A Case Study of Novavisions GmbH

Transcription

1 QUARTERLY REPORT ACCORDING TO IFRS AS PER 30 SEPTEMBER 2008 NOVAVISIONS AG

2 LETTER TO THE SHAREHOLDERS Dear Shareholders, Novavisions witnessed several activities in the first nine months of the financial year. Though the approach of potential partners and investors for the division NovaStor a principal task of the company did not yet provide results which meet the expectations of Management Board. Still this does not change the aim to develop a small but valuable and actively managed portfolio which is to lead to significant value enhancement within a period of 3-5 years. As of the investment portfolio composed as follows: - NovaStor Corp., USA (100%) - NovaStor GmbH, Hamburg (100%) - NovaStor Software AG, Rotkreuz (100%) - Dynavisions GmbH, Gauting (46%) - Dynavisions Schweiz AG, Rotkreuz (40.7%) - MultiCom Software OY, Finland (40%) - Mount10 PCM GmbH, Rotkreuz (25%) Portfolio development The development of equity investments in 2008 vary. The positive development of the NovaStor companies has been sustained. The release of the new version NovaBACKUP 10 was slightly delayed in the first half year. This produced additional expense and slowed down growth development in the first half year. However, the very positive acceptance of the product on the market shows the high performance capacity of NovaStor. Particularly pleasant is the best buy Award from PC World USA re-won by NovaBACKUP 10. This successful product provides a very good value creation. Try out the performance of the new solution privately or for your company by downloading the software easily and free of charge from or 2

3 In addition, NovaNet-WEB will be appearing in a brand new version and will be available in the yearend business. NovaStor will be a profitable investment for the Novavisions shareholders. Considering the transactions of larger IT companies and also of private equity and venture capital enterprises in the data storage market, Novavisions anticipates a high profit potential. The 40% equity investment in MultiCom Software OY also developed well. The company improved again the very good results from the previous period of the first 9 month of the year. As a result of recurrent business of many years standing with major customers such as TietoEnator, MultiCom has created a solid foundation for continued positive development. Novavisions, the MultiCom Management Board and other shareholders agree that the positive trend facilitates the examination of all future options. This investment can therefore also be assumed to have upside potential. An equity investment of 30% in Dynavisions Schweiz AG was sold to a German group of investors. Together with this group a viable business and finance model has been prepared. A part of the developed platform is to be sold to a strong financial partner. There is nothing new at Dynavisions GmbH. Novavisions now holds 46% in the company and is dependant on finding viable paths with the other shareholders. For precautionary reasons, the Board of Directors of Novavisions decided at the end of 2007 to make a value adjustment of EUR 2.1 million for the purchase price, as well as a major part of the loans going to Dynavisions GmbH. Therefore, a further depreciation risk is not anticipated. 3

4 New bond In June the company placed a 4% bond with Performance Tracker with a term to 06/16/2011 as part of a private placement. The subscribers to the bond were predominantly holders of the old 7% convertible bond. The owners of the new bond will receive in addition to the 4% coupon a maximum 10% participation of the amount exceeding a minimum transaction price for the NovaStor companies of EUR 6 million. The bonds are listed at the open market of the Frankfurt Stock Exchange (WKN A0TWJZ). The major part of the revenue was used to buy the old 7% convertible bond with a term to This reduces the interest burden as well as the dilution for the shareholders and the term could be extended by 1 year. Prospects Only once all majority investments have been sold and operative results of companies do not need to be consolidated, the annual financial statements of Novavisions AG can be appreciated without any great necessity for clarification. Now that the Dynavisions Schweiz AG share has been reduced to below 50%, only a majority shareholding is held in the NovaStor companies. It is the declared objective for 2008 to show a Net Asset Value (NAV). This will then clearly show what the investment company costs and generates and highlight the potential in the portfolio. Words of thanks We would like to express our thanks for the confidence placed in us. At this point our thanks go to the employees of the different portfolio companies for their great commitment and their professionalism. We will systematically pursue our new strategy as investment company in order to deliver longterm success to the benefit of our customers, employees and shareholders. Sincerely yours, Adrian Knapp CEO and Chairman 4

