Interim / Quarterly Report • May 29, 2008
Interim / Quarterly Report
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high-resolution, digital & cost-effective recording
Ladies and Gentlemen,
After having successfully entered the Entry Standard of the Frankfurt Stock Exchange in October 2007, MOBOTIX AG successfully completed the switch to the Prime Standard on March 31, 2008. We feel that we represent an especially attractive target for internatio/ nal investors not only because of MOBOTIX's consistently international orientation since its founding / we are also a highly profitable company with a solid business model.
Our switch to the Prime Standard denotes a significant step towards lastingly tapping these target investor groups; it has laid the foundation for sustainable, successful growth in our share price in the upcoming months and years. Relative to the previous year, the growth in our sales in the first nine months was around 46%, fully in line with the growth expectations of the board of directors.
In that time, the EBIT rose by around 102%, from EUR 2,077m to EUR 4,187m. In the first nine months of the fiscal year, the earnings per share managed to increase from 33 cents per share to 65 cents per share. Exports again played a major part in the positive growth in the turnover. The portion of the sales from exports succeeded in growing by 60%. This increase accompanied consider/ able growth in the number of employees, which increased from 133 employees at the beginning of the year to 183 employees as of the end of March.
In the past months, MOBOTIX has focused its technological development on its new, innovative Q22 product line (Hemispheric Camera 360°) and on enhancing its existing product lines with an internal data storage unit of up to 16 GB. Both developments consti/ tute promising product innovations which should open up new areas of application for MOBOTIX AG, areas such as mobile security. We are confident that the company will continue pursuing its path to success in the upcoming months.
Earnings per share € 0.65 (+97%)
| Contents | |
|---|---|
| Letter to the shareholders | 1 |
| MOBOTIX at a glance | 3 |
| The MOBOTIX concept | 4 |
| MOBOTIX cameras in operation throughout the globe | 6 |
| MOBOTIX shares | 8 |
| Consolidated Management Report | 10 |
| Business development | 10 |
| Financial performance | 14 |
| Research and development | 16 |
| Employees | 17 |
| Risk Report and Outlook | 18 |
| Affirmation by legally authorised representatives | 21 |
| Interim financial statements | 22 |
| Income statement | 22 |
| Balance Sheet | 23 |
| Cash flow statement | 24 |
| Statement of changes in equity | 25 |
| Condensed Notes | 26 |
| Further information | 37 |
| Notifiable security holdings | 37 |
| Related parties | 38 |
| Disclaimer | 39 |
| Financial calendar and contact details | 40 |
| 9 months (1 July 2007/ 31 March 2008) | 2007/08 | 2006/07 | Delta % |
|---|---|---|---|
| Earnings ratios | € thousand | € thousand | |
| Sales | 23,760 | 16,279 | 46,0 |
| of which export as % | 59.6 | 52.9 | |
| Earnings before interest, taxes, depreciation & amort. (EBITDA1 ) |
5,075 | 2,691 | 88,6 |
| EBITDA as % of sales | 21.4 | 16.5 | |
| Earnings before interest and taxes (EBIT2 ) |
4,187 | 2,077 | 101,6 |
| EBIT as % of revenue | 17.6 | 12.8 | |
| Net profit after taxes | 2,715 | 1,158 | 134,6 |
| Earnings per share (in EUR) | 0.65 | 0.33 | |
| Balance sheet ratios | Mar. 31, 08 | Jun. 30, 07 | |
| Equity | 17,839 | 6,876 | |
| as % of the total assets | 55.6 | 50.3 | |
| Total assets | 32,093 | 13,671 | |
| Personnel | |||
| Number of employees (reporting date) | 183 | 129 |
1 EBITDA is defined as earnings before taxes, extraordinary expenses, interest expenses, depreciation and amortisati/ on of property, plant and equipment, depreciation and amortisation expense as well as depreciation and amortisation of capitalised expenditures for the purposes of start/up and expansion.
2 EBIT is defined as earnings before interest expenses, extraordinary expenses and income tax expenses.
3
EBIT € 4.2m (17.6%)
The German company MOBOTIX AG is known as the leading pioneer in network camera technology since its founding in 1999, and its decentralized concept has made high/resolution video systems cost efficient. Whether in embassi/ es, airports, railway stations, ports, gas stati/ ons, hotels or on highways / over hundred thousand MOBOTIX video systems have been in operation on every continent for years.
In a short time, MOBOTIX has gained the second place in Europe and the fourth place worldwide in terms of market share. MOBOTIX has been producing solely mega/ pixel cameras for years and, in this area, ranks as global market leader in high/resolu/ tion video systems with a market share of over 60%.
detail. As a result, larger image areas with up to 360° allround views are possible, thus reducing the number of cameras and there/ fore the costs. For example, four lanes of a gas station can be recorded with one MOBOTIX camera instead of four conventio/ nal cameras.
Usually cameras only supply the images whi/ le the processing and recording is done later on a central PC using video management software. This traditional centralised structu/ re has many limitations, since it requires a high network bandwidth and the PC proces/ sing power is not enough for several came/ ras. A HDTV MPEG4 film already puts consi/ derable strain on a PC, how can it be expec/ ted to process dozens of high/resolution live cameras? Traditional centralized systems are therefore less suitable and unprofitable than high/resolution systems due to the high num/ ber of PCs needed.
The higher the resolution, the more accurate
the detail in the image. With the old analog technology, a live image has no more than 0.4 megapixels and a recorded image generally 0.1 me/ gapixels (CIF). One MOBOTIX came/ ra with 3.1 megapixels, on the con/ trary, records around 30 times more
MOBOTIX has redefined video. Whether on the Internet, in traffic management, building surveillance or banking environment, the MOBOTIX camera is connected to the network like a printer and live and recor/ ded images can then be retrieved from any PC without installing any software.
Unlike with other systems, with the decentra/ lized MOBOTIX concept a high/speed com/ puter and, if requested, digital memory (SD card) is built into every camera for long/term recording. The PC now serves purely for vie/ wing, not for analysis or recording. As a re/ sult, MOBOTIX cameras can record in re/ sponse to an event even without the PC being switched on and digitally store the videos with sound.
MOBOTIX video solutions therefore require significantly:
do not have to be constantly transported for analysis.
MOBOTIX cameras have no mechanical mo/ tors for lenses or for movement. Without any moving parts, they are therefore so robust that maintenance is reduced to a minimum. The unique temperature range from /30°C to +60°C is achieved without heating or fan at only 3 watts. Since no PC hard disk is required for recording, there are no parts that wear out in the entire video system.
There are no software and licensing costs with MOBOTIX, because the software is al/ ways supplied with the camera; for an unli/ mited number of cameras and users. The software package supplied with the camera also includes professional control room soft/ ware, like that used in football stadiums for example. Updates are supplied free of char/ ge on the website. The system price for a weatherproof camera including lens, query software and day/to/day recording on the SD card is under 1,000 euro.
The networking of cameras incl. power supply is encoded and occurs via a normal computer network and not via video cable. This has the advantage of connecting from anywhere in the world with glass, copper or even wireless access using affordable standard IT technology components.
