Quarterly Report • May 18, 2006
Quarterly Report
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======================== July 01st, 2005 – 31st March, 2006
Content
FORTEC Elektronik AG Ph: +49(0)8191-91172-13 Fax: +49(0)8191-21770 Email: [email protected]
During the first 9 months of business year 2005/06 (01.07.2005 - 31.03.2006), turnover amounting to 30,6 million EUR again was dominated by a continuous considerable organic increase by more than 20% compared to previous year's figure of 25,1 million EUR. Especially, the quarterly turnover from January to March 2006 amounting to 13,7 million EUR compared to previous years' figure of 9,6 million EUR underlines the current dynamic situation in the market where FORTEC is one of its sub-suppliers.
During third quarter of business year 2005/06, the profit before taxes of 546 TEUR could be increased by 25% to 684 TEUR. During the first 9 months, the profit before taxes raised from 1,647 million EUR to 1,885 million EUR; the profit after taxes raised from 879 TEUR to 1 million EUR.
The business field Embedded Solutions including Power Supplies, Display Technology and Embedded Computers developed altogether positively.
Therefore, we are confident to even be able to top our prospects of an increase in this year's turnover from 35 million EUR to 42 million EUR.
The number of full-time - employees in the group increased to 75 (previous year 72)
The balancing and evaluation methods of fiscal year 2004/05 according to IAS/IFRS remain unchanged.
| S S S A E T |
€ | € | 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 6 |
3 0. 0 6. 2 0 0 5 |
3 1. 0 3. 2 0 0 6 |
3 0. 0 6. 2 0 0 5 |
||
| A. F ixe d As ts se |
S A. ha ho l de 's Eq i ty re r u |
||||
| I. In ta i b le ts ng as se |
4. 8 3 3. 4 2 8 |
4. 8 2 8. 1 8 2 |
I. Su bs i be d c i l ta cr ap |
2. 0 0. 0 0 0 7 |
2. 0 0. 0 0 0 7 |
| I I. Ta i b le ts ng as se |
7 6 2. 2 0 4 |
7 6 1. 2 1 0 |
I I. Ca i l re ta p se rve |
0 4. 2 2 5. 7 5 |
3 9. 2 2 5. 5 5 |
| I I I. Inv tm ts es en |
8 1. 3 8 1 |
6 3 5. 6 8 1 |
|||
| B. Cu ts As ts rre n se |
I I I: Re ta ine d e ing /p f i t ar n s ro |
4. 6 9 4. 7 4 0 |
3. 9 4 9. 5 2 6 |
||
| I. Inv to ies en r |
5. 1 4 0. 0 2 4 |
4. 9 6 7. 1 0 8 |
I V. Ne t inc om e |
1. 0 0 2. 5 7 5 |
1. 5 5 5. 2 1 4 |
| I I. Ac iva b le ts co un re ce |
9. 1 6. 3 2 4 5 |
3. 9 0 2. 9 5 7 |
|||
| I I I. O he t ts r a ss e |
4 9 5. 2 8 3 |
1 6 6 2 1 5. |
|||
| Ca / I I I. h Ba k ba lan s n ce s |
1. 2 1 3. 1 2 8 |
2. 6 0 1. 2 7 5 |
|||
| C. Pr i d ep a ex p en se s |
4 1. 5 7 1 |
4 5. 0 5 6 |
B. Ac ls cr ua fo I. t he tax r o r es I I. O t he ls r a cc ru a |
1 8 2. 9 3 3 2. 3 4 3. 5 1 4 |
1 3. 0 2 1 5 1. 8 1 9. 6 1 0 |
| C. L ia b i l i ies t I. L ia b i l i t ies to ba ks n I I. Tr de b les a p ay a I I I. O t he l ia b i l i t ies r |
1. 3 8 5. 8 3 6 3. 2 8 1. 9 5 5 4 1 5. 8 9 7 |
0 1. 4 7 8. 4 0 1 5 0 2. 0 0 5 |
|||
| D. De fe d ta rre xe s |
1 9 4 2 1 7. |
1 9 4 2 1 7. |
D. De fe d ta rre xe s |
2 0 8. 9 2 7 |
2 2 3 1 1 7. |
| T O T A L As ts se |
2 1. 9 2 0. 7 6 4 |
1 8. 1 0 4. 6 1 0 |
T O T A L Eq i d L ia b i l i ies ty t a n u |
2 1. 9 2 0. 7 6 4 |
1 8. 1 0 4. 6 1 0 |
| Income Statement | GJ 2005/06 | GJ 2004/05 |
|---|---|---|
