ETTEPLAN OYJ INTERIM REPORT Q2: GROWTH CONTINUED PROFITABLY
ETTEPLAN OYJ INTERIM REPORT August 12, 2008 9:30am 1 (18)
Etteplan Q2: GROWTH CONTINUED PROFITABLY
Interim report for April-June 2008
- The Group's revenue increased by 42.5% to EUR 44.1 million (4-6/2007: EUR 30.9
million).
- The Group's operating profit, excluding non-recurring items, increased by
33.0% to EUR 4.2 million (EUR 3.1 million).
- The profit for continuing operations for the period, excluding non-recurring
items, was EUR 2.9 million (EUR 2.2 million).
- Earnings per share, excluding non-recurring items, were EUR 0.14 (EUR 0.11).
- The number of personnel at the end of the period was 2,217 (1,809).
Interim report for January-June 2008
- The Group's revenue increased by 36.7% to EUR 84.8 million (1-6/2007: EUR 62.0
million).
- The Group's operating profit, excluding non-recurring items, increased by
23.0% to EUR 7.9 million (EUR 6.4 million).
- The profit for continuing operations for the period, excluding non-recurring
items, was EUR 5.5 million (EUR 4.6 million).
- Earnings per share, excluding non-recurring items, were EUR 0.27 (EUR 0.23).
- At the beginning of 2008, Etteplan transferred to one segment in financial
reporting.
Key figures (1 000 EUR)
4-6/2008 4-6/2007 1-6/2008 1-6/2007 1-12/2007
Revenue 44 085 30 931 84 761 62 000 125 192
Operating profit 4 184 3 147 *) 7 911 6 433 *) 10 788 *)
Operating profit, % 9,5 10,2 *) 9,3 10,4 *) 8,6 *)
Profit for the period 2 889 2 237 *) 5 494 4 570 *) 7 517 *)
Profit for the period, % 6,6 7,2 *) 6,5 7,4 *) 6,0 *)
Equity ratio, % 34,9 44,3 34,9 44,3 40,7
Net gearing, % 63,0 10,2 63,0 10,2 25,7
Total assets 86 325 63 825 86 325 63 825 72 426
*) The key figures represent continuing operations, excluding non-recurring
items. In the comparative figures for 2007, capital gains of EUR 0.84 million
for the sale of NATLABS Oy have been eliminated.
Matti Hyytiäinen, President and CEO of Etteplan Oyj, comments on the interim
report:
“Etteplan's good development continued in the second quarter. In April-June
2008, revenue increased by more than 40% and the company's operating profit was
more than 30% higher than in the corresponding period a year earlier. The source
of profitable growth was our good capacity utilization rate and competitiveness,
which improved further through our more extensive competence offering. We
continued our investments to improve the supply of the company's services, as
indicated by the joint venture we established in China in the second quarter and
by the agreement we signed in Finland to acquire Eteco Oy.”
Key customer approach basis for transferring to one segment
Etteplan provides services for various stages in the life cycle of its
customers' products, from product development to product maintenance. For this
reason, Etteplan has reorganized its operations such that services are provided
on a key customer basis and not by design phase. As a result, the company has
stopped reporting for two separate segments and transferred to one segment,
which better depicts the current operations.
Accounting principles
This interim report has been prepared in accordance with IAS 34 Interim
Financial Reporting and the preparation and accounting policies presented in the
2007 annual financial statements.
REVIEW FOR APRIL-JUNE 2008
Business review for April-June
Demand for technical design and technical information services remained on a
good level on average in April-June 2008. The company continued its profitable
growth during the period. The number of assignments grew the most in the heavy
vehicle, aerospace, and defense equipment industries and for design of
production lines and process plants. The average utilization rate for the entire
Group remained good throughout the period. In design for the passenger car
industry, the utilization rate fell at the end of the period under review.
Financial development for April-June
Revenue in April-June 2008 increased by 42.5% from that of the corresponding
period of the previous year and amounted to EUR 44.1 million (EUR 30.9 million).
Operating profit, excluding non-recurring items, increased by 33.0% to EUR 4.2
million (EUR 3.1 million).
The company received significant new orders during the period under review.
Etteplan has been selected by Finnish Road Administration to provide an as-is
survey and a replacement investment plan of the traffic telematic systems in
Finland. In Sweden, the company received an order from Bombardier Transportation
Sweden AB for interior design of Intercity trains and signed a framework
agreement with Saab AB on the provision of design services.
REVIEW FOR JANUARY-JUNE 2008
Business review for January-June
Demand for technical design and technical information services was good in
January-June 2008. Profitable growth continued, the source of the growth being
Etteplan's investments in new areas of expertise, including testing services for
vehicle exhaust gases and air-conditioning systems, as well as product
development, industrial design, and production technology design services for
the automotive and aerospace industries. The capacity utilization rate of the
Group was good throughout the period under review.
Revenue
In January-June 2008, Etteplan's revenue increased by 36.7% from that for the
corresponding period of last year, amounting to EUR 84.8 million (EUR 62.0
million). Organic growth accounted for 11.6% of the revenue growth in the review
period, with the remainder attributable to corporate acquisitions.
Result
The operating profit, excluding non-recurring items, increased by 23.0% to
EUR 7.9 million (EUR 6.4 million), or 9.3% (10.4%) of the revenue.
The profit for continuing operations for the period, excluding non-recurring
items and taxes, was EUR 7.5 million (EUR 6.3 million). Taxes amounted to EUR
2.0 million (EUR 1.7 million). Taxes have been periodized in line with the
result for the review period. The income tax rate calculated on profit before
taxes for the consolidated income statement was 26.5%(27.0%).
The profit for continuing operations for the period, excluding non-recurring
items, was EUR 5.5 million (EUR 4.6 million). Earnings per share were EUR 0.27
(EUR 0.23). Equity per share was EUR 1.50 (EUR 1.37), and the return on
investment was 33.2% (40.9%).
