United Labels AG

Earnings Release • Aug 11, 2010

UNITEDLABELS AG

As one would expect, we are committed to keeping our licence portfolio up to date at all times; we have now expanded the portfolio to include new licences such as 'World Wrestling Entertainment'. WWE, which can point to scores of attendance records, has been entertaining millions of people for decades. In acquiring the rights to WWE, UNITEDLABELS has become the only licence holder for merchandise categories in Germany, Austria and Switzerland.

We have also been nominated for the 'International Licensing Excellence Award' in the USA by LIMA (the International Licensing Industry Merchandisers Association). This shows that our product and licensing activities are gaining international recognition.

UNITEDLABELS AG held its 10th Annual General Meeting in Münster in mid-May 2010. Around 550 shareholders and other guests accepted invitations to attend. My colleagues and I were delighted at the high level of participation, which reaffirms a strong affinity with our company.

Yours faithfully

Peter Boder

6-Months' report

With revenue increases across the Group, improved earnings and a record order backlog, we are delighted to report a very positive first half of the year for UNITEDLABELS AG.

In the first six months of 2010, consolidated revenue increased to €20.3 million and EBIT climbed to €0.4 million.

The biggest contribution to the rise in revenue was made by our foreign subsidiaries. Italy deserves a special mention, with revenue quadrupling; elsewhere, revenue rose by more than half in Spain and by some 38% in Belgium.

In the first three months of the year, the new approaches to marketing and expansion produced a record order backlog, and this trend continued into the second quarter: orders now stand at a highly satisfactory €28.2 million. At present, revenue already generated together with order backlog amount to more than €48.0 million, approx. 20% above consolidated revenue for 2009 as a whole.

We have also attracted new customers in the textiles segment and concluded high-volume contracts with existing clients. To an increasing degree, key account customers that do not specialise in the textiles field are ordering textiles featuring licensed characters.

We are continuing to secure promising orders in Eastern Europe, and these have also contributed to rising revenue. Purchasing power is expanding year by year in Poland especially, as demonstrated by all the relevant statistics. With levels of purchasing, consumption, production and investment on the rise, UNITEDLABELS is benefiting ever more from a market that has become receptive to licensed merchandise.

In recent months, we have concluded negotiations concerning the opening of a number of airport shops. As a result, four new shops will be opened in Barcelona, Hamburg and Düsseldorf in the months ahead. This means that as from September/October, UNITEDLABELS will be operating ten shops at five locations.

Key Figures 6-Months' Report
	2010 € '000	2009 € '000	2008 € '000	2007 € '000	2006 € '000
Revenue	20,310	16,824	19,189	18,728	20,105
* EBITDA	692	(1,257)	637	554	656
EBIT	421	(1,511)	315	197	364
Profit before tax	139	(1,650)	74	33	276
Profit for the year	93	(1,222)	52	(144)	(107)
Order backlog	28,232	14,718	14,045	18,765	15,021
Earnings per share (€)	0.02	(0.29)	0.01	(0.03)	0.00
Number of embloyees	125	132	139	125	118

* incl. amortisation of usufructuary rights

Dear Shareholders,

Application of IFRS/IAS regulations

Accounting principles

The financial statements for the quarter have been prepared in accordance with internationally accepted accounting standards, on the basis of the International Financial Reporting Standards (IFRS) and International Accounting Standards (IAS) promulgated by the International Accounting Standards Board (IASB).

In preparing the consolidated financial statements, the Management Board is required to make estimates and assumptions that affect the reported amounts of assets and liabilities/ equity as well as the amounts disclosed in the income statement. It is possible that these assumptions and estimates may not coincide with actual occurrences. Actual results may differ from forecasts if consumer behaviour or the actions of licensors or trading partners (customers, suppliers) change.

Uniform accounting policies have been applied to the quarterly financial statements. The financial statements are presented in euros.

Business performance in the first half of 2010

Consolidated revenue reached €20.3 million in the first six months of the year (compared to €16.8 million last year), thereby exceeding the €10 million level in the second quarter as well. As in the first quarter, both segments – Special Retail and Key Account – contributed to the increase. In Spain and Italy, revenue for the particularly buoyant Special Retail segment increased by 73% thanks to Patito Feo, a very popular local licence; at the same time, the Key Account segment in these countries produced revenue growth of 88%.

