DONE SOLUTIONS? REPORT ON FINANCIAL STAT
Done Solutions Corporation
Stock Exchange Release February 14, 2003, 9.00 a.m.
DONE SOLUTIONS REPORT ON FINANCIAL STATEMENTS FOR 2002
- Consolidated net sales for the period came to EUR 32.0 million (EUR
60.8 million in 2001). Comparable proforma net sales for 2001 amounted
to EUR 41.9 million.
- Consolidated operating loss was EUR 5.0 million (EUR 0.5 million), or
15.7 percent of net sales (0.7 percent). The comparable proforma
operating loss for 2001 totaled EUR 2.6 million or 6.2 percent of net
sales.
- Earnings per share were EUR 0.16 (EUR 0.00) and equity ratio 37.0
percent (33.7 percent). Liquid assets came to EUR 1.7 million (EUR 2.7
million).
- During 2002 the focus was on the companys restructuring program, and
profitability before one-off and extraordinary expenses improved
towards the year-end, although it failed to achieve the target set.
- The companys cash flow from business operations just turned positive
during the second half of the year.
- Signs of a revival in demand failed to appear in the companys main
business areas. If net sales in 2003 remain at the same level as for
2002, based on the current business structure the company should
generate an operating profit. In such a case, the equity ratio would
reach at least the same level as for the 2002 year-end. Due to seasonal
variations, the company is expected to show an operating loss for the
first quarter of 2003.
CONSOLIDATED KEY FIGURES (MEUR) 2002 2001
Net sales 32.0 60.8
Operating profit/loss -5.0 0.4
Operating profit/loss % -15.7 0.7
Profit/loss before extraordinary items -6.0 0.6
Profit/loss before extraordinary items% -18.6 1.0
Net profit/loss for the period -7.7 -11.8
Net profit/loss for the period % -24.1 -19.5
Gross capital expenditure 1.1 4.4
Gross capital expenditure, %
of net sales 3.5 7.3
R&D costs 0.3 1.6
R&D costs % 0.8 2.6
Gearing % -8.5 -0.6
Equity ratio % 37.0 33.7
Return on investment % (ROI) 45.0 11.8
Return on equity % (ROE) -102.1 0.8
Earnings per share, EUR -0.16 0.00
Equity per share, EUR 0.08 0.16
Dividend per share, EUR 0.00 0.00
Payout ratio % 0.0 0.0
Effective dividend yield % 0.0 0.0
Profit/loss ratio n/a n/a
Average no. of issue adjusted shares 38,638,848 38,638,848
Issue adjusted number of shares
at period end 50,951,508 49,467,484
Average no. of personnel 300 847
H1/2002 H2/2002 2002 2001
Cash flow from business
operations -4.88 0.09 -4.79 -6.48
Cash flow from investments 1.09 0.05 1.14 4.43
Cash flow from financing 3.93 -1.28 2.65 -5.02
Total cash flow 0.14 -1.14 -1.00 -7.07
BASES FOR DATA
The bases for data in this report are presented at the end of this
press release, alongside the consolidated income statement and balance
sheet for January 1, 2002 to December 31, 2002 and January 1, 2001 to
December 31, 2001, as well as the pro forma income statement for
January 1, 2001 to December 31, 2001. The aforementioned figures have
been audited.
NET SALES, PROFITABILITY AND PROFIT
MEUR Q1/2002 Q2/2002 Q3/2002 Q4/2002 Total
Net sales 10.4 8.0 6.4 7.2 32.0
Operating profit/loss -2.0 -0.9 -1.1 -1.0 -5.0
Profit/loss before extraordinary items
-2.2 -1.3 -1.2 -1.2 -6.0
Net profit/loss for the period
-3.8 -1.3 -1.2 -1.4 -7.7
Operating profit/loss before non-recurring items and operating losses
incurred by the Swedish subsidiaries was as follows:
Q1/2002 Q2/2002 Q3/2002 Q4/2002 Total
-1.5 -0.5 -0.6 -0.2 -2.9
The Q1/2002 figures include Done Logistics AB and its subsidiary,
Actipac AB, both declared bankrupt in April 2002. Their combined first-
quarter net sales totaled EUR 2.2 million, while their operating loss,
loss before extraordinary items and net loss for the period each
amounted to EUR 0.4 million. During Q1/2002, the Group entered a total
of EUR 1.1 million in the extraordinary expenses as a result of the
bankruptcies of the Swedish businesses.
