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

(Combined)
pro forma CONSOLIDATED STATEMENTS OF CASH FLOWS
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
I. Operating activities
1999/00 1998/99 1997/98
pro forma pro forma pro forma
E E E
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
Amortization/depreciation of fixed assets 3,725,019.82 2,096,032.78 862,057.71
Gains from/Losses on fixed-asset disposal (259,916.36) 57,907.99 10,898.81
Change in inventories 8,012,442.41 (5,355,272.86) (10,333,874.87)
Change in future receivables under long-term construction
contracts (18,358,062.44) (15,632,164.42) 3,510,249.73
Change in receivables and sundry current assets (48,221,568.76) (23,311,116.34) (2,608,170.70)
Change in tax accruals 2,310,487.59 786,636.90 0.00
Change in sundry accruals 9,182,476.44 4,403,747.89 1,135,828.37
Change in future payables under long-term construction contracts (590,097.30) 590,097.30 0.00
Change in liabilities (excl. intercompany clearing account and
liabilities due to banks) (10,201,310.67) 43,557,074.87 2,633,914.48
Change in deferred tax assets (415,031.47) (137,955.24) 676,092.50
Change in deferred tax liabilities (216,036.67) 2,181,088.85 465,691.29
Change in prepaid expenses and deferred charges (1,236,868.93) (35,775.82) 55,118.74
Change in deferred income 118,775.50 46,476.42 0.00
Cash flow from operating activities (44,885,573.96) 18,867,723.05 (378,558.90)
II. Investing activities
Cash inflow from the disposal of property, plant and equipment 1,873,672.26 246,645.61 187,314.74
Cash outflow for capital expenditures for intangibles and property,
plant and equipment (13,723,698.35) (9,969,820.23) (2,134,017.33)
Cash outflow for capital expenditures for financial assets (239,987.72) (773,805.49) 0.00
Cash flow from investing activities (12,090,013.81) (10,496,980.11) (1,946,702,59)
III. Financing activities
Cash inflow from increases in capital stock 75,000.00 25,000.00 0.00
Cash outflow to Babcock Borsig Group companies under profit and
loss transfer agreements (7,987,930.09) (4,129,487.53) (1,229,370.33)
Cash dividend distributed by Nordex Planungs- und
Vertriebsgesellschaft mbH 0.00 0.00 (60,332.44)
Cash flow from financing activities (7,912,930.09) (4,104,487.53) (1,289,702.77)
Change in cash and cash equivalents (64,888,517.86) 4,266,255.41 (3,614,964.26)
Cash and cash equivalents at beginning of period 2,406,833.21 (1,859,422.21) 1,755,542.05
Cash and cash equivalents at end of period (62,481,684.65) 2,406,833.20 (1,859,422.21)
F-6
thereof:
cash on hand and in bank 2,634,180.25 370,633.34 587,620.73
intercompany clearing account credit/(debit) balances (64,935,602.79) 2,094,762.84 (2,447,042.94)
current liabilities due to banks (180,262.11) (58,562.98) 0.00
(62,481,684.65) 2,406,833.20 (1,859,422.21)