Done Solutions Corporation
Interim Report April 28, 2008, at 11:40 am
DONE GROWS PROFITABLY
Done Solutions Corporation's Interim Report 1-3/2008 (IFRS)
- Consolidated net sales: EUR 12.2 million (EUR 5.2 million in 1−3/2007), up by
136 percent.
- Consolidated operating profit: EUR 1.4 million (EUR 0.9 million), or 11.4
percent of net sales (18.2 percent), up by 48 percent.
- Pre-tax profit: EUR 1.4 million (EUR 0.9 million), or 11.2 percent of net
sales (18.2 percent).
- Earnings per share: EUR 0.013 (EUR 0.010). Equity ratio of 56.0 percent (60.2
percent).
- Equity per share: EUR 0.25 (EUR 0.11).
- Cash flow from operating activities: EUR 0.9 million (EUR 1.2 million).
- As estimated before, the Group's projected total net sales and operating
profit for 2008: significant increase from the previous year's level.
SEGMENTS AND MARKET SITUATION
In the Services segment of the Group, demand and net sales for multilingual
content production met expectations in Q1, but operating profit was burdened by
non-recurring personnel costs.
Contact Center services, integrated into the Services segment in December 2007,
experienced strong demand in Q1, winning new service contracts, particularly in
the banking and insurance sectors.
The Systems segment posted exceptional Q1 net sales and operating profit on
account of the strong order backlog gained last year. The predicted weakening
overall economic trends are reflected in this segment's operating environment,
which is why the company is striving to find alternative markets in emerging
market areas.
In Q1, the Health Care segment underwent organizational restructuring and
modification of the business concept, as a consequence of which the segment's
net sales and operating profit growth leveled out temporarily. However, the new
organization and concept aim at more competitive and focused operations.
In the Defense segment, Q1 net sales remained low. Since the customer base of
this segment is still narrow, individual orders are highly significant in terms
of net sales development. Therefore, the segment strives to expand its customer
base beyond the Baltic Sea area.
The Technology segment posted outstanding Q1 net sales, but, for accrual
reasons, relative operating profit did not reach similar excellent levels.
Demand for price display systems has remained high, and new parking display
systems are being tested in the market.
NET SALES, PROFITABILITY, AND PROFIT
Consolidated net sales for the period came to EUR 12.2 million (EUR 5.2
million), up by 136 percent year on year.
Consolidated operating profit before depreciation (EBITDA) came to EUR 1.7
million, accounting for 14.3 percent of consolidated net sales (EUR 1.0 million
or 19.6 percent of consolidated net sales), up by 72 percent from the previous
year's level.
Consolidated operating profit amounted to EUR 1.4 million, accounting for 11.4
percent of consolidated net sales (EUR 0.9 million, or 18.2 percent of
consolidated net sales), up by 48 percent from the previous year's figure.
Pre-tax profit totaled EUR 1.4 million, accounting for 11.2 percent of net
sales (EUR 0.9 million, or 18.2 percent of net sales), up by 45 percent year on
year.
Net profit for the period came to EUR 1.0 million, accounting for 8.3 percent
of net sales (EUR 0.7 million, or 13.4 percent of net sales), up by 46 percent
from the previous year's level.
Undiluted and diluted earnings per share rose to EUR 0.013 (EUR 0.010) Equity
per share improved to EUR 0.25 (EUR 0.11).
Services (Done Information and Midas Touch), Systems (Done Logistics), Health
Care (Tiolat), Defense (Boomeranger Boats), and Technology (Finnish Led-Signs)
form the Group's primary, IFRS-compliant segment reporting format. The Defense
segment has been consolidated since August 1, 2007; the Technology segment
since September 1, 2007; and Midas Touch with the Services segment since
January 1, 2008.
