Report on SysOpen Plc?s Financial Statem
1
Report on SysOpen Plcs Financial Statements for 2003
SysOpen Plc STOCK EXCHANGE RELEASE 12 February 2004, 8.00 a.m.
- Business profitability continued to be among the highest within
the IT sector.
- Consolidated turnover was EUR 25.2 million, down 13 per cent on
the previous year.
- Earnings before interest, taxes and goodwill amortisation
(EBITA) accounted for 7.6 per cent of turnover, or EUR 1.9 million,
down EUR 1.3 million.
- Profit before extraordinary items and taxes amounted to EUR 2.4
million, up EUR 0.2 million.
- Earnings per share were EUR 0.23, up EUR 0.03.
- The period-end number of employees totalled 270, down 16 per
cent.
- The Board of Directors proposes that a per-share dividend of EUR
0.24 be paid for the financial year 2003.
- Consolidated turnover and profitability are expected to improve
in 2004, as compared to the 2003 level.
Markets
In Finland, the year 2003 was characterised by stagnation and lack of
vision, while the SARS epidemic and the Iraq conflict caused
uncertainty in the worldwide economic and political situation. The
results of the stagnation introversion, risk aversion, caution, and
clinging to old patterns continued. As a result of the continuing
uncertainty, there were no clear signs of an upturn in the corporate
sectors investment propensity. Instead, a number of companies
attempted to safeguard their competitiveness by cutting jobs, and
sought short-term cost-savings, for example, in purchases of external
IT services.
In 2003, market conditions in the information technology industry
were even more difficult than in 2002, which was a subdued year. In
order to trim their costs, many SysOpen corporate customers announced
joint discussions with their employees (Information and Consultation)
relating to job cuts, while, in most cases, suspending their planned
IT projects, leading to lower-than-expected demand for SysOpens IT
services. Consequently, in an effort to match demand, the company
laid off its staff for a fixed term and cut chiefly administrative
jobs.
SysOpens Business
Despite the difficult market situation and fall in turnover, SysOpen
succeeded in maintaining its competitiveness, its business
profitability being among the highest within the industry, as
projected. The Groups equity ratio and financial position remained
at satisfactory levels throughout the financial year. By safeguarding
its competitiveness, SysOpen has maintained a solid basis for future
growth.
SysOpen offers its customers expert services and application software
that enhance their electronic business operations. Its business
consists of Enterprise Application Solutions and Software Solutions,
as well as supporting consulting and technology development services.
The most significant new contracts finalised in 2003 involved the
Finnish Defence Forces, Amadeus Finland, the Finnish Rail
Administration, the Central Chamber of Commerce and Patria
Industries. Moreover, the company agreed on a number of further
development projects for existing customers.
Reported Turnover Year on Year
Consolidated turnover for the period reached EUR 25.2 million (EUR
29.0 million in 2002, down 13.1 per cent). International operations
accounted for 2.6 per cent of consolidated turnover (4.0 per cent).
The fall in turnover was mainly due to the postponement of IT
investments, caused by the unpredictable economic situation, and the
divestments of unprofitable businesses carried out in early 2003 and
the previous year.
Turnover by business area in 2003:
Enterprise Application Solutions 92.3 %
Software Solutions 7.7 %
Fourth-Quarter Turnover Year on Year
Fourth-quarter consolidated turnover in 2003 amounted to EUR 6.5
million (EUR 7.7 million in Q4/2002), down 15.4 per cent on the
previous year, due to the above-mentioned business divestments and
weaker market conditions.
Profitability and Financial Performance Year on Year
Amid the challenging market situation, the Groups business
profitability remained among the highest within the IT industry,
albeit weakening on the previous year.
Consolidated earnings before interest, taxes and goodwill
amortisation (EBITA) came to EUR 1.9 million (EUR 3.2 million in
2002, down 41.0 per cent), accounting for 7.6 per cent (11.2 per
cent) of reported consolidated turnover. The decline in EBITA was
mainly due to the fall in turnover stemming from difficult market
conditions.
In 2003, the Group paid particular attention to its cost structure,
with a view to adjusting it to the prevailing market conditions. This
was evidenced by the year-on-year reduction of personnel expenses by
10.5 per cent, despite the fact that these were burdened by the EUR
0.17 million non-recurring lay-off expenses, resulting mainly from
administrative job cuts. In an effort to streamline its operations,
SysOpen was also successful in cutting its operating expenses by 7.6
per cent, year on year.
