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Senvion SE Hamburg Short-Form Audit Report Consolidated Financial Statements and Group Management Report 31 March 2015

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Senvion SE Hamburg Short-Form Audit Report Consolidated Financial Statements and Group Management Report 31 March 2015 Senvion SE Hamburg Short-form audit report Consolidated financial statements and Group management report 31 March 2015 Translation form the German language Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft Translation from the German language Table of contents Audit opinion Financial reporting Engagement Terms, Liability and Conditions of Use General Engagement Terms Note: We have issued the audit opinion presented below in compliance with legal and professional requirements subject to the conditions described in the enclosed “Engagement Terms, Liability and Conditions of Use”. Translation of the German audit opinion concerning the audit of financial statements and management report prepared in German Audit opinion We have audited the consolidated financial statements prepared by Senvion SE, Hamburg, comprising the consolidated balance sheet, the consolidated income statement, the consolidated statement of comprehensive income, the consolidated statement of changes in equity, the consolidated cash flow statement and the notes to the consolidated financial statements, together with the group management re- port for the fiscal year from 1 April 2014 to 31 March 2015. The preparation of the consolidated financial statements and the group management report in accordance with IFRSs [International Financial Reporting Standards] as adopted by the EU, and the additional requirements of German commercial law pursuant to Sec. 315a (1) HGB ["Handelsgesetzbuch": German Commercial Code] is the responsibility of the Company‘s management. Our responsibility is to express an opinion on the consoli- dated financial statements and on the group management report based on our audit. We conducted our audit of the consolidated financial statements in accordance with Sec. 317 HGB and German generally accepted standards for the audit of financial statements promulgated by the Institut der Wirtschaftsprüfer [Institute of Public Au- ditors in Germany] (IDW). Those standards require that we plan and perform the au- dit such that misstatements materially affecting the presentation of the net assets, financial position and results of operations in the consolidated financial statements in accordance with the applicable financial reporting framework and in the group man- agement report are detected with reasonable assurance. Knowledge of the business activities and the economic and legal environment of the Group and expectations as to possible misstatements are taken into account in the determination of audit pro- cedures. The effectiveness of the accounting-related internal control system and the evidence supporting the disclosures in the consolidated financial statements and the group management report are examined primarily on a test basis within the frame- work of the audit. The audit includes assessing the annual financial statements of those entities included in consolidation, the determination of entities to be included in consolidation, the accounting and consolidation principles used and significant es- timates made by management, as well as evaluating the overall presentation of the consolidated financial statements and the group management report. We believe that our audit provides a reasonable basis for our opinion. Translation of the German audit opinion concerning the audit of financial statements and management report prepared in German Our audit has not led to any reservations. In our opinion, based on the findings of our audit, the consolidated financial state- ments comply with IFRSs as adopted by the EU and the additional requirements of German commercial law pursuant to Sec. 315a (1) HGB and give a true and fair view of the net assets, financial position and results of operations of the Group in accord- ance with these requirements. The group management report is consistent with the consolidated financial statements and as a whole provides a suitable view of the Group’s position and suitably presents the opportunities and risks of future develop- ment. Hamburg, 29 May 2015 Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft Grummer Machner Wirtschaftsprüfer Wirtschaftsprüfer [German Public Auditor] [German Public Auditor] Senvion SE, Hamburg Consolidated Financial Statements for the financial year 2014/2015 Senvion SE, Hamburg Consolidated statement of financial position Assets 2015/03/31 2014/03/31 Notes EUR EUR Current assets Liquid funds 4.1.1 301,375,052 269,924,033 Gross amount due from customers for contract work as an asset 4.1.2 311,161,120 362,132,930 Trade accounts receivable 4.1.3 178,008,377 155,490,878 Receivables from related parties 4.1.4 32,009,293 23,575,480 