DONE SOLUTIONS' GROWTH STRONG IN 2008
Done Solutions Corporation
Financial statements bulletin March 5, 2009, at 9:00 am
DONE SOLUTIONS' GROWTH STRONG IN 2008
Done Solutions Corporation's financial statements 2008 (IFRS)
1-12/2008
- Consolidated net sales: EUR 45.1 million (EUR 24.7 million in 1-12/2007), up
by 80.3 per cent.
- Consolidated operating profit: EUR 3.8 million (EUR 3.5 million), or 8.4
percent of net sales (14.3 percent).
- Pre-tax profit: EUR 3.6 million (EUR 3.5 million), or 8.0 percent of net
sales (14.1 percent).
- Earnings per share EUR 0.035 (EUR 0.084. Earnings per share excluding
deferred taxes from confirmed losses EUR 0.049 in 2007).
- Equity ratio at 60.9 percent (52.6 percent).
- Equity per share EUR 0.23 (EUR 0.24).
- Cash flow from operating activities EUR 3.3 million (EUR 3.3 million).
- Proposed dividend EUR 0.02 per share (EUR 0.04 per share).
10-12/2008:
- Consolidated net sales: EUR 10.3 million (EUR 8.0 million in 10-12/2007), up
by 30.6 percent.
- Consolidated operating profit: EUR 0.1 million (EUR 1.3 million), or 0.5
percent of net sales (16.0 percent).
BUSINESS ENVIRONMENT AND BUSINESS DEVELOPMENT
The business environment changed significantly over the course of 2008
following developments in the world economy. The global economic downturn is
increasing uncertainty and hindering predictability in all of the Group's
business segments.
In the Services segment, net sales from multilingual content production dropped
slightly from the previous year. The impact of reduced profitability on
operating profit was significant. Net sales and profitability were weakened by
rising production costs and the impact of greater competition.
Demand for contact center services, a business acquired by the Services segment
in December 2007, remained buoyant through the first three quarters of the
year, but dampened remarkably in the final quarter. Operating profit in
relation to expectations was weakened early in the year by several factors,
especially by the availability of labor and its impact on production
efficiency. Towards the end of the year, as the economic outlook turned
grimmer, profitability was impaired by changes in demand and its structure.
In the Systems segment, net sales and profit remained at a good level
throughout the year, primarily due to the order book accumulated in 2007. The
economic downturn has had a clear impact on the segment's business operations,
and winning new orders has become significantly more difficult. The segment was
prepared to meet a contraction in business volume by means of employer-employee
negotiations, and other adjustment measures.
In the Health Care segment, a major project for developing new products and
next generation product families was started. Furthermore, a sales channel
reorganizing project in Nort America and Asia was implemented. Both net sales
and operating profit developed steadily through each quarter of the year. For
the time being, the economic downturn has been visible in the segment's global
demand in the form of regional and customer-level developments.
In the Defense segment, the profitability of operations developed favorably
towards the end of the year. The segment still has a thin customer base and
individual orders have a significant impact on the segment's net sales. In the
present economic climate, predicting European public sector purchasing behavior
in a specialist technology area typical of the segment's offering is difficult.
The Technology segment's net sales and profit for the year were at reasonable
level. Demand for price display systems remained at a high level throughout the
year. As a result of product development activities the new parking control
system product was launched 2008 the first deliveries of which took place
autumn 2008 .
NET SALES, PROFITABILITY AND PROFIT
Consolidated net sales for 1-12/2008 amounted to EUR 45.1 million (EUR 24.7
million), up by 80.3 percent year on year.
Consolidated operating profit before depreciation (EBITDA) came to EUR 5.2
million (EUR 3.9 million), accounting for 11.5 percent of net sales (15.9
percent), up by 32.0 percent.
Consolidated operating profit was EUR 3.8 million (EUR 3.5 million), or 8.4
percent of net sales (14.3 percent). This represented an 7 percent increase
over the previous year.
