Interim / Quarterly Report • Mar 23, 2018
Interim / Quarterly Report
Open in ViewerOpens in native device viewer
Interim Group Management Report Consolidated Balance Sheet Consolidated Statement of Comprehensive Income Consolidated Statement of Changes in Equity Consolidated Cash-flow Statement Annex including Segment Report
During these past years, FORTEC successively developed to an international established trading company and is nowadays systems' supplier for manufacturers of industrial high-tech-products; thus part of the international added-value commercial chain. Being represented at various production sites namely in the Far East as well as for European clientele, FORTEC possesses an interesting market segment – thus continuously growing by its engineering services i.e. appropriate soft –and hardware developments – and being the expert supplier for customer-specific product solutions.
Its target customers are high-tech companies of long-term and predictable positioning, especially in the growing market segments of industrial automation, informative technologies, security, medicine and automotive; also focusing to interesting niche markets like railway and transportation.
For more than 30 years, FORTEC has been more than successful in sales and results with its proved business model. Exceeding activities in the design of complete sub-systems based on proper technologies make us even more independent and competitive within the global business field.
The group actually covers two very attractive segments of high-quality electronics. FORTEC is market leader in the German-speaking countries in its segments industrial power-supplies and datavisualisation. Moreover, FORTEC now possesses a potential subsidiary within the Anglo-American region.
In the field of power supplies, FORTEC domains completely open-frame boards and DC/DC converters produced as standard units in the Far East and/or modifies these units in Germany ranging to tailor-made and userspecific developments for niche markets.
When connecting the product segments of display technology and embedded computer technology to create an Embedded Solution System, FORTEC additionally offers complex solutions for an attractive domain. Its marketing starts with delivery of system-proved and tested standard kits, accompanied by customers' service in hard- and software with the sale of standard units and ends in specific customer development and product solutions.
The reason of FORTEC's success is a large number of customer business relations lasting for years.
Its distribution strategy is to find partnerships with top-clientele preferable market leaders in special segment. FORTEC's competence is efficient support in application, clientele tailor-made products – and last not least complete development for customers of the large-scale industry as well as for those with smaller and/or medium order volume.
The successful company of Emtron (Nauheim) – also 100% subsidiary of FORTEC – is specialized in exclusive products of power supplies; it is represented directly and indirectly in the markets in Germany, Austria, Switzerland and the Netherlands. Business in England and the U.S.A. is to be expanded by the foreign subsidiaries of Data Display.
In Germany, our various regional offices provide local customer service. In addition, we have a sales office in Austria; and in Switzerland we are represented by ALTRAC, also a 100% FORTEC subsidiary. In the Benelux, we are represented by a Dutch trading company (36.6%) as well as in England by Data Display's foreign subsidiary (Display Technology Ltd.) and in the U.S.A. (Apollo Display Technologies Corp.) and by Autronic's subsidiary (Alltronics.r.o.) in the Czech Republic.
Target clientele are mainly manufacturers in the field of industry automation, medicine technology and providers in the segment of railway and security instruments in the German-speaking countries but also in the European and American market. With this portfolio, FORTEC thus covers the fields of health, information, security and mobility as well as build-up and extension of industrial manufacture.
Our big competence is to provide customer-related technology and development in combination with effective marketing and sales at site. Our present customer-orientated know-how in the field of development by our 100% subsidiaries Rotec and Autronic is widened by appropriate activities of approx. 1.5 million p.a. of Distec GmbH, a subsidiary of Data Display.
Besides the classic product development, this also applies to further processing of production technologies – especially the vacuum technology as latest generation of optical bonding technologies as well as the trend to haptic functions as concerns touch-screens.
Due to our current improved and enlarged product portfolio, our strategy is to continuously achieve profitable margins by own added-value, which, after cost deduction, still allows a reasonable interest rate of the company capital.
The general economic conditions continue to be dynamic and sturdy. There are economic political risks caused by the new alignment of the US trade policy and the negotiations of Great Britain's exit out of the European Union.
Based on the tail wind of the strong second half year of BY 2016/17, the course of business during BY 2017/18 started with a record result in first quarter. As concerns sales, the second quarter i.e. compared period of last year was weaker than the first one; reasons were – among others beginning delays in delivery of suppliers.