Performance in Germany got off to a more modest start, with revenue declining by a total of 11%; this was largely a result of the decision to withdraw from Special Retail operations in Germany, Belgium and France. However, a high order backlog at the German parent company in particular already points to last year's revenue total being surpassed.

For the first half of 2010, the EBIT stood at €0.4 million (compared to €-1.5 million last year) and consolidated profit amounted to €0.1 million (previous year: €-1.2 million). Both key indicators are thus clearly back in positive territory. This development is due to an increase of 4.4% in the profit margin, which in turn is linked to the higher share attributable to the Special Retail segment.

The solid result achieved by the Special Retail segment in Spain and Italy has driven up the segment's contribution to total revenue to 40%, compared to 32% last year. Earnings in the Special Retail segment rose accordingly, from €0.0 million last year to €0.5 million in the first half of 2010. This figure includes one-time expenses of €0.2 million linked to the withdrawal from the Special Retail segment in Germany.

Revenue increased only marginally for the Key Account segment in the first six months of the year. The segment will not benefit from the more pronounced order backlog until the third and fourth quarters. Despite this, earnings for the segment have risen significantly, from €0.1 million last year to €1.4 million, again thanks to the improved profit margin linked to changes in the client portfolio.

The order backlog for the UNITEDLABELS Group has continued to expand significantly, increasing by 92% on the comparable period last year to reach the record level of €28.2 million in the second quarter of 2010. All Group companies have acquired more orders this year than last. To a large extent, the high order balance comprises orders from key account customers in Germany; over the next two quarters, this area is set to expand significantly.

Financial position

Given the orders position, inventories rose by a marginal 6.8% compared with December 2009 to €8.4 million (prev. year: €7.9 million). Of this, €4.0 million was attributable to remaining inventories in Germany (compared to €4.1 million as at 31.12.2009). Existing orders accounted for sales of €3.6 million from the total inventory.

Cash and cash equivalents were deployed to expand the company's operating business and open two new airport stores. This reduced the company's bank balances from €3.7 million to €1.6 million, whilst net debt stood at €5.7 million.

The equity ratio was 58.0% as at 30 June 2010. The company continues to hold 46,199 no-par value shares with a book value per share of €6.64. The company's equity covers its non-current assets by 138% and also its liabilities by 138%.

Employees

As at the reporting date of 30 June 2010, the UNITEDLABELS Group had a total of 125 employees, compared to 132 last year. Of these, 54 were employed in Germany and 57 in Spain.

Licences

With a view to keeping the licence portfolio current and innovative at all times, UNITEDLABELS has added the 'World Wrestling Entertainment' (WWE) licences to its portfolio. Acquiring the rights to WWE in Germany, Austria and Switzerland has established UNITEDLABELS as the only supplier of a broad product category comprising textiles, gift items, stationery and school products. In this way, the company will provide for an ever-growing fan base. Classics such as Looney Tunes, Peanuts, The Simpsons, SpongeBob SquarePants and many others will be retained in our comprehensive portfolio, needless to say.

Annual General Meeting

UNITEDLABELS AG held its 10th Annual General Meeting in Münster on 19 May 2010. With 550 people attending the event, participation, as in previous years, was very high. Chief Executive Officer Peter Boder recounted the key points of the past financial year in detail before looking ahead to the company's targets and activities for 2010.

Shares held by the governing bodies

As of 30 June 2010, UNITEDLABELS AG had a total of 4.2 million no-par value shares. The company's Management Board and members of the Supervisory Board held the following shares and options on 30 June 2010: Peter Boder held 2.63 million shares while Dr. Jens Hausmann, Chairman of the Supervisory Board, held none; Supervisory Board members Professor Helmut Roland and Michael Dehler held 10,000 and 441 no-par value shares respectively. As of 30 June 2010, there were no option rights and no option rights programme was in place.

Responsibility Statement in accordance with Section 37y WpHG in conjunction with Section 37w (2) No. 3 WpHG

To the best of our knowledge, and in accordance with the applicable reporting principles for interim financial reporting, the interim consolidated financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group, and the interim management report of the Group includes a fair review of the development and performance of the business and the position of the Group, together with a description of the principal opportunities and risks associated with the expected development of the Group for the remaining months of the financial year.

