Done Solutions Corporation
Stock Exchange Release March 5, 2008, at 9:00 a.m.
YEAR 2007 SUCCESSFULL FOR DONE SOLUTIONS
Done Solutions Corporation's financial statements 2007 (IFRS)
10-12/2007:
- Consolidated net sales: EUR 8.0 million (EUR 4.1 million in 10-12/2006), up
by 96.5 percent.
- Consolidated operating profit: EUR 1.2 million (EUR 0.49 million), or 15.2
percent of net sales (12.1 percent), up by 148.0 percent.
1-12/2007:
- Consolidated net sales: EUR 24.7 million (EUR 14.3 million in 1-12/2006), up
by 72.6 percent.
- Consolidated operating profit: EUR 3.3 million (EUR 1.5 million), or 13.2
percent of net sales (10.3 percent), up by 120.0 percent.
- Pre-tax profit: EUR 3.2 million (EUR 1.5 million), or 12.9 percent of net
sales (10.5 percent).
- Earnings per share EUR 0.081 (EUR 0.056). Earnings per share excluding
deferred taxes from confirmed losses EUR 0.049 (EUR 0.024). Equity ratio at
56.5 percent (63.7 percent).
- Equity per share EUR 0.292 (EUR 0.165).
- Cash flow from operating activities EUR 3.3 million (EUR 0.6 million).
- Proposed dividend EUR 0.04 per share (EUR 0.01 per share).
- The Group's total net sales and operating profit is expected to show marked
improvement from the previous year.
BUSINESS ENVIRONMENT
In the Systems segment, a large number of orders for automation systems were
received in 2007: the company received four delivery orders worth EUR 1.5 to
3.0 million during the year. This translated into strong net sales growth: net
sales picked up by 83 per cent from the previous year. Software delivery orders
also remained on a good level in 2007.
Demand for the Services segment's multilingual documentation and visualization
services remained good in 2007, with net sales up by 13 per cent year on year.
A newcomer to the Services segment, Midas Touch Oy (CRM, telemarketing and
teleservices) was acquired on December 18, 2007, and its figures have been
consolidated as of December 31, 2007, which means its income and expenses are
not included in the consolidated income statement for 2007.
The Health Care segment filed an application with the US health care authority
FDA for a sales license for the iCare tonometer in the US markets, which was
approved at the end of May 2007. The segment's net sales were up by 49 per cent
from the previous year, showing significant growth. In 2007, tonometers were
delivered to as many as 45 countries.
Boomeranger Boats Oy, a company specialized in Rigid Inflatable Boats (RIB),
was acquired on August 22, 2007 and included in the Defense segment. In the
five months from August 1 to December 31, 2007 that the segment formed part of
the Done Solutions Corporation, it generated net sales of EUR 2.4 million. The
customer base for the company's specialty products is still relatively small.
Key customers include border guard authorities, marine rescue units and defense
forces operating in the Baltic Sea region. Due to the narrow customer segment
and to the significance of single orders, the order volume fluctuates annually,
which is reflected in the segment's net sales development.
The Technology segment (Finnish Led-Signs Oy), which is engaged in the design,
manufacture and sale of LED-based information display systems, was acquired on
September 3, 2007. In the four months from September 1 to December 31, 2007
that the segment formed part of the Done Solutions Corporation, it generated
net sales of EUR 0.6 million. The segment's most important end-customers are
Nordic service station chains. At the year-end, the company's order book was
long.
NET SALES, PROFITABILITY AND PROFIT
Consolidated net sales for the period came to EUR 24.7 million (EUR 14.3
million), up by 72.6 percent year on year.
Consolidated operating profit before depreciation (EBITDA) came to EUR 4.0
million, accounting for 16.1 percent of consolidated net sales (EUR 1.9 million
or 13.0 percent of consolidated net sales), up by 114.2 percent.
Consolidated operating profit amounted to EUR 3.3 million, accounting for 13.2
percent of consolidated net sales (EUR 1.5 million, or 10.3 percent of
consolidated net sales), up by 120.0 percent from the previous year.
Pre-tax profit totaled EUR 3.2 million, accounting for 12.9 percent of net
sales (EUR 1.5 million, or 10.5 percent of net sales), up by 112.0 percent year
on year.