The total revenue of first half year of BY 2017/2018 was same as last year: 37.0million EUR (PY 37.0million EUR).
The group's total revenue consists of 24.4 million EUR (PY 23.4 million EUR) in the segment data visualisation and 12.7 million EUR (PY 13.6 million EUR) in power supplies.
The other operative income slightly decreased from 635 TEUR to 621 TEUR.
Compared to last year, the goods and material employed raised from 26.0 million EUR to 26.2 million EUR. Because of the actual delivery situation, inventories were raised to comply with customers' orders on short notice. Therefore, raw margin slightly decreased to 29.2% (PY 29.8%).
The expenses for personnel decreased from 6.1 million EUR last year to now 5.9 million EUR. The relevant quota was 15.9% (PY 16.4%).
The depreciation of assets slightly increased to 285 TEUR (PY 258TEUR).
Other operative expenses considerably decreased to 3.2 million EUR compared to last year of 3.6 million EUR.
Important financial indicator is the EBIT-margin from operative business without income from investment. The group's result consists of 2.0 million EUR (PY 1.2 million EUR) in the field of data visualisation and 0.6 million EUR (PY 0.8 million EUR) in power supplies.
Thus, the company's total result of both segments increased from 1.9 million EUR to 2.6 million EUR. The EBIT margin improved from 5.1% to 7.0%.
Compared to first half of BY 2016/17, the period's net income increased by 413 TEUR in first half of BY 2017/18.
The profit margin after tax increased from 4.0% to 5.1%.
The result per share rose from 0.51 EUR last year to now 0.64 EUR.
The company's financial situation is considered to be extraordinary and, compared to companies of similar business line, persuades again by an equity capital higher than above-average of 29.4 million EUR – i.e. a capital quota of 71.7%.
The total assets at balance sum are 41.0 million EUR (PY 40.4 million EUR); the long-term assets amount to 8.4 million EUR (PY 8.0 million EUR).
This includes the goodwill of the acquisition of subsidiaries of 5.1 million EUR (PY 5.2 million EUR).
Intangible assets, tangible assets, financial assets and long-term receivables rise to 3.1 million EUR (PY 2.6 million EUR) because of the estate purchase at Emtron.
Short-term assets amount to 20.7 million EUR (PY 17.5 million EUR); value of stock amounts to 50,6% (PY 43,4%) – representing the biggest item in balance,followed by receivables from deliveries and service of 5.2 million EUR (PY 7.1 million EUR)and cash of 5.3 million EUR (PY 5.7 million EUR), mainly due to the subsidiary of Data Display / Distec.
Long-term obligations to banks could be reduced by amortisation to 3.3 million EUR. Because of a customs' proceeding and a larger customer's payment, other obligation increased to 2.3 million EURat due date.
As far as the group concerns, non-financial indicators are important facts of success such as employees, longterm contacts to suppliers and customers. For many years, we have employees supported in their responsibility and endeavor for efficiency.
Over centuries, our stable business is based on a long-term and close co-operation with selected suppliers. This assures benefit to many of our customers over all these years and further adds up to our business success.
The company holds on to the ecological significance in its operative business. Currently, an internal project in production is being developed to initiate tablets in order to avoid paper.
The explanations as concerns the future course of business are based on our expectations, which we consider realistic due to the actual information. Those, however, are unsecure and bear a certain risk to may influence the forecasted development.
The economy in the EUR zoneas well as the world's economy continues to grow on a solid basis and actual forecasts show a further positive trend. Therefore, we expect a continuous positive course of our BY 2017/18. A solid basis is our order backlog of 40 million EUR per 31.12.2017.
Actual longer times of delivery of electronic components require a long-term planning. Effects on the current BY cannot entirely be excluded.
As long-term prospects are considered positive, we intend – during BY 2017/18 to further push a qualified growth and to recruit additional sales personnel to achieve more project business of higher value at our customers at site. Furthermore, investment is made for a new building to increase the stock capacities in order to be able to faster serve the market's requirements with new products and, in the long run, thus gain organic sales growth. In addition, new innovative internet-compatible own products for the market IoT (Internet of Things) are being developed; thus offering further chances in growth – yet facing an intensive competition.
