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FORTEC Elektronik AG

Annual Report • May 30, 2016

161_10-q_2016-05-30_12cc532f-f617-41cc-a8fd-4247aa062b3b.pdf

Annual Report

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Report 3rd Quarter 2015/2016

=========================

01.07.2015 – 31.03.2016

Content

  • Management Report
  • Consolidated Balance Sheet
  • Consolidated Statement of Comprehensive Income
  • Consolidated Statement of Changes in Equity
  • Cash Flow Statement
  • Annexe including Segment Report

FORTEC Elektronik AG Tel: +49(0)8191 91172 13 Fax: +49(0)8191 21770 Email: [email protected]

Management Report 2015/16

01.07.2015– 31.03.2016

During first 9 months of BY 2015/16, turnover was 59.6 million €, including 22.9 million € from first consolidation of Data Display. The company also grew organically by 2.8 million € i.e. 8.4%.

As per 01.01.2016 FORTEC is sole shareholder of Data Display; before it possessed a 50% participation of Data Display. Due to the option possibility of the remaining shares per 31.12.2015 and thus beginning BY 01.07.2015 the revenue of Data Display is completely consolidated.

Also – yet no exclusively the incorporation of profit-strong Data Display as per 01.07.2015 means that FORTEC's net income increased from 1 million € to 2.6 million € during these first 9 months.

The proportional turnover of the business segments data visualization and power displays was 36.9 million € i.e. 62% compared to 22.7 million € i.e. 38%. Period's net income of 1.5 million € results from data visualization absolutely strongest segment as well as from power display with 1.1 million €.

Based on the weakening of the US-\$ and Swiss Frank during business period, there are currency exchange differences of 173 T€ to be taken into consideration as to the total result. Therefore, the total result is 2.5 million € compared to 1.4 million € of previous year.

Inspite of the upcoming general economic risks, we continue to be optimistic to again achieve a positive result in current BY 2015/16 thus pleasing our shareholders.

CONSOLIDATED BALANCE SHEET (uncertified) according to IAS/IFRS 31.03.2016 (prev. years' figures 30.06.2015)

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Consolidated Statement of Comprehensive Income (uncertified), according to IAS/IFRS

01.07.2015 - 31.03.2016 (prev.year's figures 01.07.14 - 31.03.15)

I N C O M E BY 2015/16 BY 2014/15
Sales revenue 59.561.594 € 33.818.696 €
Other operative income 1.089.375 € 421.629 €
Expenses/costs material 41.647.243 € 25.737.532 €
Expenses personnel 9.408.202 € 4.243.767 €
Depreciation 382.271 € 213.036 €
Other operative expenses 5.531.733 € 3.080.440 €
Operative income (EBIT) 3.681.520 € 965.550 €
Participation result 29.500 € 286.066 €
Interest and similar
income/expenses		 13.672 € 2.591 €
Tax on income and profit 1.084.376 € 287.535 €
Period's net income * 2.640.316 € 966.672 €
Others result ** - 173.797 € 403.140 €
T o t a l result 2.466.519 € 1.369.812 €
Earning per share/ 3rd quarter 0,89 € 0,33 €
Shares on market 2.954.943 2.954.943

*Result of period's net income include € 664.036 resp. 0.22€ per share i.e. participation of other shareholder of Data Display.

**"Other result" includes only "success-neutral" differences of foreign currency exchange rates.

Consolidated Statement of Comprehensive Income 3rd Quarter BY 2015/16 (uncertified), according to IAS/IFRS

I N C O M E Q 3 (1.1.-31.3.2016) Q 3 (1.1.-31.3.15)
Sales revenue 20.023.965 € 12.368.467 €
Other operative income 340.227 € 160.717 €
Expenses/costs material 13.952.990 € 9.573.335 €
Expenses personnel 3.135.665 € 1.409.948 €
Depreciation 104.071 € 75.264 €
Other operative expenses 1.931.237 € 1.208.299 €
Operative income (EBIT) 1.240.229 € 262.338 €
Participation result 29.500 € 180.241 €
Interest and similar income
/expenses		 ./. 3.377 € ./. 4.072 €
Tax on income and profit 398.493 € 81.671 €
Period's net income 867.859 € 356.836 €
*
Other result		 ./. 179.510 € 328.110 €
T o t a l result 688.349 € 684.946 €
Earning per share/ 3rd
quarter		 0,29 € 0,12 €
Shares on market 2.954.943 2.954.943

01.01. - 31.03.2016 (prev.year's figures 01.01. - 31.03.15)

*"Other result" includes only "success-neutral" differences of foreign currency exchange rates.

Consolidated Statement of Changes in Equity

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Consolidated Cash Flow Statement

(uncertifies), according to IAS/IFRS

01.07.2015 - 31.03.2016 (prev.year's figures 01.07.14- 31.03.2015)

I. Operative Business BY 2015/16 BY 2014/15
Net income € 2.640.316 €
966.672
Depreciation of tangible/intangible assets €
382.271		 €
213.036
Change of inventories € - 1.833.562 € -2.198.584
Change of accounts receivables € 1.335.465 €
88.002
Change of liabilities €
179.753		 € 1.668.785
Change of accruals €
317.535		 €
54.384
Change of other assets € - 260.120 €
51.723
Cash-flow from operative business ------------------
€ 2.761.658		 -----------------
€
844.018
II. Investment Activities
Cash-flow from investment activities € - 6.071.224 € -6.298.374
III. Financial Activities
Divident payments € - 1.477.471 € -1.477.471
Borrowing of credit € + 5.000.000 - -
VI. Cash-flow in total €
212.963		 € -6.931.827
V. Change in Liquid Funds
Cash-flow at beginning of period €
5.728.148		 € 8.664.527
Cash-flow at end of period €
5.941.111		 € 1.732.700

Annexe.

The balancing and evaluation methods of fiscal year 2014/15 according to IAS/IFRS remain unchanged. The information given in this report is only valid at day of publication and cannot be written forth.

The number of full-time employees was 203 persons (prev. year 110 yet without employees of Data Display Group). The group's business comprises data visualization and power supplies.

Segment report Data Power
visualisiation supplies
TEuro TEuro
Turnover 36.883 22.679
Result (EBIT) 2.107 1.574
Participation Result 0 29
Financial result 10 3
Income tax 610 475
Net income 1.507 1.132

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