TECNOMEN'S IFRS FINANCIAL STATEMENTS 1 JANUARY - 31 DECEMBER 2005 (unaudited)
Tecnomen Corporation STOCK EXCHANGE RELEASE
14 February 2006 at 8.30 am
TECNOMENS IFRS FINANCIAL STATEMENTS 1 JANUARY - 31 DECEMBER 2005 (unaudited)
Tecnomens goals for 2005 were to continue to increase net sales and to
maintain the positive trend in the result, and the company achieved both these
goals. Net sales for the year rose 33.7 per cent to EUR 69.0 (51.6) million,
the result for the period was EUR 8.8 (4.0) million and the cash flow EUR 2.5
(-4.3) million. Net sales in the fourth quarter totalled EUR 17.9 (12.4) million
and the result was EUR 2.7 (0.7) million.
- Net sales EUR 69.0 (51.6) million
- Operating result EUR 9.6 (3.9) million
- Order book EUR 27.9 (12.2) million
- Cash flow EUR 2.5 (-4.3) million
- Cash funds EUR 33.2 (30.8) million
- Equity ratio 86.9 per cent (88.8 %)
- Net gearing -42.4 per cent (-44.7 %)
KEY FIGURES 10-12/05 10-12/04 2005 2004
Net sales, MEUR 17.9 12.4 69.0 51.6
Net sales, change % 44.7 33.7
Operating result, MEUR 3.2 0.1 9.6 3.9
% of net sales 17.9 1.2 13.9 7.5
Profit before taxes, MEUR 3.2 0.8 10.3 4.9
% of net sales 17.9 6.2 14.9 9.5
Result for the period *) 2.7 0.7 8.8 4.0
Personnel at end of period 373 350 373 350
Earnings per share, EUR 0.05 0.01 0.15 0.07
Earnings per share, diluted, 0.05 0.01 0.15 0.07
EUR
This interim report has been prepared in accordance with IFRS recognition and
measurement principles. Unless otherwise stated, all figures presented below
are for the review period 1-12/2005 and the figures for comparison are for the
corresponding period 1-12/2004. More information on Tecnomens transition to
IFRS standards was given in the stock exchange release dated 31 March 2005 and
available at www.tecnomen.com/investor.
From the beginning of 2005 the primary segment in Tecnomens financial
reporting has been Tecnomen Group, divided into the Messaging and Charging
product lines, and the secondary segment is formed by the geographical areas,
based on customer location. The geographical segments are the Americas (North,
Central and South America), EMEA (Europe, Middle East and Africa) and APAC
(Asia Pacific).
*) Tecnomen does not apply hedge accounting in accordance with IAS 39, so
changes in the fair value of derivatives are recorded directly in the income
statement. The comparable result, which does not include these imputed changes
in the financial instruments used for hedging the future cash flow, was EUR
10.6 (3.1) million.
SALES AND NET SALES
Tecnomens net sales in the review period rose 33.7 per cent to EUR 69.0 (51.6)
million.
Tecnomens deliveries are divided into project deliveries and product and
service deliveries. Project deliveries are recognised in accordance with IAS 11
(Construction contracts) by stage of completion on the balance sheet date.
Revenue from product and service deliveries is recognised, in accordance with
IAS 18, when the amount of revenue can be measured reliably and it is probable
that the company will receive the economic benefits associated with the
transaction. Some examples of these are system deliveries of short duration and
supplementary deliveries, such as maintenance, licences, training,
documentation and spare parts. Revenue from fixed term maintenance contracts is
normally recognised on a straight-line basis over the contract period.
EUR 52.3 million of the net sales in the review period has been recognised in
accordance with IAS 11 and EUR 16.7 million in accordance with IAS 18.
Net sales by geographical area were: Americas 56.2 per cent (46.7%), EMEA 36.1
per cent (43.5%) and APAC 7.7 per cent (9.8%).
Net sales by product lines were: Messaging 49.2 per cent (61.4 %) and Charging
50.8 per cent (38.6 %).
Sales through global partners totalled EUR 12.2 (8.1) million, or 17.7 per cent
(15.8 %) of net sales.
Maintenance and service sales totalled EUR 8.1 million, or 11.7 per cent (15.2
%) of net sales.
The order book stood at EUR 27.9 (12.2) million at the end of the review
period. Americas accounted for 66.0 per cent of the order book, EMEA for 33.1
per cent and APAC for 0.9 per cent.
