Interim / Quarterly Report • Feb 26, 2015
Interim / Quarterly Report
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==================== Half Year July 01 – December 31, 2014
Content
FORTEC Elektronik AG Ph: +49(0)8191-91172-13 Fax: +49(0)8191-21770 email: [email protected]
FORTEC is systems' supplier for manufacturers of industrial high-tech-products. Its target potentials are high-tech companies of long-term and predictable positioning, especially in the growing market segments of industrial automation, informative technologies, security, medicine and automotive.
For 30 years, FORTEC has been more than successful for years in sales and results with its proved business plan without having any losses.
The group covers two very attractive segments of high-quality electronics. In fact, FORTEC belongs to the market leaders within the German-speaking countries specialised in its segments industrial power-supplies and data-visualisation.
In the field of power supplies, FORTEC domains completely open-frame boards and DC/DC convertors produced as standard in the Far East or modifies these units in Germany ranging from tailor-made to user-specific developments.
When connecting the product segments of display technology and embedded computer technology to create an Embedded Solution System, FORTEC possesses for a long time a very attractive rare domain. Marketing starts with delivery of systemproved and tested standard kits, accompanied by customers' service in hard- and software with the sale of standard units and ends in specific customer development and its installation.
The reason of FORTEC's success is a large number of customer business relations for years. Its distribution strategy is to find partnerships with top-clientele preferable market leaders in special segments. FORTEC's competence is efficient support in application, clientele tailor-made products – and last not least complete development for customers of the large-scale industry as well as for those with smaller and/or medium order volume.
Target clientele are mainly manufacturers in the field of industry automation, medicine technology as well as providers in the field of railway and security equipment in the German-speaking zone. With this portfolio, FORTEC covers the fields of health, information, security and mobility as well as build-up of industrial manufacture, which at present involves the big trends of worldwide dynamic increase in demand.
Our big competence is to provide technology know-how in combination with sales at site. Years of business relations to thousands of customers are the basis of our success. In Germany, our various regional offices provide local customer service. In addition, there are sales offices and subsidiaries in Austria, Switzerland and The Netherlands. Within the group, a 100% support in development and production is given by our subsidiaries Rotec (Rastatt) and Autronic (Sachsenheim). Also ALTRAC in Switzerland is a 100% subsidiary; not to forget the 36.6% participation at a company in The Netherlands.
The successful company of Emtron (Nauheim) – also is a 100% FORTEC's subsidiary – exclusively specialized in products of power supplies; it is well represented directly and indirectly in the markets of Germany, Austria, Switzerland and The Netherlands.
Due to our present product portfolio, our strategy is to continuously achieve profitable margins by own added-value, which, after cost deduction, still allows a reasonable interest rate of the company capital.
After the down-hill of the electronic industry caused by the Lehman tragedy in December 2008, we reached the financial bottom of the biggest after-war recession in Germany in BY 2009/10. In BY 2010/11 there was a considerable upswing again caused by 2 factors: no. 1 – there was this catch-up effect within the investment industry in 2009 and no. 2 – deliveries boomed in spring 2011 because of the Fukushima catastrophy.
Since mid 2011, business turned to normal again. In total, the industry in the Eurozone decelerated due to the tough saving measures of the countries-in-debt. Business in BY 2011/12 as well as in BY 2012/13 continued to develop towards a purchasemarket. In second half of BY 2013/14, an economic raise in business could be seen, which slightly faded during summer 2014 however increased again during fall.
Turnover in first half of BY 2014/15 amounting to 21.3 million EUR again was above that of previous BY 2013/14 of 20.9 million EUR. This increase of the groups' volume of sales is due to the increase in sales in the field of power supplies of 0.8 million EUR (+ 6.3%). However, there was a decrease in sales in data-visualisation of 0.4 million EUR (-4.2%). These two segments add to the group's total result: data-visualisation with 8.1 million EUR and power supplies with 13.2 million EUR.
