ETTEPLAN OYJ: FINANCIAL STATEMENT BULLETIN, 1 JANUARY – 31 DECEMBER 2007
Stock exchange release – Published: 13.02.2008 10:30:00
Revenue: EUR 125.2 million +28%
Operating profit: EUR 11.6 million +72%
Net profit for the financial year: EUR 7.8 million +88%
Earnings per share: EUR 0.40 +89%
Proposed dividend: EUR 0.21 per share +62%
“The year 2007 was an excellent one for Etteplan in terms of both revenue and
the increase in the result. I am especially satisfied with the expansion of our
growth into new areas of competence and service. The development of Etteplan's
business operations shows that our competitiveness has improved. It corresponds
to our long-term goal, according to which we will continue to grow profitably by
offering ever larger competence entities for the product and production
processes of our customers,” says Matti Hyytiäinen, CEO of Etteplan.
Revenue and result
The Etteplan Group's revenue in continuing operations showed a noticeable
increase from the previous year's figure, rising by 28.2% to EUR 125.2 million
(EUR 97.6 million in 2006). The increase was based on both acquisitions and
organic growth, with organic growth accounting for 16.6%. The result for the
last quarter was burdened by the strike of the Federation of Professional and
Managerial Staff (YTN).
Operating profit totaled EUR 11.6 million (EUR 6.7 million), representing 9.3%
of revenue (6.9%). The company's operating profit grew by 72.3% from the
previous year's level. Profit for the 2007 financial year before taxes was EUR
11.4 million (EUR 6.6 million). Taxes came to EUR 3.0 million (EUR 2.1 million).
The effective tax rate came to 26.6% (31.0%). Tax-exempt capital gains from the
divestment of NATLABS Oy shares in the first quarter of the year lowered the tax
rate for the financial year. The net profit for the financial year was EUR 7.8
million (EUR 4.2 million).
Earnings per share were EUR 0.40 (EUR 0.21), and equity per share was EUR 1.44
(EUR 1.16). The return on investment increased to 30.4% (24.3%) and the return
on equity to 31.7% (20.6%).
Business operations
Etteplan operates as a partner to large and medium-sized internationally
operating industrial companies, providing high-quality services for the product
development and production processes of its customers and a wide range of
technical information solutions. The Group's service offering is divided into
two segments: Delivery Design and Product Development.
The Delivery Design segment provides a wide range of design services as well as
associated commissioning, site supervision, and training services, along with
product information content production services for the design of production
facilities and their machinery and equipment. The Product Development segment
provides multi-sector design and implementation services for product development
as well as services for product information content production. The services are
based on long-term partnerships with customers and are aimed at guaranteeing the
customer's competitiveness in the future.
The company's customer base comprises equipment manufacturers and end users in
the automotive, aerospace, process, defense equipment, lifting and hoisting,
wood-processing, and electronics industries.
Major events in 2007
In January, Etteplan acquired the entire share capital of LCA Engineering Oy
from Kouvola. Established in 1993, the company provides process and factory
design services for industrial companies' investments and to machine and
equipment suppliers, especially in the wood-processing industry. The acquisition
was detailed in a stock exchange release dated 10 January 2007.
In March, Etteplan concluded an agreement with Intertek for ever broader
cooperation. As part of the agreement, the share capital, the operations, and
all personnel of Etteplan subsidiary NATLABS Oy were assigned to Intertek. As a
result of the cooperation, Etteplan can provide its customers with not only
design but also acceptance and testing services by taking advantage of the
global network of Intertek. On 13 March 2007, the company published a release
concerning the expansion of cooperation.
In March Etteplan Oyj's Annual General Meeting passed a resolution on a motion
by the Board of Directors to pay a dividend for the year 2006 of EUR 0.26
per share. It also granted the Board of Directors authorization to decide on an
issue of no more than 4,000,000 shares with a share issue or by granting option
rights or other specific rights giving entitlement to shares, and to decide to
buy back own shares in one or several lots with non-restricted equity. The
resolutions of the Annual General Meeting have been detailed in a stock exchange
release dated 29 March 2007.
In July, Etteplan Oyj agreed upon the acquisition of a majority stake in the
Swedish Gesab AB. Established in 1985, Gesab AB primarily provides product
development and production technology services for the automotive, aerospace,
and household appliance industries. The acquisition supports Etteplan's growth
strategy and further reinforces the Group's competence and market position,
particularly as a supplier to the automotive and aerospace industries. The
acquisition was detailed in a stock exchange release dated 4 July 2007.
In September, Etteplan Oyj acquired the entire share capital of Gesab AB in
accordance with an agreement signed in July. The acquisition was made public in
a stock exchange release dated 3 September 2007.
An extraordinary general meeting was held in Lahti on 21 September 2007. This
meeting passed all motions made by the Board of Directors: to amend the Articles
of Association, perform a share issue free of charge, and increase the share
capital by means of a reserve increase. The resolutions of the extraordinary
general meeting were detailed in a stock exchange release dated 21 September
2007.
The free-of-charge share issue and the reserve increase decided upon at Etteplan
Oyj's extraordinary general meeting were implemented on 26 September 2007. Both
were detailed in a stock exchange release on the same day.
In October, the Board of Directors of Etteplan Oyj appointed Matti Hyytiäinen,
M.Sc. (Econ.), as the company's new President and CEO, to take office on 1
January 2008. The long-time CEO, Heikki Hornborg, was appointed as the chairman
of the Etteplan Oyj Board of Directors, to serve from 1 January 2008. Tapani
Mönkkönen, the previous chairman, will continue as a Board member and serve as
the vice-chairman of the Board of Directors from that date. The appointments
were detailed in a stock exchange release dated 8 October 2007.
Also in October, Etteplan agreed upon the acquisition of a majority stake in
Lutab Professor Sten Luthander Ingenjörsbyrå AB. The acquisition was finalized
in January 2008. Established in 1961, the Swedish company provides high-quality
industrial technology services mainly to the aerospace, defense equipment,
vehicular and transport, and electronics and power transmission industries. The
acquisition was detailed in a investor release on 26 October 2007.
In November, Etteplan revised its international business operations model.
