REPORT ON SYSOPEN PLC?S FINANCIAL STATEM
SysOpen Plc STOCK EXCHANGE RELEASE
13 February 2003
REPORT ON SYSOPEN PLCS FINANCIAL STATEMENTS FOR 2002
· Business profitability was higher than forecast,
markedly exceeding the IT industrys average
· Consolidated turnover of EUR 29.0 million reached the
last years comparable level, considering the divestment of
a business with 25 employees
· Earnings before interest, taxes and goodwill
amortisation (EBITA) accounted for 11.2 per cent of
turnover, or EUR 3.2 million, down EUR 0.9 million on a year
earlier
· Profit before extraordinary items and taxes came to EUR
2.2 million
· Earnings per share were 0.20 EUR, down EUR 0.06 on a
year earlier
· The period-end number of employees totalled 323,
showing a staff reduction of 7 on 2001
· The Board of Directors proposes that a per-share
dividend of EUR 0.38 be paid for the financial year 2002
· Considering the overall market conditions, SysOpens
near-term prospects are cautiously optimistic: year-on-year,
consolidated turnover and profitability are expected to
improve in 2003.
MARKETS
The year 2002 was characterised by one of the most
challenging market conditions in the information technology
industry. The worldwide economic and political situation
remained uncertain, and, contrary to expectations, the
economy did not recover during the second half of 2002.
Demand for IT services remained subdued, as customers
focused extensively on short-term cost-cutting measures with
the aim of rapidly improving their profitability and
efficiency. This led to delays in several customer project
launches. In many cases, customers have also performed
project launches on their own, using in-house resources. The
HEX All-Share Index, which indicates the value of shares
quoted on the Helsinki Exchanges, fell in 2002 for the third
year in a row. The majority of listed IT companies in
Finland showed a loss during 2002.
SYSOPEN
In Finland, SysOpens strategic goal is to focus on business
areas which support the Groups overall high profitability
and growth, markedly exceeding the industry average. In this
respect, the company, in the main, achieved this goal. As a
result, and thanks to its long-term and confidential
customer relationships, the subdued demand in the industry
had only a minor effect on SysOpens performance.
Despite the weaker market situation, SysOpen managed to
maintain its comparable turnover at the previous years
level. Relative profitability was higher than expected and
remained at a healthy level, albeit somewhat lower than a
year ago. Sound business profitability ensured that the
Groups equity ratio and financial position remained at good
levels throughout the financial year.
In 2002, instead of emphasising business growth, SysOpen
focused on its core businesses and their profitability by
divesting its non-core businesses, reshaping its corporate
structure and streamlining its operations. It also tightened
financing terms and conditions for its subsidiaries and
abandoned additional financing for unprofitable associated
companies. With all these measures aimed at tighter
financial and operational control, SysOpen has created a
solid basis for new, profitable business growth.
REPORTED TURNOVER YEAR-ON-YEAR
Consolidated turnover for the period reached EUR 29.0
million (EUR 30.8 million in 2001). International operations
accounted for 4.0 per cent of consolidated turnover (2.1 per
cent)
In February, the Group sold its Logistics Consulting
Services to the active management of the business area (MBO)
involving 25 employees. Taking the figures of the divested
business into account, comparable turnover for 2001 remained
the same, at EUR 29.0 million, as in 2002.
All enterprise application solutions business units based in
the Helsinki Metropolitan Area improved their year-on-year
turnover and software solutions units showed the sharpest
fall in turnover.
Turnover by business area in 2002:
Enterprise Application Solutions 85.9%
Software Solutions 14.1%
FOURTH-QUARTER TURNOVER YEAR-ON-YEAR
Fourth-quarter consolidated turnover in 2002 amounted to EUR
7.7 million (EUR 8.8 million in Q4/2001), down 12.5 per cent
on a year earlier, due, on the one hand, to the above-
mentioned divestment of the business and, on the other hand,
weaker demand for solutions designed for associations and
unions.
REPORTED OPERATING PROFIT AND FINANCIAL PERFORMANCE YEAR-ON-
YEAR
In line with the goals set, the Groups profitability
markedly exceeded the IT industrys average.
