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

(Combined)
pro forma CONSOLIDATED INCOME STATEMENTS
according to IAS
in a subsumed 3-year presentation
for the twelve months ended September 30, 2000
for the twelve months ended September 30, 1999
for the twelve months ended September 30, 1998
Note
1999/00
pro forma
1998/99
pro forma
1997/98
pro forma
E E E
Net sales (6.1) 272,669,814.84 223,742,801.56 82,476,587.43
Change in inventories of work in process (6.2) (3,213,876.05) 8,436,511.87 2,782,896.07
Work and material capitalized (6.3) 735,399.55 444,670.55 0.00
Total operating performance 270,191,338.34 232,623,983.98 85,259,483.50
Other operating income (6.4) 1,973,699.62 1,191,065.76 897,484.15
Cost of materials (6.5)
cost of raw materials and supplies (166,500,959.01) (156,020,672.38) (52,747,855.91)
cost of services purchased (37,276,316.89) (32,859,080.43) (13,845,817.20)
Gross profit 68,387,762.06 44,935,296.93 19,563,294.54
Personnel expenses (6.6)
(a) wages and salaries (16,806,910.28) (11,211,819.34) (5,216,417.18)
(b) social security taxes (2,398,742.33) (1,538,926.27) (783,680.16)
Amortization of intangible assets and depreciation of
property, plant and equipment (6.7) (3,725,019.82) (2,096,032.78) (862,057.71)
Other operating expenses (6.8) (32,242,773.24) (20,088,169.96) (9,885,015.53)
Operating profit 13,214,316.39 10,000,348.58 2,816,123.96
Other interest and similar income (6.9) 516,156.93 1,110,856.41 70,445.35
Other interest and similar expenses (6.9) (3,381,480.21) (988,672.70) (405,895.16)
Net financial result (2,865,323.28) 122,183.71 (335,449.81)
Profit from ordinary operations 10,348,993.11 10,122,532.29 2,480,674.15
Income taxes (6.10)
current taxes (2,376,192.57) (869,930.44) 0.00
imputed taxes (2,139,535.64) (703,692.55) 263,560.23
deferred taxes 631,068.14 (2,043,133.61) (1,141,783.80)
Other taxes (6.11) (29,736.46) 24,476.49 (7,255.31)
Net income 6,434,596.58 6,530,252.18 1,595,195.27
Adjustment for pro forma group fee apportionment and
imputed taxes 4,829,520.30 3,090,692.55 1,618,439.77
Profit transfer (7,987,930.09) (4,129,487.53) (1,229,370.33)
Profit/(loss) carryover 6,384,188.00 892,730.80 (1,091,533.91)
Pro forma net earnings 9,660,374.79 6,384,188.00 892,730.80
F-5