This group's total increase faces a percentage reduction in goods and material costs of 16.2 million EUR (prev. year 16.1 million EUR). This results in a change of goods and material costs from 76.8% in 2013/14 to 75.4% in 2014/15. In BY 2014/154 the profit margin raised from 23.2% (last year) to 24.6% caused by cyclical demand as well as a better value-added.
The costs of personnel of 2.8 million EUR is more or less unchanged. Considerating the total result, the costs of personnel improved by 0.2% from 13.4% (BY 2013/14) to 13.2% (BY 2014/15).
Depreciations of 0.1 million EUR are unchanged.
Other company expenses increased from 1.7 million EUR to 1.9 million EUR. The increase of these costs is mainly due to the expenses for Fair "electronica" in Munich that takes place every other year.
Important financial indicator is the EBIT-margin. The company's result (EBIT) of 0.7 million EUR in BY 2014/15 was above that of prev. year of 0.2 million EUR. Compared to the total result including other operating income, the net income raised by 0.8% from 2.4% during first half year of last year to 3.2% same period this year.
The group's EBIT consists of 0.0 million EUR in the field data visualisation (prev.year 0.2 million EUR) and 0.7 million EUR in power supplies (prev. year 0.7 million EUR).
In quarter October to December, the relevant participation result of Data Display purchased per 01.10.2014 was 0.1 million EUR. Its turnover was 5.7 million EUR during this quarter with a period net income of 211 TEUR. Based on our participation quota of 50% which equals half of these 211 TEUR, our period's net income after tax therefore increased from 358.493 EUR to 609.836 EUR for this half year.
Therefore, result after tax is exactly 70% above the unfortunately miserable figure of last year.
The result per share raised from 0.12 EUR last year to now 0.20 EUR during this first half year.
The company's financial situation is considered to be extraordinary and compared to companies of similar business model persuades again by an equity capital quota higher than above-average.
The total assets are at a balance sum of 25.1 million EUR, the long-term assets amount to 10.6 million EUR compared to 4.4 million EUR per 30.06.2014. After the 50% participation purchase of Data Display per 01.10.2014, the financial values of 5.6 million EUR are the biggest item; followed by goodwill of acquired companies of 3.4 million EUR (2.9 million EUR per 30.06.2014) and last not least by tangible assets amounting to 1.4 million EUR (1.2 million EUR per 30.06.2014).
Short-terms assets are 9.9 million EUR (8.4 million EUR per 30.06.2014); value of stock amounts to 38.6 % - representing the biggest item in balance (32.4% per 30.06.2014); followed by receivables from deliveries and productivity amounting to 2.5 million EUR (4.0 million EUR per 30.06.2014) properly paid at balance issue date.
Cash-on-hand of 8.7 million EUR per 30.06.2014 reduced to 2.1 million EUR because of Data Display's participation.
Even after the 50% participation purchase of Data Display, the company works on own capital only without any bank liabilities. Capital structure is well presented by a capital quota of 88 % (before dividend payment in February 2014). The company possesses sufficient own capital of 22.8 million EUR to carry on financing a further 50% purchase of Data Display.
Cash-flow in operative business of - 0.3 million EUR in first half of BY 2014/15 was negative mainly due to the planned increase in stock.
The cash-flow as regards investments of -6.2 million EUR is a result from the 50% acquisition purchase of Data Display.
In first half of BY, there was a negative cash-flow of - 6.5 million EUR which was financed by own capital.
The non-financial indicators of the group are: the employees, long-term contact to suppliers and clientele. Also, there are employees for many years supported by us in their own-responsibility and endeavours for efficiency.
Our stable business for centuries is based on a long-term and close co-operation with selected suppliers. It assures benefits to many of our customers during all these years which again add to our business success.
The company holds on to the ecological significance in its operative business.
Last quarter of 2014 accompanied by slightly positive expectations of certain economy institutes leads to hope that the economic recovery within the Euro-zone is continuously proceeding.
However, geo-political crises burden the public mood. First of all, the conflict in the Ukraine but also the development in the Middle East has an unsecure influence on the strongly export-orientated economy in Central Europe. Meanwhile, the economic sanctions against Russia obviously had economic effects for the German industry.
