2 MOLOGEN AG interim report as of March 31, 2015 Key data 2 Highlights Slight decline in research and development expenses EBIT improved accordingly Ongoing recruitment for IMPALA and IMPULSE studies Capital increase after reporting date; gross proceeds total 28.3 million KEY DATA In million Q Q Change % Revenues % Profit (loss) from operations (EBIT) % Expense structure Personnel expenses % Research & Development expenses % Earnings per share in (basic) % Cash flows from operating activities % March 31, 2015 December 31, 2014 Change % Cash and cash equivalents % Shareholders equity % Equity ratio 81 % 88 % -8 % Total assets 11,868 15, % Number of employees %
3 MOLOGEN AG interim report as of March 31, 2015 Contents 3 CONTENTS Interim management report as of March 31, The MOLOGEN share 13 Interim statement as of March 2015 Statement of comprehensive income 15 Statement of financial position 16 Statement of cash flows 17 Statement of changes in equity 18 Condensed notes to the interim financial statements as of March 31, Financial calendar / imprint 26
4 MOLOGEN AG interim report as of March 31, 2015 Interim management report 4 INTERIM MANAGEMENT REPORT As of March 31, 2015 Slight decline in research and development expenses to 2.4 million Accordingly, EBIT improved marginally to -3.2 million Capital increase after reporting date; gross proceeds total 28.3 million In the first quarter of 2015, the focus was above all on the clinical trials with the lead product MGN1703. MOLOGEN proceeded with both the IMPULSE (lung cancer) and IMPALA (colorectal cancer) studies in the reporting period and continues to enroll patients. The expenses for research and development (R&D) amounted to 2.4 million, compared with 2.9 million in the same period of the previous year. EBIT fell accordingly from -4.1 million to -3.2 million. As at March 31, 2015, cash and cash equivalents totaled 10.7 million (December 31, 2014: 13.6 million). The capital increase carried out after the reporting date resulted in a cash inflow of an additional 28.3 million. General conditions Overall economic development Global economic growth improves slightly The IMF forecasts global growth of 3.5% for 2015 In its April report, the International Monetary Fund (IMF) again predicted global growth of 3.5% for 2015, thereby confirming its prior forecast in January The outlook for advanced economies has improved, while growth in emerging markets and developing economies is projected to be lower than previously expected. Risks for the development of the global economy above all include the slowdown of growth in China and the associated impact on Asian economies, the political conflict in Russia, which is likely to lead to a recession, at least in the short term, and the negative effects of the low oil price on oil-exporting emerging and developing nations. Development of the pharmaceutical and biotechnology industries Global sales increase for drugs expected to be up to US$1.3 trillion in 2018 Oncology is the indication with highest sales worldwide According to a study published by EY consulting group, the value of all transactions worldwide in the field of life sciences will break records this year. In 2014, the global total of all mergers and acquisitions was more than US$220 billion. EY expects this amount to be further exceeded this year. The pharmaceuticals market is also recording robust growth. Market research company IMS Institute for Healthcare Informatics (IMS) is predicting that total global expenditure on drugs will rise to around US$1.3 trillion by 2018, which is around 30% higher than had been estimated in 2013.
