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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Comparison <strong>of</strong> Fiscal Years 1999/2000, 1998/1999<br />
and 1997/1998<br />
Results <strong>of</strong> Operations<br />
The following table shows a three-year comparison <strong>of</strong> selected data and key figures relating <strong>to</strong> the<br />
Gro<strong>up</strong>’s results <strong>of</strong> operations:<br />
Fiscal years<br />
Results <strong>of</strong> operations 1999/ 2000 1998/1999 1997/ 1998<br />
EUR thousand<br />
Net sales 272,670 223,743 82,477<br />
Total operating performance 270,191 232,624 85,259<br />
Depreciation/amortization expense 3,725 2,096 862<br />
Operating pr<strong>of</strong>it 13,214 10,000 2,816<br />
Net financial result -2,865 122 -335<br />
Taxes* 3,914 3,592 885<br />
Net income 6,435 6,530 1,595<br />
Cost <strong>of</strong> materials ratio 1<br />
Personnel expenses ratio 2<br />
Return on sales 3<br />
Return on equity 4<br />
* Income taxes and other taxes<br />
1 Cost <strong>of</strong> materials : <strong>to</strong>tal operating performance<br />
2 Personnel expenses : <strong>to</strong>tal operating performance<br />
3 Net income : net sales<br />
4 Net income : equity (less retained pr<strong>of</strong>its)<br />
75.4% 81.2% 78.1%<br />
7.1% 5.5% 6.9%<br />
2.4% 2.9% 1.9%<br />
101.3% 104% 25.5%<br />
In addition <strong>to</strong> the above, selected figures from the Gro<strong>up</strong>’s pro forma consolidated income statements<br />
are analyzed below.<br />
Net sales and <strong>to</strong>tal operating performance<br />
Net sales, which amounted <strong>to</strong> EUR 82.5 million in fiscal year 1997/1998, increased by approximately<br />
171% <strong>to</strong> EUR 223.7 million in fiscal year 1998/1999, and by approximately 22% <strong>to</strong> EUR 272.7 million in<br />
fiscal year 1999/2000.<br />
<strong>Nordex</strong> Energy GmbH was the strongest performing unit and chief contribu<strong>to</strong>r <strong>to</strong> net sales. On an<br />
unconsolidated basis, its sales accounted for EUR 77.1 million, approximately 93% <strong>of</strong> the <strong>Nordex</strong><br />
Gro<strong>up</strong>’s <strong>to</strong>tal sales in fiscal year 1997/1998. In fiscal year 1998/1999, on an unconsolidated basis this<br />
subsidiary contributed EUR 211 million (approximately 94%) <strong>of</strong> the <strong>Nordex</strong> Gro<strong>up</strong>’s <strong>to</strong>tal sales and EUR<br />
248 million (approximately 91%) in fiscal year 1999/2000. The Gro<strong>up</strong>’s main source <strong>of</strong> sales in fiscal<br />
year 1998/1999 was the newly developed N-60/62 wind turbine with a <strong>to</strong>tal output <strong>of</strong> 1.3 megawatts.<br />
In the following fiscal year, foreign sales (in particular from the Iberian peninsula, Greece, Denmark,<br />
China and the United States) increased in particular due <strong>to</strong> the successful commencement <strong>of</strong> the<br />
Company’s internationalization program, which was also reflected in the strategic establishment and<br />
expansion <strong>of</strong> the Company’s foreign subsidiaries. The downturn in domestic sales during the same<br />
period was due primarily <strong>to</strong> <strong>Nordex</strong> Energy GmbH’s focusing heavily on developing the next generation<br />
N-80 wind turbine which prevented it from being able <strong>to</strong> meet the demand for smaller turbines from<br />
the market and its existing cus<strong>to</strong>mers.<br />
Südwind Energy GmbH, which was included in the consolidation beginning with fiscal year 1998/1999,<br />
produces wind turbines, erects turnkey wind farms and services wind turbines. Its net sales increased<br />
by approximately 127% from EUR 10.9 million in fiscal year 1998/1999 <strong>to</strong> EUR 24.8 million in fiscal<br />
year 1999/2000. This increase was primarily due <strong>to</strong> the expansion <strong>of</strong> its business with sales <strong>of</strong> the<br />
mature S-46 wind turbine, which has a <strong>to</strong>tal output <strong>of</strong> 0.6 megawatt, and the introduction <strong>of</strong> the<br />
modern S-70 wind turbine, which has a <strong>to</strong>tal output <strong>of</strong> 1.5 megawatts.<br />
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