Net sales Net sales Segment profit
1−3/2008 1−3/2007 1−3/2008 1−3/2007
MEUR share MEUR share MEUR % MEUR %
Services
Done Information 1.3 11% 1.5 29% 0.07 5 0.28 19
Midas Touch 4.2 34% - - 0.40 10 - -
Systems 4.0 33% 2.6 51% 0.61 15 0.33 13
Health Care 1.0 9% 1.1 20% 0.41 39 0.49 46
Defense 0.8 6% - - 0.04 5 - -
Technology 0.9 7% - - 0.08 10 - -
Total 12.2 100% 5.2 100% 1.61 13 1.10 21
Parent company costs -0.21 -2 -0.16 -3
Operating profit 1.39 11 0.94 18
The consolidated net sales, profit by segment, and consolidated operating
profit by quarter were:
MEUR Q1/08 Q4/07 Q3/07 Q2/07 Q1/07
Net sales:
Services
Done Information 1.3 1.5 1.3 1.4 1.5
Midas Touch 4.2 - - - -
Systems 4.0 3.6 3.0 2.6 2.6
Health Care 1.0 1.6 0.8 0.9 1.1
Defense 0.8 0.8 1.5 - -
Technology 0.9 0.5 0.2 - -
Total 12.2 8.0 6.7 4.8 5.2
Segment profit:
Services
Done Information 0.07 0.17 0.16 0.17 0.28
Midas Touch 0.40 - - - -
Systems 0.61 0.34 0.31 0.36 0.33
Health Care 0.41 0.56 0.19 0.23 0.49
Defense 0.04 0.12 0.19 - -
Technology 0.08 0.01 0.02 - -
Total 1.61 1.20 0.88 0.76 1.10
Parent co. costs -0.21 0.08 -0.18 -0.15 -0.16
Operating profit 1.39 1.27 0.70 0.61 0.94
Oper. profit % 11.4% 16.0% 10.4% 12.8% 18.2%
BALANCE SHEET AND FINANCIAL POSITION
On March 31, 2008, the consolidated balance-sheet total amounted to EUR 34.9
million (EUR 12.3 million on March 31, 2007). Shareholders' equity came to EUR
19.2 million (EUR 7.3 million). Interest-bearing liabilities totaled EUR 3.6
million (EUR 1.1 million), and gearing stood at -1.2 percent (-19.5 percent).
At period end, the equity ratio was 56.0 percent (60.2 percent) and cash and
cash equivalents stood at EUR 3.9 million (EUR 2.5 million).
CORRECTION OF AN ERROR CONCERNING PREVIOUS ACCOUNTING PERIOD
The accounting method applied to the acquisition of a minority holding in
Tiolat Oy in August 2006 has been corrected in accordance with IAS 8 standard.
The rebooking complies with the IFRS 3 standard amendment. Previously, the
acquisition in question was entered in financial statements and interim reports
in the company's acquisition costs, whereby intangible assets acquired in
connection with the majority holding acquisition were revalued in connection
with the minority holding acquisition in August 2006. In this interim report,
the minority holding acquisition has been adjusted with comparison data such
that it has been booked in August 2006 as a decrease in shareholders' equity.
As a result of this adjustment the depreciation of the intangible assets
decreases. The adjustment influences previously published comparative data for
this interim report as follows:
1−3/2007 1−12/2007
MEUR MEUR
Depreciation/amortization 0.1 0.3
Operating profit 0.1 0.3
Pre-tax profit 0.1 0.3
Taxes -0.0 -0.1
Net profit 0.1 0.2
Earnings per share, EUR 0.000 0.003
Intangible assets -3.4 -3.2
Goodwill -1.8 -1.8
Deferred tax receivables -0.2 0.0
Revaluation reserve -1.5 -1.5
Retained earnings/loss -2,8 -2,6
Total shareholders' equity -4.3 -4.1
Deferred tax liabilities -1.1 -0.8
Balance-sheet total -5.4 -4.9
The original and rebooked values with differences in 2007 are reported by
quarter at the end of this interim report.
MAJOR EVENTS IN Q1/2008
Engineer Ari Tiukkanen (age 46) was appointed CEO of Tiolat Oy, a Done
Solutions Corporation subsidiary, as of March 1, 2008.
MAJOR EVENTS AFTER THE BALANCE-SHEET DATE
On April 2, 2008, Done Solutions Corporation published a stock exchange release
dealing with decisions made by the Annual General Meeting (AGM) on the same
date. The AGM's decisions requiring registration in the Trade Register were
registered on April 15, 2008.