5 MOLOGEN AG interim report as of March 31, 2015 Interim management report 5 The field of oncology plays a major role. In its World Cancer Report 2014, the World Health Organization (WHO) assumes a sharp increase in new cancer incidences. This number could increase by 40% in the next decade, which means that by 2025, 20 million people could develop cancer each year across the globe. The growth rates in the oncology market are correspondingly high. The market researcher EvaluatePharma is predicting a global market volume of more than US$153 billion in this area for This equates to average annual sales growth of around 11%. Oncology is therefore the therapeutic area with the highest growth rates and, according to the market research company's projections, it will remain the indication with the strongest sales worldwide in the long term, with an expected sales share of around 14% by Investments of the pharmaceutical industry in innovative cancer therapies therefore remain high. According to the IMS, its share in the total of all product developments is more than 30%. An area that is looking particularly promising is the emerging field of cancer immunotherapies, which have increasingly become the focus of cancer research over the last two to three years. However, despite good prospects, the industry continues to be faced with significant challenges. These include the broadening of market shares for generics, as well as stricter laws and approval regulations. Conditions for market approvals and subsequent market penetration are also becoming complicated in many countries due to health care reforms, which almost always result in cost cutting. New trends can be observed as pharmaceutical companies react to expiring patents and shrinking product pipelines. Companies are developing new business segments and making increased investments in the development of niche products and personalized medicine or intensifying their activities in the area of mergers and collaborations. New opportunities are likewise arising for the biotechnology sector due to increased demand for innovative drugs and treatment methods, above all in the area of oncology. In this context, the business prospects for MOLOGEN can be assessed as very positive in the long term. Course of business Continued focus on conducting clinical trials with MGN1703: IMPULSE (lung cancer) and IMPALA (colorectal cancer) patient enrollment Presentation of further data on the safety and tolerability study carried out in the US Research and development (R&D) In the first three months of 2015, MOLOGEN's R&D above all advanced the two clinical studies for its lead product, the cancer immunotherapy MGN1703: the randomized IMPULSE clinical trial for lung cancer and the phase III IMPALA pivotal study in the indication colorectal cancer. Patients are currently still being recruited for both studies. In addition, research and development results were presented at major international scientific conferences in the first quarter. This included further data on a safety study conducted in the US in 2013.
6 MOLOGEN AG interim report as of March 31, 2015 Interim management report 6 R&D expenses In the first quarter of 2015, MOLOGEN carried out scheduled measures and investments tot aling 2.4 million (Q1 2014: 2.9 million) recognized as expenses. These mainly reflected expenses from the procurement of raw materials for manufacturing investigational medicinal products in the reference period which were not recognized under expenses in the reporting period. R&D expenses million Q Q Composition of the product pipeline (As of: March 31, 2015) Cancer immunotherapy MGN1703 The cancer immunotherapy MGN1703 is MOLOGEN s most advanced product. The immunomodulator and TLR9 agonist is currently being investigated in two clinical studies, IMPALA and IMPULSE. Pivotal study on colorectal cancer (IMPALA) Patient enrollment for the IMPALA study started in September 2014 and continued over the course of the first quarter. The IMPALA study is an international phase III multicentric, randomized, open-label, two-arm clinical trial. Based on the findings of the subgroup analyses of the IMPACT study, the IMPALA study includes patients with metastatic colorectal cancer in whom a response to treatment has been confirmed following standard first-line induction chemotherapy with or without biological agents (biologics).