Net profit for the period totaled EUR 5.5 million, accounting for 22.2 percent
of net sales (EUR 3.5 million, or 24.2 percent of net sales), up by 58.4
percent from the previous year. The year's taxes include deferred tax income of
EUR 2.2 million (EUR 1.9 million) from confirmed losses.
Undiluted and diluted earnings per share rose to EUR 0.081 (EUR 0.056) Equity
per share improved to EUR 0.292 (EUR 0.165).
Systems (Done Logistics), Services (Done Information and Midas Touch), 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 and the Technology segment
since September 1, 2007. The income and expenses of the Services segment's
Midas Touch Oy are not included, since the company has been consolidated since
December 31, 2007.
Net sales Net sales Segment profit
1-12/2007 1-12/2006 1-12/2007 1-12/2006
MEUR share MEUR share MEUR % MEUR %
Systems 11.8 48% 6.4 45% 1.35 11 0.73 11
Services 5.6 22% 5.0 35% 0.79 14 0.69 14
Health Care 4.3 18% 2.9 20% 1.14 26 0.67 23
Defense (5 months) 2.4 9% - - 0.32 13 - -
Technology (4 m.) 0.6 3% - - 0.03 4 - -
Total 24.7 100% 14.3 100% 3.62 15 2.08 15
Parent company costs -0.36 -2 -0.60 -4
Operating profit 3.25 13 1.48 10
The consolidated net sales, profit by segment and consolidated operating profit
by quarter were:
MEUR Q4/07 Q3/07 Q2/07 Q1/07 Q4/06 Q3/06 Q2/06 Q1/06
Net sales:
Systems 3.6 3.0 2.6 2.6 1.8 1.1 1.8 1.7
Services 1.5 1.3 1.4 1.5 1.3 1.1 1.3 1.3
Health Care 1.6 0.8 0.9 1.1 1.0 0.7 0.6 0.7
Defense (5 m.) 0.8 1.5 - - - - - -
Technology (4 m.) 0.5 0.2 - - - - - -
Total 8.0 6.7 4.8 5.2 4.1 2.9 3.6 3.8
Profit by segment:
Systems 0.34 0.31 0.36 0.33 0.25 0.03 0.21 0.25
Services 0.17 0.16 0.17 0.28 0.18 0.16 0.15 0.20
Health Care 0.47 0.11 0.15 0.41 0.21 0.21 0.09 0.14
Defense (5 m.) 0.12 0.19 - - - - - -
Technology (4 m.) 0.01 0.02 - - - - - -
Total 1.11 0.80 0.68 1.02 0.64 0.40 0.45 0.59
Parent comp.costs 0.10 -0.15 -0.15 -0.16 -0.15 -0.13 -0.14 -0.18
Operating profit 1.21 0.65 0.53 0.86 0.49 0.27 0.31 0.41
Oper. profit % 15.2% 9.6% 11.1% 16.6% 12.1% 9.4% 8.6% 10.9%
The income and expenses of Midas Touch Oy, acquired for the Services segment in
December 2007, are not included since the company has been consolidated since
December 31, 2007 only.
After the settlement agreement signed in December 2007, the remaining EUR 0.33
million of the provision made in 2002 for costs arising from the bankruptcy of
the Swedish subsidiary Done Logistics AB were netted as income for Q4/2007
against the parent company's expenses.
Costs for August to December 2007 arising from acquisition price allocations
entered in the Defense segment balance sheet (segment acquired in August 2007)
were EUR -0.49 million and those for September to December 2007 arising from
acquisition price allocations included in the Technology segment balance sheet
(segment acquired in September 2007) totaled EUR -0.03 million.
BALANCE SHEET AND FINANCIAL POSITION
On December 31, 2007, the consolidated balance-sheet total amounted to EUR 40.6
million (EUR 17.2 million on December 31, 2006). Shareholders' equity came to
EUR 22.2 million (EUR 11.0 million). Interest-bearing liabilities totaled EUR
4.1 million (EUR 2.1 million) and gearing stood at 3.3 percent (-1.8 percent).
At the period-end, equity ratio was 56.5 percent (63.7 percent) and cash and
cash equivalents stood at EUR 3.4 million (EUR 2.4 million).
