Attached files
EXHIBIT 99.2
Chartered Public Accountants Gruber
Steuerberatungs GmbH
Interim financial statement as of
06/30/2016
Ulisse GmbH
Salurner Strasse 12, 6020 Innsbruck
TABLE OF CONTENTS
1. Review contract and performance of the engagement 3
2. Reviewer's Reoprt 3
2. Balance sheet as of 06/30/2016 compared to previous year 12/31/2015 6
3. Profit & Loss statement 06/01/2016 compared to
previous reporting period 06/01/2015 7
4. Cash flow statement 12
5. Evidence account in accordance with Article 4 (12)
of EStG [Income Tax Act] 13
6. Asset analysis 14
To the
Members of Management of
Ulisse GmbH,
Luca Pasquini
Salurner StraBe 12, Innsbruck
We have completed the audit of the financial statements as of 31.12.2015 of
Ulisse GmbH,
Innsbruck,
(referred to as "the Company")
and provide the results of our audit in the following report:
1. Review contract and performance of the engagement
By management resolution of Ulisse GmbH, Innsbruck, we were elected as reviewer
for the voluntary review of fiscal year 2016. The Company, represented by the
management board, concluded an review contract with us to review the financial
statements as of 30.06.2016, including the accounting system pursuant to
Sections 269 et seqq. UGB.
The Company is a small corporation pursuant to Section 221 UGB.
The review is a voluntary review.
We performed the review, with interruptions in August 2016 mainly at the our
office in Innsbruck. The review was substantially completed at the date of this
report.
Our review is based on the review contract concluded with the Company. The
"General Conditions of Contract issued by the Austrian Chamber of Public
Accountants and Tax Advisors" (refer to Appendix VII) form an integral part of
the review contract. These conditions of contract do not only apply to the
Company and the reviewer, but also to third parties. Section 275 UGB applies
with regard to our responsibility and liability as reviewers towards the Company
and towards third parties.
1.1. Information provided
The Company's legal representatives provided all evidence and explanations
requested by us. We obtained a representation letter signed by the legal
representatives which we included in our working papers.
2. Reviewer's Report
Report on the unaudited Financial Statements
We have reviewed the accompanying financial statements of Ulisse GmbH,
Innsbruck, for the period from 1.1.2016 to 30.06.2016. These financial
statements comprise the unaudited statement of financial position as of
30.06.2016, the unaudited income statement for the period 01.01.2016 to
30.06.2016, the unaudited Cash-Flow Statement for the period from 1.1.2016 to
30.06.2016, the unaudited Changes in Equity for the period from 1.1.2016 to
30.06.2016 and the unaudited Analysis of Changes in Fixed Assets for the period
from 1.1.2016 to 30.06.2016.
3
Management's Responsibility for the Financial Statements
The Company's management is responsible for the preparation and fair
presentation of these financial statements in accordance with Austrian Generally
Accepted Accounting Principles (UGB) and for such internal control as management
determines is necessary to enable the preparation of financial statements that
are free from material misstatement, whether due to fraud or error.
Reviewers' Responsibility
Our responsibility and liability as reviewer is guided by the General Conditions
of Contract issued by the Austrian Chamber of Public Accountants and Tax
Advisors towards the Company and towards third parties.
We conducted our review in accordance expert opinion KFS/PG11 "Fachgutachten des
Fachsenats fUr Unternehmensrecht und Revision des Instituts fUr
Betriebswirtschaft, Steuerrecht und Organisation der Kammer der
Wirtschaftstreuhander Grundsatze fUr die prUferische Durchsicht von
AbschlUssen".
A review of interim financial information consists principally of applying
analytical procedures and making inquiries of persons responsible for financial
and accounting matters. It is substantially less in scope than an audit
conducted in accordance with the international standards on auditing (ISA), the
objective of which is the expression of an opinion regarding the financial
statement taken as a whole. Accordingly, we don't express such an opinion.
Based on our reviews, we are not aware of any material modifications that should
be mad to the financial statements referred to above for them to be in
conformity with Austrian Generally Accepted Accounting Principles (UGB).
Innsbruck, on 11th August 2016
Stauder Schuchter Kempf
WirtschaftsprUfungs - und Steuerberatungs GmbH
/s/ Mag. Wilfried Stauder
Mag. Wilfried Stauder
Austrian Certified Public Accountant
4
Compilation report
To the Board of Directors of
Ulisse GmbH, 6020 Innsbruck, Salurner Strasse 12.
Report on the compilation of interim financial statement of Ulisse GmbH as of
06/30/2016:
As commissioned we have prepared the following interim financial statement of
Ulisse GmbH as of 06/30/2016 - comprising of balance sheet, profit & loss
statement as well as appendix - based on the accounts and inventory as well as
information on balance sheet and accounting methods to be used.
