2007-10-30 08:00:00 CET
2007-10-30 08:00:00 CET
REGULATED INFORMATION
Done Solutions Oyj - Quarterly report
DONE SOLUTIONS CORPORATION'S GROWTH CONTINUES STRONGLY IN THIRD QUARTER
Done Solutions Corporation
Stock Exchange Release October 30, 2007, at 9:00 a.m.
DONE SOLUTIONS CORPORATION'S GROWTH CONTINUES STRONGLY IN THIRD QUARTER
Done Solutions Corporation's Interim Report Q1-Q3/2007 (IFRS)
Q3/2007:
- Consolidated net sales: EUR 6.7 million (EUR 2.9 million in Q3/2006), up by
131.6 percent.
- Consolidated operating profit: EUR 0.65 million (EUR 0.27 million), or 9.6
percent of net sales (9.4 percent), up by 138.5 percent.
Q1-Q3/2007:
- Consolidated net sales: EUR 16.7 million (EUR 10.2 million in Q1-Q3/2006), up
by 63.1 percent.
- Consolidated operating profit: EUR 2.0 million (EUR 1.0 million), or 12.2
percent of net sales (9.7 percent), up by 106.1 percent.
- Pre-tax profit: EUR 2.0 million (EUR 1.0 million), or 12.0 percent of net
sales (9.8 percent).
- Undiluted earnings per share: EUR 0.022 (EUR 0.015). Equity ratio at 55.0
percent (60.2 percent).
- Cash flow from operating activities EUR 3.2 million (EUR 0.1 million).
- The Group predicts that consolidated net sales and operating profit for 2007
will significantly exceed the previous year's levels.
BUSINESS ENVIRONMENT
In the Systems segment, orders for automation systems continued to accumulate
briskly in the third quarter and the segment enjoyed strong net sales growth.
Demand for software deliveries remained satisfactory. Due to the segment's long
order book, net sales at the year end will remain high and the segment's
prospects for 2008 are good.
Demand for the Services segment's multilingual documentation and visualization
services remained on the previous quarter's stable, high level.
The Healthcare segment's sales of tonometers remained at an unsatisfactory
level, due to the slower than expected distribution of iCare tonometers in the
USA. The first delivery of iCare tonometers to the USA took place in September.
The accumulated net sales of the Defense and Technology segments, newly
acquired in August and September, were good.
NET SALES, PROFITABILITY AND PROFIT
Consolidated net sales for the period came to EUR 16.7 million (EUR 10.2
million), up by 63.1 percent year on year.
Consolidated operating profit amounted to EUR 2.0 million, accounting for 12.2
percent of consolidated net sales (EUR 1.0 million, or 9.7 percent of
consolidated net sales), up by 106.1 percent from the previous year.
Pre-tax profit totaled EUR 2.0 million, accounting for 12.0 percent of net
sales (EUR 1.0 million, or 9.8 percent of net sales), up by 100.1 percent year
on year.
Net profit for the period totaled EUR 1.5 million, accounting for 8.7 percent
of net sales (EUR 0.9 million, or 8.6 percent of net sales), up by 65.3 percent
from the previous year. The amount of expenses for deferred tax assets before
profit recognized for Q1-Q3/2007 tax came to EUR 0.38 million and for
Q1-Q3/2006 EUR 0.00 million.
Undiluted earnings per share rose to EUR 0.022 (EUR 0.015) and diluted earnings
per share EUR 0.022 (EUR 0.015). Equity per share improved to EUR 0.194 (EUR
0.126).