Pre-tax profit totaled EUR 3.6 million (EUR 3.5 million), or 8.2 percent of net
sales (14.1 percent), up by 8 percent year on year.
Net profit for the period totaled EUR 2.7 million (EUR 5.7 million), or 5.9
percent of net sales (23 percent), down by 52 percent from the previous year.
Undiluted and diluted earnings per share was EUR 0.035 (EUR 0.084 Earnings per
share excluding deferred taxes from confirmed losses EUR 0.049 in 2007)).
Equity per share was EUR 0.23 (EUR 0.24).
Services (Done Information and Midas Touch), Systems (Done Logistics), Health
Care (Icare Finland), 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 the Services segment's Midas Touch since
January 1, 2008.
Net sales Net sales Segment profit
1-12/2008 1-12/2007 1-12/2008 1-12/2007
MEUR share MEUR share MEUR % MEUR %
Services total 20.9 46% 5.6 23 0.34 2 0.79 14
-Done Information 5.3 12% 5.6 23% 0.24 5 0.79 14
-Midas Touch 15.6 34% - - 0.10 1 - -
Systems 12.7 28% 11.8 47% 1.64 13 1.35 11
Health Care 4.3 10% 4.3 18% 1.40 32 1.47 34
Defense 3.0 7% 2.4 10% 0.40 13 0.32 14
Technology 4.2 9% 0.6 2% 0.90 22 0.03 4
Total 45.1 100% 24.7 100% 4.69 12 3.95 16
Parent company costs -0.92 -2 -0.42 -5
Operating profit 3.77 8.4 3.53 14
Consolidated net sales, profit by segment and consolidated operating profit by
quarter were:
MEUR Q4/08 Q3/08 Q2/08 Q1/08 Q4/07 Q3/07 Q2/07 Q1/07
Net sales:
Services total 4.8 5.3 5.4 5.5 1.5 1.3 1.4 1.5
-Done Information1.2 1.2 1.6 1.3 1.5 1.3 1.4 1.5
-Midas Touch 3.6 4.1 3.8 4.2 - - - -
Systems 1.8 2.6 4.3 4.0 3.6 3.0 2.6 2.6
Health Care 1.3 1.0 1.0 1.0 1.6 0.8 0.9 1.1
Defense 0.9 0.8 0.5 0.8 0.8 1.5 - -
Technology 1.2 1.0 1.0 0.9 0.5 0.2 - -
Total 10.0 10.6 12.3 12.2 8.0 6.7 4.8 5.2
Operating profit by segment:
Services total -0.51 0.15 0.18 0.47 0.17 0.16 0.17 0.28
-Done Information-0.03 0.03 0.17 0.07 0.17 0.16 0.17 0.28
-Midas Touch -0.48 0.12 0.01 0.40 - - - -
Systems -0.07 0.45 0.63 0.61 0.34 0.31 0.36 0.33
Health Care 0.32 0.35 0.29 0.41 0.56 0.19 0.23 0.49
Defense 0.23 0.11 0.03 0.04 0.12 0.19 - -
Technology 0.30 0.20 0.32 0.08 0.01 0.02 - -
Total 0.27 1.26 1.45 1.61 1.20 0.88 0.76 1.10
Parent comp.costs-0.22 -0.20 -0.29 0.21 0.08 -0.18 -0.15 -0.16
Operating profit 0.05 1.06 1.16 1.39 1.27 0.70 0.61 0.94
Oper. profit % 1% 10.0% 9.4% 11.4% 16.0% 10.4% 12.8% 18.2%
BALANCE SHEET AND FINANCIAL POSITION
On December 31, 2008, the consolidated balance-sheet total amounted to EUR 28.9
million (EUR 35.7 million on December 31, 2007). Shareholders' equity came to
EUR 17.6 million (EUR 18.1 million). Interest-bearing liabilities totaled EUR
3.4 million (EUR 4.1 million) and gearing stood at 7.8 percent (4.0 percent).
