Advanced technology solutions that improve the use of energy resources 
Axeon Holdings plc 
Annual Report & Accounts 2005 Our business 
   
Advanced technology that creates value through green energy solutions which 
improve the use of energy resources. 
   
Axeon Technologies Limited – control and diagnostic solutions for the 
automotive industry. 
   
Axeon Power Limited – design and manufacture of high performance battery 
packs for automotive and industrial markets.
Our technologies 
   
Vindax – advanced neural network parallel processing architecture which can 
be implemented in software and hardware and applied to real-time complex 
non-linear problems. Provides solutions that improve engine efficiency, reduce 
emissions, and reduce cost for manufacturers. 
   
Battery packages – a combination of Li-ion battery chemistries, design and 
manufacturing along with Vindax based advanced battery electronics to enable 
automotive quality battery packs for electric and hybrid electric vehicles.
Our markets
  
The global automotive industry and its suppliers. 
  
The manufacturers of portable powered equipment.
Our people 
   
35 total headcount – mainly highly technical staff based in Aberdeen, Dundee, 
and Frankfurt. Presence also in Detroit, USA to develop the US market.
1 Highlights 
2 Axeon at-a-glance 
4 Chairman’s Statement 
6 Chief Executive Officer’s Review of Operations
10 Board of Directors
11 Directors’ Report & Accounts 2005 
12 Directors’ Report 
15 Corporate Governance Report 
16 Statement of Directors’ Responsibilities 
17 Independent Auditors’ Report 
18 Consolidated Profit and Loss Account 
19 Consolidated Balance Sheet 
20 Company Balance Sheet 
21 Consolidated Cash Flow Statement 
22 Notes to the Financial Statements 
IBC Officers & Professional Advisers                      Axeon Holdings plc   
Annual Report & Accounts 2005 
Highlights
2005
AIM admission and placing of ordinary 
shares on 13 June 2005 raising  
£1.3 million net of fees
2005 revenue increased by 98%  
to £243,000 (2004: £123,000)
2005 loss after tax reduced by 41%  
to £1.16m (2004: £1.97m) 
Demonstration of Vindax technology 
integrated with major chip manufacturers 
including Freescale and Infineon
Successful evaluation of Vindax  
solutions with a number of US and 
European automotive manufacturers  
and Tier 1 suppliers
Successful proof of concept using Vindax 
technology for advanced Lithium-ion  
(Li-ion) battery management system
•
•
•
•
•
•
Update to end April 2006
Acquisition of Advanced Batteries 
Limited (now renamed Axeon Power 
Limited) 
Placing of ordinary shares on  
14 March 2006 raising £4 million  
net of fees
Heads of terms signed to become 
the exclusive supplier of battery 
management systems and battery 
cassettes for Modec’s new electric 
delivery vehicle
Contract for development of  
pre-production battery management 
system using Vindax technology
Contract by a major European 
automotive manufacturer for 
development of pre-production  
control function using Vindax  
technology
Delivery of two pre-production Li-ion 
battery packs fitted into electric utility 
vehicles for end-customer evaluation
•
•
•
•
•
•
                    Axeon Holdings plc   
Annual Report & Accounts 2005  Axeon at-a-glance
 Axeon Holdings plc  
 Annual Report & Accounts 2005
Our global presence
Axeon’s locations
With a UK headquarters, Axeon is 
also positioned to address the main 
automotive market centres in Germany 
and in the USA.
About us
March 05  Product Announcement 
– Vindax daughtercard to integrate 
with Infineon Powertrain Starter Kit  
for their Tricore device.
May 05  Announcement of ITI Energy 
project using Vindax technology for 
advanced Li-ion battery management 
system.
June 05  AIM admission, placing of 
ordinary shares raising £1.3 million net 
of fees.
August 05  Product Announcement 
– Vindax classifier S-Function.
September 05  Product Announcement 
– Vindax daughtercard for Freescale 
MPC5554 Development system.
September 05  Product Announcement 
– VX1064 Processor Core.
March 06   Acquisition of Advanced 
Batteries Limited, now Axeon Power 
Limited. 
March 06   Institutional placing of 
ordinary shares raising £4.0 million  
net of fees.
April 06  Product Announcement 
– dSPACE extension to S-function 
classifier.
April 06  Agreement signed with 
Modec to become the exclusive 
supplier of battery management 
systems and battery cassettes for 
Modec’s new electric vehicle.
What we do
The group has two core businesses. 
Axeon Technologies creates and 
licences advanced engine control 
and diagnostics technology for the 
automotive and industrial markets. Its 
key products are neural network parallel 
processing microprocessors which can 
be embedded in automotive engine 
controller units, and the related design 
tools and intellectual property arising 
therefrom. These products are branded 
under the Vindax name. Axeon Power 
designs, sources cells for and assembles 
Li-ion battery packs for the portable 
device, mobility and automotive markets.
The group’s key customers are the 
automotive and chip manufacturers, 
and the manufacturers of portable 
and mobile products requiring power 
supplies. The main benefits of the 
group’s technologies are reduced 
system costs, improved fuel and 
power efficiency and reduced  
carbon emissions.
Where we operate
Axeon’s head office is in Aberdeen 
where the initial technology was 
developed and 12 employees, mainly 
from the electronics design and 
function development teams of Axeon 
Technologies, are based. 
 
Our Dundee site is home to the 21 
employees in Axeon Power working  
on battery pack design and assembly.
In addition there are 2 staff in Frankfurt, 
Germany and a presence in Detroit, 
USA who handle customer liaison in 
these key global automotive centres.
Who we are
Axeon was founded in 1998 by Hamish 
Grant the Chief Executive Officer. The 
group is run by a board of 7 directors 
who blend strong industry specific and 
public company experience. In addition 
to Hamish there are two executive 
directors and four non-executives 
including Charles Matthews the 
chairman. A further 6 senior individuals 
along with the executive directors form 
the overall management team sharing 
leading industry experience between 
them. The total headcount of the group 
is currently 35.
Where we’re going
In June 2005 Axeon completed 
one of its short-term business goals 
– securing a listing on the London Stock 
Exchange’s junior market, AIM. This 
milestone brings access to new capital 
markets, working capital and increased 
profile. It gives a strong platform 
from which the group can achieve 
the growth and profitability to match 
the vision and ambitions of the board 
from providing products to the highest 
level in global automotive and other 
targeted markets. The ambitions of the 
founders of the group are reflected in 
today’s management and employees. 
The group’s vision and arena is a  
global one.
Key events 2005/2006 Misfire detection
Engine misfire is the lack of 
combustion in the cylinder due to 
e.g. absence of spark, poor fuel 
metering or poor compression. 
Misfires result in un-combusted or 
partially combusted fuel gases being 
released into the exhaust system, 
increasing pollution levels from the 
engine and permanently damaging 
the catalytic converter. Because of this, 
environmental agencies require all 
gasoline-fuelled vehicles to include a 
reliable misfire-detection system in the 
on-board diagnostics of their ECU.
Axeon has shown that Vindax is 
capable of reliably detecting misfires 
in engines with a large number of 
cylinders to the strict performance 
levels required by current and 
incoming legislation.
By using Vindax technology, this 
normally processor intensive task can 
be unloaded from the main processor 
of the engine control unit. In addition, 
Vindax has ample capacity for the 
task allowing other suitable engine 
diagnostic or management tasks 
to run on the same physical Vindax 
implementation.
                    Axeon Holdings plc   
Annual Report & Accounts 2005 
Our products
Axeon Technologies’ range of 
Vindax products includes: the Vindax 
processor architecture, implemented 
as a fully synthesisable IP core; the 
Vindax development system (VDS), 
the key tool in developing solutions 
using Vindax technology; and the 
Vindax S-Function and dSPACE 
tools which allow simulations of the 
developed solutions to be tested 
and updated in real-time within the 
original problem environment. 
Axeon Power provides a turnkey 
service from Li-ion battery pack 
design through supply chain 
management and volume assembly, 
with a key competence in the 
design of the battery management 
electronics. Battery packs are 
supplied for a wide range of products 
from handheld devices through 
mobility and utility vehicles to larger 
commercial vehicles.
Typical product applications
Battery package supply
In April 2006 Axeon Power signed an 
agreement with Modec to become 
the exclusive supplier of its battery 
management systems, battery 
cassettes and charging stations for its 
new zero emission city delivery van.
  
Initially Axeon will supply battery 
cassettes using Sodium Nickel Chloride 
cells and are developing a Lithium Ion 
(‘Li-ion’) alternative for introduction 
next year. Both battery chemistries 
provide more than three times the 
energy density of traditional lead acid 
batteries, enabling the Modec vehicles 
to carry 2 tonnes for up to 100 miles at 
speeds of up to 50mph. 
  