The Chinese Food and Drug Administration approved an import license application
on April 16, 2008, for the iCare tonometer filed by Tiolat Oy, a Group
subsidiary that is part of the Health Care segment. This license is valid in
its first phase for four years, as is China's practice.
Boomeranger Boats Oy, a subsidiary in the Group's Defense segment, received a
total of EUR 1.9 million for order delivery from West European military forces
on April 18, 2008. The rigid inflatable boats ordered will be of a new type,
and the company will apply for SOLAS FRB qualification approval for the boats.
The delivery will be implemented in 2008-2009.
HUMAN RESOURCES
During the period, the number of employees averaged 707 (133), two of whom
worked abroad (2). The company's personnel by segment at the end of the period
were as follows:
March 31, 2008 March 31, 2007
Services 623 66
Systems 69 58
Health Care 9 6
Defense 29 -
Technology 10 -
Parent company 3 3
Total 743 133
MANAGEMENT AND AUDITORS
Done Solutions Corporation's Board of Directors is made up of the following
members: Jyri Merivirta (Chairman), Matti Nevalainen, and Pekka Tammela.
PricewaterhouseCoopers Oy, Authorized Public Accountants, acted as the
company's auditor, with Juha Tuomala, Authorized Public Accountant, as the
chief auditor.
SHARE CAPITAL AND SHARES
Between January 1 and March 31, 2008, the company increased its number of
shares by 179,112, from 75,936,482 to 76,115,594 shares. This increase was
recorded in the unrestricted shareholders' equity fund.
Date of
Period Increase registration Rights issue
March 7, 2008 179,112 Mar. 14, 2008 Mia Järvinen and Olli-Pekka Salovaara
On March 31, 2008, Done Solutions Corporation's share capital came to EUR
5,314,918.72 and the number of shares totaled 76,115,594.
On March 31, 2008, the Board's authority to issue shares had not been exercised
with respect to some 19,636,525 shares of the 33,000,000 shares that it had the
authority to issue per the AGM's decision of April 3, 2007. In addition, the
Board did not exercise its authority to issue 6,643,648 own shares. Under the
AGM decision April 3, 2007, the Board had the authority to decide on the
purchase of 6,643,648 own shares. On March 31, 2008, the company had no own
shares.
The reported share turnover of Done Solutions Corporation for January 1 - March
31, 2008, was EUR 2.2 million, representing 3.7 million shares and 4.9 percent
of the total number of the company's shares. The highest share quotation for
the period was EUR 0.75 and the lowest EUR 0.44. The share price averaged EUR
0.59 and closed at EUR 0.69 on March 31, 2008. The company's market
capitalization on March 31, 2008, totaled EUR 52.5 million.
SHAREHOLDERS
On March 31, 2008, the number of shareholders in the company totaled over
2,500. The fiscal year saw one flagging notification related to shareholdings.
Jyri Merivirta's holding in Done Solutions Corporation decreased to less than
one fifth of the shares and the voting rights, as a result of the trade
register registration on January 16, 2008, of shares subscribed to on the basis
of a private placement with the former owners of Midas Touch Oy and GDZ
Markkinointi Oy.
The company's largest shareholders are listed on Done's Web site, at
www.donesolutions.com (Investors / Financial Information / Largest
shareholders).
OPTION RIGHTS
On the basis of the rights issue authorization approved by the shareholders'
meeting of April 3 2007, the Executive Board of Done Solutions Oyj decided, on
November 23, 2007, on a new corporate option plan, comprising a maximum of
3,684,365 option rights. The option plan and its terms can be found in the
company's stock exchange release of November 23, 2007.
MANAGEMENT SHAREHOLDINGS
On March 31, 2008, the Board of Directors and the President and CEO held 20.3
percent of the company's shares, totaling 15,447,346 shares, and 18.6 percent
of stock options. Moreover, on the same date, Gateway Finland Oy held 15.1
percent of the company's shares: 11,500,000 shares. Matti Nevalainen, a Board
member, holds 50 percent of Gateway Finland Oy shares.