Financial position and cash flow
Total assets on June 30, 2008, showed growth by 35.3% to EUR 86.3 million
(EUR 63.8 million). Goodwill on the balance sheet was EUR 34.2 million (EUR 21.7
million). The Group's cash and cash equivalents totaled at EUR 3.0 million (EUR
7.4 million). The Group's interest-bearing liabilities showed an increase
because of the need for working capital resulting from business growth and due
to corporate acquisitions, amounting to EUR 21.9 million (EUR 10.3 million) at
period end. The equity ratio was 34.9% (44.3%). The cash flow before investments
and financial items, which totaled EUR 0.7 million (EUR 5.0 million), was
influenced significantly by the growth of net working capital.
Capital expenditures
The Group's gross investments were EUR 8.6 million (EUR 5.0 million). Part of
the investments were financed with company-held shares. The largest single
investments were the acquisition of share capital of Cool Engineering AB,
increase of ownership in Etteplan Technical Information Oy to 100%, and
completion of the Lutab Professor Sten Luthander Ingenjörsbyrå AB acquisition.
Other investments were for business operations and business development.
Major events in the second quarter
Etteplan signed an agreement with Vataple Group according to which the companies
are to join forces to provide design and technical information services in
China. According to the agreement, the joint venture will become active on
August 1, 2008. The joint venture, called Etteplan Vataple Technology Centre
Ltd., will provide design and technical information services to Etteplan and its
subsidiaries. The technology center enables Etteplan to build new design
capacity for current and new customers. Vataple Group is a privately held
company that has operations in Australia, the U.S., and China. The agreement was
detailed in an investor release on April 16, 2008.
Etteplan Oyj signed an agreement to acquire the entire share capital of Eteco
Oy. Established in 1987, Eteco Oy specializes in calculation and design services
for pressurized equipment and pipe systems. The company employs 11 people. The
acquisition took effect on July 1, 2008, and was detailed in an investor release
on April 23, 2008.
Personnel
Etteplan Group's operations and number of personnel have grown steadily. The
number of the Group's personnel averaged 2,207 (1,744) during the review period
and was 2,217 (1,809) at period end. The number of employees increased because
of active recruitment and the business operations transferred to the Group; most
of the new employees are involved in the implementation of customer projects.
Outside Finland, the Group employed 1,109 people (790).
Estimate of operating risks and uncertainty factors
Risks related to Etteplan Group's business operations are divided into external
and internal risks, and they are monitored according to this classification. No
significant new business risks were noticed during the period under review.
External risks
External risks include risks concerning economic development on the whole and
unpredictable changes in customers' order backlog, which is classified as the
greatest risk in the company's business operations.
Internal risks
Internal risks include strategic and operating risks, as well as financing
risks.
Etteplan's most significant strategic risks relate both to development of
business operations and acquisitions. The company aims to manage this risk by
following its acquisitions policy and through procedures and models that have
been prepared on the basis of this policy. In addition to acquisitions, organic
growth is an important part of the growth objectives for Etteplan's business.
Etteplan's greatest operating risks are related to commissions and personnel.
The company's commissions have an inherent risk of services or performances
including a professional error, omissions, or negligence that could cause
significant financial or other damage. In order to contain operating risks, the
company applies the following procedures: application of quality management
systems, codes of practice, and acceptance procedures, coupled with training of
personnel and compliance with instructions on management of quotes and
contracts, particularly in delimitation of contractual liability. The company
has a liability insurance program that encompasses the entire Group. However,
insurance does not cover all liability risk. Also, the company's business is
based on professional personnel, so availability of competent professionals is
an important factor in ensuring profitable growth and continued high-quality
business operations.
Reviews concerning financing risks are presented in the notes to the interim
report.
Annual General Meeting
The Etteplan Oyj Annual General Meeting was held in Vantaa on March 28, 2008.
The Board of Directors was confirmed as having five members. Tapio Hakakari,
Heikki Hornborg, Tapani Mönkkönen, Pertti Nupponen, and Matti Virtaala were
re-elected as members of the Board. At its organizational meeting of March 28,
2008, the Board elected Heikki Hornborg as chairman and Tapani Mönkkönen as
vice-chairman.
The AGM granted the Board of Directors the authorization to decide upon an issue
of no more than 4,000,000 shares with a share issue or by granting option rights
or other specific rights, referred to in Chapter 10, Article 1 of the Companies
Act, giving entitlement to shares in one or more lots. The authorization
includes the right to decide to issue either new shares or company-held shares.
The authorization is valid for three years from the time of the Annual General
Meeting resolution - i.e., from March 28, 2008, through March 28, 2011.
In addition, the AGM authorized the Board of Directors to decide to acquire the
company's own shares in one or more lots with the company's non-restricted
equity. The acquisition of the company's own shares may be done in a proportion
other than that of the shareholders' share ownership; in other words, the Board
of Directors may also decide on directed acquisition of the company's own
shares. The authorization is valid for 18 months from the Annual General Meeting
resolution, beginning on March 28, 2008, and ending on September 28, 2009.
The resolutions of the Annual General Meeting were detailed in a stock exchange
release dated March 28, 2008.
Dividend
The Annual General Meeting passed a resolution on a motion by the Board of
Directors to pay a dividend for the 2007 financial year of EUR 0.21 per share,
or a total of EUR 4,224,733.80. The remaining profit, totaling EUR 9.2 million,
was retained in non-restricted equity. The dividend was paid on April 9, 2008.
Shares
The Etteplan Oyj share (ETT1V) is quoted in the Nordic Exchange's Small Cap
market capitalization group in the Industrials sector.
The company's share capital on June 30, 2008, was EUR 5,000,000.00, and the
number of shares outstanding was 20,179,414. The company has one series of
shares. All shares confer an equal right to dividends and the company's funds.