INVESTMENTS AND MAJOR EVENTS IN Q4/2007
The acquisition of Midas Touch Oy on December 18, 2007:
On December 18, 2007, Done Solutions Corporation acquired the entire stock
capital of Midas Touch Oy and 76 per cent of GDZ Markkinointi Oy from Timo
Juurakko, Sami Latva and Markku Pihlajaniemi. GDZ Markkinointi Oy owns 24 per
cent of Midas Touch Oy's stock capital. Midas Touch Oy owns 100% of its
subsidiaries Midas Tech Oy, Midas Touch Gateway Oy, Midas Touch Interactive Oy
and Midas Touch Care Oy, all active in business, and 81 per cent of Midas Touch
Media Oy. The transaction was based on a share swap according to which Done
Solutions Corporation offered 7,500,000 new shares. The subscription price per
share was EUR 0.66, which corresponds to the closing price of Done Solutions
Corporation's share on Monday, December 17, 2007. Waiving the shareholders'
pre-emption rights, this private placement was based on the share-issue
authorization given by the Annual General Meeting of April 3, 2007.
Furthermore, the transaction will include an additional share swap in addition
to the one cited above, with the sellers of Midas Touch Oy receiving 10-60% of
the company's profit from 2008-2010 in the form of a Done Solutions Corporation
rights issue each year. As agreed, an additional share swap estimated at EUR
2.0 million after discounting, was added to the acquisition price entered in
the consolidated balance sheet, plus a capital transfer tax of EUR 0.1 million.
If Midas Touch Oy had been included in the Corporation's financial statements
from the beginning of 2007, the Corporation's net sales for 1-12/2007 would
have totaled EUR 36.6 million and the profit for the period EUR 5.8 million.
Meur Fair value at Carrying amounts
combination prior to combination
Tangible assets 0.3 0.3
Intangible assets 3.0 0.9
Investments 0.0 0.0
Inventories 0.0 0.0
Accounts receivable & other receivables 1.6 1.6
Cash and cash equivalents 1.6 1.6
Total assets 6.5 4.5
Minority interest 0.0 0.0
Deferred tax liabilities 0.5 0.0
Interest-bearing liabilities 0.9 0.9
Other payables 3.2 3.2
Total liabilities 4.7 4.1
Net assets 1.8 0.3
Acquisition cost 7.1
Goodwill 5.2
EUR 2.1 million of sales price was allocated to intangible assets (customer
agreements), which will be amortized as expenses over a period of 1-7 years.
EUR 5.2 million of goodwill was created as a result of the future upside
potential of the acquired business and entry into new markets. According to the
management's view, the future accumulated cash flows for the segment should
exceed said goodwill.
Purchase price paid in cash 0.0
Acquired subsidiary's cash & cash equiv. 1.6
Cash flow effect 1.6
The acquisition cost calculation is preliminary. Acquisition includes
contributions for the additional swap paid from future profits. The acquisition
cost calculation was treated as preliminary under the prudence principle
because of the recent timing of the acquisition.
On October 9, 2007, Done Logistics Oy, a subsidiary within the Group's Systems
segment, received an order worth around EUR 3.0 million for several significant
project deliveries from an international customer delivering, among other
things, construction industry materials. The order will be implemented in
Europe during 2007-2010, though mainly in 2008.
The bankrupt estate of Done Logistics AB, Done Solutions Corporation's
Swedish-based subsidiary that went bankrupt in 2002, reached a settlement with
Arla Foods AB on December 27, 2007 regarding a dispute related to securing a
claim in a bankruptcy, pending at the Värmland district court since 2002. The
claims lodged by Arla Foods AB were based on the alleged defects and delays in
a project delivery, and the claims totaled approximately EUR 1.0 million. The
dispute involved Done Logistics AB disputing the claims by Arla Foods AB and
lodging counterclaims totaling ca EUR 0.6 million. As a consequence of the
settlement, Done Solutions Corporation, having granted a reguarantee on behalf
of Done Logistics AB, paid SEK 2.1 million (approximately EUR 0.22 million) to
Arla Foods AB. After the payment, Done Solutions Corporation recognized the
provision of approximately EUR 0.3 million made for bankruptcy costs of Done
Logistics AB, remaining on its balance sheet, in the financial statements for
2007. After the settlement and recognition, Done Solutions Corporation has
reached a settlement on all disputes pending and no significant cost reserves
remain in the balance sheet.
DECISIONS BY THE ANNUAL GENERAL MEETING OF APRIL 3, 2007
The AGM's decisions can be found in the company's stock exchange release of
April 3, 2007.
