FinLab AG — Interim / Quarterly Report 2015

Sep 30, 2015

NEXT GENERATION FINANCE. NOW.

Half - Year Financial Report as at June 30, 2015

CONTENT

HALF - YEAR FINANCIAL REPORT

INTERIM FINANCIAL REPORT (HGB)	03
Balance Sheet	04
Income Statement	06
Statement for the Financial Year	07
INTERIM FINANCIAL REPORT (IFRS)	13
Balance Sheet	14
Income Statement and Comprehensive Statement of Income	16
Statement of Cashflows	17
Statement of Changes in Equity	18
CONTACT	20

Page 3

INTERIM FINANCIAL REPORT FINLAB AG (HGB)

HALF - YEAR FINANCIAL STATEMENT AS AT JUNE 30, 2015

BALANCE SHEET AS AT JUNE 30, 2015 (HGB) ASSETS

				in Euro
			06/30/2015	12/31/2014
A.		Fixed assets
	I.	Intangible assets
		Concessions acquired for valuable consideration, intel lectual property rights and similar rights and assets and licences to such rights and assets	17,368.93	5,899.00
			17,368.93	5,899.00
	II.	Property, plant and equipment
		1. Land, land rights and buildings including buildings on third-party land	18,285,46	22,321.00
		2. Other plant, operating and office equipment	106,545.26	159,338.08
			124,830.72	181,659.08
	III.
		1. Shares in affiliated companies	3,093,835.20	2,874,221.10
		2. Loans to affiliated companies	3,141,222.46	1,268,750.00
		3. Securities classified as fixed assets	20,789,613.59	20,432,638.63
			27,024,671.25	24,575,609.73
			27,166,870.90	24,763,167.81
B.		Current assets
	I.	Receivables and other assets
		1. Trade receivables	0.00	21,964.38
		2. Receivables from affiliated companies	3,306,423.97	391,470.74
		3. Other assets	411,836.63	403,495.02
			3,718,260.60	816,930.14
	II.	Securities	1,339,745.94	1,924,843.38
	III.	Cash at bank, bank balances	2,694,318.46	3,290,990.27
			7,752,325.00	6,032,763.79
C.		Prepaid expenses and accrued income	5,980.80	416.50
				34,925,176.70 30,796,348.10

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BALANCE SHEET AS AT JUNE 30, 2015

LIABILITIES

				in Euro
			06/30/2015	12/31/2014
A.	Equity
	I.	Subscribed capital	4,538,670.00	4,538,670.00
	II.	Capital reserve	36,470,720.89	36,470,720.89
	III.	Net loss	-13,188,465.12	-22,715,889.98
	IV.	Period surplus	4,244,687.69	9,527,424.86
			32,065,613.46	27,820,925.77
B.		Provisions
		Other provisions	1,114,313.07	1,409,279.81
			1,114,313.07	1,409,279.81
C.		Liabilities
	I.	Borrowings	1,000,000.00	1,000,000.00
	II.	Trade payables	30,829.61	111,388.11
	III.	Liabilities to affiliated companies	8,201.79	18,584.18
	IV.	Liabilities to companies in which a participating interest is held	11,023.07	0.00
	V.	Other liabilities	695,195.70	436,170.23
			1,745,250.67	1,566,142.52
			34,925,176.70	30,796,348.10

INCOME STATEMENT FOR THE PERIOD (HGB)

			in Euro
		1. HY 2015	1. HY 2014
1.	Sales revenues	3,355,965.23	648,343.25
2.	Other operating income	1,127,277.64	11,136,012.46
3.	Personnel expenses a) Wages and salaries b) Social security contributions and expenses for	-580,472.69	-1,487,024.58
	pensions and other employee benefits	-51,965.86	-70,014.43
4.	Depreciation a) on intangible assets classified as fixed assets and property, plant and equipment b) on assets classified as current assets, where the depreciation exceeds the depreciation that is customary in the corporation	-28.970,42 0.00	-35,892.33 -349.85
5.	Other operating expenses	-488,801.67	-970,962.10
6.	Income from equity interests	935,632.49	353,534.14
7.	Other interest and similar income	61,821.52	96,223.24
8.	Depreciation on financial investments and securities classified as current assets	-50,707.57	-210,464.87
9.	Interest and similar expenses	-34,999.98	-62,879.07
10.	Profit on ordinary activities	4,244,778.69	9,396,525.86
11.	Other taxes	-91.00	-78.24
12.	Net income for the period	4,244,687.69	9.396.447,62