Consolidated earnings before interest, taxes and goodwill
amortisation (EBITA) came to EUR 3.2 million (EUR 4.1
million in 2001, down 21.2 per cent), accounting for 11.2
per cent of reported consolidated turnover (13.4 per cent).
SysOpen head offices removal to SysOpen Tower in late 2001
led to higher premises and equipment expenses, thus reducing
profitability. In addition, personnel expenses were up. At
the same time, the company failed to reach the predicted
turnover growth rate, resulting in weaker profitability
despite savings in other operating expenses.
Consolidated financial income and expenses included interest
and dividend income of EUR 156 thousand (EUR 199 thousand)
and value adjustments of short-term investments in
marketable securities worth EUR 289 thousand (EUR 291
thousand). In addition, financial income included write-
downs of loss-making subsidiary and associated companies
share capital, items in terms of equity and receivables
totalling EUR 531 thousand (EUR 57 thousand). Due mainly to
the latter non-recurring items, consolidated financial
income and expenses totalled EUR 699 thousand (EUR 155
thousand) and profit before extraordinary items and taxes
came to EUR 2.2 million (EUR 3.7 million, down 40.0 per
cent).
As a result of the tax deductible loss on dissolution of
subsidiaries, the amount of direct taxes paid decreased
considerably, contributing to a net profit of EUR 1.9
million (EUR 2.4 million, down 20.7 per cent). Earnings per
share were EUR 0.20 (EUR 0.26).
FOURTH-QUARTER OPERATING PROFIT AND FINANCIAL PERFORMANCE
YEAR-ON-YEAR
Q4/2002 earnings before interest, taxes and goodwill
amortisation (EBITA) came to EUR 1.1 million (EUR 1.2
million), accounting for 14.5 per cent ofcent of turnover,
so relative profitability improved over the previous year
(13.1 per cent).
TAX RATE AND NET PROFIT
The Groups structure was streamlined in 2001 by
consolidating profitable subsidiaries into the parent
company. As a result, the parent company incurred tax-
deductible losses of EUR 7.3 million resulting from the
dissolution of the subsidiaries.
The tax authorities confirmed in November 2002 the level of
losses associated with the dissolution and approved a five-
year amortisation period (until 2005). These losses will
lighten the companys tax burden and improve net profit by
EUR 423,000 per year, and earnings per share (measured by
the current number of shares) by EUR 0.05 per year. The tax
asset deriving from the dissolution loss has not been
recorded in full, but will be taken into consideration in
each years taxation.
HUMAN RESOURCES AND ADMINISTRATION
SysOpen continued to invest in human resources development
and employee training in object technologies in particular.
Also, emphasis on employee well-being and working capacity
played a vital role in maintaining job satisfaction.
At the end of the financial year, the number of employees
totalled 323, down 9.0 per cent year-on-year (355). This
staff reduction, by 7 in comparable terms (2.1 per cent),
was largely due to the sale of Logistics Consulting
Services. The average number of employees totalled 328
(336).
Reported employee turnover came to 9.0 per cent (12.2 per
cent).
Employees by function:
Enterprise Application Solutions 66%
Software Solutions 17%
Administration and management 13%
International operations 4%
Jorma Kylätie acted as the Chairman of SysOpen Plcs Board
of Directors during the first few months of 2002, but, due
to a serious illness, was given sick leave as of the
beginning of April. On 27 June 2002, the Board of Directors
appointed Kari Karvinen, the previous Vice-Chairman, as the
new Chairman of the Board and Matti Savolainen as the new
Vice-Chairman.
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 corporate administration and human
resources. Mr Kylätie returned from sick leave at the end of
October and as a Board member he is responsible for markets
and production methods. Other Board members include Timo
Tiihonen, who is responsible for industry restructuring and
Risto Linturi, who is responsible for analysing the effects
of societal and technological changes.
Arto Sahla acted as SysOpens Managing Director during 2002.
KPMG Wideri Oy Ab, Authorised Public Accountants, acted as
the Groups auditors, with Ari Ahti, Authorised Public
Accountant acting as the regular auditor.