In spite of all risks involved, many research institutes as well as the EZB predict that the economy in Euro-zone continues to grow this year – yet to become additional dynamic in 2016.
In view of the latent uncertainness, we rather expect a side-swing in turnover and result for the second half of BY 2014/15 as concerns the group's development. Let alone due to the participation purchase of Data Display, we expect a raised result. However, 2nd half of BY will be slightly weaker due to the fact that some of our German companies – purchasing in US-\$- and besides the exchange-rate of the Swiss Franc, earned profit of our Swiss subsidiary ALTRAC will be lost. Thus – some of our positive expectations will temporarily beclouded.
Starting 2016 – if political risks could be controlled – we are optimistic as to the general economic prognoses to again increase turnover and operative income.
In the field of power supplies, we count on a moderate growth in turnover for second half of this BY – yet taking into consideration the raised US-\$ which will have negative influence for us as importer. For the segment data visualisation we are more optimistic – subject to political and economic stability – and expect positive impulses on a raise in turnover and income on EBIT basis by organic growth.
In the long run, we foresee considerable potential in the economic field – the German industry has a very special start position for the industry 4.0. FORTEC's strength will be in the field of embedded computers.
The development of the internet did not only enormously influence the private sphere but also marketing, sales and development and last not least the administration of companies. Production is to change as concerns its system and seems to become an important part for us as well.
Although, we do not think that industry 4.0 will be a new quantum leap – it will happen, however, that the structures within the companies to industry 4.0 considerable change.
Industry 4.0 will of course be accompanied by system-dependant risks. A wrong interpretation of this new technology by FORTEC - to follow investments in false products and markets may have serious consequences. On the other hand, if this trend may be obeyed, FORTEC with its technology may very soon be non-competitive. The company would very fast lose its market importance and might have a minor economic existence.
In spite of all identified risks in the past and the rapid and continuous development in the electronic technology – and yet based on our business policy proven during many years' cycles, we succeeded to make profit above average year after year for 30 years now, without having only one single year of loss. However, there is no guarantee for the future, we still are confident that our business plan continues to run successfully and we are positive that continuous long-term growth is possible.
The risks mentioned in categories below could influence our entire company (total risk), our financial situation (financial risk) and our profitability (profit risk). Further risks are that of personnel and technique, which we have to face continuously. These risks are not definite, however others may occur which at present, we do not know nor do consider as important.
Risks that could endanger the company at present are not reported. The total risk of doom can practically not been determined at this time.
Balance risks as regards finances at balance day e.g. receivables from deliveries and productivity have been considered by appropriate depreciation and accruals. At balance day, the evaluation of these risks was made to our best knowledge, yet could not be sufficient in total.
Elementary risks are covered by considerable insurances and are thoroughly checked each year; in special cases it may not be sufficient.
Potential risks which have to be taken into consideration to exist within the market are the risks of distribution, products and marketing as well as the dependency from other suppliers.
Another enormous risk - yet not to be underestimated - is the system-related risk of the close co-operation with only few strategic partners in our product portfolio. Already a change in personnel could lead to the loss of an existent and successful business cooperation and this mainly in view of suppliers in the Far East with whom there are often relationships for many years and even of private matter.
For centuries, the market of the professional electronic industry is dominated by a continuous decrease of prices at same service respectively by technical service above average at constant prices. Although in the past, we managed to deal with this risk, it is not guaranteed that there may be losses in the future because of this price-related risk.
A considerable risk is disposition of stock. In spite of a multi-stage purchasing process, wrong planning could result in considerable losses because there is a continuous trend to local suppliers. The risk to have unsellable merchandise on stock, is not only the result of false material planning, but also depends on the different quality standards set by customers and producers. Mainly, the important fact is that of the configuration of the merchandise with origin Far East as well as the political EU requirements as to its contents and its usage.