Outlook

The worst of the economic and financial storm would appear to be over, with many experts expressing cautious optimism over the prospects for a strong economic upturn. However, it is impossible to predict the impact that austerity packages and proposed measures (including spending cuts, wage cuts, tax increases and cutbacks in social services) will have on the behaviour of consumers. Many people are concerned that consumers will be unwilling to spend and reluctant to invest their money.

Although UNITEDLABELS is clearly dependent on the purchasing habits of consumers, the company is highly optimistic over the outlook for the second half of 2010.

The main reason for the buoyancy is the level of revenue generated in the textiles category: new collections have been discussed, designed, created and produced in collaboration with clients. These will be available through numerous well-known retail outlets in the second half of the year.

Business activity in Eastern Europe, and especially Poland, is also providing grounds for guarded optimism. Poland is a large, very attractive and promising market that also neighbours Germany. The size of the country, its rising spending power and its relatively low production costs are the key factors motivating more and more foreign companies to expand their activities in Poland. The same is true for UNITEDLABELS: in the months ahead, an enlarged team will be seeking to gain new clients and generate orders on this market, which has become receptive to licensed products.

The number of airport shops is also on the rise. In the first quarter, we opened two new shops in Hamburg and Malaga; in the second, we committed to opening additional outlets in Düsseldorf, Hamburg and Barcelona. This means that UNITEDLABELS will soon be operating ten shops at five different locations. Given that we are also involved in tendering procedures at most of Europe's major airports, the number of shops (already in double figures) is sure to grow in the near future.

Naturally, we will also be keeping our licence portfolio up to the minute at all times by maintaining good contacts with licensors and taking part in trade fairs and licensing events.

UNITEDLABELS Aktiengesellschaft, Münster Group Statement of Comprehensive Income (IFRS) for the period

1 January to 30 June 2010

(unaudited)

	01/01/2010 30/06/2010		01/01/2009 30/06/2009		01/04/2010 30/06/2010		01/04/2009 30/06/2009
	€	%	€	%	€	%	€
Sales revenues	20,309,878.73		100.0 % 16,824,199.53	100.0 %	10,250,978.77	100.0 %	8,133,048.37
Cost of materials	(11,738,704.83)	(57.8) %	(10,460,870.55)	(62.2) %	(6,299,894.68)	(61.5) %	(5,294,866.46)
Amortisation of usufructuary rights	(1,746,476.95)	(8.6) %	(1,451,002.82)	(8.6) %	(721,212.29)	(7.0) %	(650,629.51)
	6,824,696.95	33.6 %	4,912,326.16	29.2 %	3,229,871.80	31.5 %	2,187,552.41
Other operating income	491,303.32	2.4 %	170,633.20	1.0 %	288,415.99	2.8 %	55,754.12
Staff costs	(3,187,296.10)	(15.7) %	(3,148,167.32)	(18.7) %	(1,455,901.41)	(14.2) %	(1,565,327.03)
Depreciation of property, plant and equip
ment, and amortisation of intangible assets (excl. amortisation of usufructuary rights)	(270,808.88)	(1.3) %	(253,761.95)	(1.5) %	(147,265.29)	(1.4) %	(126,060.37)
Other operating expenses	(3,436,709.37)	(16.9) %	(3,192,207.78)	(19.0) %	(1,747,421.98)	(17.0) %	(1,598,504.62)
Profit from operations	(421,185.92)		2.1 % (1,511,177.70)	(9.0) %	167,699.11		1.6 % (1,046,585.50)
Finance income	(8,420.95)	0.0 %	16,516.38	0.1 %	2,490.49	0.0 %	4,330.77
Result from at-equity investments	(36,850.05)	(0.2) %	70,638.75	(0.4) %	(70,157.70)	(0.7) %	(14,056.70)
Finance cost	(253,877.18)	(1.3) %	(226,427.96)	(1.3) %	(129,435.99)	(1.3) %	(102,419.19)
Net finance cost	(282,306.28)	(1.4) %	(139,272.82)	(0.8) %	(197,103.20)	(1.9) %	(112,145.12)
Profit before tax	138,879.64		0.7 % (1,650,450.52)	(9.8) %	(29,404.09)		(0.3) % (1,158,730.61)
Taxes on income	(45,937.00)	(0.2) %	428,235.38	2.5 %	(3,838.61)	0.0 %	154,997.47
Consolidated net profit / (loss)	(92,942.64)		0.5 % (1,222,215.15)	(7.3) %	(33,242.70)		(0.3) % (1,003,733.15)

