H1 2017 Performance Update Investors and analysts presentation

Senvion S.A.

August 11, 2017

Picture new turbines/ products/ flagship product

1

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 property 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 31, 2017 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.

2

Guidance 4

Agenda

Key highlights 1

Markets and Orders 2

Financial results 3

Key takeaways 5

Key highlights

1

Tursi windfarm in Italy

4

H1 2017 – Key highlights at a glance Progress being made on all parameters

H1 2017 firm order intake up by 70%

Offshore order of €307mn

Booked 429 MW conditional order in Australia

Financial close achieved for 299 MW Chile order in Q3

Full year guidance adjusted to account for Chile order conversion

2017 revenues expected to amount to €1.90bn-1.95bn

Adj. EBITDA margin guidance remains unchanged at 8.0-8.5%

H1 revenues at €830mn with adj. EBITDA margin at 7.4%, in line with guidance

3 new products introduced since the annual results

2MW product portfolio strengthened

3.7M144 launch already backed by

429 MW conditional order in Australia

Opex run rate down by 19% yoy

Bond annual interest cost down by 42%

Factory closures on track

Closing of three factories

Net 660 headcount reduction planned

Financials

Higher

order intake

New

modular

products

Cost

reductions

3.6M140

1

2

3 Opex Interest

3.7M144

H1 2016

+70%

H1 2017

H1

2016

H1

2017

-19%

Steady progress on our promises for 2017

-42% HYB int

post refi

HYB Int

pre refi

5

Order intake order intake up 70%

Firm WTG order intake (€mn)1

Further pipeline

299 MW Chile order to convert to firm in Q3; financial close achieved

Few large conditional orders expected to become firm in Australia and Nordics

Normal order intake assumed in core markets

549

549

84

307

H1 2016

554

5

+70%

H1 2017

940

Onshore new markets Onshore current markets Offshore

Pipeline continues to be strong; forecasted €2bn firm order intake in CY17 on track

1

1,283

21

+53%

CY17 Guidance

2,000

CY16

1,304

(Figures in €mn)

6

Product updates Proto of 3.4M140 already installed

Current product Upgraded product

2.3M124 / 2.4M114

Rotor upgrade

4

2

Power upgrade

Rotor upgrade

2.XM

Power upgrade

Rotor upgrade

Wind class upgrade

3

5 10MW+

Rotor upgrade

Power upgrade

1

Power upgrade

Rotor upgrade

Wind class upgrade

3.7M144

Three products introduced since annual

results publication

3.7M144 already helped close Senvion’s

largest ever order of 429 MW (Conditional)

in Australia

Few more products variations in pipeline

Two prototypes are already installed

3.4M140 installed in Q2 2017

3.6M140 to be installed shortly

Progress

3.XM

Initial work already started

Discussions with clients ongoing

Specific details Announced

Off

sh

ore

O

ns

ho

re

2

7

MOVE FORWARD Progress card – Cutting fixed cost intensity

11.6

-19.0%

Jun-17

9.4*

Mar-17

Consistent reduction in Opex

Reduction driven by cuts in legal

and consulting cost, admin and

travel costs

Total interest burden down by

19% in Q2

Led by successful refinancing of

bonds - 42% reduction in

annual interest costs

Factory closures scheduled

Husum and Trampe

factories to be closed in

Q3 2017

Bremerhaven blade plant

to be closed by Jan 2018

Agreement reached with works

council on the key points of the

balance of interests and social

plan within the framework of the

future program

Successful settlement in a

short time frame of four

months from

announcement

Main job reductions likely to be

achieved in H2 2017/early 2018

Opex run rate (€mn)

3539

53

444547

-17%

Q3 16

-22%

Q2 17 Q1 17 Q4 16 Q2 16 Q1 16

Interest costs Footprint consolidation

3

* - Underlying interest costs without pre payment premium of earlier High yield bond and other related one time expenses of refinancing

