FACC AG

Interim / Quarterly Report • Oct 20, 2017

WE ARE FACC

First half year financial report 2017/18

www.facc.com www.facc.com

CONTENT

Selected Group Key Performance Indicators	4
Economic framework conditions	5
Revenue and earnings development	5
Outlook	8
Consolidated Statement of Financial Position	11
Consolidated Statement of Comprehensive Income	12
Consolidated Statement of Cash Flows	13
Consolidated Statement of Changes in Equity	14
Notes (abridged)	17
Consolidated Statement of Financial Position	20
Consolidated Statement of Comprehensive Income	24
Consolidated Statement of Cash Flows	25
Investor Relations	30

FACC PILOT.

Selected Group Key Performance Indicators

in Eur mill.	H1 2016/171)	H1 2017/18
Revenue	327.4	358.7
Earnings before interest and taxes (EBIT)	0.0	29.7
EBIT margin	–	8.3%
Earnings after taxes	3	18.6
Earnings per share (in EUR)	-0.07	0.41
Net cash flow from operating activities	-22.8	24.4
Net cash flow from investing activity	-15.6	-12.6
Net cash flow from financing activity	20.7	1.7
Cash and cash equivalents at the end of the period	37.5	61.8
Free cash flow	-38.2	11.8
Total employees (end of period)	3,341	3,303

in Eur mill.	28.02.20171)	31.08.2017
Net Working Capital	163.8	171
Net debt	197	190.7
Equity	269.7	306.7
Equity ratio	39.3%	43.8%
Total amount of the consolidated statement of financial position	685.4	700

Economic framework conditions

Macroeconomic developments

The global economy experienced considerable dynamic growth in the first half of 2017. According to forecasts of the International Monetary Fund, global growth is projected to rise from 3.1% in 2016 to 3.5% in 2017 and 3.6% in 2018. The economic performance of emerging and developing countries is expected to substantially improve, especially due to a partial recovery of raw material prices.

Economic growth is also expected to accelerate in developed countries, largely due to higher growth forecasts in the USA. Prospects have also improved for Europe and Japan. These positive developments are based on a cyclical upswing in global production and retail which commenced in the second half of 2016.

Further contributing factors worth highlighting are the current developments on interest rate markets and changed exchange rates, especially in connection with the US dollar.

Sector-specific developments in the aviation industry

2017 marked the beginning of a successful new year for the aviation sector. Demand for passenger and cargo flights has been growing steadily. By the end of August, the global passenger traffic volume (RPK) had grown by 7.9%. This year's growth rate thus considerably exceeds the average over the last few years. Airbus and Boeing delivered 640 civil aircrafts in the first half of the calendar year, i.e. 2.7% less than in the first half of 2016. During the second half of the year, the number of delivered passenger aircrafts is forecast to reach or even slightly surpass previous year's number by the end of 2017. By the end of June 2017, aircraft manufacturers had registered 13,241 aircraft orders. This stock of orders corresponds to a backlog of 8 to 9 years (source: Fleet Analyzer, June 2017). 130 business jets were delivered in the first three months of 2017. This represents an increase of 6.6% compared to the equivalent period in 2016 in which 122 aircrafts were delivered (source: GAMA). The demand for large business jets remains strong, especially in the USA.

Revenue and earnings development

in mill. EUR	Q2 2017/18	Q2 2016/17	Change	H1 2017/18	H1 2016/17	Change
Revenues1)	174.4	164.2	6.2%	358.7	327.4	9.6%
Earnings before interest and taxes1)	16.8	-2.0	–	29.7	0.0	–
EBIT margin	9.6%	-1.2%	–	8.3%	–	–
Despreciation and amortisation1)	7.1	6.7	6.5%	14.8	13.9	6.0%
Capital Expenditures	7.0	8.4	-22.4%	12.6	15.6	-19.2%

In the first half of 2017/18, revenue amounted to EUR 358.7 million (comparative period 2016/17: EUR 327.4 million). This growth in revenue of 9.6% was mainly driven by a further significant increase in product revenues of 11.3% to EUR 335.2 million in the first half of 2017/18.

The main drivers in terms of product revenue were once again the Boeing 737, Boeing 787, Airbus A320 aircraft family, Airbus A330, Airbus A350 XWB as well as the Bombardier Challenger 350 and Embraer Legacy 450/500 aircraft programmes including revenues from the corresponding engine families which contribute to the growth of the company group.

The cost of materials and purchased services as well as personnel cost decreased compared to previous year's period by 9% in relation to revenues.

At the end of the first half of 2017/18, the staff level amounted to 3,303 FTE. Compared to the same period in the previous year, this corresponds to a group-wide adjustment of minus 37 employees (FTE).

In direct comparison, the number of specialist employees in Development & Construction, Supply Chain Management, Business Strategy and Administration increased by 44. Despite increased revenues, the number of manufac-

turing staff decreased by 81 in the same period due to learning curves and automation effects.

Depreciation and amortization costs amounted to EUR 14.8 million (comparative period 2016/17: EUR 13.9 million). This slight increase is due to investments undertaken in previous years.

Earnings before interest and taxes (EBIT) amounted to EUR 29.7 million in the first half of 2017/18 (comparative period 2016/17: EUR 0.0 million after one-off effects). The increase in product deliveries along with operating measures in connection with efficiency optimisation led to a significant improvement in earnings compared to the same period in the previous year. Furthermore, provisions for impending losses of EUR 5.5 million were released as a oneoff effect.

SEGMENT REPORTING

Aerostructures

	Q2	Q2		H1	H1
in mill. EUR	2017/18	2016/17	Change	2017/18	2016/17	Change
Revenues1)	78.0	72.4	7.8%	163.5	146.5	11.6%
Earnings before interest and taxes1)	8.0	11.1	–	19.3	14.2	–
EBIT margin	10.2%	10.3%	–	11.8%	9.7%	–
Despreciation and amortisation1)	3.9	3.6	6.9%	8.3	7.3	13.1%
Capital Expenditures	1.7	3.4	-48.9%	3.7	6.3	-40.9%

Revenues in the Aerostructures segment amounted to EUR 163.5 million in the first half of 2017/18 (comparative period 2016/17: EUR 146.5 million). Revenues from product deliveries increased by 13.7% to EUR 151.9 million. This increase was mainly driven by the Airbus A350 and A321 programmes as well as the Bombardier C-Series and Global 7000/8000.

Earnings before interest and taxes (EBIT) amounted to EUR 19.3 million in the first half of 2017/18 (comparative period 2016/17: EUR 14.2 million).