The company decided to change the St. Petersburg representative's office into
a subsidiary and to start reorganizing operations in Central Europe. As part
of the renewal, the loss-making operations in Germany were closed down. The
reorganizations were detailed in a release for investors on 26 October 2007.
The German business is treated as closed-down operations in the financial
statements.
Personnel
The Etteplan Group's operations and number of personnel have grown steadily.
In the 2007 financial year, the Group employed an average of 1,895 people
(1,501), an increase of 26.3%. At the end of the period, on 31 December 2007,
the payroll numbered 1,949 employees (1,586). Increases in staff numbers were
due to active recruitment and the business operations transferred to the Group;
these employees are almost solely assigned to implementation of customer
projects. At the end of the period, the Group employed 1,034 people in Finland,
860 in Sweden, and 55 in other countries.
Capital expenditures
The Group's total capital expenditure amounted to EUR 13.2 million (EUR 12.5
million). The largest single investments were the acquisition of the entire
share capital of LCA Engineering Oy, of the minority shares outstanding in
ProTang AB, and of the entire share capital of Gesab AB. Other capital
expenditures were earmarked for the implementation and development of business
operations.
Estimate of operating risks and uncertainty factors
Risks related to the Etteplan Group's business operations are divided into
external and internal risks, and the risks are monitored according to this
classification.
External risks
External risks include risks concerning economic development on the whole and
unpredictable changes in customers' order backlog, which is classified as the
greatest risk in the company's business operations.
Internal risks
Internal risks include strategic and operating risks, as well as financing
risks.
Etteplan's most significant strategic risks relate to development of business
operations - in other words, acquisitions. The company aims to manage these
risks by complying with its acquisitions policy and with procedures and models
that have been prepared on the basis of this policy. In addition to
acquisitions, organic growth is an important part of the growth objectives for
Etteplan's business.
Etteplan's biggest operating risks are related to commissions and personnel. The
company's commissions include a risk of services or performances including a
professional error, omissions, or other negligence that could cause significant
financial or other damage. In order to contain operating risks, the company
applies the following procedures: compliance with quality management systems,
codes of practice, and acceptance procedures; training of personnel; and
compliance with instructions on management of quotes and contracts, particularly
in delimitation of contractual liability. The company has a liability insurance
program that encompasses the entire Group. However, insurance does not cover all
insurance risk. The company's business is based on professional personnel.
Availability of competent professionals is an important factor in ensuring
profitable growth and continued high-quality business operations.
Reviews concerning financing risks are presented in the notes to the financial
statements.
Financial position
Total year-end assets showed an increase by 31.2% to EUR 72.4 million on
31 December 2007 (EUR 55.2 million for 2006). Balance sheet goodwill rose to
EUR 28.8 million (EUR 18.6 million). The Group's cash and cash equivalents
totaled EUR 7.2 million (EUR 6.2 million). The Group's interest-bearing
liabilities increased as a result of acquisitions and stood at EUR 14.8 million
(EUR 10.8 million) at period end. The equity ratio was 40.7% (42.6%).
Liquidity was good throughout the period.
Shares, share price trend, and share buy-back
The Etteplan Oyj share (ETTIV) is quoted in the Nordic Exchange's Small Cap
market capitalization group in the Industrials sector.
The company's share capital on 31 December 2007 was EUR 5,000,000.00, and the
number of shares outstanding was 20,179,414. The company has one series of
shares. All shares confer an equal right to a dividend and the company's funds.
The number of Etteplan Oyj shares traded in the 2007 financial year was
6,198,868, to a total value of EUR 47.9 million. The lowest share price was
EUR 3.40, the average EUR 4.76, and the closing price EUR 4.70. Market
capitalization as of 31 December 2007 was EUR 94.8 million, and there were
1,960 shareholders.
Etteplan increased its share capital by 196,347 shares and EUR 49,086.75 via a
directed share issue in February. The new shares were used as payment in the
acquisition of LCA Engineering Oy. The new shares were entered in the trade
register on 7 February 2007 and became subject to trading on the Helsinki Stock
Exchange alongside the old shares on 8 February 2007. After the increase, the
company's share capital was EUR 2,492,319.25, or 9,969,277 shares. The increase
in share capital was reported upon in a stock exchange release on 7 February
2007.
In June, the company increased its share capital by 120,430 shares and
EUR 30,107.50 by means of a directed share issue. The new shares were used as
payment to acquire the outstanding minority shares in ProTang AB. The increase
in share capital was reported upon in a stock exchange release on 15 June 2007,
and the new shares became subject to public trading alongside the old ones on
18 June 2007.
In September, the company arranged a free-of-charge share issue, whereby the
shareholders of the company were issued new shares in proportion to their
holdings, such that they were entitled to one new share of the company free of
charge against each share they owned. In total, 10,089,707 new shares were
issued free of charge in connection with this issue. The free-of-charge share
issue was reported upon in a stock exchange release issued on 26 September 2007.
The new shares became subject to public trading alongside the old ones on
27 September 2007.
Also in September, the company's share capital was increased via a reserve
increase, whereby EUR 2,477,573.25 was transferred from the share issue premium
to the share capital. Following the increase, the company's share capital is
EUR 5,000,000. The reserve increase was detailed in a stock exchange release
dated 26 September 2007.
In October, the company launched a share buy-back program. The program's launch
was reported upon in a stock exchange release on 26 October 2007, and a change
in the share buy-back program was detailed on 12 November 2007.
During the 2007 financial year, Etteplan bought back 214,700 of its own shares.
The company held 214,700 own shares on 31 December 2007.
In accordance with the Securities Act, Chapter 2, Article 9, Etteplan Oyj
issued five notifications of changes in shareholdings during the 2007
financial year. Stock exchange releases were issued on 12 March 2007,
14 March 2007, 16 March 2007, 27 June 2007, and 27 December 2007.
Share issue authorizations, exercise of authorizations, and the option program
The Annual General Meeting held on 29 March 2007 granted the Board of Directors
the authorization to:
- decide upon an issue of no more than 4,000,000 shares with a share issue or by
granting option rights or other specific rights, as referred to in the Companies
Act's Chapter 10, Article 1, giving entitlement to shares in one or more lots.