7 MOLOGEN AG interim report as of March 31, 2015 Interim management report 7 The aim of the study is to demonstrate that a switch-maintenance therapy with the cancer immunotherapy MGN1703 leads to a prolongation of overall survival in patients with metastatic colorectal cancer. The primary endpoint is therefore overall survival. The secondary endpoints include progression-free survival, toxicity, safety and quality of life (QoL). Around 540 patients from more than 100 centers in eight European countries, including the five largest European pharmaceutical markets, will participate in the study. Patient enrollment is expected to be completed in the second half of The study will be evaluated once a certain number of specified events have occurred, which is currently estimated to be reached 12 to 18 months after completion of patient recruitment. Lung cancer study (IMPULSE) The enrollment of patients for the IMPULSE study which started in March 2014 also carried on in the reporting period. The primary endpoint of this IMPULSE study is overall survival. The trial will compare MGN1703 against the best standard of care. The study will include patients who are suffering from an extensive disease stage of small-cell lung cancer (SCLC) and whose tumors have responded to four cycles of the standard first -line therapy with chemotherapeutics. The study intends to enroll 100 patients overall. The intention is to have concluded patient recruitment by the end of The evaluation of the study is expected to take place 12 months after completion of patient enrollment. With the IMPULSE study, MOLOGEN is expanding the scope of the cancer immunotherapy MGN1703 by a further indication for which there is a high unmet medical need. Safety and tolerability study in the US In March 2015, MOLOGEN presented detailed pharmacokinetic (PK) and pharmacodynamic (PD) data from a phase I study with the cancer immunotherapy MGN1703 in healthy volunteers as a poster presentation at the 2nd Immunotherapy of Cancer Conference (ITOC-2) in Munich, Germany. The data from this phase I study was shown in comparison to data from two clinical trials with cancer patients. The findings support the dosing regimen of the ongoing studies IMPULSE in small cell lung cancer and IMPALA in colorectal cancer. PK and PD data are important parameters for the administration of drugs as they lead to conclusions on the optimum dosing for the best effect of a drug. The presented data revealed that healthy volunteers and cancer patients showed similar immune activation on treatment with MGN1703. In addition, the data supports the twice-weekly dosing regimen which is used in the ongoing phase II and phase III IMPULSE and IMPALA studies. In both studies, patients are currently treated with 60mg MGN1703 administered subcutaneously twice each week. MGN1703 has an Investigational New Drug (IND) designation from the FDA, which is an essential requirement for conducting clinical trials in the USA.
8 MOLOGEN AG interim report as of March 31, 2015 Interim management report 8 Phase II study for colorectal cancer (IMPACT) In January 2015 at the Gastrointestinal Cancers Symposium in San Francisco, USA, MOLOGEN presented data on overall survival of patient subgroups from the IMPACT study in colorectal cancer, which was completed in The results showed that patients who responded to induction therapy may benefit the most from a switch maintenance treatment with MGN1703. These results are reflected in the IMPALA and IMPULSE studies, where "response to induction therapy" is one of the main inclusion criteria. IMPACT was a randomized, placebo-controlled clinical phase II study assessing the efficacy of MGN1703 as a switch-maintenance therapy after first-line treatment of patients with metastatic colorectal cancer. Cancer immunotherapy MGN1601 MGN1601 is also a cancer immunotherapy. The mode of action of MGN1601 corresponds to a therapeutic vaccination. Phase I/II study on renal cancer (ASET) The clinical ASET study for phase I/II product candidate MGN1601 was successfully concluded in A continuative study is currently being planned. Cancer immunotherapy MGN1404 MOLOGEN is cooperating with facilities of the Charité-Universitätsmedizin Berlin and the Max Delbrueck Center for Molecular Medicine (MDC) Berlin-Buch. As part of the cooperation, Charité is conducting a phase I clinical study to test the safety and tolerability of MGN1404 in the treatment of malignant melanoma. The study will also gather data on the mode of action. A total of nine patients are scheduled to be admitted into the study. Patients are currently still being recruited for the study. Financial performance and financial position Marginal decline in R&D expenditure to 2.4 million (Q1 2014: 2.9 million). Accordingly, EBIT improved slightly to -3.2 million (Q1 2014: -4.1 million). Average cash consumption per month of 1.0 million (Q1 2014: 1.4 million per month) Cash and cash equivalents total 10.7 million (December 31, 2014: 13.6 million). Overall, the company s financial performance and financial position developed according to plan. The cash and cash equivalents available on the reporting date cover the short-term financial needs of the company. Results of operations In the first quarter of 2015, the revenues of MOLOGEN totaling 0.02 million were up a little year-on-year, but remained at a low level (reference period Q1 2014: 0.01 million). They result from the sale of goods and services in the area of research. Other operating income amounted to 1 thousand and was therefore at the same level as in the prior year. At 1.1 million, the cost of materials was below the previous year's figure (Q1 2014: 1.9 million) and primarily related to conducting clinical studies. In particular, this included costs for external services of 1.0 million (Q1 2014: 1.0 million). The costs of raw materials, supplies and goods for the manufacture of
