Home > Notes on the Consolidated Annual Financial Statement > Summary of Significant Accounting Policies > Basis of preparation

Basis of preparation

Print VersionSend ArticleSend ArticleArticle as PDF

Nordex Aktiengesellschaft (Nordex AG), a listed stock corporation incorporated in accordance with German law, and its subsidiaries develop, manufacture and distribute wind power systems, particularly multi-megawatt1 megawatt equals 1,000 kilowatts turbines. Nordex Aktiengesellschaft is domiciled in Rostock, Germany. However, its headquarters are located in Bornbarch 2, 22848 Norderstedt, Germany.

Nordex AG stock is admitted to regulated trading subject to the advanced admission duties (Tec Dax) stipulated by Deutsche Börse. Its nominal capital as of December 31, 2007 stands at EUR 66,845,000.00 (December 31, 2006: EUR 64,345,000.00) and is divided into 66,845,000 (December 31, 2006: 64,345,000) no-par-value shares with a notional value of EUR 1.00 each.

Nordex AG’s consolidated financial statements for the year ending December 31, 2007 were approved for publication in a resolution passed by the Management Board on March 13, 2008. The consolidated financial statements had not yet been approved in accordance with Section 170 et seq. of the German Stock Corporation Act.

The consolidated financial statements of Nordex AG and its subsidiaries were prepared in accordance with Section 315a of the German Commercial Code using the International Financial Reporting Standards (IFRS) as they are to be applied in the European Union. In this connection, all International Financial Reporting Standards and interpretations of the International Financial Reporting Interpretations Committee binding as of December 31, 2007 were applied.

The consolidated financial statements were prepared using the historical cost method. The consolidated financial statements are prepared in millions of euros.

In fiscal 2007, Nordex applied the current/non-current distinction provided for in IAS 1 for accounting for assets and liabilities.

At Nordex AG and all its consolidated companies, the fiscal year is identical to the calendar year. Other than this, there are no changes in the accounting and measurement methods used compared with the previous year.