Systems (Done Logistics), Services (Done Information), Health Care (Tiolat),
Defense (Boomeranger Boats) and Technology (Finnish Led-Signs) form the Group's
primary, IFRS-compliant segment reporting format. The Defense segment is
consolidated from August 1, 2007 and the Technology segment from September 1,
2007. Net sales and profit by segment were as follows:
Net sales Net sales Segment profit
Q1-Q3/2007 Q1-Q3/2006 Q1-Q3/2007 Q1-Q3/2006
MEUR share MEUR share MEUR % MEUR %
Systems 8.2 49% 4.6 45% 1.01 12 0.48 10
Services 4.1 25% 3.7 36% 0.62 15 0.51 14
Health Care 2.7 16% 1.9 19% 0.66 24 0.45 23
Defense (2 months) 1.5 9% - - 0.19 13 - -
Technology (1 month)0.2 1% - - 0.02 12 - -
Total 16.7 100% 10.2 100% 2.50 15 1.44 14
Parent company costs -0.46 -3 -0.45 -4
Operating profit 2.04 12 0.99 10
The consolidated net sales, profit by segment and consolidated operating profit
by quarter were:
MEUR Q3/2007 Q2/2007 Q1/2007 Q4/2006 Q3/2006 Q2/2006 Q1/2006
Net sales:
Systems 3.0 2.6 2.6 1.8 1.1 1.8 1.7
Services 1.3 1.4 1.5 1.3 1.1 1.3 1.3
Health Care 0.8 0.9 1.1 1.0 0.7 0.6 0.7
Defense (2 months) 1.5 - - - - - -
Technology (1 month)0.2 - - - - - -
Total 6.7 4.8 5.2 4.1 2.9 3.6 3.8
Profit by segment:
Systems 0.31 0.36 0.33 0.25 0.03 0.21 0.25
Services 0.16 0.17 0.28 0.18 0.16 0.15 0.20
Health Care 0.11 0.15 0.41 0.21 0.21 0.09 0.14
Defense (2 months) 0.19 - - - - - -
Technology (1 month)0.02 - - - - - -
Total 0.80 0.68 1.02 0.64 0.40 0.45 0.59
Parent comp.costs -0.15 -0.15 -0.16 -0.15 -0.13 -0.14 -0.18
Operating profit 0.65 0.53 0.86 0.49 0.27 0.31 0.41
Operating profit % 9.6% 11.1% 16.6% 12.1% 9.4% 8.6% 10.9%
Costs for August to September 2007 arising from acquisition price allocations
entered in the Defense segment balance sheet (segment acquired in August 2007)
were EUR -0.29 million and those for September 2007 arising from acquisition
price allocations included in the Technology segment balance sheet (segment
acquired in September 2007)totaled MEUR -0.02.
BALANCE SHEET AND FINANCIAL POSITION
On September 30, 2007, the consolidated balance-sheet total amounted to EUR
25.5 million (EUR 13.9 million on September 30, 2006). Shareholders' equity
came to EUR 13.3 million (EUR 8.4 million). Interest-bearing liabilities
totaled EUR 4.4 million (EUR 2.2 million) and gearing stood at 11.7 percent
(1.6 percent). At the period-end, equity ratio was 55.0 percent (60.2 percent)
and cash and cash equivalents stood at EUR 2.8 million (EUR 2.0 million).
INVESTMENTS
The acquisition of Boomeranger Boats Oy on August 22, 2007:
Done Solutions Corporation acquired the entire capital stock of Boomeranger
Boats Oy on August 22, 2008. The transaction price, paid on a cash basis, was
EUR 5.0 million. The transfer tax of EUR 0.1 million was added to the
acquisition cost.
Boomeranger Boats Oy, an intensively expanding and growing company, specialized
in boat building, designs, manufactures and sells customized Rigid Inflatable
Boats (RIB), primarily for the Baltic Sea market. The company is based in
Loviisa, Finland, and has a staff of 36.
Had Boomeranger Boats Oy been included in the Corporation financial statement
from the beginning of 2007, the Corporation's net sales would have totaled EUR
19.3 million and profit for the period would have come to EUR 1.8 million.
Meur Fair values at Carrying amounts
combination prior to combination
Tangible assets 1.0 0.5
Intangible assets 0.0 0.0
Investments 0.0 0.0
Inventories 0.8 0.7
Accounts receivable & other receivables 1.1 0.8
Cash and cash equivalents 1.0 0.9
Total assets 3.9 2.9
Deferred tax liabilities 0.2 0.0
Interest-bearing liabilities 0.5 0.5
Other payables 1.2 1.2
Total liabilities 1.9 1.7
Net assets 2.0 1.2
Acquisition cost 5.1
Goodwill 3.1
EUR 3.1 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 cash flow accumulated in the future should exceed
the value of said goodwill.