Extraordinary items entered for the period came to EUR 1.4 million (EUR
11.8 million), chiefly comprising expenses and reserves entered due to
the bankruptcy of the Swedish subsidiaries. Taxes include EUR 0.3
million in reserves for the previous years avoir fiscal receivables.
The difference of EUR 3.8 million between the parent company and
Groups shareholders equity was due to the higher than expected
acquisition costs of subsidiaries, in comparison to the subsidiaries
equity. It is the view of the management group that the value entered
in the balance sheet for these investments is justified when account is
taken of the subsidiaries profit forecasts.
In accordance with the general accounting practices of the Finnish
Accounting Standards Board, the value of the Groups outstanding orders
came to EUR 1.8 million on 31 December 2002. These figures include Done
Logistics Systems & Softwares fixed price projects. Outstanding orders
for Done Information and Done Logistics Distribution are not included
in the figure.
BUSINESS AREAS
Done Solutions has the following two main business areas: Done
Logistics, specializing in automated materials-handling solutions and
services, and Done Information specializing in technical-information
solutions and services. The improvement of both business areas and
their profitability continued throughout 2002. In particular, the
difficult market situation which prevailed throughout the year
prevented the company from achieving its goal of achieving
profitability in all of its businesses during 2002.
Within a challenging market, the company succeeded in retaining its
current customer base.
Done Logistics
With a period-end staff of 101 (Systems & Software 86, Distribution
15), Done Logistics generated net sales of EUR 21.1 million (EUR 42.2
million), while showing an operating loss of EUR 2.9 million (EUR 0.5
million).
The business areas major orders included order picking systems for the
brewery and beverages industry, automated reel handling and packing
systems for the paper and plastics industries, and goods transport
management systems.
Done Information
With a period-end staff of 146 (Software & Services 82, Engineering
64), Done Information generated net sales of EUR 10.9 million (EUR 17.4
million), while showing an operating loss of EUR 2.1 million (a profit
of EUR 0.4 million).
The largest orders received in 2002 by the Software & Services unit
included after-sales portals for a centralized catering business,
public-sector publishing systems and software solutions for increasing
the efficiency of after-sales activities in the engineering and vehicle
manufacturing industries. The Engineering unit also received major
orders for product development and design projects for the electrical
equipment and machine industries, and interior decoration for luxury
cruisers.
Done Information succeeded in the periods most important aim of
retaining its current customer base.
The table below summarizes Done Logistics and Done Informations net
sales and profitability for the period by business unit:
Net sales Q1/2002 Q2/2002 Q3/2002 Q4/2002 Total
MEUR % MEUR % MEUR % MEUR % MEUR %
Done Logistics
Systems&Software 4.4 43 2.5 31 2.1 33 2.8 39 11.8 37
Distribution 3.0 29 2.5 31 1.9 29 1.9 27 9.3 29
Total 7.4 71 5.0 63 4.0 62 4.7 66 21.1 66
Done Information
Software&Services 2.0 19 2.1 26 1.8 29 2.0 27 7.9 25
Engineering 1.0 9 0.9 11 0.6 9 0.5 7 3.0 9
Total 3.0 29 3.0 38 2.4 38 2.5 34 10.9 34
Done Solutions 10.4 100 8.0 100 6.4 100 7.2 100 32.0 100
Operating profit Q1/2002 Q2/2002 Q3/2002 Q4/2002 Total
MEUR % MEUR % MEUR % MEUR % MEUR %
Done Logistics
Systems&Software 0.9 -19 -0.4 -15 -0.5 -22 -0.3 -12 -2.1 17
Distribution -0.3 -10 -0.3 -11 -0.1 -8 -0.2 -9 -0.9 -10
Total -1.2 -16 -0.6 13 -0.6 -15 -0.5 -11 -2.9 14
Done Information
Software&Services-0.1 -5 0.1 3 -0.1 -6 0.0 0 -0.2 2
Engineering -0.7 -73 -0.3 33 -0.4 -67 -0.5 106 -1.9 64
Total -0.8 -27 -0.2 -8 -0.5 -21 -0.5 21 -2.1 19
Done Solutions -2.0 -19 -0.9 -11 -1.1 -18 -1.1 -15 -5.0 16
The figures for the business area include Done Logistics AB and its
subsidiary Actipac AB, both declared bankrupt in April 2002, until
March 31, 2002. Their combined first-quarter net sales totaled EUR 2.2
million (Done Logistics Systems & Software EUR 1.8 million and Done
Logistics Distribution EUR 0.4 million), while their operating loss
amounted to EUR 0.4 million (Systems & Software EUR 0.4 million and
Distribution EUR 0.0 million).