Compared to a few years ago, the product liability is an increasing risk to the company which is controlled and defined by careful choice of suppliers and their ratings. However, as concerns different quality standards, frauds and/or criminal actions of suppliers, we - as importer/supplier - are liable towards our customers.
A yet steady growing risk is the customers' requirements as concerns a prolonged time of warranty and the usual terms of suppliers' contract. During these past years, the clientele started to develop a certain aggressiveness for claims which is obviously against and at expenses of the supplier. Claims resulting of a supplier's contract may accelerate considerably the delivered product value; resulting in more legal proceedings including corresponding risk.
Another main topic of the risk management is the often bad credit worthiness of some middle-sized companies. Here, careful examination of their solvency is made, yet observing mainly the requirements of the insurance company.
Our success in the market also strongly depends on intense and many years of experience of our personnel (personnel risk). A big change in staff, yet especially of key-persons would definitely endanger our current success.
A big question would endanger our business plan as importer of technical high-quality products i.e. the change in clientele's behaviour to no longer produce in Middle Europe and turn to local suppliers. In the future, the same effect would have the behaviour of our suppliers to sell directly via internet to industrial clientele and not any more through their distribution channels. Another negative aspect could be a concentration process expected from the supplier's side which could involve – in worst case – a contract cancellation towards the supplier. In addition, similar effects could arise if the costs decrease because of the reduction of margins due to competitor's information available to all customers via internet. This basically influences the personnel costs applied in the German speaking area.
Due to the EDP – networking of the entire group, a break-down (technical risk) or a serious interference in the computer system could cause enormous damage to the company. An abuse by externals or internals, especially theft of information, business interruptions or IT – system breakouts or insufficient means of data security could extremely endanger the company.
Foreign currency exchange risks are so far excluded, if possible, in case of larger projects by invoicing directly in the relevant currency. However, there could be negative impulses on our company in normal business especially due to a further change of the dollar and yen parity as well as fluctuations of the Swiss Franc towards Euro, Dollar and Yen.
The existing growth strategy of the group does not only involve organic increase but also company acquisitions. Here, the figure above the net asset value is balanced as goodwill and checked each year as to its recoverability. If the expectations of the purchased company are not met and/or – as a consequence of economic unstableness – the expected cash-flow result cannot be achieved, then depreciations in the group's balance as per IFRS have to be done. An additional need for future depreciation may not be eliminated.
Besides risks, there are new chances as well. Market chances are identified by our sales representatives and evaluated at regular meetings with marketing and management. Results will be applied to new projects immediately.
For FORTEC as a technology company, there are product chances especially by the rapid developing industry 4.0. This industrial revolution based on rationalised manufacture will bring enormous improvement in production mainly in Central Europe. As supplier to the investment good's industry we would take profit for years.
Based on a profound evaluation of product as well as market chances, management will take measures as regards product portfolio, marketing and sales as well as concerns financial means (money, funds, etc.) and resources which may involve potential risk.
The risk management system of the FORTEC group assures that the daily business transactions may not be endangered by well-known and/or new risks to be made transparent and thus be controlled and/or even avoided.
The risk management is part of the management system enabling to recognise risks and limit their consequences as much as possible.
The risk management is a continuous task. Therefore, it is necessary to involve all personnel and especially the persons-in-charge to recognize any possible company risks.
Considering the statutes of risk analysis made by the directors of the individual FORTEC companies, appropriate measures were taken and responsible persons-incharge appointed.
Controlled by quarterly risk reporting, the management is informed regularly of the actual state of risk, however being updated of a sudden risk at any time. The formal implement of the risk management system will be of help; more important however is a continuous sensitising of all personnel for any possible risks and their immediate handling.
Goal of the risk management is that any possible risk is immediately recognized by personnel and/or the persons-in-charge before any company damage may occur and to try to find an appropriate and in-time solution by the responsible personnel as well as persons-in-charge.
This control and risk management is an integral part of all processes of the FORTEC group and is based on a global system of risk identification, its evaluation as well as its controlling. The board of directors holds sole responsibility for control and risk management. Active monitoring are to support its identification, evaluation and processing within the specific business sectors of the FORTEC AG and its subsidiaries.
