DOCSLIB.ORG

Nordex SE Sustainability

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Nordex SE Sustainability 2015 Annual Report Nordex SE Nordex SE: Key figures at a glance Earnings 2011 2012 2013 2014 2015 ⌬ 15/14 Sales1 EUR million 920.8 1,075.3 1,429.3 1,734.5 2,430.1 40.10% Total revenues1 EUR million 927.0 1,100.9 1,502.3 1,739.5 2,416.1 38.90% EBIT1 before exceptionals/ non-recurring effects EUR million –10.3 14.0 – – – Exceptionals/ non-recurring effects EUR million –19.4 –75.0 – – – EBIT1 EUR million –29.7 –61.1 44.3 78.0 126.2 61.79% EBITDA1 EUR million –2.0 8.2 83.6 121.0 182.4 50.74% Cash flow1, 2 EUR million 69.1 64.0 67.9 –24.6 144.6 >100% Capital spending EUR million 46.1 58.5 71.6 76.3 75.1 –1.57% Consolidated net profit/loss1 EUR million –49.5 –94.4 10.3 39.0 52.3 34% Earnings/loss per share3 EUR –0.67 –1.28 0.14 0.48 0.65 35% EBIT margin1 % –3.2 –5.5 3.1 4.5 5.2 0.70 pp Working capital ratio4 % 27.7 8.7 2.2 –2.3 –1.2 1.10 pp Balance sheet 2011 2012 2013 2014 2015 ⌬ 15/14 Total assets as of 31.12 EUR million 1,028.9 1,066.1 1,191.4 1,239.9 1,460.1 17.76% Equity as of 31.12 EUR million 376.6 279.0 368.0 396.0 455.6 15.05% Equity ratio % 36.6 26.2 30.9 31.9 31.2 –0.70 pp Employees 2011 2012 2013 2014 2015 ⌬ 15/14 Employees5 Ø 2,643 2,536 2,543 2,800 3,148 12.43% Staff costs1 EUR million 147.4 140.2 153.2 167.7 197.3 17.65% Sales1 per employee EUR thousand 348 424 562 619 772 24.72% Staff cost ratio1 % 15.9 12.7 10.2 9.6 8.2 –1.40 pp Company performance indicators 2011 2012 2013 2014 2015 ⌬ 15/14 Order intake EUR million 1,107.0 1,268.0 1,502.9 1,753.9 2,470.9 40.9% Installed capacity MW 970 919 1.254 1.489 1.697 14.0% Non-domestic proportion of turbine construction1 % 85.4 83.2 75.4 65.8 68.5 –2.7 pp 1 Excluding discontinued operations in 2012 2 Cash flow = change in cash and cash equivalents 3 Earnings/loss per share = basic, calculated using the weighted average of 80.882 million shares in 2015 (2014: 80.882 million shares) 4 Relative to sales 5 2011: still including employees affected by the reorganisation programme Highlights in 2015 of the Nordex Group March 2015 Right in the first quarter, the Nordex Group was awarded two major con- tracts from emerging markets: In Uruguay it will be installing the 142 MW “Pampa” project with 59 low-wind N117/2400 turbines for the government- owned utility UTE by mid 2016. With a capacity of 111 MW produced by 37 N117/3000 turbines, the turnkey project “Gibson Bay” in South Africa is also one of the largest projects in the Company’s history. May 2015 Lars Bondo Krogsgaard, hitherto CCO of Nordex SE, replaced Dr. Jürgen Zeschky as Chief Executive Officer following the latter’s resignation at the end of the month. After his appointment in March 2012, Dr. Zeschky had successfully guided the Nordex Group through the turnaround and realigned it. September 2015 At “Husum Wind”, Nordex unveiled the N131/3300 turbine, a model specially designed for German inland locations. With a hub height of up to 164 metres, it achieves a reduction in the cost of energy. October 2015 The Nordex Group and Spanish infrastructure group Acciona announced an agreement on the acquisition of Corporación Acciona Windpower S.L. (AWP). With this merger, the Nordex Group will be increasing its activi- ties in growth and emerging markets and is seeking a position within the global top five onshore wind turbine sellers by 2018. December 2015 With the arrangement of a syndicated guarantee facility of EUR 950 mil- lion with 14 national and international banks, Nordex has secured its funding for the coming years. Following the completion of the AWP transaction, this facility can be increased to EUR 1.2 billion to finance continued growth. 2015 Nordex is one of the world’s leading producers of onshore wind power systems. Our guiding principle is to harness the wind intelligently. This we achieve by never ceasing in our search for new and better technical solutions. Look ing forward, we are seeking to produce electricity at market prices with our wind power systems. At the same time, we utilise the cost advan- tages which the inter national market offers us. Our skills include the development and production of wind turbines, project devel opment and the construction of turn-key wind farms as well as maintenance and service. About us Our business performance in 2015 For our shareholders Combined Group management report 6 Letter to the shareholders 40 Basis of Company 8 Management Board of Nordex SE 40 Activities 9 Corporate governance bodies 41 Goals and strategy 12 Nordex