technotrans SE

Interim / Quarterly Report • Nov 9, 2010

Interim Financial Report 2010

January 1 – September 30, 2010 ISIN: DE000A0XYGA7

Revenue: third quarter of 2010 will up on previous year

Earnings: target of sustained profitability reached

Technology: positive effects of market recovery

Services: stable source of revenue and profit

New markets: successful cooperation with Termotek

Outlook: Targets for 2010 confirmed, continued growth expected for 2011

technotrans Group

Key data acc, to IFRS		Change	1.1.–	1.1.–
			30.9.10	30.9.09	2009	2008
Earnings
Revenue	000'€	-0.6%	62,238	62,605	82,210	141,677
Technology	000'€	-0.5%	36,955	37,125	48,808	103,840
Services	000'€	-0.8%	25,283	25,480	33,402	37,837
Gross profit	000'€	13.3%	20,807	18,367	16,657	35,745
EBITDA1	000'€		4,919	-3,825	-4,284	12,177
Earnings before interest
and taxes (EBIT)	000'€		2,467	-6,519	-11,929	-38
Net profit for the period	000'€		1,471	-6,205	-10,347	-2,852
as % of revenue	%		2.4	-9.9	-12.6	-2.0
Net result per share (IFRS)	€		0.23	-0.99	-1.65	-0.45
Dividend per share	€		–	--	–	–
Balance sheet
Issued capital	000'€	0.0%	6,908	6,908	6,908	6,908
Equity	000'€	6.5%	33,331	35,082	31,287	41,816
Equity ratio	%		46.9	44.6	45.2	47.7
Return on equity	%		4.6	-16.1	-28.3	-5.8
Balance sheet total	000'€	2.5%	71,006	78,614	69,242	87,612
Working capital	000'€	117.4%	17,060	15,363	7,847	26,177
Employees
Number of employees (average)		-12.4%	617	704	676	823
Personnel expenses	000'€	-10.9%	21,935	24,607	31,975	41,628
as % of revenue	%		35.2	39.3	38.9	29.4
Revenue per employee	000'€	13.4%	101	89	122	172
Cash flow
Cash flow2	000'€	42.7%	4,336	3,038	3,640	6,747
Free cash flow3	000'€	106.5%	3,511	1,700	2,435	363
Shares
Number of shares at
end of period		0.6%	6,311,415	6,271,797	6,311,415	6,271,797
Share price (max)	€	13.3%	7.25	6.40	6.10	17.09
Share price (min)	€	46.7%	4.40	3.00	2.97	3.54

¹ EBITDA = EBIT + amortisation of goodwill + depreciation of property,

= plant and equipment and intangible assets ² Cash flow = Net cash from operating activities acc. to Cash flow Statement

³ Free Cash flow = Net cash from operating activities + net cash used for investments = acc. to Cash flow Statement

Content

Letter from the Board of Management	4
Interim Management Report	6
Report on expected developments	13
Opportunities and risks Report	14
Condensed interim financial statements	16
Notes and explanations	19
Corporate Calendar	20

Dear Shareholders, Dear Business Associates,

This interim report adds to the succession of positive announcements made latterly by our company. The recent recovery in business meant that September was the strongest month of the year to date in terms of both revenue and earnings. In anticipation of this upturn, in August we had already announced an end to shorttime at our German locations from September 1.

After the summer break, when our customers traditionally have a three-week factory shutdown, the strong September also produced third-quarter revenue that represented yet another slight improvement on the second quarter. We would especially like to point out that the Technology segment boosted its third-quarter revenue by an impressive 21 percent on the prior-year quarter.

The recovery that has been evident for the past few months in the level of orders received by printing press manufacturers has consequently now filtered through to technotrans. Emerging countries continue to provide the momentum, while industrial nations are still extricating themselves from the aftermath of the crisis. As matters stand it therefore remains uncertain whether the current growth trend is genuinely underpinned by a lasting recovery.

The crisis has prompted much debate about the future of printing in recent months. In particular the continuing digitisation of all types of content keeps fuelling this debate. There is no doubting that the way in which media are used has changed and will continue to change, but to judge by the latest statistics on paper consumption there is no hard evidence that these changes are already taking place and are of worldwide scope. Rather, we are convinced that printed paper will still play a key role in our lives in a few years' time. We nevertheless share the opinion of other market players that the next few years will not see investment in printing presses recover to the level prior to the crisis.