9 MOLOGEN AG interim report as of March 31, 2015 Interim management report 9 investigational medicinal products accrued in the reference period were not recognized in the reporting period. Other operating expenses increased slightly to 0.8 million (Q1 2014: 0.7 million), which is partly attributable to the increased expenses arising from the cooperation with the Free University of Berlin (FU Berlin). Personnel expenses decreased to 1.3 million (Q1 2014: 1.5 million). This is a result of one-off payments in the same period of the previous year and the decline in stock options granted under personnel expenses. The scheduled depreciation and amortization of assets was on a similar level year-on-year, at 25 thousand (Q1 2014: 24 thousand). Finance income decreased to 1 thousand in the first quarter of 2015 due to the significantly lower interest rates compared with the prior-year period (Q1 2014: 8 thousand). Of the total expenses, 2.4 million was used for research and development projects, which represents a decline of approximately 17% (Q1 2014: 2.9 million). The year-on-year decrease in R&D expenditure is above all attributable to the lower cost of materials. In the first quarter of 2015, EBIT increased to -3.2 million and was therefore 0.9 million above the value in the reference period (Q1 2014: -4.1 million). EBIT million Q Q Accordingly, earnings per share increased to (Q1 2014: -0.25). Net assets and financial situation The balance sheet total has fallen to 11.9 million (December 31, 2014: 15.1 million). This is due to the cash burn and the increased accumulated deficit as a result of the net loss for the period. As of March 31, 2015, assets comprised a high share of cash and cash equivalents amounting to 10.7 million (March 31, 2014: 13.6 million). The decrease is due to the cash utilized within the scope of operating activities. Including investments and expenses for equity procurement, cash utilization st ood at 2.9 million (Q1 2014: 4.2 million). Cash and cash equivalents million Mar. 31, Dec. 31,
10 MOLOGEN AG interim report as of March 31, 2015 Interim management report 10 In the reporting period, MOLOGEN was always in a position to comply with all its financial obligations. The volume of the investments made in the first quarter of 2015 was less than the scheduled depreciation and amortization. At 0.42 million, non-current assets as at March 31, 2015 were slightly below the level on the prior year s reporting date (December 31, 2014: 0.44 million). Equity and liabilities are influenced by the reported equity capital in the amount of 9.6 million (December 31, 2014: 13.3 million). Although the equity ratio dropped, it remains at a high level of 81% (December 31, 2014: 88%), This decline is accounted for by the increased accumulated deficit due to the net loss for the period. Equity ratio in % Mar. 31, % Dec,. 31, % On March 24, 2015, the Executive Board of MOLOGEN resolved, with the approval of the Supervisory Board, to make partial use of the authorized share capital in accordance with Section 4 Para. 3 of the Articles of Association and to carry out a capital increase with subscription rights for the shareholders. The issue of up to 5,657,875 new shares was intended to raise the share capital from 17.0 million to up to 22.6 million. The expected inflow of funds through the capital increase will further strengthen the share capital base as well as fund the company's research and development programs, especially in relation to the IMPALA and IMPULSE clinical studies and to fund ongoing business operations needed for this purpose. The dividend entitlement of the new shares applies from January 1, With the Supervisory Board's consent, the Executive Board set the subscription price for new shares at 5.00 per share on March 30, As at March 31, 2015, current liabilities amounted to 2.3 million and were therefore above the level on the prior year s reporting date (December 31, 2014: 1.7 million). This increase was attributable to trade payables, especially in relation to clinical trials, as well as all other liabilities. Other financial liabilities amounted to 21.6 million in total as at March 31, 2015 (December 31, 2014: 21.8 million) and were essentially due to the conclusion of short-term service contracts for the IMPALA and IMPULSE clinical trials that commenced in fiscal year The calculation of other financial liabilities was based on the assumed scheduled development of the company's business activities. Liquidity development In the first quarter of 2015, cash and cash equivalents used for operating activities in the amount of 2.2 million were below the prior year's value (Q1 2014: 3.2 million) and were mostly committed to research and development. The lower outflows from operating activities primarily resulted from a lower loss for the period.