Engines & Nacelles

	Q2	Q2		H1	H1
in mill. EUR	2017/18	2016/17	Change	2017/18	2016/17	Change
Revenues1)	40.4	35.9	12.3%	78.5	66.8	17.4%
Earnings before interest and taxes1)	4.9	-1.2	–	8.2	-8.3	–
EBIT margin	12.0%	-3.5%	–	10.5%	-12.4%	–
Despreciation and amortisation1)	1.0	1.0	4.4%	2.0	2.1	-6.9%
Capital Expenditures	2.9	1.5	86.8%	5.4	3.4	55.9%

Revenues in the Engines & Nacelles segment stood at EUR 78.5 million in the first half of 2017/18 (comparative period 2016/17: EUR 66.8 million). Revenues from product deliveries rose significantly by 16.5% to EUR 74.4 million. This growth was mainly driven by the Nacelle programmes Airbus A350 and Boeing 787 as well as by rising revenues from engine composites.

half of 2017/18 (comparative period 2016/17: EUR -8.3 million). The adopted efficiency-enhancing measures along with volume effects within the division led to an ongoing improvement in earnings in relation to revenues. EBIT also benefited from the partial release of provisions for impending losses of EUR 5.5 million in the first half of 2017/18.

Earnings before interest and taxes (EBIT) in the Engines & Nacelles segment amounted to EUR 8.2 million in the first

Interiors

	Q2	Q2		H1	H1
in mill. EUR	2017/18	2016/17	Change	2017/18	2016/17	Change
Revenues1)	56.0	55.9	0.3%	116.8	114.0	2.4%
Earnings before interest and taxes1)	3.9	-5.0	–	2.2	-6.0	–
EBIT margin	7.0%	-8.9%	–	1.9%	-5.3%	–
Despreciation and amortisation1)	2.2	2.1	6.7%	4.5	4.5	0.6%
Capital Expenditures	1.9	3.5	-45.4%	3.5	5.8	-40.0%

Revenues in the Interiors segment amounted to EUR 116.8 million in the first quarter of 2017/18 (comparative period 2016/17: EUR 114.0 million). Revenues from product deliveries increased by 4.9% to EUR 108.9 million.

Earnings before interest and taxes (EBIT) in the Interiors segment stood at EUR 2.2 million in the first half of 2017/18 (comparative period 2016/17: EUR -6.0 million). Ramp-up costs incurred in previous quarters of 2016/17 due to the start of series production for a number of new projects were gradually reduced in 2017/18.

FINANCIAL STATUS

In the first half of 2017/18, total investments amounted to EUR 3.5 million (comparative period 2016/17: EUR 5.8 million).

FINANCIAL POSITION

At the end of the reporting period, intangible assets amounted to EUR 148.3 million (28 February 2017: EUR 149.7 million).

At the end of the reporting period, inventories amounted to EUR 129.3 million (28 February 2017: EUR 113.4 million). This increase with respect to the balance sheet date 2016/17 is mainly driven by revenues from product deliveries and concerns production projects which generate rising revenues.

Receivables from construction contracts increased by EUR 7.8 million to EUR 26.6 million with respect to the balance sheet date 2016/17 (28 February 2017: EUR 18.8 million).

Outlook

According to current market forecasts, the growth trend in the civil aviation industry is expected to continue moving forward. Analyses of OEMs confirm that passenger volumes will continue to grow by around 5% per year. Over the next twenty years, the global aircraft fleet, which currently amounts to 21,000 commercial aircraft (source: market outlook, Boeing 2017), will more than double to roughly 46,950 units by 2036. At the same time, 17,900 aircrafts from the existing fleet will reach the end of their service life and be replaced by modern aircraft models. Based on these estimates, a total of 41,000 new aircrafts will be required within the next 20 years.

However, a significant shift to the new growth markets of China and India is also expected to occur. Traffic volumes (flights per year and per capita) are expected to quadruple in these markets up to 2036. In the US and Europe, where air travel is already widespread, the travel volume is expected to increase by an additional 20%.

The demand for business jets is also gradually recovering after the massive slumps triggered by the global financial crisis of 2008. Experts predict that the business jet market will take off in the next 10 years and that more than 8,400 new business jets worth a total of 252 billion US dollars will be sold by 2027. The majority of business jets will operate in North America, followed by Europe and Asia. Spacious business jets are especially popular. The American tax reforms announced by President Donald Trump are expected to further boost demand. The prices of secondhand business jets are also projected to rise. The global MRO market is expected to grow to 137 billion US dollars The company's share capital amounting to EUR 45.8 million is fully paid up and is divided into 45,790,000 shares with a value of EUR 1 each.

Trade payables amounting to EUR 58.1 million (28 February 2017: EUR 59.8 million) developed in line with the business performance.

Current other financial liabilities amount to EUR 67.0 million (28 February 2017: EUR 46.3 million). This change is primarily related to changes in the working capital.

within the next ten years. FACC's Business Jet Portfolio will enable the Interiors and Aerostructures segments to profit from these market developments in the future.

FACC will continue to pursue a sales target of one billion euros for the 2020/2021 financial year in line with the company's "Vision 2020". The contracts recently concluded with Airbus, Bombardier und Rolls-Royce, which amount to a total of around EUR 650 million, will support FACC's growth strategy over the next few years. In addition, a gradual increase of production rates of its most important programmes over the next few years has been confirmed by clients and is already being implemented. Thanks to FACC's balanced and modern product and customer portfolio, the company can profit from the general growth trend currently underway in almost all relevant aircraft families. From today's perspective, the company expects a moderate growth in revenues for the 2017/18 financial year.

The market for maintenance, repair and overhaul (MRO) more specifically the maintenance and repair of composite systems – represents a business field with growing potential, with composite materials accounting for an ever-increasing proportion of new aircrafts. Based on its extensive experience in the development and manufacture of composite systems, FACC is pursuing the ultimate objective of increasingly providing repair and maintenance services to airlines in addition to its core business.

Management will continue to focus on sustainably

strengthening the company's earning power. Based on the milestone reached in connection with efficiency and cost optimization initiatives during the first half of this year, management predicts considerably higher earnings compared to the previous year.

To sum up, the FACC Group will continue to strengthen its business activities, ranging from development, manufacturing through to global supply chain management, whilst sustainably expanding its role as a partner of choice of the aviation industry. The implementation of the "Vision 2020" strategy, especially when it comes to consolidating and expanding the company's standing as a Tier 1 supplier of customers such as Airbus, Boeing, Bombardier, Embraer and all renowned engine manufacturers, is a top priority.