Short-term assets amount to 20.7 million EUR (PY 17.5 million EUR); value of stock is 50.6% i.e. biggest item in balance sum (PY 43.4%), followed by receivables from deliveries and service of 5.2 million EUR (PY 7.1 million EUR) and cash of 5.3 million EUR (PY 5.7 million EUR), mainly due to the subsidiary of Distec.
Based on the course of business in first half year and the existing measure, we holdon to our prognosis as concerns the forecast of a stable sales development and a positive EBIT.
For more than 30 years and based on our business policy proven during many years, we succeeded to make profit year by year without having one single year of loss. However, there is no guarantee for the future–yet we are confident that based on our business mix of distribution, development, production and solutions, we continue to be successful for the future and that a continuous long-term growth is possible.
The risks mentioned in categories below could influence our entire company (total risk), our financial situation (financial risk) and our profitability (profit risk). Further risks are that of personnel and technique; we have to continuously face these risks. These risks are not definite, however others may appear, which we neither know at present, nor consider as important.
The listing of risks is not final; additional risk could arise, that are not reported or relevant at present.
Risks that could endanger the company as a whole, are not reported from today's point of view.The substantial risk of the company's doom is not determined at this time.
Balance risks as regards finances at balance day e.g. receivables from deliveries and productivity have been considered by appropriate depreciation and accruals. An evaluation as concerns figures is given in "notes to consolidated financial statements" (Tz.15 Annual Business Report 2016/17). At balance day, the evaluation of these risks was made to our best knowledge, yet could not be sufficient in total.
Substantial elementary risks are covered by considerable insurances and are thoroughly checked each year; in special cases it may not be sufficient.
Potential risks for both segments which have to be taken into consideration to exist within the market are the risks of distribution, products and marketing as well as the dependency from other suppliers.
Another enormous risk - yet not to be underestimated - is the system-related risk of the close co-operation with only few strategic partners in our product portfolio. Already a change in personnel could lead to the loss of an existent and successful business co-operation and this mainly in view of suppliers in the Far East with whom there are often relationships for many years and even of private matter.
For centuries, the market of the professional electronic industry is dominated by a continuous decrease of prices at same service respectively by technical service above average at constant prices. Although in the past, we managed to deal with this risk, it is not guaranteed that there may be losses in the future because of this pricerelated risk.
A considerable profit-related risk is disposition of stock. In spite of a multi-stage purchasing process, wrong planning could result in considerable losses because there is a continuous trend to local suppliers. The risk to have unsellable merchandise on stock, is not only the result of false material planning, but also depends on the different quality standards set by customers and producers. Mainly, the important fact is that of configuration of the merchandise with origin Far East as well as the political EU requirements as to its contents and its usage.
Compared to a few years ago, the product liability is an increasing risk to the company which is controlled and defined by choice of suppliers and their ratings. However, as concerns different quality standards, frauds and/or criminal actions of suppliers, we - as importer/supplier - are liable towards our customers.
A yet steady growing risk is the customers' requirements as concerns a prolonged time of warranty and the usual terms of suppliers' contract. During these past years, the clientele started to develop a certain aggressiveness for claims which is obviously against and at expense of the supplier. Claims resulting of a supplier's contract may accelerate considerably the delivered product value; resulting in more legal proceedings including corresponding risk.
Bad credit worthiness of customers is dealt with examination of their solvency in combination with a respective commercial credit insurance.
Our success in the market also strongly depends on intensive and years of experience of our personnel (personnel risk). A big change in staff, yet especially of key-persons would definitely endanger our current success. An extraordinary challenge to be met is the recruiting of new personnel – facing a considerable lack of qualified persons – as well as showing attractiveness as employer within a regional field of fulltime employment.
A big question would endanger our business model as importer of technical high-quality products i.e. the change in clientele's behaviour to no longer produce in Middle Europe and turn to local suppliers. The same effect would have the behaviour of our suppliers to sell directly via internet to industrial clientele and not any more within their distribution channels. Another negative aspect could be a concentration process expected from the supplier's side which could involve – in worst case – a contract cancellation towards the supplier. In addition, similar effects could arise if the costs decrease because of the reduction of margins due to competitor's information available to all customers via internet. This basically influences the costs of personnel applied in the Germanspeaking area.