It is of course all the more satisfying to see our own expectations exceeded. Despite the newspaper industry's ostensible low confidence, over 10,000 visitors

from 80 countries came to Hamburg at the start of October to learn about the latest trends and innovations at the three-day Ifra industry exhibition. technotrans registered much more lively interest among its guests compared to the last show one year ago. The number of definite projects that we were able to discuss at our stand showed a rise of more than 30 percent. We believe that is a clear sign that investment patterns will pick up in this sector, too.

To ensure that technotrans retains long-term growth prospects beyond the printing industry, we have now for some time been increasingly exploiting the healthy basis provided by our business model to identify and explore new applications away from the printing industry, and therefore tap new potential for growth. A first visible step in that direction is the partnership announced in the summer with the successful specialist supplier of laser cooling systems Termotek AG, through which we intend to enter a new market. We are also showcasing our wealth of expertise in cooling and temperature control at this year's "K", the world's biggest exhibition for plastics technology, taking place in Düsseldorf at the end of October.

Meanwhile we are evaluating other projects and working intensively on solutions for markets in which we have previously not enjoyed a presence. Our aim is to generate 30 percent of revenue outside the printing industry in three to five years' time.

The string of positive announcements by our company has also prompted renewed interest from the capital market, as reflected in the recent rise in the trading price of our shares. We will have ample opportunity over the next few weeks to communicate our attractive equity story to investors, for instance at the Equity Forum in Frankfurt. We would be delighted to see you there!

The Board of Management

Interim Management Report

Revenue 1. 1.–30.9. (in € million) 62.6 62.2 09 10

Revenue: third quarter of 2010 well up on previous year

The revenue of the technotrans Group for the third quarter of the 2010 financial year amounted to slightly more than € 21.4 million and was therefore both higher than the level of the second quarter and 13.3% above the figure for the prior-year quarter (€ 18.9 million). The recovery – underpinned substantially by the Technology segment – thus continued. Q3 revenue for that segment was 21.0% up on the figure for the prior-year quarter. Revenue for the first nine months of the financial year reached € 62.2 million, broadly on a par with the prior-year period (€ 62.6 million). Business progress to date has therefore confirmed our expectations of a modest recovery in the current financial year. This trend will need to continue throughout the final months of the year if we are to reach our target corridor of € 85 to 90 million for the full year.

Earnings: target of sustained profitability reached

With revenue remaining virtually unchanged from the previous year, earnings saw a marked improvement. Gross profit at the nine-month mark was up 13.3% to € 20.8 million (previous year € 18.4 million), and the gross margin reached 33.4%.

The operating result (EBIT) was again positive in the third quarter at € 0.9 million (previous year: € -4.5 million) and approximately of the same magnitude as in the second quarter, even though positive exchange-rate effects did not have quite such a pronounced impact. From September, there is furthermore no longer any financial relief from short-time. After nine months EBIT was € 2.5 million, representing an EBIT margin of 4.0 %. The objective of steering the company back to stable profitability in 2010 was achieved.

Net profit 1.5 -6.2

Following the agreement of the new financing concept and the reduction in financial liabilities, the interest result in the third quarter improved from € -252 thousand in the previous year to € -198 thousand. The low income tax expense results mainly from the losses that can be carried forward for tax purposes and the still not so advanced recovery in business in certain foreign subsidiaries of the group.

The net income for the period was € 0.6 million for the third quarter, bringing the total for the first nine months to € 1.5 million. That corresponds to earnings per share of € 0,23 (previous year € -0.99) for shares outstanding.

Technology: positive effects of market recovery

Revenue for the Technology segment again rose in the third quarter, to € 13.2 million. Despite the traditional summer break, revenue consequently showed a slight improvement on the second quarter and was 21.0 % up on the prior-year quarter (€ 10.9 million). However, this positive development cannot disguise the fact that revenue is currently still way below the level prior to the crisis (over € 29 million per quarter). The nine-month revenue total of just under € 37 million is on a par with the previous year (€ 37.1 million), the first time no revenue decrease since the outbreak of the crisis.

The rise in revenue was fuelled by a recovery in demand both from printing press manufacturers and from customers in emerging countries. Project business for ink supply systems has also recently picked up a little. Whether and to what extent we manage to bill these projects by the end of the year will substantially affect whether we achieve our revenue targets for the year as a whole.