Consolidated Statement of Financial Position

28.02.2017 Restated1) EUR'000 EUR'000

31.08.2017

ASSETS

Total non-current assets	357,475	342,256
Deferred taxes	13,286	2,301
Non-current receivables	27,866	24,955
Other non-current financial assets	465	460
Property, plant and equipment	166,116	166,290
Intangible assets	149,743	148,250
NON-CURRENT ASSETS

CURRENT ASSETS

Inventory	113,379	129,317
Trade receiveables	98,875	79,502
Receivables from construction contracts	18,788	26,566
Other receiveables and deferred items	20,047	18,445
Receivables from related companies	28,533	26,908
Derivative financial instruments	–	15,203
Cash and cash equivalents	48,275	61,798
Total current assets	327,897	357,739
TOTAL ASSETS	685,372	699,995

EQUITY

EQUITY ATTRIBUTABLE TO SHAREHOLDERS OF

Retained earnings	15,907	34,555
Other reserves	-13,350	5,574
Currency translation reserve	-145	-745
Capital reserve	221,459	221,459
Share capital	45,790	45,790
THE PARENT COMPANY

Non-controlling interests	26	21
TOTAL EQUITY	269,687	306,654

LIABILITIES

NON-CURRENT LIABILITIES
-------------------------	--

Promissory note loans	34,000	34,000
Bonds	89,416	89,503
Other finacial liabilities	67,581	61,938
Investment grants	12,381	12,481
Employee benefit obligations	9,045	9,476
Other provisions	26,195	20,855
Total non-current liabilities	238,618	228,253

CURRENT LIABILITIES

Trade payables	59,809	58,080
Liabilities towards related companies	1,813	1,374
Other liabilities and deferred items	27,433	24,732
Other financial liabilities	46,295	67,020
Promissory note loans	8,000	–
Derivative financial instruments	19,179	–
Other provisions	13,373	11,186
Investment grants	1,166	1,165
Income tax liabilities	–	1,531
Total current liabilities	177,068	165,088
TOTAL LIABILITIES	415,685	393,341
TOTAL EQUITY AND LIABILITIES	685,372	699,995

Consolidated Statement of Comprehensive Income

	Q2 2016/17 Restated1)	Q2 2017/18	FY 2016/17 Restated1)	FY 2017/18
	EUR'000	EUR'000	EUR'000	EUR'000
REVENUE	164,206	174,437	327,372	358,700
Changes in inventory of finished and unfinished products	4,086	-5,010	13,917	3,459
Own work capitalised	2,563	1,608	5,239	3,110
Other operating income	5,765	7,050	8,693	9,659
Cost of materials and purchased services	-110,821	-101,983	-218,012	-213,678
Personnel costs	-40,146	-39,302	-84,278	-85,456
Depreciation, amortisation and impairment	-6,696	-7,128	-13,925	-14,761
Other operating expenses	-20,978	-12,866	-38,999	-31,314
Earnings before interest and taxes (EBIT)	-2,022	16,805	7	29,718
Financing expenses	-3,371	-2,475	-7,674	-5,220
Interest income from financial instruments	287	-8	295	44
Fair value measurement of derivative financial instruments	1,811	–	3,521	–
Earnings before taxes (EBT)	-3,295	14,321	-3,852	24,542
Income taxes	480	-4,435	870	-5,899
Earnings after taxes	-2,815	9,886	-2,982	18,644
ITEMS SUBSEQUENTLY RECLASSIFIED TO PROFIT OR LOSS
Currency translation differeneces from consolidation	-12	-131	20	-600
Fair value measurement of securities (after tax)	10	1	14	-3
Cash flow hedges (after tax)	1,679	8,895	6,822	18,924
ITEMS NOT SUBSEQUENTLY RECLASSIFIED TO PROFIT OR LOSS
Revaluation effects of pensions and termination benefits (after tax)	-54	2	180	3
Other comprehensive income	1,623	8,767	7,035	18,324
Total comprehensive income	-1,192	18,653	4,053	36,967
INCOME AFTER TAX ATTRIBUTABLE TO:
Shareholders of the parent company	-2,815	9,982	-2,982	18,649
Non-controlling interests	–	-6	–	-5
CONSOLIDATED COMPREHENSIVE INCOME ATTRIBUTABLE TO:
Shareholders of the parent company	-1,192	18,659	4,053	36,972
Non-controlling interests	–	-6	–	-5
Earnings per share (in EUR)
Undiluted = diluted	-0,06	0,22	-0,07	0,41

Consolidated Statement of Cash Flows

	01.03.2016– 31.08.2016 Restated1)	01.03.2017– 31.08.2017
	EUR'000	EUR'000
OPERATING ACTIVITY
Earnings before taxes (EBT)	-3,852	24,542
Plus financing expenses, interest earned from financial instruments and fair value
measurement of derivative financial instruments	3,859	5,176
Earnings before interest and taxes (EBIT)	7	29,718
Plus/minus
Depreciation, amortisation and impairment	13,925	14,761
Expenses/Income from the reversal of investment grants	375	-343
Change in other non-current provisions	2,590	-5,340
Change in employee benefit obligations	546	452
Other non-cash expenses/income	-5,443	8,628
	12,000	47,877
Change in working capital
Change in inventory	-24,006	-16,146
Change in trade receivables and other receivables	-6,329	-24,260
Change in trade payables and other liabilities	-2,735	18,717
Change in current provisions	-1,717	-1,788
Cash flow from ongoing activity	-22,787	24,400
Interest received	129	44
Income taxes paid	-2	-38
Net cash flow from operating activities	-22,660	24,407
INVESTING ACTIVITY
Payments for the acquisition of intangible assets, plant, property and equipment	-15,581	-12,593
Proceeds from the disposal of intangible assets, plant, property and equipment	–	16
Net cash flow from investing activities	-15,581	-12,577
FREE CASH FLOW	-38,242	11,830
FINANCING ACTIVITY
Proceeds from non-current interest-bearing liabilities	33,021	6,635
Repayments of promissory note loans	–	-8,000
Repayments of non-current interest-bearing liabilities	–	-12,279
Change in current interest-bearing liabilities	-4,762	20,235
Interest paid	-7,600	-4,842
Net cash flow from financing activities	20,659	1,749
Net changes in cash and cash equivalents	-17,583	13,579
Cash and cash equivalents at the beginning of the period	56,215	48,275
Effects from foreign exchange rates	-1,097	-55
Cash and cash equivalents at the end of the period	37,535	61,798