INSIDER ISSUES AND CORPORATE GOVERNANCE
Done Solutions Corporation complies with the Guidelines for Insiders, effective
as of January 1, 2006, set forth by the Helsinki Stock Exchange and, to the
applicable extent, the Recommendation on the Corporate Governance for Listed
Companies effective as of July 1, 2004. The company's Corporate Governance
Statement is available in the ‘Investors' section of the company's Web site.
SIGNIFICANT NEAR-TERM RISKS
The increasing overall uncertainty in the world economy may affect demand for
Done Solutions products and services, particularly in terms of the timing and
implementation of large customer projects.
The stock exchange release of March 5, 2008, on the financial statements for
2007 provides information on major business risks the company is exposed to.
There were no changes in the company's major business risks after the financial
statements stock exchange release.
LITIGATION
The company has no litigations or legal proceedings that, according to Board's
view, would have significant influence on Group's financial position.
SHORT-TERM PROSPECTS
Increasing uncertainty in world economic trends is evident in Group companies'
operating environment. Those external factors related to this uncertainty that
the company itself cannot influence in any way can affect development rapidly
and change the forecast presented hereafter, which is based on the information
available at present.
In the Services segment, the demand for multilingual content production (Done
Information) is expected to remain stable, and net sales will increase
moderately. The business prospects for Contact Center services (Midas Touch)
are good. Solicitation of customers has succeeded in expanding the customer
base and deepening the existing customer relationships. Economic uncertainty is
expected to result in an increase in outsourcing of service operations, which
would benefit Midas Touch.
Economic fluctuation is intense in the Systems segment (Done Logistics).
Because of the solid backlog of orders from last year, this segment is expected
to post higher net sales than it did in 2007, but it will face challenges in
keeping the order backlog at the current high level.
In the Health Care segment, the restructuring of the sales and retail
organization is expected to result in higher net sales later on.
The Defense segment's order volume varies from one year to the next, and it is
anticipated that its order book and net sales will fall short of the previous
year's on account of this annual variation.
Meanwhile, the Technology segment has seen an increase in product demand, and
net sales are expected to show considerable year-on-year growth.
As estimated before, the Group's total net sales are expected to see marked
growth from the previous year's figures.
Maintaining profitability in the current competitive climate is challenging,
e.g., because of increasing subcontracting and labor costs. However, as
estimated before, the Group's operating profit is expected to increase
significantly from that of the previous year.
Done Solutions Corporation
Board of Directors
For further information, please contact:
Olli-Pekka Salovaara, President and CEO: +358 (0)40 567 5520 (mobile),
olli-pekka.salovaara@donesolutions.com
Mika Söyring, CFO: +358 (0)40 777 0033 (mobile),
mika.soyring@donesolutions.com
http://www.donesolutions.com/
Distribution:
Helsinki Stock Exchange
Financial Supervision Authority
Major media
Done Solutions Corporation, listed on the OMX Nordic Exchange Helsinki, is the
parent company of Done Group. Done's subsidiaries focus on the provision of
advanced Finnish specialist expertise and export-based operations.