The result for the segment remains marginally negative at € -0.5 million in the third quarter, taking the loss for the financial year to date to € -1.6 million (previous year € -9.9 million, figure includes non-recurring effects from restructuring).

[T€]		Q1/09	Q2/09	Q3/09	Q4/09	Q1/10	Q2/10	Q3/10
Technology	Revenue	14,246	11,953	10,926	11,683	11,198	12,541	13,216
	EBIT	-2,067	-2,325	-5,557	-6,226	-651	-470	-465

Services: stable source of revenue and profit

The Services segment again made a broadly stable contribution to revenue of € 8.2 million (previous year € 8.0 million, +2.9%). Parts business performed well, while installation volume in connection with major projects is relatively weak.

The Q3 result for the segment was again € 1.4 million, equivalent to an EBIT margin of 16.7%. The total for the first nine months is € 4.0 million, an increase of 21.2 % on the prior-year period (€ 3.3 million).

[T€]		Q1/09	Q2/09	Q3/09	Q4/09	Q1/10	Q2/10	Q3/10
Services	Revenue	8,974	8,509	7,997	7,920	8,595	8,463	8,225
	EBIT	1,131	1,057	1,137	921	1,254	1,402	1,376

Financial performance of the segments

Financial position

Based on a net profit of € 1.5 million for the first nine months of 2010, the cash flow from operating activities before changes in net current assets totalled € 4.7 million (previous year € -3.9 million). On the back of a slight recovery in business there was a moderate rise in working capital in the first nine months of the current financial year, whereas around € 11 million in cash and cash equivalents had been released mainly from receivables and inventories in the prior-year period. Cash from operating activities therefore amounted to a satisfactory € 3.7 million (previous year: € 4.3 million).

Rebates of tax payments on account for the 2009 financial year already released further financial resources in the first quarter of 2010, ultimately pushing up net cash from operating activities at the nine-month mark to € 4.3 million (previous year € 3.0 million). In relation to revenue, this produced a cash flow ratio of 7.0%.

Investing activities remain pared back to the maintenance investments. The free cash flow at the reporting date is clearly positive at € 3.5 million (previous year € 1.7 million).

Corporate financing was already restructured in the first half of the year. The reconstruction of existing financial resources also resulted in the rescheduling of long-term loans amounting to € 3 million. The financial liabilities also continued to be repaid according to schedule during the first nine months. Cash and cash equivalents climbed by 21.5 % for the year to date, to € 12.5 million (December 31, 2009: € 10.3 million).

Cash flow from operating activities (€ '000)	30.09.2010	30.09.2009
Cash flow from operating activities before
working capital changes	4,738	-3,897
Net cash from operating activities	4,336	3,038
Net cash used for investing activities	-825	-1,338
Net cash used in financing activities	-1,438	235
Free cash flow	3,511	1,700
Cash flow ratio	7.0%	4.9%

Net worth

The balance sheet total has edged up by 2.5% from € 69.2 million to € 71.0 million since the start of the year. The main changes on the assets side concerned property, plant and equipment as well as intangible assets, which fell further as a result of amortisation. On the back of the slight recovery in business, inventories grew by around € 1.6 million to € 17.7 million, while cash and cash equivalents simultaneously rose by around 21.5 % to € 12.5 million.

The changes since the start of the year on the equity and liabilities side largely concerned the financial liabilities, the maturities of which have shifted towards the medium to long-term as a result of the new financing concept. Current liabilities thus fell by around € 6.7 million or 40.9 % since the start of the year, whereas non-current liabilities simultaneously rose by € 5.4 million. Because of these changes, working capital (current assets - current liabilities) grew from € 9.0 million in the first quarter to € 17.0 million in the third quarter. Changes in shareholders' equity of € 2.0 million also stem from exchange-rate effects in the translation of foreign participating interests. The equity ratio has steadily improved in the course of the year to reach 46.9 % at the end of the third quarter.

The net amount of debt owed, in other words interest-bearing liabilities less cash, fell from € 12.4 million to € 8.9 million, with a gearing ratio of 26.8 % at the reporting date.

New markets

At technotrans, we regard ourselves as a growth company. Some time ago we therefore resolved to identify and develop other applications for our skills, over and above our activities in the printing industry.

