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

(III) COMMENTS ON THE BALANCE SHEET
(1) Fixed assets
The movement and development of the various fixed assets are shown in the fixed-asset analysis.
(2) Inventories
Breakdown of inventories:
9-30-2000 9-30-1999
DM ‘000 DM ‘000
Raw materials and supplies 49,647 56,307
Work in process 199,956 159,984
Prepayments made 16,038 9,085
265,641 225,376
Less prepayment received (198,263) (170,765)
(3) Receivables and sundry current assets
Remaining
term of
1 year or less
Remaining
term above
1 year
67,378 54,611
Balance at
9-30-2000
Balance at
9-30-1999
DM ‘000 DM ‘000 DM ‘000 DM ‘000
Trade receivables 101,036 0 101,036 32,897
Intercompany receivables 24,318 0 24,318 17,945
thereof due from shareholders (0) (0) (0) (0)
Receivables under investor/investee relations 17 0 17 0
Sundry current assets 4,237 0 4,237 1,630
129,608 0 129,608 52,472
Trade receivables also include accounts due from non-German customers and receivables denominated
in foreign currencies.
The sundry current assets chiefly comprise loans and insurance claims receivable.
(4) Cash & cash equivalents
This caption covers cash on hand and in bank.
(5) Accruals
9-30-2000 9-30-1999
DM ‘000 DM ‘000
Tax accruals 6,218 1,699
Other accruals 26,326 11,031
32,544 12,730
The other accruals mainly provide for accrued contract-related warranties as well as accrued payroll
costs.
F-70