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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Taifun AG’s capital s<strong>to</strong>ck <strong>of</strong> E34,050,000.00, divided in<strong>to</strong> 34,050,000 no-par shares at E1.00 each, was<br />
held at December 31, 2000, by the following owners:<br />
12-31-2000<br />
E %<br />
Borsig Energy GmbH, Oberhausen 27,407,500.00 80.49<br />
Nordvest A/S, Give, Denmark 6,642,500.00 19.51<br />
34,050,000.00 100.00<br />
<strong>Nordex</strong> Energy GmbH (formerly <strong>Nordex</strong> GmbH) showed the following shares in subsidiaries (gro<strong>up</strong><br />
companies) as <strong>of</strong> December 31, 2000 and 1999:<br />
Name<br />
Registered<br />
<strong>of</strong>fice<br />
Book value<br />
as <strong>of</strong><br />
12-31-2000 Interest in<br />
Book value<br />
as <strong>of</strong><br />
12-31-1999 Interest in<br />
E1,000 (= kE) % kE %<br />
<strong>Nordex</strong> Ibérica Borsig Energy S.A. Barcelona 15 100 15 100<br />
<strong>Nordex</strong> Omnical Energy Services<br />
(Shanghai) Co. Ltd. Shanghai 188 100 188 100<br />
<strong>Nordex</strong> Hellas E.P.E. Greece 18 100 — —<br />
<strong>Nordex</strong> USA Inc. United States 1 100 — —<br />
In the 3-month period ended December 31, 1999, the stake in Ekter Eoliki A.E., Athens, was divested.<br />
For lack <strong>of</strong> materiality, <strong>Nordex</strong> Energy GmbH’s aforesaid non-German subsidiaries were not<br />
consolidated, which is in accordance with IASC Framework paragraph 12 in conjunction with<br />
paragraphs 29, 30. Said foreign subsidiaries are responsible for handling <strong>Nordex</strong> Energy GmbH<br />
contracts and providing local technological s<strong>up</strong>port. The shares in these subsidiaries were accounted<br />
for at amortized cost in accordance with IAS 39.4 and IAS 39.66/67.<br />
In addition, <strong>Nordex</strong> Energy GmbH has held since fiscal 1998/99 a 40% equity interest in XIAN <strong>Nordex</strong><br />
Wind Turbine Co. Ltd., Xian, PR China. Since the controlling shareholder is the Chinese government and<br />
this investee is hence not controlled by <strong>Nordex</strong> Energy GmbH as defined in IAS 27.12, the investment<br />
has neither been included in the consolidation gro<strong>up</strong>, nor has it been stated at equity under the terms<br />
<strong>of</strong> IAS 28 since <strong>Nordex</strong> Energy GmbH does not have the power <strong>to</strong> participate in this investee’s financial<br />
and operating policy decisions. Therefore, the investee is carried at amortized cost pursuant <strong>to</strong> the<br />
financial instruments rules <strong>of</strong> IAS 39.4 and IAS 39.66/67. As <strong>of</strong> December 31, 2000 and 1999, the<br />
investment book value amounted <strong>to</strong> kE760.8 and kE539.9, respectively.<br />
The direct-control and pr<strong>of</strong>it and loss transfer agreements existing in the fiscal years 1997/98, 1998/99<br />
and 1999/2000 between the then shareholder Borsig Energy GmbH and the subsidiaries NPV Planung<br />
und Vertrieb GmbH (formerly <strong>Nordex</strong> Planungs- und Vertriebsgesellschaft mbH), <strong>Nordex</strong> Au<strong>to</strong>mation<br />
GmbH (formerly Babcock Prozessau<strong>to</strong>mation GmbH, Wind Energy division), Südwind Energy GmbH<br />
(formerly Südwind Borsig Energy GmbH) and <strong>Nordex</strong> Ro<strong>to</strong>r GmbH (formerly Borsig Ro<strong>to</strong>rtechnik GmbH)<br />
will be terminated in fiscal 2000/01 with civil-law effect as from Oc<strong>to</strong>ber 1, 2000. Corresponding<br />
agreements will be made by and between <strong>to</strong>day’s <strong>Nordex</strong> AG and the consolidated subsidiaries and<br />
under these, <strong>Nordex</strong> AG will economically be entitled <strong>to</strong> the annual P/L <strong>of</strong> its subsidiaries as from<br />
Oc<strong>to</strong>ber 1, 2000.<br />
The intercompany receivables, payables, income, gains, losses and expenses from P&L transfer<br />
generated at the level <strong>of</strong> the subsidiaries and included in the pro forma consolidated interim<br />
statements were eliminated in consolidation.<br />
The fiscal year <strong>of</strong> Taifun AG and all its consolidated subsidiaries is a non-calendar year that commences<br />
Oc<strong>to</strong>ber 1 and closes September 30, 2000.<br />
F-48