We took an initial visible step through the cooperation with Termotek AG, which we announced in summer 2010. As a specialist supplier of laser cooling systems, Termotek operates in an interesting growth market that still harbours considerable future potential. Through this partnership, Termotek can for instance access more customers by making use of our international sales and service network. We are in addition showcasing our combined skills in the area of temperature control at the international plastics exhibition "K" in Düsseldorf, with a view to progressively exploiting further synergies. If our joint activities continue to develop as expected, we can also envisage entering into a deeper alliance with our partner company.

Other information

We are currently also examining a range of other ways of placing our products with customers in other markets. Such efforts naturally take up extra resources and involve longer lead times, from product development through qualification to the receipt of orders. However, we are confident that we will soon be able to bring various projects to fruition in this domain.

Research and development

Total development expenditure for the first nine months of the 2010 financial year came to around € 1.8 million (previous year € 2.8 million, 35.8 %). This total is equivalent to 2.9 % of revenue and therefore just below the long-term average of 3–4 %. One factor behind the lower level of development spending is that customers viewed innovations as less of importance during the crisis, with the result that certain projects were temporarily put on ice. The picture has nevertheless changed over the past few weeks.

Personnel

Employees (at September 30) 492 463 09 10 Abroad 162 174

technotrans has implemented a wide range of measures since the start of the crisis to bring capacity in line with the new, lower revenue level. The employee total has thus continued to fall over the past 12 months, from 666 to 625. The instrument of short-time was moreover implemented at the German locations from March 2009. In response to the upturn in business, short-time was terminated from September 1, 2010.

While personnel expenses reached € 24.6 million in the first nine months of last year, this total fell to € 21.9 million as of September 30, 2010. As a proportion of revenue, personnel costs are therefore not yet within the target range of below 30 % for which we would need a higher business volume.

Shares

The trading price stabilised at between € 5 and € 6 at the start of the second half. A sharp ascent started in early September, in the course of which the trading price first crossed the 6 euro threshold and a few days later the 7 euro threshold. This development continued throughout October and was accompanied by comparatively high trading volumes. With over 300,000 shares traded in September on Xetra, this was approximately double the tally of previous months.

Movement in the share price also rekindled the capital market's interest in technotrans. We will have an opportunity to present the benefits of the business model and the factors influencing our further development at the forthcoming roadshows and capital market events.

OC O O S M C O A S ACK CDAX

Report on significant transactions with related parties

(Position at 30/10/2010)

Board	Shares
Henry Brickenkamp	40,000
Dirk Engel	5,200

Board of Supervisors	Shares
Klaus Beike	441
Manfred Bender	0
Dr. Norbert Bröcker	250
Heinz Harling	64,854
Matthias Laudick	1,078
Dieter Schäfer	0

People

With effect from October 21, 2010 Joachim Voss, Managing Director of WestLB AG, Düsseldorf, surrendered his mandate to the Supervisory Board of technotrans AG. Mr Voss had been a member of that supervisory body since 1996. The Board of Management and Supervisory Board take this opportunity to thank Mr Voss for his dedication and constructive support for the company's development over the past fourteen years, first as a Member of the Advisory Board and, following its transformation into a stock corporation, as Deputy Chair of the Supervisory Board and Chair of the Audit Committee.

For the period remaining to the next Shareholders' Meeting in May 2011, in response to the administration's proposal the Local Court has now appointed Dieter Schäfer (58), among other things former Board of Management member of IWKA Aktiengesellschaft, Karlsruhe, as Supervisory Board member. It is planned to have this appointment confirmed by the next Shareholders' Meeting.

Revenue and earnings for 2010

The printing industry is slowly recovering from the dramatic crisis and recent exhibitions have revealed a cautious recovery in the willingness to invest in the 2010 financial year. The recovery in the printing industry continues to be underpinned by emerging countries (Asia, South America), while the upturn in other regions still has a long way to go. For the first time in over two years, the business confidence index for the German printing industry returned to positive territory in September. Printing press manufacturers have been reporting rising levels of orders and revenue for a number of months, and as expected this development has now led to an improved business situation at technotrans.

developments

Report on expected

Technology segment

The positive performance in the third quarter (+21 % compared with the prior-year quarter) stems from a strong bottoming-out effect; on the other hand the gradual growth since the start of the year underpins our expectations of a moderate recovery in the current financial year.