FINANCIAL POSITION
The period-end consolidated balance-sheet total amounted to EUR 11.9
million on December 31, 2002 (EUR 24.8 million on December 31, 2001),
while shareholders equity came to EUR 4.3 million (EUR 8.1 million).
Year-end net interest-bearing liabilities were EUR -0.4 million (EUR
0.1 million). Equity ratio was 37.0 percent (33.7 percent) and gearing
8.5 percent (-0.6 percent). The Groups liquid assets came to EUR 1.7
million (EUR 2.7 million), earnings per share were EUR -0.16 (EUR
0.00), equity per share was EUR 0.08 (EUR 0.16). The first-half net
cash flow from business operations was negative, turning positive in
the second half.
The companys cash flow from business operations just turned positive
during the second half of 2002, and is expected to continue in an
upwards direction. Liquid assets amounted to EUR 1.7 million on
December 31, 2002 and, as a result, the company anticipates that they
will prove sufficient over the next twelve months.
CAPITAL EXPENDITURE AND DIVESTMENTS
Done Solutions Swedish subsidiary, Done Logistics Ab, was declared
bankrupt on April 23, 2002, and its only subsidiary, Actipac Ab, on
April 29, 2002. Total expenses entered due to these bankruptcies came
to EUR 1.5 million, EUR 0.4 million of which are included in the
operating profit/loss and EUR 1.1 million in extraordinary expenses.
In June 2002, Done Solutions sold the Slovakian company, Novitech a.s.
to Novitech Partner s.r.o. for EUR 2.5 million, superceding the sale on
December 6, 2001 of 70 percent of Novitech shares to the same buyer.
This divestment formed part of Done Solutions Oys restructuring
program, with EUR 1.9 million already paid and the remaining EUR 0.6
million to be paid under a separately agreed payment plan.
An American company which acquired Done Information Inc. (previously
named Dialogue Marketing Inc.) on June 30, 2001 has filed a claim
relating to the bases of the pricing of the acquisition. Done Solutions
Corporation has disputed the claim, contending that it is chiefly
unfounded, and the parties have entered into negotiation. A total of
EUR 0.9 million of the acquisition price is outstanding.
PRODUCT DEVELOPMENT
The company has commercialized and incorporated software products and
solutions in the overall concept of Done Solutions logistics-chain and
technical-information management. Development costs for the period came
to EUR 0.3 million, the entry in the accounts of these expenses
affecting the bottom line. Capitalized development costs (EUR 1.6
million on December 31, 2001) totaling EUR 0.9 million at the end of
the period, of which Done Logistics Systems customer projects
involving systems development accounted for EUR 0.5 million and Done
Information Softwares development projects accounted for EUR 0.4
million. The amortization period for development costs is three years.
Amortization for the period was carried out according to plan.
PERSONNEL
At the end of the period, the Group had a staff of 247, 4 of whom
worked abroad. A year ago, the number of employees totaled 392, of
which 60 employees worked abroad.