FINANCING AND CAPITAL EXPENDITURE
The Groups financial position remained at a healthy level
throughout the financial year.
The balance sheet total came to EUR 17.7 million (EUR 18.1
million) and equity ratio was 77 per cent (76 per cent). The
ratio of net liabilities to shareholders equity, or net
gearing, was 62 per cent (39 per cent). Liquid assets
soared from EUR 5.3 million in 2001 to EUR 8.4 million, due
mainly to a higher turnover rate of accounts receivable.
The Groups gross capital expenditure amounted to EUR 0.5
million (EUR 1.7 million). In addition, the Group continued
to spend on service development and in-house software
component engineering. These investments were expensed as
incurred.
SHARE CAPITAL AND SHARES
The nominal value of a share was 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 bought back in 2001.
The average per-share price amounted to EUR 6.1.
Ten major shareholders, as of 31 December 2002
Shareholder Proportion (%) of shares
and voting rights
Kari Karvinen 16.9
Matti Savolainen 16.8
Jorma Kylätie 16.2
LEL Employment Pension 4.8
Olli Ahonen 2.0
Suomi Insurance Company Ltd 1.6
Sampo Suomi Osake 1.3
Seppo Sneck 1.3
Yrjö Toiviainen 1.2
Gyllenberg Small Firm Fund 1.1
Holding by the number of shares held, as of 31 December 2002
Proportion
Holding (%) (%) of
Number of shares shares and
voting
rights
1100 34.4 0.8
1011,000 52.8 6.7
1,00110,000 10.7 8.7
10,001100,000 1.8 20.6
100,0011,000,000 0.2 13.2
1,000,0013,000,000 0.1 50.0
Total number of holdings: 2,821
Total number of shares: 9,362,914
Holding by sector, as of 31 December 2002
Proportion Proportion
(%) of (%) of
holdings shares
Non-banking corporate sector 7.5 4.6
Financial institutions and 0.6 8.3
insurance companies
Government sector 0.1 5.3
Non-profit organisations 0.3 0.5
Households 91.0 81.2
SHARE PERFORMANCE ON THE HELSINKI EXCHANGES DURING 2002
The lowest reported share quotation was EUR 2.52 and the
highest EUR 6.35. The Groups share closed at EUR 3.19 on
the final trading day in 2002. The trade weighted average
amounted to EUR 4.51. The Groups market capitalisation
totalled EUR 29,867,696 at the end of the period.
SysOpen reported a total of 2,821 shareholders on 31
December 2002.
The Group´s 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
A total of 369,000 stock options have been issued in
accordance with SysOpen Plcs stock-option scheme for
19992004, all of which have been exercised. 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 1 November 2002, SysOpen Partners
Oy, the Group´s wholly owned subsidiary, held a total of
58,041 stock options, in accordance with the stock-option
scheme for 19992004.
A total of 400,000 stock options have been issued in
accordance with SysOpen Plcs stock-option scheme for
20002005, all of which have been exercised. 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, and for F warrants at EUR 5.36 per
share. On 1 November 2002, SysOpen Partners Oy, the Group´s
wholly owned subsidiary, held a total of 92,340 stock
options, in accordance with the stock-option scheme for
20002005.
SHAREHOLDERS MEETINGS
SysOpen Plcs Annual General Meeting was held on 21 March
2002.
The AGM adopted the Financial Statements for 2001 and
discharged those accountable from liability. In accordance
with the Board´s proposal, the AGM confirmed the profit
distribution for 2001, according to which a per-share
dividend of EUR 0.22, or a total of EUR 2,037,841.00 (85.7
per cent of the Groups profit), was distributed to
shareholders (excluding treasury shares). On 4 April 2002,
the dividend was paid to shareholders registered as the
company´s shareholders on the record date of 26 March 2002.
The AGM re-elected Kari Karvinen, Jorma Kylätie, Risto
Linturi, Matti Savolainen and Timo Tiihonen members of the
Board of Directors.
The AGM unanimously approved the following Board proposals:
- the AGM decided to increase the companys share capital
and the par value of the share through a bonus issue due to
the rounding off of the euro-denominated par value of the
share, and alter Articles 3 and 4 of the Articles of
Association.