stock 43 Sub-strategies 44 Corporate structure Our responsibility 45 Management process system and performance indicators 16 Report of the Supervisory Board 46 Research and development 20 Sustainability 47 Quality management 48 Employees and remuneration system 50 Business report 50 Underlying conditions in the economy as a whole and in the wind power industry 57 Nordex Group’s business performance 60 Results of operations and earnings situation 61 Financial condition and net assets 65 Capital spending 65 Segments 67 Business performance of the parent company Nordex SE 67 Important events after the reporting date 67 Risk and opportunities 79 Outlook and expectations for the Nordex Group 82 Disclosures in accordance with Sections 289 (4) and 315 (4) of the German Commercial Code and ancillary report 83 Corporate governance Consolidated financial statements 92 Consolidated balance sheet 94 Consolidated income statement 95 Consolidated statement of comprehensive income 96 Consolidated cash flow statement 98 Consolidated statement of changes in equity 102 Notes 104 Notes on the consolidated financial statements 126 Group segment report 160 Statement of changes in property, plant and equipment and intangible assets 162 List of shareholdings 168 Responsibility statement 169 Auditor’s report Key Cross-reference Further information with page number 00 170 Glossary 174 Addresses Reference to Internet @ Financial calendar 2016 Nordex share up 118% in 2015 For our shareholders 6 Letter to the shareholders 8 Management Board of Nordex SE 9 Corporate governance bodies 12 Nordex stock Our responsibility 16 Report of the Supervisory Board 20 Sustainability 2015 was the year in which we could proudly celebrate Nordex’ 30 year anniversary in a relatively young industry. It was also a successful and eventful year for our company throughout. We installed more wind turbines than ever before, setting a new sales record at EUR 2.4 billion, and we paved the way for continued growth with the highest ever order intake at EUR 2.5 billion. Our profitability improved and the EBIT margin landed at 5.2%. This is satisfactory considering where Nordex has come from, although it has to be said that we are still some way from the mid-term profitability target that we have set for ourselves. Nordex typically generates two thirds of its sales in Europe. Against this backdrop, it was positive that we grew the European market share to 13%. Also, despite a drop in overall market volume in Germany, Nordex continued to increase its market share in the important home market to 12%. In early October 2015, we announced the acquisition of our Spanish competitor, Acciona Windpower (AWP), and were immediately pleased to see both the financial market and our customers react positively to the news. The AWP transaction marks a strategic milestone for Nordex. The deal transforms our company from a mid-sized player, with a primarily European footprint, into a truly global manufacturer, with scale to drive out costs and stem technology investments in an increasingly competitive industry, without defendable niches. Moreover, the two companies fit together excellently in terms of markets, technology and customers, and the new company will sport an exciting and broad product range spanning mature as well as high-growth emerging markets like Mexico, Brazil and India. The planning of the integration of Nordex and AWP has been going on since the deal was announced, and many employees from both companies have been involved. We are humble about the challenges that come with merging companies and cultures, but nevertheless feel comfortable that the new company will get off to a good start when the deal closes in April 2016. Not everything went well for Nordex in 2015. With high growth come challenges, and inefficiencies during product ramp-ups, as well as project delays, hurt our profitability. Furthermore, a manufac- turing fault in a batch of blades procured externally affected a number of projects across the globe. The elimination of the problem and partial exchange of affected blades triggered significant costs. In the future, we will focus even more on managing and assuring quality, and efforts towards coping better with the increased business volume, through process and system improvements, are being made. If we do our job well and reduce the number of “stumbling blocks”, this will be an important lever by which to increase profitability. 6 For our shareholders Letter to the shareholders Nordex constantly strives to reduce the cost of energy, i.e.
