Quarterly Report • May 31, 2007
Quarterly Report
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======================== July 01st, 2006 – 31st March, 2007
Content
FORTEC Elektronik AG Ph: +49(0)8191-91172-13 Fax: +49(0)8191-21770 Email: [email protected]
During third quarter of business year 2006/07 (01.01. - 31.03.2007), the achieved turnover amounting to 11.2 million EUR again confirmed the positive trend of the previous quarters of 10.9 million EUR in second quarter and 9.1 million EUR in first quarter. Due to a proper organic growth, turnover and profit were continuously increased.
Turnover of first nine months of business year 2006/07 again continued to rise to 31.3 million EUR (prev.year 30.6 million EUR). The profit before tax and interest (EBIT) increased to 1.905 million EUR compared to 1.866 million EUR in previous period. The period's profit amounted to 1.045 million EUR after 1.002 million EUR.
Within 9 months, the cash flow resulting from operative division was 3.2 million EUR.
The risks mentioned in detail in par. "Risk management" of the "Annual Management Report 2005/06" still exist to full extent. Especially the financial expenses continued to increase as concerns warranty and the blocking of unjustified customers' claims.
Due to the raise in capital in March 2007, the group received 3 million EUR. The number of shares and therefore, the total of voting rights increased from 2.700.000 to now 2.954.943.
The liquid assets as per March 31, 2007 amount to 5.4 million EUR.
The balancing and evaluation methods of fiscal year 2005/06 according to IAS/IFRS remain unchanged. The number of full-time employees amounts to 76 (prev. year 74). The product folio is marketed under the segment Embedded Solutions; therefore a segmential report devided into product groups is not necessary. In view of the 31 million EUR turnover in general, 25 million EUR were achieved nationally and 6 million EUR within Europe.
| T O T A L A S S E T S |
€ | € | To l Eq i d ia b i l i ies ta ty L t a n u |
€ | € |
|---|---|---|---|---|---|
| 3 1. 0 3. 2 0 0 7 |
3 0. 0 6. 2 0 0 6 |
3 1. 0 3. 2 0 0 7 |
3 0. 0 6. 2 0 0 6 |
||
| A. No t a ts n- cu rre n ss e |
S A. ha ho l de i ty re rs e q u |
||||
| I. Ta i b le d g dw i l l ts ng as se an oo |
4. 7 2 9. 0 7 5 |
4. 8 1 2. 6 9 9 |
I. Su bs i be d c i ta l cr ap |
2. 9 5 4. 9 4 3 |
2. 7 0 0. 0 0 0 |
| I. Ta i b le ts ng as se |
7 6 3. 8 8 2 |
7 4 1. 3 0 5 |
I I. Ca i l re ta p se rve |
8. 5 9 5. 0 2 4 |
5. 6 5 4. 5 2 2 |
| I I I. F ina ia l a ts nc ss e |
1. 1 9 0. 4 2 7 |
1 8 9. 0 0 1 |
O I I I. t he h. inc r c om p re om e I V. De fe d tax rre es |
5. 5 0 1. 8 2 2 1. 0 4 5. 4 6 1 |
4. 6 3 1. 1 3 8 1. 6 8 0. 6 8 4 |
| I V. De fe d tax rre es |
1 9 7. 4 2 1 |
1 9 7. 4 2 1 |
|||
| 6. 8 8 1. 2 3 7 |
9 4 0. 4 1 5. 7 |
1 8. 0 9 2 0 7. 5 |
1 4. 6 6 6. 3 4 4 |
||
| B. Cu t a ts rre n ss e |
B. l ia b i l i ies Lo -te t ng rm |
||||
| I. O he ls t r a cc ru a I I. De fe d tax rre es |
1 6 5. 7 2 0 8 3. 4 5 4 |
1 7 9. 6 9 0 2 5 9. 9 5 5 |
|||
| I. Inv to ies en r |
5. 4 1 6. 4 8 8 |
4. 9 7 0. 8 6 3 |
2 4 9. 1 7 4 |
4 3 9. 6 4 5 |
|
| I I. Ac ts iva b les co un re ce |
4. 8 9 1. 3 9 9 |
7. 9 2 4. 8 7 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 |
6 5 7. 4 5 1 |
6 5 1. 3 4 0 |
I. L ia b i l i t ies to ba ks n |
0 | 1 2 4. 7 5 2 |
| I V. Se i t ies cu r |
2 4. 0 0 0 |
2 9. 0 0 0 |
I I. Tr de b les a p ay a |
2. 5 5 9. 8 9 8 |
2. 6 5 5. 2 4 9 |
| V. L iq i d u me an s |
3 6 4. 3 2 5. 5 |
9 0 1. 4 6 3 |
I. Ac ls fo he t tax cr ua r o r es |
1 9 9. 8 6 5 |
2 9 0. 1 3 8 |
| 1 6. 3 5 3. 8 7 0 |
1 4. 4 7 7. 5 3 6 |
