euro adhoc: SMARTRAC N.V.
Annual Reports
SMARTRAC N.V. continues growth in first nine months of 2006

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Amsterdam, 16 November 2006 - SMARTRAC N.V. announced today that it improved sales by 133 percent and EBITDA by more than 140 percent in the 9 months up to end September 2006, compared to the same period last year. The world’s leading RFID manufacturer and supplier of components for passports (ePassport) and contactless credit cards (ePayment) boosted its total sales in its 3rd quarter 2006 to EUR 13.4 million, up from EUR 7.2 million in the same period 2005. For the nine months ended September 2006 SMARTRAC achieved sales of EUR 35.9 million, an increase of 133 percent over the previous year (EUR 15.4 million). The Group’s 3rd quarter EBITDA almost doubled from EUR 1.8 million in 2005 to EUR 3.4 million. For the nine months ended September 2006 the EBITDA is EUR 8.1 million, an increase of more than 140 percent over the previous year (EUR 3.3 million).

These improvements were supported by excellent business in the High Security Segment (ePayment and ePassport). In the Standard Segment, sales rose 33 percent on the same period for the prior year (pro forma) from Euro 12.8 million to Euro 17.1 million. In the High Security Segment, sales revenues of Euro 18.7 million rose by a factor of more than 7 on the same period for 2005 (Euro 2.5 million).

SMARTRAC’s EBITDA, which is the key performance indicator, rose to Euro 8.1 million for the reporting period compared to Euro 3.3 million for the same period in 2005, an increase of more than 140 percent. Key contributor to this growth was the High Security Segment, with approx. Euro 6.8 million (last year: Euro 0.4 million). In order to satisfy the increasing demand, particularly in the ePassport business, SMARTRAC is doubling its efforts to open the fourth production plant in Thailand as early as January 2007.

The standard Segment recorded EBITDA of Euro 1.8 million (2005: Euro 2.9 million). This decrease was partly caused by seasonal sales decrease and a higher proportion of memory chips which bear less value-added for the company as these are purchased (chip sourcing).

In order to support continued growth, SMARTRAC invested Euro 7.4 million (compared to Euro 2.2 million for the same period in the prior year) in property, plant and equipment in the first nine months of the year. SMARTRAC is planning to invest approx. 3% of its sales revenues in research and development in the mid-term.

In the third quarter of 2006, SMARTRAC’s Pay Pass inlays obtained a MasterCard CQM-Certification. SMARTRAC’s facility, process and products have successfully completed MasterCard’s Card Quality Management scheme (CQM) audit - a corresponding CQM-Label has been granted to SMARTRAC’s PayPass inlays.

SMARTRAC has posted consecutive net profits each year since its foundation. In early October, SMARTRAC produced and shipped the 10th million ePassport inlay. Production capacity has been expanded continuously. For full-year 2006, the company anticipates sales of at least EUR 50 million with an EBITDA substantially above EUR 10 million.


EUR thousand      Q3 2006  Q3 2005  Change    Change in %
Revenues            13,436    7,169      +6,267    +87.42
EBITDA                3,407      1,820      +1,587    +87.20
Net profit         2,759      1,143      +1,616    +141.38
Earn. p. share  0.22        0.11        -            -

@@start.t2@@end of announcement                                                 euro adhoc 16.11.2006 07:57:27

ots Originaltext: SMARTRAC N.V.
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Further inquiry note:
Max Hohenberg
Media Relations SMARTRAC N.V.
Tel: +49 711 6569 2616

Branche: Technology
ISIN:      NL0000186633
WKN:        A0JEHN
Börsen:  Frankfurter Wertpapierbörse / official dealing/prime standard
              Börse Berlin-Bremen / free trade
              Baden-Württembergische Wertpapierbörse / free trade
              Börse Düsseldorf / free trade
              Bayerische Börse / free trade

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