11 MOLOGEN AG interim report as of March 31, 2015 Interim management report 11 Cash flows from operating activity million Q Q Cash flows from investing activities have decreased year-on-year (Q1 2015: 0.0 million; Q1 2014: 6.0 million). In the same period of the previous year, fixed-term deposit of 6.0 million reached maturity. This was reported as a payment under cash flows from investing activities. At -0.7 million, cash flows from financing activities were also considerably lower than in the reference period, which had been influenced by the fund inflows from the cash capital increase carried out in February 2014 (Q1 2014: 14.8 million). Cash consumption (taking into account incoming payments from sales and subsidies as well as costs of equity procurement) amounted to an average of 1.0 million per month in the first quarter of 2015 and was therefore slightly lower than the value of 1.4 million in the same period of the prior year. Average monthly cash consumption million Q Q Supplementary report MOLOGEN successfully placed new shares from the cash capital increase resolved on March 24, 2015 with indirect subscription rights for existing shareholders and subsequent international private placement with qualified investors in the full amount of 5,657,875 shares (corresponds to 33.33% of the previous share capital). The purchase price as part of the private placement was set at 5.00 per new share and therefore corresponds with the subscription price for existing shareholders. Through the issue of 5,657,875 new no-par bearer shares, the share capital was raised from 16,973,626 to 22,631,501. Gross proceeds from the issue totaled around 28.3 million. The capital increase was recorded in the relevant Commercial Register on April 27, 2015.
12 MOLOGEN AG interim report as of March 31, 2015 Interim management report 12 Forecast, opportunities and risk report Forecast report The statements made in the management report of the annual financial statements as at December 31, 2014 on the objectives in the areas of research and development, cooperations and partnerships, earnings and liquidity development as well as personnel remain valid (cf. Annual Report 2014, page 36 f.). Opportunities and risks report The opportunities and risks, including their assessment, as presented in the management report of the annual financial statements as at December 31, 2014 essentially continue unchanged (cf. Annual Report 2014, pages 39 ff.
13 MOLOGEN AG interim report as of March 31, 2015 MOLOGEN share 13 THE MOLOGEN SHARE The stock market in the US has been trending sideways in the first quarter of 2015 as a result of the prolonged low interest rates, the start of the European Central Bank's (ECB) quantitative easing program and the Euro depreciation against the U.S. dollar. In contrast, developments in Germany have been positive in the first three months of the year. Germany's leading DAX index closed the quarter under review with a notable increase of 22.03%, from 9,806 points to 11,966 points. At the end of the first quarter of 2015, MOLOGEN shares were trading at 5.45 per share, which represents a decline of around 10%. The two relevant industry indices, the DAXsubsector Biotechnology and the DAXsector Pharma & Healthcare, both registered a price decline of approximately 9% and 26%, respectively. The average daily trading volume of MOLOGEN shares was in the region of 18,000 units and therefore well below the previous year's figure of around 34,000 shares. MOLOGEN implemented a capital increase in April 2015 within the framework of capital increase with subscription rights. Through the issue of 5,657,875 new shares, the share capital was raised to 22,631,501. Gross proceeds from the issue of around 28.3 million will be above all be used for the further development of the lead product candidate, the cancer immunotherapy MGN1703. The free float remained almost stable as a result of the capital increase. In addition, new German and international institutional investors have been acquired. In the reporting period, the company attended various national and international scientific and capital market conferences as well as holding many meetings with investors, especially in the run-up to the capital increase. Performance of the MOLOGEN share in the first quarter of 2015 January 2, 2015 March 31, 2015