Load more

Recommended publications
  • The 4Th Wind Energy Systems Engineering Workshop
    The 4th Wind Energy Systems Engineering Workshop September 13th-14th, 2017 Risø DTU National Laboratory for Sustainable Energy Roskilde, Denmark Sponsored by: DTU Wind Energy National Renewable Energy Laboratory Workshop Agenda Overview: The 4th workshop on systems engineering for wind energy will take place on the 13th and 14th of September, 2017. The first workshop in December 2010 was a success in catalyzing interest in this important topic among participants from industry, the national laboratories and academia. The second and third workshops in January 2013 and 2015, respectively, with more than 100 participants each, demonstrated the significant growth in interest from the research and industry community surrounding systems engineering for wind energy and integrated approaches to wind turbine and plant design. At this fourth workshop, DTU Wind Energy and NREL will be hosting the workshop in Europe to encourage participation from European wind energy systems engineering practitioners and interested parties. This year’s theme will be on exposing interactions in the system and exploring how different wind energy stakeholders addressing them in new, integrated and innovative ways. Short Agenda Wednesday, September 13th, 2017 8:30 a.m. – 9:00 a.m. Registration and Breakfast 8:30 a.m. ‒ 12:15 p.m. Morning sessions 12:15 p.m. ‒ 1:00 p.m. Lunch 1:30 p.m. ‒ 5:45 p.m. Afternoon sessions 5:45 p.m. ‒ 7:30 p.m. Evening reception and poster session (appetizers) Thursday, September 14th, 2017 8:00 a.m. – 8:30 a.m. Registration and Breakfast 8:30 a.m. ‒ 12:00 p.m.
    [Show full text]
  • Prairie Solar
    Champaign County: Prairie Solar Patrick Brown, Director of Development 1-619-733-2649 [email protected] r.e.sponsible for your success.success. Prairie Solar: Project Description • Project will generate up to 150 MW, enough power for 50,000 homes. • Panels will be mounted on a single-axis tracking system. • The site encompasses approximately 1,609 acres. • 16 landowners are participating. • Project will comply with all environmental regulations. Präsentationskennung - über Kopf-/Fußzeile eintragen r.e.sponsible for your success. 2 Local Economic Benefits* Prairie Solar brings new revenue and jobs to the community Construction Phase: • $250 million total investment • $138.5 million estimated local spending • 18 month construction project • Over 1.5 million local skilled construction man- hours *Derived from US Department of Energy’s Jobs & Economic Development Impact (JEDI) solar model. Präsentationskennung - über Kopf-/Fußzeile eintragen r.e.sponsible for your success. 3 Local Economic Benefits* Annual Operations: • $3.6 million estimated Estimated First Year Property Tax Revenue annual local spending Champaign County $ 94,442.90 • Approximately 15 Forest Preserve District $ 10,082.50 permanent operations and Parkland College $ 58,979.90 maintenance jobs for electricians, network and Tolono CUSD #7 $348,753.68 communications Heritage CUSD #8 $136,519.78 technicians, landscapers, Sidney Fire Protection $ 21,800.00 and others Sidney Township $ 24,906.50 • $737,000 estimated first Sidney Road & Bridge $ 16,099.30 year property tax revenue to local taxing bodies. Sidney Permanent Road $ 16,099.30 * Derived from US Department of Energy’s Jobs & Estimated first year property tax revenue based on most recent available 2017 tax rates.