MAJOR EVENTS AFTER THE BALANCE SHEET DATE
Jyri Merivirta's shareholding in Done Solutions Corporation decreased to less
than one fifth (1/5) of the shares and the voting rights, as a result of the
trade register registration on January 16, 2008 of the subscribed shares based
on a private placement to the former owners of Midas Touch Oy and GDZ
Markkinointi Oy.
Ari Tiukkanen, Engineer, (46), was appointed CEO of Tiolat Oy, a Done Solutions
Corporation subsidiary, as of March 1, 2008. Tiolat's former CEO, Kari
Serjamaa, will not continue with the company.
HUMAN RESOURCES
During the period, the number of employees averaged 155 (133), two of whom
worked abroad (2). The company's personnel by segment at the end of the period
was as follows:
1-12/2007 1-12/2006
Systems 65 58
Services 550 67
Health Care 9 5
Defense 33 0
Technology 10 0
Parent company 3 3
Total 670 133
MANAGEMENT AND AUDITORS
Done Solutions Corporation's Board of Directors is made up of the following
members as from April 3, 2007: Jyri Merivirta (Chairman), Matti Nevalainen and
Pekka Tammela.
Deloitte & Touche Oy, Authorized Public Accountants, acted as the company's
auditor, with Eero Lumme, Authorized Public Accountant, acting as the chief
auditor.
The Corporate Management Team comprises, as from November 23, 2007 Olli-Pekka
Salovaara, President and CEO; Juha Kujala, General Counsel, and Mika Söyring,
CFO.
SHARE CAPITAL AND SHARES
Between January 1 and December 31, 2007, the Company increased its number of
shares from 66,436,484 to 75,936,482 shares. These increases were recorded in
the unrestricted shareholders' equity fund.
Date of
Period Increase registration Rights issue
Sep.3,2007 1,999,998 28.9.2007 Mia Järvinen and Olli-Pekka Salovaara
Dec. 18, 2007 7,500,000 16.1.2008 Timo Juurakko, Sami Latva and Markku
Pihlajaniemi
On December 31, 2007, Done Solutions Corporation's share capital came to EUR
5,314,918.72 and the number of shares totaled 75,936,482.
On December 31, 2007, the Board's authority to issue shares had not been
exercised with respect to some 19,815,637 shares of the 33,000,000 shares which
it had the authority to issue as per the AGM's decision of 3 April 2007. In
addition, the Board did not exercise its authority to issue 6,643,648 own
shares. Under the decision of the AGM of 3 April 2007, the Board had the
authority to decide on the purchase of 6,643,648 own shares. On December 31,
2007 the company had no own shares. The authority to purchase own shares will
be effective until April 30, 2008 and the authority to issue shares until April
30, 2009.
The reported share turnover of Done Solutions Corporation in 2007 was EUR 36.9
million, representing 68.0 million shares and 101.0 percent of the total number
of company shares. The highest share quotation for 2007 was EUR 1.02 and the
lowest EUR 0.28. The share price averaged EUR 0.58 and closed at EUR 0.67 on
December 31, 2007. The company's market capitalization on December 31, 2007
totaled EUR 50.9 million.
SHAREHOLDERS
On December 31, 2007, the number of company shareholders totaled 2,429 (1,944).
The fiscal year saw one flagging notification related to shareholdings.
Conventum Venture Finance Oy's shareholding in Done Solutions Corporation
decreased to less than a twentieth (1/20) of the shares and voting rights on
January 12, 2007, as a result of the share sales.
The company's largest shareholders are listed on Done's website at
www.donesolutions.com (Investors / Financial Information / Largest
shareholders).
OPTION RIGHTS
Based on 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 scheme, comprising a maximum of 3,684,365
option rights. Each option right entitles the holder to one Done Solutions Oyj
share. The proportion of stock, to be subscribed based on the option rights to
be issued, totaled a maximum of 5.4% of the company's capital stock and voting
rights once the new shares to be subscribed via the option rights have been
registered.
The option rights have been divided into three series, A (1,684,365 stock
options), B (1,000,000 stock options) and C (1,000,000 stock options). 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 subscription price of the
shares will be the weighted mean price of Done Solutions Oyj's shares during 1
- 30 November 2007 (for series A option rights), 1 -30 April 2009 (for series B
option rights) and 1 - 30 November 2010 (for series C option rights).
