VERKKOKAUPPA.COM'S GROWTH ACCELERATED IN Q2.

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| Source: Verkkokauppa.com Oyj
QUARTERLY REPORT 1.1. - 30.6.2014: VERKKOKAUPPA.COM'S GROWTH ACCELERATED IN Q2:
REVENUE GREW BY 24% AND OPERATING PROFIT IMPROVED SIGNIFICANTLY BY 223%

Verkkokauppa.com Oyj - Quarterly report (unaudited) 8 August 2014, 8:00 a.m.

1 April - 30 June 2014 in brief

  * Revenue was 60.6 million euros (48.8 million euros in April-June 2013),
    growth 24.2%
  * Operating profit was 1.0 million euros (0.3), growth 222.9%
  * Operating profit was 1.6% of net sales (0.6%)
  * Net profit (loss) was -0.4 million euros (0.1)
  * Earnings per share were -0.05 euros (0.02)
  * Non-recurring items relating to the initial public offering decreased net
    profit by 1.5 million euros.
  * Trading in the shares of Verkkokauppa.com Oyj commenced on the NASDAQ OMX
    First North Finland marketplace on 4 April 2014.


 Key ratios                       4-6/2014 4-6/2013 Change%



 Net sales, € thousands             60,620   48,807     24%

 EBITDA, € thousands                 1,219      523    133%

 EBITDA, %                            2.0%     1.1%

 Operating profit, € thousands         982      304    223%

 Operating profit, % of net sales     1.6%     0.6%

 Net profit, € thousands              -350      100




1 January - 30 June 2014 in brief

  * Revenue was 121.2 million euros (105.9 million euros in January-June 2013),
    growth 14.5%
  * Operating profit was 3.1 million euros (1.6), growth 91.5%
  * Operating profit was 2.6% of net sales (1.5%)
  * Net profit was 1.0 million euros (1.1)
  * Earnings per share were 0.15 euros (0.21)
  * Non-recurring items relating to the initial public offering decreased net
    profit by 1.9 million euros.


BUSINESS OUTLOOK

Verkkokauppa.com  Oyj's business operations are  estimated to develop positively
within  a medium-term time frame. The  management believes that the Company will
grow  its  market  share  further.  Proceeds  received from the share issue have
improved  the Company's equity  ratio and enable  it to continue growth projects
according  to  the  Company's  strategy.  Nevertheless,  the  business prospects
include  uncertainties, especially due to macroeconomic development. The Finnish
Ministry  of Finance estimated on 18 June  2014 that Finnish GDP will grow 0.2%
during  2014. According to the market research company GfK, the home electronics
market has shrunk by -2.9% in the first six months of 2014 in Finland.




CEO SAMULI SEPPÄLÄ'S REVIEW

Verkkokauppa.com's  revenue  and  profitability  developed  very well during the
second  quarter due  to inexpensive  prices, digitalization  and retail business
moving  online. The publicity generated  by listing on the  First North in April
and  the PINS  loyalty program  publication in  May also benefited the Company's
sales.  The Company also  increased significantly its  brand marketing. Based on
these  actions sales increased in almost  all main product categories, and total
revenue grew by 24.2%.

Verkkokauppa.com  believes  that  its  lower  cost  structure  compared to other
traditional  retailers, inexpensive  prices, position  as the best-known Finnish
online  retail brand (Taloustutkimus  2013) and own IT-system are strengths that
secure  the Company's  position as  a winner  while retail  evolution continues.
Verkkokauppa.com's  primary  target  is  profitable  growth  and to increase its
market share vs traditional retailers. The Company continues strongly to develop
its own ERP to provide new services to customers. At the same time the Company's
challenges  are in managing  growth and ensuring  efficient logistics and a good
product  availability  and  a  good  customer  experience.  The  Company is also
concerned  about current developments in the  retail business in Finland and the
stagnation in demand which also affect online retail.

The  First North listing increased the equity ratio without subordinate loans to
52.5% from  12.4% in the comparison year. The  Company's operating cash flow was
negative  mainly due to the full utilization of accounts payable cash discounts.
The  Company has a stable financial position and its equity ratio is strong. The
increased resources enable the Company to carry out its growth projects.