The equity ratio was 60.9 percent (52.6 percent) and cash and cash equivalents
stood at EUR 2.0 million (EUR 3.4 million).
MAJOR EVENTS IN Q4/2008
In order to streamline the Group structure, on October 17, 2008, two companies
not engaging in business operations, Sunob Holding Oy and GDZ Markkinointi Oy,
were merged with Done Solutions Corporation, the parent company. Similarly,
Network Partners Oy Nepa was merged with Done Logistics Oy.
In its meeting on November 6, 2008, the Board of Directors of Done Solutions
Corporation decided on the purchase of a maximum of 1,000,000 shares of the
company's own shares on the basis of an authorization received from the Annual
General Meeting on April 2, 2008. According to this authorization, shares can
be acquired for developing the company's capital structure, for the acquisition
of companies or the funding or implementation of similar arrangements, for the
implementation of share-based incentive systems, or for surrender due to other
reasons or for retirement.
Share purchases were initiated on November 21, 2008 and ended on January 2,
2009. On December 31, 2008, the company owned 870,000 own shares.
EVENTS AFTER THE BALANCE SHEET DATE
In its meeting on January 23, 2009, the Board of Directors of Done Solutions
Corporation decided on a private placement to former Finnish Led-Signs Oy
shareholders Mia Järvinen and Olli-Pekka Salovaara. The placement was based on
a share-issue authorization provided by the Annual General Meeting of Done
Solutions Corporation on April 2, 2008. With this share issue, Done Solutions
Corporation fulfilled and ended its obligation, under a share swap agreement
signed in September 2007, to provide new Done Solutions Corporation shares to
the sellers as an additional share-based payment for the transaction.
A total of 1,724,138 Done Solutions Corporation shares were offered for
subscription in the private placement, which corresponds to 2.27 percent of the
company's shares and voting rights before the placement, and 2.21 percent after
the placement. Upon the registration of the new shares in the trade register on
February 16, 2009, the company had a total of 77,839,732 shares issued. Mia
Järvinen had 1,378,889 share rights, which she subscribed in full. Olli-Pekka
Salovaara had 345,249 share rights, which he subscribed in full.
Before the private placement, Mia Järvinen owned 2.29 percent and Olli-Pekka
Salovaaara 0.64 percent of Done Solutions Corporation's shares. As Mr Salovaara
is President and CEO of Done Solutions Corporation, the rights issue
constitutes an insider event for the Corporation.
The subscription price in the private placement was EUR 0.29 per share, or the
average closing price of thirty trading days preceding the placement decision,
rounded to the nearest full cent.
Waiving the shareholders' pre-emption rights, the shares were offered for
subscription based on a share swap agreement made with Finnish Led-Signs Oy in
2007. The subscription price is entered in full in the invested unrestricted
capital reserve.
The Board's unused share issue authorization after the private placement is
28,275,862 shares.
On February 11, 2009, Midas Touch Oy, a subsidiary of Done Solutions
Corporation's Services segment, notified that it would initiate
employer-employee negotiations in order to adjust its operations in the face of
the current market situation. Demand for the company's services developed
unfavorably early in 2009, especially in household sales. Because these changes
in demand are expected to be long term, the adjustments will cover all aspects
of the company's operations.
The employer-employee negotiations will involve the entire personnel of Midas
Touch Oy and its subsidiaries. The negotiations may lead to layoffs, part-time
work and/or the termination of employment for 0-200 employees. The specific
scope of the adjustment measures will become apparent after the negotiations
are concluded.
HUMAN RESOURCES
The number of employees in 2008 averaged 747 (155). On December 31, 2008, the
company's personnel was distributed as follows:
31.12.2008 31.12.2007
Services 546 550
Systems 67 65
Health Care 8 9
Defense 27 33
Technology 15 10
Parent company 4 3
Total 667 670
On December 31, 2008, three persons were laid off as a result of the
employer-employee negotiations completed at Done Logistics Oy.