If a person's work or employment relationship ceases before the beginning of
the shares' subscription period, he must relinquish without recompense any such
option rights for which the shares' subscription period has not yet commenced,
by the termination date of the work or employment relationship. This obligation
does not, however, apply to any persons whose work or employment relationship
has come to an end due to retirement or death.
The option rights shall be granted to members of the Group management in
accordance with the decision of Done Solutions Oyj's Executive Board. A
significant proportion of the option rights shall be reserved for Done Medical
Oy, a wholly owned subsidiary of Done Solutions Oyj. The Board of Done
Solutions Oyj shall decide on the allocation of these reserved option rights at
a later date. The Executive Board may extend the number of recipients of the
option rights at a later date or decide on their allocation, for instance in
connection with any further business restructuring or recruitment.
Those members of the company's insider circle who will be entitled to subscribe
to shares via the option rights, owned less than one (1) per cent of the
company's shares and associated voting rights on November 23, 2007.
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, 2007, the Board of Directors and the President and CEO held
20.3 percent of the company's shares, totaling 15,411,488 shares, and 18.6
percent of stock options. Moreover, on the same date, Gateway Finland Oy held
15.1 percent of company shares, totaling 11,500,000 shares. Matti Nevalainen, a
Board member, holds 50 per cent of Gateway Finland Oy shares.
INSIDER ISSUES AND CORPORATE GOVERNANCE
Done Solutions Corporation complies with the Helsinki Stock Exchange's
Guidelines for Insiders effective as of January 1, 2006 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 on the Company's website.
STOCK EXCHANGE RELEASES
The company's stock exchange releases and the related list can be found on its
website at www.donesolutions.com, Investors / Stock Exchange Releases.
MAJOR BUSINESS RISKS
The Group's risks consist of strategic, operational, financial and hazard
risks. Risk assessment involves assessing the probability and impact of the
risks, if they were to materialize.
The Group's strategic risks are associated with potentially toughening market
competition, the threat of rival products, dependency on the subcontractor and
supplier network, and the Systems segment's sensitivity to economic conditions.
The Group is continuously monitoring strategic risks and, whenever necessary,
will revise its strategy to minimize them. The Group's strategic objective is
to pursue growth through acquisitions. The success of these acquisitions has a
significant impact on growth plans. An unsuccessful acquisition may erode the
Group's competitiveness and profitability. Acquisitions may also change the
Group's risk profile.
Operational risks are associated with the retention of major customers and
their development within the Services and Systems segments, and success in
widening the customer base. The Health Care segment's major risks are
associated with delays in the opening of new markets and the threat of rival
products. Key operational risks incurred within the Defense, Technology and
Services segments from the new companies acquired in 2007 have to do with the
successful integration of business operations into the Done Group. This
involves creating the most suitable practices, motivating personnel and
management, and ensuring business continuity through the transfer of management
competence. All Group segments are exposed to risk associated with potential
production disruptions within subcontractor and supplier networks. Deferred tax
assets represent a significant portion of assets in the balance sheet. Any
changes in business profitability or in 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 risks have extensive insurance cover, including EUR 5.0 million
liability insurance. 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. Financial risks are itemized in the Notes to the financial statement.
PRODUCT DEVELOPMENT
Product development costs for 2007 came to EUR 0.80 million (EUR 0.28 million)
and were expensed as incurred.
ENVIRONMENT
Done Solutions Corporation's operations are characterized by minimal
environmental impacts.
PROSPECTS
Growing uncertainty in terms of global economic development is seen in the
Group companies' business environment. External uncertainty factors that are
beyond the Group's control may rapidly affect performance development and
change the following assessment made on the basis of the data currently
available.
Demand for the Services segment's multilingual documentation services is
expected to remain steady and good, and segment net sales are anticipated to
show moderate growth as in previous years. The outlook for Midas Touch Oy
acquired for the Services segment at the end of December is good, and the
company's net sales are expected to grow significantly from the previous year.
The Systems segment is subject to dramatic cyclic fluctuations. However, last
year's strong order volume and good demand are expected to raise the segment's
net sales above the previous year's level. The Health Care segment is expected
to increase its net sales as a result of growth in the existing markets and
expansion into new markets. The Defense segment's order volume varies from one
year to another and it is anticipated that its order book and net sales will
fall clearly short of the previous year due to this annual variation.