The company held 136,237 of its own shares on June 30, 2008. In January-June
2008, the company acquired 235,003 of its own shares. The company disposed of
296,166 company-held shares in January-June 2008.
Major events after the review period
The acquisition of Eteco Oy took effect on July 1, 2008.
Etteplan Oyj has signed an agreement to acquire a majority stake in the Swedish
Innovation Team AB. This company, established in 1989, specializes in product
development services. The company's customer base consists primarily of
equipment manufacturers in the pharmaceutical industry and other
high-technology companies in the energy and telecommunications industries.
Innovation Team's services focus on implementation of the customer's product
idea, from the initial idea to the finished equipment ready for production,
including the necessary testing and verification. The company develops products
mainly for the European and U.S. markets (CE/FDA). Innovation Team AB has
offices in Halmstad, Sweden, and in Copenhagen, Denmark. The company employs
40 people. The acquisition was detailed in an investor release on July 2, 2008.
Outlook
Demand for Etteplan's services is expected to remain steady in the mining
industry, energy and energy transfer sector, aerospace industry, and heavy
vehicle industry. The weak market conditions in the passenger car industry are
anticipated to be reflected in the demand for design assignments.
The revenue and result for the full year are expected to show growth from the
preceding year. The sufficient availability of competent professionals is an
essential factor in continuing the growth.
The information presented herein has not been audited.
Hollola, on August 12, 2008
Etteplan Oyj
Board of Directors
More information available from:
Matti Hyytiäinen, President and CEO, at tel. +358 400 710 968
Pia Björk, CFO and vice-president for Corporate Planning,
at tel. +358 400 241 815
APPENDIX:
Financial Statement Summary and Notes
Consolidated Income Statement
Consolidated Balance Sheet
Consolidated Cash Flow Statement
Consolidated Statement of Changes in Equity
Key Figures
Notes to the Financial Statement Summary
Releases and other corporate information are available on Etteplan's Web site at
www.etteplan.com.
DISTRIBUTION
OMX Nordic Exchange Helsinki
Major media
www.etteplan.com
This interim report includes forward-looking estimates and assumptions.
Accordingly, outcomes may deviate from these estimates, which are based on the
management's current best knowledge.
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| CONSOLIDATED INCOME STATEMENT |
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| (EUR 1 000) | 4-6/ | 4-6/ | 1-6/ | 1-6/ | 1-12/ |
--------------------------------------------------------------------------------
| | 2008 | 2007 | 2008 | 2007 | 2007 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Continuing operations |
--------------------------------------------------------------------------------
| Revenue | 44 085 | 30 929 | 84 761 | 62 000 | 125 192 |
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| Other operating income | 65 | 66 | 114 | 972 | 1 130 |
--------------------------------------------------------------------------------
| Materials and services | -3 146 | -2 206 | -5 654 | -3 899 | -7 941 |
--------------------------------------------------------------------------------
| Staff costs | -29 214 | -20 949 | -57 217 | -42 359 | -86 486 |
--------------------------------------------------------------------------------
| Other operating expenses | -7 136 | -4 237 | -13 171 | -8 518 | -18 351 |
--------------------------------------------------------------------------------
| Depreciation and | -470 | -456 | -923 | -922 | -1 917 |
| amortisation | | | | | |
--------------------------------------------------------------------------------
| Operating profit | 4 184 | 3 148 | 7 911 | 7 273 | 11 628 |
--------------------------------------------------------------------------------
| Financial income | 28 | 24 | 58 | 58 | 280 |
--------------------------------------------------------------------------------
| Financial expenses | -306 | -93 | -490 | -187 | -534 |
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| Profit before taxes | 3 906 | 3 079 | 7 478 | 7 144 | 11 373 |
--------------------------------------------------------------------------------
| Income taxes | -1 017 | -842 | -1 984 | -1 734 | -3 016 |
--------------------------------------------------------------------------------
| Profit for the financial | 2 889 | 2 237 | 5 494 | 5 410 | 8 357 |
| year Continuing | | | | | |
| operations | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Discontinuing operations |
--------------------------------------------------------------------------------
| Profit/loss for the | -140 | -26 | -140 | 114 | -146 |
| financial year, | | | | | |
| discontinuing operations | | | | | |
--------------------------------------------------------------------------------
| Profit for the financial | 2 749 | 2 211 | 5 354 | 5 524 | 8 211 |
| year | | | | | |
--------------------------------------------------------------------------------
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| Attributable to |
--------------------------------------------------------------------------------
| Equity holders of the | 2 749 | 2 149 | 5 354 | 5 273 | 7 848 |
| company | | | | | |
--------------------------------------------------------------------------------
| Minority interest | 0 | 61 | 0 | 251 | 363 |
--------------------------------------------------------------------------------
| | 2 749 | 2 211 | 5 354 | 5 524 | 8 211 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share |
--------------------------------------------------------------------------------
| Continuing operations |
--------------------------------------------------------------------------------
| Basic earnings per | 0,14 | 0,11 | 0,27 | 0,27 | 0,40 |
| share, EUR | | | | | |
--------------------------------------------------------------------------------
| Diluted earnings per | 0,14 | 0,11 | 0,27 | 0,27 | 0,40 |
| share, EUR | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Discontinuing operations |
--------------------------------------------------------------------------------
| Basic earnings per | -0,01 | 0,00 | -0,01 | 0,01 | -0,01 |
| share, EUR | | | | | |
--------------------------------------------------------------------------------
| Diluted earnings per | -0,01 | 0,00 | -0,01 | 0,01 | -0,01 |
| share, EUR | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CONSOLIDATED BALANCE SHEET |
--------------------------------------------------------------------------------
| (1 000 EUR) | 30.6.2008 | 30.6.2007 | 31.12.2007 |
--------------------------------------------------------------------------------
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| ASSETS |
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| Non-current assets | |
--------------------------------------------------------------------------------
| Property, plant and equipment | 2 442 | 2 111 | 1 944 |
--------------------------------------------------------------------------------
| Goodwill | 34 165 | 21 712 | 28 751 |
--------------------------------------------------------------------------------
| Other intangible assets | 2 186 | 2 295 | 2 131 |
--------------------------------------------------------------------------------
| Investments available for sales | 420 | 420 | 420 |
--------------------------------------------------------------------------------