GROUP KEY FIGURES AND RATIOS (MEUR) 1-3/2008 1-3/2007 1-12/2007
Rebooked Reebooked
values values
Net sales 12.2 5.2 24.7
Operating profit 1.4 0.9 3.5
Operating profit, % 11.4 18.2 14.3
Pre-tax profit 1.4 0.9 3.5
Pre-tax profit, % 11.2 18.2 14.1
Net profit 1.0 0.7 5.7
Net profit, % 8.3 13.4 23.0
Gross capital expenditure 0.1 0.0 14.5
Gross capital expenditure, % of net sales 1.1 0.7 58.8
R&D costs 0.1 0.0 0.8
R&D costs, % 0.8 0.8 3.2
Gearing, % -1.2 -19.5 4.1
Equity ratio, % 56.0 60.2 52.6
Return on investment (ROI), % 23.4 45.6 21.9
Return on equity (ROE), % 21.7 40.0 45.9
Undiluted earnings per share, EUR 0.013 0.010 0.084
Diluted earnings per share, EUR 0.013 0.010 0.084
Equity per share, EUR 0.25 0.11 0.24
Average number of employees 707 133 155
Cash flow from operating activities 0.9 1.2 3.3
Cash flow from investment activities -0.0 -0.0 -2.5
Cash flow from financing activities -0.5 -1.1 0.2
Total cash flow 0.5 0.1 1.0
CONSOLIDATED INCOME STATEMENT (MEUR) 1-3/2008 1-3/2007 1-12/2007
Rebooked Reebooked
values values
NET SALES 12.2 5.2 24.7
Changes in inventory -0.1 -0.0 -0.2
Other operating income 0.0 0.0 0.0
Materials and services -3.9 -2.0 -10.1
Employee benefits -5.2 -1.6 -7.5
Depreciation/amortization -0.3 -0.1 -0.4
Other operating expenses -1.3 -0.6 -2.9
OPERATING PROFIT 1.4 0.9 3.5
Share of associates' results 0.0 0.0 0.0
Financial expenses (net) -0.1 -0.0 -0.1
PRE-TAX PROFIT 1.4 0.9 3.5
Income tax expenses -0.3 -0.2 2.2
NET PROFIT 1.0 0.7 5.7
Earnings per share, undiluted (EUR) 0.013 0.010 0.084
Earnings per share, diluted (EUR) 0.013 0.010 0.084
CONSOLIDATED BALANCE SHEET (MEUR) March 31, March 31, Dec. 31,
2008 2007 2007
Rebooked Reebooked
values values
ASSETS
NON-CURRENT ASSETS
Property, plant, and equipment 2.3 0.6 2.3
Goodwill 11.4 1.3 11.4
Intangible assets 3.8 1.4 4.0
Shares in associates 0.5 0.4 0.4
Available-for-sale assets 0.0 0.0 0.0
Receivables 0.3 0.4 0.4
Deferred tax assets 3.9 1.9 4.4
TOTAL NON-CURRENT ASSETS 22.1 6.0 22.9
CURRENT ASSETS
Inventories 1.2 0.2 1.2
Trade and other receivables 7.8 3.7 8.3
Cash and cash equivalents 3.9 2.5 3.4
TOTAL CURRENT ASSETS 12.8 6.4 12.8
TOTAL ASSETS 34.9 12.3 35.7
LIABILITIES AND SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY
Share capital 5.3 5.3 5.3
Share premium 2.4 2.4 2.4
Fair value reserve 0.3 0.3 0.3
Invested unrestricted capital reserve 6.5 0.0 6.4
Retained earnings/loss 4.6 -0.8 3.6
TOTAL EQUITY attributable to holders
of parent company equity 19.2 7.3 18.1
MINORITY INTEREST 0.0 0.0 0.0
TOTAL SHAREHOLDERS' EQUITY 19.2 7.3 18.1
LIABILITIES
LONG-TERM LIABILITIES
Deferred tax liabilities 1.1 0.4 1.2
Provisions 0.0 0.6 0.0
Interest-bearing liabilities 2.8 1.1 2.9
Other payables 2.4 0.0 2.4
TOTAL LONG-TERM LIABILITIES 6.3 2.1 6.5
SHORT-TERM LIABILITIES
Advance payments 0.6 0.2 1.3