Consolidated Statement of Changes in Equity

				OTHER RESERVES
	Share capital	Capital reserves	Currency translation reserve	Securities - available for sale	Cash flow hedges	Reserves IAS 19
	EUR'000	EUR'000	EUR'000	EUR'000	EUR'000	EUR'000
As of 1 March 2017 (previous)	45,790	221,459	-145	-17	-9,444	-3,889
Error correction according to IAS 8	–	–	–	–	–	–
As of 1 March 2017	45,790	221,459	-145	-17	-9,444	-3,889
Annual income after tax acording to income statement (adjusted according to IAS 8)	–	–	–	–	–	–
Other comprehensive income	–	–	-600	-3	18,924	3
Total comprehensive income	–	–	-600	-3	18,924	3
As of 31st August 2017	45,790	221,459	-745	-20	9,480	-3,886

	Retained earnings	Equity attributable to share holders of the parent	Non controlling interests	Total equity
	EUR'000	EUR'000	EUR'000	EUR'000
As of 1 March 2017 (previous)	30,240	283,993	26	284,019
Error correction according to IAS 8	-14,333	-14,333	–	-14,333
As of 1 March 2017	15,907	269,661	26	269,687
Annual income after tax acording to income statement (adjusted according to IAS 8)	18,649	18,649	-5	18,644
Other comprehensive income	–	18,324	–	18,324
Total comprehensive income	18,649	36,972	-5	36,967
As of 31st August 2017	34,556	306,633	21	306,654

Consolidated Statement of Changes in Equity

					OTHER RESERVES
	Share capital	Capital reserves	Currency translation reserve	Securities - available for sale	Cash flow hedges	Reserves IAS 19
	EUR'000	EUR'000	EUR'000	EUR'000	EUR'000	EUR'000
As of 1 March 2016 (previous)	45,790	221,459	-250	-27	-9,727	-3,722
Error correction according to IAS 8	–	–	–	–	–	–
As of 1 March 2016	45,790	221,459	-250	-27	-9,727	-3,722
Annual income after tax acording to income statement (adjusted according to IAS 8)	–	–	–	–	–	–
Other comprehensive income	–	–	20	14	6,822	180
Total comprehensive income	–	–	20	14	6,822	180
As of 31st August 2017	45,790	221,459	-230	-13	-2,906	-3,543

	Retained earnings	Equity attributable to share holders of the parent	Non-control ling interests	Total equity
	EUR'000	EUR'000	EUR'000	EUR'000
As of 1 March 2016 (previous)	50,842	304,365	17	304,382
Error correction according to IAS 8	-50,164	-50,164	–	-50,164
As of 1 March 2016	678	254,201	17	254,218
Annual income after tax acording to income statement (adjusted according to IAS 8)	-2,982	-2,982	–	-2,982
Other comprehensive income	–	7,035	–	7,035
Total comprehensive income	-2,982	4,053	–	4,053
As of 31st August 2017	-2,304	258,254	17	258,271

FACC PARTNERSHIP.

Notes (abridged) TO THE CONSOLIDATED FINANCIAL STATEMENT

1. GENERAL

The FACC Group based in Ried im Innkreis is an Austrian group of companies who is active in the development, production and maintenance of aviation components. Its main spheres of activity are the manufacture of structural components such as parts of fan cowls, wing fairings or control surfaces, as well as the manufacture of interiors of modern commercial aircraft. The components are mainly made of composites. The group of companies also integrates metal components of titanium, high-alloy steels and other metals into these composite components and delivers the components ready for installation to the assembly lines of the aircraft manufacturers.

Since 25 June 2014 FACC AG has been listed in the prime market segment of the Vienna Exchange (official trading).

FACC AG is included in consolidation scope of Aviation Industry Corporation of China based in Beijing (Building 19, A5, Shuguang Xili, Chaoyang District, Beijing), commercial register no. 91110000710935732K.

2. CHANGES IN ACCOUNTING ESTI-MATES AND ERRORS

In the course of a random check of the Austrian Financial Reporting Enforcement Panel (OePR) the consolidated financial statement as of 29 February 2016 as well as the half-year financial report as of 31 August 2015 and as of 31 August 2016 of FACC AG were selected and subjected to an audit pursuant to Sect. 2 para. 1 no. 2 of the Accounting Control Act (audit without particular cause). In September 2016, FACC AG was informed by the Financial Market Authority (FMA) that it would perform the procedure in question itself.

The audit was completed with the decision dated 28 August 2017. During the ongoing proceedings, all violations identified except for the "Adjustment of provisions for impending losses" (violation of IAS 37.14 and IAS 37.66) have already been corrected according to IAS 8.42 in the consolidated financial statement as of 28 February 2017 and explained in the notes to the consolidated financial statement. A reference regarding the final clarification in terms of provisions for onerous contracts, which was still outstanding at that time, was made in the notes on the consolidated accounts. Pursuant to IAS 8.42, the following errors were corrected.

Corrections

1) Recognition of accounts receivable

In the consolidated financial statements as of 29 February 2016 as well as 31 August 2016 trade accounts receivable and receivables from production orders were recognized. In several cases, FACC was in ongoing negotiations with various customers about the interpretation of contracts and the scope of additional claims.

In accordance with the FACC group's interpretation of contracts, receivables from these customers were recognized on the basis of the estimated result of the negotiations.

Pursuant to IAS 18.18 and/or IAS 11.13 or IAS 11.14, it is required for the recognition and valuation of receivables and/or sales that the inflow of economic benefit is sufficiently probable. The fulfillment of this condition was evaluated on the basis of the presence of customers' written statements or other legally binding agreements.

For these circumstances, the adjustment of receivables and/or reduction of sales pursuant to IAS 18.9 and IAS 11.12 and/or IAS 39.9 became necessary.

The above considerations result in the situation that the presentations were already included in the respective financial statements of the previous periods which were based on a different assessment of information available at the respective reporting date. Therefore, the consolidated financial statement in hand shows, as of 1 March 2016 (29 February 2016), a reduction of trade accounts receivable by 13,187 TEUR, and of receivables from production orders by 8,391 TEUR. In the interim financial statement as of 31 August 2016, trade accounts receivable were reduced by 15,558 TEUR (cumulated), and receivables from production orders were reduced by 8,429 TEUR.