5 THE COMPANY Novavisions AG is a technology holding company specialising in equity investments in the future market of Digital Life Style. In addition to the overall idea and the sustainable potential of the technology, the decision to invest will depend primarily on the management and the people involved. Novavisions takes an active role in the investment process and attributes great importance to the use of synergy effects, be this through the exchange of experience, cross selling, technology transfer or the optimisation of sales channels between the companies in the portfolio. NOVAVISIONS AG, OVERVIEW Thousand EUR EUR EUR EUR EUR Operating income '394 Operating expenses EBTDA Depreciation Operating result (EBT) Profit/Loss from continued operations Profit/Loss from discontinued operations Profit/Loss for Period Earnings per GDR, diluted GDRs, diluted - average in circulation 24'077'470 24'077'470 24'077'470 21'570'248 - in circulation as per spot date 24'077'470 24'077'470 24'077'470 24'077' Equity capital 5'247 5'012 5'247 5'012 Equity ratio 59.4% 57.6% 59.4% 57.6% Balance sheet total 8'841 8'698 8'841 8'698 5

6 THE INVESTMENTS NovaStor Software (100% investment) is headquartered in Switzerland but it also owns offices/operations in the United States and in Germany. NovaStor is a leading provider of award winning software solutions for data availability and protection. NovaStor s products, which comprises online/offline data protection, data recovery and the long-term, legally-compliant storage meet the requirements of different end-users starting from individuals over small and medium-sized business users to large enterprises. Core Solutions to Meet the SMB and Small Users Requirements NovaBACKUP NovaBACKUP for smaller businesses and end users enables the user to restore data after a complete system breakdown or on other emergencies. Employing a safe, user-friendly process, the software offers automatic, reliable and cheap protection for all critical sets of data. In October '08, leading US computer magazine PC World rated NovaBACKUP 10 as the "best backup utility program" and awarded it a "Superior" rating with 91 out of 100 points. In its summary of NovaBACKUP 10, PC World states that "a friendly new interface and onlinebackup integration are highlights of this full-featured backup app." NovaNet-WEB NovaNET-WEB is an online backup solution for all businesses. Bigger service providers offer you with NovaNet-WEB a backup service that generates recurring revenues. Via the Internet, the software backs up the business s critical data that is stored on mobile and internal and external Microsoft Windows workplaces. Centrally managed user profiles and policies control the data backup. NovaNet-WEB s software architecture allows all the staff to backup and restore at any time in any place: ATAP Backup & Restore. Primarily aimed at small and medium-sized companies as well as individual users, NovaStor is leveraging its success in this field (more than one million registered users and over ten years of experience in the SaaS domain), by fuelling the proliferation of online backup services, helping Service Providers (xsps) and other resellers providing efficient solutions to their consumers and small businesses. Due to its most advanced online backup software, the Company achieved the reputation of a leading industry player and received a high-ranking position in the Top25 and Top10 lists by OnlineBackupReviews and BackupReviews. 6

7 Core Enterprise Solutions HiFreezer HiFreezer is storage software for selectively archiving electronic business data over a period of several years in accordance with statutory regulations. The system functions in accordance with the rules on data access and the auditing of digital documents that are laid down by the German Ministry of Finance, and meets the requirements laid down in the Sarbanes-Oxley Act (SOX), which states that data backup, documentation, auditing and restoration must be guaranteed at all times. HiFreezer provides businesses with cheap, efficient technology for meeting legal requirements, as well as self-defined processes for storing data. HiBack HiBack ixt is a backup and restoration software that meets highest demands. The product is based on a modular architecture that guarantees no platform or hardware dependence, high speed, unlimited scalability, and constant availability. With active clients and passive servers, the software achieves far better performance than other products when it comes to data backup and data restoration. References 7

8 Awards and Certifications 8

9 MultiCom Software Oy (40% equity investment) improves and integrates software technologies (from NovaStor amongst others) for important Finnish companies such as TietoEnator and Cap Gemini. The company is based in Lappeenranta in Eastern Finland, near St. Petersburg and constitutes an important hub in the innovative Finnish mobile market, which continues to set global trends. In 2007 MultiCom Software Oy achieved a double digit revenue growth and the profit rose superproportionally. MultiCom Software Oy has been profitable for years. MultiCom can be reached at Referenzen 9