Purchase price paid in cash 5.1
Acquired subsidiary's cash & cash equiv. 0.9
Cash flow effect -4.2
The acquisition of Finnish Led-Signs Oy on September 3, 2007:
Done Solutions Corporation acquired the entire stock capital of Finnish
Led-Signs Oy from Mia Järvinen and Olli-Pekka Salovaara on September 3, 2007.
This transaction was based on a share swap according to which Done Solutions
Corporation offered 1,999,998 new shares. The subscription price per share was
EUR 0.74, which corresponded to the closing price of Done Solutions
Corporation's share on August 31, 2007 and to the market value. The basic share
swap thereby amounted to EUR 1.5 million and the related share issue has been
entered in the unrestricted equity fund.
Furthermore, the transaction will include a share swap in addition to that
cited above, with the sellers receiving 50% of Finnish Led-Signs Oy's profit
from 2007-2009 in the form of a Done Solutions Corporation rights issue. The
new shares issued under the swap will be valued at their average closing value
during the 30 trading days prior to the subscription date of each share. As
agreed, an additional share swap of EUR 0.6 million was added to the
acquisition price entered in the Corporation's balance sheet, plus capital
transfer tax of EUR 0.0 million.
Finnish Led-Signs Oy is Finland's leading manufacturer of LED information
display systems, with service station price display systems as its main product
for which the company is the market leader in Scandinavia. A significant part
of the company's production is exported. The company is based in Turku,
Finland, and has a staff of 10.
If Finnish Led-Signs Oy had been included in the Corporation's financial
statements from the beginning of 2007, the Corporation's net sales for 1-9/2007
would have totaled EUR 17.9 million and the profit for the period EUR 1.6
million.
Meur Fair values at Carrying amounts
combination prior to combination
Tangible assets 0.1 0.1
Intangible assets 0.7 0.0
Investments 0.0 0.0
Inventories 0.2 0.2
Accounts receivable & other receivables 0.1 0.1
Cash and cash equivalents 0.2 0.2
Total assets 1.3 0.6
Deferred tax liabilities 0.2 0.0
Interest-bearing liabilities 0.0 0.0
Other payables 0.1 0.1
Total liabilities 0.3 0.1
Net assets 1.0 0.5
Acquisition cost 2.1
Goodwill 1.1
EUR 0.7 million of sales price was allocated to intangible assets (the
information display software and technology). EUR 1.1 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. 0.2
Cash flow effect 0.2
MAJOR EVENTS DURING THE PERIOD
Done Logistics Oy, a subsidiary within the Group's Systems segment,
received a project delivery order worth over EUR 2.0 million from a major
customer in the forest industry on July 3, 2007. The delivery will be
implemented in Europe during 2007-08.
Done Solutions Corporation acquired the entire stock capital of Boomeranger
Boats Oy on August 22, 2008. The transaction price, paid on a cash basis, was
EUR 5.0 million.
Done Logistics Oy, a subsidiary within the Group's Systems segment,
received a project delivery order of around EUR 1.5 million from a major
customer in the food industry. The delivery will be implemented in Europe
during 2007-08.
Done Solutions Corporation acquired the entire stock capital of Finnish
Led-Signs Oy (”FLS”) from Mia Järvinen and Olli-Pekka Salovaara on September 3,
2007. This transaction was based on a share swap according to which Done
Solutions Corporation offered 1,999,998 new shares. Waiving the shareholders'
pre-emption rights, this private placement is based on the share-issue
authorization given by the Annual General Meeting of April 3, 2007. As a result
of this private placement, Done Solutions Corporation's number of shares
increased by 1,999,998 shares, from 66,436,484 shares to 68,436,482. The
increase in the number of shares was entered in the Trade Register on September
28, 2007.
On September 3, 2007, Done Solutions Corporation's Board of Directors appointed
Olli-Pekka Salovaara, MSc.Econ. (46), President & CEO. Under the terms of his
contract of employment, Olli-Pekka Salovaara, 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. Should the Board have no such authority, a General Meeting
shall be convened to place said authority in the Board and/or to decide on said
private placing.