STATEMENTS FOR THE FINANCIAL YEAR

AS AT JUNE 30, 2015

General

The annual financial statements of FinLab AG (formerly Altira Aktiengesellschaft), Frankfurt am Main, as at December 31, 2014 were prepared pursuant to §§ 242 et seqq. and §§ 264 et seqq. of the German Commercial Code [HGB] and in accordance with the relevant regulations of the German Stock Corporation Act [AktG]. FinLab AG is a small corporation within the meaning of § 267 HGB.

The income statement has been prepared in accordance with the total cost method. The Company has made use of the exemption in § 286 (4) HGB.

Accounting and valuation principles

The accounting and measurement methods applied in the half-year financial statements as of June 30, 2015, and the determination of prior-year figures were generally in line with those applied in the annual financial statement 2014. A comprehensive description of these methods is contained in the Appendix of the annual financial statement 2014.

Notes to the balance sheet

Notes to the balance sheet concern changes relative to the balance sheet date December 31, 2014.

Receivables and other assets

Receivables and other assets comprise the following:

		in EURk
	06/30/2015	12/31/2014
Trade receivables	0	22
Of which with a residual maturity of more than one year	0	0
Receivables from affiliated companies	3,306	391
Of which with a residual maturity of more than one year	0	0
Other assets	412	404
Loans	0	192
Of which with a residual maturity of more than one year	0	0
Miscellaneous other	412	212
Of which with a residual maturity of more than one year	0	0
	3,718	817

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Equity capital

The subscribed capital amounts to EUR 4,538,670.00 divided into 4,538,670 registered shares. The shares are no-par-value shares with a nominal value for accounting purposes of EUR 1.00 each.

The annual general meeting resolved on December 10, 2014 to increase the share capital by November 30, 2019 with the consent of the supervisory board by issuing new shares in exchange for cash or contributions in kind on one or more occasions by up to EUR 2,269,335.00 (Authorized Capital 2014/I), with the possibility of excluding shareholders' subscription rights. The corresponding amendment of § 5 (2) of the Articles of Association was entered in the Commercial Register on December 30, 2014. The Company has not yet made use of the option to utilize the authorized capital.

The Company's share capital was conditionally increased by resolution of the annual general meeting of December 10, 2014 by up to EUR 1,815,000,00 (Conditional Capital 2014/I). The Company's share capital was conditionally increased by resolution of the annual general meeting of December 10, 2014 by up to EUR 453,867.00 (Conditional Capital 2014/II). In relation to the conditional capital increases the Company has not yet utilized its authority to issue warrant and/ or convertible bonds, profit participation bonds and/or participation rights with warrant and/or conversion rights or obligations.

Provisions

Other provisions mainly include provisions for vacant leased office premises, audit fees, profitshares, outstanding invoices, supervisory board compensation and incidental rental expenses.

Liabilities

With the exception of other liabilities, liabilities to affiliated companies from lending and the bond, all liabilities have a residual maturity term of less than one year, as they did on 12/31/2014. EUR 24 K (EUR 26 K as at 12/31/2014) of the other liabilities have a residual maturity of up to one year. No collateral was granted.

In financial year 2012, the Company issued a bearer bond stating its intention to issue a partial bearer debenture of up to EUR 5,000 K. The bond is valued at EUR 1,000 K as of the reference date and matures on July 31, 2015. It bears interest of 7% p.a. The Company does not intend to raise any amounts over and above the EUR 1,000 K already raised.