Trade and other payables 7.8 2.7 8.5
Provisions 0.2 0.0 0.2
Interest-bearing liabilities 0.9 0.0 1.2
TOTAL SHORT-TERM LIABILITIES 9.4 3.0 11.1
TOTAL LIABILITIES 15.7 5.1 17.6
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY 34.9 12.3 35.7
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (MEUR)
Share Share Other Retained Min. Total
capital premium reserves earnings int. equity
Balance on Jan. 1, 2007 5.3 2.4 0.3 -1.5 0.0 6.6
Net profit 0.0 0.0 0.0 0.7 0.0 0.7
Balance on March 31, 2007 5.3 2.4 0.3 -0.8 0.0 7.3
Dividend distribution 0.0 0.0 0.0 -0.7 0.0 -0.7
Private placements 0.0 0.0 6.4 0.0 0.0 6.4
Net profit 0.0 0.0 0.0 5.7 0.0 5.7
Balance on Dec. 31, 2007 5.3 2.4 6.7 3.6 0.0 18.1
Private placements 0.0 0.0 0.1 0.0 0.0 0.1
Net profit 0.0 0.0 0.0 1.0 0.0 1.0
Balance on March 31, 2008 5.3 2.4 6.8 4.6 0.0 19.2
CONSOLIDATED CASH FLOW STATEMENT (MEUR) 1-3/2008 1-3/2007 1-12/2007
Net profit 1.0 0.6 5.7
Adjustments to net profit 0.7 0.3 -1.7
Change in working capital -0.8 0.3 -0.3
Interest paid -0.1 -0.0 -0.3
Interest received 0.0 0.0 0.1
Taxes paid 0.0 0.0 -0.2
CASH FLOW FROM OPERATING ACTIVITIES 0.9 1.2 3.3
Acquisition of subsidiary 0.0 0.0 -2.3
Acquisition of associates 0.0 -0.0 -0.0
Purchase of PPE -0.0 -0.0 -0.2
Purchase of intangible assets -0.0 -0.0 -0.0
Payments of other investments 0.1 0.0 0.0
NET CASH USED IN INVESTMENT ACTIVITIES 0.1 -0.0 -2.5
Rights issue 0.0 0.0 0.0
Dividends paid 0.0 0.0 -0.7
Long-term borrowing 0.0 0.0 3.0
Repayments of long-term borrowing -0.4 -1.1 -2.1
Finance lease principal payment -0.0 -0.0 -0.1
NET CASH USED IN FINANCING ACTIVITIES -0.5 -1.1 0.2
Net change in cash and cash equivalents 0.5 0.1 1.0
Cash and cash equivalents, period-start 3.4 2.4 2.4
Cash and cash equivalents, period-end 3.9 2.5 3.4
CONTINGENT LIABILITIES (MEUR) March 31, March 31, Dec. 31,
2008 2007 2007
Mortgages given 3.3 0.3 3.3
Pledges given 7.5 2.7 8.8
Securities given 2.9 1.5 3.3
Operating lease liabilities 0.4 0.1 0.4
Other rental liabilities 1.3 0.2 1.3
NET SALES AND OPERATING PROFIT BY QUARTER (MEUR)
MEUR Q1/08 Q4/07 Q3/07 Q2/07 Q1/07
Net sales 12.2 8.0 6.7 4.8 5.2
Oper. profit 1.4 1.3 0.7 0.6 0.9
Oper. profit, % 11.4% 16.0% 10.4% 12.8% 18.2%
EFFECTS OF THE CHANGE IN BOOKING OF THE ACQUISITION OF MINORITY HOLDINGS IN
TIOLAT OY, 8/2006 IN 2007 COMPARATIVES BY QUARTERS
1-3/2007 Original Rebooked Difference
MEUR value value
Depreciation/amortization -0.2 -0.1 0.1
Operating profit 0.9 0.9 0.1
Pre-tax profit 0.9 0.9 0.1
Taxes -0.2 -0.2 -0.0
Net profit 0.6 0.7 0.1
Earnings per share, EUR 0.010 0.010 0.000
Intangible assets 4.8 1.4 -3.4
Goodwill 3.1 1.3 -1.8
Deferred tax receivables 2.1 1.9 -0.2
Revaluation reserve 1.5 0.0 -1.5
Retained earnings/loss 2.0 -0.8 -2.8
Total shareholders' equity 11.6 7.3 -4.3
Deferred tax liabilities 1.4 0.4 -1.1