MAJOR EVENTS AFTER THE BALANCE SHEET DATE
Done Logistics Oy, a subsidiary within the Group's Systems segment, received an
order for several, major project deliveries worth around EUR 3.0 million from
an international customer delivering, among other things, construction industry
materials. The deliveries will be implemented in Europe during 2007-2010.
PRODUCT DEVELOPMENT
Product development costs for the period came to EUR 0.44 million (EUR 0.16
million) and were expensed as incurred.
HUMAN RESOURCES
During the period, the number of employees averaged 145 (132), two of whom
worked abroad (2). Personnel by segment at the end of the period was as
follows:
30.9.2007 30.9.2006
Systems 60 57
Services 67 65
Health Care 7 5
Defense 35 0
Technology 10 0
Parent company 3 3
Total 182 130
MANAGEMENT AND AUDITORS
From April 3, 2007, Done Solutions Corporation's Board of Directors is made up
of the following members: Jyri Merivirta (Chairman), Matti Nevalainen and Pekka
Tammela.
Deloitte & Touche Oy, Authorized Public Accountants, acts as the company's
auditor, with Eero Lumme, Authorized Public Accountant, acting as the chief
auditor.
INSIDER ISSUES AND CORPORATE GOVERNANCE
Done Solutions Corporation complies with the Helsinki Stock Exchange's
Guidelines for Insiders effective since January 1, 2006 and, to the applicable
extent, the Recommendation on Corporate Governance for Listed Companies
effective since July 1, 2004. The Company's Corporate Governance Statement is
available in the Investors section on the Company's website.
SHARE CAPITAL AND SHARES
On September 30, 2007, Done Solutions Corporation's share capital amounted to
EUR 5,314,918.72 and the number of shares totaled 68,436,482.
On 30 September 2007, the Board's authority to issue shares had not been
exercised with respect to some 31,000,002 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. The company has no
own shares or valid employee share option schemes.
The reported share turnover of Done Solutions Corporation between January 1 and
September 30, 2007 was EUR 31.9 million, representing 61.5 million shares and
92.6 percent of the total number of company shares. The share registered a high
of EUR 0.92 and a low of EUR 0.28. Furthermore, the share price averaged EUR
0.55 and closed at EUR 0.80 on September 30, 2007. The company's market
capitalization on September 30, 2007 totaled EUR 53.1 million.
SHAREHOLDERS
The company's largest shareholders are listed on Done's website at
www.donesolutions.com (Investors / Financial Information / Largest
shareholders).
MANAGEMENT SHAREHOLDINGS
On September 30, 2007, the Board of Directors and the President and CEO held
22.5 percent of the company's shares, totaling 15,400,488 shares. Moreover, on
the same date, Gateway Finland Oy held 16.8 percent of company shares, totaling
11,500,000 shares. Matti Nevalainen, a Board member, holds 50 per cent of
Gateway Finland Oy shares.
MAJOR BUSINESS RISKS
The stock exchange release of February 28, 2007 on the financial statements for
2006 provides information on major business risks to which the company is
exposed. In the event, the third quarter did not see any changes in the
company's major business risks in its old segments.
Strategic risks associated with the new Defense and Technology segments
acquired during the third quarter lie in the possible intensification of
competition on the markets and competing commodities. Operative risks in these
segments are associated with the development and retention of major customer
relationships and success in broadening the customer base. In addition,
operational risks relate to possible disruptions in production within the
subcontractor and supplier network.
PROSPECTS
The Systems segment's order intake was excellent in 2007 and the segment is
expected to post significantly higher net sales in 2007 than in 2006. Demand
for the Services segment's multilingual documentation and visualization
services is expected to remain steady towards the year end and segment net
sales are anticipated to show moderate growth. The Health Care segment is
expected to increase its net sales markedly. New Defense and Technology
segments as of August-September will further increase consolidated net sales
towards the year-end.
Due to the expected increase in net sales for the Systems and Health Care
segments and the new Defense and Technology segments, acquired in
August-September, consolidated net sales and operating profit are expected to
be significantly higher in 2007 than in the previous year.