In addition, Ametro Oy, a staffing service provider in which Done
Solutions has a 30 percent holding, had a staff of 118 at the end of
the report period.
BOARD OF DIRECTORS, PRESIDENT & CEO, AND MANAGEMENT TEAM
Done Solutions Corporations Board of Directors is made up of the
following members: Raimo Luoma (Chairman), Jaakko Asanti, Jyri
Merivirta and Pekka Pystynen.
The Management Team consists of the following members: Kari Åkman
(President and CEO), Matti Roth (Director, Information Engineering),
Eija Häyrinen (HR Manager), Elina Karjalainen (Director, Information
Software & Services), Juha Kujala (General Counsel), Veijo Pekkala
(Director of Done Logistics, a subsidiary) and Mika Söyring
(Controller).
DECISIONS BY THE ANNUAL GENERAL MEETING OF APRIL 12, 2002
The AGM adopted the financial statements and discharged the members of
the Board of Directors and the President and CEO from liability for the
financial period of October 1 December 31, 2001. The AGM approved the
proposal by the Board of Directors that the allocation of losses for
the financial period be entered in retained loss, and no dividend for
the period be distributed. Retained loss will be covered using the
issue premium fund.
Raimo Luoma, Jyri Merivirta, Jaakko Asanti and, as a new member, lawyer
and MBA Pekka Pystynen were appointed as members of Dones Board of
Directors. BDO Finland Oy, Authorized Public Accountants, was elected
as Dones auditor, with Erkki Manner, Authorized Public Accountant,
acting as the regular auditor. André Kumlander, Authorized Public
Accountant, was elected as deputy auditor.In addition, the AGM decided
to grant stock options to Dones and Dones subsidiaries key
employees, in accordance with the Boards proposal.
DECISIONS BY THE EXTRAORDINARY GENERAL MEETING OF MAY 13, 2002
The EGM decided to reduce the Companys registered share capital of EUR
7,420,122.60 by EUR 3,710,061.30 free of charge. The EGM also decided
unanimously to increase the Companys share capital through a rights
issue based on the shareholders pre-emption right by a maximum of EUR
3,710,061.30 by issuing a maximum of 24,733,742 new shares with a
counter book value of EUR 0.15 per share.
The EGM decided to authorize the Board to increase the Companys share
capital, as distinct from the shareholders pre-emption right, by a
maximum of EUR 1,484,024.40, or by 9,893,496 new shares, with a per-
share counter book value of EUR 0.15. Due to the reduction of share
capital, the EGM also decided to alter the terms of the stock-option
scheme in such a way that stock options entitle their holders to
subscribe for the Companys shares at a counter book value of EUR 0.15
per share.
RIGHTS ISSUE
The Board decided to propose a rights issue to the EGM held on May 13,
2002, based on the shareholders pre-emption right, in order to
strengthen the companys capital structure. Based on the approval by
the EGM of May 13, 2002, the rights issue held from May 21, 2002 until
June 4, 2002 increased the companys share capital by EUR 3,710,061.30,
to EUR 7,420,122.60, corresponding to 24,733,742 new shares with a
counter book value of EUR 0.15 per share. A shareholder, or a person to
whom the subscription right had been transferred, had the pre-emption
right to subscribe for one (1) new share against one (1) share he/she
held at the price of EUR 0.16 per share. The new shares subscribed will
entitle their holders to any full dividend distributed for the
financial year starting on Jan 1, 2002. The companys two largest
shareholders, Jyri Merivirta and Conventum Oyj, underwrote the rights
issue by agreeing to subscribe for any shares left unsold. As a result
of the share issue, Jyri Merivirtas holding in the companys share
capital rose to 27.16 percent and Conventum Oyjs to 25.81 percent.
