Quarterly Report • May 30, 2008
Quarterly Report
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======================== July 01st, 2007 – 31st March, 2008
Content
FORTEC Elektronik AG Ph: +49(0)8191-91172-13 Fax: +49(0)8191-21770 Email: [email protected]
The economic situation continued to remain sturdy and contrary to expectations shows no noticeable weakness as concerns the field of investments important to us.
During first 9 months of FY 2007/08, the turnover of 31.9 million EUR again was at same level as last year amounting to 31.3 million EUR. The business result before interest and tax once again improved to 1.96 million EUR compared to the good result of previous year of 1.90 million EUR.
The profit after tax of 1.314 million EUR could be increased again compared to previous year's figure of 1.045 million EUR which is due to the better financial results and a lower tax rate. The profit per share raised from 38 to 44 Cent during these 9 months.
Strategy and risks – as referred to in detail in "Half-Year- Report 2007/08" - still exist to full extent.
Since the stress situation of the financial markets did not yet show any strain to the real economy and FORTEC actually benefits from the weak dollar, we again expect a successful result in operative business for the 4th quarter.
The balancing and evaluation methods of fiscal year 2006/07 according to IAS/IFRS remain unchanged. The number of full-time employees amounts to 108 (prev. year 74). 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 31 million EUR turnover in general, 32 million EUR were achieved nationally and 7 million EUR within Europe.
| T O T A L A S S E T S |
€ € |
O Q S T T A L E U I T Y A N D L I A B I L I T I E |
€ | € | |
|---|---|---|---|---|---|
| 3 1. 0 3. 2 0 0 8 |
3 0. 0 6. 2 0 0 7 |
3 1. 0 3. 2 0 0 8 |
3 0. 0 6. 2 0 0 7 |
||
| A. No t a ts n- cu rre n ss e |
A. S ha ho l de i ty re rs e q u |
||||
| I. Go dw i l l o |
4. 4 8 0 9 5. 7 |
4. 4 8 0 9 5. 7 |
I. Su bc i be d c i ta l r ap |
2. 9 5 4. 9 4 3 |
2. 9 5 4. 9 4 3 |
| I I. In ta i b le ts ng as se |
5 6. 5 8 0 |
5 1. 0 4 6 |
I I. Ca i ta l re p se rve |
8. 6 8 9. 3 6 3 |
8. 6 8 9. 3 6 3 |
| I I I. Ta i b le ts ng as se |
6 9 0. 8 2 6 |
I I I. O he h. inc t r c om p re om e |
5. 9 8 6. 0 8 5 |
5. 3 0 0. 6 8 3 |
|
| I V. F ina ia l a ts nc ss e |
8 6 4. 1 4 4 |
1. 2 6 2. 7 7 7 |
I V. Ne t inc om e |
1. 3 1 4. 5 7 1 |
1. 5 7 1. 8 8 5 |
| 2. 2 1 7. 7 9 6 |
|||||
| 6 2 4. 2 2 9 7. |
6. 4 9 0. 3 8 5 |
1 8. 9 4 4. 9 6 2 |
1 8. 1 6. 8 4 5 7 |
||
| 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 |
3 4. 8 1 7 5 |
3 9 8. 9 1 0 |
||
| I. Inv to ies en r |
7. 8 4 3. 1 0 5 |
7. 1 3 6. 9 7 6 |
|||
| I I. Ac ts iva b les co un re ce |
2 2 3 4. 5 5. 5 |
6 1 8 3 4. 5 5. |
C. S ho l ia b i l i ies t- te t r rm |
||
| O I I I. t he ts r a ss e |
8 6. 1 6 6 7 |
0 2 1 7 5. 7 |
I. Ba k l ia b i l i t ies n |
6 8. 1 9 3 |
0 |
| I V. Ca h- -h d, ba k ba lan s on an n ce |
4. 6 2 3. 1 6 7 |
5. 1 5 3. 4 0 7 |
I I. Tr de b les a p ay a |
3. 1 7 5. 1 4 9 |
2. 7 4 7. 3 0 4 |
| 1 7. 7 7 7. 6 9 1 |
1 7. 5 6 1. 2 8 8 |
I I I. Ac ls fo he t tax cr ua r o r es |
6 8 4. 6 8 1 |
5 5 1. 0 7 3 |
|
| I V. O he ls t r a cc ru a |
1. 0 9 6 5 7. 5 |
6 0. 6 3 7 7 |
|||
| V. O he l ia b i l i ies t t r |
1. 1 0 1 5. 5 5 |
1. 1 6 6. 8 1 2 |
|||
| 6. 0 9 1. 1 4 9 |
5. 1 3 5. 8 6 2 |