I I. O t he ls r a cc ru a I I I. O he l ia b i l i ies t t r |
1. 1 5 5 9 5. 2 0 3 3. 9 9 8 |
1. 6 4 8 3 2. 3 3 0 9. 4 3 5 |
|
| 4. 8 8 8. 6 8 3 |
5. 3 1 2. 0 1 8 |
||||
| To ta l As ts se |
2 3. 2 3 5. 1 0 7 |
2 0. 4 1 8. 0 0 7 |
To ta l Eq i ty d L ia b i l i t ies u a n |
2 3. 2 3 5. 1 0 7 |
2 0. 4 1 8. 0 0 7 |
| Income Statement | GJ 2006/07 | GJ 2005/06 |
|---|---|---|
| Sales revenues | 31.261.974€ | 30.622.362€ |
| Other operating income | 579.213 € | 1.061.307 € |
| Cost of material | 23.968.083 € | 23.906.524 € |
| Personnel expenses | 3.637.256 € | 3.608.354 € |
| Depreciation | 231.811 € | 256.549 € |
| Other operating expenses | 2.099.158 € | 2.045.792 € |
| Operating income (EBIT) | 1.904.879 € | 1.866.450 € |
| Other interests and similar income | 52.913 € | 18.182 € |
| Taxes on income and profit | 912.331 | 882.057 € |
| Net income | 1.045.461 € | 1.002.575 € |
| Earning per share/ 9-months | 0,38 € | 0.37 € |
| Shares outstanding * | 2.728.327 | 2.700.000 |
* average number of shares; adjusted split share of 1:3 in previous year
| Income Statement | Q3 (1.01.-31.03.07) | Q3 (1.01.-31.03.06) |
|---|---|---|
| Sales revenues | 11.217.141€ | 13.700.348€ |
| Other operating income | 35.643 € | 39.311 € |
| Cost of material | 8.530.977€ | 10.965.562€ |
| Personnel expenses | 1.259.791 € | 1.318.482 € |
| Depreciation | 83.937 € | 85.006 € |
| Other operating expenses | 706.516 € | 680.680 € |
| Operating income (EBIT) | 671.563 € | 689.929 € |
| Other interests and similar income | 22.723€ | ./. 5.472 € |
| Taxes on income and profit | 404.332 € | 375.384 € |
| Net income | 289.954 € | 309.073 € |
| Earning per share/3rd Quarter | 0,10 € | 0,11 € |
| Shares outstanding * | 2.728.327 | 900.000 |
* average number of shares; adjusted split share of 1:3 in previous year
| 1. Operative Business | FY 2006/07 | FY 2005/06 | ||
|---|---|---|---|---|
| Net income | € | 1.045.461 | € | 1.002.575 |
| Depreciation of tangible and intangible assets | € | 231.811 | € | 256.549 |
| Change of inventories | € | - 445.625 | € | - 172.916 |
| Change in accounts receivable | € | 3.033.471 | € | -5.253.745 |
| Change of liabilities | € | - 271.852 | € | 3.103.282 |
| Change of accruals | € | - 341.657 | € | 193.816 |
| Change of other assets | € | - 6.111 | € | 3.485 |
| Cash flow from operating business | € 3.245.498 | € | - 866.954 | |
| II. Investment Activities | ||||
| Cash flow from investment activities | € - 1.167.874 | € | - 56.670 | |
| III. Financing Activities | ||||
| Increase of capital stock | € | 254.943 | € | 0 |
| Increase of capital reserves | € | 2.940.502 | € | 345.000 |
| Profit distribution | € | - 810.000 | € - 810.000 | |
| VI. Cash flow in total | € | 4.463.069 | € -1.388.624 | |
| V. Change in Liquid Funds | ||||
| Cash at the beginning of period | € | 901.463 | € 2.601.752 | |
| Cash at the end of period | € | 5.364.532 | € 1.213.128 |
01.07.2006 - 31.03.2007 (last year's figures 01.07.2005 - 31.03.2006)
| Capital | Capital | Development of reserves | ||
|---|---|---|---|---|
| Fiscal Year 2005 / 06 | stock | Reserves | and accumulated profit | TOTAL |
| Euro | Euro | Euro | Euro | |
| Balance 01.07.2005 | 2.700.000 | 5.359.522 | 5.504.740 | 13.564.262 |
| Share option program | 345.000 | 0 | 345.000 | |
| Payout dividends | -810.000 | -810.000 | ||
| Period earning | 1.002.575 | 1.002.575 | ||
| Balance 31.03.2006 | 2.700.000 | 5.704.522 | 5.697.315 | 14.101.837 |
| Not transferable | ||||
| according to § 150 AktG | 5.704.522 | |||
| according to § 47 AktG | 2.700.000 |
| 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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