10 Dynavisions Schweiz AG (40.7% equity investment) is an innovative entertainment service company with its headquarters in Switzerland (Rotkreuz) and a subsidiary in Germany (Munich). The company offers "dynatv" offering TV, film, games and music services allowing the user free access to thousands of TV channels, movies, games and music channels on their own TV. dyna TV aggregates TV channels, special interest content and portals such as youtube and provides them in a clean and clear way, sorted into 12 genres and easy to navigate on the Flat TV in your living room or workplace. The service is also available in HD. At the start, around 2,500 TV channels in over 20 languages will be available. Additionally, there will also be films available in the genres of independents, film academies, horror, erotic and festivals. The majority of this offer is free of charge. The TV experience is complemented with games, music channels and a classic VoD (video on demand) function, allowing the viewer to watch films from the most important studios against a fee. dynatv is received via an existing or new set top box or any media extender which is dynatv enabled. Only minimal bandwidth is required and in most cases an existing DSL contract with a provider of choice is usually enough. dynatv allows the user to access many of these functionalities free of charge and in some cases even in HD quality on the flat screen TV in the living room, bedroom or in the office. The service is financed by advertising, which is implemented around the navigation menu; around credits of dedicated content or superimposed as sub titles. The total of 6 million shares of the company are owned to 40.7% by Novavisions AG, 6% is owned by the management and 53.3% is owned by a range of shareholders (public float). The shares are traded on the open market at the Frankfurt stock exchange under WKN A0MVBY or ISIN CH Technical Managing Director is Ulrich Strauß. Dynavisions' web presence is the topical user generated content. Content is King! IPTV (TV on the internet) is at the moment still rarely used. Despite the fact that thousands of high quality TV programs are already aired only on the internet, these programs are still hardly noticed on the PC/notebook and are virtually non-existent on the flat screen TV. Microsoft's Mediacenter is not really a solution to this problem, since this application feels too "wooden", too technical, hard to install and cannot be used without a (Home) PC. Also satellite TV is not really an alternative. There is not much room left for selected topics, ethnic minorities or special areas of interest or for 10

11 The viewer is rightly fussy and no longer prepared to accept an uninspired full service programme, which no longer corresponds to the viewer s interests and viewing habits. The desire to be able to choose the programming freely at any time is definitely present and bigger than ever. This is the background for dynatv s service, which puts the customer interest into the foreground and gives the user the freedom of choice back but without having to forgo the classic TV channels and programs. dynatv uses largely the huge amount of freely available content on the web and achieves a terrific breadth of content. Market Experts compare the change of our today's viewing habits with the change of the listening habits and buying patterns of customers in the music industry. New technology and especially IPTV offer large and small providers completely new opportunities. Google has shown a completely new way with its acquisition of youtube. Advertising revenue is anticipated by cleverly integrating advertisement into self generated content. dynatv enhances this model even further and aggregates not only youtube videos but also access all available content and sorts them by genres in a clean and user-friendly fashion. dynatv wants to secure its share of advertising revenue from the internet and commercial TV, but also create additional revenue streams from video on demand. Both market segments are therefore relevant for dynatv. The advertising market for the TV segments targeted by dyna TV has not been fully analyzed yet and relevant figures are not available as yet, hence the potential can only be assumed with the help of model calculations. The combination of local, national and international TV advertising market, however, gives a very interesting figure. dynatv is interactive and in contrast to normal TV it can be exactly monitored who is watching which advertising and for how long. This should create a much better added value. For VoD revenue there are many figures available. The film industry is preparing for offered content, available title by title, to make the chosen title available to the viewer at the precise moment when the viewer wants to watch it. Worldwide revenue from video on demand (VoD) is going to exceed by 2012 the ten billion dollar mark according to a recent study by the British market research company Informa Telecoms & Media. While the global VoD revenue was 4.8 billion dollar last year and half of this was generated in the USA; by 2012 it is expected that 909 million households will have access to VoD or Near-VoD. This would correspond to about 78 % of all TV households worldwide. Northern America and Europe are going to have the lion s share of VoD revenue with a combined 83% of all turnover, while Northern America is going to achieve almost 50% of the revenue share. In Europe, the UK will be leading according to Informa Telecoms & Media it is expected that revenues of 667 million Dollars are achieved by France and Germany are not far behind. 11

12 Dynavisions GmbH (46% equity investment) produces set top boxes for the latest generation of digital television receivers in connection with internet access and telephony and therefore operates in the growth market of home entertainment. Based on close cooperation with a chip producer, Dynavisions has developed an IPTV streaming set top box based on the Windows CE operating system that has been designed to transmit VoD services and IPTV streams via the internet on home televisions. The flexible software architecture also offers all features characterising a modern device.the device has been conceived for internet/content service providers. 12