Inventories 4.1.5 241,056,125 236,365,116 Receivables from income taxes 1,986,098 1,901,764 Other financial assets 4.1.6 2,234,369 9,419,382 Other miscellaneous assets 4.1.6 96,159,999 99,317,279 1,163,990,433 1,158,126,862 Assets of disposal group classified as held for sale 4.3 16,460,814 13,293,159 Total current assets 1,180,451,247 1,171,420,021 Non-current assets Other intangible assets 4.2.1 125,766,227 104,075,442 Goodwill 15,632,175 15,632,175 Property, plant and equipment 4.2.2 205,188,112 201,221,894 Other financial investment 65,999 66,000 Loans granted 2,751,675 13,231,089 Deferred taxes 4.2.3 6,061,842 8,033,167 Total other non-current assets 3,661,549 7,396 Total non-current assets 359,127,579 342,267,163 Total assets 1,539,578,826 1,513,687,184 Shareholders` equity and liabilities 2015/03/31 2014/03/31 Notes EUR EUR Current liabilities Short-term loans and current portion of long-term loans 7.2. 7,567,832 8,304,839 Trade accounts payable 337,188,743 331,135,526 Liabilities to related parties 10,851,371 3,508,425 Advance payments received 4.4.1 151,213,772 153,418,261 Gross amounts due to customers for contract work as a liability 4.1.2 16,531,255 20,747,367 Provisions 4.4.2 125,986,044 150,690,471 Deferred income 4.4.3 33,454,065 29,222,288 Income tax liabilities 4.4.4 27,070,170 4,907,593 Other financial liabilities 4.4.5 22,511,235 29,835,286 Other miscellaneous liabilities 4.4.5 18,118,412 15,969,858 Total current liabilities 750,492,899 747,739,914 Liabilities of disposal group classified as held for sale 4.3 2,395,955 3,242,881 Total current liabilities 752,888,854 750,982,795 Non-current liabilities Long-term loans 4.5 14,345,956 21,889,393 Deferred taxes 4.2.3 94,573,460 97,106,165 Other non-current financial liabilities 1,000,000 11,102,011 Total non-current liabilities 109,919,416 130,097,569 Equity Subscribed capital 4.6.1 9,220,179 9,220,179 Additional paid-in capital 4.6.2 299,220,430 303,675,502 Other reserves 3,096,741 3,425,016 Revaluation reserve 776,000 776,000 Currency translation 3,163,558 1,002,071 Cash flow hedging reserve -842,817 1,646,945 Retained earnings 358,193,626 311,208,716 Equity attributable to shareholders of the parent company 669,730,976 627,529,413 Non-controlling interests 4.6.3 7,039,580 5,077,407 Total equity 676,770,556 632,606,820 Total equity and liabilities 1,539,578,826 1,513,687,184 Senvion SE, Hamburg Consolidated income statement 2014/04/01- 2013/04/01- Notes 2015/03/31 2014/03/31 EUR EUR Revenues 5.1 1,926,244,479 1,806,018,709 Changes in work in progress 34,067,977 15,842,975 Work performed by the entity and capitalized 38,766,933 23,438,775 Total performance 1,999,079,389 1,845,300,459 Other operating income 5.2 33,738,275 43,714,388 Cost of materials/cost of purchased services -1,490,579,586 -1,401,633,425 Personnel expenses 5.3 -208,928,598 -196,234,604 Depreciation of property, plant and equipment and amortization of intangible assets -56,123,579 -44,628,562 Other operating expenses 5.4 -184,714,297 -145,320,792 Result from operating activities before exceptional items from reorganization 92,471,604 101,197,464 Exceptional items from reorganization 5.5 0 -38,041,113 Result from operating activities 92,471,604 63,156,351 Interest and similar financial income 5.6 1,975,953 1,127,446 Interest and similar financial expenses 5.6 -19,968,368 -16,193,670 Result before income taxes 74,479,189 48,090,127 Income tax expense 4.2.3 -28,146,708 -20,220,685 Profit / loss for the period from continuing operations 46,332,481 27,869,442 Profit / loss for the period from discontinued operations 4.3 1,211,118 -7,535,016 Net income for the period 47,543,599 20,334,426 Share of net income for the period attributable to non-controlling interests 558,689 -3,475,904 Continuing operations 0 0 Discontinued operations 558,689 -3,475,904 Share of net income for the period attributable to shareholders of the parent 46,984,910 23,810,330 Continuing operations 46,332,481 27,869,442 Discontinued operations 652,429 -4,059,112 Senvion SE, Hamburg Consolidated statement of comprehensive income 2014/04/01- 2013/04/01- 2015/03/31 2014/03/31 EUR EUR Net income for the period 47,543,599 20,334,426 Other comprehensive income to be reclassified to profit of loss in subsequent periods (net of tax) Other expenses/income from cash flow hedges -3,516,950 2,655,064 Deferred taxes on other expenses/income from cash flow hedges 1,027,188 -772,889 Expenses/income of cash flow hedges after tax -2,489,762 1,882,175 Currency translation 3,564,971 1,521,219 Other comprehensive income 1,075,209 3,403,394 Total comprehensive income 48,618,808 23,737,820 Share of net income for the period attributable to non-controlling interests from discontinued operations 1,962,173 -3,833,928 Share of net income for the period attributable to shareholders of the parent company 46,656,635 27,571,748 Senvion SE, Hamburg Consolidated statement of cash flows 2014/04/01-
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