Towards  year-end Verkkokauppa.com will concentrate especially on revenue growth
and  succeeding in the financial year's busiest  sales season. The Company has a
positive  sentiment towards year-end. To succeed in  the peak sales season it is
important  to co-operate and further develop smooth co-operation with well-known
brands  and manufacturers.  In autumn  the Company  will also  set up a consumer
financial  services team to  develop financial services  and a grocery and daily
consumer  goods  specialized  purchase  team.  In  addition  several new product
managers  will be employed to manage new product categories. Employees will also
be  hired for  ERP development.  A new  product crowd-sourcing project known as,
"Innovation  Aquarium", is being developed and the first new Innovation Aquarium
products  will be introduced  for Christmas sales.  The Company is investigating
and negotiating purchasing co-operation with possible international partners.



FINANCIAL TARGETS

The  Company strives  to grow  faster than  its operating  market and targets an
annual  revenue growth  of over  10 per cent  in the  medium-term. The Company's
objective  is to improve  its EBITDA margin  in the medium-term  compared to the
level  in  2013. The  Company  strives  to  secure  a sufficient equity ratio to
finance  the growth of its  business and targets to  maintain an equity ratio of
over  25 per cent  taking into  consideration the  nature and seasonality of the
Company's business.




 Key ratios                    4-6/2014  4-6/2013  1-6/2014  1-6/2013 1-12/2013



 Net sales, € thousands          60,620    48,807   121,178   105,860   238,013

 EBITDA, € thousands              1,219       523     3,555     2,060     7,526

 EBITDA, %                         2.0%      1.1%      2.9%      1.9%      3.2%

 Operating profit, €
 thousands                          982       304     3,092     1,615     6,640

 Operating profit, % of net
 sales                             1.6%      0.6%      2.6%      1.5%      2.8%

 Net profit, € thousands           -350       100       993     1,122     4,204

 Equity ratio, %                  52.5%     12.4%     52.5%     12.4%     14.6%

 Equity ratio, % (including
 subordinate debt)                52.5%     23.4%     52.5%     23.4%     22.5%

 Return on investment, % 12
 months rolling                   34.2%     31.7%     34.2%     31.7%     48.3%

 Net gearing, %                  -71.8%     45.2%    -71.8%     45.2%   -196.9%

 Earnings per share (EPS)
 revised by share split,
 euros                            -0.05      0.02      0.15      0.21      0.80

 Earnings per share (EPS)
 revised by share split
 (diluted), euros                 -0.05      0.02      0.14      0.17      0.65

 Number of shares at end of
 period                       7 510 855 5 255 490 7 510 855 5 255 490 5 255 490

 Average number of shares at
 end of period revised by
 share split                  7 510 855 5 255 490 6 622 400 5 246 472 5 250 981

 Number of shares at end of
 period revised by share
 split                        7 510 855 5 255 490 7 510 855 5 255 490 5 255 490

 Number of personnel* at end
 of period                          474       418       474       418       446


*The number of personnel includes both full and part time employees



REVENUE AND PROFITABILITY DEVELOPMENT

April-June 2014

Verkkokauppa.com  Oyj's revenue grew in April-June by 24.2% compared to the same
period  last year.  Revenue grew  by 11.8 million  euros, totalling 60.6 million
euros  (48.8).  Profit  developed  positively  due  to  sales  increases  in TV,
computers, and major domestic appliances (MDA's).

Personnel  costs  increased  by  8.8%, being  4.5 million euros (4.1). Personnel
costs  grew less than revenue and at the same pace as working hours. The company
reinforced  its growth possibilities  by recruiting new  employees especially in
the  purchasing  and  internal  technology  departments.  Other expenses grew by
18.5% and were 3.8 million euros (3.2).

The  operating profit  was 1.0 million  euros (0.3)  in April-June  2014 and net
profit  was -0.4 million euros (0.1). The operating profit was much smaller than
in January-March 2014, when it was 2.1 million euros.

Earnings per share were -0.05 (0.02) euros. Earnings per share in the comparison
year  have been adjusted to make them comparable to the share issue in May 2013
(i.e. share split).

Non-recurring  items  related  to  preparations  for  listing on the First North
marketplace. Financing expenses include 1.5 (0.1) million euros items related to
preparations  for listing. Earnings  per share without  non-recurring items were
0.12 (0.03) euros.

January-June 2014

Verkkokauppa.com  Oyj's revenue  grew by  14.5% in January-June 2014 compared to
the  same  period  last  year.  Revenue  growth  was  15.3 million  euros, being
cumulatively  121.2 million  euros  (105.9)  in  January-June.  Profit developed
positively  due to sales  increases in TV,  computers, major domestic appliances
(MDA) and gaming (especially consoles).