The technical risk involves the EDP – networking of the entire group. A possible break-down or a serious interference in the computer system could cause enormous damage to the company. An abuse by externals or internals – in spite of security measures - especially theft of information, business interruptions or IT – systembreakouts or insufficient means for data security could extremely endanger the company.
Foreign currency risks are excluded, if possible, in case of larger projects, by invoicing directly in the relevant currency. However, there could be negative impulses on our company in normal business especially due to a further change of the Dollar and Yen parity as well as fluctuations of the Swiss Franc towards Euro, Dollar and Yen, which due to market specific conditions cannot be protected.
The existing growth strategy of the group not only involved organic increase but also company acquisitions. Here, the figure above"net asset value" is balanced as goodwill and checked each year as to its recoverability. If the expectations of the company purchased are not met and/or – as a consequence of economic unstableness – the expected cash-flow result cannot be achieved, then depreciations in the group's balance as per IFRS have to be done. The actual goodwill amounts to 5.1 million EUR (PY 5.2 million EUR).
Further risks are based on the acquisition of the Data Display Group together with its development, production and subsidiaries in England and the U.S.A. extensive development and production involve the higher risk (item: fix costs) not being flexible any more towards market fluctuations. Due to distances and different mentality in the U.S.A, the acquisition of Data Display GmbH with its US subsidiary involves the risk for eventual foreign losses.
Besides risks, there are new chances as well. New market chances outside the German-speaking region, were realised by the purchase of Data Display Group and their companies in England and the U.S.A.
For FORTEC as a technology company, there are product's opportunities also by own products and services within the field of displays, touch-solutions according to optical bonding as well as high-quality industry monitors.
Furthermore and based on a profound evaluation of product as well as market chances, the board will take measures as regards product portfolio, marketing and sales as well as financial means and resources which may involve potential risk.
The risk management system of the FORTEC group assures that the daily business transactions may not be endangered by well-known and/or new risks to be made transparent and thus be controlled and/or even avoided.
The risk management is part of the management system enabling to recognise risks and limit their consequences as much as possible.
The risk management is a continuous task. Therefore, it is necessary to involve all personnel and especially the persons-in-charge to recognize any possible company risks.
Considering the standards of risk analysis made by CEO of the individual FORTEC companies, appropriate measures were taken and responsible persons-in-charge appointed.
Controlled by quarterly risk reporting, the management (CEO) is informed regularly of the actual state of risk, however also being updated of a sudden risk at any time.
The formal implement of the risk management system will be of help; more important however, is a continuous sensitising of all personnel for any possible risks and their immediate handling.
Goal of the risk management is that any possible risk is immediately recognized by personnel and/or the persons-in-charge before any company damage may occur and to try to find an appropriate and in-time solution by the responsible personnel as well as persons-in-charge.
This internal control and risk management as concerns the process of invoicing is an integral part of all processes of the FORTEC group and is based on a global system of risk identification, its evaluation as well as its controlling. The board of directors holds sole responsibility for control and risk management. Active monitoring is to support its identification, evaluation and processing within the specific business sectors of the FORTEC AG and its subsidiaries.
Relevant information especially about organisation and its process may be referred in the current QA-manual.
Monthly statements of the FORTEC AG and its subsidiaries help to recognize in time any changes as concerns order incomes, order backlog, stock as well as turnover and consequently, take necessary steps as to sales, the raw margin and costs. A planning of solvencies is examined weekly; the value of receivables, especially those of the debtors is controlled regularly. The value of share holdings is controlled once a year by a so-called impairment test and corrected if necessary.
The measures of the internal control system assure the correctness and reliability of the group's invoice proceedings, which, in accordance with legal regulations, is covered in proper form and in time; furthermore, inventory is made correctly and group's assets and depths are listed and evaluated appropriately. It is guaranteed that balance documents provide reliable and understandable information in spite of functional cutoffs and/or controlsprocedures.
The group's auditor and others e.g. the tax auditor, the customs auditor and the auditor of social assurance use process independent controlling. Especially as regards the group's final balancing process, a specific autonomous monitoring is applied at issue of the group's invoice and balancing procedure.
The company's existing financial instruments are: bank account, assets, suppliers' credits as well as receivables, etc. The company consists of a solvent and credit-worthiness clientele which is secured by a goods' credit insurance starting at EUR 10.000 in case of merchandise deliveries below DAX 30 index fixed companies. The losses in receivables to an extent that may endanger the company are not expected.