| Other long-term receivables | 814 | 831 | 816 |
--------------------------------------------------------------------------------
| Deferred tax assets | 34 | 90 | 34 |
--------------------------------------------------------------------------------
| Non-current assets, total | 40 060 | 27 459 | 34 096 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current assets |
--------------------------------------------------------------------------------
| Trade and other receivables | 42 719 | 28 877 | 30 890 |
--------------------------------------------------------------------------------
| Prepayments | 239 | 0 | 0 |
--------------------------------------------------------------------------------
| Current tax assets | 304 | 44 | 198 |
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| Cash and cash equivalents | 3 003 | 7 446 | 7 243 |
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| Current assets, total | 46 264 | 36 366 | 38 330 |
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| TOTAL ASSETS | 86 325 | 63 825 | 72 426 |
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| EQUITY AND LIABILITIES |
--------------------------------------------------------------------------------
| Capital attributable to equity | |
| holders | |
--------------------------------------------------------------------------------
| Share capital | 5 000 | 2 522 | 5 000 |
--------------------------------------------------------------------------------
| Share premium account | 6 701 | 9 179 | 6 701 |
--------------------------------------------------------------------------------
| Unrestricted equity fund | 2 474 | 2 601 | 2 601 |
--------------------------------------------------------------------------------
| Own shares | -579 | 0 | -962 |
--------------------------------------------------------------------------------
| Cumulative translation adjustment | -928 | -221 | -823 |
--------------------------------------------------------------------------------
| Retained earnings | 11 962 | 8 339 | 8 339 |
--------------------------------------------------------------------------------
| Net profit for the financial year | 5 354 | 5 273 | 7 848 |
--------------------------------------------------------------------------------
| Capital attributable to equity | 29 985 | 27 693 | 28 704 |
| holders, total | | | |
--------------------------------------------------------------------------------
| Minority interest | 16 | 498 | 597 |
--------------------------------------------------------------------------------
| Equity, total | 30 001 | 28 190 | 29 301 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current liabilities |
--------------------------------------------------------------------------------
| Deferred tax liability | 1 594 | 957 | 1 511 |
--------------------------------------------------------------------------------
| Non-current interest-bearing | 9 153 | 8 260 | 11 606 |
| liabilities | | | |
--------------------------------------------------------------------------------
| Non-current liabilities, total | 10 747 | 9 217 | 13 117 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current liabilities |
--------------------------------------------------------------------------------
| Current interest-bearing | 12 749 | 2 051 | 3 170 |
| liabilities | | | |
--------------------------------------------------------------------------------
| Trade and other payables | 31 402 | 23 032 | 25 415 |
--------------------------------------------------------------------------------
| Current income tax liabilities | 1 427 | 1 335 | 1 422 |
--------------------------------------------------------------------------------
| Current liabilities, total | 45 577 | 26 418 | 30 008 |
--------------------------------------------------------------------------------
| Liabilities, total | 56 324 | 35 635 | 43 125 |
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| TOTAL EQUITY AND LIABILITIES | 86 325 | 63 825 | 72 426 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CONSOLIDATED CASH FLOW STATEMENT |
--------------------------------------------------------------------------------
| (1 000 EUR) | 1-6/ | 1-6/ | 1-12/ |
--------------------------------------------------------------------------------
| | 2008 | 2007 | 2007 |
--------------------------------------------------------------------------------
| Operating cash flow |
--------------------------------------------------------------------------------
| Cash receipts from customers | 76 836 | 60 153 | 121 031 |
--------------------------------------------------------------------------------
| Cash receipts from other operating income | 114 | 132 | 277 |
--------------------------------------------------------------------------------
| Operating expenses paid | 73 782 | 54 372 | 109 430 |
--------------------------------------------------------------------------------
| Operating cash flow before financial items | 3 168 | 5 913 | 11 878 |
| and taxes | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Interest and payment paid for financial | 448 | 177 | 491 |
| expenses | | | |
--------------------------------------------------------------------------------
| Interest received | 58 | 58 | 280 |
--------------------------------------------------------------------------------
| Income taxes paid | 2 088 | 841 | 1 881 |
--------------------------------------------------------------------------------
| Operating cash flow ( A ) | 690 | 4 953 | 9 787 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Investing cash flow |
--------------------------------------------------------------------------------
| Purchase of tangible and intangible assets | 952 | 616 | 834 |
--------------------------------------------------------------------------------
| Acquisition of subsidiaries | 5 769 | 1 015 | 8 271 |
--------------------------------------------------------------------------------
| Disposal of subsidiaries | 0 | 633 | 578 |
--------------------------------------------------------------------------------
| Proceeds from sale of tangible and | 37 | 42 | 86 |
| intangible assets | | | |
--------------------------------------------------------------------------------
| Proceeds from repayments of loans | 0 | 540 | 540 |
--------------------------------------------------------------------------------
| Proceeds from sale of investments | 55 | 5 | 5 |
--------------------------------------------------------------------------------
| Investing cash flow ( B ) | -6 628 | -411 | -7 896 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Financing cash flow |
--------------------------------------------------------------------------------
| Purchase of own shares | 1 092 | 0 | 962 |
--------------------------------------------------------------------------------
| Short-term loans, increase | 10 228 | 0 | 0 |
--------------------------------------------------------------------------------
| Long-term loans, increase | 18 | 453 | 5 128 |
--------------------------------------------------------------------------------
| Long-term loans, decrease | 3 219 | 893 | 2 108 |
--------------------------------------------------------------------------------
| Dividend paid and other profit distribution | 4 225 | 2 776 | 2 776 |
--------------------------------------------------------------------------------
| Financing cash flow ( C ) | 1 710 | -3 217 | -718 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Variation in cash (A + B + C) | |
--------------------------------------------------------------------------------