Group Statement of Comprehensive Income (IFRS) for the period								Group Statement of Cash Flows
1 January to 30 June 2010 (unaudited)									06/2010 T€	(unaudited) 06/2009 T€
	01/01/2010		01/01/2009		01/04/2010		01/04/2009	Consolidated profit/loss for the year	93	(1,222)
	30/06/2010		30/06/2009		30/06/2010		30/06/2009	Interest income from financing activities	245	209
	€	%	€	%	€	%	€	Depreciation of proberty, plant and equipment, and amortisation of intangible assets	2,017	1,705
Sales revenues	20,309,878.73		100.0 % 16,824,199.53	100.0 %	10,250,978.77	100.0 %	8,133,048.37
Cost of materials	(11,738,704.83)	(57.8) %	(10,460,870.55)	(62.2) %	(6,299,894.68)	(61.5) %	(5,294,866.46)	Change in provisions	1,098	(639)
Amortisation of usufructuary rights	(1,746,476.95)	(8.6) %	(1,451,002.82)	(8.6) %	(721,212.29)	(7.0) %	(650,629.51)
	6,824,696.95	33.6 %	4,912,326.16	29.2 %	3,229,871.80	31.5 %	2,187,552.41	Other non-cash expenses	7	(515)
								Result from disposal of non-current assets	18	0
Other operating income	491,303.32	2.4 %	170,633.20	1.0 %	288,415.99	2.8 %	55,754.12
								Change in inventories, trade receivables, and other assets not attributable to investing or financing activities	(2,928)	6,402
Staff costs	(3,187,296.10)	(15.7) %	(3,148,167.32)	(18.7) %	(1,455,901.41)	(14.2) %	(1,565,327.03)
								Change in trade payables and other liabilities not attributable to investing or financing activities	426	(6,053)
Depreciation of property, plant and equip ment, and amortisation of intangible assets
(excl. amortisation of usufructuary rights)	(270,808.88)	(1.3) %	(253,761.95)	(1.5) %	(147,265.29)	(1.4) %	(126,060.37)	Cash flows from operating activities	977	(114)
								Proceeds from the disposal of non-current assets	144	0
Other operating expenses	(3,436,709.37)	(16.9) %	(3,192,207.78)	(19.0) %	(1,747,421.98)	(17.0) %	(1,598,504.62)
Profit from operations	(421,185.92)		2.1 % (1,511,177.70)	(9.0) %	167,699.11		1.6 % (1,046,585.50)	Payments for investments in non-current assets	(418)	(432)
Finance income	(8,420.95)	0.0 %	16,516.38	0.1 %	2,490.49	0.0 %	4,330.77	Cash flows from investing activities	(275)	(432)
								Proceeds from bank loans	(1,912)	0
Result from at-equity investments	(36,850.05)	(0.2) %	70,638.75	(0.4) %	(70,157.70)	(0.7) %	(14,056.70)
Finance cost	(253,877.18)	(1.3) %	(226,427.96)	(1.3) %	(129,435.99)	(1.3) %	(102,419.19)	Payment of dividends	0	(831)
								Repayment of financial loans	(471)	(477)
Net finance cost	(282,306.28)	(1.4) %	(139,272.82)	(0.8) %	(197,103.20)	(1.9) %	(112,145.12)
								Interest received	8	17
Profit before tax	138,879.64		0.7 % (1,650,450.52)	(9.8) %	(29,404.09)		(0.3) % (1,158,730.61)	Interest paid	(254)	(226)
Taxes on income	(45,937.00)	(0.2) %	428,235.38	2.5 %	(3,838.61)	0.0 %	154,997.47	Cash flows from financing activities	(2,629)	(1,517)
Consolidated net profit / (loss)	(92,942.64)		0.5 % (1,222,215.15)	(7.3) %	(33,242.70)		(0.3) % (1,003,733.15)			(2,063)
								Net cash change in cash and cash equivalents	(1,927)
								Currency translation	(193)	13
Consolidated earnings per share
basic					0.02 €		(0.29) €	Cash and cash equivalents at the beginning of the period	3,694	4,986
diluted					0.02 €		(0.29) €	Cash and cash equivalents	1,574	2,937
Weighted average shares outstanding
basic					4,153,801 shares		4,153,801 shares	Gross debt bank	7,224	5,472
diluted					4,153,801 shares		4,153,801 shares	Net debt bank	5,650	2,535
								Composition of cash and cash equivalents:
								Cash and cash equivalents	1,574	2,937
8

