Replacement Annual Financial Report -12-

|                  |          |                       |                    |                   |                    |                       |                     | 
+------------------+----------+-----------------------+--------------------+-------------------+--------------------+-----------------------+---------------------+ 
| Balance at 31    |          |           96,679,913  |       (30,429,946) |         (996,677) |                    |            5,102,659  |         70,355,949  | 
| December 2008    |          |                       |                    |                   |        65,253,290  |                       |                     | 
+------------------+----------+-----------------------+--------------------+-------------------+--------------------+-----------------------+---------------------+ 
|                  |          |                       |                    |                   |                    |                       |                     | 
+------------------+----------+-----------------------+--------------------+-------------------+--------------------+-----------------------+---------------------+ 
| Loss             |          |                       |        (6,148,427) |                   |        (6,148,427) |                       |         (6,148,427) | 
| attributable to  |          |                     - |                    |                 - |                    |                     - |                     | 
| holders of       |          |                       |                    |                   |                    |                       |                     | 
| participating    |          |                       |                    |                   |                    |                       |                     | 
| shares           |          |                       |                    |                   |                    |                       |                     | 
+------------------+----------+-----------------------+--------------------+-------------------+--------------------+-----------------------+---------------------+ 
| Loss             |          |                       |                    |                   |                    |           (1,613,425) |         (1,613,425) | 
| attributable to  |          |                     - |                  - |                 - |                  - |                       |                     | 
| non-controlling  |          |                       |                    |                   |                    |                       |                     | 
| interest         |          |                       |                    |                   |                    |                       |                     | 
+------------------+----------+-----------------------+--------------------+-------------------+--------------------+-----------------------+---------------------+ 
| Unrealised       |          |                       |                    |       (1,002,947) |        (1,002,947) |             (270,364) |         (1,273,311) | 
| exchange loss on |          |                     - |                  - |                   |                    |                       |                     | 
| foreign          |          |                       |                    |                   |                    |                       |                     | 
| subsidiary       |          |                       |                    |                   |                    |                       |                     | 
+------------------+----------+-----------------------+--------------------+-------------------+--------------------+-----------------------+---------------------+ 
| Issue of         |          |              485,647  |                    |                   |           485,647  |                       |            485,647  | 
| participating    |          |                       |                    |                   |                    |                     - |                     | 
| shares           |          |                       |                    |                   |                    |                       |                     | 
+------------------+----------+-----------------------+--------------------+-------------------+--------------------+-----------------------+---------------------+ 
| Redemption of    |          |             (484,505) |                    |                   |          (484,505) |                       |           (484,505) | 
| participating    |          |                       |                  - |                 - |                    |                     - |                     | 
| shares           |          |                       |                    |                   |                    |                       |                     | 
+------------------+----------+-----------------------+--------------------+-------------------+--------------------+-----------------------+---------------------+ 
|                  |          |                       |                    |                   |                    |                       |                     | 
+------------------+----------+-----------------------+--------------------+-------------------+--------------------+-----------------------+---------------------+ 
| Balance at 31    |          |           96,681,055  |       (36,578,373) |       (1,999,624) |        58,103,058  |            3,218,870  |         61,321,928  | 
| December 2009    |          |                       |                    |                   |                    |                       |                     | 
+------------------+----------+-----------------------+--------------------+-------------------+--------------------+-----------------------+---------------------+ 
|                  |          |                       |                    |                   |                    |                       |                     | 
+------------------+----------+-----------------------+--------------------+-------------------+--------------------+-----------------------+---------------------+ 
 
 
The accompanying notes form an integral part of the financial statements. 
 
 
 
COMPANY STATEMENT OF CASH FLOWS 
 
For the year ended 31 December 2009 
 
+--------------------------------------------+----------------+------------------------------------------------------------------------------------------------+----------------+---------------------------------------+ 
|                         Nine months ended  |                |                                                                                                |                |                           Year ended  | 
+--------------------------------------------+----------------+------------------------------------------------------------------------------------------------+----------------+---------------------------------------+ 
|                          31 December 2008  |                |                                                                                                |                |                     31 December 2009  | 
+--------------------------------------------+----------------+------------------------------------------------------------------------------------------------+----------------+---------------------------------------+ 
|                                         EUR  |                |                                                                                                |                |                                    EUR  | 
+--------------------------------------------+----------------+------------------------------------------------------------------------------------------------+----------------+---------------------------------------+ 
|                                            |                |                                                                                                |                |                                       | 
+--------------------------------------------+----------------+------------------------------------------------------------------------------------------------+----------------+---------------------------------------+ 
|                                            |                | Cash flows from operating activities                                                           |                |                                       | 
+--------------------------------------------+----------------+------------------------------------------------------------------------------------------------+----------------+---------------------------------------+ 
|                               (12,603,820) |                | Loss for the financial period                                                                  |                |                           (1,445,179) | 
+--------------------------------------------+----------------+------------------------------------------------------------------------------------------------+----------------+---------------------------------------+ 
|                                            |                |                                                                                                |                |                                       | 
+--------------------------------------------+----------------+------------------------------------------------------------------------------------------------+----------------+---------------------------------------+ 
|                                            |                | Adjustments to reconcile profit for the financial period to net cash from operating activities |                |                                       | 
+--------------------------------------------+----------------+------------------------------------------------------------------------------------------------+----------------+---------------------------------------+