- the AGM authorised the Board of Directors to decide on
issuing one or more convertible bonds, issuing stock options
and/or increasing the companys share capital through one or
more rights issues. The Board has not exercised this
authorisation.
- The AGM authorised the Board of Directors to dispose of
the companys own shares (treasury shares). The Board has
not exercised this authorisation.
GROUP STRUCTURE
SysOpen made a decision late in 2002 to reshape its
organisation so that the companys business units are as
follows as of 2003: Commerce and Services, Telecoms and
Industry, Financing, Organisations and Business Development,
Domestic Regions and SysOpen Object Team Oy.
With the modernised Group structure, SysOpen aims to operate
on an increasingly customer-driven basis and target its
marketing and sales efforts on a customer industry basis.
The consolidation of the software solutions business into
the industry-based business units will considerably
intensify sales of the solutions based on SysOpens own
products, product frameworks and components within the
industry-based units, as well as strengthen the position of
the Organisations business as the core unit of the industry-
based business.
These organisational changes will support the implementation
of SysOpens vision and long-term plan, published in
November 2001.
BUSINESS
SysOpen offers its customers software and expert services
that enhance their electronic business operations. Its
business consists of enterprise application solutions and
software and the supporting consulting and technology
development services.
During the report period, SysOpen strengthened its position
as an integrator of high-value-added electronic business
solutions for large and mid-sized customers. With healthy
profitability, demand remained steady for enterprise
application solutions and consulting services in the
Helsinki Metropolitan Area. The software solutions business
made a loss in 2002, due to R&D spending financed through
cash flow from business operations and the slowdown in sales
of solutions for associations and unions towards the end of
the year.
On the basis of the new Group structure announced at the end
of 2002, the software solutions business will be
consolidated into industry-based business units, with a view
to considerably intensifying sales of solutions based on the
solutions of SysOpens own products, product frameworks and
components (OpenFrame and OpenID) within the industry-based
units. These product frameworks and components will be used
as productivity tools in enterprise application solutions.
They will be utilised on an industry-specific basis in
software implementations for e-business, passenger traffic,
regional management and for the needs of various
organisations and associations.
The financial year saw new contracts, including Tieto-
Tapiola Oy/Tapiola Group, Suomen Asiakastieto Oy, LEL
Employment Pension Fund, Metso Paper Inc., Fennia, Stora
Ensos Veitsiluoto mills, Outokumpu Zinc Oy, Kemira Oyjs
Harjavalta plant, Kuntien Tekniset KTK ry, the Trade Union
of Education in Finland and a number of companies within the
manufacturing industry.
Account Strategy
SysOpen made an agreement with Suomen Asiakastieto Oy on the
implementation of J2EE, based on the architectural work
performed. LEL Työeläkekassa and SysOpen concluded an
agreement on the implementation of the OpenAdmin user
management application as part of the infrastructure of
LELs network services.
Consulting and Spearhead Strategy
SysOpen is providing Tieto-Tapiola, a Tapiola Group company,
with architecture and object project consulting services for
new J2EE projects.
Product Strategy
SysOpen Plc will implement the Lyyti membership information
system for Kuntien Tekniset KTK ry and a strike management
application for the Lyyti membership register system for the
Trade Union of Education in Finland. SysOpen implemented the
OpenZone application for Kemira Oyjs Harjavalta plant.
Acquisition and Alliance Strategy
In line with its strategy, SysOpen will remain an active
player in IT industry restructuring. 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.
Ideos Oy, SysOpens associated company based in Kuopio,
filed for bankruptcy in October, as the companys assets no
longer covered its liabilities. SysOpen, with a 25 per cent
holding in the company, is filing its claims of EUR 53,000
to the bankruptcy estate. In 2002, SysOpen wrote down all
receivables and items in terms of equity in relation to
Ideos.
In December, SysOpen signed agreements to outsource its IT
support to, and purchase the service from, Novo Group plc as
of 1 January 2002, with the result that six IT support
employees joined Novos payroll.