OPERATING RESULT
The operating result for the review period increased considerably to EUR 9.6
(3.9) million. The Group achieved this strong result because it grew faster
than the market and enhanced its internal efficiency. Net sales grew in all
product groups and geographical areas.
The profit for the period before taxes was EUR 10.3 (4.9) million.
Earnings per share were EUR 0.15 (0.07). Equity per share at the end of the
period was EUR 1.33 (1.16).
FINANCING AND INVESTMENTS
Tecnomens financial position is strong. Liquid assets totalled EUR 33.2 (30.8)
million. The balance sheet total on 31 December 2005 stood at EUR 90.4 (76.9)
million. Interest bearing liabilities amounted to EUR 0.4 (0.5) million. The
debt to equity ratio (gearing) was 42.4 per cent (-44.7 %). The balance sheet
structure remained strong and the equity ratio on 31 December 2005 was 86.9 per
cent (88.8 %).
Tecnomens gross capital expenditure during the review period, excluding the
capitalisation of development costs, was EUR 2.0 (1.6) million, or 3.0 per cent
(3.1 %) of net sales.
Financial income and expenses during the review period totalled EUR 0.7 (1.0)
million. Interest income of EUR 0.8 (0.6) million came from investing cash
funds, the net effect of assessing currency based balance sheet items was an
expense of EUR 0.1 (-0.5) million, and other financial costs totalled EUR 0.0
(0.1) million.
CHANGE IN WORKING CAPITAL, MEUR 1-12/05 1-12/04
Trade receivables and advances, incr. (-) -8.9 14.4
/decr. (+)
Other short-term receivables, non-interest bearing, 2.1 -17.0
incr. (-)/decr. (+)
Inventories, incr. (-)/decr. (+) 0.0 0.0
Accounts payable and advances, incr. (+) 1.6 -0.2
/decr. (-)
Other current liabilities, incr. (-) / decr. (+) 1.9 -2.0
CHANGE IN WORKING CAPITAL, TOTAL -3.3 -4.8
MARKETS
During the final quarter of the year investments by operators continued at a
high level in growing markets such as Latin America, Africa and the densely
populated countries of Asia.
Increasing demand for converging charging solutions and the continuing strong
growth in subscriber numbers resulted in several expansion contracts for
prepaid systems in Latin America. At the end of the period Tecnomen signed the
largest expansion contract for a prepaid system in its history with CTI, the
Argentine subsidiary of América Móvile. The value of the contract was USD 15.4
million and the expansion will be supplied during the first half of 2006.
Expansions and upgrades to prepaid systems were supplied to Telemig Celular and
Amazonia Celular in Brazil and to Porta in Ecuador. In addition a new prepaid
system was taken into commercial use by CTI in Paraguay.
Demand for Next Generation Messaging (NGM) solutions continued to grow during
the review period as operators, especially in Western Europe and Asia, looked
to invest in next generation systems to increase revenues and profitability. A
good example of an NGM project was the NGM system supplied by Tecnomen to
tele.ring in Austria, replacing the operators previous messaging system.
Operators continued to show interest in next generation multipurpose platforms,
and Tecnomen strengthened its position in the media server market. During the
period Tecnomen supplied Telco Server platform for example to Onetel in the
United Kingdom.
Tecnomen supplied expansions and upgrades of conventional messaging systems to
Digitel in Venezuela, Indosat in Indonesia, Swisscom in Switzerland and Brasil
Telecom in Brazil. In addition Tecnomen supplied a messaging system for the
TETRA network to the Government of Dubai in the Arab Emirates.
Messaging product line
The biggest achievement in the year can be considered the strengthening of the
position of Tecnomens open standard based NGM system in voice and video
messaging and in the media server market.
During the review period, Tecnomen expanded the service offering for NGM
systems to include not only conventional voice and video messaging services and
systems but also new areas in the IMS and convergence business.
Charging product line
Tecnomen's Convergent Charging (Prepaid) product continued its success during
the review period. Deliveries to new customers lay a firm foundation for future
growth.
The functions in the Convergent Charging product were expanded to include
prepaid and post-paid billing for services, and various forms of charging and
rating for voice, data and content services in mobile and fixed networks.