Meanwhile, the technology segment has seen an increase in product demand, and
its net sales are expected to show considerable growth. The Group's total net
sales are expected to show marked improvement from the previous year.
Due to the cost pressures created by the economic boom, costs are expected to
be higher than in the previous year, but this rise will be moderate. The
Group's operating profit is expected to show marked improvement from the
previous year.
BOARD PROPOSAL FOR PROFIT ALLOCATION
Consolidated net profit for the year totaled EUR 5.5 million and that of the
parent company EUR 2.5 million.
The parent company's distributable earnings on December 31, 2007 totaled EUR
10.3 million.
The Board of Directors will propose to the Annual General Meeting on April 2,
2008 that the parent company distributes a per-share dividend of EUR 0.04.
Done Solutions Corporation
Board of Directors
For further information, please contact:
Olli-Pekka Salovaara, President and CEO, gsm +358(0)40 5675520
olli-pekka.salovaara@donesolutions.com
Mika Söyring, CFO, gsm +358(0)40 7770033,
mika.soyring@donesolutions.com
http://www.donesolutions.com
Distribution
Helsinki Stock Exchange
Financial Supervision Authority
Major media
Done Solutions Corporation, listed on the OMX Helsinki Stock Exchange, 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) 1-12/2007 1-12/2006
Net sales 24.7 14.3
Operating profit 3.3 1.5
Operating profit, % 13.2 10.3
Pre-tax profit 3.2 1.5
Pre-tax profit, % 12.9 10.5
Net profit 5.5 3.5
Net profit, % 22.2 24.2
Gross capital expenditure 14.5 5.4
Gross capital expenditure, % of net sales 58.8 37.7
R&D costs 0.8 0.3
R&D costs, % 3.2 2.0
Gearing, % 3.3 -1.8
Equity ratio, % 56.5 63.7
Return on investment (ROI), % 17.1 17.1
Return on equity (ROE), % 33.0 43.3
Undiluted earnings per share, EUR 0.081 0.056
Diluted earnings per share, EUR 0.081 0.056
Equity per share, EUR 0.292 0.165
Average no. of employees 155 133
Cash flow from operating activities 3.3 0.6
Cash flow from investing activities -2.5 -2.1
Net cash used in financing activities 0.2 0.2
Total cash flow 1.0 -1.3
CONSOLIDATED INCOME STATEMENT (MEUR) 1-12/2007 1-12/2006
NET SALES 24.7 14.3
Changes in inventory -0.2 -0.0
Other operating income 0.0 0.1
Materials and services -10.1 -4.3
Employee benefits -7.5 -6.0
Depreciation/amortization -0.7 -0.4
Other operating expenses -2.9 -2.2
OPERATING PROFIT 3.3 1.5
Share of associates' results 0.0 0.1
Financial expenses (net) -0.1 -0.0
PRE-TAX PROFIT 3.2 1.5
Income tax expense 2.3 2.0
Minority interest 0.0 0.0
NET PROFIT, continuing operations 5.5 3.5
Net profit, discontinued operations 0.0 0.0
NET PROFIT 5.5 3.5
Earnings per share, undiluted EUR 0.081 0.056
Earnings per share, diluted EUR 0.081 0.056
CONSOLIDATED INCOME STATEMENT (MEUR) 10-12/2007 10-12/2006
NET SALES 8.0 4.1
Changes in inventory 0.3 0.0
Other operating income 0.0 0.0
Materials and services -3.5 -1.3
Employee benefits -2.4 -1.5
Depreciation/amortization -0.3 -0.2
Other operating expenses -1.0 -0.6
OPERATING PROFIT 1.2 0.5
Share of associates' results 0.0 0.0
Financial expenses (net) -0.0 -0.0
PRE-TAX PROFIT 1.2 0.5
Income tax expense 2.8 2.1
Minority interest 0.0 0.0
NET PROFIT, continuing operations 4.0 2.6