2) Recognition of provisions

In the financial year 2015/16, advisory services were provided by third parties regarding the production and engineering process of FACC, for the remuneration of which no provision was recognized although an obligation to do so had already been present on the basis of IAS 37. Therefore, pursuant to IAS 37.14, a provision amounting to 2,965 TEUR was created for the financial year 2015/16 via other operating expenses. In the interim financial statement as of 31 August 2016, the provision was increased to 3,405 TEUR (cumulated).

3) Discounting of long-term interest-free accounts receivable and overdue accounts receivable

On the basis of past estimations, FACC has previously discounted long-term or overdue accounts receivable only in particular cases.

Up to now, FACC has insufficiently discounted longterm accounts receivable, and has not discounted overdue accounts receivable.

Pursuant to IAS 39.43, 39.58 and 39.AG8 as well as IFRS 7.37, the discounting of overdue accounts receivable was corrected. The interest rate to be applied was determined pursuant to IAS 39.43 in connection with IAS 18.11 and IFRS 13.

The present recognition of such discounts resulted in additional adjustments to trade accounts receivable amounting to 1,309 TEUR as of 1 March 2016 (29 February 2016), and amounting to 1,217 TEUR as of 31 August 2016. Therefore, in the comparative period 1st half-year 2016/17 a revenue amounting to 92 TEUR was recognized in the financial income.

4) Review of recoverability of development costs and tools

Previously, the impairment test for development projects was made at the level of the business segments. In order to comply with IAS 36.6, 36.14, 36.22 and 36.66–70 in terms of the impairment test, a lower level of aggregation for the cash-generating units deviating from the previous procedure was determined for the consolidated financial statement for the financial year 2016/17, which level is mainly based on individual development projects and which, in some cases, is aggregated regarding projects for the same type of aircraft. For the period before the reference year it is not possible to subsequently carry out the impairment test according to this lower level of aggregation because there is no data base available for the allocation of the cash outflows on this low level of aggregation. An ex-post reproduction of this data base is not possible or would be possible only by applying disproportionate estimates which do not offer reliable information. Therefore, the impairment test according to the new procedure was first applied to the financial year 2015/16. As of 1 March 2016 (29 February 2016), the consideration of this procedure results in a reduction of 20,200 TEUR in case of the intangible assets (development costs), as well as of 3,514 TEUR in case of the tangible assets (tools). For the 1st half of 2016/17, the write-down is reduced by 854 TEUR.

5) Adjustment of provisions for impending losses

In the business report as of 28 February 2017, the creation of provisions for impending losses was explained under item 3 b) viii) on the basis of the classification.

For the assessment as to whether individual agreements with customers should be considered as a contract, the chronological sequence, the connection in terms of contents and the interdependency of the resultant cash inflows were analyzed and assessed in detail. On this basis, two contracts concluded with the same customer were qualified as one contract as regards the assessment of impending losses. Due to this qualification there was no potential for impending losses.

In accordance with the final assessment of the FMA, the approach has been changed in that the criteria pursuant to IAS 37.14 and IAS 37.66 are not completely present for a synopsis of the two contracts, and that the potential for impending losses has to be assessed on the basis of separate contracts, because the delivery commitments were negotiated separately and related to different products and types of aircraft. Additionally, the customer had unilateral termination rights.

This results in an additional provision amounting to 17,190 TEUR as of 1 March 2016 (29 February 2016), and amounting to 19,780 TEUR as of 31 August 2016. The increase of 2,590 TEUR in the first half of 2016/2017 was recognized in other operating expenses. As of 28 February 2017, the additional provision was 19,110 TEUR.

6) Adjustment of deferred taxes

The error correction pursuant to IAS 8.42 resulted in an adjustment of deferred taxes. The main reason was a change in the temporary differences regarding the development costs as well as the increase of deferred taxes on the asset side to tax loss carry-forwards. As of 29 February 2016, the error correction resulted in an increase of the surplus of deferred taxes on the asset side.

7) Adjustment of maturities

As of 31 August 2016, the maturity of the short-term part of the bonded loan amounting to 8,000 TEUR was reclassified from the long-term range to the short-term range.

Consolidated Statement of Financial Position

Correction according to IAS 8

29. February = 01. March 2016

	Topic	Previous EUR'000	Correction EUR'000	Restated EUR'000
ASSETS NON-CURRENT ASSETS
Intangible assets	4)	166,067	-20,000	145,867
Property, plant and equipment	4)	168,748	-3,514	165,234
Other non-current financial assets		451	–	451
Non-current receivables	3)	30,232	-738	29,494
Deferred taxes		241	16,592	16,833
Total non-current assets		365,739	-7,860	357,878
CURRENT ASSETS
Inventories		107,823	–	107,823
Trade receiveables	1), 3)	106,384	-13,758	92,626
Receivables from construction contracts	1)	28,633	-8,391	20,242
Other receiveables and deferred items		15,336	1	15,337
Receivables from related companies		19,060	–	19,060
Cash and cash equivalents		56,215	–	56,215
Total current assets		333,451	-22,148	311,302
TOTAL ASSETS		699,190	-30,009	669,179

	31. August 2016		28. February = 01. March 2017
Previous EUR'000	Correction EUR'000	Restated EUR'000	Previous EUR'000	Correction EUR'000	Restated EUR'000
166,678	-19,202	147,476	149,743	–	149,743
168,924	-3,659	165,265	166,116	–	166,116
469	–	469	465	–	465
28,447	-572	27,875	27,866	–	27,866
–	15,762	15,762	8,508	4,777	13,286
364,519	-7,671	356,848	352,698	4,777	357,475
131,829	–	131,829	113,379	–	113,379
126,031	-16,203	109,828	98,875	–	98,875
28,497	-8,429	20,068	18,788	–	18,788
18,364	–	18,364	20,047	–	20,047
7,044	–	7,044	28,533	–	28,533
37,535	–	37,535	48,275	–	48,275
349,300	-24,633	324,667	327,897	–	327,897
713,818	-32,304	681,515	680,595	4,777	685,372

