2010-07-22 07:35:00 CEST
2010-07-22 07:35:01 CEST
REGULATED INFORMATION
Comptel - Interim report (Q1 and Q3)
INTERIM REPORT OF COMPTEL CORPORATION 1 JANUARY - 30 JUNE 2010
COMPTEL Stock exchange release 22 July 2010 at 8.35 am INTERIM REPORT OF COMPTEL CORPORATION 1 JANUARY - 30 JUNE 2010 Net sales, operating profit and order backlog grew significantly. Key figures for the second quarter: Net sales EUR 21.0 million (Q2 2009: 18.0), growth 16.3% Operating result EUR 3.8 million (0.1), 18.1% of net sales Earnings per share EUR 0.03 (0.00) Order backlog EUR 38.8 million (32.0) Key figures for the first half: Net sales EUR 39.0 million (H1 2009: 35.1), growth 11.1% Operating result EUR 4.0 million (-3.1), 10.2% of net sales Earnings per share EUR 0.02 (-0.03) Comptel adjusts its outlook: The situation appears to have stabilised in the operations support system markets. Operator investments have recovered and we anticipate the markets will grow during the second half of the year. Comptel's net sales are estimated to grow in 2010, though more moderately than during the first half of the year. The full year operating profit is estimated to grow and operating profit margin is forecast to be 10 - 14 per cent. Sami Erviö, President and CEO: ”The second quarter was a good one for Comptel. Net sales and result grew significantly and we almost reached our operating profit target of 20 per cent. The growth of net sales was due to the recovery in Europe and the Americas, and also due to significant license upgrades in Asia. Our order backlog is on a good level. During the second quarter, we sold nine new core licenses, including a new major customer in the Middle East. Our partner sales continued to increase in line with our stated strategy. Our financial position remained strong and our cash flow strengthened to EUR 5.3 million in the second quarter. The revision of double taxation has progressed as we have received the first significant repayment. The Finnish tax authority credited a total of EUR 0.8 million for the withholding taxes Comptel has paid in Brazil and China and which had been re-collected in Finland. In June, we strengthened our partnership with Telenor Norway, with a long-term agreement on the license upgrades and maintenance of our major OSS products. At the same time, we agreed to cease maintaining Telenor Norway's old IT systems which did not belong to our core business.” Business Review for the Second Quarter and the First Half of 2010 In the second quarter, Comptel's net sales grew 16.3 per cent compared to the previous year and were EUR 21.0 million (18.0). The growth mainly consisted of significant license upgrades. In the first half, net sales grew 11.1 per cent compared to the previous year and were EUR 39.0 million (35.1). In the second quarter, operating profit rose to EUR 3.8 million (0.1). License upgrades improved the profitability. Operating profit margin was 18.1 per cent (0.7). In the first half of the year, operating profit was EUR 4.0 million (operating loss of EUR 3.1 million including one-off items) and operating profit margin was 10.2 per cent (-8.7). The tax expense for the first half was EUR 1.1 million (0.7), including a repayment of withholding taxes. There were new withholding taxes of EUR 0.6 million (0.6) during the review period. In June, the Finnish tax authority credited a total of EUR 0.8 million for the withholding taxes Comptel has paid in Brazil and China and which had been re-collected in Finland. The cumulative amount of double withholding taxes payment is EUR 6.0 million. The net result for the first half rose to EUR 2.5 million (-3.6) and the earnings per share to EUR 0.02 (-0.03). The order flow strengthened significantly in all regions during the second quarter. The Group's order backlog grew by 21.3 per cent from the previous year and was EUR 38.8 million (32.0) at the end of the period. Maintenance agreements represent EUR 19.8 million (17.7) and other order backlog EUR 19.0 million (14.3) of the total. The customer service centre in Bulgaria and its 26 employees were transferred to Comptel Group as of 1 April. The Sofia-based unit is involved in Comptel's software delivery projects and maintains the customer systems globally, along with the company's other customer service centres. In June, Comptel Corporation and Telenor Norway concluded a five year long agreement on the license