Total balance-sheet 17.7 12.3 -5.4
1-6/2007 Original Rebooked Difference
MEUR value value
Depreciation/amortization -0.3 -0.1 0.2
Operating profit 1.4 1.6 0.2
Pre-tax profit 1.4 1.6 0.2
Taxes -0.4 -0.4 -0.0
Net profit 1.0 1.2 0.1
Earnings per share, EUR 0.016 0.017 0.001
Intangible assets 4.7 1.3 -3.3
Goodwill 3.1 1.3 -1.8
Deferred tax receivables 1.7 1.7 0.0
Revaluation reserve 1.5 0.0 -1.5
Retained earnings/loss 1.8 -0.9 -2.7
Total shareholders' equity 11.3 7.1 -4.2
Deferred tax liabilities 1.2 0.4 -0.9
Total balance-sheet 16.8 11.7 -5.1
1-9/2007 Original Rebooked Difference
MEUR value value
Depreciation/amortization -0.5 -0.2 0.2
Operating profit 2.0 2.3 0.2
Pre-tax profit 2.0 2.2 0.2
Taxes -0.5 -0.6 -0.1
Net profit 1.5 1.6 0.2
Earnings per share, EUR 0.022 0.024 0.002
Intangible assets 5.2 1.9 -3.2
Goodwill 7.4 5.6 -1.8
Deferred tax receivables 1.6 1.6 0.0
Revaluation reserve 1.5 0.0 -1.5
Retained earnings/loss 2.2 -0.5 -2.7
Total shareholders' equity 13.3 9.1 -4.2
Deferred tax liabilities 1.5 0.7 -0.8
Total balance-sheet 25.5 20.5 -5.0
1-12/2007 Original Rebooked Difference
MEUR value value
Depreciation/amortization -0.7 -0.4 0.3
Operating profit 3.3 3.5 0.3
Pre-tax profit 3.2 3.5 0.3
Taxes 2.3 2.2 -0.1
Net profit 5.5 5.7 0.2
Earnings per share, EUR 0.081 0.084 0.003
Intangible assets 7.1 4.0 -3.2
Goodwill 13.1 11.4 -1.8
Deferred tax receivables 4.3 4.4 0.0
Revaluation reserve 1.5 0.0 -1.5
Retained earnings/loss 6.2 3.6 -2.6
Total shareholders' equity 22.2 18.1 -4.1
Deferred tax liabilities 2.0 1.2 -0.8
Total balance-sheet 40.6 35.7 -4.9
EFFECTS OF THE CHANGE IN BOOKING OF THE ACQUISITION OF MINORITY HOLDINGS IN
TIOLAT OY, 8/2006 IN 2007 COMPARATIVES OF THE CONSOLIDATED STATEMENT OF CHANGES
IN SHAREHOLDERS' EQUITY (MEUR)
Share Share Other Retained Minor. Total
capital premium reserves earnings inter. equity
Balance on Jan. 1, 2007
Original value 5.3 2.4 0.3 2.9 0.0 11.0
Rebooked value 5.3 2.4 0.3 -1.5 0.0 6.6
Difference 0.0 0.0 0.0 -4.4 0.0 -4.4
Balance on March 31, 2007
Original value 5.3 2.4 0.3 3.5 0.0 11.6
Rebooked value 5.3 2.4 0.3 -0.8 0.0 7.3
Difference 0.0 0.0 0.0 -4.3 0.0 -4.3
Balance on June 30, 2007
Original value 5.3 2.4 0.3 3.3 0.0 11.3
Rebooked value 5.3 2.4 0.3 -1.0 0.0 7.1
Difference 0.0 0.0 0.0 -4.2 0.0 -4.2
Balance on Sept. 30, 2007
Original value 5.3 2.4 1.8 3.7 0.0 13.3
Rebooked value 5.3 2.4 1.8 -0.4 0.0 9.1
Difference 0.0 0.0 0.0 -4.2 0.0 -4.2
Balance on Dec. 31, 2007
Original value 5.3 2.4 6.7 7.7 0.0 22.2
Rebooked value 5.3 2.4 6.7 3.6 0.0 18.1
Difference 0.0 0.0 0.0 4.1 0.0 -4.1
The figures (incl. comparatives) in this report are in compliance with IAS 34
Interim Reports standard. Moreover, the accounting principles of this report
are the same as those of the financial report 2007. Information in this report
is based on unaudited figures.