Liabilities are paid within payment terms.A long-term bank loan was taken at a favourable interest rate.
Goal of the finance and risk management is to ensure the company's success against any kind of financial risks. Possible risks of price changes which may exist in a potential loss due to negative changes of market prices or price-relevant parameters, will be minimised by contractual agreements.
For protection of risks in liquidity, a regular survey of cash-receipt and cash-payments are made. To minimise these risks, the company possesses an appropriate debtors' account management.
Being a technology company, we - from the managers' point of view -foresee a majority in opportunities for the future development of the company comparing risk against opportunities. Although company risk continuous raise, requirements as concerns products permanently increase and the products' life-cycle even diminishes, we assume that our market will altogether develop in a positive way - especially by industry 4.0 as part Internet of Things (IoT).
The number of shares is 2.954.943 at a nominal value of 1 EUR. At present, there is no limited or proved capital, nor any program for repurchase of stock.
The signed capital is exclusively common stock drawn by bondholders who are entitled to vote. There are neither limitations as concerns the right to vote nor purchase.
Appointment and dismissal of the board is in accordance with legal regulations (§§ 84, 85 AktG). The compensation plan of the company's board of managers breaks down to a fix and a variable part which depends on achieved EBIT resp. year's profit before tax. On February 16, 2017, the general shareholders board decided, that the required statements in the financial report can be omitted as per § 285 No. 9a phrase 5-9 HGB.
In case of a change in control due to a take-over, essential suppliers' contracts may be cancelled. This risk exists if a contractual supplier may fear the interruption by a competitor.
Alterations of articles of the association require a majority of board votes of 75%.
Further information according to § 315 par. 5 HGB is given in the group's annex.
Responsible and long-term orientated added-value of business management is the leading task of FORTEC Elektronik AG (FORTEC). Based on this declaration, CEO reports about business management in accordance with § 289 paragraph 1 HGB.
FORTEC's business management is, by great means, dominated by self-responsibility and ethnic conduct of every single employee and/or person-in-charge taken into consideration the legal requirements and internal procedure information.
The business management of FORTEC as a German AG noted at stock exchange is defined by the AG-law and its restrictions as concerns the "Deutsche Corporate Governance Codex" at its current edition. On February 26, 2002, the German government published the "Deutsche Corporate Governance Codex". Its edition published on February 7th, 2017 defines essential regulations as concerns the management and control of German stock exchange noted companies and includes international and national standards of good and responsible business management. Goal of these standards is to inform about German regulations in order to strengthen business confidence of international and national investors, customers, employees and the public opinion as concerns business management of German companies.
Board of managers and directors of FORTEC herewith declare to have done this declaration in accordance with § 161 AktG after serious examination; this document may be referred to by stock/share-holders of the company at its website.
Landsberg/Germany, March 22nd, 2018
