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

(5.5) Equity
12-31-2000 E37,134,409.47
12-31-1999 E12,147,948.66
12-31-2000 12-31-1999
E E
Capital stock 34,050,000.00 256,561.92
Additional paid-in capital 3,577,668.00 6,047,049.08
Pro forma net earnings/(accumulated deficit) (493,258.53) 5,844,337.66
37,134,409.47 12,147,948.66
In the pro forma consolidated statements as of December 31, 2000, capital consolidation was effected
pro forma for comparability reasons, cf. Note (3). For the movement of equity items, see the statement
of changes in equity.
(5.6) Accruals
12-31-2000 E20,449,001.92
12-31-1999 E10,253,350.58
10-1-1999 Utilization Release Addition 12-31-1999
E E E E E
Tax accruals 868,897.12 0.00 0.00 454,617.22 1,323,514.34
Sundry accruals
contract-related 5,734,347.83 267,405.65 0.00 2,269,102.59 7,736,044.77
personnel-related 1,206,553.14 525,124.48 31,131.54 160,238.34 810,535.46
remaining 393,326.42 21,830.12 0.00 11,759.71 383,256.01
8,203,124.51 814,360.25 31,131.54 2,895,717.86 10,253,350.58
10-1-2000 Utilization Release Addition 12-31-2000
E E E E E
Pension accruals 0.00 0.00 0.00 148,759.86 148,759.86
Tax accruals 3,179,384.71 0.00 442,807.90 1,130,234.74 3,866,811.55
Sundry accruals
contract-related 13,618,106.54 3,510,381.82 127,000.00 2,726,788.05 12,707,512.77
personnel-related 1,479,106.35 537,199.90 25,053.30 897,056.84 1,813,909.99
remaining 1,419,490.94 69,642.03 0.00 562,158.84 1,912,007.75
19,696,088.54 4,117,223.75 594,861.20 5,464,998.33 20,449,001.92
The tax accruals provide for accrued real-estate, municipal-trade and corporate-income tax liabilities.
The sundry accruals, recognized in accordance with and required by IAS 37, provide for obligations that
exist at the legal or economical level, whose settlement will probably result in an outflow of resources
embodying economic benefits, and whose amount can be determined reliably. Discounting was waived
for lack of materiality. The contract-related accruals refer to flat-rate and specific warranties, follow-up
costs, and penalties, while the personnel-related accruals substantially provide for accrued vacation
and leave, profit shares and Workers Compensation Insurance premiums. The remaining sundry
accruals refer to liabilities accrued for invoices not yet received, for annual closing and audit costs,
Taifun AG’s IPO costs of kE223, and litigation risks. A letter of release was obtained for certain
litigation risks.
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