Quarterly Report • May 29, 2009
Quarterly Report
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======================== July 01st, 2008 – 31st March, 2009
Content
FORTEC Elektronik AG Ph: +49(0)8191-91172-13 Fax: +49(0)8191-21770 Email: [email protected]
In the 3rd quarter, the economic situation deteriorated dramatically. From January to March 2009, the order income of the investment goods partly decreased by about 40 p.c. compared to same period of last year. Our continuously strong turnover in 3rd quarter – in comparison to last year – is primarily supported by the high bookings made in 2008 and their processing.
During first 9 months of FY 2008/09, the turnover of 33.3 million EUR based on the successful results of 1st half year was again above last year's figure amounting to 31.9 million EUR. The operative result before interest and tax once again increased to 2.0 million EUR compared to the good result of previous year of 1.96 million EUR.
The profit after tax of 1.353 million EUR could be increased again compared to previous year's figure of 1.314 million EUR.
Strategy and risks – as referred to in detail in "Half-Year- Report 2008/09" – are still valid to full extent.
Business year 2008/09 will finish with a satisfactorily good operative result. During this present last quarter, we however expect no improvement as to order income compared to last quarter. Therefore, the cost management is of utmost priority. Based on a company capital of 80 p.c. and no bank obligations, we do have a considerable advantage towards most of our competitors – which will enable us to overcome the crisis in a strengthened position.
The balancing and evaluation methods of fiscal year 2008/09 according to IAS/IFRS remain unchanged. The number of full-time employees – due to the acquisition of the Czech ALLTRONIC as per 01.01.2009 - increased by another 40 persons to now 160 (prev. year 108). The product folio is marketed under the segment Embedded Solutions; therefore a segment report divided into product groups is not necessary. In view of the 33 million EUR turnover in general, 26 million EUR were achieved nationwide and 7 million EUR within Europe.
| O S S S T T A L A E T |
€ | € | T O T A L E Q U I T Y A N D L I A B I L I T I E S |
€ | € |
|---|---|---|---|---|---|
| 3 1. 0 3. 2 0 0 9 |
3 0. 0 6. 2 0 0 8 |
3 1. 0 3. 2 0 0 9 |
3 0. 0 6. 2 0 0 8 |
||
| A. No t a ts n- cu rre n ss e I. Go dw i l l o |
4. 5 8 4. 0 4 1 |
4. 5 8 4. 0 4 1 |
A. S ha ho l de i ty re rs e q u |
||
| I. Su bc i be d c i l ta r ap |
2. 9 4. 9 4 3 5 |
2. 9 4. 9 4 3 5 |
|||
| I I. In i b le ta ts ng as se |
1 2 3. 2 4 8 |
5 4. 4 8 1 |
I I. Ca i l re ta p se rve |
8. 5 5 8. 9 3 7 |
8. 5 5 8. 9 3 7 |
| I I I. Ta i b le ts ng as se |
1. 0 9 8. 3 8 7 |
7 8 6. 8 9 6 |
O I I I. t he h. inc r c om p re om e I V. Ne inc t |
7. 1 6 4. 3 4 3 1. 3 5 3. 1 2 6 |
6. 1 9 2. 4 2 0 2. 0 9 6. 2 1 3 |
| I V. F ina ia l a ts nc ss e |
8 6 8. 5 2 8 |
1. 2 0 8. 2 5 2 |
om e |
||
| V. Lo l ia b i l i ies -te t ng rm |
8. 0 4 9 |
8. 0 4 9 |
|||
| 6. 6 8 2. 2 5 3 |
6. 6 4 1. 7 1 9 |
2 0. 0 3 1. 3 4 9 |
1 9. 8 0 2. 5 1 3 |
||
| B. Cu t a ts rre n ss e |
B. Lo -te l ia b i l i t ies ng rm I. De fe d tax rre es |
2 6 3. 3 8 1 |
2 6 5. 9 7 9 |
||
| I. Inv to ies en r |
9. 8 3 1. 6 3 2 |
8. 5 6 4. 0 3 5 |
|||
| I I. Ac ts iva b les co un re ce |
4. 5 4 1. 2 5 8 |
4. 1 6 3. 3 8 0 |
C. S ho t- te l ia b i l i t ies r rm |
||
| I I I. O t he ts r a ss e |
5 4 8. 0 4 0 |
5 9 8. 7 6 5 |
I. Ba k l ia b i l i t ies n |
0 | 0 |
| I V. Ca h- -h d, ba k ba lan s on an n ce |
3. 4 1 1. 7 0 1 |
4. 8 3 1. 1 6 8 |
I I. Tr de b les a p ay a |
1. 6 7 9. 8 9 1 |
1. 8 2 1. 3 0 1 |
| 1 8. 3 3 2. 6 3 1 |
1 8. 1 3 4 8 5 7. |
I I I. Ac ls fo he t tax cr ua r o r es |
9 6 2 0 9 5. |
1. 0 8 0. 1 8 3 |
|