SHARE CAPITAL, SHARES, SHAREHOLDERS AND STOCK-OPTION SCHEME
On December 31, 2002, Done Solutions had a share capital of EUR
7,420,122.60 while the number of shares totaled 49,467,484. In
accordance with the EGM of May 13, 2002, the companys share capital
was reduced during May by EUR 3,710,061.30 free of charge, through
entering this amount of share capital in its entirety in the profit-
distribution and redemption fund to be established in the unrestricted
shareholders equity. As a result, the counter-book value fell from EUR
0.30 to EUR 0.15. In accordance with the decision by the meeting, the
companys share capital increased by EUR 3,710,061.30 through a rights
issue during May/June 2002, based on the shareholders subscription
rights, as a result of which the share capital increased to EUR
7,420,122.60 and the number of shares to EUR 49,467,484. The decrease
and increase in the number of shares were registered with the Trade
Register on June 11, 2002.
In accordance with Done Solutions Articles of Association, the minimum
authorized share capital is EUR 3,000,000 and the maximum authorized
share capital is EUR 60,000,000. The counter book value of a share is
EUR 0.15, and each share entitles its holder to one vote.
The unexercised share-issue authorization given by the Extraordinary
General Meeting on May 13, 2002 to the Board of Directors applied to
9,893,496 shares and will remain in force until May 13, 2003.
The reported value of share turnover for Done Solutions Oy during the
year was EUR 3,799,038, corresponding to 17,839,055 shares and 36.1
percent of the share capital. The highest share quotation was EUR 0.59
and the lowest EUR 0.07. With an average share price of EUR 0.26, the
companys share closed at EUR 0.14 on December 31, 2002. The companys
market capitalization on that day was EUR 6.9 million.
On December 31, 2002, Done Solutions Corporation had a total of 1,684
shareholders. The ten largest shareholders were as follows:
1. Jyri Merivirta 28.30%
2. Conventum Oyj 25.81%
3. Sarpola Tapio 3.78%
4. The Nordic Adviser Group Oy 2.81%
5. Sarpola Liisa 1.89%
6. TeliaSonera Ab 1.36%
7. Maalausliike E. Hinkka Oy 1.30%
8. Sijoitusrahasto Gyllenberg Finlandia 1.13%
9. Markus Jaakonsaari 1.01%
10.Mikko Kovalainen 0.97%
Total 68.36%
On December 31, 2002, a total of 181,848 of the companys shares were
nominee registered, corresponding to 0.37 percent of shares and votes.
The company holds no treasury shares.
STOCK OPTIONS
A total of 742,012 shares of the fully subscribed stock options,
approved by Done Solutions Corporations Annual General Meeting of
April 12, 2002, were registered with the Trade Register on December 11,
2002.
A total of 247,338 of the stock options were marked with letter A,
247,337 with letter B and 247,337 with letter C. Share subscription for
the stock options marked with A will begin on April 30, 2003, for the
stock options marked with B on April 30, 2004 and for the stock options
marked with C on April 30, 2005. Subscription for all stock options
will end on April 30, 2006. The shares must be paid for upon
subscription.
Following the Board of Directors changes made of June 19, 2002 to the
stock-option plan, one stock option entitles its holder to subscribe
for two shares, the subscription price being EUR 0.23 per share. As a
result of subscriptions based on the stock options, the share capital
may increase by a maximum of 1,484,024 new shares, or EUR 222,603.60.
MANAGEMENT SHAREHOLDINGS
On December 2002, the Board of Directors and CEO held 28.5 percent of
the companys shares, or 14,080,000 shares, and 33 percent of stock
options, or 247,338 shares.
LEGAL PROCEEDINGS
The official receivers of Reach-U Solutions Oyj, adjudicated bankrupt
in February 2002, initiated an action for the recovery of EUR 1.0
million against Done Solutions Corporation in December 2002. Done
Solutions regards this as an unfounded action. No reserves for this
have been entered into the financial statements.
In addition, the Corporations companies are involved in a few minor
proceedings, which should not have any significant effect on its
financial position.
MAJOR EVENTS
Throughout 2002, Done Solutions kept focusing on improving its
profitability and turning its cash flow positive. Most units have
performed well in this respect, even though subdued markets have
hindered improvements. The improvement in operating results achieved
during 2002 was, in the main, the result of cost cutting measures and
the streamlining of its operations. The recovery in demand forecast
during the spring for the second half of the year did not occur.
