OFFERING MEMORANDUM Global Offering of up to ... - Nordex

Financial Condition
The key figures for the results of the Company’s operations on the dates used for comparison were:
On the balance sheet date
Sept. 30,
2000
Sept. 30,
1999
EUR thousand
Sept. 30,
1998
Total assets 153,101 81,994 29,395
Fixed assets 21,447 12,822 4,479
Current assets 129,785 68,954 24,873
Equity 16,014 12,663 7,146
Accruals 19,696 8,203 3,013
Liabilities and deferred income 114,751 57,682 18,561
Investments 1
Equity ratio 2
Fixed assets to net worth ratio 3
1 taken from the pro forma consolidated statements of cash flow
2 Equity : total assets
3 Equity : fixed assets
13,724 9,970 2,134
10.5% 15.4% 24.3%
74.7% 98.7% 159.6%
Fixed assets
Intangible assets
Intangible assets increased by approximately 160% from EUR 1.06 million on September 30, 1998 to
EUR 2.76 million on September 30, 1999 and by approximately 111% to EUR 5.83 million on September
30, 2000. Concessions, industrial-property and similar rights in particular increased by approximately
148% from EUR 0.88 million on September 30, 1998 to EUR 2.18 million on September 30, 1999, and
by approximately 108% to EUR 4.55 million on September 30, 2000. In fiscal year 1999/2000, Südwind
Energy GmbH acquired licenses to produce, distribute and erect the S-70 wind turbine from pro + pro
Energiesysteme GmbH & Co. KG. of Rendsburg, Germany. Resulting advance payments to this licensor
beginning September 30, 1998 are attributed directly to intangible assets until they become due and
are disclosed as a liability.
Prepayments for intangible assets in the amount of EUR 0.18 million were capitalized as of September
30, 1998. As of September 30, 1999 the amount capitalized amounted to EUR 0.58 million and, as of
September 30, 2000, these capitalized prepayments amounted to EUR 1.27 million.
Property, plant and equipment
The value of property, plant and equipment increased during the period under review by approximately
172% from EUR 3.42 million as of September 30, 1998 to EUR 9.29 million as of September 30, 1999,
and by approximately 57% to EUR 14.6 million as of September 30, 2000. The following table shows a
breakdown of the various components on the relevant balance sheet dates:
Sept. 30, 2000 Sept. 30, 1999 Sept. 30, 1998
EUR thousand
Land and buildings 3,059 819 726
Production plant and machinery 3,519 3,922 1,545
Other plant, factory and office equipment 3,398 2,432 912
Prepayments on property, plant and equipment, and construction
in progress 4,663 2,114 235
Property, plant and equipment 14,639 9,287 3,418
The largest increases, from EUR 0.23 million as of September 30, 1998 to EUR 2.11 million as of
September 30, 1999 and to EUR 4.66 million as of September 30, 2000 were recorded in prepayments
on property, plant and equipment and construction in progress. Other plant, factory and office
equipment increased by approximately 167% from EUR 0.91 million on the balance sheet date of
September 30, 1998 to EUR 2.43 million as of September 30, 1999, and by approximately 39% to
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