OFFERING MEMORANDUM Global Offering of up to ... - Nordex
OFFERING MEMORANDUM Global Offering of up to ... - Nordex
OFFERING MEMORANDUM Global Offering of up to ... - Nordex
You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
Financial Condition<br />
The key figures for the results <strong>of</strong> the Company’s operations on the dates used for comparison were:<br />
On the balance sheet date<br />
Sept. 30,<br />
2000<br />
Sept. 30,<br />
1999<br />
EUR thousand<br />
Sept. 30,<br />
1998<br />
Total assets 153,101 81,994 29,395<br />
Fixed assets 21,447 12,822 4,479<br />
Current assets 129,785 68,954 24,873<br />
Equity 16,014 12,663 7,146<br />
Accruals 19,696 8,203 3,013<br />
Liabilities and deferred income 114,751 57,682 18,561<br />
Investments 1<br />
Equity ratio 2<br />
Fixed assets <strong>to</strong> net worth ratio 3<br />
1 taken from the pro forma consolidated statements <strong>of</strong> cash flow<br />
2 Equity : <strong>to</strong>tal assets<br />
3 Equity : fixed assets<br />
13,724 9,970 2,134<br />
10.5% 15.4% 24.3%<br />
74.7% 98.7% 159.6%<br />
Fixed assets<br />
Intangible assets<br />
Intangible assets increased by approximately 160% from EUR 1.06 million on September 30, 1998 <strong>to</strong><br />
EUR 2.76 million on September 30, 1999 and by approximately 111% <strong>to</strong> EUR 5.83 million on September<br />
30, 2000. Concessions, industrial-property and similar rights in particular increased by approximately<br />
148% from EUR 0.88 million on September 30, 1998 <strong>to</strong> EUR 2.18 million on September 30, 1999, and<br />
by approximately 108% <strong>to</strong> EUR 4.55 million on September 30, 2000. In fiscal year 1999/2000, Südwind<br />
Energy GmbH acquired licenses <strong>to</strong> produce, distribute and erect the S-70 wind turbine from pro + pro<br />
Energiesysteme GmbH & Co. KG. <strong>of</strong> Rendsburg, Germany. Resulting advance payments <strong>to</strong> this licensor<br />
beginning September 30, 1998 are attributed directly <strong>to</strong> intangible assets until they become due and<br />
are disclosed as a liability.<br />
Prepayments for intangible assets in the amount <strong>of</strong> EUR 0.18 million were capitalized as <strong>of</strong> September<br />
30, 1998. As <strong>of</strong> September 30, 1999 the amount capitalized amounted <strong>to</strong> EUR 0.58 million and, as <strong>of</strong><br />
September 30, 2000, these capitalized prepayments amounted <strong>to</strong> EUR 1.27 million.<br />
Property, plant and equipment<br />
The value <strong>of</strong> property, plant and equipment increased during the period under review by approximately<br />
172% from EUR 3.42 million as <strong>of</strong> September 30, 1998 <strong>to</strong> EUR 9.29 million as <strong>of</strong> September 30, 1999,<br />
and by approximately 57% <strong>to</strong> EUR 14.6 million as <strong>of</strong> September 30, 2000. The following table shows a<br />
breakdown <strong>of</strong> the various components on the relevant balance sheet dates:<br />
Sept. 30, 2000 Sept. 30, 1999 Sept. 30, 1998<br />
EUR thousand<br />
Land and buildings 3,059 819 726<br />
Production plant and machinery 3,519 3,922 1,545<br />
Other plant, fac<strong>to</strong>ry and <strong>of</strong>fice equipment 3,398 2,432 912<br />
Prepayments on property, plant and equipment, and construction<br />
in progress 4,663 2,114 235<br />
Property, plant and equipment 14,639 9,287 3,418<br />
The largest increases, from EUR 0.23 million as <strong>of</strong> September 30, 1998 <strong>to</strong> EUR 2.11 million as <strong>of</strong><br />
September 30, 1999 and <strong>to</strong> EUR 4.66 million as <strong>of</strong> September 30, 2000 were recorded in prepayments<br />
on property, plant and equipment and construction in progress. Other plant, fac<strong>to</strong>ry and <strong>of</strong>fice<br />
equipment increased by approximately 167% from EUR 0.91 million on the balance sheet date <strong>of</strong><br />
September 30, 1998 <strong>to</strong> EUR 2.43 million as <strong>of</strong> September 30, 1999, and by approximately 39% <strong>to</strong><br />
94