This financial statement was compiled based on the activities (accounting)
carries out by us and documents, books and inventory evidence submitted to us,
which we did not audit - as commissioned - for correctness or plausibility, and
the audit also used the information provided to us. You are directly responsible
for the accounting methods as well as inventory management and annual financial
statements in accordance with the accounting rules of the company (UGB) and the
supplementary provisions of the articles of association.
You also responsible for the accuracy and completeness of the documents and
information provided to us, even for users of the annual financial statement
prepared by us. In this context, we would like to refer to the letter of
representation that you have signed at our request.
The information was provided by the board of directors.
You made the decisions about the voting rights and other discretionary
decisions. We have prepared this report in accordance with the expert opinion
KFS/RL 26 "Principles for the preparation of annual financial statements". The
enclosed General Terms & Conditions (AAB) for audit professionals of the Chamber
of Chartered Accountants (KWT) in the currently valid version shall be
applicable for the preparation of this report.
This statement can be sent to Third Parties only by enclosing our audit report.
If the annual financial statement prepared by us is disclosed to any Third
Parties, the statements on liability against Third Parties mentioned in Point 8
of AAB for audit professionals of KWT shall be applicable.
Wirtschaftstreuhander Gruber Steuerberatungs GmbH
Hauptstrasse 14a
6401 Inzing
Inzing, 08/05/2016
Ulisse GmbH
6020 Innsbruck, Salurner Strasse 12
5
Balance sheet as of June 30, 2016
06/30/2016 12/31/2015
A FIXED ASSETS
1 TANGIBLE ASSETS
1 OFFICE EQUIPMENT
660 Operating and office equipment 2,621.17 2,384.34
2,621.17 2,384.34
--------- ---------
TOTAL TANGIBLE ASSETS 2,621.17 2,384.34
B CURRENT ASSETS
1 RECEIVABLES AND OTHER ASSETS
1 TRADE RECEIVABLES
2196 Services not yet invoiced 214,000.00 135,000.00
--------- ---------
214,000.00 135,000.00
2 OTHER RECEIVABLES AND ASSETS
2300 Other short-term receivables 0.00 95.10
3510 VAT 2,103.04 5,069.23
3550 Tax office 2,384.70 0.00
4,487.74 140,164.33
--------- ---------
TOTAL RECEIVABLES 218,487.74 140,164.33
ll CASH BALANCE, CHECKS, DEPOSITS WITH CREDIT INSTITUTIONS
1 DEPOSITS WITH CREDIT INSTITUTIONS
2801 Hypo AT785700030053405310 666,349.40 101,816.70
--------- ---------
666,349.40 101,816.70
TOTAL CASH 666,349.40 101,816.70
TOTAL CURRENT ASSETS 884,837.14 241,981.03
--------- ---------
TOTAL ASSETS 887,458.31 244.365.37
A SHAREHOLDERS' EQUITY
1 SHARE CAPITAL
1 SHARE CAPITAL
9010 Share capital (35,000.00) (35,000.00)
(35,000.00) (35,000.00)
--------- ---------
TOTAL SHARE CAPITAL (35,000.00) (35,000.00)
6
ll NET PROFIT
9390 Profit & Loss (151,240.92) 0.00
9399 Annual profit (473,257.01) (151,240.92)
TOTAL NET PROFIT /(LOSS) (642,497.93) (151,240.92)
--------- ---------
TOTAL SHAREHOLDERS' EQUITY (659,497.93) (186,240.92)
B PROVISIONS
1 TAX PROVISIONS
3020 Corporate tax (206,288.00) (49,163.00)
--------- ---------
(206,288.00) (49,163.00)
2 OTHER PROVISIONS
3044 Unutilized vacation entitlements (3,006.74) (2,004.49)
3060 Consultancy and financial statement
cost (5,250.00) (2,500.00)
3090 Other provisions (4,500.00) 0.00)
(12,756.74) (4,504.49)
--------- ---------
TOTAL PROVISIONS (219,044.74) (53,667.49)
C LIABILITIES
1 TRADE LIABILITIES
3300 Trade liabilities domestic (5,496.49) 1,196.41
3710 Other short-term liabilities (2,669.15) (2,521.07)
--------- ---------
(8,165.64) (1,324.66)
2 OTHER LIABILITIES
OTHER LIABILITIES
3700 Payroll account 0.00 (400.00)
3810 Payroll account Luca Pasquini 0.00 (1,982.30)
3811 Payroll account Gilda De Carolis (150.00) (150.00)