The authorization includes the right to decide to issue either new shares or own
shares held by the company. The authorization is valid for three years from the
Annual General Meeting resolution - i.e., from 29 March 2007 through
29 March 2010.
- decide to acquire the company's own shares in one or more lots with the
company's non-restricted equity. Acquisition of the company's own shares can be
done in a proportion not representing the shareholders' share ownership; in
other words, the Board of Directors may also decide on directed acquisition of
the company's own shares. The authorization is valid for 18 months from the
resolution of the Annual General Meeting (from 29 March 2007 through
29 September 2008).
The authorizations granted to the Board of Directors at the Annual General
Meeting of 29 March 2007 remain in effect insofar as they have not been
exercised. These authorizations are detailed in their entirety in a stock
exchange release dated 29 March 2007.
The authorizations granted to the Board of Directors by the extraordinary
general meeting of 21 September 2007 for a free share issue and a reserve
increase were exercised during the 2007 financial year. These authorizations
were detailed in their entirety in a 21 September 2007 stock exchange release.
The company does not currently have a share option program.
Board of Directors, CEO, and auditors
The members of the Etteplan Oyj Board of Directors during the period under
review were Tapani Mönkkönen (Chairman), Tapio Hakakari, Heikki Hornborg,
Pertti Nupponen, and Matti Virtaala. Board members Tapio Hakakari,
Pertti Nupponen, and Matti Virtaala were independent of the company in 2007.
The company's Chief Executive Officer in 2007 was Heikki Hornborg, M.Sc. (Eng.).
The company's auditor was PricewaterhouseCoopers Oy, a firm of authorized
public accountants, with Mika Kaarisalo, APA, acting as chief auditor.
Since 1 January 2006, the company has been following the amended Insider
Guidelines issued by the Helsinki Stock Exchange. Etteplan's statutory
insiders include the members of the Board of Directors, the CEO, the
Executive Vice President, and the auditor. Furthermore, the members of
the Management Group are regarded as Etteplan's public insiders.
Proposal for distribution of profits
The parent company's distributable shareholders' equity according to the
balance sheet as of 31 December 2007 is EUR 14.3 million.
The Board of Directors is proposing to the Annual General Meeting, which will
convene on 28 March 2008, that on the dividend payout date a dividend of
EUR 0.21 per share be paid on the company's externally owned shares and that
the remainder be transferred to retained earnings. In accordance with the
Board's proposal, the record date for the dividend payout is 2 April 2008
and the dividend will be paid on 9 April 2008.
No substantial changes to the company's financial position have occurred since
the end of the 2007 financial year. The company's liquidity is good, and, in the
view of the Board of Directors, the proposed dividend payout does not jeopardize
the company's solvency.
Major events after the year under review
At the beginning of the year, Matti Hyytiäinen, M.Sc. (Econ.), took up the
office of President and CEO of Etteplan, and the company's long-time CEO Heikki
Hornborg became the chairman of the Etteplan Board of Directors.
In January, the company finalized the acquisition of a majority holding in the
Swedish Lutab Professor Sten Luthander Ingenjörsbyrå AB in accordance with the
agreement concluded in October 2007.
Also in January, Etteplan acquired the entire share capital of Cool Engineering
AB. This Swedish company, established in 1989, provides testing and analysis
services for the automotive industry, in particular. The company's special
competencies include, e.g., automotive exhaust and air-conditioning systems,
complementing Etteplan's extensive expertise in the automotive industry.
Etteplan Oyj continued its investment in technical information services in
January by increasing its ownership in Etteplan Technical Information Oy from
70% to a full 100%.
Outlook for the future
The business outlook for Etteplan's customers is positive. Demand for products
in the mining industry, energy and power transmission sector, aerospace
industry, and mechanical engineering industry is expected to remain good. While
the demand for heavy-duty vehicles and trucks also is anticipated to remain
solid, the outlook for demand for passenger cars is more uncertain. On this
basis of these projections, Etteplan appears to have the prerequisites for
profitable growth in 2008. The sufficient availability of competent
professionals is an important factor in securing profitable growth.
Hollola, 13 February 2008
Etteplan Oyj
Board of Directors
More information is available from
Matti Hyytiäinen, CEO, at tel. +358 400 710 968 or
Pia Björk, CFO and Vice President for Corporate Planning,
at tel. +358 400 241 815.
No auditor's report on the financial statement bulletin has been submitted.
APPENDICES
Consolidated Income Statement
Consolidated Balance Sheet
Consolidated Cash Flow Statement
Consolidated Statement of Changes in Equity
Key Figures
Notes to the Financial Statement Bulletin
Etteplan Oyj's Q1 interim report for 2008 will be published on 29 April 2008.
Releases and other corporate information can be found on Etteplan's Web site, at
www.etteplan.com.