The Jackson High School in Cleveland, Ohio, USA, has replaced its outdated analog video surveillance system with a new digital and high/resolution system based on MOBOTIX cameras, the free MxControlCenter and bi/ directional VoIP communication. This has achieved substantial savings and offers un/ precedented image quality for both live streams and recorded video.
"With our old system, we had great difficulty recognising particular students, or certain events clearly. The new MOBOTIX IP cameras record clips which are extremely detailed and represent an incredible improvement in image quality," comments Doug Winkler, Business Manager of the Jackson High School and continues, "the better we can keep an eye on our school, the better we can protect our students and teaching staff. So far we have had very positive feedback from pa/ rents. They welcome the fact that we have been able to improve the security of their children at school."
At the football stadium in Paris, the new IP vi/ deo surveillance system serves, in particular, to monitor the influx of spectators at the turnstiles of the stadium entrances.
Like at the World Cup stadium in Kaiserslau/ tern, Germany, the MOBOTIX high/resolution
D12 and M12 network cameras are being used as cameras for perimeter surveillance during matches and to spot intruders when there are no events at the stadium. A storage system complying with the new French law on video surveillance has been installed in order to store large volumes of video data reliably. In addition, there are plans for a 3D face recognition system to control the admission of annual season/ticket holders at the stadium. This project is currently awaiting approval from the French data protection authorities.
Daimler AG, Deutsche Bahn Station & Service AG, EON Wasserkraft, Le Méridien Parkhotel Frankfurt, Lübecker Hafen/Gesellschaft mbH, MAN Logistics, Max Planck Institute for Chemical Ecology, Meteorolo/ gical Institute of the University of Munich, etc.
The Abu Dhabi International Airport project is an impressive example of how outstanding solutions can be achieved with MOBOTIX IP video technology in the area of security. Cru/ cial factors in favour of MOBOTIX, in addition to the high accuracy of image detail produ/ ced by the network cameras, were the low memory requirements and coverage of the areas to be monitored with a relatively small number of cameras.
Highlights of the system include automatic object and face recognition, central control, network/wide redundancy in case of failures as well as secure offsite recording.
Brand new to the service portfolio of the Fern/ meldegruppe Wattenheim is the surveillance of critical stretches of the highway by means of high/resolution digital cameras from the leader of innovation and technology, MOBOTIX (www.mobotix.com) on the A6 highway in Germany. The head of the highway maintenance agency and its em/ ployees now have over eight camera images around the clock with astounding clarity and color throughout the day (in black and white at night). The video management soft/ ware MxControlCenter displays an over/ view of the images on a screen and with one mouse click an interesting section can be vie/ wed at full size. Well/founded decisions can be made on the basis of this reliable informa/ tion. The Fernmeldegruppe Wattenheim has thus created a solution that has become a benchmark.
Coventry Airport (UK), German Antarctic Receiving Station (GARS) / O'Higgins (Antarctic), British Consulate (Madrid/Spain), Box/It (England), Republic Polytechnic (Singapore), South Florida Water Management (Florida/USA), Manly Beach (Australia), cargo port (Panama), etc.
The MOBOTIX stock has been listed on the Entry Standard of the Frankfurt Stock Exchange since its IPO on October 10, 2007. On March 31, 2008, the stock switched to the Prime Standard segment of the Deutsche Börse, as announced at the company's mid/ year press conference on February 13, 2008.
| WKN | 521830 |
|---|---|
| ISIN | DE0005218309 |
| Stock symbol | MBQ |
| Bloomberg | MBQ:GR |
| Reuters Instrument Code | MBQGn.DE |
| Stock exchange segment | Regulated market |
| (since March 31, 2008) | (Prime Standard) |
| Prime Segment | Technology |
| Industry Group | Electronic |
| Components & | |
| Hardware | |
| Exchange | Frankfurt |
| Authorized capital | EUR 4,423,814 |
| Outstanding shares | 4,423,814 |
In the reporting period, the situation on the stock markets worldwide was characterized by continuing high levels of insecurity resul/ ting from the American mortgage crisis. The/ re was a decline of the stock markets caused by the multiple billions in debts that the credit sector had to cope with because of uncollec/ tible mortgage loans. The subprime crisis reached an apparent peak when the Ameri/ can investment bank Bear Stearns nearly collapsed.
| High (Jan 10) | EUR 40.20 |
|---|---|
| Low (Jan 22) | EUR 27.00 |
| Close (reporting date) | EUR 30.20 |
| Market capitalization | EUR 133.6 Mio. |
| (reporting date) |
Even in this volatile time on the market, the MOBOTIX stock proved again to be an very solid investment. It rose from 29.50 Euros to 30.20 Euros, thus increasing by 2.4% (Xetra) in the reporting quarter. It reached its high for the quarter on January 10, at 40.20 Euros and its low on January 22, at 27.00 Euros (both intraday).
| MOBOTIX Shares | +2.4 % |
|---|---|
| Entry Standard Index | /23.3% |
| TecDAX | /20.3% |
In the reporting period, both the Entry Stan/ dard Index and the TecDax experienced severe drops in value. The Entry Standard Index lost 23.3% in value, and the TecDax fell by 20.3%. Both indices thus performed far worse in this reporting period than the MOBOTIX stock did.
As of the end of the first nine months, MOBOTIX AG continues to have a very stable shareholder basis that supports long/term, sustainable growth. In the reporting quarter, the shareholder structure did not change relative to the IPO.
After switching stock exchange segments to the regulated market (Prime Standard) on March 31, 2008, and after the hard lock/up period for the shareholders expired on April 9, 2008, the shareholder structure has chan/ ged as follows:
The founder and CEO of the company, Dr. Ralf Hinkel, continues to hold 50.14% of the sha/ res; Andreas Putsch holds 8.78%, and Klaus Borchers holds 6.42%. The free float as defi/ ned by the Deutsche Börse is 34.66%.
Since MOBOTIX AG entered the market, its board of directors has maintained regular contact with investors, analysts and financial journalists. The board places particular em/ phasis here on maintaining a continuous flow of information. Up to its switch to the Prime Standard segment, the company had been exceeding the transparency obligati/ ons required by the Entry Standard. In additi/ on to the preparation of extensive semi/ annual reports, these obligations also include immediate publication of company announcements.
MOBOTIX is a European technology leader in the production of high/resolution digital, net/ work/based video security systems, video management software and systems acces/ sories. Its technology centers on its proprieta/ ry, internally manufactured, fully digital net/ work cameras which, since the Company was established in 1999, have increased its revenue to €23.6 million (2006/2007 financi/ al year).
One of MOBOTIX's key technological innoA vations is its decentralized solution, which involves transferring the intelligence of video systems' customary central control unit to the camera itself. This is made possible by the in/ tegration of software that is used to process
and analyze images, control events and ma/ nage the recording process. As far as it is aware, MOBOTIX is currently the only com/ pany to offer network camera systems with this type of software/based, decentralized systems architecture.