Modec were looking to keep their 
number of suppliers to a manageable 
level and selected Axeon Power 
to look after their battery package 
requirements for delivery to 
production line after a European 
search for partners. Chairman’s Statement
Charles Matthews
Chairman
Our Company has made significant 
progress over the last twelve months. 
Achieving a listing on the Alternative 
Investment Market (‘AIM’) represented 
a major milestone and our first two 
patents were approved. 
We have made great strides towards 
commercialising our innovative 
technologies. We won our first major 
commercial contract with ITI Energy, 
which combined technology from both 
Axeon and Advanced Batteries Limited 
(ABL). This cemented the relationship 
between the two companies and  
after the year end, we acquired ABL in 
March 2006, raising a further £4 million 
through the issue of new shares. 
Progress is already accelerating in 
the new financial year. We have been 
awarded our first contract from a major 
European automotive manufacturer 
for our Vindax technology in the first 
quarter of 2006 and in April 2006, we 
signed an agreement with Modec to 
supply battery cassettes for their new 
range of emission free electric city 
delivery vehicles.
Emerging revenues streams
The financial performance of the 
Company during 2005 illustrates  
that it is still at an early stage of  
revenue development. Turnover for  
the year ended 31 December 2005  
was improved by 98% to £243,000  
(2004: £123,000) and included initial 
revenues from evaluation studies with 
several major potential customers, and 
further development work on the Li-ion  
battery management system project.  
The operating loss was reduced by 
46% to £1.0 million from the 2004 level 
of £1.9 million. On-going investment 
in research and development totalled 
£571,000 and also in overheads were 
the costs of maintaining an 
international sales and marketing team 
covering Europe and the United States 
to address the market opportunities in 
these global centres.
Cash balances as at 31 December  
2005 were £501,000 from the £1.3m  
net raised at flotation (2004: £291,000).  
A further £4.0 million net was raised in 
March 2006 by the issue of 7,586,207 
new shares to fund the £1.64 million 
initial cost of acquiring Advanced 
Batteries Limited and to support 
the on-going commercialisation and 
research and development costs of  
the business. As the Board’s current 
focus is on investing in developing  
the business, it does not intend to  
pay a dividend.
Strengthening the business
Following the acquisition of ABL, it 
was renamed Axeon Power Limited 
and Axeon Limited was renamed 
Axeon Technologies Limited. Axeon 
Power has further strengthened the 
Company’s product offerings in the 
area of automotive CO
2
 emissions 
reduction. Axeon Power has an 
underlying cash generative business 
specialising in the delivery of  
Lithium-ion (Li-ion) battery packs 
and battery management electronics 
into the hand-held devices market. 
In response to customer enquiries 
the Company has been developing 
larger Li-ion battery packs and battery 
management electronics suitable 
for Electric Vehicle (EV) and Hybrid 
Electric Vehicle (HEV), cars, vans 
and buses. Both companies believe 
that advanced battery management 
electronics are crucial in meeting the 
demands of quality and durability 
required to successfully launch large 
Li-ion battery packs in the automotive 
industry. 
The need to reduce CO
 emissions and 
improve fuel economy in the automotive 
market due to both global warming and 
increasing fuel prices is playing to the 
strengths of Axeon.
 Axeon Holdings plc 
 Annual Report & Accounts 2005 Key market trends
Several global trends are driving 
change within the automotive industry 
that the Company can benefit from. 
There is general acceptance that 
global warming is connected to CO
2
 
emissions and growing public pressure 
to see CO
2
 emissions reducing. 
However, demand for energy continues 
to increase resulting in rising petrol 
and diesel prices, from around US$25 
per barrel in 2003 to around US$75 
per barrel in 2006, with no sign of this 
trend reversing. The search for cleaner 
sources of energy continues and in 
one of our key technology areas, the 
cost of Li-ion battery cells is reducing 
and larger capacity cells are becoming 
available.
As a consequence, the pressure 
from both regulatory bodies and the 
consumer for more fuel efficient petrol 
and diesel engines is increasing. For 
instance, The California Air Resources 
Board (CARB) issued regulations in 
October 2004 demanding a 30% 
reduction in automotive CO
2
 emissions 
by 2012. This type of pressure plays to 
the strengths of Vindax which provides 
the advanced control necessary to 
improve petrol and diesel engine fuel 
efficiency.
The combination of these factors is 
also driving innovation towards EVs for 
large metropolitan cities and for HEV 
cars, trucks and buses for wider use. 
These markets are evolving rapidly with 
many examples of EV and HEV bus 
and van projects under evaluation and 
the success of the Toyota Prius Hybrid 
car in the United States. Axeon Power 
is well placed to take advantage of 
opportunities in these sectors with  
the development of its larger Li-ion 
battery packs.
Our strategy
To take advantage of these trends,  
our strategy has three main elements.
Axeon Technologies will focus on its 
core Vindax technology and continue 
progress on the supply and licensing 
of solutions for advanced control 
and diagnostics for the automotive 
industry.
Axeon Power will focus on continuing 
to generate revenue and positive 
cash flow from its small battery 
pack business. The primary focus 
will be to develop its large battery 
pack business, initially to deliver 
whole battery pack solutions to 
manufacturers of electric vehicles 
and hybrid electric vehicles and 
to develop and supply a generic 
battery management system to these 
manufacturers.
Looking further ahead, we plan to 
leverage the combination of battery 
management expertise and Vindax 
chip technology into new products for 
the emerging markets for non fossil 
fuel power. 
People
In any technology company the initial 
years of product development and 
market entry are fraught with risk, 
uncertainty and delay. I would like 
to thank all the private equity and 
business angel investor shareholders 
who supported the Company through 
its early years and who helped achieve 
the listing. Our progress is also the 
results of the dedication and expertise 
of our employees and thanks are due  
to them for their commitment and  
hard work.
Finally, I would like to welcome  
Mr John Blinkhorne to the board  
of Axeon Holdings plc and thank  
Mr Martin Briant-Evans (who is retiring 
from the board at the Annual General 
Meeting) for his support and guidance 
to the company over the years.
Outlook
I believe that the Company has a  
clear strategy for creating shareholder 
value and has made progress during 
2005 on implementing that strategy.  
The acquisition of ABL has substantially 
strengthened and expanded the 
business. The Company’s initial success 
in the automotive markets puts it in  
a strong position to take advantage of 
the market trends driving this industry 
to look for solutions to tackle CO
2
 