SysOpen divested its minority holding in Create!form International
Inc., a US company, enhancing financial income by EUR 0.4 million.
Consolidated financial income and expenses totalled EUR 0.7 million
(EUR 0.7 million).
Profit before extraordinary items and taxes amounted to EUR 2.4
million (EUR 2.2 million, up 8.5 per cent).
Profit before extraordinary items and taxes was eroded by the non-
recurring expenses of EUR 0.7 million related to the tender offer for
Novo Group Plc shares.
The profit for the period was EUR 1.4 million (EUR 1.9 million in
2002, down 24.6 per cent). Earnings per share were EUR 0.23 (EUR
0.20, up 15.0 per cent).
Fourth-Quarter Profitability and Financial Performance Year on Year
Q4/2003 earnings before interest, taxes and goodwill amortisation
(EBITA) came to EUR 0.4 million (EUR 1.1 million), accounting for 6
per cent of turnover, so relative profitability weakened year on
year, mainly due to the fall in turnover stemming from difficult
market conditions.
Financing and Capital Expenditure
With a positive cash flow, the Groups financial position remained at
a healthy level throughout the report period.
The balance sheet total came to EUR 16.1 million (EUR 17.7 million)
and equity ratio was 76 per cent (77 per cent). The ratio of net
liabilities to shareholders equity, or net gearing, was 68 per cent
(62 per cent). Liquid assets totalled EUR 7.8 million (EUR 8.4
million). The Group has no interest-bearing liabilities.
The Groups gross capital expenditure amounted to EUR 0.2 million
(EUR 0.5 million). The Group continued to spend on service
development and in-house software component engineering. With respect
to internal activities, research and development costs were recorded
as annual expenses throughout the financial year. Development costs
paid to external partners during the financial year were capitalised.
Return on Capital
Return on investment (ROI) was 19 per cent (16 per cent) while return
on equity (ROE) reached 17 per cent (14 per cent).
Human Resources and Administration
SysOpen continued to invest in human resources development and
employee training, both through bought-in training services and the
in-house OpenCollege training scheme. Training mainly focused on
technologies and specialist industry- and customer-specific training.
Dramatically weakening markets in spring 2003 resulted in joint
discussions (based on statutory Information and Consultation) in
early summer, involving all Group employees due to the temporary
reduction in manpower requirements. SysOpen adjusted its operations
to the prevailing market conditions by making 9 employees, mainly
administrative staff, redundant and laying off 57 (19 per cent of all
staff) for a fixed term.
At the end of the financial year, the number of employees totalled
270, down 16.4 per cent year on year (323). The reported average
number of employees was 290, down 11.6 per cent (328). The reduction
in staff was largely due to the divestment of unprofitable
businesses, SysOpens IT support outsourcing and job cuts carried out
in the summer.
Reported employee turnover came to 13.2 per cent (9.0 per cent).
Employees by function:
Enterprise Application Solutions 75 %
Software Solutions 9 %
Administration and management 12 %
International operations 4 %
Kari Karvinen acted as Chairman and Matti Savolainen as Vice-Chairman
of SysOpen Plcs Board of Directors during 2003. As full-time Board
Chairman, Mr Karvinens responsibilities include business
acquisitions and alliances as well as the development of corporate
governance. Mr Savolainens responsibilities include Group practices.
Other Board members include Jorma Kylätie, who is responsible for
markets and production methods, and Risto Linturi, who is responsible
for analysing the effects of societal and technological changes.
The fifth member of the Board, Timo Tiihonen, Senior Advisor of
CapMan, resigned at his own request from SysOpens Board on 30 May
2003, due to a change in his status. He was elected as member of the
Board of Directors of a listed IT company competing with SysOpen, as
proposed by the funds managed by CapMan.
Arto Sahla acted as SysOpens Managing Director during 2003.
KPMG Wideri Oy Ab, Authorised Public Accountants, acted as the
Groups auditors, with Ari Ahti, Authorised Public Accountant, acting
as the regular auditor.
Group Structure and Organisation
The SysOpen Group consists of SysOpen Plc (Parent Company) and the
following three operating subsidiaries: SysOpen Object Team Oy (with
a 90 per cent holding), SysOpen Limited (100 per cent) and SysOpen UK
Limited (83 per cent).
