Senvion plans to go public in first half of 2016

(PresseBox) ( Hamburg, )

- Planned listing of shares on the Prime Standard of the Frankfurt Stock Exchange
- Senvion to strengthen international profile and transparency, highlighting financial strengths
- Listing will improve visibility the Company as it expands into new markets
- Going public will provide access to capital markets to support growth
Senvion Group ("Senvion"), a leading global player in wind energy, is planning a private placement of existing shares to institutional investors and a listing on the regulated market segment (Prime Standard) of the Frankfurt Stock Exchange. The listing is expected for the first half of 2016, subject to market conditions.

Senvion is a leading global manufacturer of onshore and offshore wind turbines, focusing on the higher value added parts of the value chain. Senvion's footprint is located in 20 key developed and emerging markets, including a lean manufacturing base in Germany and Portugal. In total, Senvion has over 13.7 gigawatts ("GW") of cumulative installations worldwide. Senvion's comprehensive portfolio of highly competitive wind turbines is suited for a wide range of locations and wind speeds, both on- and offshore. Investment in technological leadership and R&D is a keystone of Senvion's strategic focus. Advancements in this area have contributed to the improvement of the supply chain, operations and reductions to the levelized cost of energy ("LCoE"). In addition to a strong manufacturing offering, Senvion has a well-developed, growing services business, with annuity-like revenues and attractive margins. The average length of service contracts has increased by approximately 20% since March 2012, and now exceeds ten years.

Jürgen Geissinger, CEO of Senvion, said: "Senvion has regained momentum and strategic flexibility in the past year. We believe that gaining access to the capital markets will support our growth path, increasing the global profile of Senvion as we expand into new markets."

For the calendar year 2015, Senvion's pro forma revenues reached EUR 2.14 billion. Its pro forma adjusted EBIT 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.

Senvion is geared for growth and well-positioned to capture international opportunities in the wind energy market. The company focuses on winning market share by implementing country-specific strategies and by driving expansion through innovations in the low-wind segment. Additionally, Senvion strategically enters markets where demand matches its existing product portfolio and where it stands to benefit from a local presence. In this way, Senvion has expanded existing client relationships into new markets. Senvion's new long-term strategy, implemented since the acquisition by Centerbridge and Arpwood Partners, aims to increase the company's addressable market reach by approximately 60% in GW terms.

Stefan Kowski, Chairman of the Supervisory Board, said: "We fully support Senvion's objectives for international growth. With its listing, Senvion will increase its international profile and transparency, highlighting its financial strengths. As an independent company, Senvion can continue to pursue its strengths in entering new markets, investing in innovation and developing client relationships."

Luxembourg-based Senvion S.A. is acting as the issuer for the transaction. Deutsche Bank, Citigroup and J.P. Morgan will act as Joint Global Coordinators and Joint Bookrunners. BofA Merrill Lynch, Barclays, Berenberg and Morgan Stanley have been mandated as additional Joint Bookrunners. Rothschild is acting as financial adviser to Senvion.
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