Other liabilities include tax liabilities of EUR 24 K (EUR 26 K as at 12/31/2014).

Notes to the income statement

Depreciation on financial assets and on securities classified as current assets includes extraordinary depreciation on financial assets of EUR 51 K (prior year: EUR 210 K).

Other interest and similar earnings includes interest income of affiliated companies of EUR 62 K (EUR 56 K as at 12/31/2014).

The interest and similar expenses include no interest expenses due to affiliated companies (EUR 28 K as at 12/31/2014).

Other information

Contingent liabilities

As at the balance sheet date neither the balance sheet nor the income statement showed that the Company had any contingent liabilities.

Other financial liabilities

Under a lease agreement concluded in 2011 with a term expiring in April 2017 there are resulting rental obligations at the year-end totaling EUR 651 K. A bank guarantee for EUR 111 K was furnished as collateral for the rent. Additional other financial obligations of EUR 46 K result from the existing lease agreements.

List of equity interests

FinLab AG has made use of the exemption in § 293 (1) HGB and elected not to prepare consolidated financial statements.

FinLab AG has a direct equity interest of 20% or more within the meaning of § 285 No. 11 HGB in the following companies:

			in Euro	in Euro
Equity interest	Registred office	% holding	Equity capital 12/31/2014	Net profit/loss for 2014
Altira Heliad Management GmbH	Frankfurt am Main	100 %	1,131,816.57	243,369.55
Patriarch Multi-Manager GmbH	Frankfurt am Main	100 %	524,332.02	274,332.02
VCH Investment Group AG	Frankfurt am Main	100 %	1,133,569.95	-145,654.84
Venturate AG	Munich	60 %	90,783.53	-110,859.17
nextmarkets GmbH	Cologne	50 %	-318,072.50	-343,075.50
Heliad Equity Partners GmbH & Co. KGaA	Frankfurt am Main	47 %	57,712,536.00	13,905,606.52

Page 10

FinLab AG has an indirect equity interest of 20% or more within the meaning of § 285 No. 11 HGB in the following companies:

			in Euro	in Euro
Equity interest	Registered office	% holding	Equity capital 12/31/2013	Net profit/loss for 2013
Seyes GmbH 1	Bayreuth	20 %	114,247.73	23,585.85

1) Equity interest of VCH Investment Group AG

Information concerning the existence of an equity interest in the Company

In accordance with § 20, Para. 5, of the German Stock Corporation Act [AktG], BF Holding GmbH, Kulmbach, has advised us that it no longer holds a majority stake in our Company. However, BF Holding GmbH continues to hold more than one-fourth of the shares of our Company indirectly (§ 20, Para. 1, AktG) since the Company shares held by BF Holding GmbH's subsidiary Lion Capital AG must be ascribed to BF Holding GmbH in accordance with §16, Para. 4, AktG.

In accordance with § 20, Para. 5, AktG, Mr. Bernd Förtsch, Kulmbach, has advised us that he no longer holds a majority stake in our Company. However, he continues to hold more than onefourth of the shares of our Company indirectly (§ 20, Para. 1, AktG) since the Company shares held by BF Holding GmbH and Lion Capital AG must be ascribed to him via BF Holding GmbH in accordance with §16, Para. 4, AktG.

Executive Board members

The members of the Board are:

• · Juan Rodriguez, member of the Board, Bad Vilbel
• · Stefan Schütze, member of the Board, Frankfurt am Main

Supervisory Board members

The following were or are appointed as members of the Supervisory Board:

• · Axel-Günter Benkner, independent corporate consultant, Nidderau, Chair
• · Achim Lindner, member of the Executive Board of Börsenmedien Aktiengesellschaft, Kulmbach, Deputy Chair
• · Dr. Friedrich Schmitz, businessman, Munich

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Post-balance-sheet events

Post-balance sheet, the Company fully repaid the bond of EUR 1 million. Effective July 1, 2015, Mr. Kai Panitzki was elected as an additional member of the Executive Board.