SysOpen made a decision late in 2003 to reshape its organisation
the number of business units was reduced as of the beginning of 2004
by combining units to form larger entities. The new units are:
Business Unit 1 (Telecoms, Industry, Trade, Services, Kuopio,
Jyväskylä), Business Unit 2 (Financing, Public Administration,
Tampere), Organisations and Business Development, and SysOpen Object
Team Oy.
In the modernised Group structure, the company has increased the size
of units responsible for various customer segments by combining
business units which were closely related based on the nature of
their businesses and customer portfolio. The aim is to improve our
units performance, customer-drivenness, and service and product
development to satisfy customer needs while at the same time
upgrading SysOpens sales functions.
Adoption of IFRS
The European Union requires that all listed companies registered in
the EU countries adopt IFRS (International Financial Reporting
Standards) by 2005. SysOpen will adopt IAS/IFRS-compliant standards
in its interim and annual accounts as of 2005.
SysOpen started to prepare for the IFRS in 2003 by establishing an
IFRS project group headed by SysOpens Director of Finance and
steered by the companys Management Group.
During 2003, SysOpen attempted to identify those sectors, factors and
items which the adoption of IFRS may affect in relation to the
companys information systems as well as how it compiles its
consolidated accounts, collects information and prepares financial
statements. Moreover, it provided its employees with basic training
on the implementation of IFRS and on those standards which are
central to SysOpen Plc.
In 2004, SysOpen will make decisions on optional accounting
principles and calculate the opening IFRS balance as well as 2004
reference data for the 2005 interim reports. The first IFRS-compliant
accounts with reference data will be prepared for the financial year
2005, in accordance with the standards valid on the balance sheet
day.
Shareholders Meetings
Convened on 20 March 2003, SysOpen Plcs Annual General Meeting (AGM)
adopted the financial statements for 2002, discharged Board members
and the Managing Director from liability and, pursuant to the Board's
proposal, confirmed the profit distribution for 2002.
In addition, the AGM:
- Decided to issue new 2003A2003D stock options;
- Authorised the Board to decide to issue one or several convertible
bonds, issue stock options and/or increase the share capital through
one or several rights issues. The Board has not exercised this
authorisation;
- Authorised the Board to buy back own shares. The Board has not
exercised this authorisation;
- Authorised the Board to dispose of the companys own shares
(treasury shares). The Board has not exercised this authorisation;
- Decided on Board emoluments and issuing stock options;
- Re-elected the following Board members: Kari Karvinen, Jorma
Kylätie, Risto Linturi, Matti Savolainen and Timo Tiihonen.
Share Capital and Shares
The nominal value of a share is EUR 0.1, the number of shares
totalling 9,362,914. At the end of the year, SysOpen had a total of
100,000 treasury shares, their nominal value totalling EUR 10,000,
accounting for approximately 1.1 per cent of the share capital and
votes. The average per-share buying price amounted to EUR 6.1.
Ten major shareholders, as of 31 December 2003
Shareholder Proportion (%) of shares
and votes
Kari Karvinen 16.9
Matti Savolainen 16.8
Jorma Kylätie 15.8
Etera Mutual Pension Insurance 2.3
Company
Olli Ahonen 2.0
Mandatum Finnish Small Cap Fund 1.6
Suomi Insurance Company Ltd 1.6
Sampo Finnish Equity Fund 1.3
Seppo Sneck 1.2
Yrjö Toiviainen 1.1
Holding by the number of shares held, as of 31 December 2003
Proportion
Holding (%) (%) of
Number of shares shares and
votes
1100 29.9 0.8
1011,000 54.5 8.3
1,00110,000 13.75 12.6
10,001100,000 1.6 17.7
100,0011,000,000 0.2 11.0
1,000,0013,000,000 0.1 50.0
Total number of holdings: 3,208
Total number of shares:
9,362,914
Holding by sector, as of 31 December 2003
Holding (%) Proportion
(%) of
shares
Non-banking corporate sector 7.2 5.1
Financial institutions and 0.4 8.0
insurance companies
Government sector 0.2 2.6
Non-profit organisations 0.3 0.6
Households 91.4 83.6
Share Performance on the Helsinki Exchanges during 2003
The lowest reported share quotation was EUR 2.83 and the highest EUR
4.44. The Groups share closed at EUR 4.03 on the final trading day
in 2003. The trade-weighted average amounted to EUR 3.63. The Groups
market capitalisation totalled EUR 37,732,543.42 at the end of the
period.