14 MOLOGEN AG interim report as of March 31, 2015 MOLOGEN share 14 Key share data (ISIN DE , Prime Standard) XETRA Q Q Number of shares outstanding on March. 31 1) 22,.631,501 16,960,756 Market capitalization on March, 31 (million ) 92,51 190,81 First trading day ( ) 6,06 11,79 Last trading day ( ) 5,45 11,25 High ( ) 7,89 13,15 Low ( ) 4,95 10,20 Average daily trading volume (shares) 18,046 34,239 1) For 2015: As of April after capital increase Shareholder structure as of May (estimates)
15 MOLOGEN AG interim report as of March 31, 2015 Statement of comprehensive income 15 STATEMENT OF COMPREHENSIVE INCOME (IFRS) EUR 000 Q Q Revenues 18 7 Other operating income 1 1 Cost of materials -1,080-1,879 Personnel expenses -1,329-1,452 Depreciation and amortization Other operating expenses Profit (loss) from operations -3,181-4,076 Finance costs 0 0 Finance income 1 8 Profit (loss) before taxes -3,180-4,068 Tax result 0 0 Profit (loss) for the period/ comprehensive income -3,180-4,068 Loss carried forward -84,235-67,157 Accumulated deficit -87,415-71,225 Basic earnings per share (in ) Diluted earnings per share (in ) - -
16 MOLOGEN AG interim report as of March 31, 2015 Statement of financial position 16 STATEMENT OF FINANCIAL POSITION (IFRS) EUR 000 March 31, 2015 December 31, 2014 ASSETS Non-current assets Intangible assets Property. plant and equipment Current assets 11,447 14,613 Cash and cash equivalents 10,712 13,563 Inventories Other current assets 707 1,007 Income tax receivables 6 13 Total 11,868 15,053 EQUITY AND LIABILITIES Non-current liabilities 8 8 Deferred income 8 8 Current liabilities 2,251 1,747 Trade payables 1,739 1,315 Other current liabilities and deferred income Liabilities to banks 9 10 Shareholders equity 9,609 13,298 Issued capital 16,974 16,974 Capital reserves 80,050 80,559 Accumulated deficit -87,415-84,235 Total 11,868 15,053
17 MOLOGEN AG interim report as of March 31, 2015 Statement of cash flows 17 STATEMENT OF CASH FLOWS (IFRS) EUR 000 Q Q Cash flows from operating activities Loss for the period before taxes -3,180-4,068 Depreciation and amortization of intangible assets and property, plant and equipment Other non-cash expenses and income Change in trade receivables, inventories and other assets Change in trade payables and other liabilities Net cash used in operating activities -2,173-3,221 Cash flows from investing activities Cash payments to acquire property, plant and equipment Cash payments to acquire intangible assets -2-6 Proceeds from financial investments within the cash management and forecast (fixed-term deposits with a term of more than three months) 0 6,000 Net cash used in investing activities -6 5,961 Cash flows from financing activities Cash proceeds from issuing shares ,750 Net cash used in financing activities ,750 Effect of exchange rate changes on cash 1 0 Total changes in cash and cash equivalents -2,851 17,490 Cash and cash equivalents at the beginning of the period 13,563 8,765 Cash and cash equivalents at the end of the period 10,712 26,255
18 MOLOGEN AG interim report as of March 31, 2015 Statement of changes in equity 18 MOLOGEN AG Zwischenbericht zum 31. März 2015 Eigenkapitalveränderungsrechnung 1 STATEMENT OF CHANGES IN EQUITY(IFRS) EUR 000 except share data Issued Capital Capital Reserves Accumulated Deficit Shareholder`s Equity Number of Share capital ordinary shares As of 12/31/ ,419,512 15,420 66,721-67,157 14,984 Capital increase in exchange for cash contributions 1,541,244 1,541 13,209 14,750 Value of services rendered by employees (according to IFRS 2) Loss for the period -4,068-4,068 Rounding difference 1 1 As of 03/31/ ,960,756 16,961 80,151-71,225 25,887 As of 12/31/ ,973,626 16,974 80,559-84,235 13,298 Capital increase in exchange for cash contributions Value of services rendered by employees (according to IFRS 2) Loss for the period -3,180-3,180 As of 03/31/ ,973,626 16,974 80,050-87,415 9,609