We likewise expect to see a further rise in revenue next year, though this rise will be as modest as in the current financial year. Planning certainty is still relatively poor, but the expanding order books of printing press manufacturers strengthen our belief that the market is still on course for recovery. Profitability should also continue to improve along with the higher volume.

We also expect to see initial revenue streams from activities in applications outside the printing industry next year. They will play a decisive role in the future development of the company by safeguarding growth in the long term.

Services segment

In the Services segment, which comprises installation, maintenance, repair and parts business as well as product support services, we expect business to remain largely stable as the year continues. Among other things this will ultimately depend on the extent to which we succeed in billing all ongoing projects by the end of the year, as scheduled. gds AG (Technical Documentation) also constitutes part of the Services segment. Its business, too, is once again progressing well and affords ample prospects for growth over the coming years.

All in all we are confident of reaching our revenue and earnings targets for the 2010 financial year, even if - as matters stand - revenue is likely to be towards the lower end of the target range of € 85 – 90 million. Operating profitability has stabilised in recent quarters, with the result that we should also complete the year with the anticipated EBIT margin of between three and five percent. Individual months have already shown us that profitability improves significantly along with rising business volume. The groundwork for next year has thus been done.

The principal opportunities and risks of the group's anticipated future development are described in the group management report for the past financial year. In the period under review, no significant changes over and above those portrayed have occurred in respect of developments in the remaining months of the current financial year.

Opportunities and risks report

Condensed interim financial statements for Q3 2010

Consolidated balance sheet	30.09.2010	31.12.2009
	000'€	000'€
ASSETS
Non-current assets
Property, plant and equipment	20,692	21,985
Goodwill	0	0
Other intangible assets	2,211	2,650
Income tax receivable	402	402
Other non-current assets	621	622
Deferred tax assets	4,345	4,325
Total	28,271	29,984
Current assets
Inventories	17,678	16,045
Trade receivables	10,704	10,654
Income tax receivable	261	566
Other current assets	1.614	1,719
Cash and cash equivalents	12,478	10,274
Total	42,735	39,258
Total assets	71,006	69,242
EQUITY AND LIABILITIES
Equity
Issued capital	6,908	6,908
Capital reserve	40,322	40,322
Retained earnings	3,010	13,243
Other reserves	-18,380	-18,839
Net profit / net loss for the period	1,471	-10,347
Total	33,331	31,287
Non-current liabilities
Non-current financial liabilities	10,753	5,338
Long-term provisions	1,027	975
Other non-current liabilities	208	219
Deferred tax	12	12
Total	12,000	6,544
Current liabilities
Current financial liabilities	9,647	16,335
Trade payables	3,962	4,524
Prepayments received	2,530	1,976
Short-term provisions	7,537	6,752
Income tax payable	175	144
Other current liabilities	1,824	1,680
Total	25,675	31,411
Total equity and liabilities	71,006	69,242

Consolidated Income Statement	01.07.–	01.07.–	01.01.–	01.01.–
	30.09.2010	30.09.2009	30.09.2010	30.09.2009
	000'€	000'€	000'€	000'€
Revenue	21,441	18,923	62,238	62,605
Technology	13,216	10,926	36,955	37,125
Services	8,225	7,997	25,283	25,480
Cost of sales	-13,981	-13,294	-41,431	-44,238
Gross profit	7,460	5,629	20,807	18,367
Distribution costs	-3,441	-3,630	-9,668	-10,649
Administrative expenses	-2,783	-2,953	-7,750	-9,149
Development costs	-533	-779	-1,796	-2,787
Other operating income	1,115	1,135	3,238	2,621
Other operating expenses	-907	-3,883	-2,364	-4,922
Earnings before interest and tax (EBIT)	911	-4,481	2,467	-6,519
Financial income	1	3	10	37
Financial charges	-199	-255	-706	-892
Net finance costs	-198	-252	-696	-855
Profit before tax
Income tax expense	713	-4,733	1,771	-7,374
Net result for the period	-66 647	1,071 -3,662	--300 1,471	1,169 -6,205
of which:
Profit/loss attributable to
technotrans AG shareholders	647	-3,662	1,471	-6,205
Profit/loss attributable to minorities	0	0	0	0
Earnings per share (basic, €)	0.10	-0.58	0.23	-0.99
Earnings per share (diluted, €)	0.10	-0.58	0.23	-0.99