3812 Payroll account Fabo Guccini (150.00) (150.00)
3813 Payroll account Francesca Galeazzi (150.00) (150.00)
3814 Payroll account Manuela Malvisi (150.00) (150.00)
3815 Payroll account Franco Salvagni (150.00) (150.00)
--------- ---------
(750.00) (3,132.30)
TOTAL OTHER LIABILITIES (750.00) (3,132.30)
TOTAL LIABILITIES (8,915.64) (4,456.96)
--------- ---------
TOTAL LIABILITIES (887,458.31) (244,365.37)
7
PROFIT & LOSS STATEMENT AS OF June 30, 2016
06/01/2016 06/01/2015
1 REVENUES
a) Service revenue
4240 Service revenue EU 743,000.00 36,000.00
743,000.00 36,000.00
--------- ---------
TOTAL REVENUES 743,000.00 36,000.00
2 COST OF MATERIALS AND OTHER MANUFACTURING COSTS
a) Cost for services
5700 Sub-contract services (23,600.00) (10,000.00)
5740 Expenses for services consumed (5,380.00) 0.00
(28,980.00) (10,000.00)
--------- ---------
TOTAL MATERIALS COSTS (28,980.00) (10,000.00)
3 PERSONNEL COSTS
a) Salaries
6200 Salaries (35,818.96) (13,431.77)
6300 Other payments (8,566.98) (2,818.27)
6470 Provision for unutilized vacation
entitlements (1.002.25) 0.00
--------- ---------
(45,388.19) (16,250.04)
b) EXPENSES FOR SEVERANCE PAYMENTS
6401 BMVG [Works Constitution Act]
contributions (687.10) (171.77)
--------- ---------
(687.10) (171.77)
c) Expenses for legally prescribed social contributions as well as
salary-dependent expenses and mandatory contributions
6500 Legal social contributions (9,253.83) (3,248.30)
6600 Employer contributions (1,817.84) 0.00
6601 Surcharge for employer contribution (173.70) 0.00
6630 Community tax (1,331.58) (487.49)
(12,576.95) (3,735.79)
--------- ---------
TOTAL PERSONNEL EXPENSES (58.652.24) (20,157.60)
4 WRITE-OFFS
a) Depreciation on intangible assets
and activated expenses for business
expansion
7010 Depreciation on fixed assets (713.17) 0.00
7070 Low-value assets 0.00 (372.50)
--------- ---------
(713.17) (372.50)
8
5 OTHER OPERATING EXPENSES
a) Taxes and charges if they are not dependent on income or revenues
7171 Contributions for chambers and
professional associations (225.18) 0.00
7172 Mandatory contribution to state
government (38.00) 0.00
7180 Other taxes and charges (92.00) (442.80)
--------- ---------
(355.18) (442.80)
b) Office expenses
7400 Rent (7,460.78) (4,100.00)
7430 Heating costs (145.00) (133.32)
--------- ---------
(7,605.78) (4,233.32)
c) Energy expenses
7651 Electricity 336.59 (189.99)
--------- ---------
336.59 (189.99)
d) Advertising and similar expenses
7651 Advertisements (54.00) 0.00
--------- ---------
(54.00) 0.00
e) Travel expenses
7340 Travel expenses (2,206.23) (3,581.42)
7341 Travel expenses - managing director (423.80) (1,249.21)
--------- ---------
(2,630.03) (4,830.63)
f) Communication expenses
7380 Telephone (384.00) (416.08)
--------- ---------
(384.00) (416.08)
g) Office expenses
7600 Office material (174.00) 0.00
--------- ---------
(174.00) 0.00
h) Other operating expenses
7755 Legal consultancy expenses (2,009.98) (2,370.72)
7759 Other consultancy (5,425.33) (873.45)
7760 Accounting and EDP costs (5,231.00) (107.70)
7790 Costs of monetary transactions (124.83) (60.59)
7802 Cent correction (0.06) 0.00
(12,791.20) (3,412.46)
--------- ---------
TOTAL OTHER OPERATING EXPENSES (23,658.00) (13,525.28)
6 OPERATING PROFIT 630,996.59 (8,055.38)
7 OTHER INTERESTS AND SIMILAR INCOME
8100 Interest from bank deposits 12.56 0.51
--------- ---------
12.56 0.51
9
8 TOTAL OTHER INCOME
12.56 0.51
9 INCOME/(LOSS) BEFORE INCOME TAXES
631,009.15 (8,054.84)
10 INCOME TAXES
8500 Corporate tax (157,749.00) (624.00)
8510 Capital gains tax (3.14) (0.13)
--------- ---------
(157.752.14) (642.13)
11 NET INCOME /(LOSS)
473,257.01 (8,679.00)
12 INCOME /(LOSS) FOR THE YEAR
473,257.01 (8,679.00)
13 RETAINED EARNINGS /(DEFICIT), BEGINNING
9390 Profit & Loss carried forward 151,240.92 0.00
14 RETAINED EARNINGS /(DEFICIT), ENDING
624,497.93 -8,679.00