Sandra Maile Bernhard Staller Jörg Traum Board Member (Speaker) Board Member Board Member
| in A S S E T S Eu ro |
3 1. 1 2. 2 0 1 7 |
3 0. 0 6. 2 0 1 7 |
in E Q U I T Y / L I A B I L I T I E S Eu ro |
3 1. 1 2. 2 0 1 7 |
3 0. 0 6. 2 0 1 7 |
||
|---|---|---|---|---|---|---|---|
| A. | No t a ts n- cu rre n ss e |
8. 4 1 4. 1 3 0 |
8. 0 4 1. 9 6 4 |
B. | i l Co ta m p an y ca p |
2 9. 4 1 2. 0 0 8 |
2 8. 0 1 9. 6 4 6 |
| I. | dw l l Go i o |
5. 0 6 5. 4 9 1 |
5. 2 2 4. 9 2 1 |
I. | bs be d c l Su i i ta cr ap |
2. 9 5 4. 9 4 3 |
2. 9 5 4. 9 4 3 |
| I I. |
i b le In ta ts ng as se |
2 2 4 7. 1 1 |
2 0 9 5 4. 4 |
I I. |
Ca i l re ta p se rve |
8. 8 9. 3 6 6 4 |
8. 8 9. 3 6 6 4 |
| I I I. |
b le Ta i ts ng as se |
2. 6 6 5. 6 4 2 |
2. 0 6 3. 2 4 8 |
I I I. |
ha d f fe Cu i rre nc y ex c ng e re nc es |
4 6 3. 7 5 1 |
9 7 6. 8 8 3 |
| I V. |
l a F ina ia ts nc ss e |
9 5. 7 8 0 |
9 5. 7 8 0 |
I V. |
he O t r r es erv es |
1 5. 3 9 8. 4 5 7 |
1 1. 1 3 8. 5 8 0 |
| V. | Lo -te ng rm b les iva rec e |
3. 3 2 7 7 |
6 0 7 4. 1 |
V. | io d inc Pe t r ne om e |
9 0 9 1. 5. 4 4 |
2 9. 8 4. 5 7 7 |
| V I. |
fe d De ta rre xe s |
2 6 6. 6 3 4 |
3 2 9. 3 2 0 |
V I. |
ha ho l de ' p he S ta t re r er ce n g e m o r co |
2 9. 4 1 2. 0 0 8 |
2 8. 0 1 9. 8 7 7 |
| B. | Cu t ts rre n a ss e |
3 2. 5 9 7. 1 9 1 |
3 2. 3 5 6. 7 6 2 |
B. | l ia b i l i ies Lo -te t ng rm |
3. 7 6 4. 9 9 8 |
4. 6 7 7. 2 6 3 |
| I. | Inv ies to en r |
2 0. 7 4 3. 3 4 6 |
1 7. 5 4 5. 0 4 6 |
I. | ba k d l b l Lo / i ia i i ies -te t t ng rm n cr e |
3. 3 3 3. 3 2 8 |
4. 1 6 6. 6 6 4 |
| I I. |
Ac ts co un iva b les rec e : de l ive ies / ice r se rv s |
5. 1 5 9. 4 0 8 |
7. 1 2 2. 3 4 7 |
I I. |
Lo is ion -te ng rm p rov s |
2 1 8. 7 5 0 |
2 0 3. 5 6 7 |
| I I I. |
b les Ta iva r ec e x |
7 7 8. 9 8 6 |
1. 4 8 4. 2 9 8 |
I I I. |
fe d l b l De ia i i ies ta t rre xe s |
2 1 2. 9 2 0 |
3 0 7. 0 3 2 |
| I V. |
O he t ts r a ss e |
6 2 0. 8 9 2 |
5 4 9. 5 8 0 |
C. | S ho l ia b i l i ies t- te t r rm |
7. 8 3 4. 3 1 5 |
7. 7 0 1. 8 1 6 |
| V. | Ca h o ha d a d s n n n h e len iva ts ca s q u |
2 9 8 5. 4. 5 5 |
9 5. 6 5 5. 4 1 |
I. | k d i l ia b i l i ies Ba / t t n cr e |
8 3 3. 3 3 6 |
8 4 1 6. 6 6 |
| I I. |
de b les de l Tr ive ies / ice a p ay a : r se rv s |
3. 9 5 9. 9 0 1 |
3. 5 5 6. 9 8 6 |
||||
| I I I. |
Ta ls a x cc ru a |
4 9 4. 4 5 0 |
1. 5 9 2. 6 5 3 |
||||
| I V. |
he O t r r es erv es |
2 1 0. 8 8 9 |
2 1 5. 3 3 2 |
||||
| V. | he l b l ls O ia i i ies / t t r ac cr ua |
2. 3 3 5. 7 4 0 |
1. 9 2 0. 1 7 8 |
||||
| l To As ta ts se |
4 1. 0 1 1. 3 2 1 |
4 0. 3 9 8. 7 2 6 |
l b l To Eq i / L ia i i ies ta ty t u |
4 1. 0 1 1. 3 2 1 |
4 0. 3 9 8. 7 2 6 |
uncertified, according to IAS/IFRS
| in Euro | Consolidated P&L 01.07.17-31.12.17 |
Consolidated P&L 01.07.16-31.12.16 |
|---|---|---|
| Sales revenue | 37.005.541 | 37.048.634 |
| Increase of stock: unfinished products | 512.682 | 131.883 |
| Other operative income | 620.669 | 634.901 |
| Material expenses | 26.200.825 | 26.001.663 |
| Personnel expenses | 5.874.825 | 6.080.271 |
| Depreciation | 284.649 | 257.514 |
| Other operative expenses | 3.205.197 | 3.582.187 |
| Operating result (EBIT) | 2.573.463 | 1.893.783 |
| Income from investments | - | 148.038 |
| Other interest and similar income/expenses | -21.331 | -26.925 |
| Tax from income and revenue | 646.639 | 522.352 |
| Period's net income | 1.905.494 | 1.492.544 |
| Other result* | -513.132 | 67.392 |
| Total result | 1.392.362 | 1.559.936 |
| Earning per share | 0,64 | 0,51 |
| Shares in total | 2.954.943 | 2.954.943 |
*Other result exclusively includes success-neutral currency exchange differences.