Mr. Achim Lindner resigned from the Supervisory Board effective the end of the annual general Meeting on July 17, 2015. Mr. Bernd Förtsch was elected as a new member of the Supervisory Board.

Otherwise, there have been no major events of special significance since the close of the fiscal year.

Frankfurt am Main, as at September 30, 2015

Executive Board

Stefan Schütze Juan Rodriguez Kai Panitzki

STATEMENT OF CHANGES IN FIXED ASSETS

FROM JANUARY 1 TO JUNE 30, 2015

										in Euro
	Acquisition costs					Accumulated depreciation and amortization				Balance value
	01/01/2015	Additions	Disposals	06/30/2015	01/01/2015	Additions	Disposals	06/30/2015	12/31/2014	06/30/2015
Intangible assets	229,873.42	16,810.50	-1,135.00	245,548.92	223,974.42	4,205.57	0.00	228,179.99	5,899.00	17,368.93
Tangible assets
1. Fixtures in rented buildings	148,325.55	0.00	0.00	148,325.55	126,004.55	4,035.54	0.00	130,040.09	22,321.00	18,285.46
2. Operating and business equipment	418,647.25	895.00	-51,589.90	367,952.35	259,309.17	20,729.31	-18,631.39	261,407.09	159,338.08	106,545.26
	566,972.80	895.00	-51,589.90	516,277.90	385,313.72	24,764.85	-18,631.39	391,447.18	181,659.08	124,830.72
Financial assets
1. Shares in affiliated undertakings	2,874,221.10	219,614.10	0.00	3,093,835.20	0.00	0.00	0.00	0.00	2,874,221.10	3,093,835.20
2. Loans to affiliated undertakings	1,268,750.00	1,872,472.46	0.00	3,141,222.46	0.00	0.00	0.00	0.00	1,268,750.00	3,141,222.46
3. Securities held as fixed assets	23,980,269.58	0.00	-1,050.00	23,979,219.58	3,547,630.95	-357,894.96	-130.00	3,189,605.99	20,432,638.63	20,789,613.59
	28,123,240.68 2,092,086.56			-1,050.00 30,214,277.24	3,547,630.95	-357,894.96	-130.00		3,189,605.99 24,575,609.73	27,024,671.25
Total fixed assets	28,920,086.90 2,109,792.06			-53,774.90 30,976,104.06	4,157,919.09	-328,924.54	-18,761.39		3,809,233.16 24,763,167.81	27,166,870.90

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INTERIM FINANCIAL REPORT FINLAB AG (IFRS)

HALF - YEAR FINANCIAL STATEMENT AS AT JUNE 30, 2015

Page 14

CONSOLIDATED BALANCE SHEET AS AT JUNE 30, 2015 (IFRS) ASSETS

				in EURk
			06/30/2015	12/31/2014
A.		Non-current assets
	I.	Intangible Assets	17	6
	II.	Property, plant and equipment	143	206
	III.	Financial Assets	42,035	36,018
			42,195	36,230
B.		Current Assets
	I.	Securities	2,319	2,328
	II.	Trade receivables	0	22
	III.	Receivables from companies with which there is a par ticipating interest	1	0
	IV.	Receivables from affiliated companies	3,307	391
	V.	Other assets	191	506
	VI.	Receivables from income taxes	341	126
	VII.	Cash and cash equivalents	2,694	3,291
			8,853	6,664
			51,048	42,894

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in EURk

06/30/2015 12/31/2014

CONSOLIDATED BALANCE SHEET AS AT JUNE 30, 2015 (IFRS) LIABILITIES

A.	Shareholders' Equity

A.		Shareholders' Equity
	I.	Share capital	4,539	4,539
	II.	Capital reserve	36,471	36,471
	III.	Retained Earnings	-6,950	-10,700
	III.	Revaluation reserve	13,757	9,178
			47,817	39,488
B.		Non-current liabilities
	I.	Liabilities from bond	1,000	1,000
	II.	Non-current provisions	59	55
	III.	Other liabilities	105	134
	IV.	Deferred tax liabilities	260	207
			1,424	1,396
C.		Current Liabilities
	I.	Other provisions	1,056	1,354
	II.	Liabilities to affiliated companies	8	19
	III.	Trade payables	42	111
	IV.	Other liabilites	701	526
			1,807	2,010
			51,048	42,894