    [Show full text]
  • Corporate Non-Financial Reporting in Germany
    Copyright © Development International e.V., 2019 ISBN: 978-3-9820398-1-7 Authors: Chris N. Bayer, PhD Gisella Vogel Sarah Kaltenhäuser Katherine Storrs Jiahua (Java) Xu, PhD Juan Ignacio Ibañez, LL.M. Title: A New Responsibility for Sustainability: Corporate Non-Financial Reporting in Germany Date published: May 6, 2019 Funded by: iPoint-systems gmbh www.ipoint-systems.com Executive Summary Germany's economy is the fourth-largest in the world (by nominal GDP), and with 28% of the euro area market, it represents the largest economy in Europe.1 Considering the supply chains leading to its economy, Germany's cumulative environmental, social and governance performance reverberates globally. The EU Non-Financial Reporting Directive (NFRD) is the impetus behind this study – a new regulation that seeks to “increase the relevance, consistency and comparability of information disclosed by certain large undertakings and groups across the Union.”2 Large undertakings in EU member states are not only required to report on their financial basics, now they are also required by Article 1 of the Directive to account for their non- financial footprint, including adverse impacts they have on the environment and supply chains. In accordance with the Directive, the German transposition stipulates that the non-financial declaration must state which reporting framework was used to create it (or explain why no framework was applied), as well as apply non-financial key performance indicators relevant to the particular business. These requirements are our point of departure: We systematically assess the degree of non-financial transparency and performance reporting for 2017 applying an ex-post assessment framework premised on the Global Reporting Initiative (GRI), the German Sustainability Code (Deutscher Nachhaltigkeitskodex, DNK) and the United Nations Global Compact (UNGC).
    [Show full text]
  • Nordex Group Announces New N149/5.X Turbine
    PRESS RELEASE Entering the 5 MW class: Nordex Group announces new N149/5.X turbine Powerful addition to the Delta4000 series presented in 2017 Hamburg, 26 March 2019. The Nordex Group is extending its product portfolio with a multi-megawatt machine in the 5 MW class. After the N149/4.0-4.5 and the N133/4.8, the new N149/5.X is the third turbine type in the Delta4000 series. The N149/5.X is designed for moderate and light-wind areas and can also perform optimally at sites with complex requirements. Apart from the classic core markets in Europe, the target markets for the N149/5.X also cover global growth regions such as South Africa, Australia and South America. The N149/5.X is designed for maximum flexibility and can be operated in different modes in the 5 MW range depending on site requirements and customer needs. This enables customers to individually configure the wind farm in terms of the output, capacity and lifetime of the turbine, as well as with regard to sound requirements, and thus adapt it ideally to the company's respective business model. The N149/5.X is a logical progression based on the successful approach of a flexible power range in the N149/4.0-4.5. "Thanks to the proven technological basis of the Delta4000 product series we are in a position to continuously develop highly efficient solutions for different wind regimes and different geographical regions and to ensure short lead times for product launches. We have designed the N149/5.X with its maximum flexibility and efficiency to exactly meet the needs of our customers," says José Luis Blanco, CEO Nordex Group.
    [Show full text]
  • Media R Elease
    Frankfurt/Main, 5 December 2018 Carl Zeiss Meditec AG to be included in MDAX Three changes in SDAX/ Changes to be effective as of 27 December 2018 On Wednesday, Deutsche Börse announced changes to its selection indices, which will become effective on 27 December 2018. The shares of Carl Zeiss Meditec AG will be included in the MDAX index and will replace the shares of CTS Eventim AG & CO. KGaA, which will be included in the SDAX index. The exclusion of CTS Eventim AG & CO. KGaA is based on the fast exit rule; Carl Zeiss Meditec AG is eligible for the index inclusion due to its market capitalisation and order book turnover. MDAX tracks the 60 largest and most liquid companies below DAX. The following changes will apply to SDAX: CTS Eventim AG & CO. KGaA, Knorr- Bremse AG and VARTA AG will be included. The shares of BayWa AG and DMG Mori AG will be deleted from the index, according to the fast exit rule. SDAX tracks the 70 next biggest and most actively traded companies after the MDAX. The constituents of the indices DAX and TecDAX remain unchanged. The next scheduled index review is 5 March 2019. DAX®, MDAX®, SDAX® and TecDAX® are registered trademarks of Deutsche Börse AG. Media Release About Deutsche Börse – Market Data + Services In the area of data, Deutsche Börse Group is one of the world’s leading service providers for the securities industry with products and services for issuers, investors, intermediaries, and data vendors. The Group’s portfolio covers the entire value chain in the financial business.
