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Exhibit 99.3
(BESI LOGO)
CONSOLIDATED STATEMENTS OF OPERATIONS - IFRS
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
(All amounts in thousands of Euro, except ------------------------- -------------------------
share and per share data) 2004 2005 2004 2005
- ----------------------------------------- ----------- ----------- ----------- -----------
(unaudited) (UNAUDITED) (unaudited) (UNAUDITED)
Net sales 40,262 43,060 95,458 116,657
Cost of sales 28,393 27,570 66,647 80,032
---------- ---------- ---------- ----------
Gross profit 11,869 15,490 28,811 36,625
Selling, general and administrative expenses 7,922 8,948 21,109 29,416
Research and development expenses 3,050 2,572 9,327 9,148
Restructuring expenses -- -- -- 1,718
---------- ---------- ---------- ----------
Total operating expenses 10,972 11,520 30,436 40,282
Operating income (loss) 897 3,970 (1,625) (3,657)
Net financing income (expenses) 382 (696) 2,182 (2,258)
---------- ---------- ---------- ----------
Income (loss) before taxes and minority interest 1,279 3,274 557 (5,915)
Income tax (benefit) 480 833 455 (1,349)
---------- ---------- ---------- ----------
Income (loss) before minority interest 799 2,441 102 (4,566)
Minority interest (6) (17) 29 (26)
---------- ---------- ---------- ----------
Net income (loss) 793 2,424 131 (4,592)
========== ========== ========== ==========
Net income (loss) per share
- Basic 0.03 0.07 0.00 (0.14)
- Diluted 0.03 0.07 0.00 (0.14)
Weighted average number of shares used to
compute net income (loss) per share
- Basic 30,794,660 32,735,002 30,794,660 32,702,334
- Diluted 30,844,034 32,768,035 30,874,353 32,702,334
========== ========== ========== ==========
The financial information has been prepared in accordance with IFRS
-1-
(BESI LOGO)
CONSOLIDATED BALANCE SHEETS - IFRS
December 31, SEPTEMBER 30,
(All amounts in thousands of Euro) 2004 2005
- ---------------------------------- ------------ -------------
(unaudited) (UNAUDITED)
ASSETS
Cash and cash equivalents 116,351 72,108
Accounts receivable 20,172 36,191
Inventories 34,118 58,290
Other current assets 14,514 15,129
------- -------
TOTAL CURRENT ASSETS 185,155 181,718
Property, plant and equipment 14,586 27,325
Goodwill 10,187 68,727
Other intangible assets 10,430 19,872
Other non-current assets 1,698 4,959
------- -------
TOTAL ASSETS 222,056 302,601
======= =======
LIABILITIES AND SHAREHOLDERS' EQUITY
Notes payable to banks 9,778 18,538
Current portion of long-term debt
and capital leases 3 2,787
Accounts payable 14,331 14,441
Accrued liabilities 18,896 19,151
------- -------
TOTAL CURRENT LIABILITIES 43,008 54,917
Long-term debt and capital leases 1,654 17,539
Convertible notes -- 41,528
Deferred tax liabilities 2,156 3,765
Other non-current liabilities -- 2,324
------- -------
TOTAL NON-CURRENT LIABILITIES 3,810 65,156
MINORITY INTEREST 115 156
TOTAL SHAREHOLDERS' EQUITY 175,123 182,372
------- -------
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY 222,056 302,601
======= =======
The financial information has been prepared in accordance with IFRS
-2-
(BESI LOGO)
CONSOLIDATED STATEMENTS OF CASH FLOWS - IFRS
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
------------------------- -------------------------
(All amounts in thousands of Euro) 2004 2005 2004 2005
- ---------------------------------- ----------- ----------- ----------- -----------
(unaudited) (UNAUDITED) (unaudited) (UNAUDITED)
CASH FLOWS FROM OPERATIONAL ACTIVITIES:
Net income (loss) 793 2,424 131 (4,592)
Depreciation and amortization 1,515 2,096 4,654 6,768
Deferred income tax (benefit) (10) (65) (328) (1,109)
Other non-cash items 442 322 3 (607)
Changes in working capital 673 (7,283) (16,524) (11,283)
------- ------ ------- -------
Net cash provided by (used in) operating
activities 3,413 (2,506) (12,064) (10,823)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures (555) (2,378) (2,640) (10,458)
Acquisition of subsidiaries, net of cash
acquired -- (81) -- (61,943)
Proceeds from sale of property, plant and
equipment -- 20 14,586 660
------- ------ ------- -------
Net cash provided by (used in) investing
activities (555) (2,439) 11,946 (71,741)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from (payments on) bank lines of
credit 1,304 557 556 (10,666)
Proceeds from (payments on) debts and
capital leases (167) (1,004) (6,908) 5,500