| increase ( + ) / decrease ( - ) | -4 228 | 1 326 | 1 173 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Assets in the beginning of the period | 7 243 | 6 174 | 6 174 |
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| Exchange gains or losses on cash and bank | 12 | 54 | 104 |
| equivalents | | | |
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| Assets at the end of the period | 3 003 | 7 446 | 7 243 |
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(1 000 EUR)
Legends for table columns
A) Share Capital
B) Share Premium Account
C) Unrestricted Equity Fund
D) Own shares
E) Cumulative Translation Adjustment
F) Retained Earnings
G) Minority Interest
H) Total
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| | A | B | C | D | E | F | G | H |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity | 2 443 | 9 179 | 0 | 0 | 43 | 10 931 | 872 | 23 468 |
| 1.1.2007 | | | | | | | | |
--------------------------------------------------------------------------------
| Dividends | | | | | | -2 592 | -201 | -2 793 |
--------------------------------------------------------------------------------
| Share | 2 557 | -2 | 2 601 | | | | | 2 680 |
| issue | | 478 | | | | | | |
--------------------------------------------------------------------------------
| Purchase | | | | -962 | | | | -962 |
| of own | | | | | | | | |
| shares | | | | | | | | |
--------------------------------------------------------------------------------
| Changes | | | | | | | -437 | -437 |
| in | | | | | | | | |
| ownership | | | | | | | | |
--------------------------------------------------------------------------------
| Net | | | | | | 7 848 | 363 | 8 211 |
| profit | | | | | | | | |
| for the | | | | | | | | |
| financial | | | | | | | | |
| year | | | | | | | | |
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| Translati | | | | | -866 | | | -866 |
| on | | | | | | | | |
| adjustmen | | | | | | | | |
| t | | | | | | | | |
--------------------------------------------------------------------------------
| Equity | 5 000 | 6 701 | 2 601 | -962 | -823 | 16 187 | 597 | 29 301 |
| 31.12.200 | | | | | | | | |
| 7 | | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity | 5 000 | 6 701 | 2 601 | -962 | -823 | 16 187 | 597 | 29 301 |
| 1.1.2008 | | | | | | | | |
--------------------------------------------------------------------------------
| Dividends | | | | | | -4 225 | | -4 225 |
--------------------------------------------------------------------------------
| Purchase | | | | -1 | | | | -1 092 |
| of own | | | | 092 | | | | |
| shares | | | | | | | | |
--------------------------------------------------------------------------------
| Disposal | | | -127 | 1 401 | | | | 1 274 |
| of own | | | | | | | | |
| shares | | | | | | | | |
--------------------------------------------------------------------------------
| Shares to | | | | 75 | | | | 75 |
| be issued | | | | | | | | |
--------------------------------------------------------------------------------
| Changes | | | | | | | -581 | -581 |
| in | | | | | | | | |
| ownership | | | | | | | | |
--------------------------------------------------------------------------------
| Net | | | | | | 5 354 | | 5 354 |
| profit | | | | | | | | |
| for the | | | | | | | | |
| financial | | | | | | | | |
| period | | | | | | | | |
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| Translati | | | | | -105 | | | -105 |
| on | | | | | | | | |
| adjustmen | | | | | | | | |
| t | | | | | | | | |
--------------------------------------------------------------------------------
| Equity | 5 000 | 6 701 | 2 474 | -578 | -928 | 17 316 | 16 | 30 001 |
| 30.6.2008 | | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity | 2 443 | 9 179 | 0 | 0 | 43 | 10 931 | 872 | 23 468 |
| 1.1.2007 | | | | | | | | |
--------------------------------------------------------------------------------
| Dividends | | | | | | -2 592 | -201 | -2 793 |
--------------------------------------------------------------------------------
| Share | 79 | | 2 601 | | | | | 2 680 |
| issue | | | | | | | | |
--------------------------------------------------------------------------------
| Changes | | | | | | | -424 | -424 |
| in | | | | | | | | |
| ownership | | | | | | | | |
--------------------------------------------------------------------------------
| Net | | | | | | 5 273 | 251 | 5 524 |
| profit | | | | | | | | |
| for the | | | | | | | | |
| financial | | | | | | | | |
| period | | | | | | | | |
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| Translati | | | | | -264 | | | -264 |
| on | | | | | | | | |
| adjustmen | | | | | | | | |
| t | | | | | | | | |
--------------------------------------------------------------------------------
| Equity | 2 522 | 9 179 | 2 601 | 0 | -221 | 13 612 | 498 | 28 190 |
| 30.6.2007 | | | | | | | | |
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| KEY FIGURES | 1-6/ | 1-6/ | 1-12/ | Change to |
--------------------------------------------------------------------------------
| (EUR 1 000) | 2008 | 2007 | 2007 | prev.year |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Revenue | 84 761 | 62 000 | 125 192 | 36,7 % |
--------------------------------------------------------------------------------
| Operating profit | 7 911 | 7 273 | 11 628 | 8,8 % |
--------------------------------------------------------------------------------
| Operating profit, % | 9,3 | 11,7 | 9,3 | |
--------------------------------------------------------------------------------
| Profit before taxes | 7 478 | 7 144 | 11 374 | 4,7 % |
--------------------------------------------------------------------------------
| Profit before taxes, % | 8,8 | 11,5 | 9,1 | |
--------------------------------------------------------------------------------
| Return on equity, % | 37,1 | 42,8 | 31,7 | |
--------------------------------------------------------------------------------
| Return on investment, % *) | 33,2 | 40,9 | 30,4 | |
--------------------------------------------------------------------------------
| Equity ratio % | 34,9 | 44,3 | 40,7 | |
--------------------------------------------------------------------------------
| Gross interest-bearing debt | 21 901 | 10 311 | 14 777 | 112,4 % |
--------------------------------------------------------------------------------
| Net gearing, % | 63,0 | 10,2 | 25,7 | |
--------------------------------------------------------------------------------
| Balance sheet, total | 86 325 | 63 825 | 72 426 | 35,3 % |
--------------------------------------------------------------------------------
| Gross investments | 8 564 | 5 009 | 13 197 | 71,0 % |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share, EUR | 0,27 | 0,27 | 0,40 | 0,0 % |
--------------------------------------------------------------------------------
| Equity per share, EUR | 1,50 | 1,37 | 1,44 | 9,0 % |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Personnel, average | 2 207 | 1 744 | 1 895 | 26,6 % |
--------------------------------------------------------------------------------
| Personnel at end of the | 2 217 | 1 809 | 1 949 | 22,6 % |
| period | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| *) Return on investment has been calculated from result before taxes |
--------------------------------------------------------------------------------
NOTES TO THE FINANCIAL STATEMENT SUMMARY
General
The parent company of Etteplan Group is Etteplan Oyj (“the Company”), a Finnish
public limited company that was established under Finnish law. The Company is
domiciled in Hollola. Its shares are listed on the OMX Nordic Exchange list.