The demand for home electronic devices has been satisfactory despite the current
market  development. According to research by GfK, the market decreased by -2.9%
in 1-6/2014.

Personnel costs were 8.8 million euros (8.1), growth being 8.8%. Personnel costs
grew  less  than  revenue  and  at  the  same pace as working hours. The company
reinforced  its growth possibilities  by recruiting new  employees especially in
purchasing  and internal technology departments. Other expenses were 7.2 million
euros (6.5) during the period in 2014, with a growth of 10.9%.

The  operating profit was  3.1 million euros (1.6)  in January-June 2014 and net
profit was 1.0 million euros (1.1).

Earnings  per share were 0.15 (0.21) euros. Earnings per share in the comparison
year  have been adjusted to make them comparable to the share issue in May 2013
(i.e.  share split). Earnings  per share without  non-recurring items were 0,35
(0,21) euros.

Financing  expenses  include  1.9 million  euros  (0.3)  in  non-recurring items
related to preparations for listing on the First North marketplace.



FINANCE AND INVESTMENTS

Operating cash flow was -15.7 million euros (-6.6) in the 1-6/2014. The negative
change in operating cash flow resulted mainly from accounts payable payments and
non-recurring  items  related  to  preparations  for  listing. Ordinary seasonal
fluctuations  are reflected in cash and cash equivalents, cash flow and accounts
payable,  which usually  reaches the  highest point  at year-end  and the lowest
point  at the end of the second quarter. Due to the low interest level and share
issue Verkkokauppa.com has aimed at using the maximum amount of cash rebates.

The  Company invested  mainly to  store and  office equipment  and furniture and
activated  46 thousand  euros  in  the  technology  department's salary expenses
relating to developing new ERP features. Net capital expenditures were 0.3 (0.1)
million euros.

Financing  expenses  include  1.9 million  euros  (0.3)  in  non-recurring items
relating to the listing.

Rite  Internet  Ventures  Holding  AB  exercised  the  option  granted  to it to
subscribe for 1 435 365 new shares in the Company. The proceeds amounted to 5.6
million  euros, of  which the  Company used  3.0 million euros  to repay capital
loans  to Rite Internet  Ventures Holding AB.  In addition the  Company repaid a
1.3 million euros capital loan to Samuli Seppälä.



SHARES AND SHARE TRADING

Trading  in the shares of Verkkokauppa.com Oyj commenced on the NASDAQ OMX First
North Finland marketplace on 4 April 2014. The final subscription and sale price
was  set at 23.00 euros per  share in the institutional  offering and the retail
offering. Verkkokauppa.com received proceeds of approximately 18.9 million euros
from  issuing 820 000 new shares. The share  issue improved the equity ratio and
liquidity of the Company, and it enables the Company to continue with its growth
projects according to the strategy.

The  Company  had  5 255 490 registered  shares  on  31 December 2013. The share
amounts  have changed as  follows: Rite Internet  Ventures Holding AB subscribed
for   1 435 365 new  shares  on  21 March  2014, after  which  the  Company  had
6 690 855 shares.  In the share  issue, 820 000 new shares  were subscribed. The
amount of shares is 7 510 855 on 30 June 2014.

Over  the reporting period  3.385.221 shares were exchanged,  which was 45.1% of
all  shares. The highest price of share's  was 24.99 euros and the lowest 20.10
euros.  The average price in  share trading was 23.02 euros.  The total of share
trading  was 77.9 million  euros. The  closing price  was 23.90 euros and market
value of all shares was 179.5 million euros at the end of the period.

The Company does not own any of its own shares.

PERSONNEL, THE BOARD AND ADMINISTRATION

The  number of personnel  was 474 (418) at  the end of  June 2014. The personnel
increase  was  56 employees  compared  to  the  end  of June 2013. The number of
personnel includes both full- and part-time employees.

The  Board members were Christoffer Häggblom,  Peter Lindell, Kai Seikku, Henrik
Weckström  and Samuli Seppälä until the  Annual General Meeting held on 13 March
2014. At  the Annual  General Meeting  held on  13 March 2014 the  board was re-
elected  and Mikael Hagman and Antti Tiitola  were elected as new members of the
Board.  Christoffer Häggblom was re-elected as the Chairman of the Board. Samuli
Seppälä continues as the company's Chief Executive Officer.



