Year-end Report January - December 2002
Effnet Group AB (publ) Year-end Report January - December 2002 * In October, Effnet Group AB (publ) acquired Factum Electronics AB from Teracom AB. Factum develops and sells systems for digital radio (DAB) and digital stereo sound for television according to the NICAM principle. Factum's sales totaled SEK 19,689,000 between January and December 2002 and personnel numbered 12 full-time employees by year's end. * During the year, Effnet Group implemented substantial cost- cutting measures to bring expenses in line with revenues. * The board of directors adopted a new strategy for the Group - to acquire technology companies with strong potential. Acquiring Factum was the first step in implementing this strategy. * Net sales for the year totaled SEK 9,920,000 (10,223,000) and for the fourth quarter totaled SEK 6,440,000 (2,215,000). These figures include sales from Factum, which totaled SEK 5,738,000. * Operating loss for the year amounted to SEK -61,994,000 (- 142,717,000). Net loss for the year totaled -55,422,000 (-133,575,000) or SEK -1.01 (-2.43) per share. * Liquid assets at year's end amounted to SEK 121,769,000 (179,833,000) SEK or 2.22 (3.27) per share. * Shareholders' equity at year's end totaled SEK 110,950,000 (166,659,000) or SEK 2.02 (3.03) per share. * The number of full-time employees of the Group numbered 20 (29) at year's end. Significant events after year's end * In January, the board members acquired 2,171,100 shares in Effnet Group AB (publ) through a jointly owned company. The four board members now control a total of 6,387,599 shares or 11.6 percent of Effnet Group AB. For more information, please contact Göran E. Larsson, chief executive officer, +46 (0)8-564 605 50, +46 (0)705-65 68 69, Hans Runesten, executive vice president, +46 (0)8-564 605 50, +46 (0)702-80 26 26 Krister Moberger, chief financial officer, +46-(0)8-564 605 50, +46-(0)8-464 611 02 Or, visit the company's website: www.effnet.com ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2003/02/11/20030211BIT00650/wkr0001.pdf The full report