Etteplan Oyj and its subsidiaries provide high-quality industrial technology
design services. The Group's main market area is Europe. In serving core
customers, Etteplan's services extend worldwide.
The Etteplan Oyj Board of Directors approved the interim report for publication
at its meeting of August 11, 2008.
Basis for preparation
The interim report has been prepared in accordance with IAS 34 Interim Financial
Reporting and the preparation and accounting policies presented in the 2007
annual financial statements.
Monetary figures in the interim report are presented in thousands of euros. All
figures in the tables have been rounded up or down, due to which the sums of
figures may deviate from the sum totals presented.
At the beginning of 2008, the Group started applying the amended instructions of
IFRS 2 (Share-Based Payments). Apart from this, the accounting principles used
were the same as for the 2007 annual statements. The annual financial statements
are available at www.etteplan.com/investors/etteplan07.pdf, and the accounting
policy is detailed on pages 24-27 of the annual report.
Use of estimates
The interim report includes forward-looking estimates and assumptions.
Accordingly, outcomes may deviate from these estimates, which are based on the
management's current best knowledge.
Segment information
Etteplan provides services for various stages in the life cycle of its
customers' products, from product development to product maintenance. For this
reason, Etteplan has reorganized its operations such that services are provided
on a key customer basis and not by design phase. As a result, the Company has
stopped reporting for two separate segments and transferred to one segment,
which better depicts the current operations.
Acquired business operations and other investments
In January 2008, the Company finalized the acquisition of a majority holding in
the Swedish Lutab Professor Sten Luthander Ingenjörsbyrå AB in accordance with
the agreement concluded in October 2007. Also in January, Etteplan acquired all
share capital of Cool Engineering AB and increased its ownership in Etteplan
Technical Information Oy to a full 100%. In Etteplan's management's view, the
customer accounts and agreements that were acquired cannot as a rule be
considered to constitute an asset item that is to be recorded in the balance
sheet, because customer agreements are by nature nonbinding framework
agreements and thus cannot be treated or sold separately. The joint purchase
price for these share transactions was EUR 7,543 thousand, the fair value of the
assets acquired was EUR 2,057 thousand, and the goodwill was EUR 5,485 thousand.
Other investments were for equipment and software needed in business operations.
--------------------------------------------------------------------------------
| Details of net assets acquired and goodwill are as follows: |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Fair value | Carrying amount |
--------------------------------------------------------------------------------
| | 1 000 EUR | 1 000 EUR |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Purchase consideration: |
--------------------------------------------------------------------------------
| -Cash paid | 6 269 | 6 269 |
--------------------------------------------------------------------------------
| -Fair value of shares issued | 1 274 | 1 274 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total purchase consideration | 7 543 | 7 543 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Fair value of net assets acquired | 2 057 | 2 057 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Goodwill | 5 485 | 5 485 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| The assets and liabilities arising from | | |
| the acquisition are as follows: | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Minority interest | 597 | 597 |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 803 | 803 |
--------------------------------------------------------------------------------
| Intangible assets | 94 | 94 |
--------------------------------------------------------------------------------
| Property, plant and equipment | 127 | 127 |
--------------------------------------------------------------------------------
| Trade receivables | 1 644 | 1 644 |
--------------------------------------------------------------------------------
| Other receivables | 213 | 213 |
--------------------------------------------------------------------------------
| Current payables | -1 422 | -1 422 |
--------------------------------------------------------------------------------
| Net assets | 2 057 | 2 057 |
--------------------------------------------------------------------------------
| Net assets acquired | 2 057 | 2 057 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Purchase consideration settled in cash | 6 269 | 6 269 |
--------------------------------------------------------------------------------
| Cash and cash equivalents in subsidiary | 803 | 803 |
| acquired | | |
--------------------------------------------------------------------------------
| Cash outflow on acquisition | 5 466 | 5 466 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Intangible assets and property, plant and equipment | |
--------------------------------------------------------------------------------
| (1 000 EUR) | Property, | Goodwill | Other |
--------------------------------------------------------------------------------
| | plant, | | intangible |
--------------------------------------------------------------------------------
| | equipment | | assets |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Acquisition cost 1.1.2008 | 11 269 | 28 751 | 6 711 |
--------------------------------------------------------------------------------
| Exchange difference | -16 | -96 | -4 |
--------------------------------------------------------------------------------
| Increases | 1 202 | 5 510 | 318 |
--------------------------------------------------------------------------------
| Decreases | 40 | 0 | 1 |
--------------------------------------------------------------------------------
| Acquisition cost 30.6.2008 | 12 415 | 34 165 | 7 024 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Accumulated depreciation and | | | |
--------------------------------------------------------------------------------
| impairment 1.1.2008 | 9 325 | 0 | 4 580 |
--------------------------------------------------------------------------------
| Exchange difference | -13 | 0 | -3 |
--------------------------------------------------------------------------------
| Depreciation | 661 | 0 | 261 |
--------------------------------------------------------------------------------
| Accumulated depreciation and | | | |
--------------------------------------------------------------------------------
| impairment 30.6.2008 | 9 973 | 0 | 4 838 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Book value 30.6.2008 | 2 442 | 34 165 | 2 186 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Acquisition cost 1.1.2007 | 11 475 | 18 580 | 6 118 |
--------------------------------------------------------------------------------
| Exchange difference | 0 | -179 | 0 |
--------------------------------------------------------------------------------
| Increases | 385 | 3 310 | 490 |
--------------------------------------------------------------------------------
| Decreases | 371 | 0 | 15 |
--------------------------------------------------------------------------------
| Acquisition cost 30.6.2007 | 11 489 | 21 712 | 6 593 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Accumulated depreciation and | | | |