Net profit, discontinued operations 0.0 0.0
NET PROFIT 4.0 2.6
CONSOLIDATED BALANCE SHEET (MEUR) 31.12.2007 31.12.2006
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment 2.3 0.6
Goodwill 13.1 3.1
Intangible assets 7.1 4.9
Shares in associates 0.4 0.4
Available-for-sale-assets 0.0 0.0
Receivables 0.4 0.4
Deferred tax assets 4.4 2.2
TOTAL NON-CURRENT ASSETS 27.8 11.5
CURRENT ASSETS
Inventories 1.2 0.2
Trade and other receivables 8.3 3.1
Cash and cash equivalents 3.4 2.4
TOTAL CURRENT ASSET 12.8 5.7
TOTAL ASSETS 40.6 17.2
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
Revaluation reserve 1.5 1.5
Other reserves 0.0 0.0
Invested unrestricted capital reserve 6.4 0.0
Retained earnings/loss 6.2 1.4
TOTAL EQUITY, attributable to holders
of parent company equity 22.2 11.0
MINORITY INTEREST 0.0 0.0
TOTAL SHAREHOLDERS' EQUITY 22.2 11.0
LIABILITIES
LONG-TERM LIABILITIES
Deferred tax liabilities 2.0 1.3
Provisions 0.0 0.5
Interest-bearing liabilities 2.9 1.2
Other payables 2.4 0.0
TOTAL LONG-TERM LIABILITIES 7.3 3.1
SHORT-TERM LIABILITIES
Advance payments 1.3 0.0
Trade and other payables 8.5 2.1
Provisions 0.2 0.1
Interest-bearing liabilities 1.2 1.0
TOTAL SHORT-TERM LIABILITIES 11.1 3.1
TOTAL LIABILITIES 18.4 6.3
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY 40.6 17.2
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (MEUR)
Share Share Other Retained Minority Total
capital premium reserves earnings interest equity
Balance Jan. 1, 2006 4.8 1.0 0.3 -2.0 1.0 5.0
Paid dividends to
minority shareholders 0.0 0.0 0.0 -0.0 0.0 -0.0
Share subscriptions
based on stock options 0.1 0.1 0.0 0.0 0.0 0.2
Private placement 0.5 1.4 1.5 0.0 -1.0 2.4
Net profit 0.0 0.0 0.0 3.5 0.0 3.5
Balance Dec. 31, 2006 5.3 2.4 1.8 1.4 0.0 11.0
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 5.5 0.0 5.5
Balance Dec. 31, 2007 5.3 2.4 8.3 6.2 0.0 22.2
CONSOLIDATED CASH FLOW STATEMENT (MEUR) 1-12/2007 1-12/2006
Net profit 5.5 3.5
Adjustments to net profit -1.5 -1.1
Change in working capital -0.3 -1.3
Interest paid -0.3 -0.1
Interest received 0.1 0.2
Paid taxes -0.2 -0.5
CASH FLOW FROM OPERATING ACTIVITIES 3.3 0.6
Acquisition of subsidiary -2.3 -2.2
Acquisition of associates -0.0 0.0
Purchase of PPE -0.2 -0.1
Purchase of intangible assets -0.0 -0.0
Payments of other investments 0.0 0.1
NET CASH USED IN INVESTING ACTIVITIES -2.5 -2.1
Rights issue 0.0 0.2
Paid dividends -0.7 0.0
Long-term borrowings 3.0 0.0
Repayments of long-term borrowings -2.1 0.0
Finance lease principal payment -0.1 -0.0
NET CASH USED IN FINANCING ACTIVITIES 0.2 0.2
Net change in cash and equivalents 1.0 -1.3
Cash and equivalents, period-start 2.4 3.7
Cash and equivalents, period-end 3.4 2.4
CONTINGENT LIABILITIES (MEUR) 31.12.2007 31.12.2006
Mortgages given 3.3 0.3
Pledges given 8.8 2.7
Securities given 3.3 1.5
Finance lease liabilities 0.4 0.1
Operating lease liabilities 1.3 0.3
NET SALES AND OPERATING PROFIT BY QUARTER (MEUR)
MEUR Q4/07 Q3/07 Q2/07 Q1/07 Q4/06 Q3/06 Q2/06 Q1/06
Net sales 8.0 6.7 4.8 5.2 4.1 2.9 3.6 3.8
Oper.profit 1.2 0.6 0.5 0.9 0.5 0.3 0.3 0.4
Oper.profit,% 15.2% 9.6% 11.1% 16.6% 12.1% 9.4% 8.6% 10.9%
The figures (inc. comparatives) in this report are in compliance with IFRS.
Data in this report is based on audited figures.