    [Show full text]
  • Organized Equity Markets in Germany Erik Theissen
    No. 2003/17 Organized Equity Markets in Germany Erik Theissen Center for Financial Studies an der Johann Wolfgang Goethe-Universität C Taunusanlage 6 C D-60329 Frankfurt am Main Tel: (+49)069/242941-0 C Fax: (+49)069/242941-77 C E-Mail: [email protected] C Internet: http://www.ifk-cfs.de CFS Working Paper No. 2003/17 Organized Equity Markets in Germany Erik Theissen* March 2003 Abstract: The German financial system is the archetype of a bank-dominated system. This implies that organized equity markets are, in some sense, underdeveloped. The purpose of this paper is, first, to describe the German equity markets and, second, to analyze whether it is underdevel- oped in any meaningful sense. In the descriptive part we provide a detailed account of the microstructure of the German equity markets, putting special emphasis on recent develop- ments. When comparing the German market with its peers, we find that it is indeed underdeveloped with respect to market capitalization. In terms of liquidity, on the other hand, the German equity market is not generally underdeveloped. It does, however, lack a liquid market for block trading. JEL Classification: G 51 Keywords: Market size, liquidity, floor versus screen trading * Prof. Dr. Erik Theissen, Universität Bonn, BWL 1, Adenauerallee 24-42, 53113 Bonn, Germany Email: [email protected]. Forthcoming in: The German Financial System by Jan P. Krahnen and Reinhard H. Schmidt, Oxford University Press, August 2003 Organized Equity Markets Erik Theissen, University of Bonn March 2003 I. Introduction ........................................................................................................................ 2 II. The German Equity Market................................................................................................ 2 III. The (micro)structure of the German equity markets.........................................................
    [Show full text]
  • DEUTZ Pose Also Implies Compliance with the Con- Original Parts Is Prescribed
    Operation Manual 914 Safety guidelines / Accident prevention ● Please read and observe the information given in this Operation Manual. This will ● Unauthorized engine modifications will in- enable you to avoid accidents, preserve the validate any liability claims against the manu- manufacturer’s warranty and maintain the facturer for resultant damage. engine in peak operating condition. Manipulations of the injection and regulating system may also influence the performance ● This engine has been built exclusively for of the engine, and its emissions. Adherence the application specified in the scope of to legislation on pollution cannot be guaran- supply, as described by the equipment manu- teed under such conditions. facturer and is to be used only for the intended purpose. Any use exceeding that ● Do not change, convert or adjust the cooling scope is considered to be contrary to the air intake area to the blower. intended purpose. The manufacturer will The manufacturer shall not be held respon- not assume responsibility for any damage sible for any damage which results from resulting therefrom. The risks involved are such work. to be borne solely by the user. ● When carrying out maintenance/repair op- ● Use in accordance with the intended pur- erations on the engine, the use of DEUTZ pose also implies compliance with the con- original parts is prescribed. These are spe- ditions laid down by the manufacturer for cially designed for your engine and guaran- operation, maintenance and servicing. The tee perfect operation. engine should only be operated by person- Non-compliance results in the expiry of the nel trained in its use and the hazards in- warranty! volved.