29. February = 1. March 2016

	Previous	Correction	Restated
PASSIVA Topic	EUR'000	EUR'000	EUR'000
EQUITY
EQUITY ATTRIBUTABLE TO SHAREHOLDERS OF THE PARENT COMPANY
Share capital	45,790	–	45,790
Capital reserve	221,459	–	221,459
Currency translation reserve	-250	–	-250
Other reserves	-13,476	–	-13,476
Retained earnings all	50,842	-50,164	678
	304,365	-50,164	254,200
Non-controlling interests	17	–	17
TOTAL EQUITY	304,382	-50,164	254,217
LIABILITIES NON-CURRENT LIABILITIES
Promissory note loans 7)	42,000	–	42,000
Bonds	89,242	–	89,242
Other finacial liabilities	75,213	–	75,213
Investment grants	12,385	–	12,385
Employee benefit obligations	10,759	–	10,759
Other provisions 5)	–	17,190	17,190
Deferred Taxes	–	–	–
Total non-current liabilities	229,599	17,190	246,790
CURRENT LIABILITIES
Trade payables	72,679	–	72,679
Liabilities towards related companies	425	–	425
Other liabilities and deferred items	25,526	–	25,526
Other financial liabilities	21,634	–	21,634
Promissory note loans 7)	–	–	–
Derivative financial instruments	33,476	–	33,476
Other provisions 2)	10,394	2,965	13,358
Investment grants	904	–	904
Income tax liabilities	171	–	171
Total current liabilities TOTAL LIABILITIES TOTAL EQUITY AND LIABILITIES	165,209 394,808 699,190	2,965 20,155 -30,009	168,173 414,963 669,179

	31. August 2016			28. February = 1. March 2017
Previous EUR'000	Correction EUR'000	Restated EUR'000	Previous EUR'000	Correction EUR'000	Restated EUR'000
45,790	–	45,790	45,790	–	45,790
221,459	–	221,459	221,459	–	221,459
-230	–	-230	-145	–	-145
-6,460	–	-6,460	-13,350	–	-13,350
51,231	-53,535	2,304	30,240	-14,332	15,907
311,790	-53,535	258,255	283,993	-14,332	269,661
17	–	17	26	–	26
311,806	-53,535	258,271	284,019	-14,332	269,687
42,000	-8,000	34,000	34,000	–	34,000
89,329	–	89,329	89,416	–	89,416
69,427	–	69,427	67,581	–	67,581
12,744	–	12,744	12,381	–	12,381
11,066	–	11,066	9,045	–	9,045
–	19,780	19,780	7,085	19,110	26,195
1,954	-1,954	–	–	–	–
226,520	9,826	236,346	219,508	19,110	238,618
71,111	–	71,111	59,809	–	59,809
981	–	981	1,813	–	1,813
24,310	–	24,310	27,433	–	27,433
55,592	–	55,592	46,295	–	46,295
–	8,000	8,000	8,000	–	8,000
14,319	–	14,319	19,179	–	19,179
8,235	3,405	11,640	13,373	–	13,373
904	–	904	1,166	–	1,166
41	–	41	–	–	–
175,492 402,012 713,818	11,405 21,231 -32,304	186,897 423,243 681,515	177,068 396,576 680,595	– 19,110 4,778	177,068 415,685 685,372

904	1.166	$\qquad \qquad$	1.166
41	$\overline{\phantom{a}}$	$\sim$	$\overline{\phantom{000000000000000000000000000000000000$
186,897	177,068		177.068
423,243	396,576	19,110	415,685
C01E1E	COPE	1770	COE 070

Consolidated Statement of Comprehensive Income

Correction according to IAS 8

			Fiscal year 2015/16
	Topic	Previous EUR'000	Correction EUR'000	Restated EUR'000
REVENUE	1)	329,821	-2,449	327,372
Changes in inventory of finished and unfinished products		13,917	–	13,917
Own work capitalised		5,239	–	5,239
Other operating income		8,693	–	8,693
Cost of materials and purchased services	2)	-217,571	-441	-218,012
Personnel costs		-84,278	–	-84,278
Depreciation, amortisation and impairment	4)	-14,779	854	-13,925
Other operating expenses	1), 5)	-36,448	-2,551	-38,999
Earnings before interest and taxes (EBIT)		4,594	-4,587	7
Financing expenses	3)	-7,600	-74	-7,674
Interest income from financial instruments	3)	129	166	295
Fair value measurement of derivative financial instruments		3,521	–	3,521
Earnings before taxes (EBT)		643	-4,495	-3,852
Income taxes		-254	1,124	870
Earnings after taxes		389	-3,371	-2,982
ITEMS SUBSEQUENTLY RECLASSIFIED TO PROFIT OR LOSS
Currency translation differeneces from consolidation		20	–	20
Fair value measurement of securities (after tax)		14	–	14
Cash flow hedges (after tax)		6,822	–	6,822
ITEMS NOT SUBSEQUENTLY RECLASSIFIED TO PROFIT OR LOSS
Revaluation effects of pensions and termination benefits (after tax)		180	–	180
Other comprehensive income		7,035	–	7,035
Total comprehensive income		7,424	-3,371	4,053
INCOME AFTER TAX ATTRIBUTABLE TO:
Shareholders of the parent company		388	3,370	-2,982
Non-controlling interests		–	–	–
CONSOLIDATED COMPREHENSIVE INCOME ATTRIBUTABLE TO:
Shareholders of the parent company		7,424	3,371	4,053
Non-controlling interests		–	–	–
Earnings per share (in EUR) Undiluted = diluted		0,01	–	-0,07

Consolidated Statement of Cash Flows

1. August 2016

Correction according to IAS 8

Previous Correction Restated EUR'000 EUR'000 EUR'000 Earnings before tax 643 -4,495 -3,852 Financial results 3,951 -92 3,859 Earnings bofore interest and tax 4,594 -4,587 7 Non cash effective earnings and expenses 10,257 1,736 11,993 Changes in working capital -37,638 2,851 -34,787 Interests received 129 – 129 Taxes paid -2 – -2 Cash flow from operating activities -22,660 – -22,660 Cash flow from investing activities -15,581 – -15,581 Cash flow from financing activities 20,659 – 20,659 Changes in cash and cash equivalents -17,583 – -17,583

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The significant accounting policies applied to the preparation of the present consolidated interim financial statement are shown in the consolidated annual report as of 28 February 2017. Except for the changed approach in the assessment of provisions for impending losses, these policies were consistently applied without change to the presented periods under review.

a) Basis for preparing the financial statements

The consolidated interim financial statement as of 31 August 2017 was prepared according to the International Financial Reporting Standards (IFRS) as well as the interpretations of the IFRS IC applicable inside the EU, based on IAS 34 (interim financial reporting).

The consolidated interim financial statement was prepared on the basis of the principle of historical cost, except for financial assets and financial liabilities (including derivative financial instruments) which were valued at their fair value.

