Interest expenses include the unwinding (EUR 2,828k; prior year: EUR 3,530k) of the discount on the put / call option and the related liability from the acquisition of STANGL AG as well as EUR 281k from the unwinding of the discount on the earn-out liability from the acquisition of Oerlikon Balzers AG’s patented Blu-ray technology (prior year: EUR 382k). Finance costs also contain interest of EUR 1,507k accrued on loan outstandings (prior year: EUR 1,966k).
2009 2008
[€ k] [€ k]
Interest income from non-current
receivables from customers 1,188 938
Interest income from
time / overnight deposits 271 564
Other interest income 42 68
(Finance costs) – 7,632 – 9,520 – 6,131 – 7,950 [€ k] 2010 3,633 2011 2,876 2012 2,259 2013 2,263 2014 and thereafter 24,829 35,860
TECHNOLOGIES AG, with the approval of the supervisory board on the same date, resolved to increase the Company’s capital stock from currently EUR 37,355,471 divided into 37,355,471 ordinary bearer shares with a par value of EUR 1.00 each by a maximum of EUR 3,694,640 to a maxi- mum of EUR 41,050,111 in return for cash contributions. The share placement among German and international investors in an accelerated bookbuilding procedure was successfully completed on 5 March 2010. 3,694,640 shares carrying a share in profits from fiscal year 2009 were placed at a price of EUR 4.10 per share. This led to a gross cash inflow of EUR 15,148,024.00m for the Company.
The funds from the capital increase will be used to finance further growth and repay debt.
SINGULUS TECHNOLOGIES returns to the TecDAX on 22 March 2010
During Deutsche Börse’s regular index review on 3 March 2010, it decided to reinstate SINGULUS in the TecDAX as of 22 March 2010. SINGULUS was removed from the TecDAX on 3 September 2009 and thus returns to Deutsche Börse’s growth segment after a six-month absence.
The management board endorsed the consolidated financial statements on 19 March 2010 and passed them on to the supervisory board for review.
Events after the balance sheet date are those events, both favorable and unfavorable, that occur between the balance sheet date and the date when the financial statements are authorized for issue. Events that provide evidence of condi- tions that existed at the balance sheet date are considered in the consolidated financial statements. Events that are indi cative of conditions that arose after the balance sheet date are presented in the notes to the consolidated financial statements and the combined management report if they are significant.
The following reportable events occurred after the end of fiscal year 2009:
Sale of HamaTech APE
In December 2009 SINGULUS signed a letter of intent relating to the sale of 100% of the shares in HamaTech APE GmbH & Co. KG, Sternenfels, and the factory building in Sternenfels to SÜSS MicroTec AG, Garching. The final purchase agreement was signed by both parties on 12 January 2010. A purchase price of EUR 3,644k was agreed for APE. On top of the purchase price for HamaTech APE, an earn-out component of EUR 1,000k was agreed which is linked to the revenue of HamaTech APE in 2010. Furthermore, a purchase price of EUR 4,500k was agreed for the acquisition of the property and building in Sternenfels. EUR 1,100k of the proceeds were used to repay lease liabilities. SÜSS took over all APE employees in Sternenfels and at the foreign companies.
Major solar plant contract
In February 2010 SINGULUS was awarded a contract worth approximately EUR 19m from a leading European solar cell manufacturer for production equipment for manufacturing a new generation of thin-film solar cells.
Medium-term debt finance arranged
SINGULUS has agreed on a medium-term finance arrange- ment with a banking syndicate. An agreement was signed with the banks in March 2010 for a syndicated credit facility with new terms until the end of 2012. Please see Note 19 for the collateral provided.
Consolidated FinanCial statements notes
10 6
In addition to compensation for expenses, each member of the supervisory board receives fixed remuneration amounting to EUR 30k for each full fiscal year of supervisory board membership. In addition, following the decision on profit appropriation, each supervisory board member receives, for membership on the supervisory board during the preceding fiscal year, performance-based remuneration. As of 7 June 2008, this amounted to EUR 800.00 for each cent of con- solidated earnings per share, determined in accordance with IFRSs. The basis of assessment is at most equal to the Company’s accumulated profit less an amount of four percent of the capital invested in the lowest issue amount of the shares. The fixed remuneration is to be added to the perfor- mance-related remuneration. The amendment of the articles of incorporation with regard to supervisory board remuneration was resolved by the shareholder meeting on 6 June 2008. The chairman of the supervisory board receives twice and the deputy chairman one and a half times this fixed and per- formance-based remuneration. Supervisory board members who were only on the supervisory board for part of the fiscal year receive proportionately lower remuneration than the other supervisory board members.
For their work in the fiscal year, the supervisory board mem- bers received their fixed remuneration in accordance with the articles of incorporation of EUR 135k. As a loss was incurred in 2009, no variable components were paid. In addition, the supervisory board members were reimbursed expenses of EUR 11k. Due to the merger with HamaTech AG as of 24 Feb- ruary 2009, the supervisory board of 24 February 2009 was paid remuneration of EUR 4k pro rata for that year.
The following supervisory board members hold shares in the Company:
Mr. Günter Bachmann acquired a further 5,000 shares in the Company after the balance sheet date on 13 January 2010.