RESEARCH AND DEVELOPMENT
Research and development costs during the review period were EUR 13.4 (11.5)
million, corresponding to 19.5 per cent (22.4 %) of net sales. EUR 3.8 (1.6)
million of development costs have been capitalised and will be amortised over 3-
5 years from the start of commercial use. R&D costs of EUR 0.4 (0.1) million
were amortised during the review period.
PERSONNEL
At the end of 2005 Tecnomen employed 373 (350) persons, of whom 121 (129)
worked in Finland and 252 (221) outside Finland. The company employed on
average 355 (355) people during the review period. Personnel by geographical
area were as follows: Americas 63 (52), EMEA 286 (272) and APAC 24 (26).
TECNOMEN SHARES AND SHARE CAPITAL
At the end of 2005 the shareholders equity of Tecnomen Corporation stood at
EUR 77.3 (67.5) million and the share capital was EUR 4 664 702.24, divided
into 58 308 778 shares. The equity per share was EUR 1.33 (1.16).
A total of 42 794 577 Tecnomen shares (EUR 79 323 848), representing 73.39 per
cent of the total number of shares, were traded on the Helsinki Exchanges
during the period 3 January 31 December 2005.
The highest share price quoted in the period was EUR 2.60 and the lowest EUR
1.28. The average quoted price was EUR 1.86 and the closing price on 31
December 2005 was EUR 2.45. The share stock had a market capitalisation of EUR
142 856 506 at the end of the period.
CURRENT AUTHORISATIONS
At the end of the financial period, Tecnomens Board of Directors had the
following current authorisations given by the AGM held on 16 March 2005:
1. Authorisation to decide to dispose of the companys own shares already in
the possession of the company and any acquired under the authorisation given to
the Board.
Tecnomen disposed of 133,200 of its own shares on 29 December 2005 as
consideration for the transaction on 23 April 2003 in which Tecnomen purchased
the entire share stock of Krocus Communications Oy. The consideration for the
shares disposed was 1 euro per share and the disposal was made outside the
stock exchange. The total nominal value of the disposed shares was EUR 10,656,
representing 0.23 per cent of the entire share capital and votes of Tecnomen
Corporation. After this disposal of shares the company held 134,800 of its own
shares, representing 0.23 per cent of the company´s share capital and votes.
The nominal value of the shares held by the company totalled EUR 10,784. In
other respects the Board has not exercised this authorisation during the past
fiscal year.
2. Authorisation to decide to increase the share capital by issuing new shares,
convertible bonds and/or stock options in one or more issues. The number of new
shares through share issuance or subscription of shares in exchange for
convertible bonds or pursuant to the stock options may be at most 7,518,515
shares, and the company´s share capital may rise by at most a total of EUR
601,481.20. The Board has not exercised this authorisation during the past
fiscal year.
STOCK OPTION PROGRAMME
The company has a valid 2002 stock option programme approved by the Annual
General Meeting of Shareholders on 11 April 2002, which is divided into four
stock option series, the 2002A, 2002B, 2002C and 2002D stock options. A maximum
of 4,100,000 stock options may be issued that entitle holders to subscribe to a
total of 4,100,000 Tecnomen Corporation shares. As a result of subscriptions
with the 2002 stock options, the company´s share capital can rise by a maximum
of EUR 328,000. The subscription periods are as follows: for the 2002A
options: 1.4.2003-30.4.2006, 2002B 1.4.200430.4.2007, 2002C 1.4.200530.4.2007
and 2002D 1.4.200630.4.2008. The share subscription price for stock options
2002A and 2002B is EUR 1.68, for stock option 2002C EUR 0.46 and for stock
option 2002D EUR 1.33. During 2005, a total of 29,200 shares were subscribed
with the 2002A stock options, 25,500 with 2002B and 161,500 with 2002C, and
these raised the share capital by EUR 17,296. The companys share capital may
rise as the result of share subscriptions with the outstanding share options by
a maximum of EUR 310 704, which represents 6.67 per cent of the companys
shares and voting rights after share subscription.
TECNOMENS BOARD OF DIRECTORS AND AUDITORS
During the review year, Tecnomens Board of Directors had six members: Lauri
Ratia, Carl-Johan Numelin, Lars Hammarén, Keijo Olkkola, Christer Sumelius and
Timo Toivila. Lauri Ratia was Chairman of the Board and Carl-Johan Numelin Vice-
Chairman.
Timo Nykänen was appointed Vice President at the Tecnomen Ventures unit that
was established on 2 December 2005.