Relevant information especially as to organisation and its process of the current BY may be referred to in the present QA-manual.
Monthly statements of the FORTEC AG and its subsidiaries help to recognize in time any changes as concerns order income, order book, stock as well as turnover and consequently take necessary steps as to the raw margin and costs. The value of receivables, especially those of the debtors is controlled on a regular basis. The value of share holdings is controlled once a year by a so-called impairment test and corrected if necessary.
The measures of the internal control system assure the correctness and reliability of the group's balance, which, in accordance with legal regulations, is covered carefully and in time; furthermore, inventory is made correctly and group's assets and depths are listed and evaluated appropriately. It is guaranteed that balancing documents provide reliable and understandable information.
The balancing regulations are in accordance with the International Financial Reporting Standards (IFRS) and are basis for FORTEC's balancing and evaluation standards also applying to its German and foreign subsidiaries.
The group's auditor and others e.g. the tax auditor use process independent controlling. Especially as regards the group's final balancing process, a specific autonomous monitoring is applied at issue of the group's year balance.
The company's existing financial instruments are: bank accounts, assets' accounts, suppliers' credits as well as receivables, etc.
The company consists of a solvent and credit-worthiness clientele which is secured by a goods credit insurance starting at EUR 10.000 in case of merchandise deliveries below DAX 30 index fixed companies. The loss of receivables to an extent that may endanger the company are not expected.
Liabilities are to be paid within payment terms.
Goal of the finance- and risk management is to ensure the company's success against any kind of financial risks.
Possible risks of price changes which may exist in a potential loss due to negative changes of market prices or price-relevant parameters, will be minimised by contractual agreements.
For protection of risks in liquidity, a regular survey of cash-receipt and cash-payments are made. To minimise these risks, the company possesses an appropriate debtors' account management.
Being a technology company, we note a majority in chances for the future development of the company comparing risk against chances. Although company risk continuous raise, requirements as concerns products permanently increase and the products' life-cycle even diminishes, we assume that our market will change in a positive way - especially by industry 4.0 as part of internet (loT)
The number of shares is 2.954.943 at a nominal value of 1 EUR. At present, there is no limited or proved capital, nor any program for repurchase of stock.
The signed capital is exclusively common stock drawn to bondholders who are entitled to vote. There are neither limitations as concerns the right to vote nor the purchase.
Appointment and dismissal of the board is in accordance with legal regulations (§§ 84, 85 AktG). The compensation regulation of the management board breaks down to a fix and a variable part which depends on achieved EBIT resp. year's profit. On 15.12.20011, the general shareholders board decided, that the required statements in the financial report can be omitted as per § 314 Abs.1 No. 6 Art. 5-9 HGB. It is agreed only with the CEO that there are any refunds to be made in case of change of control and/or any takeover offer.
In case of a change in control due to a take-over, essential suppliers' contracts may be cancelled. This risk exists when a contractual supplier may fear the interruption of a competitor.
Alterations of articles of the association require a majority of board votes of 75%.
Costs for research and development were not noted.
Responsible and long-term orientated added-value of business management is the leading task of FORTEC Elektronik AG. Based on this declaration, the directors' board reports about business management according to § 289 a HGB.
FORTEC's business management is by great means dominated by self-responsibility and ethnic conduct of every single employee and/or person-in-charge taken into consideration the legal requirements and internal procedure information.
The business management of FORTEC as a German AG noted at stock exchange is defined by the AG-law and its restrictions as concerns the "Deutsche Corporate Governance Kodex" at its current edition. On February 26, 2002, the German government published the "Deutsche Corporate Governance Kodex". Its edition published on May 15, 2012 defines essential regulations as concerns the management and control of German stock exchange noted companies and includes international and national standards of good and responsible business management. Goal of these standards is to inform about German regulations in order to strengthen business confidence of international and national investors, customers, employees and the public opinion as concerns business management of German companies.
The boards of FORTEC herewith declare to have done this declaration according to § 161 AktG after serious examination; this document may be referred to by a stock/share-holders of the company at its website.