SysOpen reported a total of 3,208 shareholders on 31 December 2003.
The Groups shares are quoted on the Main List of the Helsinki
Exchanges under the telecommunications and electronics business
sector. One trading lot includes 50 shares and the trading code is
SYS1V.
Stock-Option Schemes
The number of stock options attached to the 19992004 stock-option
scheme totals 49,185 as follows: 23,700 1999 A stock options, 10,485
1999 B stock options, 7,500 1999 C stock options and 7,500 1999 D
stock options, all of which have been subscribed. The share
subscription period for all warrants will expire on 31 October 2004.
The share subscription price for A, B, C and D warrants is EUR 6.40,
EUR 9.30, EUR 6.55 and EUR 4.43 per share, respectively. On 31
December 2003, SysOpen held no stock options based on the 19992004
stock-option scheme.
The number of stock options attached to the 20002005 stock-option
scheme totals 21,060 as follows: 19,960 2000 E stock options, 850
2000 F stock options and 250 2000 G stock options, all of which have
been subscribed. The share subscription period for all warrants will
expire on 31 May 2005 and the share subscription price for E warrants
is set at EUR 8.30 per share, for F warrants at EUR 5.36 per share
and for G warrants at EUR 3.28. On 31 December 2003, SysOpen held no
stock options based on the 20002005 stock-option scheme.
The number of stock options attached to the 2003 stock-option scheme
totals 670,000 as follows: 210,000 2003 A stock options, 160,000 2003
B stock options, 150,000 2003 C stock options and 150,000 2003 D
stock options, all of which have been subscribed. The share
subscription period for 2003 A stock options will be from 2 May 2004
until 31 October 2005, 2003 B stock options from 1 November 2004
until 31 October 2006, 2003 C stock options from 1 November 2005
until 31 October 2007 and 2003 D stock options from 1 November 2006
until 31 October 2008. The share subscription price for 2003 A and
2003 B options is EUR 3.28 and EUR 3.19, respectively. For other
stock options, the subscription price will be determined by SysOpens
share prices quoted in public trading. On 31 December 2003, SysOpen
Partners Oy, the Groups wholly owned subsidiary, held a total of
308,950 stock options, based on the 2003 stock-option scheme.
The number of all stock options issued by SysOpen totals 740,245. The
shares to be subscribed on the basis of the stock options will
account for a maximum of 7.3 per cent of the companys shares and
votes entitled by the shares as a result of any increase of the
companys share capital. On 31 December 2003, SysOpen Partners still
held 308,950 of all stock options. The dilution effect of the
distributed stock options is currently a maximum of 4.4 per cent.
Acquisitions and Alliances
In January 2003, SysOpen divested approximately 85 per cent of its
majority holding in CallCom Oy, a SysOpen subsidiary specialising in
accessibility software for PABXs. CallCom Oy accounted for around 2
per cent of SysOpens consolidated net sales in 2002.
In 2003, SysOpen played an active and ambitious role in the Finnish
IT industrys recent consolidation trend. On 25 September 2003,
SysOpen submitted a tender offer for the shares of Novo Group Plc, a
company more than ten times the size of SysOpen, after having
concluded a merger agreement with Novos Board. However, Novo Group
Plcs Board withdrew from the agreement on 29 October 2003 after
having received a competing tender offer from WM-data AB (publ.), a
Swedish company. In SysOpens view, the risks involved in the
successful completion of the company acquisition increased
considerably following WM-datas announcement of its offer. The
increased price of Novo shares and the higher risks involved in the
acquisition essentially reduced SysOpens prospects of enhancing
shareholder value through the said transaction. On these grounds,
SysOpen cancelled its offer on 3 November 2003.
SysOpen will continue its determined preparations for future action
in the Finnish arena in line with its strategy, with the purpose of
further strengthening its current position. Strategic fit and the
promotion of factors critical to shareholder value will be given a
special emphasis when it comes to potential company acquisitions and
alliances.
Events After the Financial Year
The period after the financial year saw new customer relationships
and contracts with Silja Line Oy and Oy Samlink Ab among others.