The technology used in conventional CCTV video security systems offers nowhere near the picture quality or image resolution of even the most basic digital cameras or cellphone cameras, which have an image resolution of three megapixels. The images recorded on most security cameras rarely offer more than 0.1 megapixels, which is only one/thirtieth of the picture quality of a basic digital camera. Calls for increasingly detailed images that can be used as evidence in a court of law – as documented for the first time by France's re/ cent legislation on video surveillance enacted on October 1, 2006 – mean that the old ana/ log technology is unsuitable because the resolution of its images is physically limited to no more than 0.4 megapixels.
However, calls for high/resolution equipment have not only an impact on the cameras themselves but also on the central video soft/ ware component installed on the computer, as its performance is often pushed to its limits when using high/resolution cameras. The decentralized solution that MOBOTIX has
been using for many years now, which invol/ ves having the images processed and stoA red by the camera itself, has the great advantage that it significantly reduces the workload that the central computer has to handle. In order to even out the performan/ ce of these systems, the established camera manufacturers – who have traditionally not been involved in the software business – must now produce software for cameras as well as for video management purposes. MOBOTIX has been offering such solutions for years and, by virtue of its high/resolution three/megapixel systems, is regarded as a technology leader in the network camera market.
MOBOTIX's product portfolio includes its M12 (dualAnight camera), M22 (allround cameA ra), D12 (dualAdome camera), D22 (monoA dome camera) and V12 (vandalism camera) product lines.
In addition to its network cameras, its MxControlCenter offers an end/to/end video management solution as control center soft/ ware, which can also integrate competitors' cameras into the video surveillance system. MOBOTIX provides its video management software free of charge. Its product range also includes various accessories. Due to their decentralized systems architecture, MOBOTIX's cameras offer a number of other advantages. The imageAprocessing inside
the camera significantly reduces the amount of computing power required by central PCs and saves on bandwidth within the network. This significantly increases the number of recording cameras per computer installed in video security systems, in particu/ lar when high frame rates and high resolut/ ion are required. Furthermore, the fully digital technology used by MOBOTIX's cameras me/ ans that they transmit images in megapixel quality and provide event/controlled adjust/ ments to the frame rate when movement is dected in the image, sound is heard or swit/ ched signals are triggered. They also offer further functions such as dual/camera technology including image/in/ image systems and 360° pan/ oramas, day/night swit/ ching with illumination adjustment, lip/synchro/ nous audio transmission and alarm alerts using VoIP
telephony. Because they do not contain any mechanically moving parts, they can operate in a wide range of temperatures and use very little electricity, MOBOTIX's cameras provide high/performance, resilient video surveillan/ ce systems that are relatively inexpensive.
In Germany, which is still MOBOTIX's most im/ portant market, its products are sold via MOBOTIX/certified secure partners, specia/ list IT retailers and, in particular, directly (for example via the webshop) to commercial and private customers. Most of MOBOTIX's international sales are made via distributors backed up by qualified systems integrators and resellers. The distributors are supported in this process by a number of locally/based business development managers who are employed directly by MOBOTIX AG.
More than 120,000 MOBOTIX cameras are being used around the world. Apart from many projects in Germany, the Company's products are used in international projects
such as railroad crossings in Japan, downtown CCTV in Alaska, the campus of Singapore Polytech/ nic, pipelines in Saudi Arabia, gold mines in South Africa and post offices in Israel.
12
Market Share (worldwide) 4th Place (6.6%)
In the United States the Company sells its pro/ ducts via its own subsidiary MOBOTIX CORP, while in Switzerland it uses an associate (MOBOTIX AG Schweiz) for this purpose.
MOBOTIX operates in the market for video security systems, which is usually referred to as the CCTV market. The market for video security systems currently comprises analog video security systems, network camera sys/ tems, video management software and accessories. Combinations of analog and network camera systems are referred to as hybrid systems.
Market research company Frost & Sullivan published a survey (World Internet Protocol Surveillance Markets, 2006) which suggests that the total revenue generated by the glo/ bal network camera market is set to grow by an annual average of around 40 percent bet/ ween 2005 and 2012. In 2006, MOBOTIX had a 6.6 percent share of the global network ca/ mera market, making it the fourth/largest manufacturer in this segment (source: IMS Research, The World Market for CCTV & Video Surveillance Equipment 2007 Edition) after it had held a market share of 6.2 percent in 2005, putting it in fifth place. According to IMS, MOBOTIX was the second/largest ma/ nufacturer in Europe, the Middle East and Africa (EMEA) in 2006. These surveys reveal that MOBOTIX occupies a significant share of the global market and is set to increase this further over the next few years.
In contrast to most of its global competitors, MOBOTIX AG has a number of advantages: apart from supplying products with import/ ant primary features and unique selling pro/ positions, it also has the advantage that it is one of the few manufacturers of IP video pro/ ducts and can offer not only a camera but an entire surveillance system that includes accessories and proprietary video manaA gement software.
The MOBOTIX Group's strong revenue and earnings performance continued in the first three quarters of the current financial year. The positive trend of MOBOTIX AG has now been sustained without interruption since the second quarter of 2002 and, since then, has generated significant profits in each period.
In the first three quarters of the 2007/2008 financial year, the MOBOTIX Group's revenue grew by 46.0 percent to approximately €23.8 million (2006/2007: €16.3 million), while its profit before tax rose by 106.6 percent to €4.0 million. Earnings before interest, tax, depreci/ ation and amortization (EBITDA) amounted to €5.1 million, which was roughly 20.0 percent of revenue. The profit for the period increased to €2.7 million.
A disproportionate amount of revenue growth was attributable to higher unit sales of dome cameras, with the new D22 product line continuing its success in the market. The cost of materials as a percentage of revenue rose from 28.1 percent to 30.2 percent.
Staff costs increased owing to the large num/ ber of newly hired employees and rose roughly in line with revenue. Revenue growth and, in particular, the disproportionately low increase in other operating expenses in the first nine months caused the profit for the pe/ riod to rise. However, other operating expen/ ses were relatively high in the third quarter of the financial year owing to the Company's change of stock market segment and its acti/ vities at trade fairs and exhibitions (CeBIT).
Although the subsidiary MOBOTIX CORP raised its revenue by around 151 percent, it reported a loss of approximately US\$ 0.4 mil/ lion for the period.
Exports accounted for 59.6 percent of reve/ nue in the first nine months of the 2007/2008 financial year, with revenue outside Germany growing by some 64.2 percent.
EBITDA
€ 5.1m (21.4%)
The volume of intangible assets increased by €539 thousand, or 225.2 percent, to €778 thousand since June 30, 2007, principally owing to the capitalization of development costs.
The total value of property, plant and equip/ ment increased by €3.1 million, or 69.3 per/ cent, to €7.6 million.
Capital expenditure on non/current assets during the reporting period amounted to €4.5 million, with property, plant and equip/ ment accounting for €3.9 million of this figure. Capital spending on property, plant and equipment largely relates to advances paid
for construction work on the Company's new production site. Capital expenditure on plant and machinery essentially relates to invest/ ment in injection molding tools, stands at tra/ de fairs and exhibitions, and IT equipment.
Inventories grew by €1.8 million, or 46.9 per/ cent, to €5.5 million owing to the Company's plans to add a further product line (Q22) to its offering and due to the expansion of its business.
Trade receivables were reduced by €191 thousand during the reporting period com/ pared with their level as of June 30, 2007.
