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

(5.4) Receivables and other current assets
9-30-2000 E78,184,608.11
9-30-1999 E29,963,039.35
9-30-1998 E6,651,923.01
9-30-2000 9-30-1999 9-30-1998
E E E
Trade receivables 63,364,341.85 20,011,839.42 4,182,167.51
Due from Babcock Borsig Group companies 11,807,700.37 9,110,075.31 630,549.79
Receivables under investor/investee relations 8,781.48 0.00 255,645.94
Sundry current assets 3,003,784.41 841,124.62 1,583,559.77
78,184,608.11 29,963,039.35 6,651,923.01
Specific bad-debt allowances of E534,554.70 were charged to trade receivables as of September 30,
2000 (E642,428.09 at 9-30-1999, E406,681.56 at 9-30-1998).
The accounts due from Babcock Borsig Group companies largely refer to receivables from Babcock
Borsig AG, Oberhausen; BDAG Balcke-Dürr AG, Oberhausen; Nordex Ibérica Borsig Energy S.A., Spain;
Nordex USA Inc., United States; and Nordex Hellas E.P.E., Greece. After netting the debit and credit
balances, the intercompany account for the intragroup cash management funds provided by Babcock
Borsig AG showed E2,094,762.84 in Taifun’s favor as of 9-30-1999. For details of intercompany
payables, see Note (5.9).
The receivables under investor/investee relations comprised as of 9-30-2000 accounts due from Xian
Nordex Wind Turbine Co. Ltd., Xian, PR China, and as of 9-30-1998, from Nordvest A/S, Give, Denmark.
The trade receivables, accounts due from Babcock Borsig Group companies and receivables under
investor/investee relations all had a remaining term of one year or less in the periods under review.
Breakdown of the sundry current assets:
9-30-2000 9-30-1999 9-30-1998
E E E
Due from tax office 15,788.69 520,889.12 1,219,946.62
Short-term loans 1,782,874.79 0.00 102,258.38
Subsidies and investment grants 688,459.37 0.00 0.00
Due from employees 71,773.94 65,864.48 41,746.85
Insurance claims receivable 204,516.75 204,516.75 0.00
All other 240,370.87 49,854.27 219,607.92
3,003,784.41 841,124.62 1,583,559.77
The sundry current assets as of 9-30-2000 and 9-30-1999 were due within one year while those as of
9-30-1998 included E3,067.75 with a remaining term above one year.
(5.5) Prepaid expenses & deferred charges
9-30-2000 E1,316,310.03
9-30-1999 E79,441.10
9-30-1998 E43,665.28
This caption principally covers prepayments for insurance premiums, assessed frontage, rents, and
nonrecurring lease payments.
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