    [Show full text]
  • Wind Energy and Economic Recovery in Europe How Wind Energy Will Put Communities at the Heart of the Green Recovery
    Wind energy and economic recovery in Europe How wind energy will put communities at the heart of the green recovery Wind energy and economic recovery in Europe How wind energy will put communities at the heart of the green recovery October 2020 windeurope.org Wind energy and economic recovery in Europe: How wind energy will put communities at the heart of the green recovery WindEurope These materials, including any updates to them, are The socio-economic impact evaluation of wind energy on published by and remain subject to the copy right of the European Union has been carried out using the SNA93 the Wood Mackenzie group ("Wood Mackenzie"), its methodology (System of National Accounts adopted in licensors and any other third party as applicable and are 1993 by the United Nations Statistical Commission) and made available to WindEurope (“Client”) and its Affiliates Deloitte’s approaches, which evaluate the effects of the under terms agreed between Wood Mackenzie and Client. renewable energy in the economy. The use of these materials is governed by the terms and conditions of the agreement under which they were Deloitte has provided WindEurope solely with the services provided. The content and conclusions contained are and estimations defined in the proposal signed by confidential and may not be disclosed to any other person WindEurope and Deloitte on March 13th, 2020. Deloitte without Wood Mackenzie's prior written permission. accepts no responsibility or liability towards any third The data and information provided by Wood Mackenzie party that would have access to the present document should not be interpreted as advice.
    [Show full text]
  • SFCR Der HDI Gruppe 2020
    HDI Group Solvency and Financial Condition Report 2020 At a glance ■ The HDI Group uses its approved internal model and shows a very strong capitalisation. ■ The HDI Group’s so-called “risk kernel” – the Talanx Group – also clearly meets its strategic risk objectives. ■ Own funds and risk are determined using a range of views that vary in terms of both their model scope and the economic and regulatory aspects used to determine eligible own funds. The resulting key indicators are explained in more detail in this report. ■ The HDI Group proved resilient during the coronavirus pandemic, with our risk management system and very strong capitalisation playing a key role in this. KEY INDICATORS FOR DIFFERENT VIEWS EUR thousand Talanx Group (economic view) HDI Group (regulatory view) HDI Group (excluding transitional) Own funds Basic own funds (BOF) 23,107,965 Eligible own funds 23,073,703 Eligible own funds 18,875,771 (excluding transitional) Solvency capital (Full) economic internal model 8,752,471 Full internal model 8,874,227 Full internal model 9,179,118 requirement Ratio Capital adequacy ratio (Talanx) 264% Solvency II ratio 260% Solvency II ratio 206% (including transitional) (excluding transitional) Contents PAGE Summary 2 PAGE Description of the solvency and financial condition A. Business and performance 12 B. System of governance 20 C. Risk profile 36 D. Valuation for solvency purposes 50 E. Capital management 66 PAGE Further information Lines of business categories 78 Glossary 79 PAGE Annex – Quantitative reporting templates (QRTs) Overview of templates 85 2 HDI Group Solvency and Financial Condition Report 2020 Summary Summary This report presents the HDI Group’s solvency and financial condi- Group structure tion and describes in particular the Talanx Group, which is the HDI Group’s material risk kernel and which is relevant for the capital As the ultimate parent undertaking of the HDI Group, HDI V.
    [Show full text]
  • Advantages of a Listing at Frankfurt Stock Exchange
    Advantages of a listing at Frankfurt Stock Exchange 28 October 2020 Deutsche Börse Cash Market 1 Disclaimer The information contained in this publication is not offered as and does not constitute investment advice, legal or tax advice or an offer or solicitation to sell or purchase any type of financial instrument. Deutsche Börse AG reserves all property rights in and rights of use to this publication. Any intellectual property used or referred to in this publication, including without limitation patents, registered utility models, copyrights and trademarks, are owned by Deutsche Börse AG, entities of Deutsche Börse Group or are used under license or with the permission of the respective owner. The information contained in this publication has been examinedwith the necessary care to ensure that it is accurate and unambiguous at the time of publication. Except were explicitly contractually agreed in written form (Schriftform, § 126 paragraph 1 German Civil Code), neither Deutsche Börse AG nor any entity of Deutsche Börse Group makes any express or implied representation or warranty regarding the information contained in this publication. This includes any express or implied warranty of the information’s merchantabilityor fitness for any particular purpose and any warranty with respect to the accuracy, correctness, quality, completeness or timeliness of the information. Neither Deutsche Börse AG nor any entity of Deutsche Börse Group shall be responsible or liable for use of any information contained in this publication. All descriptions, examples and calculations contained in this publication are for illustrative purposes only and may be changed without further notice. Deutsche Börse AG reserves the right to change its rules and regulations and product specifications, which may affect the validity of the information contained in this publication.