8

Steven Holliday Board strengthened with new Chairman

Key roles before joining Senvion

Led National Grid, an international electricity and gas

company responsible for delivering energy across the UK

and north eastern U.S., as Chief Executive for nearly 10

years

Non-executive director of Marks & Spencer for 10 years

Deputy Chairman and senior independent non-executive

director at FTSE 100 listed ConvaTec since its 2016 IPO

Lead non-executive director at DEFRA, the U.K

government’s Department for Environment, Food and Rural

Affairs

Steven Holliday New Chairman effective June 15,

2017

Markets and orders Strengthened international footprint

2

Offshore Nordsee Ost Installation

10

Recent industry developments Recent updates in key markets

Recent developments

Target of 33 TWh by 2020 –

Requires 5.9 GW add’l capacity

Key drivers of demand -

Renewed Govt focus, shortage

of RE certificates in 2018,

closure of coal plants, Higher

electricity prices

France

First 500 MW auction awaited in Dec

2017

Spain

First round of 3 GW technology neutral

auctions completed

Wind won 99% (2.9 GW) of the

auctions at an avg. price of €43/MWh

Second round tendered 5 GW against

the previously announced 3 GW. Wind

won 1.1 GW at an avg. price of

€33/MWh

Europe

Australia

Mature markets New markets

Senvion ready with new and improved portfolio to compete in auctions

1

2 3

3

4

a

2

1

1

First round of 1 GW auction by central government

completed and PPAs also signed

Second round with 1 GW to be auctioned by end of

August 2017

Gujrat and Tamilnadu are auctioning 500 MW each as

separate state auctions in August 2017

Price for wind likely to go down further from Rs 3.46/KWh

India 4

11

Germany Senvion well positioned in home market

Auctions overview

Senvion market share target

CY19

target

15-20%

CY16

6%

CY15

17%

CY14

14%

Mainly driven by North Germany

Source: MAKE Consulting

A look at first auction results

807 MW allocation

– Average price €57/MWh, c.20% lower than erstwhile

FiT

– 95%+ bids won by community wind farms with longer

schedules

– Senvion’s deal share in first auction (10%+) better than

6% market share last year

Senvion participation in Southern Germany likely by third

auction onwards

Further price reductions expected in upcoming auctions

Timelines

May 17 - 1st

Auction complete

Aug 17 – 1 GW

auction over,

results awaited

Nov 17 – 1 GW

auction planned

A look at first auction results

Strategy for next auctions

Partnerships with developers preferable ahead of auctions

and permitting

Partnership with Utilities (e.g. EnBW) – Several

hundred MWs

– For low wind sites in Southern Germany

Partnership with big developers (e.g.) Prokon – 100

MW

12

Note: Figures prior Dec 15 relate to Senvion GmbH

1. Net Firm orders are confirmed orders minus PoC revenues already booked.

2. Conditional orders are signed contracts where either building permit and/or grid connection and/or financing is missing.

1.3

1.3

1.5

1.7

1.8

1.8

2.1

2.3

1.6

1.8

1.9

1.7

1.7

1.6

1.4

1.5

1.6 1.4

Q3 15 3.4

Q4 15 3.4

Q1 16 3.6

Q2 16 3.5

Q3 16 3.4

Q4 16 3.0

Q1 17 2.9

Q2 17 3.0

Q2 15 3.7

Order book of €5.5bn Firm order book improving

Net firm orders at €1.6bn

Order book (€bn) Q2 2017 split by geography

170 New markets

Offshore

Others

France

UK

Germany

Q2 17

1,552

34

219

245

397

487

1.8

1.9

2.0

2.1

2.1

2.2

2.3

2.3

2.5

5.6

5.6

5.4

5.4

5.6

5.2

5.3

Service orders Total order book Net firm orders1 Conditional orders2

5.5

Figures in €mn

5.5

Onshore

€1.07bn

13

Order intake Continues to be strong

Further order wins in Q3

Firm WTG order intake (€mn)1

299 MW Chile order finally

achieved financial close; likely

to become firm in August

Key orders in Q2

€307mn offshore order in

Germany

45 MW order in Belgium

53 MW – In new markets

Serbia 42 MW

Croatia 10 MW

122 147 149 169119

58

112114

5473

11336

9764 96

64

34

5361

39

80

+107%

Jun-17

587

11

307

Mar-17

353

Dec-16

459

21

Sep-16

292

10

Jun-16

284

25

Mar-16

269

16

Germany

UK

France

Canada

Others

Offshore New markets

Pipeline continues to be strong; forecasted €2bn firm order intake in CY17 on track

