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

Pro forma CONSOLIDATED STATEMENT OF CASH FLOWS
according to IAS
for the three months ended December 31, 2000,
with statistical data
for the three months ended December 31, 1999
I. Operating activities
First Quarter for
Fiscal Year
2000/2001
pro forma
First Quarter for
Fiscal Year
1999/2000
pro forma
E E
Quarterly net income/(loss) 420,272.39 (720,169.72)
Adjustment for pro forma group fee apportionment and imputed taxes 652,493.13 550,349.91
Amortization/depreciation of fixed assets 1,751,921.00 530,925.87
(Gains from)/Losses on fixed-asset disposal (24,487.56) 0.00
Change in inventories of goods (24,167,857.22) (25,225,614.80)
Change in future receivables from long-term construction contracts 9,178,115.40 (3,782,028.24)
Change in receivables and sundry current assets 19,723,607.46 6,493,231.77
Change in pension accruals 148,759.86 0.00
Change in tax accruals 687,426.84 454,617.22
Change in sundry accruals (83,273.32) 1,595,608.85
Change in future payables from long-term construction contracts 0.00 (114,401.56)
Change in liabilities (excl. intercompany clearing account and liabilities due to banks) (13,147,511.42) (2,773,633.91)
Change in deferred tax assets (320,568.25) 7,716.93
Change in deferred tax liabilities 650,517.20 (798,439.71)
Change in prepaid expenses & deferred charges (319,063.54) 64,284.10
Change in deferred income (164,740.64) 11,419.19
Cash flow from operating activities (5,014,388.67) (23,706,134.10)
II. Investing activities
Cash inflow from the disposal of property, plant & equipment 896,182.84 86,407.68
Cash outflow for capital expenditures for intangibles and property, plant and
equipment (22,979,245.45) (1,122,472.53)
Cash flow from investing activities (22,083,062.61) (1,036,064.85)
III. Financing activities
Cash inflow from increase in capital stock 33,743,438.08 25,000.00
Cash inflow from transfer to additional paid-in capital (2,469,381.08) 0.00
Change in pro forma net earnings due to pro forma capital consolidation (11,226,155.32) 0.00
Cash dividend distributed by Nordex Planungs- und Vertriebsgesellschaft mbH (243.52) 0.00
Profit transfer to Borsig Energy GmbH under P&L transfer agreements 0.00 (370,030.53)
Cash flow from financing activities 20,047,658.16 (345,030.53)
Change in cash & cash equivalents (7,049,793.12) (25,087,229.48)
Cash & cash equivalents at beginning of period (62,481,684.65) 2,406,833.20
Cash & cash equivalents at end of period (69,531,477.77) (22,680,396.28)
thereof:
F-44
cash on hand and in bank 3,118,909.49 354,325.55
intercompany clearing account credit/(debit) balances (72,528,798.52) (23,034,721.83)
current liabilities due to banks (121,588.74) 0.00
(69,531,477.77) (22,680,396.28)