emissions and improve energy usage. 
enabling faster release of power, 
essential for acceleration in an EV.
The presence of a battery 
management system in the Axeon 
Power package increases the number 
of life cycles for Li-ion cells to almost 
twice that of lead acid, providing Li-ion 
cells with a long life not previously 
available and making them viable 
power sources for EVs for the first time.
                    Axeon Holdings plc 5  
Annual Report & Accounts 2005 
Li-ion battery cell
Li-ion cells have around four times the 
energy density of traditional lead acid 
batteries, allowing an electric vehicle 
(EV) either four times the distance 
before recharging or the same 
distance in a smaller, lighter package, 
and approximately two times that of 
nickel metal hydride (NiMH) based 
alternatives. They also have ten 
times the specific power of lead acid 
batteries and twice that of NiMH –  6 Axeon Holdings plc 
 Annual Report & Accounts 2005
Chief Executive Officer’s Review of Operations
Hamish Grant
Chief Executive Officer
During 2005 the Company 
concentrated on continuing entry into 
the automotive control and diagnostics 
market with its Vindax technology.  
The primary areas of focus were 
building relationships with chip 
manufacturers who supply the 
automotive market and conducting 
proof of concept evaluations with 
key automotive manufacturers to 
demonstrate the benefits of Vindax 
technology. The Company also 
invested heavily in continued product 
development and intellectual property 
protection.
Building a presence in the  
automotive market
We made significant progress in 
this market sector during the year. 
We entered into a joint marketing 
agreement with a major US automotive 
chip manufacturer to work together  
on joint sales presentations to potential 
customers. Of equal significance,  
we have been able to demonstrate  
the Vindax processor working with 
other established chips that are  
already widely used in the industry.  
We demonstrated how our technology 
integrates with both Infineon based 
and Freescale based devices at two 
major international industry events in 
Detroit held towards the end of 2005.
During 2005, the work with automotive 
manufacturers has focused on practical 
proof of concept evaluations and 
the delivery of additional products 
to enable the customers to carry 
out in-car real-time evaluations 
and prototyping of pre-production 
solutions. 
The automotive industry is highly 
secretive and all evaluations are 
covered by non-disclosure agreements 
so we are not able to name specific 
customers and applications. However 
successful proof of concept studies 
were undertaken in the areas of 
misfire detection, control parameter 
estimation and vehicle weight 
estimation. These projects were all 
conducted with major automotive 
manufacturers, Tier 1 suppliers and 
specialist race teams in the US and 
Europe. One of these programmes  
has already resulted in the award  
of our first pre-production 
implementation contract with  
a major European automotive 
manufacturer, with a possible 
production implementation in 2007. 
The other exciting project concluded 
during 2005 was an evaluation for  
ITI Energy of Vindax technology as 
an enabling solution for an advanced 
battery management system for Li-ion 
battery cells. The preliminary project 
was completed successfully and ITI 
Energy has now signed a contract 
to develop a pre-production Li-ion 
battery management system during 
2006. The co-operative work with 
Advanced Batteries on this project 
led to the management teams of the 
two companies identifying potential 
business synergies which in turn led 
to our acquisition of Axeon Power in 
March 2006.
During 2005 the Company focused  
on continuing entry into the automotive 
control and diagnostics market with  
its Vindax technology.  Axeon’s Vindax Technology
Axeon’s Vindax products are designed 
to provide elegant, cost-effective 
solutions to problems involving 
complex, non-linear systems data.
Vindax products include the uniquely 
powerful Vindax processor architecture 
implemented as a fully synthesisable 
intellectual property (IP) core, and the 
Vindax Development System, the key 
tool in the investigation of complex 
problems and the application of 
Vindax technology to their solutions. 
The Vindax Development System plays 
a fundamental part in developing a 
solution.
Vindax learns by example. A Vindax 
processor or IP core is trained using 
representative samples of data, and 
forms its own internal representation of 
the data relationships. The processor 
can then recognise classes of input 
data and classify the data accordingly.
Vindax performs extremely well as 
a function approximator, as it can 
be trained to ‘learn’ a function (for 
example, the transfer function of the 
actuator in the field of active valve 
control).
A single use of the Vindax architecture 
may perform several complex and 
diverse functions through real-time 
multi-tasking.
The wide range of benefits provided 
by Vindax technology include:
Reduced time to market
By using Vindax, the time-consuming 
and costly process of algorithmic 
development to find a procedural 
solution is eliminated. Solution 
development is greatly simplified, 
accelerating time to market.
Performance
The Vindax microprocessor architecture 
offers unique levels of performance, 
achieving extremely low training and 
classification times. These are achieved 
using minimal silicon area and with  
low power consumption. Vindax offers  
considerable performance advantages  
over, for example, software 
implementations of machine learning 
techniques.
Compatibility with existing 
architectures
Vindax IP Cores are readily integrated 
with existing processing architectures 
such as RISC and DSP, allowing easy 
integration into a customer’s  
System-on-Chip design.
No complex development 
environments
The use of Axeon’s patented Learning 
Algorithms within Vindax products 
means that there is no requirement for 
complex development environments 
and compilers.
                    Axeon Holdings plc   
Annual Report & Accounts 2005   Axeon Holdings plc 
 Annual Report & Accounts 2005
Chief Executive Officer’s Review of Operations – continued
In April 2006, we signed an agreement 
with Modec, the developers of a new 
zero emission city van, to become 
the exclusive supplier of its battery 
management systems and battery 
cassettes. Production is due to start 
in the final quarter of 2006, with a 
requirement for up to 50 battery 
packs by the end of the year and a 
production target of 800 packs in 2007.
Staying at the forefront of technology 
development
We also announced our new VX1064 
processor core at one of the major 
industry shows in September 2005. 
This development puts us at the 
forefront of market innovation, 
introducing a processor that will run 
a number of applications in parallel. 
Our first implementation of the new 
processor is in a field programmable 
gate array (FPGA), a device similar to a 
chip but lower in cost and complexity. 
The device chosen, an Altera Stratix-
II FPGA, is an ideal platform for 
prototyping of future engine control 
unit architectures and provision of 
real-time implementations of Vindax-
based solutions. The performance 
of the Altera implementation is 100 
times faster than current software 
implementations and allows the 
new processor to address multiple 
applications simultaneously.
In addition, we released two additional 
product development tools to 
complement the Vindax Development 
System (VDS): the Simulink Vindax 
Classifier S-Function and dSPACE 
AutoBox support. 
With the existing VDS tool, users can 
rapidly study and produce offline 
solutions for complex automotive 
and industrial control and diagnostics 
applications. Our customers wanted 
to be able to migrate these solutions 
into real-time embedded systems 
more easily. The Vindax dSPACE 
AutoBox support addresses this 
need. This product extension enables 
automotive customers to take a 
prototype function, developed offline 
in the VDS and modelled in Simulink, 
into the real-time environment in test 
vehicles and test cells. This integration 
makes it easier for customers to 
implement Vindax solutions in their 
pre-production test facilities.
Building our intellectual property
The Company maintains an active 
policy of identifying, reviewing and 
protecting its intellectual property. 
During 2005 the company filed 3 
patents in areas relating to its core 
technology and applications. During 
the second half of 2005, two patents 
were granted, European Patent 
number 1149359 “Neural Processing 
Element for use in a Neural Network”, 
and US Patent number 6,971,345 
“Control of a Mechanical Actuator 
using a Modular Map Processor”. 
These are the first patents to be 
granted on the technology of the 
Company and represent a fundamental 
barrier to competition.
The Company 
maintains an active 
policy of identifying, 
reviewing and 
protecting its 
intellectual property. 
During 2005 the 
company filed three 
patents in areas 
relating to its core 
technology and 
applications.  There is growing public awareness 
and political will to see reductions in 
CO
2
 emissions. Chart 1 shows how 
rapidly increasing atmospheric CO
2
 
concentrations correlate to rapidly 
rising global temperatures over the  
last one hundred years.
At the same time demand for oil 
continues to increase against a 
background of limitations to supply 
and reserves. Oil prices have risen 
from around US$25/barrel in 2003 to 
around US$75/barrel in 2006 and as 
demonstrated by the US Government 
forecast (chart 2) are expected to 
continue to rise. 
Our belief is that innovation can be used 
to materially reduce automotive CO
2
 
emissions and fuel usage by increasing 
the effective fuel efficiency of vehicles 
whilst at the same time making those 
vehicles better to drive, more reliable 
and cheaper to drive.
More fuel efficiency in conventional 
internal combustion engines involves 
better control over the combustion 
process in each cylinder of the engine. 
This plays to the strengths of our 
Vindax technology which can be used 
to provide the multi-application real-
time advanced control and diagnostics 
necessary to do this.
CO
2
 emissions reductions can also 
be achieved by switching to electric 
delivery vehicles in large metropolitan 
cities and hybrid electric buses, trucks, 
vans and cars elsewhere. 
All electric vehicles, hybrids and future 
fuel cell vehicles need a battery pack. 
Historically, battery technology has not 
allowed storage of enough power for 
automotive use whilst simultaneously 
remaining sufficiently small, cheap and 
durable to be cost effective.
Lithium-ion batteries provide four times 
the energy storage capacity of lead acid 
and twice the capacity of nickel metal 
hydride batteries (currently used in most 
hybrid cars). They represent the best 
battery option for the future. However 
Li-ion batteries degrade over time 
unless carefully controlled and to date 
have not been able to provide the three 
to five years assurance necessary for 
automotive use.
The advanced control and diagnostics 
capability of Vindax can be used to 
extend the life of large automotive scale 
Li-ion battery packs. We are coupling 
this capability with the expertise of the 
Axeon Power team in battery design, 
battery sourcing and package assembly 
to develop Li-ion battery management 
controllers for automotive and Li-ion 
battery packs for electric and hybrid 
vehicles. 
Our passion is to use our innovation to 
enable better, cheaper, more reliable 
and most importantly more fuel efficient 
vehicles in the automotive market. In 
so doing we believe we can create 
significant shareholder value.
Axeon’s Green Energy Innovation
                    Axeon Holdings plc   
Annual Report & Accounts 2005 
US per barrel
100
80
60
40
20
0
2003      2008    2013 2018 2023 2028
1000                 800                  600                400                 200                 0
Years before present
370
350
330
310
280
270
250
230
CO 2 (ppm)
1.0
0.8
0.6
0.4
0.2
0.0
-0.2
-0.4
-0.6
Temperature (difference)
  Key trends 
US Government Oil Price Forecast: Imported Low Sulfur Light Crude
Years
Chart 1
CO
2 
level
Source: Earth and 
Space Research 
Organisation,  
Seattle, USA.
Temperature in degrees centigrade (compared with 1960-1990 baseline)
Atmospheric carbon dioxide (CO 2 in parts per million)
Chart 2
Oil price
Source: Energy 
Information 
Administration,  
US Government.
   Board of Directors
1   Charles Matthews (Aged 52), 
Non-Executive Chairman 
Charles is a highly experienced  
Chief Executive Officer (CEO) of large 
technology businesses, particularly those 
with private equity involvement operating  
in the automotive market. He is also a  
non-executive director of FKI plc (UK 
Engineering business), founder and 
Chairman of Sigma QC Limited (quality 
management business in the automotive 
sector), and non-executive Chairman of 
Porvair plc (specialist filtration business).  
 
Previously, Charles was CEO of  
Cosworth, the specialist automotive 
engineering design and manufacturing 
company and Managing Director  
of Rolls Royce Motor Cars. 
2   Hamish Grant (Aged 48), 
Chief Executive Officer 
Hamish founded Axeon in 1998 after selling 
his previous business, a software company, 
System FX Limited. He co-founded Systems 
FX Limited in 1994 and joined the company 
full time in 1995 as CEO. Systems FX focused 
on selling software tools and services into 
the then emerging Automated Software 
Quality (ASQ) market. He sold the company 
in 1997 to a French company Cyrano SA.  
 
Prior to this Hamish held several positions 
in the UK oil exploration and production 
industry, culminating in becoming the 
Exploration and Production Manager  
for British Borneo Exploration and 
Production PLC.  
 
