Nanotechnology Now - Press Release: Nanogate AG: Accounting switchover to IFRS has positive effect on consolidated net profit

Home > Press > Nanogate AG: Accounting switchover to IFRS has positive effect on consolidated net profit

Abstract:
Nanogate AG (ISIN DE 000A0JKHC9) has converted its accounting to the international IFRS standard. This led to a consolidated net profit of EUR1.2 million for financial year 2006. Using the previous HGB (German Commercial Code) standard, the net 2006 result would have been a EUR0.3 million loss arising from the cost of stock market flotation.

Nanogate AG: Accounting switchover to IFRS has positive effect on consolidated net profit

Saarbrücken, Germany | Posted on August 30th, 2007

The new accounting standard is another important step forward in capital market communication. The most important differences between IFRS and HGB reporting were as follows:

? The IPO costs incurred in 2006 do not reduce the income statement (P&L) result. Instead, they reduce the IPO proceeds in the balance sheet capital reserve. The result is an IFRS net profit for the year of EUR1.2 million (rather than a EUR0.3 million loss).

? Deferred taxes are stated for various amounts in the IFRS and tax balance sheets. For loss carry¬overs from previous years that will in Future reduce the amount to be paid in taxes Nanogate has stated EUR0.5 million in deferred taxes on the assets side.

Now that the consolidated financial statements have been drawn up according to IFRS for the financial year 2006, the interim report for the first half of 2007 - to be published at the end of September - will also be based on the IFRS standard. The focus of the switchover to IFRS is on shareholder interest and thereby on stock market success. Publication of IFRS accounts is now mandatory for compa-nies listed or seeking a Listing in regulated market segments on the German stock market. Ralf Zastrau, CEO of Nanogate AG, says that 'For international in-stitutional investors in particular the company will now become even more inter-esting. Nanogate now fulfils the key requirements for Prime Standard listing. Our shareholder structure has grown significantly wider since our Entry Standard IPO in October 2006. We aim to take this change into account by making our finan-cial reporting even more transparent.'

The annual financial statements for 2006 to IFRS are available in full on our web-site at http://www.nanogate.de (in German Language).

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About Nanogate AG
Nanogate is a leading international enabler in the nanotechnology growth market and so opens the gate to nanotechnology for its customers. The Saarbrücken-based firm enables the programming and integration of additional properties such as non-stick, anti-bacte¬rial, anti-corrosive, ultra-low friction. Nanogate thereby gains a competitive edge for its customers by product refinement using chemical nanotechnology. Nanogate covers a wide range of industries, functions and substrates already on the basis of technology platforms. The company thus provides a decisive interface for the commercialisation of chemical nanotechnology, bridges the gap between raw materials and their industrial conversion into products and concentrates as an enabler on one of the most attractive segments in the industry. As a partner in innovation, Nanogate provides many services along the value chain - from development and production of innovative nanocomposites and nanostructured ma-terials to powerful support for innovation and product integration. The Nanogate Group currently has 53 employees in all (as of 1 March 2007), and since commencing opera-tions in 1999 has been a pioneer in nanotechnology. In financial year 2006 it boosted consolidated sales by about 64% to around EUR7.83 million. Adjusted for special factors, consolidated earnings before interest and taxes (EBIT) were up by about 168% to around EUR1.02 million. The company has first-class customer references, such as ABB, BSH Bosch und SIEMENS Haushaltsgeräte, Giesecke & Devrient, Kärcher and Koenig & BAUER AG, and many years' experience of different industries and applications. It has also entered into strategic cooperation with US companies Dow Corning and Ceradyne/ESK Ceramics and Authentix and Giesecke & Devrient. Nanogate is a high-growth company and has been profitable since financial year 2004. The Group's consolidation entity includes Nanogate Advanced Materials GmbH, which specialises in safety engineering and optics and is a joint venture with the US Group Air Products. Nanogate also holds a stake in HOL-MENKOL Sport-Technologies GmbH & Co. KG.

Disclaimer: This publication constitutes neither an offer to sell nor an invitation to buy securities. The shares in Nanogate AG (the 'Shares') may not be offered or sold in the United States or to or for the account or benefit of 'U.S. persons' (as such term is defined in Regulation S under the U.S. Securities Act of 1933, as amended (the 'Securities Act')). No offer or sale of transferable securities is being ma 31.08.2007 Financial News transmitted by DGAP

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Contacts:
Stefan Otto
(Financial Press)
equinet Communications AG
Tel.: +49(0)69 5899 7312

Nanogate AG
Gewerbepark Eschbergerweg D-66121
Saarbrücken

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