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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(5.2) Inven<strong>to</strong>ries<br />
12-31-2000 E 38,071,609.57<br />
12-31-1999 E47,141,809.56<br />
12-31-2000 12-31-1999<br />
E E<br />
Raw materials and s<strong>up</strong>plies 31,515,937.27 18,476,025.78<br />
Work in process (WIP) 14,314,883.74 26,596,677.61<br />
Prepayments made 10,151,460.83 7,628,474.87<br />
55,982,281.84 52,701,178.26<br />
less prepayments received (17,910,672.27) (5,559,368.70)<br />
38,071,609.57 47,141,809.56<br />
The raw materials and s<strong>up</strong>plies as <strong>of</strong> December 31, 2000, substantially include <strong>Nordex</strong> Energy GmbH’s<br />
inven<strong>to</strong>ries and, <strong>to</strong> a minor extent, Südwind Energy GmbH’s and <strong>Nordex</strong> Ro<strong>to</strong>r GmbH’s. WIP refers <strong>to</strong><br />
wind turbines under construction, as well as <strong>to</strong> intermediate input for project development, rights and<br />
infrastructure in connection with wind turbines for which no specific cus<strong>to</strong>mer contract had been<br />
received as <strong>of</strong> the respective closing dates for the quarterly pro forma consolidated balance sheets or<br />
whose contract costs were not reliably determinable.<br />
(5.3) Future receivables under I/t construction contracts<br />
12-31-2000 E25,884,414.85<br />
12-31-1999 E20,486,496.06<br />
12-31-2000 12-31-1999<br />
E E<br />
Accumulated contract costs 99,816,686.52 64,332,264.50<br />
Earnings realized pro rata 5,438,926.82 4,239,175.08<br />
105,255,613.34 68,571,439.58<br />
less prepayments received (79,371,198.49) (48,084,943.52)<br />
25,884,414.85 20,486,496.06<br />
This caption covers work in process accounted for according <strong>to</strong> the PoC method <strong>of</strong> IAS 11 and breaks<br />
down in<strong>to</strong> the contract costs accumulated by the interim balance sheet date and the prorated contract<br />
earnings realized and determined according <strong>to</strong> the cost-<strong>to</strong>-cost method, as well as in<strong>to</strong> contracts the<br />
revenues from which were not reliably measurable. Prepayments received (billings paid) were duly<br />
deducted from the future contract receivables. Contracts producing a net loss were shown as ‘‘future<br />
payables under l/t construction contracts,’’ cf. Note (5.7).<br />
(5.4) Receivables and sundry current assets<br />
12-31-2000 E58,461,000.65<br />
12-31-1999 E23,469,807.59<br />
12-31-2000 12-31-1999<br />
E E<br />
Trade receivables 45,176,536.69 20,183,361.34<br />
Due from Babcock Borsig Gro<strong>up</strong> companies 10,449,516.35 1,960,313.72<br />
Sundry current assets 2,834,947.61 1,326,132.53<br />
58,461,000.65 23,469,807.59<br />
The accounts due from Babcock Borsig Gro<strong>up</strong> companies refer <strong>to</strong> those companies which are not<br />
included in the Taifun consolidation gro<strong>up</strong> and mainly reflect intercompany trade transactions.<br />
F-51
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