DISTRIBUTION
OMX Nordic Exchange Helsinki
Major media
www.etteplan.com
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| CONSOLIDATED INCOME STATEMENT | | | | |
--------------------------------------------------------------------------------
| (EUR 1 000) | 10-12/ | 10-12/ | 1-12/ | 1-12/ |
--------------------------------------------------------------------------------
| | 2007 | 2006 | 2007 | 2006 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Continuing operations | | | | |
--------------------------------------------------------------------------------
| Revenue | 35 563 | 28 284 | 125 192 | 97 617 |
--------------------------------------------------------------------------------
| Other operating income | 125 | 50 | 1 130 | 219 |
--------------------------------------------------------------------------------
| Materials and services | -2 175 | -1 836 | -7 941 | -6 581 |
--------------------------------------------------------------------------------
| Staff costs | -24 798 | -19 404 | -86 486 | -68 095 |
--------------------------------------------------------------------------------
| Other operating expenses | -5 926 | -4 549 | -18 351 | -14 531 |
--------------------------------------------------------------------------------
| Depreciation and amortisation | -504 | -484 | -1 917 | -1 883 |
--------------------------------------------------------------------------------
| Operating profit | 2 285 | 2 061 | 11 628 | 6 748 |
--------------------------------------------------------------------------------
| Financial income | 174 | 97 | 280 | 171 |
--------------------------------------------------------------------------------
| Financial expenses | -213 | -139 | -534 | -298 |
--------------------------------------------------------------------------------
| Profit before taxes | 2 246 | 2 019 | 11 373 | 6 621 |
--------------------------------------------------------------------------------
| Income taxes | -725 | -725 | -3 016 | -2 096 |
--------------------------------------------------------------------------------
| Profit for the financial year | | | | |
--------------------------------------------------------------------------------
| Continuing operations | 1 521 | 1 293 | 8 357 | 4 524 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Discontinuing operations | | | | |
--------------------------------------------------------------------------------
| Profit/loss for the financial | | | | |
--------------------------------------------------------------------------------
| year, discontinuing | -119 | 80 | -146 | 75 |
| operations | | | | |
--------------------------------------------------------------------------------
| Profit for the financial year | 1 402 | 1 374 | 8 211 | 4 599 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Attributable to | | | | |
--------------------------------------------------------------------------------
| Equity holders of the company | 1 360 | 1 254 | 7 848 | 4 172 |
--------------------------------------------------------------------------------
| Minority interest | 42 | 120 | 363 | 427 |
--------------------------------------------------------------------------------
| | 1 402 | 1 374 | 8 211 | 4 599 |
--------------------------------------------------------------------------------
| Earnings per share | | | | |
--------------------------------------------------------------------------------
| Continuing operations | | | | |
--------------------------------------------------------------------------------
| Basic earnings per share, EUR | | | 0,40 | 0,21 |
--------------------------------------------------------------------------------
| Diluted earnings | | | | |
--------------------------------------------------------------------------------
| per share, EUR | | | 0,40 | 0,21 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Discontinuing operations | | | | |
--------------------------------------------------------------------------------
| Basic earnings per share, EUR | | | | |
--------------------------------------------------------------------------------
| Diluted earnings | | | -0,01 | 0,00 |
--------------------------------------------------------------------------------
| per share, EUR | | | | |
--------------------------------------------------------------------------------
| | | | -0,01 | 0,00 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CONSOLIDATED BALANCE SHEET | | |
--------------------------------------------------------------------------------
| (1 000 EUR) | 31.12.2007 | 31.12.2006 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| ASSETS | | |
--------------------------------------------------------------------------------
| Non-current assets | | |
--------------------------------------------------------------------------------
| Property, plant and equipment | 1 944 | 2 759 |
--------------------------------------------------------------------------------
| Goodwill | 28 751 | 18 580 |
--------------------------------------------------------------------------------
| Other intangible assets | 2 131 | 2 124 |
--------------------------------------------------------------------------------
| Investments available for sales | 420 | 425 |
--------------------------------------------------------------------------------
| Other long-term receivables | 816 | 852 |
--------------------------------------------------------------------------------
| Deferred tax assets | 34 | 88 |
--------------------------------------------------------------------------------
| Non-current assets, total | 34 096 | 24 829 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current assets | | |
--------------------------------------------------------------------------------
| Trade and other receivables | 30 890 | 24 191 |
--------------------------------------------------------------------------------
| Current tax assets | 198 | 28 |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 7 243 | 6 174 |
--------------------------------------------------------------------------------
| Current assets, total | 38 330 | 30 393 |
--------------------------------------------------------------------------------
| TOTAL ASSETS | 72 426 | 55 222 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EQUITY AND LIABILITIES | | |
--------------------------------------------------------------------------------
| Capital attributable to | | |
--------------------------------------------------------------------------------
| equity holders | | |
--------------------------------------------------------------------------------
| Share capital | 5 000 | 2 443 |
--------------------------------------------------------------------------------
| Share premium account | 6 701 | 9 179 |
--------------------------------------------------------------------------------
| Unrestricted equity fund | 2 601 | 0 |
--------------------------------------------------------------------------------
| Own shares | -962 | 0 |
--------------------------------------------------------------------------------
| Cumulative translation | | |
--------------------------------------------------------------------------------
| adjustment | -823 | 43 |
--------------------------------------------------------------------------------
| Retained earnings | 8 339 | 6 759 |
--------------------------------------------------------------------------------
| Net profit for | | |
--------------------------------------------------------------------------------
| the financial year | 7 848 | 4 172 |
--------------------------------------------------------------------------------
| Capital attributable to | | |
--------------------------------------------------------------------------------
| equity holders, total | 28 704 | 22 596 |
--------------------------------------------------------------------------------
| Minority interest | 597 | 872 |
--------------------------------------------------------------------------------
| Equity, total | 29 301 | 23 468 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current liabilities | | |
--------------------------------------------------------------------------------
| Deferred tax liability | 1 511 | 1 369 |
--------------------------------------------------------------------------------
| Non-current interest-bearing | | |
--------------------------------------------------------------------------------
| liabilities | 11 606 | 8 967 |
--------------------------------------------------------------------------------
| Non-current liabilities, total | 13 117 | 10 336 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current liabilities | | |
--------------------------------------------------------------------------------
| Current interest-bearing | | |
--------------------------------------------------------------------------------
| liabilities | 3 170 | 1 837 |
--------------------------------------------------------------------------------
| Trade and other payables | 25 415 | 19 199 |
--------------------------------------------------------------------------------
| Current income tax liabilities | 1 422 | 382 |
--------------------------------------------------------------------------------
| Current liabilities, total | 30 008 | 21 418 |
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| Liabilities, total | 43 125 | 31 754 |
--------------------------------------------------------------------------------
| TOTAL EQUITY AND LIABILITIES | 72 426 | 55 222 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CONSOLIDATED CASH FLOW STATEMENT | | |
--------------------------------------------------------------------------------
| (1 000 EUR) | 1-12/ | 1-12/ |
--------------------------------------------------------------------------------
| | 2007 | 2006 |
--------------------------------------------------------------------------------
| Operating cash flow | | |
--------------------------------------------------------------------------------
| Cash receipts from customers | 121 031 | 99 290 |
--------------------------------------------------------------------------------
| Cash receipts from other operating income | 277 | 194 |