Consolidated statement of recognised income and expense	1-9 / 2010	1-9 / 2009
Net profit/net loss for the period	1,471	-6,206
Other result
Exchange differences from the translation of foreign group companies	600	-13
Exchange rate differences from the net investment in a foreign business	0	-521
Change in the fair value of cash flow hedges	-27	5
Other profit after tax	573	-529
Overall result for the financial year	2,044	-6,734
of which
Profit/loss attributable to technotrans AG shareholders	2,044	-6,734
Profit/loss attributable to minorities	0	0

Cash Flow Statement	30.09.2010	30.09.2009
	000'€	000'€
Cash flows from operating activities
Net result	1,471	-6,205
Adjustments for:
Depreciation and amortisation	2,452	2,694
Income tax expense	300	-1,169
Losses/gains on the disposal of fixed assets	-19	110
Foreign exchange gains/losses	-162	-182
Financial income	-10	-37
Financial charges	706	892
Cash flow from operating activities
before working capital changes	4,738	-3,897
Change in receivables	-310	7,399
Change in inventories	-1,284	3,595
Change in other long-term assets	24	46
Change in liabilities	-454	-335
Change in provisions	940	-2,534
Cash from operating activities	3,654	4,274
Interest income	10	37
Interest expense	-631	-892
Income taxes paid	1,303	-381
Net cash from operating activities	4,336	3,038
Cash flows from investing activities
Acquisition of intangible assets and of property, plant and equipment	-913	-1,434
Proceeds from the sale of property, plant and equipment	88	96
Net cash used for investing activities	-825	-1,338
Cash flow from financing activities
Acquisition of intangible assets and of property, plant and equipment	3,000	2,000
Proceeds from sale of property, plant and equipment	-4,438	-1,765
Distribution to investors	0	0
Net cash used for investing activities	-1,438	235
Net effect of currency translation in cash and cash equivalents	131	41
Net increase in cash and cash equivalents	2,204	1,976
Cash and cash equivalents at beginning of period	10,274	6,928
Cash and cash equivalents at end of period	12,478	8,904

Statement of movements in equity	2010	2009
	000'€	000'€
1st Equity at January	31,287	41,816
Overall result for the financial year	1,471	-6,205
Other result
Exchange differences from the translation of
foreign group companies	600	-13
Exchange rate differences from the net investment
in a foreign business	0	-521
Change in the fair value of cash flow hedges	-27	5
Other result	573	-529
Overall result for the financial year	2,044	-6,734
Transactions with shareholder of technotrans AG
Distributions	0	0
Share buy-back	0	0
Issuance of treasury shares	0	0
Transactions with shareholders
of technotrans AG	0	0
Equity at September 30	33,331	35,082

Notes and explanations:

Statements made in this report relating to future developments are based on our cautious estimate of future events. The actual performance of the company may differ substantially from that planned, as it depends on a large number of market-related and economic factors, some of which are beyond the company's control.

This quarterly financial report, in common with the consolidated financial statements for the full year, has been produced in accordance with the International Financial Reporting Standards (IFRS), in particular IAS 34 for interim reporting. The quarterly financial report is subject to the same accounting policies.

This quarterly financial report has not been audited in accordance with Section 317 of German Commercial Code or subjected to any other formal audit examination.

Imprint

Editor technotrans AG, Sassenberg

Print Darpe Industriedruck, Warendorf with Speedmaster XXL 75-5+L with technotrans dampening solution circulation beta.c eco, including beta.f filtration, water cooled.

Corporate Calendar

Publications and dates

Interim Report 1–9/2010	9/11/2010
Annual Report 2010	15/3/2011
Interim Report 1–3/2011	10/5/2011
Shareholders' Meeting 2011	12/5/2011

For the latest version of this financial calendar and the individual reports, visit us on the internet at www.technotrans.com.

technotrans AG

Robert-Linnemann-Str. 17 48336 Sassenberg Germany

Tel.:	+49(0) 2583/301-1000
Fax:	+49(0) 2583/301-1030
e-mail	info@technotrans.de
Internet	www.technotrans.de

Hotline +49(0) 2583/301-1890