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

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