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FORTEC Elektronik AG

Quarterly Report • May 26, 2011

161_10-q_2011-05-26_a98cd637-7461-464d-b101-738272a33a7a.pdf

Quarterly Report

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Report 3rd Quarter 2010/2011

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

01.07.2010 – 31.03.2011

Content

  • Management Report
  • Consolidated Balance Sheet
  • Consolidated Income Statement
  • 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 2010/11

01.07.2010 – 31.03.2011

During first 9 months of BY 2010/11, the turnover of 35.2 million € again topped the figures of 25.5 million € of same period last year and thus the group expressively returned to its former strength. The EBIT in 3rd quarter alone was 1 million € compared to the total profit before tax and interest (EBIT) of 1.8 million € achieved during these 9 months. This quarter result of EBIT of 1 million € is unique in the group's history and mainly due to the subsidiaries' success – particularly that of EMTRON. Considered as "last-cycle" supplier in the industrial chain, FORTEC expects to look forward to further successful quarters in view of the current upswing within Central Europe except extraordinary risks of business.

The profit after tax amounts to 1.3 million € and shows a result of 45 cent per share compared to 12 cent in same period of last year i.e. a notable profit in 3rd quarter of 25 cent. Based on a global economic upswing, the turnover considerably raised by 35% to 13.3 million € from January to March 2011 compared to figures of same period last year. Compared to last quarter of October to December 2010, FORTEC's benefit especially was based on the dynamic development in Central Europe resulting in an increase of turnover of another 24%. In the segment of power supplies, the level before crisis again is overcome with a result of 21 million € and an EBIT of 1.6 million € and means a steady and further organic growth. In the segment data visualization and its turnover of 14 million € representing an EBIT of 0.2 million €, the group hopes to compensate the loss in business of digital signature applications made during the recession by new business' projects tailor-made for industry and medicine; thus regaining its former profit and strength.

Based on the current figures of this 1st quarter 2011, FORTEC's situation today is definitively better than before the financial crisis. Every single company within the group again works on profit. In total and again in this cycle, the group's business model proved right based on quarterly group's profits even during recession.

CONSOLIDATED BALANCE SHEET (uncertified) according to IAS/IFRS 31.03.2011 (prev. years' figures 30.06.2010)

A
S
S
E
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Consolidated IncomeStatement

(uncertified), according to IAS/IFRS

01.07.2010 - 31.03.2011 (prev.year's figures 01.07.09 - 31.03.10)

Income Statement BY 2010/11 BY 2009/10
Sales revenues 35.200.872 € 25.456.088 €
Other operating income 650.850 € 317.624 €
Cost of material 26.762.002 € 18.795.749. €
Expenses personnel 4.122.625 € 3.694.811 €
Depreciation 221.667 € 219.973 €
Other operating expenses 2.975.150 € 2.564.867 €
Operating income (EBIT) 1.770.278 € 498.312 €
Other interests and similar
income		 43.379 € 31.971 €
Taxes on income and profit 491.023€ 186.433 €
Net income 1.322.634€ 343.850 €
Earnings per share /3rd quarter 0,45 € 0,12 €
Shares outstanding 2.954.943 2.954.943

Consolidated IncomeStatement

(uncertified), according to IAS/IFRS

01.01. - 31.03.2011 (prev.year's figures 01.01. - 31.03.10)

Income Statement Q3 (1.01.-31.03.11) Q3 (1.01.-31.03.10)
Sales revenues 13.296.296€ 9.878.291 €
Other operating income 270.264 € 66.111 €
Cost of material 10.255.019 € 7.359.829 €
Expenses personnel 1.313.166 € 1.214.708 €
Depreciation 68.014 € 88.651 €
Other operating expenses 929.058 € 888.838 €
Operating income (EBIT) 1.001.303 € 392.376 €
Other interests and similar
income		 14.493 € 4.729 €
Taxes on income and profit 286.632€ 103.824 €
Net income 729.164 € 293.281 €
Earning per share /3rd
quarter		 0,25 € 0,10 €
Shares outstanding 2.954.943 2.954.943

Consolidated Statement of Comprehensive Income

0
1.
0
1
0
-3
1.
0
3.
2
0
1
1
7.		 0
1.
0
0
9 –
3
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7.
1. Ne
t
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1.
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3
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/ex
/re
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3. C
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2
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6.
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4. D
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s		 0 0
5. In
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6. O
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2
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1.
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6
3
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3
4
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8
5
0

Consolidated Statement of Chances in Equity

O
t
he
he
ive
r c
om
p
re
ns
in co
m
e		 T
O
T
A
L
Su
bs
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d
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ta
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f
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es		 Ma
ke
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f
i
t r
/
o
es
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ca
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se
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re
: e
xc
ng
e		 Ev
lu
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a
a
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f
i
ie
d
t c
o
ar
r
te
ra
s		 re
se
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e		 fo
d
rw
ar
E
U
R		 E
U
R		 E
U
R		 E
U
R		 E
U
R		 E
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Ba
lan
0
1.
0
2
0
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9
7.
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4.
9
4
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6
8
9.
3
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3
9
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4
2.
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5
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4
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3
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3
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4
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5
4
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1.
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9
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4.
9
4
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6
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9.
3
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4		 6
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7.
5
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6.
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4.
6
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5
2
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4
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0
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t
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3
2
2.
6
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4		 1.
3
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2.
6
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C
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"o
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6.
0
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2		 2
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6.
0
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D
iv
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8
6.
4
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8
6.
4
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3
1.
0
3.
2
0
1
1
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9
5
4.
9
4
3		 8.
6
8
9.
3
6
4		 6
8
7.
5
3
6		 0 6.
8
3
0.
7
9
1		 1
9.
1
6
2.
6
3
4

Consolidated Cash Flow Statement

(uncertifies), according to IAS/IFRS

01.07.2010 -31.03.2011 (prev.year's figures 01.07.09 - 31.03.2010)

I. Operative business BY 2010 /11 BY 2009 /10
Net income € 1.322.634 €
343.850
Depreciation of tangible and intangible assets €
221.667		 €
219.973
Change of inventories € - 1.103.970 €
1.172.193
Change of accounts receivables € - 1.375.022 €
139.526
Change of liabilities €
622.729		 €
712.649
Change of accruals €
480.704		 €
237
Change of other assets € -
59.500		 € -
120.847
Cash-flow from operative business ------------------
€
109.242		 -------------------
€
2.467.587
II. Investment Activities
Cash-flow from investment activities €
777.877		 €
- 215.485
III. Financial Activities
Profit earned/paid € - 886.483 €
- 886.483
VI. Cash-flow in total €
636		 €
1.365.619
V. Change in liquid Funds
Cash at beginning of period € 6.355.459 €
5.146.225
Cash at end of period € 6.356.095 €
6.511.844

Annexe.

The balancing and evaluation methods of fiscal year 2009/10 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 reduced to 110 (prev. year 112). The group's business comprises data visualization and power supplies.

Segment report Data Power
visualisiation supplies
TEuro TEuro
Turnover 14.043 21.157
Result (EBIT) 192 1.578
Financial result 17 26
Income tax 5 486
Net income 204 1.118

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