STARMAN                          FINANCIAL REPORT                    22.08.2005



AS STARMAN CONSOLIDATED FINANCIAL STATEMENTS FOR THE 1ST HALF-YEAR 2005 - EUR



INCOME STATEMENT



(in thousands of euros)



                                1st     1st     2nd    2nd    Note 

                                half-ye half-ye quarte quarte      

                                ar 2005 ar 2004 r 2005 r 2004      

                                                                   

 Revenue                        5 794   4 220   3 005  2 232  2    

 Other income                   61      51      30     28     3    

 Goods, raw materials and       -1 855  -1 387  -974   -746   3    

 services                                                          

 Other operating expenses       -1 013  -743    -536   -395   3    

 Personnel expenses             -937    -666    -527   -356   3    

 Depreciation, amortisation and -1 021  -840    -524   -445        

 impairments                                                       

 Other expenses                 -158    -13     -154   -7     3    

                                                                   

 Operating profit               872     622     321    309         

                                                                   

 Net financial items            -169    -85     -96    -52    4    

                                                                   

 Profit before income tax       703     536     225    258         

                                                                   

                                                                   

 Net profit for the financial   703     536     225    258         

 year                                                              

                                                                   

 Basic EPS (in EUR)             0.05    0.04    0.02   0.02   9    

 Diluted EPS (in EUR)           0.05    0.04    0.02   0.02   9    







BALANCE SHEET



(in thousands of euros)



                                      30.06.2005  31.12.2004  Note   

 ASSETS                                                              

 Current assets                                                      

 Cash and bank accounts               485         595                

 Trading securities                   209         205                

 Accounts receivable                  632         516                

 Other short-term receivables         80          106                

 Inventories                          740         575                

 Total current assets                 2 146       1 998              

 Non-current assets                                                  

 Other financial assets               18          20                 

 Property, plant and equipment        16 202      14 924             

 Intangible assets                    28          20                 

 Total non-current assets             16 248      14 964             

 TOTAL ASSETS                         18 395      16 962             

 LIABILITIES AND OWNER'S EQUITY                                      

 Liabilities                                                         

 Current liabilities                                                 

 Borrowings                           406         694         5      

 Prepayments                          304         249                

 Accounts payable                     1 276       651                

 Other short-term payables            0           415         6      

 Taxes payable                        350         204                

 Accrued expenses                     522         347                

 Total current liabilities            2 857       2 561              

 Non-current liabilities                                             

 Long-term borrowings                 6 103       5 670       5      

 Total non-current liabilities        6 103       5 670              

 Total liabilities                    8 960       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        703         954                

 Total owner's equity                 9 434       8 731       7      

 TOTAL LIABILITIES AND OWNER'S EQUITY 18 395      16 962             





Rändy Hütsi

Member of the Management Board

+372 677 9977

Additional information: AS Starman consolidated interim report for the  1st  half-

year 2005