During the period, the Group continued to restructure and streamline
its operations. Done Solutions Corporations has two subsidiaries: Done
Logistics Oy and Done Information Oy. In addition, it has a 30 percent
holding in Ametro Oy. Done Logistics Oys subsidiaries not involved in
business operations were merged into the parent company in December
2002. The dissolution of Done Logistics Oys Estonian subsidiaries not
involved in business operations will be registered during the spring of
2003, and its Swedish subsidiary will be dissolved during the same
year.
FUTURE PROSPECTS
Signs of a revival in demand failed to appear in the companys main
business areas. If net sales in 2003 remain at the same level as for
2002, based on the current business structure the company should
generate an operating profit. In such a case, the equity ratio would
achieve at least at the same level as at the year-end of 2002. Due to
seasonal variations, the company is expected to show an operating loss
for the first quarter of 2003.
BOARDS PROPOSAL FOR ALLOCATION OF LOSSES
The Board of Directors proposes to the AGM of March 21, 2003 that the
parent companys losses of EUR 8,164,648.34 for 2002 be entered in
retained loss, and no dividend for the financial year be distributed.
Retained loss will be covered using the unrestricted shareholders
equity fund and the issue premium fund.
BASES FOR INTERIM DATA
The period of January 1December 31, 2002 is the second accounting
period for Done Solutions Corporation. The first accounting period for
Done Solutions was from October 1 to December 31, 2001 after Digital
Open Network Environment Corporation Done demerged on October 1, 2001.
Done Solutions consolidated figures in this Interim Report are based
on official income statements and balance sheets for the period Done
Solutions Corporation has existed, or for the whole of 2002, and for
the fourth quarter of 2001. Digital Open Network Environment
Corporation Dones official consolidated income statements and balance
sheets for 2001 include Done Solutions Corporations Group companies
resulting from the demerger of the parent company on October 1, 2001.
These figures exclude those companies which were demerged from Done.
These income statements describe what the performance of the current
Done Solutions Corporation would have been like in 2001 if the demerger
had already been implemented on January 1, 2001.
Done Logistics AB, the Swedish sub-Group, was adjudicated bankrupt on
April 23, 2002. Its figures have been consolidated into the
consolidated income statement for January 1-March 31, 2002. Due to the
bankruptcy, the figures of the Swedish sub-Group have not been
consolidated into the consolidated balance sheet. Of the estimated
total expenses of EUR 1.5 million incurred due to the bankruptcy of the
Swedish businesses, a total of EUR 0.4 million and EUR 1.1 million were
entered on December 31, 2002 as extraordinary expenses. Holdings in
Done Logistics AB and receivables from the company have been entered as
valueless in the Financial Statements.
The pro-forma consolidated income statements prepared for the period of
January 1-December 31, 2001 1describe the Groups results as if only
the existing Group companies were included in the figures. These
companies include Digital Open Network Environment Corporation Done for
January 1-September 30, 2001 and Done Solutions Corporation,
established as a result of the demerger, for October 1-December 31,
2001 as well as the following subsidiaries and sub-Groups: Done
Information Oy, Done Logistics Oy (sub-Group), Providor Oy and Done
Logistics AB (sub-Group). Businesses and companies that were divested
and discontinued during 2001 are not included in these figures.
Compared to the official income statements, the pro-forma income
statements exclude the figures for Done Information, Inc. for January 1-
June 30, 2001, Unikko-Soft Oy (sub-Group) for January 1-September 30,
2001, Reach-U Solutions Corporation (sub-Group) for January 1-September
30, 2001, Novitech a.s. (sub-Group) for January 1-November 30, 2001,
Staffing Services for January 1-June 30, 2001, Building Engineering for
January 1-September 30, 2001, Service Warehouse for January 1-September
30, 2001, and IT Service and Maintenance for January 1-September 30,
2001. As in the figures for 2002, Done Logistics AB and its subsidiary
Actipac AB are included in the first-quarter pro-forma figures for the
period of January 1December 31, 2001.