uncertified, according to IAS/IFRS
| in Euro | Conoslidated P&L 01.10.17-31.12.17 |
Consolidated P&L 01.10.16-31.12.16 |
|---|---|---|
| Sales revenues | 17.387.827 | 18.635.638 |
| Increase of stock: unfinished products | 189.557 | 131.883 |
| Other operative income | 257.075 | 256.635 |
| Material expenses | 12.296.428 | 13.207.724 |
| Personnel expenses | 2.957.043 | 3.062.791 |
| Depreciation | 144.782 | 127.701 |
| Other operative expenses | 1.574.797 | 1.790.271 |
| Operating result (EBIT) | 861.408 | 835.669 |
| Income from investments | - | 148.038 |
| Other interest and similar income/expenses | -14.957 | -14.508 |
| Tax from income and revenue | 133.241 | 229.557 |
| Period's net income | 713.209 | 739.642 |
| Other result* | -179.061 | 75.704 |
| Total result | 534.148 | 815.346 |
| Earning per share | 0,24 | 0,25 |
| Shares in total | 2.954.943 | 2.954.943 |
*Other result exclusively includes success-neutral currency exchange differences.
| in Eu ro |
bs i be d Su cr i l ta ca p |
i l Ca ta p re se rv e |
ha Ex te c ng e r a d i f fe re nc es |
he O t r r es er ve s |
l To ta |
No n l le d tro co n ha s re s |
l c To ta om p an y i l ta ca p |
|
|---|---|---|---|---|---|---|---|---|
| ke M t ar lua ion t ev a re se rv e |
f i Pr / t r o es er ve d ie ca rr fo d rw ar |
|||||||
| lan Ba 0 1. 0 7. 2 0 1 6 ce |
2. 9 5 4. 9 4 3. |
8. 6 8 9. 3 6 4 |
1. 3 9 4. 1 4 3 |
1 2. 9 1 1. 5 4 6 |
2 5. 9 4 9. 9 9 6 |
2 5. 9 4 9. 9 9 6 |
||
| d 's Pe io inc t r n e om e ha he l " C t t ng e " o r r es u D iv i de d ts n p ay m en |
6 7. 3 9 2 |
1. 4 9 2. 5 4 4 |
6 7. 3 9 2 |
1. 4 9 2. 5 4 4 6 7. 3 9 2 0 |
||||
| lan 3 2. 2 0 6 Ba 1. 1 1 ce |
2. 9 9 3 5 4. 4 |
8. 6 8 9. 3 6 4 |
6 3 1. 4 1. 5 5 |
0 0 9 0 1 4. 4 4. |
2 0 9. 9 3 2 7. 5 |
2 0 9. 9 3 2 7. 5 |
||
| lan Ba 0 1. 0 7. 2 0 1 7 ce |
2. 9 5 4. 9 4 3 |
8. 6 8 9. 3 6 4 |
9 7 6. 8 8 3 |
1 5. 3 9 8. 4 5 8 |
2 8. 0 1 9. 6 4 6 |
2 8. 0 1 9. 6 4 6 |
||
| d 's Pe io inc t r n e om e ha he l " C t t ng e " o r r es u iv i de d D ts n p ay m en |
-5 1 3. 1 3 2 |
1. 9 0 5. 4 9 4 |
1. 9 0 5. 4 9 4 -5 1 3. 1 3 2 |
1. 9 0 5. 4 9 4 -5 1 3. 1 3 2 0 |
||||
| lan Ba 3 1. 1 2. 2 0 1 7 ce |
2. 9 5 4. 9 4 3 |
8. 6 8 9. 3 6 4 |
4 6 3. 7 5 0 |
1 7. 3 0 3. 9 5 2 |
2 9. 4 1 2. 0 0 8 |
2 9. 4 1 2. 0 0 8 |
| in EUR | FY 2017/2018 01.07.17-31.12.17 |
FY 2016/2017 01.07.16-31.12.16 |
|---|---|---|
| I. Operating Activities | ||
| 1. Consolidated net income | 1.905.494 | 1.492.544 |
| 2. Depreciation of tangible and intangible assets | 284.501 | 257.514 |
| 3. Correction other cash-ineffective transactions | -507.822 | 0 |
| 4. Increase (PYIncrease) of inventories | -3.198.300 | -353.005 |
| 5. Decrease (PYIncrease) of accounts receivables: deliveries, services and others |
2.596.938 | -483.620 |
| 6. Increase (PY Decrease) of liabilities from deliveries and services |
402.915 | -2.686.107 |
| 7. Decrease (PY Increase) of short-term liabilities | -687.084 | 730.006 |
| 8. Decrease (PYDecrease) of long-term receivables |
1.229 | 496.890 |
| 9. Increase (PY 0) of long-term liabilities | 15.183 | |
| Cash-flow from operative activities | 813.054 | -545.778 |
| II. Investment Activities | ||
