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OFFERING MEMORANDUM Oberhausen, Ger
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Forward-looking Information This Of
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account of a QIB, whom the seller h
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Nordex AG Oberhausen, Germany Offer
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Table of Contents Notice to New Ham
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Financial Information. . . . . . .
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Summary of the Offering Memorandum
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Management Board of Nordex AG and t
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Selected Financial Data of the Nord
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Shareholders. In each case, the cos
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Code - will be held under a separat
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Capitalization The following table
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organizational structures to meet t
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condition, results of operations an
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Risks Inherent in the Market and Co
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In addition, there is a risk that p
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Shareholders’ Meeting of Nordex A
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Nordex AG believes that generating
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The US provides federal support for
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Business Introduction and Overview
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manufacturers, customers and suppli
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The following table illustrates the
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According to the provisional figure
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Vestas Wind Systems A/S and Bonus E
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Strategy Nordex’s overall strateg
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The following figure illustrates th
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due to their various sizes and nomi
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The maximum weekly production capac
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The Company’s marketing is mainly
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total value of its requirement for
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Intellectual Property Rights Patent
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Since it ceased being a member of t
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The following table provides an ove
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accept and pay for the rotor blades
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Before construction of the wind par
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Relationships with Principal Shareh
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Agreements with Associated Companie
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interests it held with a total nomi
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underwriting syndicate lead-managed
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Earnings per Share The following ta
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Auditor for the Subsidiaries The fi
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Capital stock: EUR 25 thousand Rese
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Executive Bodies of the Company, Em
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The Company has not granted any loa
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Automotive-Gruppe were, from 1993,
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two comprises the managing director
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Management’s Discussion and Analy
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Comparison of Fiscal Years 1999/200
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was due primarily to the Company in
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In total, the average pro forma inc
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EUR 3.40 million as of September 30
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with terms of between two and five
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Liquidity Cash flow from operations
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corporation income tax a special ta
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or a refund of the amount by which
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The above-mentioned tax liability c
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Financial information (Combined) Pr
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Assets (Combined) pro forma CONSOLI
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(Combined) pro forma CONSOLIDATED I
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(Combined) pro forma STATEMENTS OF
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were eliminated from net incomes an
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- Page 125 and 126: Since Taifun AG will not commence w
- Page 127 and 128: The calculation of imputed taxes, t
- Page 129 and 130: (5.2) Inventories 9-30-2000 E13,903
- Page 131 and 132: (5.6) Equity 9-30-2000 E16,013,985.
- Page 133 and 134: (5.10) Deferred income 9-30-2000 E1
- Page 135 and 136: (6.7) Amortization/depreciation 199
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- Page 139 and 140: Primary segment report The Wind Ene
- Page 141 and 142: F-29 (Combined) fixed-asset analysi
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- Page 147 and 148: MANAGEMENT REPORT FOR THE ABBREVIAT
- Page 149 and 150: ANNUAL FINANCIAL STATEMENTS FOR THE
- Page 151 and 152: Group affiliation TAIFUN AG as well
- Page 153 and 154: Assets Pro forma CONSOLIDATED BALAN
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- Page 157 and 158: Pro forma STATEMENT OF CHANGES IN E
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- Page 165 and 166: (5.7) Future payables under l/t con
- Page 167 and 168: (6.5) Other operating expenses Firs
- Page 169 and 170: Primary segment report The Wind Ene
- Page 171 and 172: F-59 Combined fixed asset analysis
- Page 173: INDEPENDENT AUDITOR’S CERTIFICATE
- Page 177 and 178: Research and development Certificat
- Page 179 and 180: ANNUAL FINANCIAL STATEMENTS FOR THE
- Page 181 and 182: ANNUAL ACCOUNTS FOR THE FISCAL YEAR
- Page 183 and 184: (6) Liabilities Remaining term 1 ye
- Page 185 and 186: Shareholdings Interest held Equity
- Page 187 and 188: AUDITOR’S OPINION We audited the
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- Page 191 and 192: Glossary Alternative energy sources
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