EVENTS AFTER THE FINANCIAL YEAR
In January, SysOpen sold 85 per cent of its majority holding
in CallCom Oy, a SysOpen subsidiary specialising in
accessibility software for PABXs, to the employees and
management (5) of the company. As a result, SysOpen now
holds 10 per cent of the companys shares, but, as specified
in the terms of the sale, it will sell the remaining holding
to the buyers by the end of 2004. CallCom Oy accounted for
around 2 per cent of SysOpens consolidated net sales in
2002. The parties to the deal agreed not to disclose the
price. The deal will contribute to SysOpens consolidated
EBITA.
In January 2003, SysOpen sold its 10 per cent minority
interest in EP-Logistic Oy to the companys management
(MBO).
NEAR-TERM PROSPECTS
SysOpens success will lie in its ability to continuously
develop and rejuvenate its service offerings to meet its
customer needs. The core business will particularly focus on
areas with strong demand and on sectors in which SysOpens
customers seek competitiveness in relation to other industry
incumbents. These sectors include IT architecture
consulting, application development methods consulting and
training, technical application auditing, application
integration services, and ever-moreever more intensified
application implementation services as well as successful
project implementations. In line with the Groups technology
vision, SysOpen will continue to develop Mobile Integration
services.
SysOpens success is based on confidential and long-term
customer relationships. Even so, one of its cornerstones
will be to attract new customers. The Group will place an
increasing emphasis on salesmanship and focus on buttressing
its profitable and expanding business areas, with the
primary aim of increasing market share in Finland. Major
players, such as SysOpen, will also succeed and perform
better when faced with a flagging demand.
The enterprise application solutions business is expected to
remain highly profitable. SysOpen shifted the focus of its
software solutions business from the investment and
development phase to the sales and implementation phase, and
its profitability is also expected to develop favourably.
Demand for consulting services and technology development
will also remain robust, especially in relation to major
object-based technology and IT architecture projects.
Cost-control measures and measures aimed at higher
operational efficiency will remain high on the agenda.
SysOpens modernised organisation is prepared to operate on
an even larger scale than today. Its investments in new
premises, modern technology, business critical IT systems,
and the number and expertise of its professional support
personnel ensure that the company is ready to grow not only
organically but also through acquisitions and alliances.
The company aims to increase the number of its employees
involved in front-office services and, thus, further improve
its profitability and profit performance over the previous
year. Despite the fact that forecasts for market conditions
look less favourable, the Group can still identify growth
potential for business volumes from the previous year and
also achieve higher profitability than last year.
Based on the companys view of the current market situation,
on the year-start profit performance and on the volume of
orders, first-quarter profitability for 2003 is expected to
remain at a healthy level as planned. Increasing investments
in sales efforts are expected to lead to growing business
volumes as of the autumn of 2003.
Considering the overall market situation, SysOpens near-
term prospects seem cautiously optimistic. This year,
however, it is advisable to take a particularly cautious
approach to future prospects, as the war, if it breaks out,
between the US and Iraq or any other international conflict
may cast a shadow over the expectations for world economic
recovery.
DIVIDEND
The Groups distributable retained earnings on 31 December
2002 totalled EUR 5,326,992, while those of the Parent
Company came to EUR 4,760,821. SysOpen Plcs Board of
Directors proposes to the Annual General Meeting that a per-
share dividend of EUR 0.38 (EUR 0.22) for the financial year
2002 be distributed to shareholders (excluding treasury
shares at the time of dividend distribution). On 12 February
2003, the number of these shares (other than treasury shares
held by the Group) totalled 9,262,914, making approximately
EUR 3.5 million (EUR 2.0 million) in dividend payment as
proposed by the Board of Directors, accounting for 186.7 per
cent (85.7 per cent) of the Groups net profit for 2002.
BRIEFING
SysOpen will hold a briefing on its financial statements for
2002 for analysts and the press at Hotel Torni, Torni vista
cabinet on the 12th floor in the Torni vista cabinet,
Kalevankatu 5, FIN00100 Helsinki, on Thursday, 13 February
2003, at 12.00 p.m. All are welcome.
