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FORTEC Elektronik AG

Quarterly Report • Nov 30, 2010

161_10-q_2010-11-30_9b9920a2-c2f5-4ebd-b690-0a0a149be37c.pdf

Quarterly Report

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Report 1st Quarter 2010/2011

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

July 01 – September 30, 2010

Content

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

Report 1st Quarter 2010/2011

01.07.-30.09.2010

In first quarter of BY 2010/11, turnover and earning/profit again leveled up to the figures of periods before crisis. At last, the group successfully managed the crisis achieving an increase in turnover of 46% i.e. 11 million EUR, thus topping the profit before interest and tax (EBIT) to 383.977 EUR compared to 30.239 EUR last year and profit after tax increased by more than tenfold from 21.237 to 296.371 EUR.

Especially in the sector power-supplies reporting a turnover of 6.6 million EUR and EBIT of 470.209 EUR, we successfully managed to overcome the crisis; expecting a moderate organic and profitable turnover growth during this business year.

Our portfolio of data visualization reporting a 4.4 million EUR turnover and a negative EBIT of 86.232 EUR did not yet succeed to make up for the economic recession especially as regards the electronic information systems and embedded computers. During these next quarters, however, we are positive to regain the former turnover as concerns this product segment.

In spite of the considerable increased turnover, we successfully managed to stabilize our costs as concerns personnel – mainly due to the still existing instrument of shortwork. The actual status of 118 people employed in 1st quarter 2009/10 continued to reduce to 110 widely based on the natural fluctuation in last year. Expecting a continuously improving economic situation, we assume to have additional some more decrease in personnel e.g. when reaching retirement status, etc. This also involves business supported by new EDV methods, formerly managed by company personnel.

In 1st quarter 2010/11, in spite of increased turnover - i.e. consequently higher financial means as concerns stock and customer requirement – again we succeeded to achieve a positive cash flow in the operative section of more than 500.000 EUR; involving an increase of liquidities to increase to 6.8 million EUR. It is our intention to pay out parts of these liquidities – alike previous years – as dividend of 0.30 EUR per share to shareholders in December 2010.

Annexe

This quarterly report is to be understood and read in accordance with years report as per 30.06.2009. Balance and evaluation methods according to IAS/IFRS compared to BY 2009/10 remain unchanged. Information and details reported in quarterly report are only valid at date of publication and are not to be updated.

Consolidated Balance Sheet (uncertified), according to IAS/IFRS 30.09.2010 (previous year 30.06.2010)

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8

Consolidated Income Statement

(uncertified) according to IAS/IFRS

Income Statement FY 2010/11 FY 2009/10
Sales revenues 11.005.930 € 7.536.411 €
Other operating income 190.962 € 145.957 €
Costs/ expenses for material 8.460.754 € 5.492.162 €
Personell expenses 1.368.375 € 1.300.026 €
Depreciation 78.092 € 65.365 €
Other operating expenses 905.694 € 794.576 €
Operation income (EBIT) 383.977 € 30.239 €
Interests and similar
income/expenses		 9.503 € 26.654 €
Tax on income and profit 97.109 € 35.656 €
Period's net income 296.371 € 21.237 €
Erning per share/1. Quartal 0,10 0,01
Shares outstanding 2.954.943 2.954.943

01.07. - 30.09.2010 (previous year 01.07.-30.09.2009)

Comprehensive Income Statement

0
1.
0
7.
3
0.
0
9.
2
0
1
0
-		 0
1.
0
7.
3
0.
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9.
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1.
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/
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se
3.
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f a
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1
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2		 2
1.
2
3
7

Consolidated Statement of Changes in Equity

O
he
h.
in
t
r c
om
p
re
co
m
e		 T
l
t a
o
Su
bs
i
be
d
cr
i
l
ta
ca
p		 Ca
i
ta
l
p
re
se
rv
e		 Ex
ha
c
ng
e
te
ra

d
i
f
fe
re
nc
es		 Ma
ke
t –
r
lu
io
t
ev
a
a
n
re
se
rv
e		 Pr
f
i
t r
/
o
es
er
ve
Pr
f
i
ie
d
t c
o
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
2
0
0
9
7.
ce
p
er		 2.
9
5
4.
9
4
3		 8.
6
8
9.
3
6
4		 1
3
9.
3
9
9		 2
4
2.
0
5
0
-		 6.
5
4
6.
1
2
4		 1
8.
0
8
7.
7
7
9
Pe
io
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's
t
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1.
2
3
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1.
2
3
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C
ha
"O
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"
t
ts
ng
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p
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0.
0
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2
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0
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p
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4.
9
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3
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3
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4
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5
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3
6
1		 1
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1
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1
7
Ba
lan
0
1.
0
2
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1
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p
er		 2.
9
4.
9
4
3
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6
8
9.
3
6
4		 6
8
3
6
7.
5		 2
0
6.
0
0
2
-		 6.
3
9
4.
6
4
0		 1
8.
2
0.
4
8
0
5
Pe
io
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t
inc
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9
6.
3
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1
C
"O
"
ha
t
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2
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9.
2
6
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0
-
D
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3
0.
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2
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p
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4.
9
4
3
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6
8
9.
3
6
4		 6
0
8.
2
6
7		 2
0
6.
0
0
2
-		 6.
6
9
1.
0
1
1		 1
8.
3
8
2
7
7.
5

Consolidated Cash-flow Statement (uncertified) according to IAS/IFRS

01.07. -30.09.2010 (previous year 01.07. - 30.09.2009)

I. Operative Business FY 2010/11 FY 2009/10
Period's net income €
296.371		 €
21.237
Depreciation of tangible and intangible assets €
78.092		 €
65.365
Change of inventories €
- 39.711		 €
- 83.868
Change in accounts receivables € - 312.868 €
929.895
Change of liabilities €
349.523		 € - 621.143
Change of accruals €
132.678		 €
98.400
Change other assets €
1.292		 €
179.207
Cash-flow from operative business €
505.377		 €
589.093
II. Investment Activities
Investments of finance/tangible
and intangible assets		 €
- 72.680		 € - 93.077
Earnings from assets €
500		 €
0
Cash-flow from investment activities € - 72.180 € - 93.077
III. Financial Activities
Earnings from financial assets €
0		 €
0
VI. Cash-flow in total € 433.197 € 496.016
V. Change in liquid funds
Cash at beginning of period € 6.355.459 € 5.146.225
Change at end of period € 6.788.656 € 5.642.241

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