AEG 21604 G Manual de usuario descargar pdf (Pagina 465)

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Financial information

Under the terms of Share Sale and Purchase Agreement dated January 25, 2005, the Company issued a note

instrument to Alcatel of € 14 million. The instrument was a fixed rate subordinated unsecured convertible note,

bearing interest at a fixed annual rate of 7%. The principal amount together with interest accrued since January

25, 2009 was paid on March 31, 2009. Following repayment of the Note and the waiver of liabilities, the Com-

pany has no further obligations to Alcatel other than through normal trading.

As at the end of 30 September, 2010 the following letters of support to the following entities were in place:

• AEG PS S.A.S. (France)

• Harmer & Simmons (France) S.A.S.

• PSS Holdings (France) S.A.S.

• Harmer & Simmons PSS (India) PVT Ltd

• AEG PS Co. (Beijing)

• Harmer & Simmons (Malaysia) SDN BHD

• AEG PS GmbH

• AEG PS Aram Kft.

• AEG PS Spol S.R.O.

Further explanation of captions in the financial statements

The Company’s income statement for the financial year ended September 30, 2010, showed a profit after taxes

of € 11,907,000 (2009 € 29,783,000).

The gross margin reduced in percentage from 30.5 % to 23.5 %. Primarily due to higher operation costs as the

Company established its manufacturing facility. Selling, general and administrative expenses amount to

€ 3,964,000 (2009 € 3,090,000). The increase is mainly due to higher professional and consulting fees. Other

expense € 860,000 (2009 € 40,000) relates to a one off provision for German withholding tax charges.

Research and development expenses for the nine month period ended September 2010 included € 5,764,000

(2009 € 11,610,000) of royalties received from subsidiaries for the use of patents owned by the Company offset

by € 8,709,000 (2009 € 8,890,000) paid by the Company to subsidiaries for costs incurred on research and de-

velopment projects on behalf of the Company.

An amount of € 3,152,000 (2009 € 4,094,000) was capitalized in the period to 30 September 2010 for research

and development projects.

Investments in participating interests in group companies and loans receivables not carried at fair value are as-

sessed for impairment at each reporting date. In the nine months to 30 September 2010 an impairment charge of

€ 2,957,000 (2009 € 2,307,000) was recorded.

The exposure of the Company to risks is described in the notes to the 2009 financial statements and has not sig-

nificantly changed during the first nine months of 2010.

The number of employees as at 30 September 2010 was 62 (2009: 62).

Seasonality of operations

The revenue in the second half of the year in general tends to be higher than the revenue in the first half with the

last quarter typically being the strongest.

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AEG 21604 G Manual de usuario Pagina 465

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AEG 21604 G Manual de usuario Pagina 465

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