13 MANAGEMENT, BOARD OF DIRECTORS As of September 30, 2008, the Management and the Board of Directors at Novavisions Group comprised the following persons: Board of Directors Adrian Knapp, Chairman has a Master's in Business Economics. After a commercial education and employment outside of the IT industry, including an extended period abroad, he began his career in IT in In 1991 he was co-founder of Dicom AG, an International IT company which went public on AIM London in In 1994 he joined COPE AG, a Swiss based IT firm he co-founded. Cope went public on Nasdaq in 1998 and merged with Mount10 in Mount10 went public on Neuer Markt, Frankfurt in Mount10 bought the American NovaStor in In 2006 he was the main initiator of Novavisions AG, an Investment Company that invests in technology companies with focus in the Digital Life market. Prof. Dr. Gerold Riempp, Member of the Board of Directors holds the Chair for Business Information Systems 2 at the European Business School, International University Schloss Reichartshausen in Oestrich-Winkel, Germany, and has over 15 years of consulting experience, including with Horváth & Partners, Information Management Group and PricewaterhouseCoopers. From 2000 to 2002 he headed the Customer Knowledge Management centre of excellence within the Institute for Business Information Systems at the University of St. Gallen, where he also qualified as a professor. Previously he was Senior Manager and overall project leader for Knowledge Management at PricewaterhouseCoopers in Germany. After studying Business Information Systems at the Technical University in Darmstadt he completed a PhD. in Business Information Systems at the Groupware Competence Center of the University of Paderborn. Markus Bernhard, Member of the Board of Directors graduated from the University of St. Gallen (HSG) as a licensed Business Economist HSG. He worked for Revisuisse Pricewaterhouse between 1991 and During this period, he became a Certified Public Accountant. in September 1997 he became Chief Financial Officer of COPE, Inc. and was the main driver in the IPO processes of COPE (Nasdaq 1998) and Mount10 (Neuer Markt Frankfurt, 2001). He served as CFO for Novavisions till March In April 2007 he became CFO of mobilezone holding ag, the leading Swiss based independent mobile phone provider. Peter Urs Naef, Member of the Board of Directors is the owner and partner of Naef Partners AG in Zurich, Switzerland. He is also a member of the board of directors of Engelberg Titlis Tourismus AG in Engelberg, Switzerland, of The Guide Company in Zürich, Switzerland, of Swiss Equity Medien AG in Bern, Switzerland and a member of the Advisory Board of the Swiss Economic Forum. Peter Urs Naef joined the Board of Directors of today's Novavisions AG in Management Adrian Knapp, Chief Executive Officer Jean-Christophe Probst, Chief Financial Officer 13

14 NOVAVISIONS SHARES The share price of Novavisions has developed as follows: Highest price (Xetra) : Euro 0.40 Lowest price (Xetra) : Euro 0.12 Prime Standard (12 months) Shareholders and interested readers who have not yet subscribed to our Investor Relations mailing list can register on our homepage at or directly by to 14

15 CONSOLIDATED BALANCE SHEET (IFRS) A S S E T S EUR EUR Long-term assets Tangible fixed assets 25'927 40'338 Investments 1'361' '078 Other long-term assets 309'634 0 Long-term assets from continued operations 1'697' '416 Short-term assets Short-term loans 0 1 Accruals and other short-term assets 109' '739 Liquid resources 19'101 60'322 Short-term assets from continued operations 128' '062 Assets from continued operations 1'826' '478 Assets from discontinued operations 7'014'363 7'756'288 Assets, total 8'840'578 8'697'766 15

16 CONSOLIDATED BALANCE SHEET (IFRS) E Q U I T Y & L I A B I L I T I E S EUR EUR Equity capital Subscribed capital 5'472'299 5'472'299 Capital reserve 4'157'041 7'278'324 Own shares 0-41'650 Retained earnings -4'481'778-7'613'724 Cumulative exchange rate difference 99' '633 Equity attributable to shareholders of Novavisions AG 5'247'162 4'990'616 Minority interest 0 20'935 Equity capital, total 5'247'162 5'011'551 Long-term liabilities Bonds / Convertible bonds 1'034' '537 Long-term liability reserves 192' '071 Long-term liabilities from continued operations 1'226'374 1'042'608 Short-term liabilities Accounts payable from sales & services 18'626 14'538 Short-term reserves 243' '774 Other accounts payable 49'146 10'241 Deferred income 66' '397 Short-term liabilities from continued operations 378' '950 Liabilities from continued operations 1'604'717 1'390'558 Liabilities from discontinued operations 1'988'699 2'295'657 Liabilities, total 3'593'416 3'686'215 Equity and liabilities, total 8'840'578 8'697'766 16