19 MOLOGEN AG interim report as of March 31, 2015 Notes 19 CONDENSED NOTES for the period from January 1 to March 31, 2015 A. General information on the company Mologen AG (hereinafter: MOLOGEN) is a stock corporation as defined under the law of the Federal Republic of Germany with its headquarters in Berlin (Fabeckstraße 30, Berlin, Germany). It was founded on January 14, 1998 and is registered in the Commercial Register of the Local Court at Berlin- Charlottenburg under the number HRB B. The shares of the company are listed on the Regulated Market (Prime Standard) at the Frankfurt Stock Exchange under ISIN DE The objective of the company is the research, development and marketing of products in the area of molecular medicine. In particular, this encompasses the research and development of biomolecular vaccines, application-related clinical research for biomolecular tumor therapy and somatic gene therapy. The main focus of research is the MIDGE and dsllm technologies patented by MOLOGEN. These facilitate the use of DNA as a drug for diseases that were previously untreatable or for which treatment is insufficient. B. General information on the financial statements These condensed interim financial statements of MOLOGEN have not been audited or reviewed. They were prepared in accordance with IFRS as applied as at the reporting date, March 31, 2015, and as adopted by the European Union (EU), especially in accordance with the IAS 34 (Interim Financial Reporting), and they should be read together with MOLOGEN's audited financial statements as at December 31, 2014, which were prepared in accordance with IFRS as adopted by the EU. The accounting and measurement methods were continued unchanged from December 31, No accounting standards that were in effect for the first time or had been changed for the reporting period had any material effect on MOLOGEN's interim financial statements. The reporting period for these condensed interim financial statements is the period from January 1, 2015 to March 31, The comparison period for these condensed interim financial statements for the statement of comprehensive income, statement of cash flows and statement of changes in equity is the period from January 1, 2014 to March 31, The functional and presentation currency in the financial statements is the euro ( ). To improve readability, numbers are rounded and stated in thousands of euros ( 000), unless otherwise specified. MOLOGEN still does not prepare segment reporting. In relation to this, please refer to the explanations presented in the Notes in accordance with IFRS for fiscal year 2014.
20 MOLOGEN AG interim report as of March 31, 2015 Notes 20 C. Selected notes to the statement of financial position as at March 31, 2014 Assets Intangible assets/property, plant and equipment Intangible assets amounting to 2 thousand (2014: 7 thousand) and property, plant and equipment totaling 4 thousand (2014: 86 thousand) were acquired during the reporting period. No material disposals took place. No evidence exists that would necessitate an unplanned impairment loss. Cash and cash equivalents Cash and cash equivalents consist of cash and bank balances. Current bank balances yield variable rates of interest. Short-term investments always have maturities of up to three months, which are determined depending on the company s cash needs at the time. They have fixed interest rates. As at the reporting date, the value of cash and short-term investments totaled 10,712 thousand (December 31, 2014: 13,563 thousand). This is calculated based on the nominal value of the holdings in euros and the value of an account denominated in a foreign currency as measured at the exchange rate on March 31,2015. Other current assets and income tax receivables 000 March 31, 2015 December 31, 2014 Reimbursements from VAT Income tax receivables 6 13 Other receivables No impairment losses were recorded against other assets during the reporting period or the 2014 financial year. Equity and liabilities Non-current liabilities The amount reported as deferred income of 8 thousand (December : 8 thousand) relates to government grants for assets. Current liabilities 000 March 31, 2015 December 31, 2014 Trade payables Liabilities from income and church tax Liabilities to banks 9 10 Other liabilities
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