| 1. Investment in tangible and intangible assets | -894.540 | -190.122 |
| 2. Purchase subsidiaries minus liquid funds | 0 | 0 |
| 3. Investment financial assets | 0 | 0 |
| 4. Proceeds from fixed assets' sales Cash-flow from investment activities |
14.286 -880.254 |
-190.122 |
| III. Financial Activities | ||
| 1. Bank credits incl. short-term current account's obligations |
-416.668 | |
| 2. Profit payments | 0 | |
| Cash-flow from financial activities | -416.668 | |
| IV. Net decrease (PYdecrease) of cash and payment equivilents |
-483.868 | -735.900 |
| Cash/cash-equivalents30.06.17 (PY 30.06.16) Changes: currency differences/ exchange rates |
5.655.491 122.935 |
3.600.116 |
This shortened interim manager group report does not contain all necessary information and data for a consolidated financial statement and therefore, has to be read in combination with the group management report and consolidated financial statements dated 30.06.2017.
The interim group report was neither examined nor verified by a certified financial auditor.
The report is made up in EUR. The charts and data may have rounding differences due to mathematical reasons.
The Group's operative field is data visualisation and power supplies.
| In TEUR | Data Visualisation | Power Supplies | Total |
|---|---|---|---|
| Turnover | 24.350 | 12.656 | 37.006 |
| Company result (EBIT) | 2.022 | 551 | 2.573 |
| Financial result | -16 | -6 | -21 |
| Tax on profit | -443 | -204 | -647 |
| Period'sresult | 1.679 | 227 | 1.905 |
The number of employees was 202 (PY: 202).
The fusion of Data Display GmbH into FORTEC Elektronik AG was listed into the commercial register of FORTEC on 07.02.2018.
To the best of our knowledge, and in accordance with the applicable reporting principles, the consolidated financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the FORTEC Group, and the combined management report includes a fair review of the development and performance of the business and the position of the Group, together with a description of the material opportunities and risks associated with the expected development of the Group
Landsberg/Germany, March 22nd, 2018
FORTEC Elektronik AG
Sandra Maile Bernhard Staller Jörg Traum Board Member (Speaker) Board Member Board Member
Thisreport contains certain future data, which are based on current visible and available information, expectations and prospects of the management of FORTEC Elektronik AG. There are solely for informational purpose and are marked by terms like "believe", "expect", "forecast", "intend", "will", "plan", "estimate" or "attempt". These terms are only valid for the date of their publication. Certain known or unknown risks, uncertainties and other facts may yield that the real results, the financial situation, the development and/ or performance of the group differ from the prognoses stated herein. The FORTEC Elektronik AG takes no obligation whatsoever to carry forward such future data and to adjust to future occurrences or developments. A responsibility or warranty for actuality, correctness, integrity of these data and information will therefore be neither explicit nor implied.
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.