He holds a BSc in Chemical Engineering 
from the University of Nottingham. 
3  David Campbell (Aged 45),  
Chief Financial Officer
David is a chartered accountant with 
over fifteen years of experience in 
financial management, system design 
and implementation, acquisitions and 
disposals, and company secretarial work. 
His financial management experience 
ranges from smaller private companies 
through to quoted companies and covers 
both manufacturing and service sectors, 
with recent years spent in the information 
technology sector.
David holds a law degree from Glasgow 
University following which he qualified  
as a chartered accountant with  
Ernst & Young. 
4  John Blinkhorne (Aged 60),  
Executive Director
John joined the board post the acquisition of 
Axeon Power. A Chartered Engineer he was 
Plant Director at GPT Kirkcaldy producing 
Main Exchange Telecoms equipment before 
joining TDI Batteries in 1992 as Managing 
Director tasked with the start up of UK 
operations. TDI designed and manufactured 
batteries for mobile phones, laptops, and a 
wide range of professional projects. Under his 
leadership the company grew annual sales to 
£50 million by 1999 when he resigned to form 
MPower Batteries where he was MD up to the 
time of the Axeon acquisition of this business.
5  Lawrence Berns (Aged 50),  
Non-Executive Director 
Lawrence is a senior management 
professional with over 25 years experience 
within the worldwide automotive and 
technology industries, holding key 
positions in Europe, USA and Asia within 
both automotive manufacturers and Tier 1 
multinationals. 
Lawrence holds a BSc in mechanical 
engineering, an MBA and is a member of 
the Institute of Industrial Management. 
Lawrence is a partner in Manson and Nurse 
(Search and Selection) and managing 
director of Barnbrook Berns (Strategic 
business planning).
6  Paul Johnston (Aged 33), 
Non-Executive Director 
Paul is a director of The Hamilton Portfolio 
Limited and a number of associated 
companies and has been an adviser 
to Axeon since 1998. He qualified as a 
chartered accountant with Ernst & Young 
and has experience in corporate finance  
and venture capital. Since joining  
Hamilton Portfolio in 2000 he has been 
closely involved with a number of public  
and private companies as an investor, 
director and adviser. 
Paul holds an MA (Hons) in Accountancy  
from the University of Aberdeen.
7  Martin Briant-Evans (Aged 58),  
Non-Executive Director
An investor in Axeon since early 1999, 
Martin has had a broad industrial general 
management career with particular 
emphasis on the international oilfield 
service industry and the environmental 
sector. 
He holds a BA in Business Studies and  
an MBA from INSEAD in Fontainebleau.
Martin is retiring from the board at the AGM.
0 Axeon Holdings plc  
 Annual Report & Accounts 2005
    5 6  Directors’ Report & Accounts 2005
12 Directors’ Report
15 Corporate Governance Report
16 Statement of Directors’ Responsibilities
17 Independent Auditors’ Report
18 Consolidated Profit and Loss Account
19 Consolidated Balance Sheet
20 Company Balance Sheet
21 Consolidated Cash Flow Statement
22 Notes to the Financial Statements
IBC Officers & Professional Advisers
                    Axeon Holdings plc   
Annual Report & Accounts 2005   Axeon Holdings plc 
 Annual Report & Accounts 2005
Directors’ Report
The directors present their report on the results and affairs 
of the group for the year ended 31 December 2005.
Incorporation
The company was incorporated on 29 March 2005 to 
facilitate the admission to the Alternative Investment 
Market (‘AIM’) in June 2005. The company passed a special 
resolution on 15 April 2005 changing its name from Dalglen 
(No 966) plc to Axeon Holdings plc.
Business activity
The Axeon group provides green energy and advanced 
control solutions to the complex problems of efficiency and 
emissions facing the automotive and industrial markets.
Business review
The business is reviewed in the Chairman’s Statement on 
pages 4 and 5 and the Chief Executive Officer’s Review on 
pages 6 to 8. Information on likely future developments in 
the business is included in these reviews.
Dividend
The directors do not recommend the payment of a dividend.
Directors
The directors who held office during the year are set out 
below:
C Matthews  appointed 15.4.05
L Berns  appointed 15.4.05
M Briant-Evans  appointed 15.4.05
D Campbell  appointed 15.4.05
H Grant  appointed 15.4.05
P Johnston  appointed 15.4.05
J Blinkhorne was appointed a director on 14 March 2006.
All of the directors with the exception of M Briant-Evans, 
who will be retiring, are eligible and offer themselves for 
election at the forthcoming first Annual General Meeting.
Biographical details of the directors are given on page 10.
Directors’ interests
The directors who held office at 31 December 2005 had the 
following interests in the share capital of the company:
  Equivalent 
  at date of
Ordinary shares of 5p 31.12.05 appointment
C Matthews – – 
H Grant 1,967,780 20
M Briant-Evans 156,420 20
D Campbell – –
L Berns – – 
P Johnston 60,293 –
In addition to these shareholdings, the following directors 
have options exercisable at the prices set out below 
under the group’s EMI Share Option Scheme or under a 
stand alone option agreement which mirrors the terms of 
the group’s Unapproved Share Option Scheme over the 
numbers of ordinary Shares set out opposite their  
respective names:
   