Landsberg/Germany, February 27th, 2015
FORTEC Elektronik AG
Dieter Fischer Jörg Traum CEO Board Member
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Consolidated Income Statement (uncertified), according IAS/IFRS
| 01.07. - 31.12.2014 (last year's figures 01.07. - 31.12.2013) in EUR |
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| Income Statement | BY 2014/15 | BY 2013/14 | |
|---|---|---|---|
| Sales revenues | 21.319.484 | 20.896.652 € | |
| Change in stock of | 130.745 | 38.092 € | |
| unfinished merchandise | |||
| Other operating income | 260.912 | 259.824 € | |
| Cost of material | 16.164.197 | 16.087.561 € | |
| Expenses personnel | 2.833.819 | 2.794.935 € | |
| Depreciation | 137.772 | 139.693 € | |
| Other operating expenses | 1.872.141 | 1.670.361 € | |
| Operating income (EBIT) | 703.212 | 502.018 € | |
| Result of participations * | 105.825 | 0 | |
| Interests and similar income | 6.663 | 10.115 € | |
| Taxes on income and profit | 205.864 | 153.640 € | |
| Net income | 609.836 | 358.493 € | |
| Other result ** | 75.030 | 2.794 € | |
| Total result | 684.866 | 361.287 € | |
| Earnings per share/ 1st half year | 0,20 | 0,12 € | |
| Shares outstanding (pcs) | 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 from foreign currency exchange rates.
| Income Statement | Q2 (1.10.-31.12.14) | Q2 (1.10.-31.12.13) | ||
|---|---|---|---|---|
| Sales revenues | 9.223.568 | 9.561.594 € | ||
| Change in stock of | 130.745 | 38.092 € | ||
| unfinished merchandise | ||||
| Other operating income | 169.184 | 96.276 € | ||
| Cost of material | 7.526.851 | 7.357.578 € | ||
| Expenses personnel | 1.363.851 | 1.341.180 € | ||
| Depreciation | 69.069 | 77.631 € | ||
| Other operating expenses | 1.011.212 | 816.222 € | ||
| Operating income (EBIT) | 292.914 | 103.351 € | ||
| Result of participations* | 105.825 | 0 | ||
| Interest and similar income | 1.913 | 5.288 € | ||
| Taxes on income and profit | 91.466 | 42.427 € | ||
| Net income | 309.186 | 66.212 € | ||
| Other result ** | 61.394 | 76 € | ||
| Total result | 370.580 | 66.288 € | ||
| Earning per share/2nd quarter | 0,10 | 0,02 € | ||
| Shares outstanding (pcs) | 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 from foreign currency exchange rates.
| O he he ive t r c om p re ns in |
T O T A L |
|||||
|---|---|---|---|---|---|---|
| Su bs i be d cr i l ta ca p |
Ca i l ta p re se rv e |
Ex ha c ng e te ra d i f fe re nc es |
Ma ke t r Ev lu io t a a n re se rv e |
co m e Pr f i / t r o es er ve f i ie d t c p ro ar r fo d rw ar |
||
| E U R |
E U R |
E U R |
E U R |
E U R |
E U R |
|
| Ba lan 0 1. 0 7. 2 0 1 3 ce p er |
2. 9 5 4. 9 4 3 |
8. 6 8 9. 3 6 4 |
1. 0 1 1. 3 2 4 |
0 | 9. 3 2 5. 4 8 3 |
2 1. 9 8 1. 1 1 4 |
| Ne inc t om e |
3 5 8. 4 9 3 |
3 5 8. 4 9 3 |
||||
| C ha "o he l " t t ng es r r es u |
2. 7 9 4 |
2. 7 9 4 |
||||
| D iv i de d ts n p ay me n |
||||||
| Ba lan 3 1. 1 2. 2 0 1 3 ce p er |
5 2. 9 4. 9 4 3 |
8. 6 8 9. 3 6 4 |
1. 0 1 4. 1 1 8 |
0 | 9. 6 8 3. 9 7 6 |
2 2. 3 4 2. 4 0 1 |