RISKS AND UNCERTAINTIES

Verkkokauppa.com  Oyj's risks and  uncertainties reflect the  market and general
economic  trends,  demand  for  home  electronics, the business environment, and
competition.  The company's business operations are also influenced by risks and
uncertainties   relating   to   for   example  business  strategy,  investments,
procurement  and logistics,  information technology,  and other operative risks.
The  aforementioned risks and uncertainties may affect the company's operations,
financial  position and  performance both  positively and  negatively. Risks and
uncertainties  have  been  presented  in  more  detail  in the Offering document
published on 21 March 2014.

Information  on Verkkokauppa.com Oyj's legal dispute with Teosto ry is presented
in  the financial  statements of  31 December 2013 and in  the Offering document
published  on 21 March 2014, there had been no  change in the issue by reporting
date.



ANNUAL GENERAL MEETING

The  Annual General Meeting was held in Helsinki on 13 March 2014. The financial
statements  for the year  2013 were approved and  the Board Members  and the CEO
were  discharged from liability. It was decided  to pay a dividend of 0.04 euros
per share, totalling 210 000 euros.

The  Annual General Meeting authorized the Board to resolve on the share issues.
According  to the authorization, the Board  may issue no more than 1 500 000 new
shares  in one or more instalments and  the Board may resolve upon price-related
matters  and payment  periods. The  Board has  authorization to  decide upon all
other  share issue-related  matters according  to the  Finnish Limited Liability
Companies Act. The authorization is valid for one year, until 13 March 2015. The
authorization does not revoke previous other authorizations. The Board exercised
its authorization to issue 820 000 new shares in connection with the First North
listing.

The  board election is explained  above in the section  personnel, the board and
administration.

The  Authorized Public Accountant firm KPMG Oy Ab was re-elected as the auditor,
with  Authorized  Public  Accountant  Mauri  Eskelinen  acting  as the Principal
Auditor.




OTHER EVENTS DURING THE REPORTING PERIOD

The  Supreme Court  granted permission  to appeal  the Court  of Appeal's ruling
regarding  the  dispute  between  Verkkokauppa.com  and  Teosto ry on 24 January
2014. Information  on the legal case is presented in the financial statements of
31 December 2013 and in the Offering document published on 21 March 2014.

The Company joined an international customer programme in May. PINS is a joint
loyalty program of 300 partners and 400 online stores, in which the customer can
collect points when shopping.

In  April, the Company  started new express  door-to-door deliveries in Helsinki
capital  area; items in stock are delivered within three hours after an order is
placed online.



SUBSEQUENT EVENTS

There are no subsequent events after reporting period.




PRESS CONFERENCE

A  press conference for analysts, investors and media will be held in Finnish at
the  Jätkäsaari  commercial  premises  in  Helsinki at Tyynenmerenkatu 11 on the
6(th) floor  at 10:00 a.m. on  Friday 8 August, in  which Verkkokauppa.com Oyj's
CEO  Samuli Seppälä  will present  the developments  in the reporting period and
financial year 2014 prospects.

 A  press conference in English will be  held by phone and LiveStream-webcast at
Friday 8.8.2014 3:00 p.m. (CET +1). The English press conference can be attended
by  phone by calling +358 (0)206  99200 and entering the code 848574#. Questions
can   be   presented  beforehand  or  during  the  presentation  via  e-mail  at
investors@verkkokauppa.com.

Presentation  materials for both occasions are available at www.verkkokauppa.com
section  Sijoittajat >  Esitykset. For  both press  conferences a  Livestream is
available (http://verklive.com).



COMPANY RELEASES IN 2014

Verkkokauppa.com Oyj will publish its quarterly reports as follows:

  * Quarterly report 1-9/2014 (Q3 2014) on Friday 24 October 2014
  * Financial year 2014 release on Friday 13 February 2015




Helsinki, Finland, 8 August, 2014

Verkkokauppa.com Oyj

Board of Directors





More information:

Samuli Seppälä, CEO
e-mail samuli.seppala@verkkokauppa.com
Telephone +358 10 309 5555

Jussi Tallgren, CFO
e-mail jussi.tallgren@verkkokauppa.com
Telephone +358 10 309 5555

Certified Adviser Nordea Bank Finland Plc
Telephone +358 9 165 59750 or +358 9 165 59794




FINANCIAL INFORMATION

This  quarterly report has  been prepared in  accordance with Finnish Accounting
Standards  and local legislation in compliance with the accounting principles in
the  financial statements 31 December  2013. This quarterly report  has not been
audited. The financial statements are audited at year-end.

