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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A detailed breakdown <strong>of</strong> income taxes is shown in the table below. Deferred taxes are shown nonnetted.<br />
1999/00 1998/99 1997/98<br />
E E E<br />
Pr<strong>of</strong>it from ordinary operations 10,348,993.11 10,122,532.29 2,480,674.15<br />
Non-income tax (expenses)/refund (29,736.46) 24,476.49 (7,255.31)<br />
Earnings before taxes (EBT) 10,319,256.65 10,147,008.78 2,473,418.84<br />
Current tax expenses <strong>of</strong> the period (2,376,192.57) (869,930.44) 0.00<br />
Imputed tax (burden)/relief on net adjustment for gro<strong>up</strong> fee<br />
apportionment and P&L transfer (2,139,535.64) (703,692.55) 263,560.23<br />
Increase in deferred taxes for the period:<br />
application <strong>of</strong> the PoC method (75,724.37) (1,520,261.47) (790,216.94)<br />
accounting for public grants (15,941.57) 0.00 0.00<br />
accounting for assets under capital leases (99,881.38) (22,691.65) 0.00<br />
capitalization <strong>of</strong> development costs (232,438.40) (404,547.94) (140,686.56)<br />
elimination <strong>of</strong> change in general allowance for doubtful accounts (25,330.93) (55,062.05) (1,452.58)<br />
utilization <strong>of</strong> deferred tax assets from loss carryovers 0.00 (407,567.12) (268,525.39)<br />
change in future payables from l/t construction contracts (212,304.75) 0.00 0.00<br />
Decrease in deferred taxes for the period:<br />
(661,621.40) (2,410,130.23) (1,200,881.47)<br />
application <strong>of</strong> the PoC method 811,633.42 26,669.50 59,097.67<br />
accounting for public grants 445,038.68 123,889.09 0.00<br />
change in future receivables from l/t construction contracts 0.00 212,305.77 0.00<br />
elimination <strong>of</strong> change in general allowance for doubtful accounts 24,958.71 0.00 0.00<br />
elimination <strong>of</strong> intercompany pr<strong>of</strong>its 11,058.73 4,132.26 0.00<br />
1,292,689.54 366,996.62 59,097.67<br />
Income tax expense as per income statement (3,884,660.07) (3,616,756.60) (878,223.57)<br />
Total actual burden from current, imputed and deferred taxes<br />
in the fiscal year approx. 37% approx. 36% approx. 36%<br />
(6.11) Other taxes<br />
The other (i.e., non-income) taxes basically cover vehicle and real-estate taxes.<br />
1999/00 E29,736.46<br />
1998/99 (E24,476.49)<br />
1997/99 E7,255.31<br />
(7) Comments on the cash flow statement<br />
The cash flow statement shows the changes in the flow <strong>of</strong> funds during the years under review. In<br />
accordance with IAS 7, a distinction is made between the cash flows from (i.e. the net cash used in or<br />
provided by) operating, investing and financing activities.<br />
The cash & cash equivalents as shown in the cash flow statement comprises cash on hand and in bank.<br />
Current liabilities due <strong>to</strong> banks were deducted. Included in cash & cash equivalents were, moreover,<br />
debit and credit balances <strong>of</strong> the intercompany clearing account provided by Babcock Borsig AG for<br />
intragro<strong>up</strong> cash management purposes since such funds represent cash equivalents under the terms <strong>of</strong><br />
IAS 7. Also included were interest receivables and payables.<br />
The indirect approach was adopted <strong>to</strong> determine the cash flow from operating activities. The changes<br />
in balance sheet lines ensue from the difference <strong>of</strong> each fiscal year’s closing balances versus the<br />
previous year. The cash flow from investing activities breaks down in<strong>to</strong> cash outflows for expenditures<br />
for intangible assets, property, plant & equipment and financial assets, as well as in<strong>to</strong> cash inflows<br />
from fixed-asset disposal. The cash flow from financing activities was provided by cash inflows from<br />
F-25