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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(5.2) Inven<strong>to</strong>ries<br />
9-30-2000 E13,903,752.35<br />
9-30-1999 E21,916,194.76<br />
9-30-1998 E16,560,921.90<br />
9-30-2000 9-30-1999 9-30-1998<br />
E E E<br />
Raw materials and s<strong>up</strong>plies 27,785,126.16 29,741,689.59 14,170,865.73<br />
Work in process 8,189,596.97 11,403,473.02 2,966,961.15<br />
Prepayments made 9,745,945.40 4,755,606.68 4,434,790.57<br />
45,720,668.53 45,900,769.29 21,572,617.45<br />
less prepayments received (31,816,916.18) (23,984,574.53) (5,011,695.55)<br />
13,903,752.35 21,916,194.76 16,560,921.90<br />
The raw materials and s<strong>up</strong>plies substantially include <strong>Nordex</strong> GmbH’s inven<strong>to</strong>ries and, <strong>to</strong> a minor extent,<br />
Südwind GmbH’s and Borsig Ro<strong>to</strong>rtechnik GmbH’s. In 1999/2000, a major write-down <strong>of</strong> kE544.5 (<strong>up</strong><br />
from kE521.5 in 1998/99 and kE146.2 in 1997/98) was charged for slow-moving, obsolete or those<br />
inven<strong>to</strong>ries <strong>of</strong> <strong>Nordex</strong> GmbH whose cost exceeded market prices. WIP refers <strong>to</strong> wind turbines under<br />
construction, as well as <strong>to</strong> intermediate input for project development, rights and infrastructure in<br />
connection with wind turbines for which no specific cus<strong>to</strong>mer contract had been received as <strong>of</strong> the<br />
respective closing dates for the pro forma gro<strong>up</strong> accounts or whose contract costs were not reliably<br />
determinable.<br />
(5.3) Future receivables under I/t construction contracts<br />
9-30-2000 E35,062,530.25<br />
9-30-1999 E16,704,467.81<br />
9-30-1998 E1,072.303.40<br />
9-30-2000 9-30-1999 9-30-1998<br />
E E E<br />
Accumulated contract costs 103,100,967.36 75,566,421.45 13,203,469.79<br />
Earnings realized pro rata 4,632,278.07 6,704,105.19 2,577,511.54<br />
107,733,245.43 82,270,526.64 15,780,981.33<br />
less prepayments received (72,670,715.18) (65,566,058.83) (14,708,677.93)<br />
35,062,530.25 16,704,467.81 1,072,303.40<br />
This caption covers work in process accounted for according <strong>to</strong> the PoC method <strong>of</strong> IAS 11 and breaks<br />
down in<strong>to</strong> the contract costs accumulated by balance sheet date and the prorated contract earnings<br />
realized and determined according <strong>to</strong> the cost-<strong>to</strong>-cost method, as well as in<strong>to</strong> contracts the revenues<br />
from which were not reliably measurable. Prepayments received (billings paid) were duly deducted from<br />
the future contract receivables. Contracts producing a net loss were shown as ‘‘future payables under<br />
l/t construction contracts,’’ cf. Note (5.8).<br />
F-17