In the balance sheet disclosure a difference is made between long-term and short-term assets and liabilities, which are explained in the notes on the basis of their maturity.

The consolidated income statement is organized according to the aggregate cost method.

Amounts are rounded for clarity purposes, and - unless otherwise specified - shown in amounts of thousand euros.

All new and modified standards that had to be applied for the first time in the financial year 2016/17 are listed in the consolidated financial statement of FACC AG as of 28 February 2017 under Note 3 a). For the first half of 2017/18 there were no changes affecting the consolidated interim financial statement of FACC AG as of 31 August 2017.

b) Use of assumptions and estimates

For the preparation of the financial statement, assumptions and estimates were made which had an effect on the amount of the assets, liabilities, revenues and expenditures carried in the balance sheet. These assumptions and estimates may result in major adjustments of assets and liabilities in subsequent financial years.

Assumptions and estimates are permanently reviewed and are based on past experience and other factors such as expectations regarding future events that seem reasonable in the present circumstances. The resultant accounting assumptions do not necessarily correspond to actual results.

In the consolidated financial statement of FACC AG as of 28 February 2017, estimates and uncertainties regarding discretionary decisions and assumptions are explained under Note 3b) "Use of assumptions and estimates" and were applied without change to the balance sheet date 28 February 2017, except for the changed approach regarding the assessment of provisions for impending losses ("Corrections item 5").

c) Seasonal nature of the business

The group's business activity is subject to only minor seasonal fluctuations.

d) Consolidated companies

The financial statements of the subsidiaries included in the consolidated interim financial statement were prepared as of 31 August 2017, the uniform consolidated interim balance reporting date, as well according to the IFRS applicable in the EU. The individual financial statements of FACC AG and its subsidiaries are included in the consolidated financial statement considering the uniform accounting and valuation principles applicable throughout the group.

The consolidated companies of the FACC Group as of 31 August 2017 are the same as the consolidated companies as of 28 February 2017.

4. FINANCIAL RISK MANAGEMENT

a) Principles of financial risk management

Because of its business activity, the FACC group is exposed to various financial risks: the market risk (including the foreign exchange risk, the interest-related risk from changes in the fair value, the interest-related cashflow risk and the market price risk), the credit risk, and the liquidity risk. The overall risk management of the group focuses on the unpredictability of developments in the financial markets and aims at minimizing potential negative effects on the financial position of the group. The group uses derivative financial instruments to guard itself against certain risks. As a matter of principle, the group does not use derivative financial instruments for speculative purposes. The department responsible for the risk management is the central Treasury Department (Group Treasury). The Group Treasury identifies, evaluates and hedges financial risks in close cooperation with the operational units of the group.

b) Financial risk factors

These are, in particular, exchange rate risks and interest risks. Apart from these two risk groups, there are no other significant market price risks.

c) Contract volume of derivative financial instruments and the related fair values

The nominal amounts of certain types of derivative financial instruments provide a basis of comparison for the instruments recognized on the balance sheet but do not necessarily indicate the current fair value and are therefore no reference for the credit risk or the market price risk the group is exposed to.

d) Book values and fair values of financial instruments

Original financial instruments mainly include other longterm financial assets, trade accounts receivable, bank balances, loans, financial liabilities and trade accounts payable. Purchases and sales of all financial instruments are recognized on the basis of the settlement date. The valuation of the financial instruments is effected at the date of purchase and generally at the cost of purchase which corresponds to the fair value at that date. The financial assets are derecognized when the rights to receive payments from the investment have expired or have been transferred and the company has transferred substantially all the risks and opportunities associated with ownership. Financial obligations are derecognized when the payment obligation has expired.

According to the categories of IAS 39, the short-term and long-term financial assets and liabilities are composed as follows:

	Category IAS 391 )	Carrying amount on 28 February 2017	Fair Value on 28 February 2017	Carrying amount on 31 August 2017	Fair Value on 31 August 2017
		EUR'000	EUR'000	EUR'000	EUR'000
ASSETS
Valuation at (amortised) cost carrying amount
Securities (unquoted)	AtFVtP&L	44	–	44	–
Non-current receiveables	LaR	27,866	27,866	24,955	24,955
Trade receivables	LaR	98,875	98,875	79,502	79,502
Receivables from construction
contracts	LaR	18,788	18,788	26,566	26,566
Receivables from related companies	LaR	28,533	28,533	26,908	26,908
Cash and cash equivalents	LaR	48,275	48,275	61,798	61,798
Fair value measurement (fair value hierarchy according to IFRS 13: level 1)
Securities (quoted)	AfS	421	421	417	417
Derivates with poitive fair value (foreign exchange futures)	–	–	–	15,203	15,203
Total financial assets		222,802	222,758	235,393	235,349

	Category IAS 391)	Carrying amount on 28 February 2017	Fair Value on 28 February 2017	Carrying amount on 31 August 2017	Fair Value on 31 August 2017
		EUR'000	EUR'000	EUR'000	EUR'000
LIABILITIES
Valuation at (amortised) cost carrying amount
Promissory note loans	FLAC	42,000	42,000	34,000	34,000
Liabilities towards credit institutes	FLAC	113,876	113,876	128,958	128,958
Trade payables	FLAC	59,809	59,809	58,080	58,080
Liabilities of related companies
(Group financing)	FLAC	1,813	1,813	1,374	1,374
Valuation at (amortised) cost carrying amount (fair value hierarchy according to IFRS 13: level 1)
Fair value measurement	FLAC	89,416	95,967	89,503	97,650
Derivates with negative fair value
(foreign exchange futures)	–	19,179	19,179	–	–
Total financial liabilities		326,093	332,644	311,915	320,062

In the present interim financial statement as of 31 August 2017, no changes were made in the valuation technique of the fair values between the different levels of the fair value hierarchy.

As regards the valuation technique of the fair values, reference is made to the consolidated financial statement of FACC AG as of 28 February 2017 item 4 d) "Book values and fair values of financial instruments".

1) LaR Loans and Receivables

AfS Available for Sale

AtFVtP&L At Fair Value through Profit and Loss

FLAC Financial Liabilities at Amortised Cost

5. SEGMENT REPORTING

The group manufactures vendor parts for the aerospace industry, primarily for commercial aircraft and helicopters. The range of products comprises structural components (fairing components for the fuselage and empennage, fan cowl components and composite parts for engines, wing parts and wing tips), as well as components for the interiors of aircraft (overhead stowage compartments, interior trims, service units, etc.)