MANAGEMENT AND AUDITORS
Done Solutions Corporation's Board of Directors comprises Jyri Merivirta
(Chairman), Matti Nevalainen and Pekka Tammela.
Starting April 2, 2008, PricewaterhouseCoopers Oy, Authorized Public
Accountants, has acted as the auditor of Done Solutions Corporation, with Juha
Tuomala, Authorized Public Accountant, acting as the chief auditor. Internal
audits are performed by Ernst & Young Oy, Authorized Public Accountants.
Olli-Pekka Salovaara is the President and CEO of Done Solutions Corporation. In
addition to Mr Salovaara, the Corporate Management Team comprises Juha Kujala,
Development Director, and Pekka Raatikainen, CFO.
Compensation paid to the Board of Directors and the President and CEO is as
follows:
According to the decision of the Annual General Meeting of April 2, 2009, the
Chairman of the Board receives EUR 5,000 in compensation per month, and the
other Board members EUR 3,000 a month, with the exception that no compensation
is paid to Board members who own at least 5 percent of the shares of Done
Solutions Corporation, either themselves or through a subsidiary in which they
have at least 50 percent ownership. The total compensation received by the
members of the Board in 2008 was EUR 36,000.
During the period under review, the President and CEO was paid EUR 177,296.04
in salary.
EXISTING BOARD AUTHORIZATIONS AND THE USE OF AUTHORIZATIONS
Pursuant to the share-issue authorization made by the Annual General Meeting of
April 3, 2007, the Board of Directors of Done Solutions Corporation decided, in
its meeting of March 7, 2008, on a private placement to Mia Järvinen and
Olli-Pekka Salovaara, the sellers of Finnish Led-Signs Oy. The share rights
were issued as an additional acquisition price item based on the share swap
agreement made with Finnish Led-Signs Oy. A total of 179,112 shares were issued
to the parties concerned. After the issue, Done Solutions Corporation had
76,115,594 shares issued.
On December 31, 2008, the Board of Directors had not used the following
share-issue rights as authorized by the Annual General Meeting of April 2,
2009: 30,000,000 shares for the issue of convertible bonds and/or option rights
and/or increasing the share capital, and 6,723,648 for the purchase of own
shares.
On December 31, 2008, the company owned 870,000 own shares.
SHARE CAPITAL AND SHARES
On December 31, 2008, Done Solutions Corporation's share capital came to EUR
5,314,918.72 and the number of shares issued totaled 76.115.594.
TRADING ON NASDAQ OMX HELSINKI
In 2008, Done Solutions Corporation's turnover on NASDAQ OMX HELSINKI totaled
EUR 12 million, representing 24.9 million shares or 32.9 percent of shares
outstanding. The trading high was EUR 0.78 and the low EUR 0.26. The closing
price at the year's end was EUR 0.31, and the average share price was EUR 0.48.
Furthermore, the company's market value on December 31, 2008 was EUR 23.6
million.
SHAREHOLDERS AND CHANGES IN OWNERSHIP STRUCTURE
On December 31, 2008, Done Solutions Corporation had 3,206 shareholders.
The company's major shareholders are listed on Done's website at
www.donesolutions.com (Investors / Basic share information / Shareholders).
OPTION RIGHTS
Based on the share-issue authorization approved by the Annual General Meeting
of April 3, 2007, the Board of Done Solutions Corporation decided, on November
23, 2007, on a new corporate option scheme, comprising a maximum of 3,684,365
option rights. Each option right entitles the holder to one Done Solutions
Corporation share. The proportion of shares, to be subscribed based on the
option rights to be issued, totaled a maximum of 5.4% of the company's share
capital and voting rights once the new shares to be subscribed via the option
rights have been registered. Shares subscribed to via the option scheme entitle
the holder to a dividend from the subscription year onwards.