Sales  of mobile  phone subscription  services and  other provision  income have
increased over time and hence the income is presented as part of revenues in the
2013 financial  statements. The comparison information of 2013 has been adjusted
accordingly.

Numbers presented in the quarterly report have been rounded and therefore
columns or rows do not necessarily add up to the total amounts presented.

 Income statement
+-----------------+--------+--------+-------+--------+--------+-------+--------+
|€ thousands      |4-6/2014|4-6/2013|Change%|1-6/2014|1-6/2013|Change%|    2013|
+-----------------+--------+--------+-------+--------+--------+-------+--------+
|NET SALES        |  60,620|  48,807|  24.2%| 121,178| 105,860|  14.5%| 238,013|
+-----------------+--------+--------+-------+--------+--------+-------+--------+
|Other income     |      34|      25|  32.3%|      79|      56|  41.0%|     106|
+-----------------+--------+--------+-------+--------+--------+-------+--------+
|Cost of goods and|        |        |       |        |        |       |        |
|services         | -51,200| -41,023|  24.8%|-101,667| -89,242|  13.9%|-200,652|
+-----------------+--------+--------+-------+--------+--------+-------+--------+
|Personnel        |        |        |       |        |        |       |        |
|expenses         |  -4,450|  -4,091|   8.8%|  -8,823|  -8,113|   8.8%| -16,397|
+-----------------+--------+--------+-------+--------+--------+-------+--------+
|Depreciation and |        |        |       |        |        |       |        |
|amortization     |    -238|    -219|   8.4%|    -463|    -444|   4.1%|    -886|
+-----------------+--------+--------+-------+--------+--------+-------+--------+
|Other operating  |        |        |       |        |        |       |        |
|expenses         |  -3,785|  -3,195|  18.5%|  -7,212|  -6,502|  10.9%| -13,543|
+-----------------+--------+--------+-------+--------+--------+-------+--------+
|                 |        |        |       |        |        |       |        |
+-----------------+--------+--------+-------+--------+--------+-------+--------+
|OPERATING PROFIT |     982|     304| 222.9%|   3,092|   1,615|  91.5%|   6,640|
+-----------------+--------+--------+-------+--------+--------+-------+--------+
|                 |        |        |       |        |        |       |        |
+-----------------+--------+--------+-------+--------+--------+-------+--------+
|Financial income |        |        |       |        |        |       |        |
|and expenses     |  -1,571|    -198| 692.2%|  -1,997|    -398| 401.4%|  -1,162|
+-----------------+--------+--------+-------+--------+--------+-------+--------+
|                 |        |        |       |        |        |       |        |
+-----------------+--------+--------+-------+--------+--------+-------+--------+
|PROFIT BEFORE    |        |        |       |        |        |       |        |
|APPRORIATIONS AND|        |        |       |        |        |       |        |
|TAXES            |    -589|     106|-657.5%|   1,095|   1,217| -10.0%|   5,478|
+-----------------+--------+--------+-------+--------+--------+-------+--------+
|                 |        |        |       |        |        |       |        |
+-----------------+--------+--------+-------+--------+--------+-------+--------+
|Appropriations   |     157|      30| 418.3%|     187|     235| -20.7%|     127|
+-----------------+--------+--------+-------+--------+--------+-------+--------+
|Income taxes     |      82|     -36|-327.0%|    -288|    -330| -12.6%|  -1,401|
+-----------------+--------+--------+-------+--------+--------+-------+--------+
|NET PROFIT       |    -350|     100|-451.0%|     993|   1,122| -11.5%|   4,204|
+-----------------+--------+--------+-------+--------+--------+-------+--------+