Page 16

CONSOLIDATED INCOME STATEMENT AND STATEMENT OF COMPRE-HENSIVE INCOME FOR THE PERIOD (IFRS)

		in EURk
	1. HY 2015	1. HY 2014
Sales	3,414	707
Income from investments	936	354
Other operating income	508	1,366
Total income	4,858	2,427
Personnel expenses	-631	-1,559
Operating expenses	-512	-1,028
Earnings before interest and taxes (EBIT)	3,715	-160
Net financial expenses	29	564
Earnings before taxes (EBT)	3,744	404
Taxes on income	7	-3
Results for period	3,751	401
Average number of shares issued	4,538,670	4,538,670
Diluted and basic earnings per share in EUR	0.83	0.09
Change of revaluation reserve	4,579	11,815
Comprehensive income	8,330	12,216

CONSOLIDATED STATEMENT OF CASHFLOWS (IFRS) JANUARY 1 TO JUNE 30, 2015

		in EURk
	1. HY 2015	1. HY 2014
Results for the period	3,751	401
Income from the sale of securities and financial assets	-516	-2,432
Retirement of securities and financial assets	407	2,550
Write-ups of securities and financial assets	-597	-656
Write-downs of securities and financial assets	703	0
Change in revaluation reserve due to deferred taxes	-60	-41
Depreciation of property, plant and equipment and amortisation of intangible assets	35	42
Gains on disposal of property, plant and equipment and intangible assets	-5	-5
Increase/decrease in provisions	-295	-982
Other non-cash expenses/income	53	44
Increase/decrease in receivables and other assets	-3,071	1,418
Increase in payables and other liabilities	66	-1,056
Cash flow from operating activities	471	-717
Proceeds from property, plant and equipment and intangible assets	21	29
Proceeds from loans of non-current assets	206	1,335
Payments for long-term loans	1,848	0
Payments for investments	-172	-5
Payments for securities	-43	-2,833
Proceeds from the sale of financial assets	768	4,771
Cash flow from investing activities	-1,068	3,297
Payments for borrowings	0	-1,402
Cash flow from financing activities	0	-1,402
Net change in cash and cash equivalents	-597	1,178
Cash and cash equivalents at beginning of period	3,291	2,141
Cash and cash equivalents at end of period	2,694	3,319

FinLab AG

Page 18

Half - Year Financial Statement as at June 30, 2015

STATEMENT OF CHANGES IN EQUITY (IFRS)

in EURk	Issued capital	Capital reserve	Retained earnings	Revaluation reserve	Total equity
As at 01/01/2014	4,539	36,471	-12,344	309	28,975
Change in revaluation reserve				11,815	11,815
Net income for the period			400		400
Comprehensive income			400	11,815	12,215
As at 06/30/2014	4,539	36,471	-11,944	12,124	41,190

FinLab AG

Page 19

Half - Year Financial Statement as at June 30, 2015

STATEMENT OF CHANGES IN EQUITY (IFRS)

in EURk	Issued capital	Capital reserve	Retained earnings	Revaluation reserve	Total equity
As at 01/01/2015	4,539	36,471	-10,700	9,178	39,488
Change in revaluation reserve				4,579	4,579
Net income for the period			3,750		3,750
Comprehensive income			3,750	4,579	8,329
As at 06/30/2015	4,539	36,471	-6,950	13,757	47,817

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CONTACT

FinLab AG Grüneburgweg 18 60322 Frankfurt am Main, Germany investor-relations@finlab.de Phone +49 (0) 69 . 719 1280-0