17 CONSOLIDATED INCOME STATEMENT (IFRS) EUR EUR EUR EUR Net gains on investments 0 808' '091 1'237'347 Dividend income 20' '280 0 Interest income 14'553 12'195 37'886 31'834 Net foreign exchange gains 23' '402 0 Other income 17' ' '000 Other income 75' ' '996 1'394'181 Net loss on investments -125' Interest expense -17'486-37'550-61' '937 Net foreign exchange losses 0-14' '472 General and administrative expenses -196' ' ' '512 Other expenses -339' ' ' '921 Earnings before taxes and depreciation -264' ' ' '260 Depreciations -5'259-5'158-16'148-15'444 Earnings before taxes -269' ' ' '816 Income taxes Profit/Loss from continued operations -269' ' ' '816 Profit/Loss from discontinued operations 81'943 82' '437-31'560 Total profit/loss for the period -187' '794-10' '256 of which attributable: to shareholders -187' '774 10' '236 to holders of minority interests 0-10'980-20'935-10'980 Earnings per GDR undiluted continued operations discontinued operations diluted continued operations discontinued operations Average of GDRs in circulation: undiluted 24'077'470 24'077'470 24'077'470 21'570'248 diluted 24'077'470 24'077'470 24'077'470 21'570'248 17

18 CONSOLIDATED CASH FLOW STATEMENT (IFRS) *) *) EUR EUR EUR EUR Profit/loss from continued operatiions -269' ' ' '816 Depreciation of fixed assets and amortisation of intangible assets 5'259 5'158 16'148 15'444 Adjustment on investments 0-1'288' '701-1'530'347 Financial revenue 97'111 39'423-20'699 94'575 Tax revenue Gain/loss from proceeds of investments '505 Change in current assets 30'969-74' '575 Change in accounts payable for goods and services 13' '088-8'333 Change in other short-term borrowings '532-2'600 18'999 Change in provisions -41' ' ' '092 Taxes paid CASH FLOW FROM OPERATING ACTIVITIES -165' ' ' '684 Investment in fixed and intangible assets '292-2'650-4'529 Proceeds of investments 18' '069 83' '069 Granting/Prepayment of loans 5'500 30' ' '070 Interest received '346 Dividend received 20' '280 0 CASH FLOW FROM INVESTMENT ACTIVITIES 43' ' ' '956 Net revenue from capital contribution '219 Net payment from bonds 150' '551 0 Interest paid '782-1'170 CASH FLOW FROM FINANCING ACTIVITIES 149' '769-13'389 Foreign exchange differences -63'045-63' '429-33'765 NET CHANGE IN CASH AND CASH EQUIVALENTS -35' '565-41' '882 CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 54' '999 60' '316 CASH AND CASH EQUIVALENTS AT END OF PERIOD 19' '434 19' '434 CASH AND CASH EQUIVALENTS FROM CONTINUED OPERATIONS NET CHANGE IN CASH AND CASH EQUIVALENTS -35' '565-41' '882 CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 54' '999 60' '316 CASH AND CASH EQUIVALENTS AT END OF PERIOD 19' '434 19' '434 CASH AND CASH EQUIVALENTS FROM DISCONTINUED OPERATIONS NET CHANGE IN CASH AND CASH EQUIVALENTS 32'709-96' ' '616 CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 126' ' ' '171 CASH AND CASH EQUIVALENTS AT END OF PERIOD 158' ' ' '555 *) Prior year s comparative figures have been restated to reflect discontinued operations. 18