SysOpen will implement a passenger traffic access control system for
Silja Lines ferries and three passenger terminals, as required by
new security regulations coming into force on 1 July 2004. The Silja
delivery is based on SysOpens OpenZone standard application. Docking
and loading ships involve a number of single processes within a short
period of time, setting strict requirements for transaction
processing and performance speed. As a result of new security
regulations coming into force in summer 2004, similar access control
solutions will be necessary for all ports and shipping companies.
Samlink designs and produces banking technology, catering for the
needs of, for example, Finnish savings banks and local cooperative
banks. Samlink has decided to buy SysOpens OpenMethod application
development method, which will be rolled out gradually during 2004.
The rollout project will include an analysis of Samlinks current
situation and preparedness as well as method training and
implementation mentoring. The method will be adapted to Samlinks
system architecture as needed. In the future, Samlink aims to apply
OpenMethod to various development projects.
Near-Term Prospects
SysOpens success will lie in its ability to further develop and
rejuvenate its services to meet its customer needs. The core business
will particularly focus on areas with prospects for increasing demand
and on sectors in which SysOpens customers seek competitiveness in
relation to other industry incumbents. In addition, SysOpens success
is built on long-term customer relationships based on mutual trust.
SysOpen will also place strong emphasis on winning new customers and
continue to make dedicated efforts to enhance its sales. In order to
safeguard the companys competitiveness, cost-control measures, and
measures aimed at higher operational efficiency will remain high on
the agenda. SysOpen will continue to focus on strengthening
profitable and expanding business areas in its strategy
implementation.
Recently, there have been signs of an economic recovery. However, the
prolonged economic uncertainty and subdued demand for the products
and services provided by SysOpens customers in different industries
will keep SysOpens forecast about the near-term demand for its IT
services and products moderate. Once the economy rebounds, corporate
IT investments are expected to revive gradually during 2004, which
should be reflected in SysOpens turnover and profit.
SysOpen aims to increase primarily its domestic market share through
organic growth and business acquisitions and, thus, improve its
profitability and profit performance on the previous year. Based on
the companys view of the current market situation and the expected
increase in demand, on the year-start profit performance and order
intake, first-quarter profitability for 2004 is expected to be at a
level of 78 per cent (EBITA) and improve towards the end of the
year.
Dividends
The Groups distributable retained earnings on 31 December 2003
totalled EUR 3,218,190.25, while those of the Parent Company came to
EUR 2,809,787.98. Earnings per share were EUR 0.23 (EUR 0.20).
SysOpen Plcs Board of Directors proposes to the Annual General
Meeting that a per-share dividend of EUR 0.24 (EUR 0.38) for the
financial year 2003 be distributed to shareholders (excluding
treasury shares at the time of dividend distribution). On 12 February
2004, the number of these shares (other than treasury shares)
totalled 9,262,914, making approximately EUR 2.2 million (EUR 3.5
million) in dividend payments as proposed by the Board of Directors.
Briefing
SysOpen will hold a briefing on its financial statements for 2003 for
analysts and the press at Hotel Torni, Torni vista cabinet, 12th
floor, Kalevankatu 5, FIN00100 Helsinki, on Thursday, 12 February
2004, at 12.00 p.m. All are welcome.
The Annual General Meeting will convene at SysOpen Tower on 24 March
2004. The 2004 Interim Reports will be disclosed as follows: Q1/2004
Interim Report on 29 April 2004, Q1+Q2/2004 on 5 August 2004 and
Q1Q3 on 28 October 2004.
Helsinki, 12 February 2004
SYSOPEN PLC
Board of Directors
FOR FURTHER INFORMATION, PLEASE CONTACT
Arto Sahla, Managing Director
tel. +358 424 2020 339, mobile +358 400 442 986, email:
arto.sahla@sysopen.fi
The Financial Statements and associated slide show will also be
presented to investors on the Groups website at www.sysopen.fi from
1.00 p.m.
DISTRIBUTION
Helsinki Exchanges
Major media
ATTACHMENTS
Consolidated Income Statement
Consolidated Balance Sheet
Consolidated Cash Flow Statement
Key figures and ratios
The Financial Statements are based on audited figures.