--------------------------------------------------------------------------------
| Operating expenses paid | 109 430 | 90 851 |
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| Operating cash flow before financial | | |
--------------------------------------------------------------------------------
| items and taxes | 11 878 | 8 633 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Interest and payment paid for | | |
--------------------------------------------------------------------------------
| financial expenses | 491 | 249 |
--------------------------------------------------------------------------------
| Interest received | 280 | 172 |
--------------------------------------------------------------------------------
| Income taxes paid | 1 881 | 1 782 |
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| Operating cash flow ( A ) | 9 787 | 6 773 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Investment cash flow | | |
--------------------------------------------------------------------------------
| Purchase of tangible and intangible assets | 834 | 1 612 |
--------------------------------------------------------------------------------
| Acquisition of subsidiaries | 8 271 | 9 952 |
--------------------------------------------------------------------------------
| Disposal of subsidiaries | 578 | 0 |
--------------------------------------------------------------------------------
| Proceeds from sale of tangible and | | |
--------------------------------------------------------------------------------
| intangible assets | 86 | 212 |
--------------------------------------------------------------------------------
| Purchase of other investment | 0 | 476 |
--------------------------------------------------------------------------------
| Proceeds from repayments of loans | 540 | 0 |
--------------------------------------------------------------------------------
| Proceeds from sale of investments | 5 | 464 |
--------------------------------------------------------------------------------
| Investment cash flow ( B ) | -7 896 | -11 363 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Financing cash flow | | |
--------------------------------------------------------------------------------
| Purchase of own shares | 962 | 0 |
--------------------------------------------------------------------------------
| Short-term loans, increase | 0 | 1 332 |
--------------------------------------------------------------------------------
| Short-term loans, decrease | 0 | 1 332 |
--------------------------------------------------------------------------------
| Long-term loans, increase | 5 128 | 11 335 |
--------------------------------------------------------------------------------
| Long-term loans, decrease | 2 108 | 3 108 |
--------------------------------------------------------------------------------
| Dividend paid and other profit distribution | 2 776 | 1 923 |
--------------------------------------------------------------------------------
| Financing cash flow ( C ) | -718 | 6 305 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Variation in cash (A + B + C) | | |
--------------------------------------------------------------------------------
| increase ( + ) / decrease ( - ) | 1 173 | 1 715 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Assets in the beginning of the period | 6 174 | 4 445 |
--------------------------------------------------------------------------------
| Exchange gains or losses on cash and | | |
--------------------------------------------------------------------------------
| bank equivalents | 104 | -14 |
--------------------------------------------------------------------------------
| Assets at the end of the period | 7 243 | 6 174 |
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(1 000 EUR)
Legends for table columns
A) Share Capital
B) Share Premium Account
C) Unrestricted Equity Fund
D) Own shares
E) Cumulative Translation Adjustment
F) Retained Earnings
G) Minority Interest
H) Total
--------------------------------------------------------------------------------
| | A | B | C | D | E | F | G | H |
--------------------------------------------------------------------------------
| Equity | | | | | | | | |
--------------------------------------------------------------------------------
| 1.1.2006 | 2 | 8 269 | 0 | 0 | -251 | 8 682 | 1 360 | 20 463 |
| | 403 | | | | | | | |
--------------------------------------------------------------------------------
| Dividends | | | | | | -1 923 | -184 | -2 107 |
--------------------------------------------------------------------------------
| Share issue | 40 | 910 | | | | | | 950 |
--------------------------------------------------------------------------------
| Changes | | | | | | | | |
--------------------------------------------------------------------------------
| in | | | | | | | -731 | -731 |
| ownership | | | | | | | | |
--------------------------------------------------------------------------------
| Net profit | | | | | | | | |
| for | | | | | | | | |
--------------------------------------------------------------------------------
| the | | | | | | | | |
| financial | | | | | | | | |
--------------------------------------------------------------------------------
| year | | | | | | 4 172 | 427 | 4 599 |
--------------------------------------------------------------------------------
| Translation | | | | | | | | |
--------------------------------------------------------------------------------
| adjustment | | | | | 294 | | | 294 |
--------------------------------------------------------------------------------
| Equity | | | | | | | | |
--------------------------------------------------------------------------------
| 31.12.2006 | 2 | 9 179 | 0 | 0 | 43 | 10 931 | 872 | 23 468 |
| | 443 | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity | | | | | | | | |
--------------------------------------------------------------------------------
| 1.1.2007 | 2 | 9 179 | 0 | 0 | 43 | 10 931 | 872 | 23 468 |
| | 443 | | | | | | | |
--------------------------------------------------------------------------------
| Dividends | | | | | | -2 592 | -201 | -2 793 |
--------------------------------------------------------------------------------
| Share issue | 2 | -2 | 2 | | | | | 2 680 |
| | 557 | 478 | 601 | | | | | |
--------------------------------------------------------------------------------
| Purchase of | | | | | | | | |
--------------------------------------------------------------------------------
| own shares | | | | -962 | | | | -962 |
--------------------------------------------------------------------------------
| Changes | | | | | | | | |
--------------------------------------------------------------------------------
| in | | | | | | | -437 | -437 |
| ownership | | | | | | | | |
--------------------------------------------------------------------------------
| Net profit | | | | | | | | |
| for | | | | | | | | |
--------------------------------------------------------------------------------
| the | | | | | | | | |
| financial | | | | | | | | |
--------------------------------------------------------------------------------
| year | | | | | | 7 848 | 363 | 8 211 |
--------------------------------------------------------------------------------
| Translation | | | | | | | | |
--------------------------------------------------------------------------------
| adjustment | | | | | -866 | | | -866 |
--------------------------------------------------------------------------------
| Equity | | | | | | | | |
--------------------------------------------------------------------------------
| 31.12.2007 | 5 | 6 701 | 2 | -962 | -823 | 16 187 | 597 | 29 301 |
| | 000 | | 601 | | | | | |
--------------------------------------------------------------------------------
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| KEY FIGURES | 1-12/ | 1-12/ | Change to |
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| (EUR 1 000) | 2007 | 2006 | prev.year |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Revenue | 125 192 | 97 617 | 28,2 % |
--------------------------------------------------------------------------------
| Operating profit | 11 628 | 6 748 | 72,3 % |
--------------------------------------------------------------------------------
| Operating profit % | 9,3 | 6,9 | |
--------------------------------------------------------------------------------
| Profit before taxes | 11 374 | 6 621 | 71,8 % |
--------------------------------------------------------------------------------
| Profit before taxes, % | 9,1 | 6,8 | |
--------------------------------------------------------------------------------
| Return of equity, % | 31,7 | 20,6 | |
--------------------------------------------------------------------------------
| Return of investment, % | 30,4 | 24,3 | |
--------------------------------------------------------------------------------
| Equity ratio % | 40,7 | 42,6 | |
--------------------------------------------------------------------------------
| Gross interest-bearing debt | 14 777 | 10 804 | 36,8 % |
--------------------------------------------------------------------------------
| Net gearing % | 25,7 | 19,7 | |
--------------------------------------------------------------------------------
| Balance sheet, total | 72 426 | 55 222 | 31,2 % |
--------------------------------------------------------------------------------
| Gross investments | 13 197 | 12 512 | 5,5 % |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share, EUR | 0,40 | 0,21 | 89,1 % |
--------------------------------------------------------------------------------
| Equity per share, EUR | 1,44 | 1,16 | 24,4 % |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Personnel, average | 1 895 | 1 501 | 26,3 % |
--------------------------------------------------------------------------------
| Personnel at end of the period | 1 949 | 1 586 | 22,9 % |
--------------------------------------------------------------------------------
The accounting policy and method of presentation for the key figures are the
same as for the 2006 financial statements. The key figures have been prepared
with regard to continuing operations.