Consolidated earnings per share
basic	0.02 €	(0.29) €
diluted	0.02 €	(0.29) €
Weighted average shares outstanding
basic	4,153,801 shares	4,153,801 shares
diluted	4,153,801 shares	4,153,801 shares

UNITEDLABELS Aktiengesellschaft, Münster

ASSETS

Assets	30/06/2010 €	31/12/2009 €
Non-current assets
Property, plant and equipment	5,905,892.62	5,761,735.64
Intangible assets	9,220,375.91	8,971,806.64
At-equity investments	796,715.55	833,565.60
Deferred tax assets	4,110,016.65	4,080,016.65
	20,033,000.73	19,647,124.53
Current assets
Inventories	8,443,855.27	7,907,377.25
Trade receivables	15,746,706.88	13,205,372.99
Other assets	1,780,880.30	1,931,051.28
Cash and cash equivalents	1,574,066.57	3,694,490.52
	27,545,509.02	26,738,292.04
Total assets	47,578,509.75	46,385,416.57

UNITEDLABELS Aktiengesellschaft, Münster Group Statement of Financial Position (IFRS) as at 30 June 2010 (unaudited)

UNITEDLABELS Aktiengesellschaft, Münster Group Statement of Financial Position (IFRS) as at 30 June 2010

(unaudited)

EQUITY AND LIABILITIES

Equity Capital and reserves attributable to the owners of the parent company Non-current liabilities Current liabilities

	30/06/2010 €	31/12/2009 €
Equity
Capital and reserves attributable to the owners of the parent company
Issued capital	4,200,000.00	4,200,000.00
Capital reserves	19,194,174.55	19,194,174.55
Retained earnings	2,883,209.63	2,883,209.63
Currency translation	(559,337.55)	(366,135.90)
Consolidated unappropriated surplus	2,085,269.08	1,992,326.44
Treasury shares	(223,413.73)	(223,413.73)
Total equity	27,579,901.98	27,680,160.99
Non-current liabilities
Provisions for pensions	1,004,033.50	937,270.00
Financial liabilities	2,839,464.00	2,976,892.00
Trade payables	826,601.83	901,776.64
Deferred tax liabilities	7,179.63	7,179.63
	4,677,278.96	4,823,118.27
Current liabilities
Provisions	1,914,147.14	883,358.06
Current tax payable liabilities	140,361.14	27,905.31
Financial liabilities	4,384,662.19	5,198,573.29
Trade and other payables	8,882,158.34	7,772,300.65
	15,321,328.81	13,882,137.31
Total liabilities	19,998,607.77	18,705,255.58
Total equity and liabilities	47,578,509.75	46,385,416.57

Primary reporting format – Customer segments

(unaudited)

Secondary reporting format – Geographical segments (in € '000) (unaudited)

2010
			Unallocated
in € '000	Special Retail Key Account		items	Group
Sales revenue	8,134	12,176	0	20,310
Segment expenses	(6,636)	(9,707)	(1,424)	(17,767)
Depreciation/amortisation	(987)	(1,061)	(73)	(2,122)
Segment result	511	1,408	(1,497)	421
Net finance cost				(245)
Result from at-equity investment				(37)
Result from ordinary activities				139
Taxes				(46)
Consolidated profit/loss				93
€m	Special Retail Key Account		Adminis	Group
			tration
Segment assets	14.0	21.2	12.4	47.6
Segment liabilities	3.9	7.8	8.3	20.0

Sales revenues	2010	2009
Germany, Austria, Switzerland	7,469	7,685
Iberian Peninsula	7,098	4,586
France	2,367	2,863
Rest of the World	3,376	1,690
Group	20,310	16,824

Total assets	2010	2009
Germany, Austria, Switzerland	29,278	31,025
Iberian Peninsula	10,791	7,797
France	1,103	1,100
Rest of the World	6,407	4,679
Group	47,579	44,601

