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

Results of Operations
Selected data and ratios for the first quarter of fiscal year 2000/2001 are set out below:
EUR thousand
Net sales 63,004
Total operating performance 69,129
Operating profit 1,925
Net financial result - 920
Taxes (1)
Quarterly net income 420
Cost-of-materials ratio (2)
Personnel expenses ratio (3)
Return on equity 0.7%
1 income and other taxes
2 costs-of-materials : total operating performance
3 personnel expenses : total operating performance
Net sales and total operating performance
Net sales according to IAS were EUR 63 million in the first quarter of fiscal year 2000/2001. Although
the Company has no experience on which it can rely to judge, given that it has been producing
quarterly results under IAS for such a short period of time, the Company’s experience is that net sales
tend to be weak compared to the rest of the year. German taxation regulations required wind turbines
under construction to be completed by the end of the calendar year to qualify for certain tax benefits.
Each wind turbine under construction as of September 30 was accounted for under IAS according to
the percentage of completion method, with the result that a large proportion of domestic sales had
been accounted for in the fourth quarter of the previous fiscal year.
In addition to total operating performance of approximately EUR 69 million, contracts worth EUR 112
million were concluded in the first quarter of fiscal year 2000/2001. The Company only considers
contracts as concluded, where the buyer has provided proof of financing and received approval for
construction and to supply the electricity into the electricity network.
The proportion of overseas sales decreased from approximately 44.1% in fiscal 1999/2000 to slightly in
excess of 33% in the first quarter of fiscal year 2000/2001. This was primarily due to the further
significant expansion of Südwind Energy GmbH, which sells mainly to the domestic market.
Cost of materials
The cost of materials and services purchased amounted to EUR 50.8 million in the first quarter of fiscal
year 2000/2001. The cost-of-materials ratio was 73.4% compared to 75.4% in fiscal year 1999/2000.
The Company expects that the cost-of-materials ratio will again rise to the level of the previous years.
Personnel expenses, other operating expenses
Personnel expenses and the personnel expenses ratio for the first quarter of fiscal year 2000/2001
amounted to EUR 5.7 million and 8.2%, respectively. The Company expects an increase in total
operating performance over the remainder of the fiscal year and as a result a slightly lower personnel
expenses ratio.
Other operating expenses for the first quarter of fiscal year 2000/2001 amounted to EUR 9.5 million.
Included in this figure is a provision of EUR 223 thousand for expenses related to the Offering.
Operating profits, net financial result
In the first quarter of fiscal year 2000/2001, the Group made an operating profit of EUR 1.9 million. The
net financial result was due almost entirely to interest on the Babcock Borsig Group inter-company
clearing of EUR -0.9 million.
98
585
73.4%
8.2%