14

Offshore

Improving visibility for 2019 Significant progress in strategy implementation

Onshore sales

(new markets)

Service

Onshore sales

(Current markets)

2019

~€0.38bn

~€0.2-0.3bn

Current markets: Austria, Belgium, Canada, Germany, France, Italy, Netherlands, Poland, Portugal, UK,

New Markets: Australia, Eastern EU countries, Egypt, India, Ireland, Japan, LatAm excl. Brazil, MENA, Nordics, Serbia, US

Total €2.6-2.7bn

Revenue visibility of ~40% in new markets for 2019

– With 429 MW cond’l order booked with RES in ANZ

Co-operation agreement with EnBW in Germany

– Provides visibility for better market share in Germany

Order booking in several new small markets

– Serbia, Croatia, Ireland, Czech Republic

2019 visibility

High visibility as it is backed by firm order book

High visibility as base revenues backed by firm orders

With some potential for upside

€2.1bn

15

21% growth in revenues

Business segment with

high growth potential and

attractive margins

Leading service tenor in

the industry with almost 11

years

– GW under service

growing by 11%, while

average contract tenors

growing by 6%

Service renewal rate at

>80%2 in H1 2017

12.712.112.111.911.410.810.2

+11.4%

Jun-17 Mar-17 Dec-16 Sep-16 Jun-16 Mar-16 Dec-15

Continuously improving service business Improving KPIs

GW under service

Average duration of service contracts1 (years)

Note: 1. Only includes active contracts and does not include contracts not yet initiated; 2) Average renewal rate of service contracts for last 3 years based on semi-annual data.

10.910.710.510.410.210.2 11.0

Jun-17

+5.8%

Mar-17 Dec-16 Sep-16 Jun-16 Mar-16 Dec-15

Service revenue (€mn)

66.1 72.6 65.4 65.5 72.8 72.6 78.8

Jun-17 Mar-17

+20.5%

Dec-16 Sep-16 Jun-16 Mar-16 Dec-15

16

Senvion installations Stable run rate

Installations (MW)

Increase in installations by

7% yoy compared to last

year

Installations mainly driven

by Germany and Offshore

projects

Increase in installations

expected in Q3 2017

373 324

275

485

218262

273

666

351

112

154

+1.0%

CY 16

1,762

0

CY 15

1,746

0

16

Annual Installation H1 installations

233

123

145

115 167

191

72

5451

33

H1 16

577

+7.3%

619

H1 17

8

Others (combined) Offshore Germany Canada Australia UK France

Financial results

3

Senvion Les Hauts Pays Windfarm in France

18

Key highlights Performance in line with last year

Note: Q2/H1 2016 financials are adjusted for IPO related costs, interest on shareholder loans and PPA, Q2/H1 2017 financials are adjusted for PPA effects, extraordinary

expenses and one off expenses in relation to high yield bond refinancing

In the first half of 2017, there is no material difference in consolidated revenues, Adjusted EBITDA and total external net debt of Senvion Topco Group and Senvion SA Group

H1 revenues down

by c.5%, in line with guidance

H1 Adj. EBITDA margin of

7.4% in line with expectations

Cash level reduced to €150mn

on account of higher inventory

build up

Adjusted net profit at €16mn,

higher by 2x compared to H1

2016

(€mn)

Adj.

Q2 CY16

Adj.

Q2 CY17

Adj.

H1 CY16

Adj.