Consolidated Income Statement for 1 January31 December 2003
1 Jan. 31 1 Jan. 31
EUR 1,000 Dec. 2003 Dec. 2002
TURNOVER 25,211 28,997
Other operating income 243 166
Materials and services -1,055 -902
Personnel expenses -15,101 -16,863
Depreciation and value -666 -882
adjustments
Other operating -6,722 -7,278
expenses
OPERATING PROFIT BEFORE 1,910 3,237
GOODWILL AMORTISATION
(EBITA)
Goodwill amortisation -266 -342
OPERATING PROFIT 1,644 2,895
Financial income and 739 -699
expenses
Profit before 2,383 2,196
appropriations and
taxes
Direct taxes -258 -284
Minority interest -35 -26
PROFIT FOR THE PERIOD 1,422 1,886
Consolidated Balance Sheet on 31 December 2003, EUR 1,000
ASSETS 31 Dec. 31 Dec. 2002
2003
FIXED ASSETS
Intangible assets
Development costs 10 37
Intangible rights 393 517
Other non-current 82 147
assets
Group goodwill 312 620
Intangible assets total 797 1,321
Tangible assets 1,137 1,548
Long-term investments 1,004 1,191
INVENTORIES AND CURRENT
ASSETS
Current receivables 5,362 5,205
Short-term investments 2,014 1,524
Cash and bank 5,767 6,894
receivables
ASSETS TOTAL 16,081 17,683
LIABILITIES AND 31 Dec. 31 Dec. 2002
SHAREHOLDERS EQUITY 2003
SHAREHOLDERS EQUITY
Share capital 936 936
Issue premium fund 7,091 7,091
Retained earnings 1,796 3,431
Profit for the period 1,422 1,886
Translation difference, 35 11
unrestricted
shareholders equity
SHAREHOLDERS EQUITY 11,280 13,355
TOTAL
MINORITY INTEREST 153 192
LIABILITIES
Current liabilities 4,648 4,136
LIABILITIES AND 16,081 17,683
SHAREHOLDERS EQUITY
TOTAL
Consolidated Cash Flow Statements for 2003-2002, EUR 1,000
Cash flow from business 1 Jan.31 1 Jan.31
operations: Dec. 2003 Dec. 2002
Income from sales 26,279 31,152
Income from other business 243 132
operations
Expenses paid due to -23,446 -24,796
business operations
Cash flow from business 3,076 6,488
operations before financial
items and taxes
Interest paid and other -42 -323
financial expenses paid due
to business operations
Direct taxes paid -286 -827
Cash flow before 2,748 5,337
extraordinary items
Cash flow arising from -613 0
extraordinary items
Cash flow from business 2,134 5,337
operations total
Cash flow from investments:
Investments in tangible and -226 -477
intangible assets
Capital gains on tangible 78 162
and intangible assets
Other investments -34 -5
Capital gains on other 775 9
investments
Loans received 0 -18
Repayment of loan 34 0
receivables
Dividends received from 6 22
investments
Interest received from 116 128
investments
Cash flow from investments 748 -179
total
Cash flow from financing:
Repayment of short-term -2 -7
loans
Repayment of long-term loans
Dividends paid and other -3,516 -2,038
profit distribution
Cash flow from financing -3,519 -2,045
total
Change in liquid assets -637 3,114
Liquid assets on 1 January 8,418 5,305
Liquid assets on 31 December 7,781 8,418
Difference -637 3,114
Group Key Figures and Ratios (19992003)
EUR 1,000
2003 2002 2001 2000 1999
Extent of
business
Turnover 25,211 28,997 30,756 22,995 10,832
- % change -13 -6 34 112 37
Capital 11,432 13,549 13,667 12,848 10,314
invested
Gross capital 223 477 1,690 1,117 986
expenditure
- % of 1 2 5 5 9
turnover
Capitalised R&D 10 0 31 214 0
-% of turnover 0 0 0 1 0
Personnel 270 323 355 303 194
Personnel on 290 328 341 267 117
average
Profitability
Operating 1,911 3,237 4,108 3,214 1,653
profit before
goodwill
amortisation
(EBITA)
- % of turnover 8 11 13 14 15