 Number of  Option
 Ordinary Exercise  
Director Shares Price
C Matthews 50,000 10p
H Grant 60,000 56p
H Grant 20,950 32.6p
D Campbell 50,000 10p
L Berns 10,000 10p
Each of these options has an exercise period of 10 years  
from the date of grant. All the options were granted on 
13 June 2005. The performance criteria applicable to the 
approved and unapproved share option schemes are  
shown on page 14. 
Risk management
There is a continuous process for identifying, evaluating and 
managing the significant risks faced by the group. A strong 
control framework exists within which the group operates 
which contains:
•   a strong control conscious culture across all areas of the 
business;
•   an organisational structure with clear definition of 
responsibilities, delegation of authority and reporting 
requirements;
•   defined expenditure authorisation limits;
•   segregation of duties.
Major commercial, technological and financial risks are 
formally assessed during the annual business planning 
process which takes place over the final quarter of the year.
The board monitors exposure to key business risks and 
progress towards achievement of the strategic milestones 
identified for the business. The board reviews the annual 
financial and operational plans of the trading subsidiaries 
and considers environmental, health and safety, quality and 
employee issues.
There is a comprehensive system of financial reporting. 
The annual budget which is derived from the business  
plan, is reviewed in detail and approved by the board.  
The chief financial officer prepares a report to the board 
each month detailing the results of the group and each 
trading subsidiary, variances against plan and other 
performance information.                     Axeon Holdings plc   
Annual Report & Accounts 2005 
The principal system for evaluating and managing risk 
is the regular meeting of the executive committee. The 
executive committee consists of the executive directors 
and senior management of the group and subsidiary 
companies. The purpose of the meeting is to monitor and 
control operations. Performance is reviewed, risks identified, 
financial and other implications assessed and future actions 
agreed as necessary. Each month the outputs of this process 
are included within the board reporting.
Given the group’s small size and the high degree of 
involvement of key management in the way that the business 
is run, the board does not consider that it is appropriate 
to have its own internal audit function at present. There 
is however, an ongoing activity of process review and 
improvement underway to increase the efficiency of the  
group’s business.
Key risks facing the group
Technology risks
The group is developing products and solutions deploying 
new techniques into the global automotive market to 
displace existing methods. Whilst the group has made 
significant progress in producing toolsets and products 
that work with the established development environments 
for this industry there can be no guarantee that further 
technical issues will not arise in the future which will require 
to be resolved to complete market entry.
The successful implementation of Axeon’s technology in 
engine control units is dependent on the integration of 
Axeon’s technology with existing and potential suppliers  
of these products to automotive customers. This will 
require continued cooperation and maintenance of the links 
between these product sets and those of the group. It also 
requires the conclusion and maintenance of commercial 
arrangements with this supplier base.
License agreements
The group’s long term commercial success is dependent 
on successfully exploiting license agreements to generate 
license fees and royalty income from automotive customers 
and their respective suppliers of engine control unit 
processors. Whilst this model has been discussed and 
agreed with the customer base, these agreements must 
be secured in sufficient volume and at the correct levels to 
secure the long term success of the group.
Customer risk
The automotive industry in general, and the significant 
other niches in which the group is working are generally 
dominated by a small number of significant customers. 
This does lead to a risk that a major customer’s decisions 
or financial security could have a significant effect on the 
group’s prospects. The group attempts to mitigate this risk 
by staying in close communication with significant customers 
and monitoring key information produced by them.
Product liability
The reliability of the group’s products is critical to the 
achievement of market acceptance. The products being 
supplied also expose the group to material product 
liability risks. The group does place reliance on quality and 
insurance processes and products to mitigate these risks, 
but there is no guarantee that errors will be picked up in 
products prior to shipment or that insurance products will 
remain available at acceptable cost.
Patent protection
The group has established and protected the key features of 
its technology through patent protection in key territories. 
Our success will be dependent on our continuing ability to 
establish, protect and enforce our proprietary rights relating 
to our technologies.
Our patents or applications may become involved in 
opposition from third parties or we ourselves may find 
it necessary to take action against infringers. If such 
proceedings were instigated this would be likely to  
involve substantial costs and the outcome cannot be 
predicted with certainty.
Currency exposure
A proportion of the group’s revenues and costs will 
be denominated in US Dollars and Euros. The group 
is therefore exposed to foreign currency risk due to 
fluctuations in exchange rates. This is mitigated by 
managing the exposure to this risk, but there is no 
guarantee that material impact on the group’s reported 
results from this risk can be avoided.
Competition
It is possible that competitors may develop more effective 
technologies or produce superior or more cost effective 
products. Competition in the group’s sectors is monitored 
as part of ongoing business process.
Going concern
After making enquiries, the directors have a reasonable 
expectation that the group has adequate resources to 
continue in operational existence for the foreseeable future. 
For this reason the directors continue to adopt the going 
concern basis in preparing the financial statements.  Axeon Holdings plc 
 Annual Report & Accounts 2005
Directors’ Report – continued
Share option schemes
The group operates two share option schemes, an Inland 
Revenue approved share option scheme (‘the approved 
scheme’) and an unapproved share option scheme. In 
addition, there are a number of stand alone agreements for 
current and former directors of the company. The rules of all 
of the schemes and agreements are substantially the same, 
except as described below.
The schemes are open to all employees, including executive 
directors. The grant of options is at the discretion of the 
directors upon recommendation by the remuneration 
committee. The latest date for exercise of options under 
both schemes is 10 years from the date of grant. The earliest 
date is dependent on achievement of performance criteria, 
except that the stand alone agreements for former directors 
carry no performance criteria and are exercisable in full from 
the date of issue. The performance criteria require that the 
group has achieved cumulative revenue - including from 
the commencement of operations of Axeon Technologies 
Limited - of:
£1 million for 20% of the options to vest;
£3 million for 40% of the options to vest;
£5 million for 70% of the options to vest; and
£10 million for 100% of the options to vest.
In addition, on a listing of the shares on AIM 50% of the 
unvested options at that time vested. In the event of the 
sale of the company, the purchaser can choose to replace 
options with equivalent options or they will vest.
At 31 December 2005 the total number of shares over which 
options have been granted to directors, former directors 
and employees was 374,470, representing 2.20% of the 
allotted share capital of the Company as follows:
 Number of  Number of Exercise
Grant date employees shares  price
Approved scheme 
June 2005 11 185,000 56.0p
June 2005 1 20,950 32.6p
Stand alone agreements
June 2005 4 58,520 32.6p
June 2005 3 110,000 10.0p
Change of subsidiary name
A special resolution was passed on 12 April 2006 to change 
the name of the subsidiary from Axeon Limited to Axeon 
Technologies Limited.
Payment to creditors
The group does not follow any code or standard of payment 
practice, but it is group policy to pay all suppliers on the 
terms agreed where it is satisfied that the goods or services 
have been supplied in accordance with the agreed terms 
and conditions.
Substantial shareholdings
At 31 December 2005 the company had been notified of 
material interests held, directly or indirectly, in 3% or more 
of the company’s allotted share capital by the following 
shareholders:
Shareholder  Holding %
Aberdeen Asset Management* 2,688,261 15.81
4th Level Ventures 2,375,977 13.98
Scottish Enterprise 1,785,711 10.50
John Boyle 937,255 5.51
Victoria 
Versicherungsgesellschaften* 892,857 5.25
Richard Ironside 629,318 3.70
Lesley Ann Adams 611,920 3.60
* includes holdings held across several funds.
Statement as to disclosure of information to auditors
So far as the directors are aware, there is no relevant audit 
information (as defined by Section 234ZA of the Companies 
Act 1985) of which the group’s auditors are unaware, and 
each director has taken all the steps that he ought to have 
taken as a director in order to make himself aware of any 
relevant audit information and to establish that the group’s 
auditors are aware of that information. 
Annual general meeting
The first annual general meeting of the company will be held 
at 2:30pm on Tuesday 13 June 2006 at Norton House Hotel, 
Ingliston, Edinburgh EH28 8LX. The notice of the annual 
general meeting is enclosed with this document.
By order of the board
David Campbell
Secretary
28 April 2006                     Axeon Holdings plc 5  
Annual Report & Accounts 2005 
Corporate Governance Report
The board is committed to the highest standards of 
corporate governance. All of the directors are equally 
responsible to shareholders for the management of the 
group and the protection of its assets.
The group has adopted the AIM Model Code and intends 
to comply, as far as is reasonably practicable given the size 
of the group and the constitution of the Board, with the 
relevant provisions of the Principles of Good Governance 
and Code of Best Practice (“The Combined Code”).
The Board
The Board is responsible for setting the group’s strategic 
aims and ensuring that the necessary financial and human 
resources are in place for it to meet its objectives. The 
board has matters reserved for its decision including major 
business matters, the approval of annual business plans and 
significant variations from these and ensuring high standards 
of corporate governance.
Board committees
The board has delegated specific responsibilities to two 
committees. Both committees are chaired by non-executive 
directors and operate within defined terms of reference set 
by the board.
Audit committee
The committee has responsibility for, among other things, 
monitoring the integrity of the financial statements of 
the company and any formal announcements relating 
to the group’s financial performance, and for reviewing 
any significant financial reporting judgements contained 
in them; reviewing the group’s internal controls and risk 
management systems; making recommendations to 
the board in relation to the appointment, remuneration 
and resignation or dismissal of the group’s external 
auditors; reviewing and monitoring the external auditors’ 
independence and objectivity, including the nature and 
extent of the non-audit services provided by their affiliated 
firms, and the effectiveness of the audit process; and 
considering compliance with legal requirements, accounting 
standards and the rules of the AIM market.
The committee is chaired by Paul Johnston and its members 
are Charles Matthews, Martin Briant-Evans and Lawrence 
Berns.
Remuneration and Nominations committee
The committee is responsible for determining the general 
policy for the remuneration of the employees within the 
group. The committee is responsible for determining the 
individual remuneration packages for executive directors 
including basic salary and annual bonuses, the level and 
terms of grants of options and the terms of any performance 
conditions to apply to the exercise of such options and other 
benefits. The committee will also make recommendations 
in relation to the remuneration of senior management and 
the policies for remuneration within the group, including the 
grant of share options.
The committee also leads the process for board 
appointments and makes recommendations to the  
board on proposals for the appointment of executive  
and non-executive directors and on board composition  
and balance.
The committee is chaired by Charles Matthews, and its 
members are Lawrence Berns, Martin Briant-Evans and  
Paul Johnston.  6 Axeon Holdings plc 
 Annual Report & Accounts 2005
Statement of Directors’ Responsibilities 
Company law requires the directors to prepare financial 
statements for each financial period which give a true and 
fair view of the state of affairs of the company and the group 
and of the profit or loss for that period. In preparing these 
financial statements the directors are required to:
•   select suitable accounting policies and apply them 
consistently;
•   make judgements and estimates that are reasonable and 
prudent;
•   state whether applicable accounting standards have been 
followed, subject to any material departures disclosed 
and explained in the financial statements; and
•   prepare the financial statements on the going concern 
basis unless it is inappropriate to presume that the group 
will continue in business.
The directors are responsible for keeping proper accounting 
records which disclose with reasonable accuracy at any 
time the financial position of the company and to enable 
them to ensure that the financial statements comply with 
the Companies Act 1985. They are also responsible for 
safeguarding the assets of the company and the group  
and hence for taking reasonable steps for the prevention 
and detection of fraud and other irregularities.                     Axeon Holdings plc   
Annual Report & Accounts 2005 
Report of the Independent Auditors to the Members  
of Axeon Holdings plc
We have audited the financial statements of Axeon  
Holdings plc for the period ended 31 December 2005 
on pages 18 to 32. These financial statements have been 
prepared under the accounting policies set out therein. 
This report is made solely to the company’s members, as 
a body, in accordance with Section 235 of the Companies 
Act 1985. Our audit work has been undertaken so that we 
might state to the company’s members those matters we 
are required to state to them in an auditors’ report and for 
no other purpose. To the fullest extent permitted by law, we 
do not accept or assume responsibility to anyone other than 
the company and the company’s members as a body, for 
our audit work, for this report, or for the opinions we have 
formed. 
Respective responsibilities of directors and auditors 
As described on page 16 the company’s directors are 
responsible for the preparation of financial statements 
in accordance with applicable law and United Kingdom 
Accounting Standards (United Kingdom Generally  
Accepted Accounting Practice). 
Our responsibility is to audit the financial statements in 
accordance with relevant legal and regulatory requirements 
and International Standards on Auditing (UK and Ireland). 
We report to you our opinion as to whether the financial 
statements give a true and fair view and are properly 
prepared in accordance with the Companies Act 1985. 
We also report to you if, in our opinion, the Reports of the 
Directors are not consistent with the financial statements, 
if the company has not kept proper accounting records, if 
we have not received all the information and explanations 
we require for our audit, or if information specified by law 
regarding directors’ remuneration and other transactions is 
not disclosed. 
We read the Reports of the Directors and consider the 
implications for our report if we become aware of any 
apparent misstatements within it. 
Basis of audit opinion 
We conducted our audit in accordance with International 
Standards on Auditing (UK and Ireland) issued by the 
Auditing Practices Board. An audit includes examination, 
on a test basis, of evidence relevant to the amounts and 
disclosures in the financial statements. It also includes an 
assessment of the significant estimates and judgements 
made by the directors in the preparation of the financial 
statements, and of whether the accounting policies are 
appropriate to the company’s circumstances, consistently 
applied and adequately disclosed. 
We planned and performed our audit so as to obtain all 
the information and explanations which we considered 
necessary in order to provide us with sufficient evidence to 
give reasonable assurance that the financial statements are 
free from material misstatement, whether caused by fraud 
or other irregularity or error. In forming our opinion we 
also evaluated the overall adequacy of the presentation of 
information in the financial statements. 
Opinion 
In our opinion the financial statements:
•   give a true and fair view, in accordance with United 
Kingdom Generally Accepted Accounting Practice, of  
the state of affairs of the company and the group as at  
31 December 2005 and of the loss of the group for the 
period then ended; and 
•   have been properly prepared in accordance with the 
Companies Act 1985. 
Ritson Smith
Chartered Accountants and Registered Auditors
16 Carden Place
Aberdeen
AB10 1FX
28 April 2006  Axeon Holdings plc 
 Annual Report & Accounts 2005
Consolidated Profit and Loss Account
For the year ended 31 December 2005
    2005 2004
   Notes £ £
TURNOVER   2 243,324 123,364
Cost of Sales    –  5,542
    ----––––––––––- –––––––––––
GROSS PROFIT    243,324 117,822
Administrative expenses    1,264,566 2,023,231
    ----––––––––––- –––––––––––
OPERATING LOSS   4 (1,021,242) (1,905,409)
Interest receivable and similar income    19,021 3,249
    ----––––––––––- –––––––––––
    (1,002,221) (1,902,160)
Interest payable and similar charges   5 (308,845) (239,510)
    ----––––––––––- –––––––––––
LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION    (1,311,066) (2,141,670)
Tax credit on loss on ordinary activities   6 147,609 170,060
    ----––––––––––- –––––––––––
LOSS FOR THE FINANCIAL YEAR AFTER TAXATION    (1,163,457) (1,971,610)
    ----––––––––––- –––––––––––
LOSS FOR THE YEAR FOR EQUITY SHAREHOLDERS    (1,163,457) (1,971,610)
    ----––––––––––– –––––––––––
LOSS PER ORDINARY SHARE
Basic and diluted loss per share   7  (8.6)p (24.9)p
    ----––––––––––- –––––––––––
CONTINUING OPERATIONS
All of the group’s activities were acquired during the current period.
TOTAL RECOGNISED GAINS AND LOSSES
The group has no recognised gains or losses other than the loss for the current period.                      Axeon Holdings plc   
Annual Report & Accounts 2005 
Consolidated Balance Sheet
31 December 2005
   2005 2005 2004
  Notes £ £ £
FIXED ASSETS
Intangible assets  9A  5,626 30,469
Tangible assets  9B  15,099 12,143
Investments  10  – –
    ----––––––––––- –––––––––––
    20,725 42,612
CURRENT ASSETS
Stocks  11 18,513  26,317
Debtors  12 447,608  248,551
Cash at bank   501,251  291,393
   ----––––––––––-  –––––––––––
   967,372  566,261
CREDITORS
Amounts falling due within one year  13 284,171  325,222
   ----––––––––––-  –––––––––––
NET CURRENT ASSETS    683,201 241,039
    ----––––––––––- –––––––––––
TOTAL ASSETS LESS CURRENT LIABILITIES    703,926 283,651
CREDITORS
Amounts falling due after more than one year   14  310,623 2,730,544
    ----––––––––––- –––––––––––
NET ASSETS/(LIABILITIES)    393,303 (2,446,893)
    ----––––––––––– –––––––––––
CAPITAL AND RESERVES
Called up share capital  17  850,059 457,512
Share premium  18  3,651,127 –
Capital reserve  18  6,380,603 6,380,603
Profit and loss account  18  (10,488,486) (9,285,008)
    ----––––––––––- –––––––––––
SHAREHOLDERS’ FUNDS  20  393,303 (2,446,893)
    ----––––––––––– –––––––––––
ON BEHALF OF THE BOARD
Hamish Grant
Director
Approved by the board on 28 April 2006 0 Axeon Holdings plc 
 Annual Report & Accounts 2005
Company Balance Sheet
31 December 2005
    2005 2005
   Notes £ £
FIXED ASSETS
Intangible assets     –
Tangible assets     –
Investments   10  457,512
     –––––––––––
     457,512
CURRENT ASSETS
Debtors   12 3,649,874
Cash at bank    486,404 
    ----––––––––––-
    4,136,278
CREDITORS
Amounts falling due within one year    13 37,001
    ----––––––––––-
NET CURRENT ASSETS     4,099,277
     ----––––––––––-
NET ASSETS     4,556,789
     ----––––––––––-
CAPITAL AND RESERVES
Called up share capital   17  850,059
Share premium   18  3,651,127
Profit and loss account   18  55,603
     ----––––––––––-
SHAREHOLDERS’ FUNDS   20  4,556,789
     ----––––––––––-
ON BEHALF OF THE BOARD
Hamish Grant
Director
Approved by the board on 28 April 2006                     Axeon Holdings plc   
Annual Report & Accounts 2005 
Consolidated Cash Flow Statement 
For the year ended 31 December 2005
    2005 2004
   Notes £ £
NET CASH OUTFLOW
from operating activities   21 (1,046,105) (1,763,289)
    ----––––––––––- –––––––––––
RETURNS ON INVESTMENTS AND SERVICING OF FINANCE   22 12,159 (22,627)
TAXATION    – 170,060
CAPITAL EXPENDITURE   22 (16,778) (9,744)
    ----––––––––––- –––––––––––
    (1,050,724) (1,625,600)
FINANCING   22 1,260,582 1,587,715
    ----––––––––––- –––––––––––
INCREASE/(DECREASE) IN CASH IN THE PERIOD    209,858 (37,885)
    ----––––––––––- –––––––––––
RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT  23
Increase/(decrease) in cash in the period    209,858 (37,885)
Cash outflow from decrease in debt     30,000 64,493
Cash inflow from increase in loans    – (962,889)
    ----––––––––––- ----––––––––––-
Change in net debt resulting from cash flows    239,858 (936,281)
Other non-cash changes    2,439,921 (230,498)
    ----––––––––––- ----––––––––––-
 