    [Show full text]
  • Comstage 1 Tecdax® UCITS ETF
    ComStage 1 TecDAX® UCITS ETF The ComStage 1 TecDAX® UCITS ETF (I) is an exchange- ComStage in portrait traded investment fund (Exchange Traded Fund, “ETF”) Currently ComStage holds in more than 100 ETFs about linked to the performance of the TecDAX® Index (Price- 8.4 billion EUR in assets under management. ComStage is Index). ComStage ETFs combine the advantages of a managed by Luxembourg-based “Commerz Funds traditional investment fund and the tradability of a Solutions S.A.” (CFS). The management company was stock. The EU Fund Directive „UCITS” stipulates that all founded in 2008. The fund range of ComStage covers all fund inventory are segregated assets (“Sondervermö- asset classes: equities, bonds, commodities, money gen”). Should an investment company file for market and strategy indices. insolvency, ETF assets are not affected because they are held in an account separated from the asset manager’s For a detailed description the benefits and the risks, balance sheet. The Net Asset Value (NAV) of an ETF is please refer to the Key Investor Information Document calculated daily by the custodian bank independently. (KIID) and the prospectus. ComStage ETFs are traded continuously on several stock exchanges just like equities. Other than actively managed funds, ETFs do not charge entry and exit fees when traded via stock exchanges. Instead transaction costs apply as with standard equity trades. ETFs can Key facts also be traded over-the-counter (OTC) through market ETF information makers. Fund name ComStage 1 TecDAX® UCITS ETF Index TecDAX® (Price-Index) (ISIN Index description DE0007203283) The TecDAX® TR (price index), which is calculated by Number of index members 30 Deutsche Börse AG, comprises the 30 largest companies OGAW/UCITS V Yes from the technology sector that rank directly below the Fund currency EUR stocks included in the DAX® Index in terms of order book Use of income Distributing volume and market capitalization.
    [Show full text]
  • Technical Bulletin
    Technical Bulletin 0199-99-01213/1 EN This Circular supersedes: 0199-99-01213/0 Date: 11.09.2013 DEUTZ AG Author: M. Winkler, VE-PS1 / R. Fischer, VE-FI Ottostraße 1 51149 Köln Phone: +49 (0) 221 822-4590 www.deutz.com Fax: +49 (0) 221 822-15 4590 913 / 914 / 2015 ● GF3L 913 / G914 L03 / G914 L04 / G914 L06 / TCG914 L06 / TCG2015 V06 / TCG2015 V08 ● Assemblies: 99 Operating media / gas engines Replacement is made because of: ● Updating – See also the following description. ● Introduction – DIN 51624 - Natural gas requirements and test methods This bulletin defines which operating media are approved in DEUTZ gas engines: ● Lubricating oil ● Combustion gas ● Cooling system protection The "Technical Bulletin" applies only to the complete engines distributed by DEUTZ or the DEUTZ dealer. Note: The part numbers indicated in this document are not subject to updating. Binding for the identification of spare parts is exclusively the spare parts documentation. OBJ_DOKU-37748-001.fm 1 / 13 © 2013 Technical Bulletin 0199-99-01213/1 EN Lubricating oil General Modern gas engines place very high demands on the lubricating oil used. The continuously increasing specific engine performances over the last few years are leading to an increased thermal load on the lubricating oil, and the lubricating oil is also becoming more heavily con- taminated due to reduced lubricating oil consumption and longer lubricating oil change in- tervals. For this reason, it is necessary to observe the requirements and recommendations in this Technical Bulletin in order not to reduce the life of the engine. Lubricating oils always consist of a basic oil and an additive package.
    [Show full text]