The increase in other assets from €371 thousand to €1.2 million was largely attribu/ table to the rise of €508 thousand in VAT receivables.
Cash and cash equivalents grew by €12.3 million, or 906.4 percent, as a result of the proceeds from the initial public offering (IPO) and the funds borrowed to cover the con/ struction of the Company's new production site.
On the equity and liabilities side of the balan/ ce sheet, the increase of approximately €11.0 million in equity resulting from the proceeds of the IPO and the profit earned for the period raised MOBOTIX's equity ratio from 50.3 per/ cent to 55.6 percent. The higher figure repor/ ted for provisions is mainly attributable to the provisions set aside for taxes owing to the Company's high profit for the period.
The increase in liabilities to banks was largely due to the low/interest subsidized loans of €4.3 million granted to MOBOTIX. Trade payables at the balance sheet date had risen by €2.7 million to €3.3 million owing to obli/ gations relating to the construction work on the Company's new production site as well as liabilities arising from its change of stock market segment and the expansion of its business.
Owing to the factors mentioned above, the MOBOTIX Group's total assets as at March 31, 2008 had grown by €18.4 million, or 134.8 percent, to €32.1 million since June 30, 2007.
In the first nine months of the 2007/2008 financial year the MOBOTIX Group generated net cash of approximately €4.5 million from operating activities, which was an increase of €2.3 million on the corresponding period of 2006/2007. The net cash used for investing activities rose by €2.9 million to €4.3 million. The net cash provided by financing activities grew by €11.9 million to €12.0 million as a result of the proceeds of the IPO and the bor/ rowing of funds to cover the construction of the Company's new production site.
The various cash flows generated during the reporting period resulted in cash and cash equivalents of €13.6 million as of March 31, 2008. The Company had ample liquidity at all times during the period under review and, given its credit standing, has a number of financing options available.
The Company continued to expand its deve/ lopment activities during the reporting period. The MOBOTIX Group employed 47 people in its development department as of March 31, 2008. As in previous years, its acti/ vities focused on developing new hardware and software products and components and on continuing to improve the quality of its products.
Almost all of its product development is done inhouse. Very few development activities are outsourced, and those that are merely con/ cern the technical implementation of deve/ lopment results.
During the current financial year the Com/ pany plans to launch its new Q22 360AdeA gree camera product line, which was pre/ miered at the CeBIT 2008 exhibition in March.
As in previous years, the Company increased its headcount in virtually all of its business units in the first nine months of the 2007/ 2008 financial year.
The MOBOTIX Group employed 183 people as at March 31, 2008 compared with 133 em/ ployees at the beginning of the financial year. Over the next financial year the Company will continue to supplement its workforce, espe/ cially its international sales staff, and will also focus on strengthening its development capabilities.
The MOBOTIX Group has put in place an ade/ quate risk management system which ensu/ res that risks are identified and mitigated at the earliest/possible opportunity. This risk management system is used to identify, con/ trol and manage the risks entered into by the Company. Apart from risks that could jeopar/ dize the Company's continued existence as a going concern, this system captures any acti/ vities, events, developments or trends that could significantly affect the future perfor/ mance of the Company's business.
The MOBOTIX Group has taken precautions to mitigate the typical business risks whose occurrence could have a material impact on its financial position and financial perfor/ mance.
Based on the information currently available, the MOBOTIX Group is not at present faced with any dominant specific risks which, in themselves, are highly likely to jeopardize its continued existence as a going concern.
The Company continues to refine its internal structures in line with its growth and to adapt them to the scale of its business. To this end it plans to implement further measures to strengthen and improve its quality manage/ ment, its internal control systems and its risk management.
Given their compact design and their ability to operate in extreme temperatures, MOBOTIX
products are now available not only in the purely public security market (railroad stati/ ons, airports, downtown security, prisons, ports, and freeways) but also in the mobile security market (police, railroad, buses, security transport, and logistics). Over the next few years, the Company plans to redouble its efforts to penetrate the private security market (home security, medical care, and consumers) by further simplifying its products. The management board ex/ pects the Company to continue its strong growth over the coming years by launching new product categories. External market sur/ veys have confirmed its assumption that the market for digital IP video surveillance systems will continue to grow rapidly in futu/ re. The market environment is therefore seen as highly attractive. If the standards in the
public security market segment are amen/ ded in favor of high/resolution systems, MOBOTIX – as a leading manufacturer of such systems – will benefit even more.
The Company does not believe that its com/ petitive situation has deteriorated in recent months. It remains to be seen to what extent traditional providers of analog security systems switch their technology to digital sys/ tems or whether they simply withdraw from the market. Furthermore, MOBOTIX is already operating as a systems supplier that can offer not just a comprehensive hardware portfolio plus accessories but also video soft/ ware for control centers. MOBOTIX is diffe/ rentiating itself from its competitors by acting as a one/stop shop for projects while at the same time putting pressure on pure/play software providers by offering its own control center software free of charge, thereby redu/ cing the overall project cost for customers.
The Company has started to build a new pro/ duction site so that it can cope with the signifi/ cant growth it expects to achieve in future. It has hired a syndicate of bidders to act as ge/ neral contractor on the construction work. A large proportion of this work had been com/ pleted by the end of March 2008. The Com/ pany plans to move into its new premises at the end of the calendar year.
The management board believes that the Company will grow as planned and that it will continue to increase its earnings in line with its profitability to date. Given the considerable potential of the US market, it is possible that MOBOTIX CORP may incur further start/up losses, depending on economic trends.
MOBOTIX AG completed a successful initial public offering (IPO) on October 10, 2007, lis/ ting its shares in the Entry Standard segment of the Frankfurt Stock Exchange. This provi/ ded the Company with the resources needed to finance its future growth. The fact that it then switched from the Entry Standard to the Prime Standard segment on March 31, 2008
bears testimony to the quality of its investor relations activities. By making this move, MOBOTIX aims to build a stable franchise with which to attract international investors.
The interim consolidated financial state/ ments prepared for the period to March 31, 2008 show that revenue grew by approxi/ mately 46 percent to €23.8 million compared with €16.3 million in the first nine months of
MOBOTIX CEO Dr. Ralf Hinkel (right) and CFO Lutz Coelen
the 2006/2007 financial year. The profit for the nine/month period to March 31, 2008 rose from €1.2 million to €2.7 million. We expect the Company to generate further revenue growth and strong profitability over the coming periods.
As things stand, the Company is not aware of any risks that might jeopardize its continued existence as a going concern or materially affect its future performance. Technological innovation and the continued expansion of the MOBOTIX Group's sales and distribution activities are key to its long/term success. No further events of any significance occurred after the balance sheet date.
20
per share € 0.22
To the best of our knowledge, we hereby af/ firm that, pursuant to the generally accepted accounting principles for interim reporting, the consolidated financial statements give a true and fair view of the net assets, financial position and the results of operations of the Group, that the Interim Report presents the development of the Group's business, inclu/ ding its performance and situation, in such a way that it is a true and fair reflection, and that it describes the major risks and opportu/ nities inherent in the development of the Group during the remaining financial year.
