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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Forward-looking Information<br />
This <strong>Offering</strong> Memorandum includes ‘‘forward-looking statements’’ within the meaning <strong>of</strong> Section 27A <strong>of</strong><br />
the Securities Act and Section 21E <strong>of</strong> the Exchange Act. All statements other than statements <strong>of</strong> his<strong>to</strong>rical<br />
facts included in this <strong>Offering</strong> Memorandum, including, without limitation, those regarding the Company’s<br />
financial position, business strategy, plans and objectives <strong>of</strong> management for future operations (including<br />
development plans and objectives relating <strong>to</strong> the Company’s products), are forward-looking statements.<br />
Such forward-looking statements involve known and unknown risks, uncertainties and other fac<strong>to</strong>rs which<br />
may cause the actual results, performance or achievements <strong>of</strong> the Company or industry results <strong>to</strong> be<br />
materially different from any future results, performance or achievements expressed or implied by such<br />
forward-looking statements. Such forward-looking statements are based on numerous assumptions<br />
regarding the Company’s present and future business strategies and the environment in which the<br />
Company will operate in the future. Among the important fac<strong>to</strong>rs that could cause the Company’s actual<br />
results, performance or achievements <strong>to</strong> differ materially from those in the forward-looking statements<br />
include, among others, ‘‘Reorganization <strong>of</strong> the <strong>Nordex</strong> Gro<strong>up</strong>’’, ‘‘Organizational Structure, Accounting,<br />
Management <strong>of</strong> Growth’’, ‘‘Dependence on Outside S<strong>up</strong>pliers’’, ‘‘Establishment <strong>of</strong> In-house Production <strong>of</strong><br />
Ro<strong>to</strong>r Blades’’ and ‘‘Dependence on a Key Product’’, in conjunction with ‘‘Governmental Regulation’’.<br />
Additional fac<strong>to</strong>rs that could cause actual results, performance or achievements <strong>to</strong> differ materially<br />
include, but are not limited <strong>to</strong>, those discussed under ‘‘Risk Fac<strong>to</strong>rs’’. These forward-looking statements<br />
speak only as <strong>of</strong> the date <strong>of</strong> this <strong>Offering</strong> Memorandum. The Company expressly disclaims any obligation or<br />
undertaking <strong>to</strong> release publicly any <strong>up</strong>dates or revisions <strong>to</strong> any forward-looking statement contained<br />
herein <strong>to</strong> reflect any change in the Company’s expectations with regard there<strong>to</strong> or any change in events,<br />
conditions or circumstances on which any such statement is based.<br />
Presentation <strong>of</strong> Financial Information<br />
The Pro Forma Consolidated Financial Statements for the fiscal years ended September 30, 1998, 1999<br />
and 2000 (the ‘‘IAS Pro Forma Consolidated Financial Statements’’) and the Pro Forma Consolidated<br />
Interim Financial Statements as <strong>of</strong> December 31, 2000 (the ‘‘IAS Pro Forma Consolidated Interim<br />
Financial Statements’’), contained in the <strong>Offering</strong> Memorandum have been prepared in accordance with<br />
the accounting principles set forth in the International Accounting Standards (‘‘IAS’’) issued by the<br />
International Accounting Standards Committee. IAS differs in certain significant respects from<br />
generally accepted accounting principles in the United States (‘‘US GAAP’’) and from the accounting<br />
principles specified by the German Commercial Code (Handelsgesetzbuch) (‘‘HGB’’). Certain differences<br />
among IAS and US GAAP and HGB are discussed herein under ‘‘Summary <strong>of</strong> Certain Differences Among<br />
German (HGB), United States (US GAAP) and International (IAS) Accounting Principles’’.<br />
The comparative figures for the first quarter <strong>of</strong> fiscal year 1999/2000, contained in the IAS Pro Forma<br />
Consolidated Interim Financial Statements and also included in the <strong>Offering</strong> Memorandum under<br />
‘‘Financial Information’’, are based solely <strong>up</strong>on the Company’s internal statistical records, which have<br />
been provided because the Company’s information technology system was converted <strong>to</strong> SAP R3 during<br />
the first quarter <strong>of</strong> fiscal year 1999/2000. It is also possible that, for the same reason, the Company will<br />
not present complete IAS previous year comparative figures in its quarterly report for the period from<br />
January 1, 2001 <strong>to</strong> March 31, 2001.<br />
In this <strong>Offering</strong> Memoradum, references <strong>to</strong> ‘‘DM’’ or Deutsche Mark are <strong>to</strong> the legal currency <strong>of</strong> the<br />
Federal Republic <strong>of</strong> Germany; references <strong>to</strong> ‘‘$’’ or ‘‘U.S. dollar’’ are <strong>to</strong> the legal currency <strong>of</strong> the United<br />
States; references <strong>to</strong> ‘‘ESP’’ are <strong>to</strong> pesetas, the legal currency <strong>of</strong> Spain; references <strong>to</strong> ‘‘FRF’’ are <strong>to</strong> francs,<br />
the legal currency <strong>of</strong> France; references <strong>to</strong> ‘‘GRD’’ are <strong>to</strong> drachmas, the legal currency <strong>of</strong> Greece; and<br />
references <strong>to</strong> ‘‘euro’’, ‘‘E’’ or ‘‘EUR’’ are <strong>to</strong> the legal currency <strong>of</strong> the member states <strong>of</strong> the European<br />
Union participating in the Economic and Monetary Union. The legally fixed conversion rate <strong>of</strong><br />
E1.00=DM 1.95583 was fixed on December 31, 1998.<br />
Exchange Rate Information<br />
On January 1, 1999, the euro became the common currency <strong>of</strong> the eleven member states <strong>of</strong> the<br />
European Union’s Economic and Monetary Union, which includes Germany. In these countries, the<br />
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