The option rights have been divided into three series: A (1,684,365 option
rights), B (1,000,000 option rights) and C (1,000,000 option rights). The
subscription period for series A option rights is May 1, 2009 - May 1, 2013,
for series B option rights it is November 1, 2010 - November 1, 2014 and for
series C option rights it is May 1, 2012 - May 1, 2016. The share subscription
price will be the weighted mean price of Done Solutions Corporation's shares
during November 1 - 30, 2007 (for series A option rights), April 1 - 30, 2009
(for series B option rights) and November 1 - 30, 2010 (for series C option
rights).
Under the terms of his contract of employment, Olli-Pekka Salovaara, President
and CEO of Done Solutions Corporation, or a company under his control, shall
have the right at any given time while his contract of employment remains valid
to require that the company issue him with a private placing. The subscription
price thereof shall be the average share price of the preceding 30 trading
days, and shall be valued at EUR 1.0 million at a maximum. This private placing
shall be issued based on the authority thereof held by the company's Board of
Directors. In the absence of such authority, a General Meeting shall be
convened to place said authority in the Board and/or to decide on said private
placing.
MANAGEMENT SHAREHOLDINGS
On December 31, 2008, the Board of Directors and the President and CEO held
20.4 percent of the company's shares, totaling 15,505,196 shares, and also 18.6
percent of option rights. Moreover, on September 30, 2008, Gateway Finland Oy
held 15.1 percent of company shares, totaling 11,500,000 shares. Matti
Nevalainen, a Board member, owns 50 percent of Gateway Finland Oy.
CORPORATE GOVERNANCE
Done Solutions Corporation complies with the Guidelines for Insiders set forth
by the NASDAQ OMX Helsinki, effective as of June 2, 2008, and, to the
applicable extent, the Corporate Governance Recommendation for Listed
Companies, effective as of October 20, 2008. The company's Corporate Governance
Statement is available in the ‘Investors' section of the company's website.
MAJOR BUSINESS RISKS AND UNCERTAINTIES
The Group's risks are divided into strategic, operational, cyclical, financial
and hazard-related risks. Risk assessment involves assessing the probability of
the risks in question, and their impact were they to materialize.
The Group's strategic risks are associated with potentially toughening market
competition, the threat of rival products and other competitor actions, the
success of R&D in ensuring product competitiveness, retaining and developing
key personnel and competencies and also dependency on the subcontractor and
supplier network. The Group is continuously monitoring strategic risks and,
whenever necessary, will revise its strategy to minimize them.
The Group's strategic objective is also to pursue growth through acquisitions.
The success of these acquisitions has an impact on the achievement of growth
and profitability objectives. Unsuccessful acquisitions and the related
integration measures may erode the Group's competitiveness and profitability.
Acquisitions may also change the Group's risk profile.
Operational risks are associated with retaining and deepening major customer
relationships, and success in widening the customer base. In the Health Care
segment in particular, a key risk is associated with delays in the opening of
new markets and the threat of new products. Project-based activities, which are
particularly common to the Systems and Technology segments, are prone to
subcontractor and supplier risks arising from the management of comprehensive
deliveries, as well as production risks arising from own operations.
Deferred tax assets represent a significant portion of assets in the balance
sheet. Any changes in business profitability or tax legislation may change the
usability of deferred tax assets.
The Group monitors its operational risks and attempts to react immediately if
it seems likely that a risk will materialize.
Hazard-related risks are provided for through insurance cover. Property and
business interruptions insurances provide protection against potential property
and business interruption risks. The Group has no major court cases pending.
Financial risks consist of credit, interest, liquidity and foreign exchange
risks. In its meetings, the Board of Directors reviews, on a monthly basis or
more often if necessary, matters pertaining to the economic and financial
situation, and issues any directives required for the management of specific
items relating to financial risk.
LITIGATION
The Group is involved in no litigation or legal proceedings that, in the
Board's view, would have a significant bearing on the Group's financial
position.
OUTLOOK
The global economic slowdown and financial crisis have weakened the ability of
Done Solutions Corporation to forecast its short-term performance. As a
consequence of that, the corporation will not release an estimate of forecasted
development of net sales and operating profit.
