Equity and liabilities Note A. Equity (5.5) Balance at Balance at 12-31-2000 12-31-1999 pro forma pro forma E E I. Capital s<strong>to</strong>ck 34,050,000.00 256,561.92 II. Additional paid-in capital 3,577,668.00 6,047,049.08 III. Pro forma net earnings/(pro forma accumulated deficit) (493,258.53) 5,844,337.66 B. Accruals (5.6) 37,134,409.47 12,147,948.66 1. Pension accruals 148,759.86 0.00 2. Tax accruals 3,866,811.55 1,323,514.34 3. Sundry accruals 16,433,430.51 8,929,836.24 20,449,001.92 10,253,350.58 C. Future payables under long-term construction contracts (5.7) 0.00 475,695.74 D. Liabilities 1. Due <strong>to</strong> banks 121,588.74 0.00 2. Trade payables 29,044,981.71 44,633,897.29 3. Due <strong>to</strong> Babcock Borsig Gro<strong>up</strong> companies (5.8) 74,451,697.00 33,117,424.40 4. Sundry liabilities 5,354,659.80 2,181,128.31 108,972,927.25 79,932,450.00 E. Deferred income 511.29 57,895.62 F. Deferred tax liabilities (6.7) 3,290,597.88 2,057,677.65 F-42 169,847,447.81 104,925,018.25
Pro forma CONSOLIDATED INCOME STATEMENT according <strong>to</strong> IAS for the three months ended December 31, 2000 with statistical data for the three months ended December 31, 1999 Note First Quarter First Quarter for Fiscal for Fiscal Year 2000/2001 Year 1999/2000 pro forma pro forma E E Net sales (6.1) 63,003,701.96 28,045,088.78 Change in inven<strong>to</strong>ries <strong>of</strong> work in process 6,125,286.76 15,193,204.59 Total operating performance 69,128,988.72 43,238,293.37 Other operating income (6.2) 526,210.68 309,607.35 Cost <strong>of</strong> materials (6.3) cost <strong>of</strong> raw materials and s<strong>up</strong>plies (40,328,659.31) (28,979,812.15) cost <strong>of</strong> services purchased (10,437,730.95) (6,028,352.76) Gross pr<strong>of</strong>it 18,888,809.14 8,539,735.81 Personnel expenses (6.4) (a) wages and salaries (4,943,532.65) (3,276,731.22) (b) social security taxes (751,713.73) (729,943.00) Amortization <strong>of</strong> intangible assets and depreciation <strong>of</strong> property, plant & equipment (1,751,921.00) (530,925.87) Other operating expenses (6.5) (9,516,745.69) (4,995,913.87) Operating pr<strong>of</strong>it/(loss) 1,924,896.07 (993,778.15) Other interest and similar income 34,118.79 34,790.26 Interest and similar expenses (954,118.90) (215,261.32) Net financial result (6.6) (920,000.11) (180,471.06) Pr<strong>of</strong>it/(loss) from ordinary operations 1,004,895.96 (1,174,249.21) Income taxes (6.7) current (687,763.33) (454,617.22) imputed 442,006.88 122,150.09 deferred (329,948.95) 790,722.78 Other taxes (8,918.17) (4,176.16) Quarterly net income/(loss) 420,272.39 (720,169.72) Adjustment for pro forma gro<strong>up</strong> fee apportionment and imputed taxes 652,493.13 550,349.91 Pr<strong>of</strong>it transfer (243.52) (370,030.53) Pro forma pr<strong>of</strong>it carryover 9,660,374.79 6,384,188.00 Elimination <strong>of</strong> pro forma pr<strong>of</strong>it carryover plus the subsidiaries’ quarterly net income/(loss) as <strong>of</strong> Dec. 31, 2000, due <strong>to</strong> pro forma capital consolidation (11,226,155.32) 0.00 Pro forma net earnings/(pro forma accumulated deficit) (493,258.53) 5,844,337.66 F-43
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OFFERING MEMORANDUM Oberhausen, Ger
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Forward-looking Information This Of
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account of a QIB, whom the seller h
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Nordex AG Oberhausen, Germany Offer
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Table of Contents Notice to New Ham
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Financial Information. . . . . . .
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Summary of the Offering Memorandum
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Management Board of Nordex AG and t
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Selected Financial Data of the Nord
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Shareholders. In each case, the cos
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Code - will be held under a separat
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Capitalization The following table
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organizational structures to meet t
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condition, results of operations an
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Risks Inherent in the Market and Co
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In addition, there is a risk that p
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Shareholders’ Meeting of Nordex A
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Nordex AG believes that generating
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The US provides federal support for
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Business Introduction and Overview
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manufacturers, customers and suppli
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The following table illustrates the
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According to the provisional figure
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Vestas Wind Systems A/S and Bonus E
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Strategy Nordex’s overall strateg
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The following figure illustrates th
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due to their various sizes and nomi
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The maximum weekly production capac
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The Company’s marketing is mainly
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total value of its requirement for
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Intellectual Property Rights Patent
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Since it ceased being a member of t
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The following table provides an ove
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accept and pay for the rotor blades
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Before construction of the wind par
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Relationships with Principal Shareh
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Agreements with Associated Companie
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interests it held with a total nomi
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underwriting syndicate lead-managed
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Earnings per Share The following ta
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Auditor for the Subsidiaries The fi
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Capital stock: EUR 25 thousand Rese
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Executive Bodies of the Company, Em
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The Company has not granted any loa
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Automotive-Gruppe were, from 1993,
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two comprises the managing director
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Management’s Discussion and Analy
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Comparison of Fiscal Years 1999/200
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was due primarily to the Company in
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In total, the average pro forma inc
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EUR 3.40 million as of September 30
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UNDERWRITING AND SALE Dresdner Klei