STARMAN                    FINANCIAL REPORT                 21.11.2005



CONSOLIDATED FINANCIAL STATEMENTS FOR 9 MONTHS OF 2005 – EUR



INCOME STATEMENT

(in thousands of euros)



                                2005      2004     2005    2004

                            9 months  9 months      3rd     3rd

                                                quarter quarter

                                                             

Sales revenue                  8 809     6 826    3 014   2 606

Other operating revenue          105        88       45      37

Goods, raw materials and      -2 844    -2 345     -989    -958

services

Other operating expenses      -1 485    -1 381     -473    -638

Personnel expenses            -1 426    -1 019     -490    -353

Depreciation, amortisation    -1 598    -1 341     -577    -501

and impairments

Other expenses                  -163       -24       -5     -10

                                                           

Operating profit               1 397       805      526     183

                                                           

Net financial items             -243      -151      -74     -65

                                                           

Profit before income tax       1 155       596      452      59

                                                           

Income tax                         0       -59        0     -59

                                                           

Net profit for the             1 155       596      452      59

financial year

                                                           

Basic EPS (in EUR)              0,09      0,05     0,03    0,00

Diluted EPS (in EUR)            0,09      0,05     0,03    0,00





BALANCE SHEET

(in thousands of euros)



                                  30.09.2005 31.12.2004

ASSETS                                                 

Current assets                                         

Cash and bank accounts                   508        595

Trading securities                         0        205

Accounts receivable                      519        516

Other short-term receivables             152        106

Inventories                              891        575

Total current assets                   2 070      1 998

Non-current assets                                     

Other financial assets                    18         20

Property, plant and equipment         16 694     14 924

Intangible assets                         28         20

Total non-current assets              16 740     14 964

TOTAL ASSETS                          18 810     16 962

LIABILITIES AND OWNER’S EQUITY                         

Liabilities                                            

Current liabilities                                    

Borrowings                               237        694

Prepayments                              305        249

Accounts payable                       1 142        651

Other short-term payables                  0        415

Taxes payable                            239        204

Accrued expenses                         405        347

Total current liabilities              2 329      2 561

Non-current liabilities                                

Long-term borrowings                   6 596      5 670

Total non-current liabilities          6 596      5 670

Total liabilities                      8 925      8 230

Owner’s equity                                         

Share capital                          8 343      2 781

Share premium                              0      4 375

Reserves                                  94         46

Retained earnings/loss                   295        575

Profit for the financial year          1 154        954

Total owner’s equity                   9 886      8 731

TOTAL LIABILITIES AND OWNER’S         18 810     16 962

EQUITY





Rändy Hütsi

Member of the Management Board

+372 677 9977



Additional  information: 

AS Starman consolidated  interim report for 9 months of the year 2005