The Ernst & Young AG prepared the annual accounts for the ECT Vertriebs- und Servicegesellschaft mbH and the European Computer Telecoms AG, as well as the consolidated accounts for the ECT Group. The consolidated accounts for the ECT Group, as well as the annual accounts for the European Computer Telecoms AG and the European Computer Telecoms Limited, will be audited by Mazars Revision & Treuhandgesellschaft mbH.
In 2005, we increased total revenue by over 24% to a new record level of more than EUR 20 million, our highest level to date(2004: EUR 16 million). We maintained our gross margin of over 80% and our earnings before tax, interest and depreciation reached again a level of EUR 4.527 million (2004: EUR 4.363 million). This despite the fact that our overhead increased to EUR 12 million (2004: EUR 9.9 million) on account of the planned growth of the organization.
At the end of 2005, the Group had cash and cash equivalents (bank balances) of approx. EUR 2.7 million (2004: 4.1 million). A line of credit of EUR 3.5 million for short-term guarantee credits, overdraft facilities and money market loans were available, of which EUR 1.7 million was used (line of credit 2004: EUR 1 million, of which 0.4 million was used). Of the lines of credit used, approx. EUR 500,000 were borrowed as money market loans at money market conditions for three months; the residual amount is made up of guarantee credits for warranty and payment guarantees, some of which are indefinite.
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