NOTES TO THE FINANCIAL STATEMENT BULLETIN
General
The parent company of the Etteplan Group is Etteplan Oyj, a Finnish public
limited company established under Finnish law. It is domiciled in Hollola, and
its shares are listed on the Nordic Exchange list.
Etteplan Oyj and its subsidiaries provide high-quality industrial technology
design services. The business is divided into two segments: Product Development
and Delivery Design. The Other Operations segment consists of administration.
The Group's main market area is Europe. For our core customers, Etteplan service
extends worldwide.
A copy of the consolidated financial statements can be obtained from our Web
site at www.etteplan.com or from the head office of the Group's parent company,
at Terveystie 18, 15860 Hollola, Finland.
At its meeting on 13 February 2008, the Etteplan Oyj Board of Directors approved
the financial statement bulletin for publication.
Basis for preparation
This financial statement bulletin has been prepared in accordance with IAS 34
Interim Financial Reporting and the preparation and accounting policies
presented in the 2006 annual financial statements.
Monetary figures in the financial statements' tables are presented in thousands
of euros. All figures in these tables have been rounded up or down, due to which
the sums of figures may deviate from the sum totals presented.
New standards, amendments, and interpretations became effective at the beginning
of the 2007 financial year. On 1 January 2007, the Group adopted IFRS 7
Financial Instruments: Disclosures as well as the amendment to IAS 1 concerning
disclosures about capital.
The adoption of both IFRS 7 and the amendments to IAS 1 mainly affects
disclosures in the notes to the Group's annual financial statements. It is the
view of the company's management that the other standards and interpretations
that came into force at the start of the year do not have an effect on the
Group's financial statement.
Use of estimates
This financial statement bulletin includes forward-looking estimates and
assumptions. Accordingly, outcomes may deviate from these estimates, which are
based on the management's current best knowledge.
Business segments
--------------------------------------------------------------------------------
| (EUR 1 000) | 1-12/ | 1-12/ |
--------------------------------------------------------------------------------
| | 2007 | 2006 |
--------------------------------------------------------------------------------
| Turnover | | |
--------------------------------------------------------------------------------
| Delivery Design | 65 087 | 52 934 |
--------------------------------------------------------------------------------
| Product Development | 65 229 | 46 526 |
--------------------------------------------------------------------------------
| Eliminations | -5 124 | -1 843 |
--------------------------------------------------------------------------------
| Turnover, total | 125 192 | 97 617 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating profit | | |
--------------------------------------------------------------------------------
| Delivery Design | 7 998 | 5 029 |
--------------------------------------------------------------------------------
| Product Development | 4 003 | 2 460 |
--------------------------------------------------------------------------------
| Other | -373 | -742 |
--------------------------------------------------------------------------------
| Operating profit, total | 11 628 | 6 747 |
--------------------------------------------------------------------------------
Business combinations
10. On 10 January 2007, the Group acquired a 100% holding in LCA Engineering Oy,
a company that provides design services. Company agreements and customer
relationships are not recognized as assets in connection with this acquisition,
since the customer agreements are non-binding outline agreements by nature and
therefore cannot be separated or sold as such. In the opinion of Etteplan Oyj's
management, the cost of acquisition exceeding the net assets of the acquired
company is goodwill since it is related to the competence of the management and
personnel of the acquired company, its market position, and the operational
synergies sought.
--------------------------------------------------------------------------------
| Details of net assets acquired and | | |
--------------------------------------------------------------------------------
| goodwill are as follows: | | Carrying |
--------------------------------------------------------------------------------
| | Fair value | amount |
--------------------------------------------------------------------------------
| | 1 000 EUR | 1 000 EUR |
--------------------------------------------------------------------------------
| Purchase consideration: | | |
--------------------------------------------------------------------------------
| - Cash paid | 887 | 887 |
--------------------------------------------------------------------------------
| - Fair value of shares issued | 1 290 | 1 290 |
--------------------------------------------------------------------------------
| Total purchase consideration | 2 177 | 2 177 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Fair value of net assets acquired | 508 | 508 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Goodwill | 1 669 | 1 669 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| The assets and liabilities arising from | | |
| the | | |
--------------------------------------------------------------------------------
| acquisition are as follows: | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash and cash equivalents | 548 | 548 |
--------------------------------------------------------------------------------
| Intangible assets | 3 | 3 |
--------------------------------------------------------------------------------
| Property, plant and equipment | 18 | 18 |
--------------------------------------------------------------------------------
| Trade receivables | 465 | 465 |
--------------------------------------------------------------------------------
| Other receivables | 23 | 23 |
--------------------------------------------------------------------------------
| Current payables | -550 | -550 |
--------------------------------------------------------------------------------
| Net assets | 508 | 508 |
--------------------------------------------------------------------------------
| Net assets acquired | 508 | 508 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Purchase consideration settled in cash | 887 | 887 |
--------------------------------------------------------------------------------
| Cash and cash equivalents in subsidiary | | |
--------------------------------------------------------------------------------
| acquired | 548 | 548 |
--------------------------------------------------------------------------------
| Cash outflow on acquisition | 339 | 339 |
--------------------------------------------------------------------------------
11. On 11 June 2007, the Group acquired a minority shareholder's 26.84% stake in
Etteplan Industry AB (formerly ProTang AB). With this acquisition, Etteplan Oyj
now has a 100% holding in the company. Goodwill of EUR 1,641 thousand for the
acquisition was recognized on the balance sheet.
