SnowWorld N.V. — Earnings Release 2008

Mar 12, 2009

APPENDIX TO PRESS RELEASE 12 MARCH 2009

Fornix BioSciences N.V.

Fornix BioSciences N.V. appendix to press release 12 March 2009 1

CONSOLIDATED INCOME STATEMENT

for the financial year from 1 January 2008 to 31 December 2008 with comparative figures for the 2007 financial year

	2008	2007 business	20071) Continued Discontinued business	2007
	Total	activities	activities	Total
Income	39,826	38,093	46,636	84,729
Cost of sales	6,951	6,607	44,084	50,691
Gross result	32,875	31,486	2,552	34,038
Other Income	216	112	2,078	2,190
Distribution costs	1,561	1,413	119	1,532
Personnel costs	8,130	7,249	1,228	8,477
Travel expenses	1,333	1,235	56	1,291
Depreciation and amortisation	471	499	183	682
Accommodation costs	308	225	23	248
Research and development costs	5,830	4,054	-	4,054
Quality control costs	342	385	162	547
Production and warehouse costs	142	142	35	177
General overheads	3,765	2,599	657	3,256
Charged on to production and
trading inventories	(1,425)	(1,468)	(3)	(1,471)
Sum of the costs	20,457	16,333	2,460	18,793
Result from operating activities	12,634	15,265	2,170	17,435
Net financing income/expenses	1,296	1,074	(253)	821
Profit before taxation	13,930	16,339	1,917	18,256
Tax on profits	3,665	4,312	(37)	4,275
Profit for the financial year	10,265	12,027	1,954	13,981

	2008	2007 business	20071) Continued Discontinued business	2007
	Total	activities	activities	Total
Attributable to:
Shareholders of the
parent company	10,265	12,027	1,954	13,981
Minority interest	-	-	-	-
Profit for the financial year	10,265	12,027	1,954	13,981
Ordinary earnings per share (in €)	1.39	1.73	0.28	2.01
Diluted earnings per share (in €)	1.39	1.73	0.28	2.01

1) The 2007 justified discontinued business activities are the result of the sale of the Trading Division in the year 2007.

CONSOLIDATED SUMMARY OF TOTAL RESULT

for the financial year from 1 January 2008 to 31 December 2008 with comparative figures for the 2007 financial year

	2008	2007
Exercise of personnel options	475	211
Net profit directly accounted for in the shareholders' equity	475	211
Profit for the financial year	10,265	13,981
Total result for the financial year	10,740	14,192
Attributable to:
Shareholders of the parent company	10,740	14,192
Minority interest	-	-
Total result for the financial year	10,740	14,192

CONSOLIDATED BALANCE SHEET

(before allocation of the result)

as at 31 December 2008 with comparative figures as at 31 December 2007

	31 December 2008	31 December 2007
ASSETS
Non-current assets
Intangible assets	13,750	12,904
Property, plant and equipment	3,054	3,036
Deferred tax assets	80	128
Total Non-current assets	16,884	16,068
Current assets
Inventories	3,746	3,347
Trade and other receivables	7,747	6,537
Cash and cash equivalents	32,021	33,235
Total Current assets	43,514	43,119
Total Assets	60,398	59,187
LIABILITIES AND EQUITY
Shareholders' equity
Paid-up and called-up share capital	1,157	1,089
Share premium	32,896	27,016
Other reserves	7,594	7,121
Profit for the financial year	10,265	13,981
Total Shareholders' equity attributable to shareholders	51,912	49,207
of the parent company
Minority interest	1	1
Total Shareholders' equity	51,913	49,208
Non-current liabilities
Employee benefits	38	192
Deferred tax liabilities	259	239
Total Non-current liabilities	297	431
Current liabilities
Provisions	-	35
Trade payables	2,571	2,475
Taxes payable	308	454
Other items to be paid	5,309	6,584
Total Current liabilities	8,188	9,548
Total Liabilities and equity	60,398	59,187

CONSOLIDATED CASH FLOW STATEMENT

for the financial year from 1 January 2008 to 31 December 2008 with comparative figures for the 2007 financial year

		2008		2007
Cash flow from operating activities
Receipts from customers	41,570		88,617
Payments to suppliers and employees	(29,118)		(77,291)
Net cash flow from business operations		12,452		11,326
Interest received	726		711
Interest paid	(3)		(4)
Tax paid on profits	(3,355)		(4,595)
Grants received	15		65
Cash flow from other operating activities		(2,617)		(3,823)
Net cash flow from operating activities		9,835		7,503
Cash flow from investing activities
Acquisition of subsidiaries	(1,299)		(2,050)
Acquisition activities DeCube® products	(1,250)		-
Investments in intangible assets	(32)		(120)
Investments in property, plant and equipment	(422)		(165)
Divestment in subsidiaries	-		13,080
Net cash flow from investing activities		(3,003)		10,745
Cash flow from financing activities
Earnings from exercise of staff options	476		211
Dividend paid	(8,525)		(6,042)
Net cash flow from financing activities		(8,049)		(5,831)
Net decrease / increase in cash and cash equivalents		(1,217)		12,417
Cash and cash equivalents as at 1 January		33,235		20,749
Cash acquired subsidiaries		3		74
Assignment from divestments		-		(5)
Cash and cash equivalents as at 31 December		32,021		33,235

CHANGES IN SHAREHOLDERS' EQUITY

Balance as at 1 January 2007	40,505
Dividend payment 2006	(3,611)
Interim dividend 2007	(2,431)
Profit for 2007 financial year	13,981
Exercise of personnel options	211
Cost of share ownership plan 2007	552
Balance as at 31 December 2007	49,207
Dividend payment 2007	(5,022)
Interim dividend 2008	(3,503)
Profit for 2008 financial year	10.265
Exercise of personnel options	476
Issue of shares in the context of the share ownership plan 2008	2
Cost of share ownership plan 2008	487
Balance as at 31 December 2008	51,912

Notes

1 General

The financial data as reported in this press release are an excerpt from the annual accounts of Fornix BioSciences N.V. (the 'Company') but do not represent the full annual accounts. The Company's consolidated annual accounts for 2008 include the Company and its subsidiaries (together referred to as the "Group").

The annual report and annual accounts were discussed in the supervisory Board meeting of 9 March 2009 and will be submitted to the Annual General Meeting of shareholders for adoption on 24 April 2009. The auditors of Fornix BioSciences N.V. have issued an unqualified opinion on these annual accounts.

Publication of the full annual accounts 2008 will be available at the latest on 9 April 2009.

2 Statement of compliance

The annual accounts 2008 have been prepared in accordance with International Financial Reporting Standards (IFRSs), as adopted by the European Union.

3 Basis of preparation

The consolidated annual accounts are presented in thousands of euros.

The Group reports according to IFRS. For the year 2008 no important changes occurred with regard to the accounting principles of the Group.

4 Use of estimates and judgements

The preparation of the annual accounts requires the management of the Company to form opinions and to make estimates and assumptions that influence the application of policies and the reported values of assets and liabilities and of income and expenses. The actual outcomes may differ from these estimates.