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) Q1-Q3/2007 Q1-Q3/2006 2006
Net sales 16.7 10.2 14.3
Operating profit 2.0 1.0 1.5
Operating margin, % 12.2 9.7 10.3
Pre-tax profit 2.0 1.0 1.5
Pre-tax profit, % 12.0 9.8 10.5
Net profit 1.5 0.9 3.5
Net profit, % 8.7 8.6 24.2
Gross capital expenditure 7.4 4.9 5.4
Gross capital expenditure, % of net sales 44.0 47.5 37.7
R&D costs 0.4 0.2 0.3
R&D costs, % 2.6 1.5 2.0
Gearing, % 11.7 1.6 -1.8
Equity ratio, % 55.0 60.2 63.7
Return on investment (ROI), % 18.2 17.6 17.1
Return on equity (ROE), % 16.1 17.6 43.3
Undiluted arnings per share,
continuing operations EUR 0.022 0.015 0.056
Diluted earnings per share,
continuing operations EUR 0.022 0.015 0.056
Earnings per share, discont.operations EUR 0.000 0.000 0.000
Equity per share, EUR 0.194 0.126 0.165
Average no. of employees 145 132 133
Cash flow from operating activities 3.2 0.1 0.6
Cash flow from investing activities -3.2 -2.0 -2.1
Net cash used in financing activities 0.3 0.2 0.2
Total cash flow 0.4 -1.7 1.3
CONSOLIDATED INCOME STATEMENT (MEUR) Q1-Q3/2007 Q1-Q3/2006 2006
NET SALES 16.7 10.2 14.3
Changes in inventory -0.5 -0.0 -0.0
Other operating income 0.0 0.1 0.1
Materials and services -6.6 -3.0 -4.3
Employee benefits -5.1 -4.5 -6.0
Depreciation/amortization -0.5 -0.2 -0.4
Other operating expenses -1.9 -1.6 -2.2
OPERATING PROFIT 2.0 1.0 1.5
Share of associates' results 0.0 0.0 0.1
Financial expenses (net) -0.1 -0.0 -0.0
PRE-TAX PROFIT 2.0 1.0 1.5
Income tax expense -0.5 -0.1 2.0
Minority interest 0.0 0.0 0.0
NET PROFIT, continuing operations 1.5 0.9 3.5
Net profit, discontinued operations 0.0 0.0 0.0
NET PROFIT 1.5 0.9 3.5
Earnings per share, basic EUR 0.022 0.015 0.056
Earnings per share, diluted EUR 0.022 0.015 0.056
CONSOLIDATED INCOME STATEMENT (MEUR) Q3/2007 Q3/2006
NET SALES 6.7 2.9
Changes in inventory -0.5 0.0
Other operating income 0.0 0.1
Materials and services -2.8 -0.7
Employee benefits -1.9 -1.4
Depreciation/amortization -0.2 -0.1
Other operating expenses -0.7 -0.5
OPERATING PROFIT 0.6 0.3
Share of associates' results -0.0 0.0
Financial expenses (net) -0.0 -0.0
PRE-TAX PROFIT 0.6 0.3
Income tax expense -0.2 -0.1
Minority interest 0.0 -0.0
NET PROFIT, continuing operations 0.4 0.2
Net profit, discontinued operations 0.0 0.0
NET PROFIT 0.4 0.2
CONSOLIDATED BALANCE SHEET(MEUR) Sept 30,‘07 Sept 30,‘06 Dec. 31,‘06
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment 1.8 0.5 0.6
Goodwill 7.4 3.1 3.1
Intangible assets 5.2 5.0 4.9
Shares in associates 0.4 0.4 0.4
Available-for-sale assets 0.0 0.0 0.0
Receivables 0.4 0.4 0.4
Deferred tax assets 1.6 0.0 2.2
TOTAL NON-CURRENT ASSETS 16.7 9.4 11.5
CURRENT ASSETS
Inventories 0.9 0.3 0.2
Trade and other receivables 5.1 2.2 3.1
Cash and cash equivalents 2.8 2.0 2.4
TOTAL CURRENT ASSETS 8.8 4.5 5.7
TOTAL ASSETS 25.5 13.9 17.2