Operating 1,644 2,895 3,816 2,911 1,653
profit
- % of turnover 7 10 12 13 15
Profit before 2,383 2,196 3,661 2,994 2,115
extraordinary
items and taxes
- % of turnover 9 8 12 13 20
Profit for the 1,422 1,886 2,379 1,929 1,467
period
- % of turnover 6 7 8 8 14
Return on 17 14 19 18 20
equity, %
Return on 19 16 27 26 28
capital
invested, %
Financing and
financial
position
Interest- 0 2 10 76 209
bearing
liabilities
Short-term 7,781 8,418 5,304 6,285 7,347
investments,
cash and bank
receivables
Net gearing, % -68 -62 -39 -49 -70
Equity ratio, % 76 77 76 76 77
Cash flow from 2,134 5,463 2,813 1,920 2,541
business
operations
Dividends 3,520 2,038 1,004 907 1,867
Earnings per 0.23 0.20 0.26 0.21 0.18
share, EUR
(Group),
undiluted
Earnings per 0.23 0.20 0.26 0.21 0.18
share, EUR
(Group),
diluted
Equity per 1.22 1.44 1.46 1.37 1.22
share
Dividend per 0.24 0.38 0.22 0.11 0.11
share (proposal
for 2003)
Dividend per 103 187 85 52 62
earnings, %
Effective 6 12 5 2 1
dividend yield,
%
Price-earnings 17.28 17.19 18.74 25.55 113.25
ratio (P/E)
Lowest share 2.83 2.52 4.1 4.85 9.1
quotation
Highest share 4.44 6.35 6.9 26 20.8
quotation
Average share 3.63 4.51 5.82 12.79 9.88
price
Market 37,733 29,868 44,925 53,615 162,621
capitalisation
at year-end
Number of 2,441,7 1,101,8 2,395,6 3,883,4 3,389,3
shares traded 72 91 04 53 51
Share turnover, 26 12 26 43 41
%
Group Key Figures and Ratios for 2002 and 2003 (on a quarterly basis)
EUR 1,000
2003 Q1- Q1- Q1/2003 2002
Q3/2003 Q2/2003
Extent of
business
Turnover 25,211 18,670 13,596 6,991 28,997
- % change -13 -12 -10 -8 -6
Capital 11,432 11,661 10,851 10,599 13,549
invested
Gross capital 223 128 88 20 477
expenditure
- % of turnover 1 1 1 0 2
Capitalised R&D 10 0 0 0 0
-% of turnover 0 0 0 0 0
Personnel 270 278 294 305 323
Personnel on 290 296 302 306 328
average
Profitability
Operating 1,911 1,518 1,087 849 3,237
profit before
goodwill
amortisation
(EBITA)
- % of turnover 8 8 8 12 11
Operating 1,644 1,316 951 781 2,895
profit
- % of turnover 7 7 7 11 10
Profit before 2,383 2,040 1,041 734 2,196
extraordinary
items and taxes
- % of turnover 9 11 8 10 8
Profit for the 1,422 1,675 879 586 1,886
period
- % of turnover 6 9 6 8 7
Return on 17 18 15 20 14
equity, %
Return on 19 22 17 24 16
capital
invested, %
Financing and
financial
position
Interest- 0 0 0 0 2
bearing
liabilities
Short-term 7,781 6,755 6,530 5,891 8,418
investments,
cash and bank
receivables
Net gearing, % -68 -58 -60 -56 -62
Equity ratio, % 76 80 74 73 77
Cash flow from 2,134 1,399 1,602 995 5,463
business
operations
Earnings per 0.23 0.19 0.09 0.06 0.20
share, EUR
(Group),
undiluted
Earnings per 0.23 0.19 0.09 0.06 0.20
share, EUR
(Group),
diluted
Equity per 1.22 1.24 1.16 1.13 1.44
share
Price-earnings 17.28 19.1 31.2 46.6 17.19
ratio (P/E)
Lowest share 2.83 2.83 2.83 2.95 2.52
quotation
Highest share 4.44 3.79 3.79 3.79 6.35
quotation
Average share 3.63 3.36 3.27 3.44 4.51
price
Market 37,733 32,050 27,511 27,326 29,868
capitalisation
at year-end
The weighted average of the adjusted number of shares totalled
9,262,914 during the financial period.
The dilution-adjusted number of shares totalled 9,293,334 at the end
of the period.
The number of outstanding shares totalled 9,262,914 at the end of the
period.
The company held a total of 100,000 treasury shares at the end of the
year.
The Group has no liabilities associated with derivative contracts.