--------------------------------------------------------------------------------
| impairment 1.1.2007 | 8 716 | 0 | 3 994 |
--------------------------------------------------------------------------------
| Depreciation | 661 | 0 | 304 |
--------------------------------------------------------------------------------
| Accumulated depreciation and | | | |
--------------------------------------------------------------------------------
| impairment 30.6.2007 | 9 377 | 0 | 4 298 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Book value 30.6.2007 | 2 111 | 21 712 | 2 295 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Interest-bearing loans | | | |
--------------------------------------------------------------------------------
| (1 000 EUR) | 30.6.2008 | 30.6.2007 | 31.12.2007 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current | 9 153 | 8 260 | 11 606 |
--------------------------------------------------------------------------------
| Current | 12 749 | 2 051 | 3 170 |
--------------------------------------------------------------------------------
| Total | 21 902 | 10 311 | 14 776 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Pledges, mortgages and guarantees |
--------------------------------------------------------------------------------
| (1 000 EUR) | 30.6.2008 | 31.12.2007 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| For own depts |
--------------------------------------------------------------------------------
| Other contingencies | 8 484 | 6 548 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Leasing liabilities |
--------------------------------------------------------------------------------
| For payment under year | 863 | 2 196 |
--------------------------------------------------------------------------------
| For payment 1-5 years | 1 055 | 924 |
--------------------------------------------------------------------------------
| Total | 1 918 | 3 120 |
--------------------------------------------------------------------------------
Acquisition and disposition of company shares
Thus far in 2008, the Company has acquired 235,003 and disposed of 296,166
company-held shares. At the end of the review period, it owned 136,237 of its
own shares, and their acquisition price as activated in the balance sheet was
EUR 653 thousand.
Shares and share capital
On June 30, 2008, Etteplan Oyj had 20,179,414 shares (including the shares held
by the Company) and share capital amounted to EUR 5,000,000.00.
Dividends
The Annual General Meeting passed a resolution on a motion by the Board of
Directors to pay a dividend for the 2007 financial year of EUR 0.21 per share,
or a total of EUR 4,224,733.80. The dividend was paid on April 9, 2008.
Related-party transactions
The Group's related parties include the Group's key personnel: the members of
the Board of Directors and the CEO. Related parties also include subsidiaries
and companies in which related-party key employees have significant holdings and
control.
--------------------------------------------------------------------------------
| The following transactions were carried out with related parties: |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| (1 000 EUR) | 30.6.2008 | 30.6.2007 | 31.12.2007 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Sales of services |
--------------------------------------------------------------------------------
| To other in related-party | 41 | 68 | 100 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Purchase of goods and services |
--------------------------------------------------------------------------------
| Office premises rents | |
--------------------------------------------------------------------------------
| Key management personnel | 48 | 46 | 92 |
--------------------------------------------------------------------------------
| From other in related-party | 114 | 111 | 222 |
--------------------------------------------------------------------------------
| Total | 162 | 157 | 314 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Receivables and payables year end balances arising from sales |
--------------------------------------------------------------------------------
| and purchase of goods and services |
--------------------------------------------------------------------------------
| Receivables from other | |
--------------------------------------------------------------------------------
| in related-party | 2 | 21 | 7 |
--------------------------------------------------------------------------------
Closed-down operations
Etteplan Engineering GmbH in Germany is classed as a closed-down operation.
The Company's result for the financial year includes an expense item of EUR 140
thousand that relates to closed-down operations as a non-recurring item.
--------------------------------------------------------------------------------
| Discontinuing operations |
--------------------------------------------------------------------------------
| (1 000 EUR) | 30.6.2008 | 30.6.2007 | 31.12.2007 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Income statement |
--------------------------------------------------------------------------------
| Revenue | 0 | 2 026 | 2 800 |
--------------------------------------------------------------------------------
| Expenses | -140 | -1 912 | -2 946 |
--------------------------------------------------------------------------------
| Profit/loss before taxes | -140 | 114 | -146 |
--------------------------------------------------------------------------------
| Net profit for discontinuing | -140 | 114 | -146 |
| operations | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow statement |
--------------------------------------------------------------------------------
| Operating cash flow | -140 | -89 | -187 |
--------------------------------------------------------------------------------
| Investing cash flow | 0 | -13 | -17 |
--------------------------------------------------------------------------------
| Financing cash flow | 0 | 6 | 9 |
--------------------------------------------------------------------------------
| Change in cash | -140 | -96 | -195 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Effect of discontinuing operations | | | |
| to Etteplan financial position | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Assets |
--------------------------------------------------------------------------------
| Property, plant and equipment | 0 | 78 | 74 |
--------------------------------------------------------------------------------
| Other intangible assets | 0 | 39 | 29 |
--------------------------------------------------------------------------------
| Receivables | 0 | 685 | 717 |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 0 | 100 | 2 |
--------------------------------------------------------------------------------
| Assets total | 0 | 902 | 821 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Liabilities |
--------------------------------------------------------------------------------
| Interest bearing loans | 0 | 309 | 312 |
--------------------------------------------------------------------------------
| Trade and other payables | 0 | 359 | 417 |
--------------------------------------------------------------------------------
| Liabilities total | 0 | 668 | 729 |
--------------------------------------------------------------------------------
Income taxes
The taxes listed in the consolidated income statement have been calculated with
the tax rate appropriate for the forecast full-year result. The estimated
average effective tax rate for the year has been set separately for each
country. The effective tax rate used in the interim report is 26.7%.