 Balance Sheet
+-----------------------------------------------+---------+---------+----------+
|€ thousands                                    |30.6.2014|30.6.2013|31.12.2013|
+-----------------------------------------------+---------+---------+----------+
|ASSETS                                         |         |         |          |
+-----------------------------------------------+---------+---------+----------+
|       NON-CURRENT ASSETS                      |         |         |          |
+-----------------------------------------------+---------+---------+----------+
|       Intangible assets total                 |      626|      616|       670|
+-----------------------------------------------+---------+---------+----------+
|       Tangible assets total                   |    2,502|    2,953|     2,715|
+-----------------------------------------------+---------+---------+----------+
|       Investments total                       |       50|        0|         0|
+-----------------------------------------------+---------+---------+----------+
|       NON-CURRENT ASSETS TOTAL                |    3,178|    3,569|     3,385|
+-----------------------------------------------+---------+---------+----------+
|                                               |         |         |          |
+-----------------------------------------------+---------+---------+----------+
|       CURRENT ASSETS                          |         |         |          |
+-----------------------------------------------+---------+---------+----------+
|       Inventories                             |   28,756|   25,645|    23,171|
+-----------------------------------------------+---------+---------+----------+
|       Receivables                             |         |         |          |
+-----------------------------------------------+---------+---------+----------+
|       Non-current receivables                 |        8|       12|        15|
+-----------------------------------------------+---------+---------+----------+
|       Current receivables                     |    6,985|    5,898|     7,801|
+-----------------------------------------------+---------+---------+----------+
|                     Trade receivables         |    4,249|    3,920|     4,813|
+-----------------------------------------------+---------+---------+----------+
|                     Other receivables         |      817|      267|       299|
+-----------------------------------------------+---------+---------+----------+
|                     Receivables carried       |         |         |          |
|       forward                                 |    1,918|    1,711|     2,689|
+-----------------------------------------------+---------+---------+----------+
|       Cash and cash equivalents               |   26,193|    5,537|    22,677|
+-----------------------------------------------+---------+---------+----------+
|       CURRENT ASSETS TOTAL                    |   61,942|   37,091|    53,664|
+-----------------------------------------------+---------+---------+----------+
|TOTAL ASSETS                                   |   65,120|   40,660|    57,049|
+-----------------------------------------------+---------+---------+----------+
|                                               |         |         |          |
+-----------------------------------------------+---------+---------+----------+
|LIABILITIES                                    |         |         |          |
+-----------------------------------------------+---------+---------+----------+
|       EQUITY                                  |         |         |          |
+-----------------------------------------------+---------+---------+----------+
|       Shareholders' capital                   |         |         |          |
+-----------------------------------------------+---------+---------+----------+
|                     Share capital             |      100|      100|       100|
+-----------------------------------------------+---------+---------+----------+
|       Other funds                             |         |         |          |
+-----------------------------------------------+---------+---------+----------+
|                     Invested non-restricted   |         |         |          |
|       equity fund                             |   25,493|    1,021|     1,021|
+-----------------------------------------------+---------+---------+----------+
|       Retained earnings                       |    6,541|    2,547|     2,547|
+-----------------------------------------------+---------+---------+----------+
|       Profit (loss) for the period            |      993|    1,122|     4,204|
+-----------------------------------------------+---------+---------+----------+
|       EQUITY TOTAL                            |   33,127|    4,790|     7,872|
+-----------------------------------------------+---------+---------+----------+
|                                               |         |         |          |
+-----------------------------------------------+---------+---------+----------+
|       Appropriations                          |        0|       78|       187|
+-----------------------------------------------+---------+---------+----------+
|       Provisions                              |      595|      174|       395|
+-----------------------------------------------+---------+---------+----------+
|                                               |         |         |          |
+-----------------------------------------------+---------+---------+----------+
|       LIABILITIES                             |         |         |          |
+-----------------------------------------------+---------+---------+----------+
|       Non-current liabilities                 |    1,538|    6,473|     6,282|
+-----------------------------------------------+---------+---------+----------+
|                     Capital loans             |        0|    4,319|     4,304|
+-----------------------------------------------+---------+---------+----------+
|                     Interest-bearing debt     |    1,538|    2,154|     1,978|
+-----------------------------------------------+---------+---------+----------+
|       Current liabilities total               |   29,859|   29,145|    42,313|
+-----------------------------------------------+---------+---------+----------+
|                     Capital loans             |        0|        0|        15|
+-----------------------------------------------+---------+---------+----------+
|                     Interest-bearing debt     |      879|    1,231|       879|
+-----------------------------------------------+---------+---------+----------+
|                     Advances received         |    1,976|    1,540|     2,255|
+-----------------------------------------------+---------+---------+----------+
|                     Accounts payables         |   17,539|   18,601|    27,418|
+-----------------------------------------------+---------+---------+----------+
|                     Other liabilities         |    3,940|    3,332|     5,365|
+-----------------------------------------------+---------+---------+----------+
|                     Accrued expenses          |    5,524|    4,441|     6,380|
+-----------------------------------------------+---------+---------+----------+
|       LIABILITIES TOTAL                       |   31,397|   35,618|    48,595|
+-----------------------------------------------+---------+---------+----------+
|TOTAL LIABILITIES                              |   65,120|   40,660|    57,049|
+-----------------------------------------------+---------+---------+----------+