MOVEMENT IN NET DEBT IN THE PERIOD    2,679,779 (1,166,779)
NET DEBT AT 1 JANUARY 2005    (2,591,535) (1,424,756)
    ----––––––––––- ----––––––––––-
NET FUNDS AT 31 DECEMBER 2005    88,244 (2,591,535)
    ----––––––––––- ----––––––––––-  Axeon Holdings plc 
 Annual Report & Accounts 2005
Notes to the Financial Statements
For the year ended 31 December 2005
1  ACCOUNTING POLICIES
The following accounting policies have been applied consistently in dealing with items which are considered material in 
relation to the group’s financial statements.
Basis of preparation
The financial statements have been prepared in accordance with applicable Accounting Standards and under the historical 
cost convention.
Basis of consolidation
The group financial statements consolidate the financial statements of Axeon Holdings plc and its subsidiary undertaking 
made up to 31 December 2005 using merger accounting. On 1 June 2005 in return for the issue of new ordinary share 
capital, the entire share capital of Axeon Technologies Limited (formerly Axeon Limited) was acquired. The acquisition 
has been accounted for in line with the reporting requirements of Financial Reporting Standard No 6 “Acquisitions and 
Mergers”. Therefore the group financial statements have been prepared as if the group was in existence for the whole of the 
current and prior years.
No profit and loss account is presented for Axeon Holdings plc as permitted by section 230 of the Companies Act 1985.
Turnover
Turnover represents net invoiced sales of services, excluding value added tax. 
Intangible assets
Intangible assets acquired separately from a business are capitalised at cost. Intangible assets created within the business 
are not capitalised and expenditure is charged against profits in the year in which it is incurred.
Intangible assets are amortised in a manner calculated to write off the cost, in equal annual proportions, over the effective 
life of the underlying patent or intellectual property rights (IPR), usually around 5-6 years in the electronics industry. In the 
event that a patent is abandoned or is considered to have suffered an impairment in value before the expiry of its life, the 
balance of unamortised expenditure is written down to its recoverable value.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. 
Office and computer equipment – 20-50% on cost
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving 
items. 
Stocks are stated at the lower of cost and net realisable value. Cost includes all costs incurred in bringing each product to  
its present location and condition as follows:
Raw materials, consumables and goods for resale – purchase cost on a first-in, first-out basis 
Work in progress and finished goods – cost of direct materials and labour plus attributable overheads based on a normal 
level of activity 
Net realisable value is based on estimated selling price less any further costs expected to be incurred to completion and 
disposal.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 
date.
Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there  
will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Research and development
Expenditure on research and development is written off in the year in which it is incurred.                      Axeon Holdings plc   
Annual Report & Accounts 2005 
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 
date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. 
Exchange differences are taken into account in arriving at the operating result. 
Pensions
The group operates a defined contribution pension scheme. Contributions payable for the period are charged in the profit 
and loss account. 
Loan issue costs
The financial cost of issuing debt instruments is allocated over the term of the instrument at a constant rate on the carrying 
amount.
2  TURNOVER
The turnover and loss before taxation are attributable to the one principal activity of the group. 
An analysis of turnover by class of business is given below: 
    2005 2004
    £ £
United Kingdom    191,500 5,000
Overseas    51,824 118,364
    ----––––––––––- –––––––––––
    243,324 123,364
    ----––––––––––- –––––––––––
3  STAFF COSTS
    2005 2004
    £ £
Wages and salaries    705,211 1,081,815
Social security costs    64,248 111,662
Other pension costs    22,018 43,745
    ----––––––––––- –––––––––––
    791,477 1,237,222
    ----––––––––––- –––––––––––
The average monthly number of employees during the period was as follows:
    2005 2004
    £ £
Administration    2 3
Research and development    10 14
Sales and marketing    3 5
    ----––––––––––- –––––––––––
    15 22
    ----––––––––––- –––––––––––  Axeon Holdings plc 
 Annual Report & Accounts 2005
Notes to the Financial Statements – continued
4  OPERATING LOSS
The operating loss is stated after charging/(crediting):
    2005 2004
    £ £
Depreciation - owned assets    11,880 12,608
Loss on disposal of fixed assets    1,942 –
Intellectual property amortisation    24,843 24,840
Auditors’ remuneration    9,000 8,500
Non audit services    9,425 10,650
Foreign exchange differences    (9,096) 8,828
Amortisation of loan issue expenses    11,190 16,863
Research and development expenditure written off    570,594 814,075
Operating lease rentals    41,805 38,205
Directors’ emoluments    189,864 400,445
Directors’ pension contributions to money purchase schemes    4,462 7,739
The number of directors to whom retirement benefits were accruing was as follows: 
Money purchase schemes    1 2
Included in emoluments is £95,614 (2004: £72,815) paid to third parties for the services of directors.
5  INTEREST PAYABLE AND SIMILAR CHARGES 
    2005 2004
    £ £
Bank interest payable    6,862 25,877
Shareholder loan interest    63,182 111,260
Shareholder loan redemption premium    238,801 102,373
    ----––––––––––- –––––––––––
    308,845 239,510
    ----––––––––––- –––––––––––
 
