Capitalization History

2004:

For the planned start of the company the nominal capital was reduced in November 2004 from EUR 1.022.583,75 to EUR 500.000 (the nominal share value decreased to EUR 1,25) in order to allow the company cover all depreciations and miscellaneous losses. Following the completion of a capital increase in December 2004, 200.000 new shares were issued up to a total of 600.000 shares amounting to a nominal capital value of EUR 750,000.

2005:

60.000 new shares were placed to institutional investors in a capital increase excluding subscription rights in April 2005, followed by 66.000 new shares in October 2005. The nominal capital increased first to EUR 825.000 and finally to EUR 907.500, comprising a total of 726.000 shares at the end of FY 2005.

2006:

A further capital increase was completed in July 2006 through the incorporation of capital reserves amounting EUR 907.500. The new shares were distributed to existing shareholders at a ratio of 1:1 leading to a doubling the nominal capital to EUR 1.815.000 comprising 1.452.000 nominal shares. The Supervisory Board approved a further capital increase of EUR 453.750 in November 2006 through the placement of 363.000 new shares to international institutional investors. The share capital amounted EUR 2.268.750 at the end of FY 2006.

2007:

In April 2007 the company completed a new capital increase excluding subscription rights by issuing 105.000 new shares and increasing the nominal capital by EUR 131.250 to EUR 2.400.000, comprising a total of 1.920.000 shares. New institutional investors were attracted, among which a large German pension fund. At the end of July 2007 a further capital increase was completed through the incorporation of capital reserves amounting EUR 1.920.000 up to a total nominal capital of EUR 3.840.000 divided into 1.920.000 shares with a nominal value of EUR 2,00. In August  2007 existing shareholders were distributed 1.920.000 new shares at a ratio of 1:1 leading to a decrease of the nominal share value to EUR 1,00. A new capital increase was completed in November 2007 through the placement of 960.000 shares to existing shareholders at an issue price of EUR 2,00 and a nominal value of EUR 1,00. The nominal capital of the company was thus increased by EUR 960.000 up to a total of EUR 4.800.000 divided into 4.800.000 shares and has remained unchanged until today.

2009:

In July, the company issues 960.000 new shares with the ration of 5:1 and an issue price of EUR 1,10. The nominal value per share is EUR 1,00. Thereby, the capital increases by the amount of EUR 960.000 to EUR 5,76 million, divided by 5.760.000 shares. The parties who subscribed were our majority shareholder Mountain Super Angel, Management, current and new shareholders.

2010:

The share capital was increased by 10% in October from EUR 5,760,000 to 6,336,000 without subscription rights. The issuance price of EUR 1.50 was above the market price.