H1 CY17

Revenue 505 437 870 830

Gross profits 146 138 267 261

Gross margin % 29.0% 31.5% 30.8% 31.5%

Adjusted EBITDA 45 40 72 62

Adjusted EBITDA % 8.9% 9.2% 8.3% 7.4%

Adjusted EBIT 25 25 39 30

Adjusted EBIT % 5.0% 5.7% 4.5% 3.6%

Adjusted PAT 7 15 8 16

Net working capital (2.7%) 4.6% (2.7%) 4.6%

Cash on hand 371 150 371 150

Net Debt / (Cash) 42 261 42 261

19

Revenue development Growth in service and offshore revenues

Onshore revenues (€mn)

393263

227263

(25%)

H1 2017

491

H1 2016

656

Onshore revenues breakdown (€mn)

Service revenues (€mn)

73 73

65 79

+10%

H1 2017

151

H1 2016

138

Offshore revenues (€mn)

91

94

+145%

H1 2017

184

H1 2016

75

29 47

Other revenues at €1.3mn in Q2 2017 and € 3.1mn in H1 2017 & €0.3mn for Q2 2016 & € 1.1mn for H1 2016 respectively

241 212

324 249

H1 2017

461

H1 2016

565

70

H1 2017

17

10 7

H1 2016

92

22 6

8

0

H1 2017

14

H1 2016

Europe (€mn) Americas (€mn) Asia-Pacific (€mn)

Lower revenues mainly due to

Portugal and UK

Includes revenues from Canada Includes revenues from Japan

and Australia

Q1

Q2

20

Additional key performance metrics Opex run rate reduction already visible

Material cost development (€mn)

Cost breakdown (€mn)

Higher gross margin due to higher

service revenues component and

better offshore margins

1,563 1,618

674 700

H1 17

31.5%

H1 16

28.5% 28.0%

PF Adj CY15

30.8%

CY16

Gross margin Adj. COGS

62 66 64 64 71 66

47 45 44 53 39 35

182014

-13%

Q2 17

117

15 17

Q4 16

135

Q1 17

127

Q3 16 Q2 16

131 121

13

Q1 16

122

Personnel OPEX D&A

Note: Financials adjusted for PPA, offshore provisions, IPO related costs.

Opex reduction driven by

MOVE FORWARD program;

likely to stabilise at current

levels

Employee costs positively

influenced by MOVE

FORWARD

However, employee costs

likely to go up in H2 2017 due

to additional hiring in service

and blade division and as we

convert some temp positions

into permanent ones

21

Breakup of total Capex and R&D Spending in line with last year

R&D expenditure (€mn)

3.1% 3.1%

Total intangible and tangible capex1 (€mn)

H1 Capex driven by Portugal blade

factory expansion

Key spending focus will be on new

moulds in H2 2017

2.7% 1.4%

45 45

25 23

22 23

11 13

H1 17

36

H1 16

36

CY16

68

PF adj CY15

67 Key R&D spending focused on

acceleration of 3.4M140, 3.6M140

development and new product

enhancements

Note: 1. Excluding capitalised R&D.

[%] Capex over sales

[%] R&D over sales Expensed

9 15

30

60

10 12

H1 17

27

H1 16

19

CY16 PF adj CY15

Capitalised

2.2% 3.2%

4.1% 4.3%

Q1 Q2

22

Net working capital Working capital continues to be in a low range

8.3%

12.1%

NWC1 % of trailing 12 months revenue Net working capital

213

160

99

Jun 17 Mar 17

(5)

Dec-16

(83)

Sep-16

(119)

Jun-16

(57)

Mar-16

(132)

Dec-15

(101)

Mar-15 Mar-14

12.1%

Net working capital1 evolution (€mn)

Increase in working

capital due to higher

inventory due to

upcoming installations

in Chile, Norway and

other markets

Working capital to

improve significantly in

H2 on the back of

order execution and

continued order intake

(6.4%)

8.3%

(4.7%)

Senvion GmbH Senvion S.A.

Note: 1. 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).

(6.4%) (5.8%)

(0.2%) (2.7%) (3.7%)

4.6%

23

Negative free cash flow due to higher working capital investments

Senvion S.A. Cash flow summary

Senvion

S.A.

Senvion

S.A.

Senvion

GmbH

Senvion

S.A.