Dr. Ralf Hinkel • CEO MOBOTIX AG
Lutz Coelen • CFO MOBOTIX AG
| 9 months | 3rd Quarter | |||||
|---|---|---|---|---|---|---|
| EUR (thousand) | Note | Jul. 1, 07 to Mar. 31, 08 |
Jul. 1, 06 to Mar. 31, 07 |
Jan 1, 08 to Mar. 31, 08 |
Jan. 1, 07 to Mar. 31, 07 |
|
| Revenue | 23,760 | 16,279 | 8,442 | 6,235 | ||
| Increase in inventories of finished goods and work in progress |
953 | 502 | 284 | 238 | ||
| Other own work capitalized | (1) | 606 | 0 | 268 | 0 | |
| Total output | 25,318 | 16,781 | 8,994 | 6,472 | ||
| Cost of materials | (2) | /7,645 | /4,708 | /2,404 | /1,654 | |
| Gross profit | 17,673 | 12,074 | 6,590 | 4,818 | ||
| Staff costs | (3) | /7,264 | /4,832 | /2,614 | /1,743 | |
| Depreciation, amortization & impairment | (4) | /887 | /614 | /267 | /226 | |
| Other operating income | (5) | 241 | 81 | 59 | 25 | |
| Other operating expenses | (6) | /5,789 | /4,650 | /2,451 | /1,612 | |
| Profit from operations | 3,974 | 2,059 | 1,317 | 1,262 | ||
| Profit or loss from equity/accounted investments |
(7) | 18 | 3 | /7 | 1 | |
| Other interest and similar income | (8) | 195 | 16 | 94 | 9 | |
| Interest expense and similar charges | (9) | /150 | /123 | /59 | /39 | |
| Profit before tax | 4,037 | 1,954 | 1,346 | 1,233 | ||
| Income taxes | (10) | /1322 | /796 | /449 | /495 | |
| Profit for the period | 2,715 | 1,158 | 897 | 737 | ||
| Earnings per share (basic / diluted) | (11) | 0.65 | 0.33 | 0.20 | 0.19 |
Net income € 2.7m (+134.6%)
| EUR (thousand) Note |
Mar. 31, 08 | Jun. 30, 07 | |
|---|---|---|---|
| Intangible assets | (12) | 778 | 239 |
| Property, plant and equipment | (13) | 7,558 | 4,463 |
| Equity/accounted investments | (14) | 43 | 25 |
| Prepaid expenses | 151 | 0 | |
| Deferred tax assets | 78 | 113 | |
| NonAcurrent assets | 8,609 | 4,840 | |
| Inventories | (15) | 5,500 | 3,745 |
| Trade receivables | 2,788 | 2,979 | |
| Other assets | (16) | 1.234 | 371 |
| Cash and cash equivalents | 13,602 | 1,352 | |
| Prepaid expenses | 362 | 385 | |
| Current assets | 23,485 | 8,831 | |
| ASSETS | 32,093 | 13,671 | |
| Subscribed capital | 4,424 | 3,814 | |
| Capital reserves | 9,665 | 1,249 | |
| Accumulated other comprehensive income | 105 | 44 | |
| Profit or loss carried forward | 930 | /474 | |
| Profit for the period | 2,715 | 2,243 | |
| Equity | (17) | 17,839 | 6,876 |
| Liabilities to banks | (20) | 6,589 | 2,300 |
| Deferred tax liabilities | 209 | 63 | |
| NonAcurrent liabilities | 6,798 | 2,363 | |
| Tax provisions | (18) | 2,247 | 1,661 |
| Other provisions | (19) | 220 | 161 |
| Liabilities to banks | (20) | 573 | 955 |
| Trade payables | 3,271 | 620 | |
| Other liabilities | 1,145 | 1,036 | |
| Current liabilities | 7,457 | 4,432 | |
| EQUITY AND LIABILITIES | 32,093 | 13,671 |
Total assets € 32.1m (+134.8%) Fixed assets € 8.6m (+77.9%)
| EUR (thousand) | Jul. 1, 07 to Mar. 31, 08 |
Jul. 1, 06 to Mar. 31, 07 |
|
|---|---|---|---|
| Profit before tax | 4,037 | 1,954 | |
| + | Net interest income or expense | /45 | 107 |
| / | Profit or loss from equity/accounted investments | /18 | /3 |
| + | Depreciation, amortization and impairment of property, plant | 887 | 614 |
| and equipment and intangible assets | |||
| + | Interest received | 172 | 17 |
| + | Increase in provisions | 59 | 77 |
| + | Loss on disposal of non/current assets | 3 | 0 |
| + | Other non/cash expenses | 14 | 14 |
| Profit from operations before changes in working capital | 5,109 | 2,779 | |
| / | Increase in inventories, trade receivables and other assets not | /2,062 | /1,536 |
| attributable to investing or financing activities | |||
| + | Decrease in trade payables and other liabilities not attributable | 1,817 | 992 |
| to investing or financing activities | |||
| Cash flow from operating activities before tax | 4,864 | 2,236 | |
| / | Income tax paid | /340 | /13 |
| Cash flow from operating activities | 4,524 | 2,223 | |
| / | Cash paid for purchases of property, plant and equipment | /3,210 | /1,296 |
| / | Cash paid for purchases of intangible assets | /655 | /73 |
| / | Cash paid for the issuance of loans | /430 | 0 |
| + | Cash received from disposals of property, plant and equipment | 20 | 0 |
| Cash flow from investing activities | A4,276 | A1,369 | |
| + | Cash received from additions to equity | 9,455 | 525 |
| / | Cost of capital increase | /631 | /4 |
| / | Dividends paid | /839 | 0 |
| / | Cash paid for the redemption of loans | /155 | /309 |
| + | Cash received from borrowings | 4,320 | 0 |
| / | Interest paid | /146 | /123 |
| Cash flow from financing activities | 12,004 | 89 | |
| Effect of exchange rate and other changes on cash and cash | /1 | /1 | |
| equivalents | |||
| Cash and cash equivalents at the beginning of the reporting | 1,352 | 1,225 | |
| period | |||
| Cash and cash equivalents at the end of the reporting | 13,602 | 2,167 | |
| period |
Cash an Cash Equiv. € 13.6m
| EUR (thousand) | SubA scribed capital |
Capital reserves | Accumulated other compreA hensive income |
Profit or loss carried forward |
Profit for the period |
Total |
|---|---|---|---|---|---|---|
| BALANCE as at Jul. 1, 06 | 1,382 | 3,333 | 10 | A647 | 0 | 4,078 |
| Issuance of shares | 525 | 525 | ||||
| Capital increase from the Company's own funds |
1,907 | /1,907 | 0 | |||
| Cost of capital increase |
/4 | /4 | ||||
| Withdrawal from capital reserves |
/173 | 173 | ||||
| Currency translation | 28 | 28 | ||||
| Profit for the period | 1.158 | 1.158 | ||||
| BALANCE as at Mar. 31, 06 | 3,814 | 1,249 | 38 | A474 | 1.158 | 5,785 |
| Currency translation | 6 | 6 | ||||
| Profit for the period | 1,085 | 1,085 | ||||
| BALANCE as at Jun. 30, 07 | 3,814 | 1,249 | 44 | A474 | 2,243 | 6,876 |
| BALANCE as at Jul. 1, 07 | 3,814 | 1,249 | 44 | 1,769 | 0 | 6,876 |
| Issuance of shares | 610 | 8,845 | 9,455 | |||
| Cost of capital increase |
/429 | /429 | ||||
| Dividend paid | /839 | /839 | ||||
| Currency translation | 61 | 61 | ||||
| Profit for the period | 2,715 | 2,715 | ||||
| BALANCE as at Mar. 31, 08 | 4,424 | 9,665 | 105 | 930 | 2,715 | 17,839 |
MOBOTIX AG was established on June 21, 1999. Its has been headquartered in Kaiser/ slautern since June 16, 2001.
