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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Selected Financial Data <strong>of</strong> the <strong>Nordex</strong> Gro<strong>up</strong><br />
The following overview <strong>of</strong> selected financial data <strong>of</strong> the <strong>Nordex</strong> Gro<strong>up</strong> should be read in<br />
conjunction with the section ‘‘Management’s Discussion and Analysis <strong>of</strong> Financial Condition and<br />
Results <strong>of</strong> Operations’’ and the financial data contained in the ‘‘Financial Information’’ <strong>of</strong> this<br />
<strong>Offering</strong> Memorandum, which contain more detailed information. The selected financial data is<br />
based on the IAS Pro Forma Consolidated Financial Statements and the IAS Pro Forma<br />
Consolidated Interim Financial Statements, each <strong>of</strong> which have been prepared in accordance<br />
with International Accounting Standards (‘‘IAS’’). BDO Deutsche Warentreuhand<br />
Aktiengesellschaft audited the Company’s IAS Pro Forma Consolidated Financial Statements<br />
and issued these with an audit opinion. BDO Deutsche Warentreuhand Aktiengesellschaft<br />
reviewed the IAS Pro Forma Consolidated Interim Financial Statements prepared by the Company<br />
as <strong>of</strong> December 31, 2000. Due <strong>to</strong> the migration <strong>of</strong> the Company’s IT systems <strong>to</strong> SAP R3, the<br />
comparative figures as <strong>of</strong> December 31, 1999 contained in these IAS Consolidated Financial<br />
Statements are based solely on the Company’s subsequent statistical records. These comparative<br />
figures were not reviewed by BDO Deutsche Warentreuhand Aktiengesellschaft. The his<strong>to</strong>rical<br />
results presented only provide a limited indication <strong>of</strong> the results which can be expected in the<br />
future since <strong>Nordex</strong> has only existed in its current legal form for a short time and the statements<br />
were thus prepared on the basis <strong>of</strong> assumptions (see ‘‘Management’s Discussion and Analysis <strong>of</strong><br />
Financial Condition and Results <strong>of</strong> Operations – Companies included in the consolidation’’ and<br />
‘‘Risk fac<strong>to</strong>rs – Reorganization <strong>of</strong> the <strong>Nordex</strong> Gro<strong>up</strong>’’).<br />
Income statement<br />
September 30,<br />
1998<br />
IAS Pro Forma Consolidated<br />
Financial Statements as <strong>of</strong><br />
September 30,<br />
1999<br />
(audited)<br />
September 30,<br />
2000<br />
thousands <strong>of</strong> euro (E)<br />
IAS Pro Forma<br />
Consolidated<br />
Interim Financial<br />
Statements as <strong>of</strong><br />
December 31,<br />
2000<br />
(unaudited,<br />
reviewed)<br />
Net sales 82,477 223,743 272,670 63,004<br />
Total operating performance 85,260 232,624 270,191 69,129<br />
Cost <strong>of</strong> materials 66,594 188,880 203,777 50,766<br />
Personnel expenses 6,000 12,751 19,206 5,695<br />
Interest and similar expenses 406 989 3,381 954<br />
Pr<strong>of</strong>it from ordinary operations 2,481 10,123 10,349 1,005<br />
Balance sheet<br />
Fixed assets 4,479 12,822 21,447 41,803<br />
Current assets 24,873 86,954 129,785 125,536<br />
Total assets 29,395 81,994 153,101 169,847<br />
Equity 7,146 12,663 16,014 37,134<br />
Current liabilities and accruals<br />
(Maturity <strong>up</strong> <strong>to</strong> 1 year) 21,574 65,708 133,966 129,422<br />
Long-term accruals and liabilities 0 720 316 0<br />
Other financial obligations, (Maturity 1-5 years) 797 2,750 2,178 1,135<br />
Earnings per Share<br />
The Company was founded on August 25, 2000 and was entered in the commercial register on<br />
September 19, 2000. Under the assumption that 34,050,000 bearer shares had already been issued at<br />
the beginning <strong>of</strong> the fiscal year 1997/1998, the earnings per share would have been as follows:<br />
Fiscal year 1997/<br />
1998<br />
Fiscal year 1998/<br />
1999<br />
Fiscal year 1999/<br />
2000<br />
Net pr<strong>of</strong>it in E millions 1.60 6.53 6.43<br />
Number <strong>of</strong> <strong>Nordex</strong> AG’s shares 34,050,000 34,050,000 34,050,000<br />
Earnings per share in E 0.05 0.19 0.19<br />
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