Events after the review period
In July 2008, the Group acquired 100% ownership of Eteco Oy and signed an
agreement to acquire a 70% share of Innovation Team AB.
Financial risks
Etteplan Oyj's operations involve financial risks, such as foreign-currency,
refinancing and liquidity, interest, and operational credit risks. The Group's
financial risk management concentrates on minimizing the unfavorable impact of
changes in the financial markets on the Group's financial result.
Foreign-currency risk
Etteplan's business operations involve transaction and translation risks
generated by fluctuations in exchange rates. The Group has no major transaction
risks because business transactions are handled mainly in the currency of the
project country of each Group company, primarily the euro and the Swedish krona.
In the period under review, the company did not take steps to protect itself
against exchange rate changes, since the currency risks were not deemed
significant. The future will see the growing number of subcontracting projects
between Group companies and different countries increasing the currency risk
involved in
unfavorable exchange rate changes. The Group's translation risk refers to the
impact of fluctuations in exchange rates from translating balance sheet items
of
subsidiaries into euros; the Group takes steps to keep translation risk at a
minimum by generating financing for the necessary working capital in local
currencies whenever this is feasible. The levels of the translation differences
in goodwill involved in the Group's foreign company acquisitions and
investments
are monitored in conjunction with the impairment tests for goodwill.
Interest risk
The impact of changes in interest rates on the value of interest-bearing
receivables and liabilities in different currencies generates interest risk. The
Group's cash assets are invested in risk-free interest-bearing investments.
Hedging interest is the means employed to manage the extent of interest risk
related to the fixed and fluctuating interest-bearing loans in the loan
portfolio or to long-term credits.
Refinancing and liquidity risk
The Group has negotiated adequate credit facilities to minimize refinancing and
liquidity risk and to cover the estimated financing needs.
Operational credit risks
The Group has no noteworthy concentrations of credit risk. A considerable
proportion of the business operations focus on large, financially solid
companies that operate internationally. The credit losses incurred have been
minimal. The Group has guidelines to guarantee that services are sold to only
customers with an appropriate credit rating.
Management benefits
The salaries and fees paid to the company's management are disclosed in the
annual financial statements.
The company had no outstanding loans to members of management on June 30, 2008,
or December 31, 2007. On June 30, 2008, the members of the Board of Directors
and the CEO owned a total of 5,551,200 shares (December 31, 2007: 5,551,400
shares).
A share-based incentive system has been arranged for key personnel of Etteplan
Group. The system includes three earnings periods: calendar years 2008, 2009,
and 2010. The system has a target group of about 40 people. The emoluments paid
from the system correspond to the value of about 720,000 Etteplan Oyj shares at
maximum.
--------------------------------------------------------------------------------
| Major shareholders |
--------------------------------------------------------------------------------
| June 30, 2008 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Number of | Holding of |
| | shares | shares, % |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Mönkkönen Tapani | 4 075 600 | 20,20 |
--------------------------------------------------------------------------------
| Ingman Finance Oy Ab | 2 597 758 | 12,87 |
--------------------------------------------------------------------------------
| Evli Bank Plc. | 1 181 654 | 5,86 |
--------------------------------------------------------------------------------
| Hornborg Heikki | 1 146 420 | 5,68 |
--------------------------------------------------------------------------------
| Oy Fincorp Ab | 1 069 963 | 5,30 |
--------------------------------------------------------------------------------
| Varma Mutual Pension Insurance Company | 608 328 | 3,01 |
--------------------------------------------------------------------------------
| Aiff Ulf | 468 320 | 2,32 |
--------------------------------------------------------------------------------
| Nordea Bank Finland Plc. | 398 113 | 1,97 |
--------------------------------------------------------------------------------
| Fondita Nordic Micro Cap Placeringsfond | 370 000 | 1,83 |
--------------------------------------------------------------------------------
| Tuori Klaus | 358 624 | 1,78 |
--------------------------------------------------------------------------------
| Alfred Berg Small Cap Fund | 318 234 | 1,58 |
--------------------------------------------------------------------------------
| Hakakari Tapio | 306 180 | 1,52 |
--------------------------------------------------------------------------------
| Svenska Handelsbanken AB (Publ), | 302 728 | 1,50 |
| Filialverksamheten i Finland | | |
--------------------------------------------------------------------------------
| Tuori Aino | 256 896 | 1,27 |
--------------------------------------------------------------------------------
| Aktia Capital Small Cap Fund | 248 200 | 1,23 |
--------------------------------------------------------------------------------
| Kempe Anna | 228 000 | 1,13 |
--------------------------------------------------------------------------------
| Placeringsfonden Gyllenberg Small Firm | 183 378 | 0,91 |
--------------------------------------------------------------------------------
| Tuori Kaius | 178 370 | 0,88 |
--------------------------------------------------------------------------------
| Head Invest Oy | 173 540 | 0,86 |
--------------------------------------------------------------------------------
| Mandatum Finnish Small Cap Fund | 172 343 | 0,85 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other shareholders | 5 536 765 | 27,43 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total | 20 179 414 | 100,00 |
--------------------------------------------------------------------------------