MOBOTIX AG is a European technology lea/ der in the production of high/resolution digi/ tal, network/based video security systems, video management software and systems accessories. Its technology centers on its pro/ prietary, internally manufactured, fully digital network cameras.
Most of MOBOTIX's products are sold world/ wide via distributors, qualified systems in/ tegrators and specialist retailers.
The Company's financial year begins on July 1 and ends on June 30 of the following year.
The consolidated financial statements of MOBOTIX AG for the period ended March 31, 2008 have been prepared in accordance with all International Financial Reporting Standards (IFRSs), International Accounting Standards (IASs) and interpretations of the In/ ternational Financial Reporting Interpretati/ ons Committee and the Standing Interpretati/ ons Committee (IFRIC / SIC) that have been adopted by the European Union and are applicable to the 2007/2008 financial year.
The accounting policies applied in the interim consolidated financial statements for the pe/ riod ended March 31, 2008, which have been prepared on the basis of IAS 34 "Interim financial reporting", are essentially the same as those used in the consolidated financial statements for the 2006/2007 financial year. The group's interim condensed consolidated financial statements have been reviewed by the group auditors, KPMG Deutsche Treu/ hand/Gesellschaft, Aktiengesellschaft, Wirt/ schaftsprüfungsgesellschaft. This interim report is also consistent with German accounting standard no. 6 on interim financi/ al reporting (GAS 6) issued by the German Accounting Standards Committee (GASC).
IAS 38 "Intangible assets" states that re/ search costs are not allowed to be capitali/ zed. Development costs may only be capitali/ zed if certain precisely defined preconditions are met. Consequently, such costs must al/ ways be capitalized if the development activi/ ty is sufficiently likely to generate future cash flows that cover the relevant development costs as well as the usual costs. In addition, the development project or the product or process being developed must cumulatively meet various criteria. Some of MOBOTIX AG's development projects have met these pre/ conditions since July 1, 2007. Development costs for products developed in the field of camera housings, electronics and software are capitalized at cost if the relevant expen/ ses can be clearly attributed and it is certain that the products are technically feasible and can be successfully marketed. The capitali/ zed development costs cover all costs directly attributable to the development process. Ca/ pitalized development costs are amortized over the product's anticipated life cycle – usu/ ally three years – from the start of production.
Further information on the accounting poli/ cies applied is contained in MOBOTIX AG's consolidated financial statements for the year ended June 30, 2007.
Unless stated otherwise, all figures in these notes are given in thousands of euros (€ thousand). The translation of euros into thousands of euros may give rise to rounding differences of plus or minus one unit (euro or percent).
The basis of consolidation used by MOBOTIX AG for the period ended March 31, 2008 is the same as that used in the consolidated financial statements for the year ended June 30, 2007 and in the corre/ sponding quarter of 2007. MOBOTIX Corp. has been retroactively included in the conso/ lidated financial statements of MOBOTIX AG from the date in 2003 when MOBOTIX Corp. was established. In addition, MOBOTIX AG Schweiz has been consolidated under the equity method because it is an associate.
The following accounting principles have been adopted for the first time:
These newly adopted accounting principles have not materially affected the financial position or the financial performance of the MOBOTIX Group.
The MOBOTIX Group's development costs were capitalized for the first time in the 2007/ 2008 financial year.
Other own work capitalized in the first nine months of the 2007/2008 financial year in/ cludes for the first time capitalized develop/ ment costs of €535 thousand. This item also includes internally produced testing equip/ ment and production facilities.
The cost of materials includes all materials used to produce the cameras. To a small extent it also includes the cost of services rendered, such as the cost of outsourced pro/ duction and development activities.
| EUR (thousand) | Jul. 1, 07 to Mar. 31, 08 |
Jul. 1, 06 to Mar. 31, 07 |
|---|---|---|
| Cost of materials and supplies and of merchandise purchased for resale |
7,625 | 4,630 |
| Cost of services rendered |
20 | 78 |
| Total | 7,645 | 4,708 |
The rise in staff costs was due to the increase in the workforce. The MOBOTIX Group em/ ployed 183 people at the balance sheet date (June 30, 2007: 133 people).
| EUR (thousand) | Jul. 1, 07 to Mar. 31, 08 |
Jul. 1, 06 to Mar. 31, 07 |
|---|---|---|
| Wages & salaries | 6,335 | 4,143 |
| Social security con/ tributions |
929 | 688 |
| Total | 7,264 | 4,832 |
Amortization of development costs for the nine months to March 31, 2008 amounted to €10 thousand because the first two projects for which development costs had been capi/ talized went into production at the beginning of January.
Other operating income comprises income from receivables written off, income from exchange differences and amounts reimbur/ sed by employees for their private use of company cars.
The other operating expenses comprise all expenses not allocated to the other items.
They include the cost of marketing, office supplies, communications, legal and other advice, premises, maintenance, trade fairs and exhibitions.
The increase of €1.139 million, or 24.5 per/ cent, to €5.789 million compared with the corresponding quarter of 2007 was largely attributable to the rise in legal and other advi/ sory costs in connection with the initial public offering (IPO) and the change of market seg/ ment and to higher operating costs as a re/ sult of the growth in business volumes.
The profit of €18 thousand (2006/2007: €3 thousand) from equity/accounted invest/ ments comprises the pro rata profit of the as/ sociate MOBOTIX AG, Freienbach, Switzer/ land.
Other interest and similar income essentially comprises interest income from short/term and demand deposits held with banks as well as the income from the loan granted.
Interest expense and similar charges mainly comprise the interest paid on bank loans.
The table below gives a breakdown of inco/ me taxes.
| EUR (thousand) | Jul. 1, 07 to Mar. 31, 08 |
Jul. 1, 06 to Mar. 31, 07 |
|---|---|---|
| Current taxes | 1,327 | 751 |
| Deferred taxes | /5 | 45 |
| Total | 1,322 | 796 |
The tax rate applicable as at March 31, 2008 was 32.8 percent (2006/2007: 40.7 percent). The tax rate applicable for the first nine months of the 2007/2008 financial year in/ corporates for the first time the effects of the 2008 legislation reforming German corpora/ te tax, which was passed by the Bundesrat (second chamber of the German parliament) on July 6, 2007.
Earnings per share is calculated by dividing the MOBOTIX Group's profit for the period attributable to the shareholders of MOBOTIX AG by the weighted average num/ ber of shares outstanding.