Segment reporting follows the internal management and reporting of FACC. Because of the different applications for which the products are used, three operational segments were established. The "Aerostructures" segment is responsible for the development, manufacture and marketing of structural components, the "Interiors" segment deals with the development, manufacture and marketing of interiors, and the "Engines & Nacelles" segment is in charge of the manufacture and marketing of engine components. After concluding the customer contracts and order processing, the individual orders are manufactured in the five plants of the group. Apart from the three operational segments, the entire company also comprises the central services Finances and Controlling, Human Resources, Quality Assurance, Purchasing, and IT (including Engineering Services). The central services support the operational segments in the performance of their tasks in the sense of a matrix organization.

	Divisions
01.03.2017–31.08.2017	Aero structures EUR'000	Engines & Nacelles EUR'000	Interiors EUR'000	Total EUR'000
Information on profitability
Revenue	163,456	78,465	116,779	358,700
Earnings before interest, taxes and depreciation (EBITDA)	27,555	10,195	6,729	44,480
Depreciation, amortisation and impairment	-8,266	-1,995	-4,500	-14,761
Earnings before interest and taxes (EBIT)	19,290	8,200	2,229	29,718
Information on assets
Assets	338,668	146,764	214,564	699,995
Capital expenditure in the fiscal year	3,734	5,373	3,486	12,593

	Divisions
01.03.2016–31.08.2016	Aero structures EUR'000	Engines & Nacelles EUR'000	Interiors EUR'000	Total EUR'000
Information on profitability
Revenue	146,535	66,838	113,999	327,372
Earnings before interest, taxes and depreciation (EBITDA)	21,552	-6,110	-1,510	13,932
Depreciation, amortisation and impairment	-7,307	-2,143	-4,476	-13,925
Earnings before interest and taxes (EBIT)	14,245	-8,253	-5,986	7
Information on assets
Assets	323,074	140,885	217,556	681,515
Capital expenditure in the fiscal year	6,323	3,446	5,811	15,581

6. CHANGES IN THE NET ASSETS, FI-NANCIAL POSITION AND RESULTS OF OPERATIONS

Compared to 28 February 2017, the tangible assets were increased by 174 TEUR to 166,290 TEUR. This is mainly due to the acquisition of technical equipment and machinery.

Other long-term provisions were reduced, compared to 28 February 2017, by 5,340 TEUR which was mainly caused by the reduction of provisions from impending losses.

In July 2017, a bonded loan amounting to 8,000 TEUR was redeemed.

Because of the exchange rate development of the USD as well as the currency hedging policy prevailing in the enterprise, derivative financial instruments amounting to 15,203 TEUR are shown under short-term assets as of 31 August 2017 (and derivative financial instruments of 19,179 TEUR under short-term liabilities as of 28.2.2017).

The main changes in the statement of comprehensive income as well as the cashflow are explained in the management report.

7. TRANSACTIONS WITH RELATED COMPANIES AND PERSONS

Sales revenues amounting to 706 TEUR were achieved with the related company Shanghai Aircraft Manufacturing Co., Ltd. (reference period previous year: 1,366 TEUR).

Sales revenues amounting to 1,220 TEUR were achieved with the related company Fesher Aviation Component (Zhenjiang) Co., Ldt. (reference period previous year: 373 TEUR).

Costs amounting to 0 TEUR were passed on to the related company FACC International Co., Ltd. (reference period previous year: 434 TEUR).

In the first half of 2017, the earnings per share amounted to 0.41 EUR. In the reference period of the previous year the earnings per share amounted to -0.07 EUR (0.01 EUR before restatement).

9. EVENTS AFTER THE INTERIM RE-PORTING DATE

No important events occurred after the interim reporting date.

10. WAIVER OF AUDIT REVIEW

The interim report in hand has neither been checked nor subjected to an audit review.

11. DECLARATION OF THE LEGAL RE-PRESENTATIVES PURSUANT TO SECT. 87 PARA. 1 NO. 3 OF THE STOCK EX-CHANGE ACT

We confirm to the best of our knowledge that the abridged consolidated interim financial statement as of 31 August 2017, which was prepared in accordance with the relevant accounting standards, gives a true and fair view of the group's net assets, financial position and results of operations. We also confirm that the management report for the first half of the year gives a true and fair view of the group's net assets, financial position and results of operations regarding the important events during the first six months of the financial year and their impact on the abridged consolidated interim financial statement and regarding the most important risks and uncertainties of the remaining six months of the financial year and regarding the major transactions with related companies and persons that have to be disclosed.

Ried im Innkreis. 17. October 2017

8. EARNINGS PER SHARE

Robert Machtlinger e. h. Chairman of the Management Board

Aleš Stárek e. h. Member of the Management Board Yongsheng Wang e. h. Member of the Management Board

Investor Relations

Basic information about the FACC share

Securities ID number (ISIN)	AT00000FACC2
Currency	EUR
Stock Exchange	Vienna (XETRA)
Market segment	Prime Market (official trading)
First day of trading	25 June, 2014
Issue price	EUR 9.5
Paying agent	Erste Group
Indices	ATX GP, ATX IGS, ATX Prime, WBI
Share class	ordinary shares
Ticker symbol	FACC
Reuters symbol	FACC.VI
Bloomberg symbol	FACC AV
Number of shares issued	45,790,000

SHAREHOLDER STRUCTURE AND SHARE CAPITAL

The share capital of FACC AG is EUR 45,790,000 and is in 45,790,000 shares. The Aviation Industry Corporation of China (AVIC) holds 55.5% of the voting rights in FACC AG through FACC International. The remaining 44.5% of the shares are in free float in diversified holdings of international and Austrian investors. FACC AG itself held no own shares at the end of the reporting period.

CONTACT DETAILS

Manuel TAVERNE
Director Investor Relations
Telefon	+43 59 616 2819
Mobil	+43/664/80119 2819
E-Mail	m.taverne@facc.com

INTERIM REPORT 1ST HALF OF THE YEAR 2017/18

Submission deadline: 17.10.2017

The report in hand has been prepared with utmost diligence, and the correctness of the data has been checked. It cannot be excluded, however, that minor calculation differences may occur after summing up rounded amounts and percentages. Type-setting and printing errors are also possible.

This report including the forward-looking information contained herein was prepared on the basis of all data and information available during preparation. However, we'd like to point out that the actual results may deviate from the forward-looking statements in this report because of various factors. For reasons of readability, terms relating to persons such as "employee" were used in a non-gendered form.