Tecnomens Management Board has five members: Jarmo Niemi, President and CEO,
CFO Riitta Järnstedt, COO Vesa Kemppainen, Eero Mertano, VP, Sales & Marketing
and Timo Nykänen, VP, Ventures.
Tecnomen Corporations auditor was KPMG Oy Ab and the principal auditor was CPA
Sixten Nyman.
RISK MANAGEMENT
The greatest risks in Tecnomens operations are related to major customer and
partner relationships and to the correct timing and success of product
development.
The objective of the hedging policy is to hedge at most the currency
denominated net position for a maximum period of 12 months. The change in the
fair value of currency hedging is recognised in other operating income or
expenses.
Liquid funds are invested, avoiding credit and liquidity risks, in money-market
deposits and short-term interest funds with a good credit rating.
The payment record of customers is continually monitored. The credit rating of
customers and the situation concerning receivables from projects previously
supplied to the customer are examined as part of the sales process.
PROSPECTS
The present healthy order book will enable Tecnomen to record a better net
sales and result in the first half of the year than in the previous year.
During 2006 Tecnomens goals are to increase net sales and to maintain a good
level of profitability.
DIVIDEND PROPOSAL
The Board of Directors proposes that a dividend of EUR 0.02 per share be paid
for the 2005 fiscal year.
The dividend will be paid to shareholders who are registered on the record date
of 3 March 2006 in the list of shareholders maintained by the Finnish Central
Securities Depository. The Board proposes to the AGM that the dividend be paid
on 27 March 2006.
EVENTS AFTER THE END OF PERIOD
The Board of Directors has examined the efficiency of the use of the companys
equity and will present the needed action to the Annual General Meeting of
Shareholders.
FINANCIAL INFORMATION
Tecnomen is holding a conference to announce its results for the 2005 fiscal
year at 10.00 am on 14 February 2006 in the Tapiola conference room at the
Scandic Hotel Simonkenttä. The material presented at the press conference will
be available at www.tecnomen.com/investor.
TECNOMEN CORPORATION
Board of Directos
FURTHER INFORMATION
Mr Jarmo Niemi, President and CEO, tel. +358 (0)9 8047 8799
Ms Riitta Järnstedt, CFO, tel. +358 (0)9 8047 8650
DISTRIBUTION
Helsinki Exchanges
Main media
CONSOLIDATED INCOME STATEMENT, 2005 2004
MEUR
NET SALES 69.0 51.6
Other operating income 1.4
Materials and services -13.9 -11.3
Employee benefit expenses -23.3 -19.9
Depreciation -2.2 -2.3
Other operating expenses -20.1 -15.8
OPERATING RESULT 9.6 3.9
Financial income 1.9 1.4
Financial expenses -1.1 -0.4
RESULT BEFORE TAXES 10.3 4.9
Income taxes -1.5 -1.0
RESULT FOR THE PERIOD 8.8 4.0
Earnings per share, EUR 0.15 0.07
Earnings per share, diluted, EUR 0.15 0.07
Equity per share, EUR 1.33 1.16
CONSOLIDATED BALANCE SHEET, 31.12.2005 31.12.2004
MEUR
Long-term assets
Fixed assets 14.7 11.1
Other long-term assets 0.6 0.5
Current assets
Inventories 2.3 2.2
Trade receivables 22.1 12.7
Other receivables 17.5 19.6
Financial securities 22.3 24.1
Cash and bank balances 10.9 6.6
ASSETS 90.4 76.9
Shareholders equity 77.3 67.5
Long-term liabilities
Provisions 0.1
Interest-bearing liabilities 0.4 0.5
Non-interest bearing 0.3 0.0
liabilities