2009
			Unallocated
in € '000	Special Retail Key Account		items	Group
Sales revenue	5,312	11,513	0	16,824
Segment expenses	(4,681)	(10,266)	(1,611)	(16,558)
Depreciation/amortisation	(598)	(1,126)	(54)	(1,778)
Segment result	33	121	(1,665)	(1,512)
Net finance cost				(209)
Result from at-equity investment				71
Result from ordinary activities				(1,650)
Taxes				428
Consolidated profit/loss				(1,222)
€m	Special Retail Key Account		Adminis	Group
			tration
Segment assets	13.2	16.0	15.3	44.6
Segment liabilities	3.7	6.0	4.5	14.2

UNITEDLABELS AG
Gildenstraße 6
48157 Münster
Germany	8000 Brügge
phone: +49 (0) 251- 32 21- 0	Belgium
fax: +49 (0) 251- 32 21- 999
info@unitedlabels.com
www.unitedlabels.com	info@unitedlabels.be
UNITEDLABELS Ibérica S.A.
Av. de la Generalitat, 29E	Unit 1501-2, Valley Centre,
Pol. Ind. Fontsanta	80-82 Morrison Hill Road,
08970 Sant Joan Despi	Wanchai, Hongkong
Barcelona	China
Spain
phone: +34 93 - 4 77 13 63
fax: +34 93 - 4 77 32 60	info-hk@unitedlabels.com
info@unitedlabels.es
UNITEDLABELS France SAS	UNITEDLABELS Italia Srl.
ZAC du Moulin	Via Frà Paolo Sarpi, 5d
Rue de Marquette	50136 Firenze
Batiment C n 10	Italy
59118 Wambrechies
France
phone: +33 (0) 328 - 33 44 01	info@unitedlabels.it
fax: +33 (0) 328 - 33 44 02
info@unitedlabels.fr
UNITEDLABELS Ltd.
4 Imperial Place	Alenconer Straße 30
Maxwell Road	49610 Quakenbrück
Borehamwood Herts	Germany
WD 6 1 JN
United Kingdom
phone: +44 (0) 208 - 21 33 16 8	info@houseoftrends.com
fax: +44 (0) 208 - 21 33 18 0

info@unitedlabels.co.uk

UNITEDLABELS Belgium N.V. Residentie Stockhouderskasteel Gerard Davidstraat 50 bus 0002

Telefon: +32 (0) 50- 45 69 60 Telefax: +32 (0) 50- 31 28 22

UNITEDLABELS Comicware Ltd. Unit 1501-2, Valley Centre, 80-82 Morrison Hill Road,

phone: +85 (0) 225 - 44 29 59 fax: +85 (0) 225 - 44 22 52 info-hk@unitedlabels.com

UNITEDLABELS Italia Srl.

phone: +39 (0) 55 - 61 20 35 0 fax: +39 (0) 55 - 61 20 57 9

House of Trends europe GmbH

phone: +49 (0) 54 31 - 90 86 0 fax: +49 (0) 54 31 - 90 86 22 info@houseoftrends.com

e-mail: tkoch@unitedlabels.com investorrelations@unitedlabels.com

Group Statement of Changes in Equity

(unaudited)

	Subscribed	Capital	Revenue	Translation	Treasury
	capital	reserves	reserves	reserve	shares	Total
	€ '000	€ '000	€ '000	€ '000	€ '000	€ '000
Balance at 31/12/2008	4,200	24,384	4,374	(285)	(223)	32,450
Currency translation	0	0	0	13	0	13
Consolidated loss Q11 2009	0	0	(1,222)	0	0	(1,222)
Total comprehensive loss for the period	0	0	(1,222)	13	0	(1,209)
Dividend payment	0	0	(830)	0	0	(830)
Balance at 30/06/2009	4,200	24,384	2,322	(272)	(223)	30,411
Currency translation	0	0	0	(81)	0	(81)
Consolidated loss 2009	0	0	(3,858)	0	0	(3,858)
Total comprehensive income for the period	0	0	(3,858)	(81)	0	(3,939)
Dividend payment	0	0	(831)	0	0	(831)
Withdrawal from capital reser ves at parent company to offset loss	0	(5,190)	5,190	0	0	0
Balance at 31/12/2009	4,200	19,194	4,875	(366)	(223)	27,680
Currency translation	0	0	0	(193)	0	(193)
Consolidated profit Q11 2010	0	0	93	0	0	93
Total comprehensive income for the period	0	0	93	(193)	0	(100)
Balance at 30/06/2010	4,200	19,194	4,968	(559)	(223)	27,580

State of Long Lange

$\mathbb{R}^n$

Hannoh Montago

剂

APRILLE

F

E

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