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

(5) Comments on selected balance sheet lines
(5.1) Fixed assets
Breakdown of intangibles within fixed assets:
12-31-2000 E41,802,584.71
12-31-1999 E13,327,184.18
12-31-2000 12-31-1999
E E
Concessions, franchises, industrial-property and similar rights 4,575,407.64 2,289,905.16
Pro forma goodwill 20,047,901.67 0.00
Prepayments on intangibles 1,501,598.70 563,945.24
26,124,908.01 2,853,850.40
Intangible assets include development costs (less amortization) of E3,015,290.64 as of December 31,
2000, under the terms of IAS 38. The intangible assets total at December 31, 2000, soared from the
level of the (combined) pro forma consolidated statements 1997/98, 1998/99 and 1999/2000 due to
the disclosure of a pro forma goodwill, which was developed as shown below:
Nordex
Energy
GmbH
IAS
12-31-2000
NPV Planung
und Vertrieb
GmbH
IAS
12-31-2000
Nordex
Automation
GmbH
IAS
12-31-2000
Südwind
Energy
GmbH
IAS
12-31-2000
Nordex
Rotor
GmbH
IAS
12-31-2000
Total
IAS
12-31-2000
E E E E E E
Financial assets at book
value 16,693,065.74 5,948,177.07 14,850,830.04 63,033.60 24,999.62 37,580,106.07
Share capital 54,000.00 52,000.00 103,000.00 25,000.00 25,000.00 259,000.00
Additional paid-in capital 6,047,049.08 0.00 0.00 0.00 0.00 6,047,049.08
Net earnings/(acc. deficit) 12,046,494.43 62,936.47 (625,521.13) 102,743.02 (360,497.47) 11,226,155.32
Equity 18,147,543.51 114,936.47 (522,521.13) 127,743.02 (335,497.47) 17,532,204.40
Goodwill/(badwill) (1,454,477.77) 5,833,240.60 15,373,351.17 (64,709.42) 360,497.09 20,047,901.67
Based on a period of benefit of 15 years, annual goodwill amortization amounts to kE1,336.5.
Breakdown of capitalized property, plant and equipment:
12-31-2000 12-31-1999
E E
Land and buildings 2,350,160.49 856,922.51
Production plant and machinery 3,501,661.60 3,721,970.88
Other plant, factory and office equipment 3,989,640.70 2,608,414.39
Prepayments on PP&E, construction in progress 4,853,098.21 2,542,898.02
14,694,561.00 9,730,205.80
For capital expenditures for property, plant and equipment in First Quarter for Fiscal Year 2000/2001,
public grants of E18,030.13 were received and, in accordance with IAS 20, deducted from cost.
As of December 31, 2000, a leased mobile crane was shown as capitalized since from the group’s
vantage point, the transaction is a capital lease. The rents, which were expensed in the separate
statements at E101,219.09 (unchanged versus First Quarter for Fiscal Year 1999/2000), were
consequently eliminated in the pro forma consolidated interim statements for the quarter ended
December 31, 2000.
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