In the third quarter of the fiscal year 2007/08 the earnings per share amounted to 0.20 Euro (based on 4,423,814 shares) compared to 0.19 Euro (based on 3,813,814 shares) in the previous year. Related to the current num/ ber of shares of 4,423,814 earnings per share
in the 3rd quarter of the previous year would have been 0.167 Euro. In the first nine months of the fiscal year 2007/08 earnings per sha/ re reached 0.65 Euro (based on 4,198,960 shares) compared to 0.33 Euro per share (ba/ sed on 3,471,448 shares) in the previous year.
This had no dilutive effect on MOBOTIX AG's profit for the period.
The cost of developing camera housings, electronics and software projects was capi/ talized at cost for the first time in the 2007/ 2008 financial year. The capitalized develop/ ment costs of €535 thousand cover all costs directly attributable to the development pro/ cess. Two of the eight development projects that meet the criteria of IAS 38 "Intangible assets" were completed at the end of December 2007 and have been in production since the beginning of January 2008, since when they have been amortized on a straight/line basis over a period of three years. Consequently, amortization expense of €10 thousand has been recognized for the period to March 31, 2008.
The additions to property, plant and equip/ ment essentially relate to the construction of the new production building. This project en/ tails total capital expenditure of roughly €10.700 million and is due to be completed in December 2008. The figure for depreciation and impairment includes an impairment loss of €105 thousand (2006/2007: €0) on proto/ types and tools owing to the discontinuation of a development project.
The equity/accounted investments of €43 thousand (June 30, 2007: €25 thousand) relate to the shareholding in the associate MOBOTIX AG, Freienbach, Switzerland.
The table below gives a breakdown of inven/ tories.
| EUR (thousand) | Mar. 31, 08 | Mar. 31, 07 |
|---|---|---|
| Row materials and supplies |
2,574 | 1,860 |
| Finished goods | 1,803 | 1,151 |
| Work in progress | 1,101 | 721 |
| Advanced payments | 22 | 13 |
| Total | 5,500 | 3,745 |
The table below gives a breakdown of other assets.
| EUR (thousand) | Mar. 31, 08 | Mar. 31, 07 |
|---|---|---|
| VAT receivables | 608 | 100 |
| Loans granted | 430 | 0 |
| Receivables from employees |
75 | 58 |
| Accounts payable with a debit balance |
58 | 23 |
| Rent deposits | 28 | 23 |
| Deferred cost of the IPO |
0 | 161 |
| Other items | 35 | 7 |
| Total | 1,234 | 371 |
Fluctuations in the level of the Company's equity over time are shown in the statement of changes in equity.
The subscribed capital corresponds to the share capital of MOBOTIX AG at the relevant balance sheet date. On October 10, 2007 MOBOTIX AG launched an initial public offe/ ring (IPO) to have its shares listed and traded in the Open Market. As part of this IPO, the Company issued a total of 950,981 shares, each with a par value of one euro, at a price of €15.50 each. 610,000 of these shares were
used to carry out a capital increase. Conse/ quently, MOBOTIX AG increased its share capital by €610 thousand. Its preference sha/ res were exchanged for common shares in connection with the IPO.
At the balance sheet date the Company had issued 4,423,814 common shares (June 30, 2007: 3,330,178 shares) and had no prefe/ rence shares (June 30, 2007: 483,636 shares). As in the 2006/2007 financial year, all shares have a par value of one euro. The Company's share capital has been fully paid/up.
The capital reserves consist of premiums from various past capital increases. A premi/ um of €8.845 million was transferred to the capital reserves as part of the IPO on October 10, 2007. In return, the capital reserves were reduced by the cost of the capital increase amounting to €429 thousand.
The accumulated other comprehensive inA come includes the currency translation ad/ justment recognized directly in equity.
The profit or loss carried forward includes accrued, non/distributed profits. In previous years this item consisted of losses incurred during the start/up phase. A dividend of €839 thousand was paid in September 2007.
The tax provisions of €2,247 million (June 30, 2007: €1,661 million) include provisions for trade tax, corporation tax and the solidarity surcharge for 2006 and 2007.
The other provisions include provisions for warranties, returned products, and litigation costs. The increase of €59 thousand in other provisions to €220 thousand was largely at/ tributable to higher provisions for warranties and returned products owing to the growth in business volumes.
The MOBOTIX Group raised a total of three new loans in the first nine months of the 2007/2008 financial year. The loan granted by Sparkasse Donnersberg for €845 thou/ sand runs for 20 years and is being used to purchase a plot of land for the Company's new site. An annual interest rate of 5.5 / percent is payable on this loan.
The loans granted by ISB (for €2,000 thou/ sand) and the KfW (for €2,500 thousand) both run for ten years and are being used for the construction of the Company's new produc/ tion building. These loans are subsidized and carry effective interest rates of 4.19 percent (ISB) and 4.55 percent (KfW). The loans were
discounted to a comparable interest rate of 5.5 percent so that their fair values could be calculated. The subsidy of €258 thousand contained in the loans was offset against the Company's property, plant and equipment.
The table below shows a subdivision of reve/ nue by region.
| EUR (thousand) | Jul. 1, 07 to Mar. 31, 08 |
Jul. 1, 06 to Mar. 31, 07 |
|---|---|---|
| Germany | 9,608 | 7,660 |
| Rest of Europe | 8,923 | 6,049 |
| Rest of the world | 5,228 | 2,570 |
| Total | 23,760 | 16,279 |
The table below shows a subdivision of reve/ nue by product category.
| EUR (thousand) | Jul. 1, 07 to Mar. 31, 08 |
Jul. 1, 06 to Mar. 31, 07 |
|---|---|---|
| Fixed cams | 14,941 | 11,755 |
| Dome cams | 7,320 | 3,436 |
| Miscellaneous | 1,499 | 1,089 |
| Total | 23,760 | 16,279 |
In the segment reporting as per IFRS 8 "Ope/ rating Segments" segments are subdivided according to their internal reporting structure. The reporting structures at MOBOTIX AG are primarily subdivided by region, but also by product category. The Company's strategic planning and allocation of resources are conducted on a regional basis.
The presentation of MOBOTIX AG's segment reporting has been aligned with the changes to its internal management structures since its consolidated financial statements for the period to June 30, 2007 were prepared. The/ se management structures are now based on product categories rather than individual product lines.
The Company's product categories are broken down as detailed below.
• Fixed Cams
The fixed cams include the M12, M22 and V12 camera series.
The M12 is usually equipped with two image sensors and a passive infrared sensor. This camera series also comes with a micropho/ ne and a speaker for audio communication. If
there is no DSL connection, the M12 can be easily connected to the internet via its in/ tegrated ISDN connection that can be used to transmit data over the internet and to forward voice messages and alarm alerts, for example, to telephones. IP telephony based
The M22 is the mono version of the M12 and, with the exception of the passive infrared sensor and ISDN connection, features all the functionality of the M12. Audio communicati/ on is also available via the integrated micro/ phone and speaker. All telephony functiona/ lity is based on the VoIP SIP standard.