The accrual of loan redemption premiums and deferred interest on other loans of £301,983 (2004: £213,633) has been 
charged to interest payable in accordance with Financial Reporting Standard 4.
6  TAXATION
Analysis of the tax credit
The tax credit on the loss on ordinary activities for the period was as follows:
    2005 2004
    £ £
Current tax:
UK corporation tax    (118,398) (150,000)
Prior year adjustment    (29,211) (20,060)
    ----––––––––––- –––––––––––
Tax on loss on ordinary activities    (147,609) (170,060)
    ----––––––––––- –––––––––––                     Axeon Holdings plc 5  
Annual Report & Accounts 2005 
Factors affecting the tax credit
The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained 
below: 
    2005 2004
    £ £
Loss on ordinary activities before tax    (1,311,066) (2,141,670)
    ----––––––––––- –––––––––––
Loss on ordinary activities multiplied by the standard rate of corporation tax in the UK of 19%  (249,103) (406,917)
Effects of:
Expenses not deductible for tax purposes     16 11,356
Capital allowances in excess of depreciation     (1,861) 2,784
Other fixed asset differences      5,233 –
Utilisation and movement on tax losses     144,109 274,027
Research and development uplifts     (50,824) –
Other timing differences     (42) –
Surrender of tax losses for credit refund     152,472 118,750
Research and development tax credit    118,398 (150,000)
Adjustments in respect of prior years     (29,211) (20,060)
    ----––––––––––- –––––––––––
Current tax credit    (147,609) (170,060)
    ----––––––––––- –––––––––––
Deferred tax
The deferred tax asset not recognised in the accounts is as follows:
    2005 2004
    £ £
Depreciation in advance of capital allowances    6,418 3,046
Short term provisions    549 –
Tax losses available    1,311,654 1,157,930
    ----––––––––––- –––––––––––
    1,318,621 1,160,976
    ----––––––––––- –––––––––––
The unrecognised deferred tax asset would be recoverable should the group generate taxable profits.
7  LOSS PER SHARE
Loss per share is calculated as follows:
    2005 2004
    £ £
Net loss for the financial year    (1,163,457) (1,971,610)
    ----––––––––––- –––––––––––
Weighted average number of ordinary shares in issue    13,473,629 7,909,779
    ----––––––––––- –––––––––––
Basic and diluted loss per share (pence)    (8.6)p (24.9)p
The calculations for basic and diluted loss per share are the same. The exercise of share options would have the effect 
of reducing the loss per share, and in accordance with Financial Reporting Standard 14 are consequently not taken into 
account in the calculation of diluted loss per share. 6 Axeon Holdings plc 
 Annual Report & Accounts 2005
Notes to the Financial Statements – continued
8  PROFIT OF PARENT COMPANY
As permitted by Section 230 of the Companies Act 1985, the profit and loss account of the parent company is not presented 
as part of these financial statements. The parent company’s profit for the financial period was £55,603.
9A  INTANGIBLE FIXED ASSETS
Group
     Intellectual
     property
     £
COST
At 1 January
and 31 December 2005     138,570
     –––––––––––
AMORTISATION
At 1 January 2005     108,101
Amortisation for period      24,843
     –––––––––––
At 31 December 2005     132,944
     –––––––––––
NET BOOK VALUE
At 31 December 2005     5,626
     –––––––––––
At 1 January 2005     30,469
     –––––––––––
Intangible assets comprise intellectual property relating to learning algorithms.
9B  TANGIBLE FIXED ASSETS
Group
   Motor Computer
   vehicles equipment Totals
   £ £ £
COST
At 1 January 2005   2,700 177,328 180,028
Additions   – 17,536 17,536
Disposals   (2,700) – (2,700)
   ––––––––––– ––––––––––– –––––––––––
At 31 December 2005   – 194,864 194,864
   ––––––––––– ––––––––––– –––––––––––
DEPRECIATION
At 1 January 2005   – 167,885 167,885
Charge for period    – 11,880 11,880
   ––––––––––– ––––––––––– –––––––––––
At 31 December 2005   – 179,765 179,765
   ––––––––––– ––––––––––– –––––––––––
NET BOOK VALUE
At 31 December 2005   – 15,099 15,099
   ––––––––––– ––––––––––– –––––––––––
At 1 January 2005   2,700 9,443 12,143
   ––––––––––– ––––––––––– –––––––––––                     Axeon Holdings plc   
Annual Report & Accounts 2005 
10  FIXED ASSET INVESTMENTS
Company
     Shares in group
     undertakings
     £
COST
Additions     457,512
     –––––––––––
At 31 December 2005     457,512
     –––––––––––
NET BOOK VALUE
At 31 December 2005     457,512
     –––––––––––
The group or the company’s investments at the balance sheet date in the share capital of companies include the following: 
Subsidiary
     % holding
Axeon Technologies Limited (formerly Axeon Limited) 
Nature of business: Research and development
Class of shares: Ordinary     100.00
     £
Aggregate capital and reserves     (3,705,970)
Loss for the period     (1,219,056)
The loss for Axeon Technologies Limited is for the year ended 31 December 2005.
11  STOCKS
Group
    2005 2004
    £ £
Raw materials    5,995 12,680
Finished goods    12,518 13,637
    ----––––––––––- –––––––––––
    18,513 26,317
    ----––––––––––- –––––––––––
12  DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 
    2005 2004
   Group Company Group
   £ £ £
Trade debtors   4,549 – 52,679
Research and development tax credit   297,609 – 150,000
Amounts due from group undertakings   – 3,618,094 –
VAT   17,203 7,477 9,903
Prepayments and accrued income   128,247 24,303 35,817
Amount due for share capital   – – 152
   ----––––––––––- ––––––––––– ----––––––––––-
   447,608 3,649,874 248,551
   ----––––––––––- ––––––––––– ----––––––––––-  Axeon Holdings plc 
 Annual Report & Accounts 2005
Notes to the Financial Statements – continued
13  CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 
    2005 2004
   Group Company Group
   £ £ £
Bank loans and overdrafts (see note 15)   30,000 – 30,000
Other loans (see note 15)   72,384 – 122,384
Trade creditors   111,738 28,197 20,784
Social security and other taxes   22,834 6,143 62,558
Other creditors   3,553 661 3,124
Accruals and deferred income   43,662 2,000 86,372
 