3. On 3 September 2007, the Group acquired a 100% holding in Gesab AB, a company
providing consulting services for industry. Company agreements and customer
relationships are not recognized as assets in connection with this acquisition,
since the customer agreements are non-binding outline agreements by nature and
therefore cannot be separated or sold as such. It is the Etteplan Oyj
management's opinion that the cost of acquisition exceeding the net assets of
the acquired company is goodwill since it is related to the competence of the
management and other personnel of the acquired company, its market position, and
the synergies of operations that are sought.
Details of the net assets acquired and the goodwill are as follows:
--------------------------------------------------------------------------------
| Details of net assets acquired and | | |
--------------------------------------------------------------------------------
| goodwill are as follows: | | Carrying |
--------------------------------------------------------------------------------
| | Fair value | amount |
--------------------------------------------------------------------------------
| | 1 000 EUR | 1 000 EUR |
--------------------------------------------------------------------------------
| Total purchase consideration | 7 383 | 7 383 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Fair value of net assets acquired | 113 | 113 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Goodwill | 7 271 | 7 271 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| The assets and liabilities arising from | | |
| the | | |
--------------------------------------------------------------------------------
| acquisition are as follows: | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash and cash equivalents | 286 | 286 |
--------------------------------------------------------------------------------
| Intangible assets | 0 | 0 |
--------------------------------------------------------------------------------
| Property, plant and equipment | 171 | 171 |
--------------------------------------------------------------------------------
| Trade receivables | 3 785 | 3 785 |
--------------------------------------------------------------------------------
| Other receivables | 536 | 536 |
--------------------------------------------------------------------------------
| Current payables | -3 118 | -3 118 |
--------------------------------------------------------------------------------
| Loans | -1 547 | -1 547 |
--------------------------------------------------------------------------------
| Net assets | 113 | 113 |
--------------------------------------------------------------------------------
| Minority interest | 0 | 0 |
--------------------------------------------------------------------------------
| Net assets acquired | 113 | 113 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Purchase consideratio settled in cash | 7 383 | 7 383 |
--------------------------------------------------------------------------------
| Cash and cash equivalents in subsidiary | | |
--------------------------------------------------------------------------------
| acquired | 286 | 286 |
--------------------------------------------------------------------------------
| Cash outflow on acquisition | 7 098 | 7 098 |
--------------------------------------------------------------------------------
In December 2007 the Group acquired a minority shareholder's 20% stake in Prekam
AB. Following this acquisition, Etteplan Oyj has a 100% holding in the company.
--------------------------------------------------------------------------------
| Intangible assets and property, plant and equipment | |
--------------------------------------------------------------------------------
| (1 000 EUR) | Property, | Goodwill | Other |
--------------------------------------------------------------------------------
| | plant, | | intangible |
--------------------------------------------------------------------------------
| | equipment | | assets |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Acquistion cost 1.1.2007 | 11 562 | 18 580 | 6 149 |
--------------------------------------------------------------------------------
| Increase | 1 025 | 10 727 | 675 |
--------------------------------------------------------------------------------
| Decrease | 1 170 | 0 | 15 |
--------------------------------------------------------------------------------
| Exchange difference | -148 | -556 | -98 |
--------------------------------------------------------------------------------
| Acquistion cost 31.12.2007 | 11 269 | 28 751 | 6 711 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Accumulated depreciation and | | | |
--------------------------------------------------------------------------------
| impairment 1.1.2007 | 8 803 | 0 | 4 025 |
--------------------------------------------------------------------------------
| Depreciation from | | | |
--------------------------------------------------------------------------------
| decreases | -683 | 0 | 0 |
--------------------------------------------------------------------------------
| Depreciation | 1 343 | 0 | 593 |
--------------------------------------------------------------------------------
| Exchange difference | -137 | 0 | -38 |
--------------------------------------------------------------------------------
| Accumulated depreciation and | | | |
--------------------------------------------------------------------------------
| impairment 31.12.2007 | 9 325 | 0 | 4 580 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Book value 31.12.2007 | 1 944 | 28 751 | 2 131 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Acquistion cost 1.1.2006 | 10 890 | 8 921 | 5 222 |
--------------------------------------------------------------------------------
| Increase | 1 010 | 9 615 | 921 |
--------------------------------------------------------------------------------
| Decrease | 431 | 0 | 16 |
--------------------------------------------------------------------------------
| Exchange difference | 92 | 45 | 22 |
--------------------------------------------------------------------------------
| Acquistion cost 31.12.2006 | 11 562 | 18 580 | 6 149 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Accumulated depreciation and | | | |
--------------------------------------------------------------------------------
| impairment 1.1.2006 | 7 399 | 0 | 3 269 |
--------------------------------------------------------------------------------
| Depreciation | 1 317 | 0 | 726 |
--------------------------------------------------------------------------------
| Exchange difference | 86 | 0 | 31 |
--------------------------------------------------------------------------------
| Accumulated depreciation and | | | |
--------------------------------------------------------------------------------
| impairment 31.12.2006 | 8 803 | 0 | 4 025 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Book value 31.12.2006 | 2 759 | 18 580 | 2 124 |
--------------------------------------------------------------------------------
Shares and share capital
On 31 December 2007, Etteplan had 20,179,414 shares and share capital came to
EUR 5,000,000.00. The company held 214,700 of its own shares.
