Siemens acquires Bonus Energy; new Wind Power Division starts operations

ORLANDO, Fla., Dec. 1, 2004 — Following completion of its anti-trust review process, the EU Commission has given its approval for the acquisition of Bonus Energy A/S by Siemens. Six weeks after the initial announcement, this decision finalizes the acquisition of the Danish manufacturer of wind energy systems. The new Wind Power Division, within the Siemens Power Generation Group (PG), began operations on December 1, 2004.

With the acquisition of Bonus Energy A/S from the previous owner Danregn Vindkraft A/S, Siemens is entering the rapidly growing wind energy systems business. With an accumulated market share of approximately nine percent, Bonus Energy is one of the world’s five leading manufacturers of wind turbines. The company has a work force of 750 and posted sales totaling EUR300 million in fiscal 2003. The activities of Bonus form the core of the new PG Wind Power Division, which will be headquartered in Brande, Denmark.

“The sales posted by our new Division are earmarked to rise at a significantly higher rate than the world market for wind energy systems, which grows at an annual rate of 10 percent. In the next five years we want to more than double our sales volume in this sector. The focus will be on the markets in Europe, the U.S., India and China,” stated Klaus Voges, President of Siemens Power Generation. “The future lies in major wind farm projects and offshore installations. Today, Bonus is already the leader in offshore wind farms, and Siemens adds comprehensive expertise in project management, financial strength and global presence to the new Division,” added Voges.

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