MOBOTIX Allround M22M
The V12 vandalismAprotected camera has been specially designed for use in locations with a high risk of being vandalized, such as prisons, and is encased in a housing made from 3mm/thick stainless steel. It is also pro/ tected by a 6mm/thick cover and is triangular in shape so that it can be mounted in the cor/
ner of a room and fixed in place using heavy/duty dowels. To illu/ minate the room when it is dark the V12 is equipped with integra/ ted, remote/controlled IR lighting with 20 infrared LEDs.
• Dome Cams
The dome cams currently include the D12 and D22 camera series.
The D12 is a dome camera that features two manually adjustable modules. It is ba/ sed on the same hardware as the M12 alt/ hough, unlike the M12, its camera modules can be individually positioned in any direction when mounted. This makes it possible, for example, to position a wide/angle lens in one direction and a telephoto lens in another di/ rection. If super/wide/angle lenses each covering a 90/degree horizontal viewing angle are used in both camera modules, the camera can surveil a panorama of 180 degrees. The software integrated into the
camera enables the two generated images either to be shown separately or to be combi/ ned into a single image.
The D22 is a dome camera that features a manually adjustable module and offers all the software functionality of the other camera series. Although it is not equipped with an infrared sensor, microphone or speaker, these can be externally retrofitted. In locati/ ons with a high risk of being vandalized, the already robust D22 models can be given extra protection in the form of the optional Vandalism Set, which includes a 3mm/thick polycarbonate dome and an additional stainless steel cover.
MOBOTIX offers the appropriate accessories for all camera series to enable the cameras to be properly mounted and to protect their cables and leads. Various installation kits for mounting cameras on surfaces and walls or integrating them into suspended ceilings are
MOBOTIX MonoDome D22M
supplied for each model. MOBOTIX AG also generates a small amount of revenue from training seminars.
Internal reports are submitted to the mana/ gement board. Only revenue is reported for each product category and region.
Intersegment revenue is not netted.
No single customer generates more than 10 percent of the MOBOTIX Group's revenue.
Since the company's switch to the Prime Standard on 31 March 2008 no notifiable tra/ des in shares have been made by the board of directors. Furthermore, there are no buying options for shares of MOBOTIX AG for the board of directors or employees accor/ ding to the regulations of the German Public Stock Companies Act (Aktiengesetz, AktG) §160 AktG.
| No. of shares Mar. 31, 08 |
Interest in share Capital in % |
|
|---|---|---|
| Managing board | ||
| Dr. Ralf Hinkel (CEO) | 2,218,134 | 50.14 |
| Lutz Coelen (CFO) | 14,200 | 0.32 |
| Horst Pfiffi (CTO) | 16,210 | 0.37 |
| Supervisory board | ||
| Dr. Thomas Hoch (Chairman of the board) |
1,000 | 0.02 |
| Prof. Dr. Rainer Gerten | 20,000 | 0.45 |
| Ulrich Putsch | 0 | 0 |
On 31 March 2008 MOBOTIX switched from the Entry Standard to the Prime Standard of the German stock exchange. Only since this date MOBOTIX AG and its shareholders are obliged to report about substantial sharehol/ dings according to the German Securities Tra/ ding Act (Wertpapierhandelsgesetz, WpHG) §§21ff. In the third quarter of fiscal year 2007/08 (ending on30th of June) we have therefore not yet received any notifications according to section 21ff. German Securities Trading Act (WpHG)
3.94% (corresponding to 174,109 shares with voting rights) of these voting rights were attributable to it pursuant to Section 22 para 1 sentence 1 No. 1 German Securi/ ties Trading Act (WpHG) and were held by the following companies, which it controls and which hold 3% or more of the voting rights in MOBOTIX AG:
• VRP Venture Capital Rheinland/ Pfalz GmbH & Co. KG.
The following important legal relationships exist between the company and its closely re/ lated parties. There has been a lease agree/ ment between the Company and Dr. Ralf Hinkel, chairman of the management board (CEO) and shareholder, since July 30, 1999. The agreement relates to office and storage space in Höringen for an annual rent of €30 thousand with a three/month notice period. Dr. Hinkel's clearing account, which is repor/ ted under Other assets, has a positive balan/ ce of €21 thousand (June 30, 2007: €13 thou/ sand). A loan to Dr. Hinkel of €430 thousand, which falls due on June 29, 2008, carries an annual interest rate of 5.3 percent.
Ulrich Putsch sits on the supervisory board of MOBOTIX AG and is also a shareholder in Putsch GmbH & Co. KG, which signed a lease via KEIPER GmbH & Co. KG concerning stora/ ge space in Kaiserslautern, Germany. The term of the lease commenced on January 1, 2007 and runs for twelve months in the first instance. It can be canceled with a notice pe/ riod of one month to the end of a month. The annual gross rent, excluding ancillary costs,
is €33 thousand. Total revenue of €405 thou/ sand (corresponding quarter of 2006/2007: €317 thousand) was generated from the sale of finished goods via the associate MOBOTIX AG, Freienbach, Switzerland. These transac/ tions have given rise to receivables from MOBOTIX AG, Freienbach, Switzerland, of €116 thousand as at March 31, 2008 (June 30, 2007: €19 thousand).
This financial report contains MOBOTIX AG statements and information which relate to future peri/ ods. Such future/oriented statements may be recognised from wording such as plan, expect, in/ tend, endeavour, will, estimate, assume, aim at or similar such terms. Statements of this kind have been made on the basis of current circumstances and current expectations and may differ consi/ derably from the actual development both to positive and negative effect. The following factors, amongst others, may give rise to uncertainties: changes to the overall economic situation both nati/ onally and internationally, changes to the underlying political situation, the introduction of new pro/ ducts or technologies by other companies, changes to investment activities in the customer markets important to MOBOTIX AG, changes to exchange rates and interest rates, integration of acquired companies along with other factors. MOBOTIX AG does not accept any obligation over and above existing legal obligations to correct or update future/oriented statements.
This is an English translation of the German original. Only the German version is binding. The financial reports from MOBOTIX AG are available as pdf files on the homepage (www.mobotix.com).
| Announcement of the 9/months report and conference call | 28 May 2008 |
|---|---|
| SCC Small Cap Conference of DVFA | 25/27 August 2008 |
| Announcement of the annual report | 30 September 2008 |
| Press conf. regarding the announc. of the results of the business year | 30 September 2008 |
| Annual General Meeting of MOBOTIX AG | 6 October 2008 |
| Analysts' presentation, "Eigenkapitalforum" of "Deutsche Börse" | 10/12 November 2008 |
| Announcement of the Three/Months Report 2008/09 | 12 November 2008 |
| SEQ Smart Equities Conference of DVFA | 2/3 December 2008 |
Lutz Coelen CFO Phone: +49 (0) 631 3033 111 Fax: +49 (0) 631 3033 190 E/Mail: [email protected]
Investor Relations Manager Phone: +41 (0)79 521 69 59 Fax: +49 (0) 631 3033 190 E/Mail: [email protected]
Investor Relations Luxemburger Straße 6 67657 Kaiserslautern E/Mail: [email protected]
MOBOTIX AG Security-Vision-Systems Luxemburger Straße 6 D-67657 Kaiserslautern, Germany Tel.: +49 (631) 30 33 111 Fax: +49 (631) 30 33 190 Email: [email protected] www.mobotix.com
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