Notes on interim financial statement as of 06/30/2016 EUR
3510 VAT
U 06/2016 1,603.04
U2016 500.00
2,103.04
3550 Tax office
Balance tax office account 06/30/2016 2,387.70
3020 Provision for corporate tax
Corporate tax 2015 49,163.00
Corporate tax 06/01/2016 157,125.00
206.288.00
3044 Provision for unutilized vacation entitlements
Unutilized vacation entitlements as of 06/30/2016 3,006.74
3060 Consultancy and financial statement costs
Financial statement 2015 2,500.00
Financial statement 2016 (50%) 1,250.00
Interim financial statement as of 06/30/2016 1,500.00
5,250.00
3090 Other provisions
Audit by auditor as of 06/30/2016 4,500.00
10
3710 Various liabilities
Stefano Volo 06/2016 2,000.00
IKB Telekom 06/2016 64.00
Tigas 06/2016 25.83
KU 04/06/2016 14.82
WT Gruber BJ + LV 04/06/2016 564.50
2,669.15
11
Cash flow statement as of 06/30/2016 EUR
Liquid funds 06/30/2016 01/01/2016
2801 2801Hypo AT785700030053405310 666,349 101,817
Liquid funds total 666,349 101,817
------------------------
Changes to liquid funds: 564,533
Profit acc. to P&L 473,257
plus:
Expenses not related to cash:
Write-offs
Write-offs on financial assets
713
- 713
minus:
Income not related to cash:: -
Changes to net current assets
Changes to stock -
Changes to services not yet invoiced 79,000
Changes to customer payments -
Changes to receivables from subsidiaries -
Changes to other receivables 677
Changes to ARAP -
Changes to trade payables 6,693
Changes to provisions 165,377
Changes to other liabilities, cleaning accounts 2,234 91,513
1. Net cash flow from ongoing business activities 565,483
Investments - 950
Book value fixed assets - -
2. Net cash flow from investment activities 950
Payment of share capital -
Loan: -
Change (load repayment) -
Change current account (liabilities) -
Dividends -
3. Net cash flow from financing activities -
Cash Flow (= changes liquid funds = total from 1.-3.) 564,533
12
Evidence account in accordance with Article 4 (12) of EStG
Accounts acc.
to financial
statement 01/10/2016 Inflow Outflow Rebooking 06/06/2016
External financing:
Nominal capital 35,000.00 35,000.00 35,000.00
Capital reserves
Retained earnings
Net profit
------------------------------------------------------------------------------------
Total 35,000.00 35,000.00 35,000.00
Internal financing:
Net profit 624,.497.93 151,240.92 473,257.01 624,497.93
Total 624,.497.93 151,240.92 473,257.01 624,497.93
------------------------------------------------------------------------------------
Total share capital 624,.497.93 151,240.92 473,257.01 624,497.93
Asset analysis as of 06/30/2016
Account: 660 Operating and business equipment
Inv- Asset description Procurement Inflow Outflow Rebooking Procurement
No. value value Cum.
01/01/2016 (AW) (AW) (AW) 06/30/2016 Depreciation
1-0 Notebook TECRA Z40-A-11W
C15-4300U 1,064.00 0.00 0.00 0.00 1,064.00 532.00
2-0 Notebook TECRA Z40-A-11V
C15-4300U 1,275.00 0.00 0.00 0.00 1,275.00 637.50
3-0 Notebook Tecra Z50-A-15P 990.00 0.00 0.00 0.00 990.00 330.00
4-0 Notebook Tecra A50 0.00 950.00 0.00 0.00 950.00 158.33
-------------------------------------------------------------------------
Account total: 3,329.00 950.00 0.00 0.00 4,279.00 1,657.83
-------------------------------------------------------------------------
Total: 3,329.00 950.00 0.00 0.00 4,279.00 1,657.83
13
Inv- Asset description Book value Book value Appreciation Depreciation
No.
06/30/2016 01/01/2016
1-0 Notebook TECRA Z40-A-11W
C15-4300U 532.00 709.34 0.00 177.34
2-0 Notebook TECRA Z40-A-11V
C15-4300U 637.50 850.00 0.00 212.50
3-0 Notebook Tecra Z50-A-15P 330.00 825.00 0.00 165.00
4-0 Notebook Tecra A50 791.67 0.00 0.00 158.33
-------------------------------------------------------
Account total: 2,621.17 2,384.34 0.00 713.71
-------------------------------------------------------
Total: 2,621.17 2,384.34 0.00 713.71