| O I V. t he ls r a cc ru a |
8 3 7. 1 0 3 |
6 2 5. 2 8 3 |
|||
| O V. t he l ia b i l i t ies r |
1. 2 3 7. 9 5 1 |
1. 2 0 3. 8 0 8 |
|||
| 4. 7 2 0. 1 5 4 |
4. 7 3 0. 5 7 5 |
||||
| To ta l As ts se |
2 5. 0 1 4. 8 8 4 |
2 4. 7 9 9. 0 6 7 |
To ta l Eq i ty d L ia b i l i t ies u a n |
2 5. 0 1 4. 8 8 4 |
2 4. 7 9 9. 0 6 7 |
| Income Statement | GJ 2008/09 | GJ 2007/08 |
|---|---|---|
| Sales revenues | 33.340.614 € | 31.887.249 € |
| Other operating income | 579.083 € | 368.855 € |
| Cost of material | 24.334.816 € | 23.235.426 € |
| Personnel expenses | 4.465.761 € | 4.306.788 € |
| Depreciation | 244.334 € | 242.417 € |
| Other operating expenses | 2.871.429 € | 2.510.510 € |
| Operating income (EBIT) | 2.003.357 € | 1.960.963 € |
| Other interests and similar income | 72.537 € | 129.478 € |
| Taxes on income and profit | 722.768 € | 775.870 € |
| Net income | 1.353.126 € | 1.314.571 € |
| Earning per share/ 9-months | 0,46 € | 0,44 € |
| Shares outstanding | 2.954.943 | 2.954.943 |
| Income Statement | Q3 (1.01.-31.03.09) | Q3 (1.01.-31.03.08) | |
|---|---|---|---|
| Sales revenues | 11.619.886 € | 11.716.498 € | |
| Other operating income | 106.809 € | 90.124 € | |
| Cost of material | 8.457.523 € | 8.551.010 € | |
| Personnel expenses | 1.533.792 € | 1.578.488 € | |
| Depreciation | 94.097 € | 96.139 € | |
| Other operating expenses | 852.919 € | 860.775 € | |
| Operating income (EBIT) | 788.364 € | 720.210 € | |
| Other interests and similar income |
12.582 € | 44.271 € | |
| Taxes on income and profit | 303.039 € | 293.424 € | |
| Net income | 497.907 € | 471.057 € | |
| Earning per share/3rd Quarter | 0,17 € | 0,16 | |
| Shares outstanding | 2.954.943 | 2.954.943 |
| I. Operative Business | BY 2008/09 | BY 2007/08 |
|---|---|---|
| Net income | € 1.354.126 | € 1.314.571 |
| Depreciation of tangible and intangible assets | € 244.334 |
€ 242.417 |
| Change of inventories | € - 1.267.597 | € - 706.129 |
| Change in accounts receivable | € - 377.878 | € 39.930 |
| Change of liabilities | € - 244.839 | € 543.894 |
| Change of accruals | € 211.820 |
€ 387.292 |
| Change of other assets | € 50.725 |
€ - 80.445 |
| Cash flow from operating business | € - 9.309 |
€ 1.741.530 |
| II. Investment Activities | ||
| Cash flow from investment activities | € - 523.675 | € - 1.385.287 |
| III. Financing Activities | ||
| Profit distribution | € - 886.483 | € - 886.483 |
| VI. Cash flow in total | € -1.419.467 | € - 530.240 |
| V. Change in Liquid Funds | ||
| Cash at the beginning of period | € 4.831.168 | € 5.153.407 |
| Cash at the end of period | € 3.411.701 | € 4.623.167 |
| Fiscal Year 2008/09 | Capital stock Euro |
Capital Reserves Euro |
Development of reserves and accumulated profit Euro |
TOTAL Euro |
|---|---|---|---|---|
| Balance 01.07.2008 | 2.954.943 | 8.558.937 | 8.288.633 | 19.802.513 |
| Change of value stated from market earnings of financial assets |
-339.724,00 | -339.724 | ||
| Deferred taxes on company capital | 101.917 | 101.917 | ||
| Payout dividends | -886.483 | -886.483 | ||
| Period earning | 1.353.126 | 1.353.126 | ||
| Balance 31.03.2009 | 2.954.943 | 8.558.937 | 8.517.469 | 20.031.349 |
| Not transferable according to § 150 AktG according to § 47 AktG |
2.954.943 | 8.558.937 |
| Fiscal Year 2007/08 | Capital stock Euro |
Capital reserve Euro |
Development of reserves and accumulated profit Euro |
TOTAL Euro |
|---|---|---|---|---|
| Balance 01.07.2008 | 2.954.943 | 8.689.363 | 6.872.568 | 18.516.874 |
| Payout dividends Period earnings |
-886.483 1.314.571 |
-886.483 1.314.571 |
||
| Balance 31.03.2008 | 2.954.943 | 8.689.363 | 7.300.656 | 18.944.962 |
| Not transferable according to § 150 AktG according to § 47 AktG |
2.954.943 | 8.689.363 |
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