The interim data included here are audited figures.
The key figures and ratios are calculated on the basis of the general
accounting practices issued by the Finnish Accounting Standards Board.
The key figures and ratios are calculated from unrounded figures.
CONSOLIDATED INCOME STATEMENT 2002 2001 2001
(MEUR) pro forma
NET SALES 32.0 60.8 41.9
Operating income, total 32.6 70.1 42.7
Materials and services -15.5 -25.8 -21.9
Personnel expenses -12.4 -27.0 -15.1
Depreciation -1.9 -2.8 -1.3
Other operating expenses -7.8 -14.1 -7.0
OPERATING PROFIT (LOSS) -5.0 0.5 -2.6
Financial income 0.1 2.3 0.2
Financial expenses -1.1 -2.0 -0.2
PROFIT (LOSS) BEFORE EXTRAORDINARY
ITEMS -6.0 0.7 -2.6
Extraordinary income 0.0 0.1 1.2
Extraordinary expenses -1.4 -11.8 -6.0
PROFIT/LOSS BEFORE APPROPRIATIONS
AND TAXES -7.4 -11.0 -7.4
Direct taxes -0.3 -0.6 0.7
Minority interest 0.0 -0.2 0.0
NET PROFIT (LOSS) FOR THE PERIOD -7.7 -11.8 -6.7
Included in the pro-forma figures, Done Logistics AB sub-Groups net
sales for January 1September 30, 2002 came to EUR 2.2 million, while
showing an operating loss of EUR 0.4 million. The Q1-Q3/2001 net sales
amounted to EUR 1.4 million and operating loss was EUR 0.2 million. The
January 1-December 31, 2001 net sales totaled EUR 7.9 million and
operating loss came to EUR 0.3 million.
CONSOLIDATED BALANCE SHEET (MEUR) Dec. 31 2002 Dec. 31 2001
ASSETS
FIXED AND OTHER NON-CURRENT ASSETS
Intangible assets 1.6 3.6
Tangible assets 0.9 1.5
Long-term investments 1.0 1.5
FIXED AND OTHER NON-CURRENT ASSETS,
TOTAL 3.5 6.5
INVENTORIES AND CURRENT ASSETS
Inventories 0.1 0.4
Long-term receivables 1.2 1.6
Short-term receivables 5.4 13.5
Short-term investments 0.0 0.5
Cash and cash equivalents 1.7 2.2
INVENTORIES AND CURRENT ASSETS 8.4 18.3
TOTAL ASSETS 11.9 24.8
LIABILITIES AND SHAREHOLDERS EQUITY
SHAREHOLDERS EQUITY
Share capital 7.4 7.4
Issue premium fund 4.8 11.4
Other funds 0.2 0.2
Other unrestricted funds 3.7 0.0
Retained earnings (loss) -4.2 -3.3
Net profit (loss) for the period -7.7 -7.7
Subordinated loans 0.0 0.0
SHAREHOLDERS EQUITY TOTAL 4.3 8.1
RESERVES 1.2 0.5
MINORITY INTEREST 0.0 0.0
CONSOLIDATION DIFFERENCE 0.0 0.0
Long-term liabilities 0.2 0.6
Short-term liabilities 6.2 15.6
LIABILITIES TOTAL 6.4 16.2
LIABILITIES AND SHAREHOLDERS EQUITY 11.9 24.8
Done Solutions Corporations Annual General Meeting will be held on
Friday March 21, 2003.
Done Solutions Corporation
Board of Directors
For further information, please contact:
Kari Åkman, President and CEO, tel. +358 205 3427, gsm +358 40 586
5927, kari.akman@donesolutions.com
Mika Söyring, Controller, tel. +358 205 3425, gsm +358 40 777 0033,
mika.soyring@donesolutions.com
http://www.donesolutions.com
Distribution:
Helsinki Exchanges
Major media