| Sales revenues | 30.622.362€ | 25.123.109 € |
| Other operating income | 1.061.307 € | 325.206€ |
| Cost of material | 23.906.524 € | 18.368.059 € |
| Personnel expenses | 3.608.354 € | 3.280.204 € |
| Depreciation | 256.549 € | 272.239 € |
| Other operating expenses | 2.045.792 € | 1.904.295 € |
| Operating income (EBIT) | 1.866.450 € | 1.623.518 € |
| Other interests and similar income | 18.182 € | 23.818 € |
| Taxes on income and profit | 882.057 € | 767.987 € |
| Net income | 1.002.575 € | 879.349 € |
| Earning per share/ 9-months | 1,11 € | 0,98 € |
| Shares outstanding | 900.000 | 900.000 |
| Income Statement | Q3 (1.01.-31.03.06) | Q3 (1.01.-31.03.05) |
|---|---|---|
| Sales revenues | 13.700.348€ | 9.623.894 € |
| Other operating income | 39.311 € | 47.293 € |
| Cost of material | 10.965.562€ | 7.306.408 € |
| Personnel expenses | 1.318.482 € | 1.077.987 € |
| Depreciation | 85.006 € | 119.413 € |
| Other operating expenses | 680.680 € | 625.966 € |
| Operating income (EBIT) | 689.929 € | 541.413 € |
| Other interests and similar income | ./. 5.472 € | 4.607 € |
| Taxes on income and profit | 375.384 € | 302.199 € |
| Net income | 309.073 € | 243.821 € |
| Earning per share/3rd Quarter | 0,34 € | 0,27 € |
| Shares outstanding | 900.000 | 900.000 |
| 1. Operative Business | FY 2005/06 | FY 2004/05 | |
|---|---|---|---|
| Net income | € | 1.002.575 | € 879.349 |
| Depreciation of tangible and intangible assets | € | 256.549 | € 272.239 |
| Change of inventories | € | - 172.916 | € - 467.452 |
| Change in accounts receivable | € | -5.253.745 | € - 137.756 |
| Change of liabilities | € | 3.103.282 | € 21.123 |
| Change of short-term accruals | € | 193.816 | € 234.017 |
| Change of pre-payments and other assets | € | 3.485 | € 48.561 |
| Cash flow from operating business | € | - 866.954 | € 850.081 |
| II. Investment Activities | |||
| Cash flow from investment activities | € | - 56.670 | € - 229.947 |
| III. Financing Activities | |||
| Increase of capital reserves | € | 345.000 | € 0.0 |
| Profit distribution | € | - 810.000 | € - 675.000 |
| VI. Cash flow in total | € | -1.388.624 | € - 54.866 |
| V. Change in Liquid Funds | |||
| Cash at the beginning of period | € | 2.601.752 | € 3.000.004 |
| Cash at the end of period | € | 1.213.128 | € 2.945.138 |
The groups' capital during reported period is as follows.
| Company capital Euro |
Capital Reserves Euro |
Development of reserves and accumulated profit Euro |
TOTAL Euro |
|
|---|---|---|---|---|
| Balance 01.07.2005 | 2.700.000 | 5.359.522 | 5.504.740 | 13.564.262 |
| (previous year 01.07.2004) | (2.700.000) | (5.089.522) | (4.650.959) | (12.440.481) |
| Share option program | 345.000 | 0 | 345.000 | |
| (0) | (0) | (0) | ||
| Distribution/Dividend | -810.000 | -810.000 | ||
| (-675.000) | (-675.000) | |||
| Period earning | 1.002.575 | 1.002.575 | ||
| (prev.year 1.7.04-31.03.05) | (879.349) | (879.349) | ||
| Balance 31.03.2006 | 2.700.000 | 5.704.522 | 5.697.315 | 14.101.837 |
| (prev.year 31.03.2005) | (2.700.000) | (5.089.522) | (4.855.308) | (12.644.830) |
| Not transferable | ||||
| according to § 150 AktG | 5.704.522 | |||
| according to § 47 AktG | 2.700.000 |
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