 Cash flow
+-----------------------------------------------------+--------+--------+------+
|€ thousands                                          |1-6/2014|1-6/2013|  2013|
+-----------------------------------------------------+--------+--------+------+
|Cash flow from operating activities                  |        |        |      |
+-----------------------------------------------------+--------+--------+------+
|Profit before appropriations and taxes               |   1,095|   1,217| 5,478|
+-----------------------------------------------------+--------+--------+------+
|Depreciation and amortization                        |     463|     444|   886|
+-----------------------------------------------------+--------+--------+------+
|Change in provisions                                 |     200|     174|   395|
+-----------------------------------------------------+--------+--------+------+
|Interest paid and received                           |   1,997|     398| 1,162|
+-----------------------------------------------------+--------+--------+------+
|Non-current receivables, increase (-), decrease (+)  |       7|       0|    -3|
+-----------------------------------------------------+--------+--------+------+
|Current receivables, increase (-), decrease (+)      |     816|   1,950|    46|
+-----------------------------------------------------+--------+--------+------+
|Inventory increase (-), decrease (+)                 |  -5,585|  -3,923|-1,449|
+-----------------------------------------------------+--------+--------+------+
|Non-interest-bearing debt, increase (+), decrease (-)| -12,716|  -6,413| 6,898|
+-----------------------------------------------------+--------+--------+------+
|NET CASH FROM OPERATING ACTIVITIES BEFORE            |        |        |      |
|FINANCING AND TAXES                                  | -13,723|  -6,153|13,414|
+-----------------------------------------------------+--------+--------+------+
|Interest paid and other operational financial        |        |        |      |
|expenses                                             |  -2,008|    -407|-1,187|
+-----------------------------------------------------+--------+--------+------+
|Interest received from operations                    |      10|       9|    24|
+-----------------------------------------------------+--------+--------+------+
|Taxes paid                                           |     -11|       0|  -878|
+-----------------------------------------------------+--------+--------+------+
|NET CASH FLOW FROM OPERATING ACTIVITIES              | -15,732|  -6,552|11,373|
+-----------------------------------------------------+--------+--------+------+
|                                                     |        |        |      |
+-----------------------------------------------------+--------+--------+------+
|Investments                                          |        |        |      |
+-----------------------------------------------------+--------+--------+------+
|Intangible and tangible investments                  |    -256|     -77|  -334|
+-----------------------------------------------------+--------+--------+------+
|NET CASH FLOW FROM INVESTMENTS                       |    -256|     -77|  -334|
+-----------------------------------------------------+--------+--------+------+
|                                                     |        |        |      |
+-----------------------------------------------------+--------+--------+------+
|Cash flows from financing activities                 |        |        |      |
+-----------------------------------------------------+--------+--------+------+
|Proceeds from share issue                            |  24,472|     270|   270|
+-----------------------------------------------------+--------+--------+------+
|Current interest-bearing debt, increase (+), decrease|        |        |      |
|(-)                                                  |     -15|  -1,239|-1,575|
+-----------------------------------------------------+--------+--------+------+
|Non-current interest-bearing debt, increase (+),     |        |        |      |
|decrease (-)                                         |  -4,744|    -600|  -791|
+-----------------------------------------------------+--------+--------+------+
|Dividends paid                                       |    -210|    -110|  -110|
+-----------------------------------------------------+--------+--------+------+
|NET CASH FLOW FROM FINANCING ACTIVITIES              |  19,503|  -1,678|-2,206|
+-----------------------------------------------------+--------+--------+------+
|                                                     |        |        |      |
+-----------------------------------------------------+--------+--------+------+
|NET INCREASE (+) / DECREASE (-) IN CASH AND CASH     |        |        |      |
|EQUIVALENTS                                          |   3,516|  -8,307| 8,833|
+-----------------------------------------------------+--------+--------+------+
|                                                     |        |        |      |
+-----------------------------------------------------+--------+--------+------+
|CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE    |        |        |      |
|PERIOD                                               |  22,677|  13,844|13,844|
+-----------------------------------------------------+--------+--------+------+
|CASH AND CASH EQUIVALENTS AT THE PERIOD END          |  26,193|   5,537|22,677|
+-----------------------------------------------------+--------+--------+------+