(€mn, unaudited) Q2 CY16 Q2 CY17 H1 CY16 H1 CY 17

Cash flows from operating activities (44) (140) (3) (219)

Cash flows from investing activities (23) (32) (42) (62)

Free Cash Flow (67) (172) (45) (281)

Cash flows from financing activities (1) (3) (3) (8)

Total Net Cash Flow (68) (175) (48) (290)

Guidance 4

Wind Farm Reußenköge, Germany

25

Senvion 2017 guidance Revenue guidance adjusted

Revenues €1.9-1.95bn*

Adj. EBITDA margin ~8.0–8.5%*

Guidance 2017

Firm order intake €2.0bn+

(CY16 - €1.3bn)

€830mn

7.4%

H1 2017

€940mn

(70% higher yoy)

Note: 1. Revenue guidance adjusted after late conversion of the Chile order of 299 MW into firm order. No change in adjusted EBITDA margin guidance

Key takeaways 5

Bald Hills Wind Farm, Australia

27

Key takeaways

Successful product introductions and development continues

Service business continues to excel

MOVE FORWARD – reductions in opex and interest costs visible;

settlement with the workers council achieved in short timeframe

Order intake growing with improving visibility for 2019 2

H1 performance in line with guidance 1

5

3

4

Appendix

MM tubines in France

29

Financial Calendar 2017

Event Date

Annual Results 2016 March 16, 2017

Q1 2017 results May 11, 2017

Annual General Meeting May 31, 2017

Q2 2017 results August 11, 2017

Q3 2017 results November 10, 2017

Financial calendar

Your Investor Relations Team:

Dhaval Vakil

Vice President – Capital Markets and M&A

Phone UK: +44 20 7034 7992

Mobile: +44 7788390185

Email: dhaval.vakil@senvion.com

Anja Siehler

Sr. Manager Capital Markets

Phone Lux: +352 26 00 5285

Mobile: +49 152 21817093

Email: anja.siehler@senvion.com

For general inquiries: IR@senvion.com

30

Income statement Q2 2017 Bridge between reported and adjusted earnings

Income Statement

€mn Q2 2017 Adjustment

Adj.

Q2 2017

Revenue 437 437

Total performance 446 446

Material expenses (308) (308)

Gross profit 138 138

Gross margin % 31.5% 31.5%

Other operating income 6 6

Personnel expenses (66) (66)

Other operating expenses (35) (35)

FX gain/loss (2) (2)

EBITDA 40 40

EBITDA % 9.2% 9.2%

D&A (41) 26 (15)

EBIT (1) 25

EBIT% (0.2%) 5.7%

Extraordinary expenses (19) 19 0

Net interest (30) 20 (9)

Taxes 7 (8) (1)

Net Profit from continued ops (43) 15

Key adjustments

1

4

2

Includes €19m of further

restructuring expenses. The total

restructuring expenses stand at

€52mn, of which €34mn relate to

employee termination costs,

€6mn relate to refund of govt

grant and balance relate to legal,

consultancy costs and other

misc expenses in relation to

restructuring. The Company

reached final agreement with the

works council on key points of

the balance of interests and

social plan in August 2017

€20m of one time call premium

for the old bond, and expenses

related to refinancing

Includes positive PPA effect

Includes PPA effects

3

1

2

3

4

31

Income statement Senvion S.A. Senvion S.A. Senvion S.A. Senvion S.A.

(€mn, unaudited) Adj. Q2 2016 Adj. Q2 2017 Adj. H1 2016 Adj. H1 2017

Revenues 505 437 870 830

Capitalized development expenses 14 10 24 23

Changes in finished goods and WIP (49) (1) 48 109

Total performance 470 446 942 961

Material expenses / services obtained (323) (308) (674) (700)

Gross profit 146 138 268 261

Gross margin % 29.0% 31.5% 30.8% 31.5%

Other operating income 7 6 16 15

Personnel expenses (66) (66) (127) (137)

Other operating expenses (45) (35) (92) (75)

Foreign exchange gain/loss 2 (2) 8 (2)

Adj. EBITDA 45 40 72 62

Adj. EBITDA % 8.9% 9.2% 8.3% 7.4%

Depreciation & Amortization (20) (15) (33) (32)