Net proceeds from issuance of convertible
notes, net of expenses -- (31) -- 43,695
Net proceeds from (payments of) advances
from customers 56 148 2,069 (853)
Proceeds from exercised stock options -- 23 -- 23
Other financing activities -- -- (1,500) --
------- ------ ------- -------
Net cash provided by (used in) financing
activities 1,193 (307) (5,783) 37,699
Net change in cash and cash equivalents 4,051 (5,252) (5,901) (44,865)
Effect of changes in exchange rates on cash
and cash equivalents (230) (24) (14) 622
Cash and cash equivalents at beginning of the
period 108,459 77,384 118,195 116,351
------- ------ ------- -------
CASH AND CASH EQUIVALENTS AT END OF THE
PERIOD 112,280 72,108 112,280 72,108
======= ====== ======= =======
-3-
(BESI LOGO)
The financial information has been prepared in accordance with IFRS
-4-
(BESI LOGO)
STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - IFRS
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
------------------------- -------------------------
(All amounts in thousands of Euro) 2004 2005 2004 2005
- ---------------------------------- ----------- ----------- ----------- -----------
(unaudited) (UNAUDITED) (unaudited) (UNAUDITED)
Shareholders' equity beginning of the period 180,776 179,997 181,001 175,123
Net income (loss) for the period 793 2,424 131 (4,592)
Equity-settled share based payments expense 50 -- 136 530
Exchange rate differences for the period (166) (71) 185 1,377
Proceeds from exercise of stock options -- 23 -- 23
Issuance of 1,933,842 shares as consideration in
the Datacon acquisition, valued at
E 4.21 per share -- -- -- 8,141
Equity component in convertible notes, net of
deferred tax liability -- (1) -- 1,770
------- ------- ------- -------
Shareholders' equity end of the period 181,453 182,372 181,453 182,372
======= ======= ======= =======
The financial information has been prepared in accordance with IFRS
-5-
(BESI LOGO)
RECONCILIATION FROM US GAAP TO IFRS
RECONCILIATION OF NET INCOME (LOSS) REPORTING UNDER US GAAP TO IFRS, AS ENDORSED
BY THE EU
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
------------------------- -------------------------
(All amounts in thousands of Euro) 2004 2005 2004 2005
- ---------------------------------- ----------- ----------- ----------- -----------
(unaudited) (UNAUDITED) (unaudited) (UNAUDITED)
Net income (loss) as reported under
US GAAP 922 1,263 280 (7,802)
Adjustments from US GAAP to IFRS
Capitalization of development expenses -- 1,396 -- 4,986
Amortization of patents and trademarks 31 15 95 44
Employee share-based payments (32) 56 (21) (513)
Accredited interest convertible notes -- (74) -- (196)
Other differences in income (147) 174 (189) 132
Deferred income tax effects 19 (406) (34) (1,243)
---- ----- ---- ------
NET INCOME (LOSS) IN ACCORDANCE WITH IFRS,
AS ENDORSED BY THE EU 793 2,424 131 (4,592)
==== ===== ==== ======
RECONCILIATION OF SHAREHOLDERS' EQUITY FROM US GAAP TO IFRS, AS ENDORSED BY THE
EU
December 31, SEPTEMBER 30,
(All amounts in thousands of Euro) 2004 2005
- ---------------------------------- ------------ -------------
(unaudited) (UNAUDITED)
Shareholders' equity as reported under US GAAP 176,993 178,307
Adjustments from US GAAP to IFRS
Capitalization of development expenses -- 5,028
Valuation of goodwill (1,883) (1,506)
Valuation of patents and trademarks (465) (481)
Employee share-based payments (105) (89)
Equity component convertible notes -- 2,584
Accredited interest convertible notes -- (196)
Recognized gain on sale and lease back transaction 843 779
Other differences in shareholders' equity -- 196
Deferred income tax effects (260) (2,250)
------- -------
SHAREHOLDERS' EQUITY IN ACCORDANCE WITH
IFRS, AS ENDORSED BY THE EU 175,123 182,372
======= =======
-6-
(BESI LOGO)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
BASIS OF PRESENTATION
Besi has prepared the accompanying consolidated financial statements in
accordance with International Financial Reporting Standards ("IFRS") in order to
comply with European Union requirements applicable to companies quoted on a
European Stock Exchange. Further disclosures, as required under IFRS in annual
reports and interim reporting (IAS 34), are not included.
For the Summary of Significant Accounting Principles and the Notes to the
Reconciliation, reference is made to the Half-Yearly IFRS Report 2005, which is
available at our website www.besi.com
-7-