LIABILITIES AND SHAREHOLDERS' EQUITY
SHAREHOLDERS'S EQUITY
Share capital 5.3 5.3 5.3
Share premium 2.4 2.4 2.4
Fair value reserve 0.3 0.3 0.3
Revaluation reserve 1.5 1.5 1.5
Other reserves 0.0 0.0 0.0
Invested unrestricted capital reserve 1.5 0.0 0.0
Retained earnings/loss 2.2 -1.2 1.4
TOTAL EQUITY, attributable to holders
of parent company equity 13.3 8.4 11.0
MINORITY INTEREST 0.0 0.0 0.0
TOTAL SHAREHOLDERS' EQUITY 13.3 8.4 11.0
LIABILITIES
LONG-TERM LIABILITIES
Deferred tax liabilities 1.5 1.3 1.3
Provisions 0.6 0.6 0.5
Interest-bearing liabilities 3.8 1.1 1.2
Other payables 0.0 0.0 0.0
TOTAL LONG-TERM LIABILITIES 6.0 3.0 3.1
SHORT-TERM LIABILITIES
Advance payments 1.3 0.1 0.0
Trade and other payables 4.4 1.5 2.1
Provisions 0.0 0.0 0.1
Interest-bearing liabilities 0.6 1.0 1.0
TOTAL SHORT-TERM LIABILITIES 6.2 2.5 3.1
TOTAL LIABILITIES 12.2 5.6 6.3
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY 25.5 13.9 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 0.0 3.5
Net profit 0.0 0.0 0.0 0.9 0.0 0.9
Balance Sept 30, 2006 5.3 2.4 1.8 -1.2 0.0 8.4
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 placement 0.0 0.0 1.5 0.0 0.0 1.5
Net profit 0.0 0.0 0.0 1.5 0.0 1.5
Balance Sept 30, 2007 5.3 2.4 3.3 2.2 0.0 13.3
CONSOLIDATED CASH FLOW STATEMENT
(MEUR) Sept 30,‘07 Sept 30,‘06 Dec. 31,‘06
Net profit 1.5 0.9 3.5
Adjustments to net profit 0.9 0.4 -1.6
Change in working capital 0.9 -1.2 -1.3
Interest paid -0.1 -0.1 -0.1
Interest received 0.0 0.0 0.2
CASH FLOW FROM OPERATING ACTIVITIES 3.2 0.1 0.6
Acquisition of subsidiary -3.0 -2.0 -2.2
Disposal of operations 0.0 0.0 0.0
Purchase of PPE and intangible assets -0.1 -0.0 -0.1
Payments of other investments 0.0 0.0 0.1
NET CASH USED IN INVESTING ACTIVITIES -3.2 -2.0 -2.1
Rights issue 0.0 0.2 0.2
Paid dividends -0.7 0.0 0.0
Long-term borrowings 3.0 0.0 0.0
Repayments of long-term borrowings -2.0 0.0 0.0
Finance lease principal payments -0.0 -0.0 -0.0
NET CASH USED IN FINANCING ACTIVITIES 0.3 0.2 0.2
Net change in cash and equivalents 0.4 -1.7 -1.3
Cash and equivalents, period-start 2.4 3.7 3.7
Cash and equivalents, period-end 2.8 2.0 2.4
CONTINGENT LIABILITIES (MEUR) Sept 30,‘07 Sept 30,‘06 Dec. 31,‘06
Mortgages given 4.0 0.3 0.3
Pledges given 7.9 2.7 2.7
Securities given 3.6 1.0 1.3
Finance lease liabilities 0.1 0.1 0.1
Operating lease liabilities 0.2 0.2 0.3
NET SALES AND OPERATING PROFIT BY QUARTER (MEUR)
MEUR Q3/2007 Q2/2007 Q1/2007 Q4/2006 Q3/2006 Q2/2006 Q1/2006
Net sales 6.7 4.8 5.2 4.1 2.9 3.6 3.8
Oper. profit 0.6 0.5 0.9 0.5 0.3 0.3 0.4
Oper. profit, % 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.
Moreover, the accounting principles of this report are the same as those of the
financial report 2006. Data in this report is based on unaudited figures.
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