Yes, the time is working fine. Also the timezone settings are correct (If i set it to auto, I end up with UST instead - which is to be expected). I also think that it is just an cosmetic error.
But what about the summer time setting? If I set Summer time to ON (tz_dst=1), does it mean summer time is applied when required and it switches back to standard time after summer? Because I read somewhere else that you must do the switch manually if you do not use the auto setting, which would be a PITA...