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FORTEC Elektronik AG

Earnings Release Nov 28, 2008

161_10-q_2008-11-28_a0919ba7-a425-4b7a-b942-ed90e93a2ad8.pdf

Earnings Release

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Report 1st Quarter 2008/2009

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

July 01 – Sept. 30, 2008

Content

  • Management Report
  • Consolidated Balance Sheet
  • Consolidated Income Statement
  • Cash Flow Statement
  • Statement of Capital Changes

Report 1st Quarter 2008/2009

During first quarter of business year 2008/09, turnover continued to increase to 11.3 million € compared to 10.2 million € in previous year's quarter. The net income after taxes raised from 495.744 € to 505.340 €. The profit per share of 17 cents remained constant during the period.

The number of employees increased from 108 to 114.

Same as last year, suggestion will be made to the board of directors on the annual general meeting on 19th December 2008 for a dividend of € 0,30 per share. Thus the total dividend amounts to € 886.482,90.

Since the order bookings during first quarter remained on level of deliveries made, a continuous positive business is expected for the 2nd quarter as well. However, it might be that the economic downturn also influences our business in 2009.

Annexe.

The balancing and evaluation methods of fiscal year 2007/08 according to IAS/IFRS remain unchanged.

CONSOLIDATED BALANCE SHEET (uncertified) according to IAS/IFRS 30.09.2008 (last year's figures 30.06.2008)

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S
S
T
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7

Consolidated Income Statement (uncertified) according to IAS/IFRS

01.07. – 30.09.2008 (last year's figures 01.07. - 30.09.2007)

Income Statement FY 2008/09 FY 2007/08
Sales revenues 11.263.460 € 10.252.715 €
Other operating income 199.601 € 151.202 €
Cost of material 8.411.287 € 7.427.048 €
Personnel expenses 1.436.979 € 1.356.455 €
Depreciation 64.301 € 72.639 €
Other operating expenses 871.923 € 845.576 €
Operating income (EBIT) 678.571 € 702.199 €
Other interests and similar income 42.009 € 41.958 €
Taxes on income and profit 215.240 € 248.413 €
Net income 505.340 € 495.744 €
Earning per share/1st Quarter 0.17 0.17
Shares outstanding 2.954.943 2.954.943

Consolidated Cash Flow Statement (uncertified) according to IAS/IFRS 01.07. - 30.09.2008 (last year's figures 01.07. - 30.09.2007)

I. Operative Business FY 2008/09 FY 2007/08
Net income
505.340

495.744
Depreciation of tangible and intangible assets
64.301

72.639
Change of inventories € - 773.413 € - 231.943
Change in accounts receivable
221.107

673.267
Change of liabilities € - 505.364
154.170
Change of accruals
61.330

- 66.867
Change of other assets
- 49.852

- 65.721
Cash flow from operating business € - 476.551 € 1.031.289
II. Investment Activities
Investments of finance/tangible
and intangible assets
€ - 121.139 € -. 362.085
Earnings from assets
2.073

37.326
Cash flow from investment activities € - 119.066 € - 324.759
III. Financing Activities
Increase of capital reserves
0

0
Earnings from finance assets
0

3.148
VI. Cash flow in total € - 595.617
709.678
V. Change in Liquid Funds
Cash at the beginning of period € 4.831.168 € 5.153.407
Cash at the end of period € 4.235.551 € 5.863.085

Company Capital. (uncertified) according to IAS/IFRS 01.07. - 30.09.2008 (last year's figures 01.07. - 30.09.2007)

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
Period earning 505.340 505.340
Balance 30.09.2008 2.954.943 8.558.937 8.793.973 20.307.853
Not transferable
according to § 150 AktG
according to § 47 AktG
2.954.943 8.558.937
Capital
stock
Euro
Capital
Reserves
Euro
Development of reserves
and accumulated profit
Euro
TOTAL
Euro
Balance 01.07.2007 2.954.943 8.689.363 6.872.568 18.516.874
Period earning 495.744 495.744
Balance 30.09.2007 2.954.943 8.689.363 7.368.312 19.012.618
Not transferable
according to § 150 AktG
according to § 47 AktG
2.954.943 8.689.363

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