PRODUCT DEVELOPMENT
Product development outlays in 2008 were EUR 0.52 million (EUR 0.80 million)
and were expensed as incurred.
ENVIRONMENT
Done Solutions Corporation's operations are characterized by minimal
environmental impacts.
BOARD PROPOSAL FOR THE ANNUAL GENERAL MEETING
Consolidated net profit for the year totaled EUR 2.7 million and that of the
parent company EUR 6.5 million.
The parent company's non-restricted equity on December 31, 2008 totaled EUR
13.826.923,83
The Board of Directors will propose to the Annual General Meeting on April 15,
2009 that a dividend of EUR 0.02 per share will be distributed. The total
amount of proposed dividends will be EUR 1.536.794,64. The Board of the
Directors further proposes the rest of the non-restricted equity to be retained
and carried further.
Done Solutions Corporation
Board of Directors
For further information, please contact:
Olli-Pekka Salovaara, President and CEO, mobile +358 (0)40 5675520
olli-pekka.salovaara@donesolutions.com
Pekka Raatikainen,CFO, mobile +358 (0)50 5534094
pekka.raatikainen@donesolutions.com
http://www.donesolutions.com
Distribution
NASDAQ OMX Helsinki
Financial Supervision Authority
Major media
Done Solutions Corporation, listed on the NASDAQ OMX 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) 1-12/2008 1-12/2007
Net sales 45.1 24.7
Operating profit 3.8 3.5
Operating profit, % 8.4 14.3
Pre-tax profit 3.6 3.5
Pre-tax profit, % 8.3 14.1
Net profit 2.7 5.7
Net profit, % 5.9 23.0
Gross capital expenditure 0.5 14.5
Gross capital expenditure, % 1.1 58.8
R&D costs 0.5 0.8
R&D costs, % 1.2 3.2
Gearing, % 7.8 4.1
Equity ratio, % 60.9 52.6
Return on investment (ROI), % 18.3 21.9
Return on equity (ROE), % 14.9 45.9
Undiluted earnings per share, EUR 0.035 0.084
Diluted earnings per share, EUR 0.035 0.084
Equity per share, EUR 0.23 0.24
Average no. of employees 747 155
Cash flow from operating activities 3.3 3.3
Cash flow from investing activities -0.3 -2.5
Net cash used in financing activities -4.3 0.2
Total cash flow -1.3 1.0
CONSOLIDATED INCOME STATEMENT (MEUR) 10-12/2008 10-12/2007
NET SALES 10.0 8.0
Other operating income 0.0 0.0
Materials and services -2.4 -3.2
Employee benefits -5.5 -2.4
Depreciation/amortization -0.4 0.1
Other operating expenses -1.7 -1.0
OPERATING PROFIT 0.1 1.5
Share of associates' results 0.0 0.0
Financial expenses (net) 0.1 0.0
PRE-TAX PROFIT 0.2 1.5
Income tax expense -0.1 2.7
NET PROFIT 0.1 4.2
CONSOLIDATED INCOME STATEMENT (MEUR) 1-12/2008 1-12/2007
NET SALES 45.1 24.7
Materials and services -13.1 -10.3
Employee benefits -21.0 -7.5
Depreciation/amortization -1.4 -0.4
Other operating expenses -5.9 -2.9
OPERATING PROFIT 3.8 3.5
Share of associates' results 0.0 0.0
Financial expenses (net) -0.1 -0.1
PRE-TAX PROFIT 3.6 3.5
Income tax expense -1.0 2.2
NET PROFIT 2.7 5.7
Earnings per share, undiluted EUR 0.035 0.084
Earnings per share, diluted EUR 0.035 0.084
CONSOLIDATED BALANCE SHEET (MEUR) 31.12.2008 31.12.2007
