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

with terms of between two and five years for its N-50 and N-60 wind turbines, amounting to
EUR 25,600 per turbine, amounting to a total of EUR 11.34 million for Nordex Energy GmbH and
EUR 173,000 for Südwind Energy GmbH. Other sundry accruals relate mainly to unpaid invoices, costs
for the preparation of the Group’s annual financial statements and risks resulting from legal
proceedings.
The substantial increase in tax accruals, from EUR 0.9 million to EUR 3.2 million as of September 30,
2000, was necessary due to an increased actual income tax burden in line with Nordex Energy GmbH’s
increased earnings.
Liabilities and deferred income
The Company’s liabilities and deferred income increased substantially during the period under review.
Liabilities and deferred income increased by approximately 210% from EUR 18.6 million as of
September 30, 1998 to EUR 57.7 million as of September 30, 1999, and increased approximately 100%
to EUR 114.6 million as of September 30, 2000. The most significant growth was related to liabilities
due to companies in the Babcock Borsig Group in line with the increase in inter-company clearing
account debit balances and reflects the Nordex Group’s increased liquidity requirements.
Sept. 30, 2000 Sept. 30, 1999 Sept. 30, 1998
EUR thousand
Prepayments received 0 47 0
Due to banks 180 59 0
Trade payables 44,122 34,097 8,424
Due to Babcock Borsig Group companies 63,152 19,117 9,356
Sundry liabilities 7,132 4,315 781
Total 114,586 57,635 18,561
First Quarter of Fiscal Year 2000/2001
The following discussion of the IAS Pro Forma Consolidated Interim Financial Statements for the first
quarter of fiscal year 2000/2001 does not include a comparison to the corresponding quarter in fiscal
year 1999/2000. Due to the fact that Nordex Energy GmbH which, as of December 31, 1999, accounted
for approximately 68% of the profits of what is now Nordex Group, changed its accounting software to
SAP/R3 in November 1999, the only financial information available for the first quarter of fiscal year
2000/2001 was derived from the Group’s internal statistics. Nonetheless, in order to give investors an
estimation of the development of, and trends in, certain key items in the IAS Pro Forma Consolidated
Interim Financial Statements, in some instances references are made to the Group’s internal statistical
information or to the results of the previous fiscal year. The Company considers that the information
thus derived gives an accurate representation of the development of its business, but that it is not
possible to specify percentage changes in items due to the unavoidable possibility of significant
deviations which is inherent to statistical analysis and comparisons of results. In the Company’s view it
is possible that the quarterly report for the period from January 1, 2001 to March 31, 2001 will also not
include a complete set of prior year comparative figures drawn up according to IAS.
97