Without significant top-line changes from preliminary statements – i.e. 18% y/y increase in revenue - M+C Hydraulic strengthened its bottom line due to lower taxation provisions after the audit. While preliminary 2005 net income was reported at EUR 1.60m (+1.4% y/y), audited net income totaled EUR 1.69m (+6.67% y/y). We see another major difference from preliminary statements in the balance sheet, where MCH has revalued its PPE as at Dec 31 thus adding EUR 4.25m to their book value. PPE was further boosted by the EUR 2.4m investment in the construction of a new warehouse and equipment. Consequently, the PPE jumped to EUR 11.5m (+74% y/y), while MCH total assets reached EUR 22.65m (+41.4% y/y). The accompanying company report reveals that MCH has kept its market position stable (35% of European market and 8% of the world market of hydraulic motors), which is basically attributed to the well-developed distribution network of the company and the specially devised price & discount system.