 Statement of
 equity
 changes
+-------------+----------+--------+---------------+-----------+---------+------+
|€, thousand  |Share     |Share   |Invested       |Retained   |Profit   |Total |
|             |capital   |issue   |unrestricted   |earnings   |(loss) of|      |
|             |          |        |equity fund    |(loss)     |the      |      |
|             |          |        |               |           |period   |      |
+-------------+----------+--------+---------------+-----------+---------+------+
|SHARE CAPITAL|          |        |               |           |         |      |
|1.1.2014     |       100|       0|          1,021|      6,751|        0| 7,872|
+-------------+----------+--------+---------------+-----------+---------+------+
|Dividends    |         0|       0|               |       -210|        0|  -210|
+-------------+----------+--------+---------------+-----------+---------+------+
|Share issue  |         0|       0|         24,472|          0|        0|24,472|
+-------------+----------+--------+---------------+-----------+---------+------+
|Profit (loss)|          |        |               |           |         |      |
|of the period|         0|       0|              0|          0|      993|   993|
+-------------+----------+--------+---------------+-----------+---------+------+
|SHARE CAPITAL|          |        |               |           |         |      |
|30.6.2014    |       100|       0|         25,493|      6,541|      993|33,127|
+-------------+----------+--------+---------------+-----------+---------+------+
|             |          |        |               |           |         |      |
+-------------+----------+--------+---------------+-----------+---------+------+
|SHARE CAPITAL|          |        |               |           |         |      |
|1.1.2013     |       100|      99|            651|      2,657|        0| 3,507|
+-------------+----------+--------+---------------+-----------+---------+------+
|Dividends    |         0|       0|              0|       -110|        0|  -110|
+-------------+----------+--------+---------------+-----------+---------+------+
|Share issue  |         0|     -99|            369|          0|        0|   270|
+-------------+----------+--------+---------------+-----------+---------+------+
|Profit (loss)|          |        |               |           |         |      |
|of the period|         0|       0|              0|          0|    1,122| 1,122|
+-------------+----------+--------+---------------+-----------+---------+------+
|SHARE CAPITAL|          |        |               |           |         |      |
|30.6.2013    |       100|       0|          1,021|      2,547|    1,122| 4,790|
+-------------+----------+--------+---------------+-----------+---------+------+
|             |          |        |               |           |         |      |
+-------------+----------+--------+---------------+-----------+---------+------+
|SHARE CAPITAL|          |        |               |           |         |      |
|1.1.2013     |       100|      99|            651|      2,657|        0| 3,507|
+-------------+----------+--------+---------------+-----------+---------+------+
|Dividends    |         0|       0|              0|       -110|        0|  -110|
+-------------+----------+--------+---------------+-----------+---------+------+
|Share issue  |         0|     -99|            369|          0|        0|   270|
+-------------+----------+--------+---------------+-----------+---------+------+
|Profit (loss)|          |        |               |           |         |      |
|of the period|         0|       0|              0|          0|    4,204| 4,204|
+-------------+----------+--------+---------------+-----------+---------+------+
|SHARE CAPITAL|          |        |               |           |         |      |
|31.12.2013   |       100|       0|          1,021|      2,547|    4,204| 7,872|
+-------------+----------+--------+---------------+-----------+---------+------+


CALCULATION PRINCIPLES FOR THE COMPANY'S KEY RATIOS

1) EBITDA = Operating profit before depreciations
2) EBITDA, per cent = Operating profit before depreciations / Net turnover x 100
3) Operating profit, per cent = Operating result / Net turnover x 100
4) Equity ratio (no capital loans) = (capital and reserves + depreciation
reserves x (1 - tax rate)) / (Total sum of the balance sheet - advances
received) x 100
5) Equity ratio (including subordinate loans) = (capital and reserves + capital
loans +depreciation reserves x (1 - tax rate)) / (Total sum of the balance sheet
- advances received) x 100
6) Return on capital employed (ROCE), rolling 12 months, % = (Net profit +
financial expenses + taxes) / (Average of equity + interest bearing debt) x 100
7) Net gearing, % = (Interest bearing debt - cash and cash equivalents -
interest bearing receivables) / Equity x 100
8) Earnings per share = Profit for the financial period / Monthly average number
of shares adjusted by share issues
9) Earnings per share (diluted) = Profit for the financial period / Monthly
average number of shares adjusted by share issues + number of shares according
to the subscription right
10) Average number of shares at end of period revised by share split = Monthly
average number of shares at end of period revised by share split
11) Number of employees at end of period = Average amount of personnel on the
last week of the period




[HUG#1847406]