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FORTEC Elektronik AG

Quarterly Report • May 28, 2015

161_10-q_2015-05-28_2c5e5823-09bd-408c-baa2-933ff09e5330.pdf

Quarterly Report

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Report 3rd Quarter 2014/2015

=========================

01.07.2014 – 31.03.2015

Content

  • Management Report
  • Consolidated Balance Sheet
  • Consolidated Statement of Comprehensive Income
  • Consolidated Statement of Changes in Equity
  • Cash Flow Statement
  • Annexe including Segment Report

FORTEC Elektronik AG Tel: +49(0)8191 91172 13 Fax: +49(0)8191 21770 Email: [email protected]

Management Report 2014/15

01.07.2014– 31.03.2015

During first 9 months of BY 2014/15 turnover slightly increased by 0.3 million EUR to 33.8 million EUR compared to last year's figure of 33.5 million EUR.

However EBIT of scarcely1 million EUR during first 3 quarters was below that of last year in spite of higher turnover of almost 0.3 million EUR. Mainly this recession was due to the release of the exchange rate limit of the Swiss Franc, thus directly influenced the loss in business at our Swiss subsidiary ALTRAC. Therefore, within one day, considerable depreciations in the range of 6-digits had to be made on deliveries and services as well as at ALTRAC's cash-on-hand balance of EUR and Dollar.

Yet, a positive development has to be realized as concerns the 50% participation at Data Display GmbH purchased as per 01.10.2014. During first half year, there was a plus of this participation result of EUR 286.066.

Consequently, net income of 967 TEUR topped that of last year's of TEUR 932 by 34 TEUR. This result consists of 653 TEUR in the field of power supplies and 314 TEU for data visualization. Yet, the strong changes in exchange rates during first quarter of calendar year definitely also had a positive influence for our company. Especially for the shareholder calculating in EUR, the negative change in exchange rate of the strong Swiss Franc absolutely triggered a positive development. Based on the revaluation of Dollar and Franc in EUR, our participations in Switzerland as well as in the U.S. considerably upgraded.

Therefore, the last year's total income of the company of 938 TEUR increased by 43% to now 1.369 million EUR and reveals all in all the positive development during the first 9 months of BY 2014/15.

CONSOLIDATED BALANCE SHEET (uncertified) according to IAS/IFRS 31.03.2015 (prev. years' figures 30.06.2014)

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Consolidated Statement of Comprehensive Income (uncertified), according to IAS/IFRS

01.07.2014 - 31.03.2015 (prev.year's figures 01.07.13- 31.03.14)

Income Statement BY 2014/15 BY 2013/14
Sales revenue 33.818.696 € 33.483.365 €
Other operating income 421.629 € 330.406 €
Cost of material 25.737.532 € 25.696.040 €
Expenses personnel 4.243.767 € 4.267.820 €
Depreciation 213.036 € 215.206 €
Other operating income 3.080.440 € 2.335.286 €
Operative income (EBIT) 965.550 € 1.299.419 €
Participation result * 286.066 € 0
Other interest and similar
income		 2.591 € 14.105 €
Tax on income and profit 287.535 € 380.922 €
Net income 966.672 € 932.602 €
Other result ** 403.140 € 5.498 €
Total result 1.369.812 € 938.100 €
Earning per share / 3rd quarter 0,33 € 0,32 €
Shares outstanding 2.954.943 2.954.943

*Result of participations of the at-equity valuated 50 p.c. participation at Data Display

*"Other result" includes only "success-neutral" differences of foreign currency exchange rates.

Consolidated Statement of Comprehensive Income 3rd Quarter BY 2014/15 (uncertified), according to IAS/IFRS

Income Statement Q 3 (1.1.-31.3.15) Q 3 (1.01.-31.3.14)
Sales revenue 12.368.467 € 12.548.621 €
Other operating income 160.717 € 70.582 €
Cost of material 9.573.335 € 9.608.479 €
Expenses personnel 1.409.948 € 1.472.885 €
Depreciation 75.264 € 75.513 €
Other operating expenses 1.208.299 € 664.925 €
Operating income (EBIT) 262.338 € 797.401 €
Participation result* 180.241 € 0
Interests and similar income ./. 4.072 € 3.990 €
Taxes on income and profit 81.671 € 227.282 €
Net income 356.836 € 574.109 €
**
Other result		 328.110 € 2.704 €
Total result 684.946 € 576.813 €
Earning per share/ 3rd quarter 0.12 € 0,20 €
Shares outstanding 2.954.943 2.954.943

01.01. - 31.03.2015 (prev.year's figures 01.01. - 31.03.14)

*Result of participations of the at-equity valuated 50 p.c. participation at Data Display

**"Other result" includes only "success-neutral" differences of foreign currency exchange rates.

Consolidated Statement of Changes in Equity

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9

Consolidated Cash Flow Statement

(uncertifies), according to IAS/IFRS

01.07.2014 -31.03.2015 (prev.year's figures 01.07.13- 31.03.2014)

I. Operative Business BY 2014/15 BY 2013 /14
Net income €
966.672		 €
932.602
Depreciation of tangible/intangible assets €
213.036		 €
215.206
Change of inventories € -2.198.584 €
941.653
Change of accounts receivables €
88.002		 €
835.391
Change of liabilities € 1.668.785 € - 405.541
Change of accruals €
54.384		 €
35.663
Change of other assets €
51.723		 € - 248.843
Cash – flow from operative business -----------------
€
844.018		 ------------------
€ 2.306.131
II. Investment Activities
Cash-flow from investment activities		 € -6.298.374 € - 283.746
III. Financial Activities
Divident payments € -1.477.471 € -1.477.471
VI. Cash-flow in total € -6.931.827 €
544.914
V. Change in Liquid Funds
Cash at beginninh of period € 8.664.527 € 7.236.838
Cash at end of period € 1.732.700 € 7.781.752

Annexe.

The balancing and evaluation methods of fiscal year 2013/14 according to IAS/IFRS remain unchanged. The information given in this report is only valid at day of publication and cannot be written forth.

The number of full-time employees of 110 remained unchanged (prev. year 110). The group's business comprises data visualization and power supplies.

Segment report Data
visualisiation
TEuro		 Power
supplies
TEuro
Turnover 13.048 20.771
Result (EBIT) 39 927
Participation Result * 286 0
Financial result 1 2
Income tax 12 276
Net income 314 653

*Result of participations of the at-equity valuated 50 p.c. participation at Data Display

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