19 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (IFRS) Subscribed Capital Own Net Cumulative Minority TOTAL capital reserve shares profit exchange rate stake of EUR differences equity capital Balance '763'436 6'709' '385'318 33' '121'165 Exchange rate difference ' '188 Net costs directly recognised in equity ' '188 Result for period '253' '920-2'285'886 Total net income '253' '188-31'920-2'424'074 Increase in capital 708' ' '314'407 Cost of increase in capital 0-36' '712 Purchase of own shares ' '650 Change in minority interest ' '855 78'415 Balance '472'299 7'278'324-41'650-7'613' '633 20'935 5'011'551 Balance '472'299 7'278'324-41'650-7'613' '633 20'935 5'011'551 Exchange rate difference ' '233 Net costs directly recognised in equity ' '233 Result for period ' '935-10'477 Total net income ' '233-20' '756 Increase in capital Application of net profit/loss 0-3'121' '121' Disposal of own shares ' '650 Balance '472'299 4'157' '481'778 99' '247'162 The share capital as of September 30, 2008 is CHF divided into bearer shares of CHF 3.50 each which is converted at historical cost. As a result of a capital increase in February 2007 and a capital decrease in September 2007, equity was increased in net terms by EUR The net capital increase was made by contribution in kind of Dynavisions GmbH. SEGMENT REPORTING From a revenue and volume perspective Novavisions operations consist of one segment. Therefore segment reporting is waived. 19

20 SELECTED EXPLANATORY NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENT FOR THE PERIOD ENDED SEPTEMBER 30, Presentation of the financial statements Because of the Board of Directors decision to align Novavisions AG as an investment company, the company intends in future to hold only minority interests. Therefore the investments in which Novavisions still holds a majority interest and their activities have been consolidated in these financial statements but are presented only summarized as discontinued operations. 2. Accounting policies The unaudited consolidated financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting. 3. Changes in accounting policies The same accounting and valuation principles have been applied to these financial statements as to those described in Novavisions annual report of 2007 except the adopted new standards and interpretations and amendments to existing standards, which came into force as of January 1, These new requirements had not significant effects on the financial statements. No use has been made of the possibilities of early adoption. 4. Consolidated group The consolidated group includes the following companies: Name / Headquarters Country Share Capital Stock Consolidation method Novavisions AG, Rotkreuz Switzerland 100% CHF Full consolidation NovaStor Corporation, Simi Valley (CA) USA 100% USD 0 Full consolidation 1) NovaStor Software AG, Rotkreuz Switzerland 100% CHF 100'000 Full consolidation 1) NovaStor GmbH, Hamburg Germany 100% EUR 25'565 Full consolidation 1) Dynavisions Schweiz AG, Rotkreuz Switzerland 40,7% CHF 600'000 Full consolidation 2) Dynavisions GmbH, Stockdorf Germany 46% EUR 28'000 Equity Method Multicom Software Oy, Lappeenranta Finland 40% EUR 166'912 Equity Method Mount10 PCM GmbH, Rotkreuz Switzerland 24% CHF 55'000 Equity Method 1) Majority investments available for sale are attributable to discontinued operations. 2) The company s activities are consolidated in the income statement up to March 31, Balance sheet items were deconsolidated as of March 31, After the sale transaction on March 31, 2008 Novavisions did not held a majority share anymore. From that date on the company is carried at market value. 20

21 5. Sale of company shares On March 31, % and on September 2, 2008 further 8.3% of Dynavisions Schweiz AG shares were sold. With this transaction the share held by Novavisions reduced to 40.7%. 6. Exchange rates The respective group exchange rate tables are used for foreign currency translation. in EUR ISO-Code Unit Average Average Swiss Francs CHF US-Dollar USD Discontinued operations 7.1 Assets and liabilities A S S E T S EUR EUR Long-term assets Tangible fixed assets 37'184 72'603 Intangible assets 6'067'458 6'126'064 Deferred taxes 2'636 2'636 Long-term assets, total 6'107'278 6'201'303 Short-term assets Accruals and other short-term assets 279'109 94'144 Accounts receivable from sales & services 468' '911 Liquid resources 159' '930 Short-term assets, total 907'085 1'554'985 Assets from discontinued operations 7'014'363 7'756' L I A B I L I T I E S EUR EUR Short-term liabilities Financial liabilities 339'691 0 Accounts payable from sales & services 355'456 84'265 Deferred revenue 1'082'041 2'069'081 Other short-term liabilities 211' '311 Short-term liabilities, total 1'988'699 2'295'657 Liabilities from discontinued operations 1'988'699 2'295'657 21

22 7.2 Revenue and result of discontinued operations EUR in thousand Sales revenue 1'164 1'559 3'373 4'111 EBITDA Depreciation EBIT Result