OFFERING MEMORANDUM Global Offering of up to ... - Nordex
OFFERING MEMORANDUM Global Offering of up to ... - Nordex
OFFERING MEMORANDUM Global Offering of up to ... - Nordex
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(Combined)<br />
pro forma CONSOLIDATED STATEMENTS OF CASH FLOWS<br />
according <strong>to</strong> IAS<br />
in a subsumed 3-year presentation<br />
for the twelve months ended September 30, 2000<br />
for the twelve months ended September 30, 1999<br />
for the twelve months ended September 30, 1998<br />
I. Operating activities<br />
1999/00 1998/99 1997/98<br />
pro forma pro forma pro forma<br />
E E E<br />
Net income 6,434,596.58 6,530,252.18 1,595,195.27<br />
Adjustment for pro forma gro<strong>up</strong> fee apportionment and imputed<br />
taxes 4,829,520.30 3,090,692.55 1,618,439.77<br />
Amortization/depreciation <strong>of</strong> fixed assets 3,725,019.82 2,096,032.78 862,057.71<br />
Gains from/Losses on fixed-asset disposal (259,916.36) 57,907.99 10,898.81<br />
Change in inven<strong>to</strong>ries 8,012,442.41 (5,355,272.86) (10,333,874.87)<br />
Change in future receivables under long-term construction<br />
contracts (18,358,062.44) (15,632,164.42) 3,510,249.73<br />
Change in receivables and sundry current assets (48,221,568.76) (23,311,116.34) (2,608,170.70)<br />
Change in tax accruals 2,310,487.59 786,636.90 0.00<br />
Change in sundry accruals 9,182,476.44 4,403,747.89 1,135,828.37<br />
Change in future payables under long-term construction contracts (590,097.30) 590,097.30 0.00<br />
Change in liabilities (excl. intercompany clearing account and<br />
liabilities due <strong>to</strong> banks) (10,201,310.67) 43,557,074.87 2,633,914.48<br />
Change in deferred tax assets (415,031.47) (137,955.24) 676,092.50<br />
Change in deferred tax liabilities (216,036.67) 2,181,088.85 465,691.29<br />
Change in prepaid expenses and deferred charges (1,236,868.93) (35,775.82) 55,118.74<br />
Change in deferred income 118,775.50 46,476.42 0.00<br />
Cash flow from operating activities (44,885,573.96) 18,867,723.05 (378,558.90)<br />
II. Investing activities<br />
Cash inflow from the disposal <strong>of</strong> property, plant and equipment 1,873,672.26 246,645.61 187,314.74<br />
Cash outflow for capital expenditures for intangibles and property,<br />
plant and equipment (13,723,698.35) (9,969,820.23) (2,134,017.33)<br />
Cash outflow for capital expenditures for financial assets (239,987.72) (773,805.49) 0.00<br />
Cash flow from investing activities (12,090,013.81) (10,496,980.11) (1,946,702,59)<br />
III. Financing activities<br />
Cash inflow from increases in capital s<strong>to</strong>ck 75,000.00 25,000.00 0.00<br />
Cash outflow <strong>to</strong> Babcock Borsig Gro<strong>up</strong> companies under pr<strong>of</strong>it and<br />
loss transfer agreements (7,987,930.09) (4,129,487.53) (1,229,370.33)<br />
Cash dividend distributed by <strong>Nordex</strong> Planungs- und<br />
Vertriebsgesellschaft mbH 0.00 0.00 (60,332.44)<br />
Cash flow from financing activities (7,912,930.09) (4,104,487.53) (1,289,702.77)<br />
Change in cash and cash equivalents (64,888,517.86) 4,266,255.41 (3,614,964.26)<br />
Cash and cash equivalents at beginning <strong>of</strong> period 2,406,833.21 (1,859,422.21) 1,755,542.05<br />
Cash and cash equivalents at end <strong>of</strong> period (62,481,684.65) 2,406,833.20 (1,859,422.21)<br />
F-6<br />
there<strong>of</strong>:<br />
cash on hand and in bank 2,634,180.25 370,633.34 587,620.73<br />
intercompany clearing account credit/(debit) balances (64,935,602.79) 2,094,762.84 (2,447,042.94)<br />
current liabilities due <strong>to</strong> banks (180,262.11) (58,562.98) 0.00<br />
(62,481,684.65) 2,406,833.20 (1,859,422.21)