Deferred tax liabilities 1.5 0.6
Current liabilities
Interest-bearing liabilities 0.1
Non-interest bearing 10.9 8.1
liabilities
EQUITY AND LIABILITIES 90.4 76.9
CHANGE IN SHAREHOLDERS EQUITY, MEUR
MEUR Share Other Own shares Translation Retained Total
capital reserves difference earnings
Shareholders 4.6 66.4 -0.3 0.0 -3.3 67.5
equity
1 Jan 2005
Change in 0.2 0.2
translation
difference
Recognised -0.1 0.4 0.3
directly in
retained
earnings
Other 0.2 0.2
adjustment
Share options 0.2 0.2
exercised
Disposal of own 0.2 0.2
shares
Result for 8.8 8.8
period
Shareholders 4.6 66.5 -0.1 0.2 6.0 77.3
equity
31 Dec 2005
MEUR Share Other Own shares Translation Retained Total
capital reserves difference earnings
Shareholders 4.6 66.3 -0.4 0.0 -7.5 63.1
equity
1 Jan 2004
Change in 0.0 0.0
translation
difference
Recognised 0.1 0.2 0.3
directly in
retained earnings
Disposal of own 0.1 0.1
shares
Result for the 4.0 4.0
period
Shareholders 4.6 66.4 -0.3 0.0 -3.3 67.5
equity
31 Dec 2004
CONSOLIDATED CASH FLOW STATEMENT, MEUR 2005 2004
Cash flow, business operations 8.3 -1.0
Cash flow from investments -5.7 -3.3
Cash flow from financing -0.1 -0.0
Increase (+) and decrease (-) in liquid 2.5 -4.3
funds
Liquid funds on 1 Jan. 30.8 34.8
Impact of changes in exchange rates 0.2 0.0
Change in fair value of investments -0.2 0.2
Liquid funds on 31 Dec 33.2 30.8
Change 2.5 -4.3
GEOGRAPHICAL SEGMENTS (secondary
segment information)
NET SALES, MEUR 2005 2004
Americas 38.8 24.1
EMEA 24.8 22.5
APAC 5.3 5.1
TOTAL 69.0 51.6
CONSOLIDATED KEY FINANCIAL FIGURES, 2005 2004
MEUR
Return on investment, % 15.7 7.4
Return on equity, % 12.1 6.0
Equity ratio, % 86.9 88.8
Debt/equity ratio (gearing), % -42.4 -44.7
Investments 2.0 1.6
% of net sales 3.0 3.1
Research and development 13.4 11.5
% of net sales 19.5 22.4
Order book 27.9 12.2
Personnel, average 355 355
Personnel, at end of period 373 350
CONSOLIDATED KEY FIGURES PER SHARE, 2005 2004
MEUR
Earnings per share, EUR 0.15 0.07
Earnings per share, diluted, EUR 0.15 0.07
Equity per share, EUR 1.33 1.16
Number of shares at end of period, x 58 309 58 093
1,000
Number of shares on average, x 1,000 58 147 58 093
Share price, EUR
Average price 1.86 1.37
Lowest price 1.28 1.11
Highest price 2.60 1.82
Share price at end of period 2.45 1.33
Market value of issued stock at end of 142.9 77.3
period, MEUR
Share turnover, million shares 42.8 33.1
Share turnover, % of total 73.4 57.1
Share turnover, MEUR 79.3 45.5
CONSOLIDATED CONTINGENT 2005 2004
LIABILITIES, MEUR
Pledges given 0.7 0.8
For own debts
Mortgages 0.7 0.7
For other own commitments
Mortgages 1.3 1.3
Chattel mortgages 0.2 0.2
Other own liabilities 3.3 2.8
DERIVATIVE FINANCIAL INSTRUMENTS
Currency forward contracts
Fair value 11.4 18.4
Value of underlying 10.9 19.8
instruments
KEY FIGURES PER QUARTER, MEUR 4Q/05 3Q/05 2Q/05 1Q/05 4Q/04 3Q/04
Net sales, MEUR 17.9 19.5 19.1 12.6 12.4 11.7
Net sales, change % 44.7 66.9 32.0 -4.2
Operating result, MEUR 3.2 4.2 2.4 -0.3 0.1 0.9
% of net sales 17.9 21.4 12.8 -2.1 1.2 8.0
Result before taxes, MEUR 3.2 4.2 3.1 -0.2 0.8 1.4
Personnel at end of period 373 356 357 350 350 350
Earnings per share, EUR 0.05 0.06 0.04 -0.01 0.01 0.02
Earnings per share, diluted, 0.05 0.06 0.04 -0.01 0.01 0.02
EUR
Equity per share, EUR 1.33 1.28 1.21 1.17 1.16 1.16
Net interest-bearing -32.8 -30.1 -30.7 -28.6 -30.2 -31.1
