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

(6.5) Other operating expenses
First Quarter for Fiscal Year 2000/2001 E9,516,745.69
First Quarter for Fiscal Year 1999/2000 E4,995,913.87
The other operating expenses mainly resulted from IPO expenses, costs allocated, foreign-exchange
losses, pro forma expenses of Taifun AG—cf. Note (1)—, legal, consultancy and audit fees, insurance,
dues and subscriptions, as well as other operating, administrative and selling expenses.
(6.6) Net financial result
First Quarter for Fiscal Year 2000/2001 (E920,000.11)
First Quarter for Fiscal Year 1999/2000 (E180,471.06)
First Quarter
for Fiscal
Year 2000/2001
First Quarter
for Fiscal
Year 1999/2000
E E
Other interest and similar income 34,118.79 34,790.26
Interest and similar expenses (954,118.90) (215,261.32)
Interest expense basically covers that charged for intercompany clearing liabilities.
(6.7) Income taxes
(920,000.11) (180,471.06)
First Quarter for Fiscal Year 2000/2001 E575,705.40
First Quarter for Fiscal Year 1999/2000 (E458,255.65)
The income taxes line substantially accounts for the current taxes of Nordex Energy GmbH, NPV
Planung und Vertrieb GmbH and Südwind Energy GmbH as well as for the (net) tax effects produced in
connection with the adjustment of group fee apportionment and cost allocations, cf. Note (1). Deferred
tax assets and liabilities were recognized for the restatement to IAS of the separate HGB-based
quarterly accounts and for tax loss carryovers. For enhanced comparability, imputed and deferred taxes
were calculated by using future tax rates that apply as from the fiscal year 2000/01. When computing
the deferred taxes, a rate of 25% as stated in the statutory German Corporate Tax Reform 2001, plus
5.5% thereon as solidarity tax was used. Determination of deferred municipal trade taxes was
predicated on the applicable municipal factors.
The tax expense corresponds to the amount anticipated to be incurred since the lower tax rates
specified in the Corporate Tax Reform Act 2001 may for non-calendar years not be applied before fiscal
2001/02.
Breakdown of income taxes:
First Quarter First Quarter
for Fiscal for Fiscal
Year 2000/2001 Year 1999/2000
E E
Profit/(loss) from ordinary operations 1,004,895.96 (1,174,249.21)
Non-income tax (expenses)/refund (8,918.17) (4,176.16)
Earnings before taxes (EBT) 995,977.79 (1,178,425.37)
Current tax expenses of the period (687,763.33) (454,617.22)
Imputed tax (burden)/relief on net adjustment for group fee apportionment and P&L
transfer 442,006.88 122,150.09
Deferred tax (burden)/relief due to restatement to IAS (657,531.10) 790,722.78
Deferred tax assets for tax loss carryovers 327,582.15 0.00
Income tax credit/(expenses) as per income statement (575,705.40) 458,255.65
Total actual burden from current, imputed and deferred taxes in the quarter approx. 58% approx. 38%
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