The Annual General Meeting will convene at SysOpen Tower on
20 March 2003. Interim Report for 2003 will be released as
follows: Q1/2003 Interim Report on 8 May 2003, Q1+Q2/2003 on
7 August 2003 and Q1Q3/2003 on 30 October 2003.
Helsinki, 13 February 2003
SYSOPEN Plc
Board of Directors
FOR FURTHER INFORMATION, PLEASE CONTACT
Arto Sahla, Managing Director,
tel. +358 424 2020 339, gsm +358 400 442 986, email:
arto.sahla@sysopen.fi
Kirsi Lindroth, Director of Corporate Communications,
tel. +358 424 2020 388, gsm +358 40 521 6332, e-mail:
kirsi.lindroth@sysopen.fi
The Financial Statements and the related slide show will
also be presented to Investors on the Group´s 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 have been audited.
Consolidated Income Statement for 1 January31 December 2002
1 Jan. 31 1 Jan. 31
EUR 1,000 Dec. 2002 Dec. 2001
TURNOVER 28,997 30,756
Other operating income 166 68
Materials and services 902 1,683
Personnel expenses 16,863 16,936
Depreciation and value
adjustments 882 780
Other operating
expenses 7,278 7,317
OPERATING PROFIT BEFORE
GOODWILL AMORTISATION
(EBITA) 3,237 4,108
Goodwill amortisation 342 292
OPERATING PROFIT 2,895 3,816
Financial income and 699 155
expenses
Profit before
appropriations and 2,196 3,661
taxes
Direct taxes 284 1,180
Minority interest 26 102
PROFIT FOR THE PERIOD 1,886 2,379
Consolidated Balance Sheet on 31 December 2002, EUR 1,000
ASSETS 31 Dec. 31 Dec. 2001
2002
FIXED ASSETS
Intangible assets
Development costs 37 139
Intangible rights 517 564
Other non-current
assets 147 170
Group goodwill 620 1 135
Intangible assets
total 1,321 2,008
Tangible assets 1,548 1,916
Long-term investments 1,191 1,227
INVENTORIES AND CURRENT
ASSETS
Current receivables 5,205 7,599
Short-term investments 1,524 1,827
Cash and bank 6,894 3,478
receivables
ASSETS TOTAL 17,683 18,055
LIABILITIES AND 31 Dec. 31 Dec. 2001
SHAREHOLDERS EQUITY 2002
SHAREHOLDERS EQUITY
Share capital 936 787
Issue premium fund 7,091 7,241
Retained earnings
3,441 3,089
Profit for the period 1,886 2,379
SHAREHOLDERS EQUITY 13,355 13,496
TOTAL
MINORITY INTEREST 192 161
LIABILITIES
Current liabilities
4,136 4,398
LIABILITIES AND 17,683 18,055
SHAREHOLDERS EQUITY
TOTAL
Cash flow from business operations:
1 Jan.31 Dec. 2002 1 Jan.31 Dec. 2001
Income from sales 31,152 28,620
Income from other 132 68
business operations
Expenses paid due 24,796 25,020
to business
operations
Cash flow from 6,488 3,668
business operations
before financial
items and taxes
Interest paid and 323 328
other financial
expenses paid due
to business
operations
Interest received 128 163
Direct taxes paid 827 690
Cash flow from 5,466 2,813
business operations
total
Cash flow from
investments:
Investments in 477 1,690
tangible and
intangible assets
Capital gains on 162 28
tangible and
intangible assets
Other investments 5 31
Capital gains on 9
other investments
Loans received 18
Subsidiary shares -1,044
bought
Dividends received 22 25
from investments
Cash flow from 307 2,712
investments total
Cash flow from
financing:
Repayment of short- 7
term loans
Repayment of long- 77
term loans
Dividends paid and 2,038 1,004
other profit
distribution
Cash flow from 2,045 1,081
financing total
Change in liquid 3,114 980
assets
Liquid assets on 1 5,305 6,285
January
Liquid assets on 31 8,418 5,305
December
Difference 3,114 -980
Group Key Figures and Ratios (19982002)
2002 2001 2000 1999 1998
Extent of business
Turnover 28,997 30,756 22,995 10,832 7,928
- % change 6 34 112 37 32
Capital invested, 8,028 8,028 7,986 6,442 25
31 Dec.
Restricted 8,027 8,028 7,986 6,442 25
capital. 31 Dec.