||||
| To l As ta ts se |
2 4 1 0. 9 2 0 5. |
2 4. 0 1. 6 4 6 5 |
To l Eq i d ia b i l i ies ta ty L t a n u |
2 4 1 0. 9 2 0 5. |
2 4. 0 1. 6 4 6 5 |
| Income Statement | GJ 2007/08 | BY 2006/07 |
|---|---|---|
| Sales revenues | 31.887.249 € | 31.261.974€ |
| Other operating income | 368.855 € | 579.213 € |
| Cost of material | 23.235.426 € | 23.968.083 € |
| Personnel expenses | 4.306.788 € | 3.637.256 € |
| Depreciation | 242.417 € | 231.811 € |
| Other operating expenses | 2.510.510 € | 2.099.158 € |
| Operating income (EBIT) | 1.960.963 € | 1.904.879 € |
| Other interests and similar income | 129.478 € | 52.913 € |
| Taxes on income and profit | 775.870 € | 912.331 |
| Net income | 1.314.571 € | 1.045.461 € |
| Earning per share/ 9-months | 0,44 € | 0,38 € |
| Shares outstanding | 2.954.943 | 2.728.327 |
| Income Statement | Q3 (1.01.-31.03.08) | Q3 (1.01.-31.03.07) |
|---|---|---|
| Sales revenues | 11.716.498 € | 11.217.141€ |
| Other operating income | 90.124 € | 35.643 € |
| Cost of material | 8.551.010 € | 8.530.977€ |
| Personnel expenses | 1.578.488 € | 1.259.791 € |
| Depreciation | 96.139 € | 83.937 € |
| Other operating expenses | 860.775 € | 706.516 € |
| Operating income (EBIT) | 720.210 € | 671.563 € |
| Other interests and similar income | 44.271 € | 22.723€ |
| Taxes on income and profit | 293.424 € | 404.332 € |
| Net income | 471.057 € | 289.954 € |
| Earning per share/3rd Quarter | 0,16 | 0,10 € |
| Shares outstanding | 2.954.943 | 2.728.327 |
| I. Operative Business | BY 2007/08 | BY 2006/07 |
|---|---|---|
| Net income | € 1.314.571 | € 1.045.461 |
| Depreciation of tangible and intangible assets | € 242.417 |
€ 231.811 |
| Change of inventories | € - 706.129 | € - 445.625 |
| Change in accounts receivable | € 39.930 |
€ 3.033.471 |
| Change of liabilities | € 543.894 |
€ - 271.852 |
| Change of accruals | € 387.292 |
€ - 341.657 |
| Change of other assets | € - 80.445 |
€ - 6.111 |
| Cash flow from operating business | € 1.741.530 | € 3.245.498 |
| II. Investment Activities | ||
| Cash flow from investment activities | € - 1.385.287 | € -1.167.874 |
| III. Financing Activities | ||
| Increase of capital stock | € 0 |
€ 254.943 |
| Increase of capital reserve | € 0 |
€ 2.940.502 |
| Profit distribution | € - 886.483 | € - 810.000 |
| VI. Cash flow in total | € - 530.240 | € 4.463.069 |
| V. Change in Liquid Fundsen Mittel | ||
| Cash at the beginning of period | € 5.153.407 | € 901.463 |
| Cash at the end of period | € 4.623.167 | € 5.364.532 |
| 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 | -886.483 | -886.483 | ||
| Period earnings | 1.314.571 | 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 |
| Fiscal Year 2006 / 07 | Capital stock Euro |
Capital Reserves Euro |
Development of reserves and accumulated profit Euro |
TOTAL Euro |
|---|---|---|---|---|
| Balance 01.07.2006 | 2.700.000 | 5.654.522 | 6.311.822 | 14.666.344 |
| Capital increase | 254.943 | 2.738.002 | 2.992.945 | |
| Share option program | 202.500 | 0 | 202.500 | |
| Payout dividends | -810.000 | -810.000 | ||
| Period earning | 1.045.461 | 1.045.461 | ||
| Balance 31.03.2007 | 2.954.943 | 8.595.024 | 6.547.283 | 18.097.250 |
| Not transferable according to § 150 AktG according to § 47 AktG |
2.954.943 | 8.595.024 |
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