| Ba lan 0 1. 0 7. 2 0 1 4 ce p er |
2. 9 5 4. 9 4 3 |
8. 6 8 9. 3 6 4 |
1. 0 9 1. 3 2 0 |
0 | 9. 3 8 4. 1 7 1 |
2 2. 1 1 9. 7 9 8 |
|---|---|---|---|---|---|---|
| Ne inc t om e |
6 0 9. 8 3 6 |
6 0 9. 8 3 6 |
||||
| C ha "O he l " t t ng es r r es u |
0 3 0 7 5. |
7 5. 0 3 0 |
||||
| D iv i de d ts n p ay me n |
0 | |||||
| Ba lan 3 1. 1 2. 2 0 1 4 ce p er |
2. 9 5 4. 9 4 3 |
8. 6 8 9. 3 6 4 |
1. 1 6 6. 3 5 0 |
0 | 9. 9 9 4. 0 0 7 |
2 2. 8 0 4. 6 6 4 |
| I. Operative Income | BY 2014/15 | BY 2013/ 14 |
|---|---|---|
| Net income | € 609.836 |
€ 358.493 |
| Depreciation of tangible and intangible assets | € 137.772 |
€ 139.693 |
| Change of inventories | € - 1.521.531 | € 269.502 |
| Reduction of accounts receivables | € 1.503.974 | € 2.573.796 |
| Change of liabilities | € - 1.051.133 | € - 1.495.602 |
| Change of accruals | € 52.890 |
€ - 11.461 |
| Change of other accruals | € - 55.650 |
€ - 142.668 |
| Cash-flow from operative business | ------------------ € - 323.842 |
------------------- € 1.691.753 |
| II. Investment Activities | ||
| Investments of financial/tangible and intangible assets |
€ - 6.217.069 | € - 241.878 |
| Earnings from assets | € 0 |
€ 0 |
| Cash-flow from investment activities | ------------------- € - 6.217.069 |
------------------- € - 241.878 |
| III. Financial Activities | ||
| Dividend payments | € 0 |
€ 0 |
| VI. Cash-flow in total | € - 6.540.911 | € 1.449.875 |
| V. Change in liquid funds | ||
| Cash at beginning of period | € 8.664.527 | € 7.236.838 |
| Cash at end of period | € 2.123.616 | € 8.686.713 |
The current half-year report has to be read in connection with the Annual Group's Report dated 30.06.2014. 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 was 111 (prev. year 110). The group's business comprises data visualization and power supplies.
| Segment report | Data | Power | |
|---|---|---|---|
| visualisation | supplies | ||
| T€ | T€ | ||
| Turnover | 8.122 | 13.197 | |
| Company result (EBIT) | 23 | 680 | |
| Result of participations * | 106 | 0 | |
| Financial result | 2 | 5 | |
| Taxes | 7 | 199 | |
| Net result | 124 | 486 |
*Result of participations of the at-equity valuated 50 p.c. participation at Data Display
Nach bestem Wissen versichern wir, dass gemäß den anzuwendenden Rechnungslegungsgrundsätzen für die Zwischenberichterstattung der Konzern-Zwischenabschluss der FORTEC Elektronik AG zum 31. Dezember 2014 ein den tatsächlichen Verhältnissen entsprechendes Bild der Vermögens-, Finanz- und Ertragslage des Konzerns vermittelt und im Konzern-Zwischenlagebericht der Geschäftsverlauf einschließlich des Geschäftsergebnisses und die Lage des Konzerns so dargestellt sind, dass ein den tatsächlichen Verhältnissen entsprechendes Bild vermittelt wird, sowie die wesentlichen Chancen und Risiken der voraussichtlichen Entwicklung des Konzerns im verbleibenden Geschäftsjahr beschrieben sind.
Germany/ Landsberg, February 27th, 2015
FORTEC Elektronik AG
Dieter Fischer Jörg Traum CEO COO Power Supplies
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