Gross capital 477 1,690 1,117 986 283
expenditure
- % of turnover 2 5 5 9 4
Capitalised R&D 0 31 214 0 0
-% of turnover 0.0 0.1 1 0 0
Personnel, 31 Dec. 323 355 303 194 82
Personnel on 328 341 267 117 77
average
Profitability
Operating profit 3,237 4,108 3214 1,653 2,597
before goodwill
amortisation
(EBITA)
- % of turnover 11 13 14 15 33
Operating profit 2,895 3,816 2,911 1,653 2,597
- % of turnover 10 12 13 15 33
Profit before 2,196 3,661 2,994 2,115 2,761
extraordinary
items and taxes
- % of turnover 8 12 13 20 35
Profit for the 1,886 2,379 1,929 1,467 1,841
period
% of turnover 7 8 8 14 23
Return on equity, 14 19 18 20 50
%
Return on capital 16 27 26 28 70
invested, %
Financing and
financial position
Interest-bearing 2 10 76 209 0
liabilities
Short-term 8,418 5,304 6,285 7,347 4,117
investments, cash
and bank
receivables
Net Gearing, % 62 39 49 70 87
Equity ratio, % 77 76 76 77 78
Cash flow from 5,463 2,813 1,920 2,541 2,353
business
operations
Dividends 2,038 1,004 907 1,867 397
Group per-share
ratios
Earnings per 0.20 0.26 0.21 0.18 0.23
share, EUR (Group)
Equity per share 1.44 1.46 1.37 1.22 0.55
Dividend per share 0.38 0.22 0.11 0,11 0.22
(proposal for
2002)
Dividend per 187 86 52 % 62 108
earnings, %
Effective dividend 12 5 2 1
yield, %
Price-earnings 17.19 18.74 25.55 113.25
ratio (P/E)
Lowest share 2.52 4.1 4.85 9.1
quotation
Highest share 6.35 6.9 26 20.8
quotation
Average share 4.51 5.82 12.79 9.88
price
Market 29,868 44,925 53,615 162,621
capitalisation at
year-end
Number of shares 1,101,8 2,395,6 3,883,4 3,389,3
traded 91 04 53 51
Share turnover, % 12 26 43 41
Group Key Figures and Ratios for 2001 and 2002 (on a
quarterly basis):
Q1-Q4/ Q1-Q3/ Q1+Q2/ Q1/ Q1-Q4/
2002 2002 2002 2002 2001
Turnover 28,997 21,298 15,122 7,635 30,756
% change 3 0,8
6 2 34
Operating 2,122 2,215
profit before 3,237 609 4,108
goodwill
amortisation
(EBITA)
- % of 11 10 15 8 13
turnover
Operating 2,895 1,865 2,040 521 3,816
profit
- % of turnover 10 9 13 7 12
Profit before 1,334 840
extraordinary
and taxes 2,196 -506 3,661
- % of turnover 8 6 6 0 12
Return on 13 8
equity, % 14 19 19
Return on 14 13
capital 16 17 27
invested, %
Interest- 4 6
bearing 2 8 10
liabilities
Short-term 6,456 5,263
investments &
cash and bank
receivables 8,418 6,308 5,304
Net Gearing, % 50 43
62 57 39
Equity ratio, % 80 76
77 62 76
Gross capital 477 300 264
expenditure 146 1,690
- % of turnover 2 1 2 2 5
Personnel at 317 319
period-end 323 331 355
Personnel on 330 336
average 328 348 341
Earnings per 0.14 0.05
share, EUR 0.20 0.07 0.26
Equity per 1.38 1.3
share, EUR 1.44 1.18 1.46
The earnings-per-share ratio is based on the average share-
issue adjusted number of shares (9,262,914) for the
financial year. The number of outstanding shares totalled
9,262,914 at the end of the year.
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.