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment 2.1 2.3
Goodwill 9.4 11.4
Intangible assets 3.2 4.0
Shares in associates 0.4 0.4
Available-for-sale-assets 0.0 0.0
Receivables 0.3 0.4
Deferred tax assets 3.2 4.4
TOTAL NON-CURRENT ASSETS 18.6 22.9
CURRENT ASSETS
Inventories 2.0 1.2
Trade and other receivables 6.3 8.3
Cash and cash equivalents 2.0 3.4
TOTAL CURRENT ASSETS 10.4 12.8
TOTAL ASSETS 29.0 35.7
LIABILITIES AND SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY
Share capital 5.3 5.3
Share premium 2.4 2.4
Fair value reserve 0.3 0.3
Invested unrestricted capital reserve 3.6 6.4
Retained earnings/loss 6.2 3.6
Treasury shares -0.3 0.0
TOTAL EQUITY, attributable to holders
of parent company equity 17.6 18.1
MINORITY INTEREST 0.0 0.0
TOTAL SHAREHOLDERS' EQUITY 17.6 18.1
LIABILITIES
CURRENT LIABILITIES
Deferred tax liabilities 1.0 1.2
Provisions 0.1 0.0
Financial liabilities 2.2 2.9
Other liabilities 0.4 2.4
TOTAL LONG-TERM LIABILITIES 3.7 6.5
NON-CURRENT LIABILITIES
Advance payments 0.0 1.3
Trade and other payables 6.4 8.5
Provisions 0.0 0.2
Financial liabilities 1.2 1.2
TOTAL SHORT-TERM LIABILITIES 7.6 11.1
TOTAL LIABILITIES 11.3 17.6
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 29.0 35.7
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS'EQUITY (MEUR)
Share Share Other Retained Minority Total
Capital premium reserves earnings interestequity
Balance Jan 1,2007 5.3 2.4 -2.6 1.5 0.0 6.6
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 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
Dividend distribution 0.0 0.0 0.0 -3.0 0.0 -3.0
Acquisition of own shares 0.0 0.0 -0.3 0.0 0.0 -0.3
Options expense adjustment0.0 0.0 0.0 0.0 0.0 0.0
Net profit 0.0 0.0 0.0 2.7 0.0 2.7
Balance Dec 31, 2008 5.3 2.4 6.5 3.3 0,0 17.6
CONSOLIDATED CASH FLOW STATEMENT(MEUR)1-12/2008 1-12/2007
Net profit 2.7 5.7
Adjustments to net profit 2.2 -1.7
Change in working capital -1.6 -0.3
Interest paid -0.3 -0.3
Interest received 0.1 0.1
Paid taxes 0.0 -0.2
CASH FLOW FROM OPERATING ACTIVITIES 3.3 3.3
Acquisition of subsidiaries 0.0 -2.3
Purchase of PPE -0.3 -0.2
Purchase of intangible assets 0.0 -0.0
NET CASH USED IN INVESTING ACTIVITIES -0.3 -2.5
Purchase of own shares -0.3 0.0
Paid dividends -3.0 -0.7
Long-term borrowings 0.0 3.0
Repayments of long-term borrowings -0.9 -2.1
Finance lease principal payment -0.1 -0.1
NET CASH USED IN FINANCING ACTIVITIES -4.3 0.2
Net change in cash and equivalents -1.4 1.0
Cash and equivalents, period-start 3.4 2.4
Cash and equivalents, period-end 2.0 3.4
NET SALES AND OPERATING PROFIT BY QUARTER (MEUR)
MEUR Q4/08 Q3/08 Q2/08 Q1/08 Q4/07 Q3/07 Q2/07 Q1/07
Net sales 10.0 10.6 12.3 12.2 8.0 6.7 4.8 5.2
Oper.profit 0.1 1.1 1.2 1.4 1.3 0.7 0.6 0.9
Oper.profit, % 1.0% 10.0% 9.4% 11.4% 16.0% 10.4% 12.8% 18.2%
The financial statements presented in this release are in compliance with IFRS
book entry and valuation principles, but do not comply with all IAS 34 Interim
Reports standards. The figures are unaudited.
