.1 million and EUR 210.4 million, with margins of 7.2% and 9.8%, respectively. For the short financial year from April 1, 2015 to December 31, 2015, Senvion’s main operating subsidiary Senvion GmbH achieved revenues of EUR 1,683.0 million. Its adjusted EBIT reached EUR 136.3 million in the same period, corresponding to an EBIT margin of 8.1%, and an increase of EUR 64.0 million or 88.6% year-on-year. Adjusted for an intergroup loan and the accrued interest thereon, Senvion GmbH’s net working capital decreased by EUR 250.5 million from EUR 159.6 million as of March 31, 2015 to a negative EUR 90.9 million as of December 31, 2015, reflecting substantial improvements achieved in net working capital management during the short financial year 2015. Liquid funds amounted to EUR 417.7 million as of December 31, 2015. Based on the strength of its liquidity position, Senvion currently intends to redeem its outstanding EUR 400.0 million 6.625% high-yield bonds upon expiration of the bond’s non-call period in 2017. In addition, Senvion intends to reduce the interest expenses on its L/G and RCF facilities.
This publication is neither an offer to sell nor a solicitation of an offer to purchase securities. The securities that will be the subject of the listing discussed in this press release have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold in the United States absent registration under the Securities Act or an applicable exemption from registration requirements. Certain statements in this press release 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. No one undertakes any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. You should not place any undue reliance on forward-looking statements which speak only as of the date of this press release. Statements contained in this press release regarding past trends or events should not be taken as representation that such trends or events will continue in the future. The cautionary statements set out above should be considered in connection with any subsequent written or oral forward-looking statements that Senvion S.à r.l. or Senvion S.A. (the “Company”), or persons acting on its behalf, may issue.
1Senvion S.à r.l. (to be converted into Senvion S.A.) together with its consolidated subsidiaries, including its main operating subsidiary,Hamburg-based Senvion GmbH.
2The purpose of the pro forma consolidated financial information is to illustrate the material impact the Acquisition of Senvion GmbH with its directly and indirectly held subsidiaries and its respective financing would have had on the historical financial information of Senvion S.A., if the structure of Senvion S.à r.l. had already existed as created by the Acquisition of Senvion GmbH as of April 29, 2015 throughout the period from January 1, 2015 to December 31, 2015.
3Management believes that presenting adjusted EBIT, adjusted EBITDA, adjusted pro forma EBIT and adjusted pro forma EBITDA is useful to investors because it provides investors with meaningful supplemental information regarding financial performance by excluding certain items that management believes do not directly reflect Senvion S.à r.l.’sr’s core operations. Adjusted EBIT, adjusted EBITDA, adjusted pro forma EBIT and adjusted pro forma EBITDA, are not defined financial indicators under IFRS. For further information regarding adjusted EBIT, adjusted EBITDA, adjusted pro forma EBIT and adjusted pro forma EBITDA and the other non-IFRS measures provided by Senvion S.à r.l., please refer to the Selected Financial Information section of the Annex attached hereto.