Adj. EBIT 25 25 39 30

Adj. EBIT % 5.0% 5.7% 4.5% 3.6%

Extraordinary expenses 0 (19) 0 (52)

Net interest (int cost – int income) (14) (9) (29) (21)

Taxes (4) (1) (2) 8

Adj Net Profit from cont. operations 7 15 8 16

PAT % 1.4% 3.4% 0.9% 2.0%

Senvion S.A. Income statement

32

Assets

(€mn) Jun-16 Dec -16 Mar-17 Jun-17

Liquid Funds 371 441 327 150

Current Assets (excluding liquid funds) 857 814 865 955

Receivables 202 257 213 223

Inventories 536 430 530 607

Others 118 128 122 125

Property, plant & equipment 193 222 226 228

Goodwill and other intangible assets 644 604 585 562

Other Non current assets 26 19 21 40

Total 2,090 2,101 2,023 1,934

Liabilities

(€mn) Mar-16 Dec-16 Mar-17 Jun-17

Loans (short term and long term + high yield bond) 413 415 412 403

Current liabilities (excluding provisions and short term loans) 913 897 871 856

Advance payments received 294 189 187 168

Trade payables 396 431 404 467

Gross amount due to customers for contract work as a liability 63 122 126 91

Others 160 155 154 130

Provisions 225 289 314 297

Deferred Taxes 169 166 148 148

Total equity capital 370 334 278 230

Total 2,090 2,101 2,023 1,934

Senvion S.A. Balance sheet

33

Senvion S.A. Cash flow summary

Senvion

S.A.

Senvion

S.A.

Senvion

S.A.

Senvion

S.A.

(€mn) Q2 2016 Q2 2017 H1 2016 H1 2017

Result before income taxes (15) (50) (57) (115)

Adjustments for

Depreciation on property, plant and equipment, amortization of intangible assets and write-offs

on financial assets 46 41 85 83

Interest income 0 (1) 0 (1)

Interest expenses 14 30 37 42

Increase/decrease in provisions 3 (17) 7 8

Profit/loss from sales of property, plant and equipment, intangible and other long-term assets 0 0 0 0

Change in working capital (62) (101) (40) (188)

Interest received 0 1 0 1

Interest paid (18) (41) (22) (45)

Income tax paid/received (12) (3) (13) (6)

Cash flow from operating activities (44) (140) (3) (219)

Cash receipts from the sale of property, plant and equipment, intangible and other long-term assets 0 (1) 2 3

Cash payments for the purchase of intangible assets (15) (9) (26) (23)

Cash payments from purchase of property, plant and equipment and other long-term assets (8) (23) (18) (42)

Cash payments from loans granted to related parties 0 0 0 0

Loss of control in subsidiary from change in ownership interest 0 0 0 0

Cash flow from investing activities (23) (32) (42) (62)

Acquisition of treasury shares (0) (2) 0 (6)

Cash repayments of amounts borrowed (1) (1) (3) (2)

Cash flow from financing activities (1) (3) (3) (8)

Increase/decrease in cash and cash equivalents (68) (175) (48) (289)

Cash and cash equivalents at the beginning of the period 434 320 414 434

Cash and cash equivalents at the end of the period 366 145 366 145

Liquid funds 371 150 371 150

Short-term bank liabilities (5) (6) (5) (6)

34

Overview of PPA Adjustments

Expected yearly P&L effects1 (€mn)

Notes:

1. Including deferred tax impacts and is not the complete schedule; assumed group tax rate of 29.935% for calculations.

Source: Company information; Deloitte analysis.

75

65

28

28

27

Net PPA booked in CY17 (€mn)

Q1 17

Q2 17

36

18

18

Dec-17e

Dec-18e

Dec-19e

Dec-20e

Dec-16

CY17

© Senvion S.A.

All rights reserved. No part of this document may be

reproduced or transmitted in any form or by any means,

electronic or mechanical, including photography,

recording, or any information storage and retrieval

system, without permission from Senvion S.A.

Thank you for your participation