Dividends
The Annual General Meeting on 29 March 2007 decided on dividends of EUR 2,592
thousand for the 2006 financial year. These were paid out on 12 April 2007.
--------------------------------------------------------------------------------
| Pledges, mortages and | | |
--------------------------------------------------------------------------------
| quarantees | | |
--------------------------------------------------------------------------------
| (1 000 EUR) | 31.12.2007 | 31.12.2006 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| For own depts | | |
--------------------------------------------------------------------------------
| Business mortage | 0 | 546 |
--------------------------------------------------------------------------------
| Other contingencies | 6 548 | 3 891 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Leasing liabilities | | |
--------------------------------------------------------------------------------
| For payment under year | 2 196 | 890 |
--------------------------------------------------------------------------------
| For payment 1-5 years | 924 | 863 |
--------------------------------------------------------------------------------
| Total | 3 120 | 1 753 |
--------------------------------------------------------------------------------
Operating profit
The operating profit figure in this financial statement bulletin includes EUR
839 thousand in proceeds from the divestment of Etteplan subsidiary Natlabs Oy.
It has been recorded as a non-recurring item under other operating income. The
German business is classed in the closed-down operations category in the
financial statements.
Income taxes
The taxes listed in the consolidated income statement have been calculated using
the tax rate appropriate for the forecast full-year result. The estimated
average effective tax rate for the year has been set separately for each
country. The effective tax rate in this financial statement bulletin is 26.6%
(2006: 31.0%). The lowered tax rate is a result of tax-exempt capital gains from
the divestment of a subsidiary.
Related-party transactions
The Group's related parties include the Group's key personnel, who are the
members of the Board of Directors, the CEO among them. Related parties also
include subsidiaries and companies in which related-party key employees have
significant holdings and control.
Since the release of the previous financial statements, the following changes
have occurred in subsidiary relations:
NATLABS Oy, domiciled in Hyvinkää 0% holding
LCA Engineering Oy, domiciled in Kouvola 100% holding
Etteplan Industry AB (formerly ProTang AB),
domiciled in Västerås 100% holding
Gesab AB, domiciled in Gothenburg 100% holding
Prekam AB, domiciled in Malmö 100% holding
Etteplan Engineering GmbH 0% holding
Sales of services to related parties during the period under review amounted to
EUR 100 thousand and purchases of services from them to EUR 314 thousand.
Accounts receivables from the related parties on 31 December 2007 were EUR 7
thousand.
The company had no debts or outstanding loans to related parties on 31 December
2007.
Management benefits
The salaries and fees paid to the company's management are disclosed in the
annual financial statements.
The company had no outstanding loans to members of management on 31 December
2007. The members of the Board of Directors and the CEO owned a total of
5,530,400 shares (31 December 2006: 2,712,110 shares).
--------------------------------------------------------------------------------
| Major shareholders 31.12.2007 | | |
--------------------------------------------------------------------------------
| | Number of | Proportion |
--------------------------------------------------------------------------------
| | shares | of shares, |
--------------------------------------------------------------------------------
| Name | | % |
--------------------------------------------------------------------------------
| Mönkkönen Tapani | 4 075 600 | 20,20 |
--------------------------------------------------------------------------------
| Ingman Finance Oy Ab | 2 250 000 | 11,15 |
--------------------------------------------------------------------------------
| Evli Bank Plc. | 1 206 569 | 5,98 |
--------------------------------------------------------------------------------
| Hornborg Heikki | 1 146 620 | 5,68 |
--------------------------------------------------------------------------------
| Oy Fincorp Ab | 1 033 490 | 5,12 |
--------------------------------------------------------------------------------
| Varma Mutual Pension Insurance Company | 608 328 | 3,01 |
--------------------------------------------------------------------------------
| Nordea Bank Finland Plc. | 483 734 | 2,40 |
--------------------------------------------------------------------------------
| Aiff Ulf | 468 320 | 2,32 |
--------------------------------------------------------------------------------
| Svenska Handelsbanken AB (Publ), | | |
--------------------------------------------------------------------------------
| Filialverksamheten i Finland | 388 817 | 1,93 |
--------------------------------------------------------------------------------
| Tuori Klaus | 358 624 | 1,78 |
--------------------------------------------------------------------------------
| Mandatum Finnish Small Cap Fund | 357 721 | 1,77 |
--------------------------------------------------------------------------------
| ABN Amro Small Cap Fund Finland | 323 153 | 1,60 |
--------------------------------------------------------------------------------
| Mutual Insurance Company Pension Fennia | 320 000 | 1,59 |
--------------------------------------------------------------------------------
| Hakakari Tapio | 306 180 | 1,52 |
--------------------------------------------------------------------------------
| Fondita Equity Spice Placeringsfond | 297 400 | 1,47 |
--------------------------------------------------------------------------------
| Tuori Aino | 256 896 | 1,27 |
--------------------------------------------------------------------------------
| Aktia Captial Small Cap Fund | 248 200 | 1,23 |
--------------------------------------------------------------------------------
| Fondita Nordic Micro Cap Placeringsfond | 245 000 | 1,21 |
--------------------------------------------------------------------------------
| Kempe Anna | 228 000 | 1,13 |
--------------------------------------------------------------------------------
| Placeringsfonden Gyllenberg Small Firm | 214 126 | 1,06 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other shareholders | 5 362 636 | 26,57 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total | 20 179 414 | 100,00 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| REVENUE AND OPERATING PROFIT QUARTERLY | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| (EUR 1 000) | Q4/2007 | Q3/2007 | Q2/2007 | Q1/2007 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Revenue | 35 563 | 27 630 | 30 929 | 31 070 |
--------------------------------------------------------------------------------
| Operating profit | 2 285 | 2 069 | 3 148 | 4 125 |
--------------------------------------------------------------------------------
| % of revenue | 6,4 | 7,5 | 10,2 | 13,3 |
--------------------------------------------------------------------------------