liabilities, MEUR
Order book, MEUR 27.9 19.1 15.1 19.4 12.2 11.3
IFRS 2004 COMPARATIVE FIGURES
CONSOLIDATED INCOME STATEMENT, MEUR IFRS FAS IFRS
1-12/04 1-12/04 adjustments
NET SALES 51.6 51.5 0.1
Other operating income 1.4 0.0 1.4
Materials and services -11.3 -11.3 0.0
Employee benefit expenses -19.9 -21.2 1.4
Depreciation -2.3 -2.3 0.0
Other operating expenses -15.8 -15.1 -0.6
OPERATING RESULT 3.9 1.6 2.3
Financial income and expenses 1.0 1.0 0.0
RESULT BEFORE TAXES 4.9 2.6 2.3
Income taxes -1.0 -0.5 -0.4
RESULT FOR THE PERIOD 4.0 2.1 1.9
Earnings per share, EUR 0.07 0.04
Earnings per share, diluted, EUR 0.07 0.04
CONSOLIDATED BALANCE SHEET, MEUR IFRS FAS IFRS
31.12.2004 31.12.2004 adjustments
Long-term assets
Fixed assets 11.1 9.4 1.7
Other long-term assets 0.5 0.5 0.0
Current assets
Inventories 2.2 2.2 0.0
Trade receivables 12.7 32.1 -19.4
Other financial assets 19.6 2.7 16.9
Cash and bank balances 30.8 30.6 0.2
ASSETS 76.9 77.5 -0.6
Shareholders´ equity 67.5 67.5 -0.1
Long-term liabilities
Provisions 0.1 0.1 0.0
Interest-bearing liabilities 0.5 0.5 0.0
Non-interest bearing 0.0 0.0 0.0
liabilities
Deferred tax liabilities 0.6 0.2 0.5
Current liabilities
Interest-bearing liabilities 0.1 0.1 0.0
Non-interest bearing 8.1 9.2 -1.1
liabilities
EQUITY AND LIABILITIES 76.9 77.5 -0.6
RECONCILIATION OF EQUITY, MEUR 1.1. 31.12.
2004 2004
Shareholders equity according to FAS 65.2 67.5
IFRS transition:
IAS 11 Construction contracts -2.0 -1.5
IAS 12 Income taxes 0.0 -0.5
IAS 19 Employee benefits -0.2 0.0
IAS 38 Intangible assets 0.0 1.5
IAS 39 Financial instruments 0.1 0.2
IFRS 3 Business combinations 0.0 0.1
Total -2.2 -0.1
Shareholders equity according to IFRS 63.1 67.5
The financial figures in the balance sheet, income statement and key indicators
have been rounded up or down to the nearest million euro. The figures shown
here have been calculated using exact values.
SHAREHOLDERS
The companys ten largest shareholders, excluding nominee registrations, on
31 December 2005:
No. of shares % of shares and
votes
Sampo Life Insurance Co. Ltd /Mandatum 3 083 400 5.29
Hammaren Lars-Olof 2 164 300 3.71
OP-Finland Small Firm Fund 2 092 562 3.59
Sumelius Henning 2 022 300 3.47
Pohjola Finland Value Investment Fund 1 479 800 2.54
FIM Fenno Fund 1 466 600 2.52
Sumelius Johanna Marina 1 122 400 1.92
Kaleva Mutual Insurance Company 1 000 000 1.72
Suupohjan Cooperative Bank 951 200 1.63
Oy Investsum Ab 947 500 1.62
TOTAL 16 330 062 28.01
Ownership of Tecnomen shares, 31 December 2005
Shares Holders % Shares and votes %
1-100 531 8.92 31 803 0.05
101-500 2410 40.48 617 147 1.06
501-1 000 1 005 16.88 803 826 1.38
1 001-5 000 1 332 22.37 3 294 425 5.65
5 001-10 000 292 4.90 2 251 518 3.86
10 001-50 000 243 4.08 5 660 365 9.71
50 001-100 000 54 0.91 3 980 505 6.83
100 001-500 000 68 1.14 14 643 204 25.11
500 001< 19 0.32 26 988 385 46.28
Joint account 37 600 0.06
Total 5 954 100.00 58 308 778 100.00
Ownership structure by sector, 31 December 2005
No. of shares %
Companies 4 947 474 8.48
Finance houses and insurance companies 18 627 378 31.95
Public sector 994 030 1.71
Non-profit making associations 3 218 971 5.52
Households and private persons 29 114 436 49.93
Foreign holders 1 368 889 2.35
TOTAL 58 271 178 99.94
Joint account 37 600 0.06
Share capital 58 308 778 100.00
Nominee registrations 6 208 712 10.65
