Highlights

Main Data

Income Statement Highlights	As of August 31,2008	As of August 31, 2007	Change
(in thousand of Euro)
Net Sales	68.581	114.906	-46.325
Ebitda	-5.434	33.164	-38.598
% of net sales	-7,92%	28,86%
Operating income	-20.601	27.892	-48.493
% of net sales	-30,04%	24,27%
Net income before income tax expense	-26.222	25.253	-51.475
% of net sales	-38,24%	21,98%
Net income before assets held for sale	-23.138	14.552	-37.689
% of net sales	-33,74%	12,66%
Net income for the period	-23.138	13.672	-36.809
% of net sales	-33,74%	11,90%

Income Statement	As of August 31, 2008	As of August 31, 2007	Change
(in thousands of Euro)
Net sales	68.581	114.906	-46.325
Other income and revenue	3.188	6.970	-3.782
Changes in inventories of work in progress, semi-finished and finished goods	7.254	8.869	-1.614
Raw materials, consumables and goods for resale	-43.159	-62.598	19.439
Services Costs	-28.349	-31.085	2.736
Rental and leasing costs	-1.495	-1.390	-105
Personnel Costs	-15.287	-10.725	-4.562
Other operating costs	-6.944	-1.892	-5.052
Capitalization of internal costs	8.408	11.240	-2.832
Depreciation, amortization and impairments	-12.798	-6.402	-6.396
EBIT	-20.601	27.892	-48.493
Financial income	224	578	-354
Financial expenses	-5.845	-3.217	-2.628
Net income before income tax expense	-26.222	25.253	-51.475
Income tax expense	3.084	-10.702	13.786
Net income before income from discontinued operations	-23.138	14.552	-37.689
Income from discontinued operations	0	-880	880
Income (loss) for the period	-23.138	13.672	-36.809
Net income/(loss) attributable to minority interests	0	-8	8
Net income/(loss) for the period attributable to the Group	-23.138	13.679	-36.817

Balance Sheet
Assets
(in thousands of Euro)	31 agosto 2008	31 agosto 2007
A) Non-Current assets
Property, plant and equipment	30.080	29.127
Intagible assets	11.573	7.151
Financial assets	28	8
Shareholdings in associates	312	312
Financial assets at fair value	67	15
Deferred tax assets	8.021	2.881
Other non-current assets	314	614
Total non-current assets	50.394	40.108
B) Current Assets
Inventories	45.418	38.158
Contract work in progress	4.208	9.106
Trade receivables	29.860	59.226
Other current assets	20.546	15.301
Tax receivables	676	239
Cash and cash equivalents	4.590	6.549
Total current assets	105.298	128.579
Total assets	155.693	168.687

EQUITY AND LIABILITIES
(In thousands of Euro)	31 agosto 2008	31 agosto 2007
A) Shareholders' Equity
Share capital	2.180	2.180
Reserves	33.791	34.556
profit (loss) brought forward	-969	22.365
Shareholders' equity attributable to the Group	35.002	59.101
Shareholders' equity attributable to Minority Interests	0	0
Total Shareholders' equity	35.002	59.101
B) Non-current liabilities
Long-term borrowings	19.763	9.938
Employee benefit liability	731	717
Deferred tax liabilities	2.592	3.268
Provisions for risk and charges	3.312	2.102
Other non-current liabilities	5.402	7.221
Total non-current liabilities	31.800	23.246
C) Current liabilities
Trade payable	33.908	45.853
Short-term borrowings	46.753	28.460
Other current liabilities	4.949	5.338
Tax payables	3.282	6.690
Total Current liabilities	88.891	86.340
Total Shareholders' Equity and liabilities	155.693	168.687

Income Statement Highlights	As of February 28, 2009	As of February 29, 2008	Change
(in thousands of Euro)
Net Sales	12.782	27.170	-14.388
Ebitda	-3.603	-123	-3.480
% of net sales	-28.19%	-0,45%
Operating income	-7.872	-4.408	-3.464
% of net sales	-61,58%	-16,22%
Net income before income tax expense	-9.557	-7.005	-2.552
% of net sales	-74,77%	-25,78%
Net income before assets held for sale	-12.048	-5.737	-6.310
% of net sales	-94,25%	-21,12%
Net income for the period	-12.048	-5.737	-6.310
% of net sales	-94,25%	-21,12%

Balance Sheet Highlights	As of February 28, 2009	As of August 31, 2008	Change
(in thousands of Euro)
Net invested capital	90.002	96.927	-6.924
Shareholders' equity	23.297	35.002	-11.704
Net Financial Debt	66.705	61.925	4.780