   ––––––––––– ----––––––––––- –––––––––––
   284,171 37,001 325,222
   ----––––––––––- ––––––––––– ----––––––––––-
14  CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 
    2005 2004
    Group Group
    £ £
Bank loans (see note 15)    17,500 47,500
Other loans (see note 15)    293,123 293,123
Shareholder loans (see note 15)    – 2,389,921
    ----––––––––––- –––––––––––
    310,623 2,730,544
    ----––––––––––- –––––––––––
15  LOANS
An analysis of the maturity of loans is given below:
Group
    2005 2004
    £ £
Amounts falling due within one year or on demand: 
Bank loans    30,000 30,000
Other loans    72,384 122,384
    ----––––––––––- –––––––––––
    102,384 152,384
    ----––––––––––- –––––––––––
Amounts falling due between one and two years: 
Bank loans - 1-2 years    17,500 47,500
Other loans - 1-2 years    293,123 293,123
Shareholder loans 2-5 years    – 2,389,921
    ----––––––––––- –––––––––––
    310,623 2,730,544
    ----––––––––––- –––––––––––
The bank loan is secured by a bond and floating charge over the assets of the company. The original loan was £150,000 
payable over 5 years at £2,500 per month. The final repayment date is 18 July 2007.
Included in other loans is a loan which was originally for £400,000 payable over a period of 5 years in equal monthly 
instalments with interest at a rate of 6.5% per annum (payable monthly in arrears). Suspension of the repayments on this  
loan was granted for 12 months from December 2004.                     Axeon Holdings plc   
Annual Report & Accounts 2005 
16  OPERATING LEASE COMMITMENTS
The following operating lease payments are committed to be paid within one year: 
Group
    2005 2004
  2005 2004 Other Other
  Land and Land and operating operating
  buildings buildings leases leases
  £ £ £ £
Expiring:
Within one year  32,625 – – –
Between one and five years  – 32,625 9,180 13,681
  ----––––––––––- ––––––––––– ----––––––––––- –––––––––––
  32,625 32,625 9,180 13,681
  ----––––––––––- ––––––––––– ----––––––––––- –––––––––––
17  CALLED UP SHARE CAPITAL
Authorised
 Nominal 2005  2004
Class value Number £ Number £
Ordinary £0.05 30,000,000 1,500,000 10,000,000 500,000
   –––––––––––  –––––––––––
Allotted, issued and fully paid
 Nominal 2005  2004
Class value Number £ Number £
Ordinary £0.05 17,001,178 850,059 9,150,230 457,512
   –––––––––––  –––––––––––
Shares were issued in the period as follows:
Company formation
On 29 March 2005, 2 ordinary shares of £1 each were issued on formation of the company.
Company reorganisation
On 1 June 2005, 2 ordinary shares of £1 each were split into 4 ordinary shares of £0.50 each, and 915,019 ordinary shares of 
£0.50 each were issued in a share for share swap to acquire the entire share capital of Axeon Technologies Limited (formerly 
Axeon Limited).
On 6 June 2005, 915,023 ordinary shares of £0.50 each were split into 9,150,230 ordinary shares of £0.05 each.
Admission, loan capitalisation and placing
On 13 June 2005 the following share transactions took place:
•   31,170 ordinary shares of £0.05 each were issued for a total consideration of £15,429 resulting in a share premium of 
£0.445 per share (consideration was through the capitalisation of existing loans from shareholders);
•   5,029,040 ordinary shares of £0.05 each were issued for a total consideration of £2,816,262 resulting in a share premium 
of £0.51 per share (consideration was through the capitalisation of existing loans from shareholders); and
•   2,790,738 ordinary shares of £0.05 each were issued (through AIM listing) for a total consideration of £1,562,813 resulting 
in a share premium of £0.51 per share. 0 Axeon Holdings plc 
 Annual Report & Accounts 2005
Notes to the Financial Statements – continued
18  RESERVES
Group
  Profit  
  and loss Share Capital  
  account premium reserve Totals
  £ £ £ £
At 1 January 2005  (9,285,008) – 6,380,603 (2,904,405)
Deficit for the period  (1,163,457)   (1,163,457)
UITF 17 adjustment  (40,021) – – (40,021)
Shares issued in year  – 3,651,127 – 3,651,127
  ––––––––––– ––––––––––– ----––––––––––- –––––––––––
At 31 December 2005  (10,488,486) 3,651,127 6,380,603 (456,756)
  ----––––––––––- ––––––––––– ----––––––––––- –––––––––––
Company
   Profit
   and loss Share  
   account premium Totals
   £ £ £
Retained profit for the period    55,603 – 55,603
Shares issued in year   – 3,651,127 3,651,127
   ––––––––––– ----––––––––––- –––––––––––
At 31 December 2005   55,603 3,651,127 3,706,730
   ––––––––––– ----––––––––––- –––––––––––
19  POST BALANCE SHEET EVENTS
In March 2006, the company completed the acquisition of Advanced Batteries Limited. Further details of this company and 
its impact on the group are given in the Chairman’s Report on pages 4 and 5 and the Chief Executive Officer’s Review on 
pages 6 to 8.
On 13 March 2006 to raise funds for this acquisition and further development of the group, 7,586,207 ordinary shares of 
£0.05 each in Axeon Holdings plc were issued for a total consideration of £4,400,000 resulting in a share premium of £0.53 
per share.
20  RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS’ FUNDS
Group
    2005 2004
    £ £
Loss for the financial period    (1,163,457) (1,971,610)
Share capital issues    4,043,674 74,744
UITF 17 adjustment    (40,021) 40,021
Capitalisation issues    – 6,380,603
    ----––––––––––- ----––––––––––-
Net addition to shareholders’ funds    2,840,196 4,523,758
Opening shareholders’ funds    (2,446,893) (6,970,651)
    ----––––––––––- ----––––––––––-
Closing shareholders’ funds    393,303 (2,446,893)
    ----––––––––––- ----––––––––––-
Equity interests    393,303 (2,446,893)
    ----––––––––––- ----––––––––––-                     Axeon Holdings plc   
Annual Report & Accounts 2005 
Company     2005
     £
Profit for the financial period     55,603
New equity share capital     850,059
Share premium on new shares     3,651,127
     ----––––––––––-
Net addition to shareholders’ funds     4,556,789
Opening shareholders’ funds     –
     ----––––––––––-
Closing shareholders’ funds     4,556,789
     ----––––––––––-
Equity interests     4,556,789
     ----––––––––––-
21  RECONCILIATION OF OPERATING LOSS TO NET CASH OUTFLOW FROM OPERATING ACTIVITIES 
    2005 2004
    £ £
Operating loss    (1,021,242) (1,905,409)
Depreciation charges    11,880 12,608
Loss on disposal of fixed assets    1,942 –
Amortisation of intellectual property    24,843 24,840
Amortisation of fundraising costs    – 16,864
UITF 17 adjustment    (40,021) 40,021
UITF 30 adjustment    – 20,000
Deferred loan issue expenses    11,190 –
Decrease in stocks    7,804 54
Decrease/(increase) in debtors    (51,448) 34,597
Increase/(decrease) in creditors    8,947 (6,864)
    ----––––––––––- ----––––––––––-
Net cash outflow from operating activities     (1,046,105) (1,763,289)
    ----––––––––––- ----––––––––––-
22  ANALYSIS OF CASH FLOWS FOR HEADINGS NETTED IN THE CASH FLOW STATEMENT 
    2005 2004
    £ £
Returns on investments and servicing of finance
Interest received    19,021 3,249
Interest paid    (6,862) (25,876)
    ----––––––––––- ----––––––––––-
Net cash inflow/(outflow) for returns on investments and servicing of finance    12,159 (22,627)
    ----––––––––––- ----––––––––––-
Capital expenditure
Purchase of tangible fixed assets    (17,536) (9,744)
Sale of tangible fixed assets    758 –
    ----––––––––––- ----––––––––––-
Net cash outflow for capital expenditure     (16,778) (9,744)
    ----––––––––––- ----––––––––––-
Financing
Loan repayments in the period    (30,000) (64,493)
Share issue    1,562,813 689,319
New secured loans received in the period    – 962,889
Flotation expenses    (272,232) –
    ----––––––––––- ----––––––––––-
Net cash inflow from financing     1,260,581 1,587,715
    ----––––––––––- ----––––––––––-  Axeon Holdings plc 
 Annual Report & Accounts 2005
Notes to the Financial Statements – continued
23  ANALYSIS OF CHANGES IN NET DEBT
    Other
  At  non-cash At 
  01/01/05 Cash flow changes 31/12/05
Notes  24  25
  £ £ £ £
Net cash:
Cash at bank  291,393 209,858  501,251
  ----––––––––––- ----––––––––––-  ----––––––––––-
  291,393 209,858  501,251
  ----––––––––––- ----––––––––––-  ----––––––––––-
Debt:
Debts falling due within one year  (152,384) – 50,000 (102,384)
Debts falling due after one year  (2,730,544) 30,000 2,389,921 (310,623)
  ----––––––––––- ----––––––––––- ----––––––––––- ----––––––––––-
  (2,882,928) 30,000 2,439,921 (413,007)
  ----––––––––––- ----––––––––––- ----––––––––––- ----––––––––––-
Total  (2,591,535) 239,858 2,439,921 88,244
  ----––––––––––- ----––––––––––- ----––––––––––- ----––––––––––-
24  MERGER
Merger accounting has been used to consolidate the financial statements of Axeon Holdings plc and Axeon Technologies 
Limited (formerly Axeon Limited). Therefore, the first column within analysis of changes in net debt shows the actual cash 
and debt balances of Axeon Technologies Limited as at 1 January 2005.
25  MAJOR NON-CASH TRANSACTIONS
The shareholders’ loans repayable by Axeon Technologies Limited were converted into share capital in Axeon Holdings plc. Officers & Professional Advisers
Directors Charles Matthews Non-Executive Chairman
 Hamish Grant Chief Executive Officer
 David Campbell Chief Financial Officer
 John Blinkhorne Executive Director 
 Lawrence Berns Non-Executive Director
 Martin Briant-Evans Non-Executive Director
 Paul Johnston Non-Executive Director
Company Secretary David Campbell  LLB CA
Registered Office 8 Clifford Street
 London
 W1S 2LQ
Head Office Davidson House
 Science & Technology Park
 Balgownie Road
 Aberdeen
 AB22 8GT
Nominated Adviser Bell Lawrie (a division of
 Brewin Dolphin Securities Ltd)
 48 St Vincent Street
 Glasgow
 G2 5TS
Brokers Bell Lawrie (a division of Dolmen Stockbrokers
 Brewin Dolphin Securities Ltd) 4 Earlsfort Terrace
 48 St Vincent Street Dublin 2
 Glasgow Ireland
 G2 5TS
Solicitors Biggart Baillie
 Dalmore House
 48 St Vincent Street
 Glasgow
 G2 5QR
Auditors Ritson Smith
 Chartered Accountants and Registered Auditors
 16 Carden Place
 Aberdeen
 AB10 1FX
Registrars Computershare Investor Services plc
 The Pavilions
 Bridgwater Road
 Bristol
 BS99 7NH
Registered Number 05406153 Headquarters
Davidson House
Science & Technology Park
Balgownie Road
Aberdeen 
AB22 8GT
United Kingdom
T:  +44 (0) 1224 338 383
F:  +44 (0) 1224 338 388
Europe
Axeon Technologies
An der Welle 4
D-60422
Frankfurt
Germany
T:  +49 (0) 69 75 93 8460
F:  +49 (0) 69 79 53 8200
USA
Axeon Sales Support Center
Sumitomo Corporation  
of America
27777 Franklin Road
Suite 1000
Southfield
MI 40834 
USA
T:  +1 248 353 0272
F:  +1 248 353 2784
www.axeon.com