upgrades and maintenance of Comptel's major OSS products. At the same time, the maintenance of Telenor Norway's old IT systems was removed from Comptel. As part of the arrangement, 16 of Comptel's employees were transferred to Telenor as of 1 July. Business Areas -------------------------------------------------------------------------------- | Net sales, EUR | 4-6 | 4-6 | Chang | 1-6 | 1-6 | Change | 2009 | | million | 2010 | 2009 | e % | 2010 | 2009 | % | | -------------------------------------------------------------------------------- | Europe | 10.4 | 8.6 | 20.9 | 18.5 | 16.2 | 14.4 | 33.3 | -------------------------------------------------------------------------------- | Asia-Pacific | 6.0 | 4.3 | 41.4 | 11.3 | 9.1 | 23.9 | 20.5 | -------------------------------------------------------------------------------- | Middle East and | 2.3 | 3.7 | -37.6 | 4.9 | 7.1 | -31.3 | 16.1 | | Africa | | | | | | | | -------------------------------------------------------------------------------- | Americas | 2.1 | 1.4 | 55.6 | 4.3 | 2.7 | 59.9 | 5.1 | -------------------------------------------------------------------------------- | Total | 21.0 | 18.0 | 16.3 | 39.0 | 35.1 | 11.1 | 74.9 | -------------------------------------------------------------------------------- | Operating profit | | | | | | | | | by area, | | | | | | | | | EUR million | | | | | | | | -------------------------------------------------------------------------------- | Europe | 6.1 | 4.2 | 45.1 | 9.7 | 6.6 | 46.4 | 15.4 | -------------------------------------------------------------------------------- | Asia-Pacific | 3.2 | 2.3 | 42.2 | 5.7 | 5.3 | 8.6 | 11.5 | -------------------------------------------------------------------------------- | Middle East and | 0.5 | 2.0 | -75.3 | 0.9 | 4.0 | -78.0 | 8.3 | | Africa | | | | | | | | -------------------------------------------------------------------------------- | Americas | 1.6 | 0.2 | 550.3 | 2.5 | 0.3 | 692.2 | 0.3 | -------------------------------------------------------------------------------- | Unallocated costs | -7.6 | -8.6 | -0.1 | -14.8 | -19.3 | -23.1 | -34.4 | -------------------------------------------------------------------------------- | Total | 3.8 | 0.1 | 2876. | 4.0 | -3.1 | 229.6 | 1.0 | | | | | 7 | | | | | -------------------------------------------------------------------------------- | Operating profit, | | | | | | | | | % of net sales | | | | | | | | -------------------------------------------------------------------------------- | Europe | 58.3 | 48.6 | - | 52.5 | 41.0 | - | 46.1 | -------------------------------------------------------------------------------- | Asia-Pacific | 53.4 | 53.1 | - | 50.8 | 57.9 | - | 56.3 | -------------------------------------------------------------------------------- | Middle East and | 21.3 | 53.7 | - | 18.0 | 56.2 | - | 51.6 | | Africa | | | | | | | | -------------------------------------------------------------------------------- | Americas | 73.4 | 17.6 | - | 57.3 | 11.6 | - | 5.4 | -------------------------------------------------------------------------------- | Total | 18.1 | 0.7 | - | 10.2 | -8.7 | - | 1.4 | -------------------------------------------------------------------------------- In Europe and the Americas, net sales grew significantly compared to the first half of the previous year. In Asia-Pacific, license upgrades strengthened the growth. In the Middle East, the deliveries are anticipated to recover during the second half of this year. The growth of net sales improved the profitability except in the Middle East and Africa. In the first half of the year, Comptel closed ten (eight) new core licenses: two Comptel Fulfillment Solutions, two Comptel Provisioning and Activation Solutions, two Comptel Convergent Mediation Solutions, two Comptel Interconnect Billing Solutions, one Comptel Policy Control Solution and one Comptel Dynamic SIM Management Solution. Comptel reports as new core licenses the software license deliveries which value exceeds EUR 100,000. -------------------------------------------------------------------------------- | Net sales | 4-6 | 4-6 | Change | 1-6 | 1-6 | Change | 2009 | | breakdown | 2010 | 2009 | % | 2010 | 2009 | % | | | by type, EUR | | | | | | | | | million | | | | | | | | -------------------------------------------------------------------------------- | Licenses | 6.8 | 3.5 | 92.4 | 11.3 | 6.9 | 63.7 | 19.7 | -------------------------------------------------------------------------------- | Services | 5.7 | 6.7 | -14.4 | 10.5 | 12.2 | -13.7 | 22.8 | -------------------------------------------------------------------------------- | Maintenance | 8.5 | 7.8 | 8.4 | 17.2 | 16.0 | 7.4 | 32.4 | | agreements | | | | | | | | -------------------------------------------------------------------------------- | Total | 21.0 | 18.0 | 16.3 | 39.0 | 35.1 | 11.1 | 74.9 | -------------------------------------------------------------------------------- The share of license revenue increased significantly from the periods compared. Service revenue consists of the delivery projects of larger systems, and maintenance revenue consists of maintenance and support of the delivered systems. -------------------------------------------------------------------------------- | Net sales by sales | 4-6 | 4-6 | Change | 1-6 | 1-6 | Change | 2009 | | channel, | 2010 | 2009 | % | 2010 | 2009 | % | | | EUR million | | | | | | | | -------------------------------------------------------------------------------- | Direct sales | 14.1 | 12.9 | 9.0 | 26.2 | 25.3 | 3.4 | 51.7 | -------------------------------------------------------------------------------- | Partner sales | 6.9 | 5.1 | 35.0 | 12.9 | 9.8 | 31.2 | 23.1 | -------------------------------------------------------------------------------- | Total | 21.0 | 18.0 | 16.3 | 39.0 | 35.1 | 11.1 | 74.9 | -------------------------------------------------------------------------------- The share of partner sales continued to increase in the April - June period, in line with Comptel's strategy. Direct sales also grew compared to the same periods in previous year. Financial Position -------------------------------------------------------------------------------- | EUR million | 30 June | 31 Dec | Change | 30 June | Chance | | | 2010 | 2009 | % | 2009 | % | -------------------------------------------------------------------------------- | Statement of | 80.9 | 82.6 | -2.1 | 82.0 | -1.4 | | financial position | | | | | | | total | | | | | | -------------------------------------------------------------------------------- | Liquid assets | 6.6 | 6.7 | -1.5 | 7.5 | -11.7 | -------------------------------------------------------------------------------- | Trade receivables, | 26.5 | 25.0 | 6.1 | 24.9 | 6.7 | | gross | | | | | | -------------------------------------------------------------------------------- | Bad debt provision | -0.8 | -1.4 | -43.6 | -1.1 | -24.2 | -------------------------------------------------------------------------------- | Trade receivables, | 25.7 | 23.6 | 9.1 | 23.8 | 8.1 | | net | | | | | | -------------------------------------------------------------------------------- | Accrued income | 11.0 | 13.5 | -17.9 | 10.4 | 6.0 | -------------------------------------------------------------------------------- | Deferred income | 1.8 | 1.6 | 12.0 | 1.1 | 67.1 | | related to partial | | | | | | | debiting | | | | | | -------------------------------------------------------------------------------- | Interest-bearing debt | 4.0 | 8.0 | -50.1 | 10.0 | -60.1 | -------------------------------------------------------------------------------- | Equity ratio, per | 65.4 | 62.6 | 4.5 | 62.0 | 5.6 | | cent | | | | | | -------------------------------------------------------------------------------- Statement of financial position total on 30 June 2010 was EUR 80.9 million, of which liquid assets amounted to EUR 6.6 million (30 June 2009: 7.5). The dividends of EUR 3.2 million (4.1) were paid this year. Operating cash flow was EUR 5.3 million (3.0) in the second quarter, and EUR 10.6 million (3.5) during the first half, due to a good operating result. The trade receivables at the end of the period were EUR 25.7 million (23.8). Accrued income was EUR 11.0 million (10.4). The deferred income related to partial debiting was EUR 1.8 million (1.1). The Group had EUR 4.0 million of interest-bearing debt at the end of the period (10.0). During the first half, the Group amortised interest-bearing debt by EUR 4.0 million. Comptel Corporation has in force a revolving credit facility of EUR 15.0 million maturing in the year 2013, of which EUR 11.0 million is still to be withdrawn. Equity ratio rose to 65.4 per cent (62.0) and the gearing ratio was 5.7 per cent negative (5.6). Research and Development (R&D) -------------------------------------------------------------------------------- | EUR million | 4-6 | 4-6 | Change | 1-6 | 1-6 | Change | 2009 | | | 2010 | 2009 | % | 2010 | 2009 | % | | -------------------------------------------------------------------------------- | Direct R&D | 3.0 | 4.4 | -31.3 | 6.3 | 8.5 | -25.6 | 14.0 | | expenditure | | | | | | | | -------------------------------------------------------------------------------- | Capitalisation of | -1.2 | -0.6 | 87.8 | -2.1 | -1.8 | 15.4 | -3.9 | | R&D expenditure | | | | | | | | | according to IAS | | | | | | | | | 38 | | | | | | | | -------------------------------------------------------------------------------- | R&D depreciation | 0.9 | 0.6 | 48.1 | 1.9 | 1.2 | 54.8 | 3.0 | | and impairment | | | | | | | | | charges | | | | | | | | -------------------------------------------------------------------------------- | R&D expenditure, | 2.8 | 4.4 | -37.0 | 6.1 | 7.9 | -22.7 | 13.2 | | net | | | | | | | | -------------------------------------------------------------------------------- During the period under review, the number of R&D personnel has been lower than in the previous year and in addition the R&D personnel has supported customer projects more than in the previous year, which resulted as a decreased R&D expenditure. The R&D expenditure remained at the level of year-end 2009 and it is expected to grow to some extent during the second half of the year. Comptel's R&D expenditure was mainly targeted at developing new dynamic end-to-end solutions, which enable service providers to shorten time-to-market for new services and to charge for them. The company is especially focusing on development of fulfillment solutions in IP-based environment, in which area the demand is expected to grow significantly in the future. Investments -------------------------------------------------------------------------------- | EUR million | 4-6 | 4-6 | Change | 1-6 | 1-6 | Change | 2009 | | | 2010 | 2009 | % | 2010 | 2009 | % | | -------------------------------------------------------------------------------- | Gross investments | 0.2 | 0.4 | -49.1 | 0.8 | 0.5 | 64.3 | 0.7 | | in property, | | | | | | | | | plant and | | | | | | | | | equipment and | | | | | | | | | intangible assets | | | | | | | | -------------------------------------------------------------------------------- Gross investments in the period under review comprised of investments in devices, software and furnishings. The investments were funded through cash flow from operations. Personnel -------------------------------------------------------------------------------- | | 30 June | 30 June | Change % | 31 Dec 2009 | | | 2010 | 2009 | | | -------------------------------------------------------------------------------- | Number of employees | 597 | 598 | -0.2 | 587 | | at the end of period | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | 1-6 2010 | 1-6 2009 | Change % | 2009 | -------------------------------------------------------------------------------- | Average number of | 591 | 633 | -6.6 | 613 | | personnel during the | | | | | | period | | | | | -------------------------------------------------------------------------------- During the period under review, the number of employees was increased due to the transfer of Bulgarian customer service centre to Comptel Group as of 1 April. In the previous year the adjustment of operations in line with declined demand reduced the number of employees. In the April - June period, the personnel expenses were 43.9 per cent of net sales (49.8% including one-off items). In the first half, the personnel expenses were 46.8 per cent of net sales (59.4% including one-off items). The share of personnel expenses is expected to remain on the level of the first half or slightly to decrease during the rest of the year. At the end of the period 38.5 per cent (45.3) of the personnel were located in Finland, 20.4 per cent (15.8) in Malaysia, 10.9 per cent (13.5) in Norway, 8.9 per cent (9.7) in the United Kingdom, and 21.3 per cent (15.7) in other countries where Comptel operates. Comptel Share The closing share price of the period was EUR 0.74 (0.68). Comptel's market value at the end of the period was EUR 78.8 million (72.7). -------------------------------------------------------------------------------- | Comptel share | 4-6 | 4-6 | Change | 1-6 | 1-6 | Change | 2009 | | | 2010 | 2009 | % | 2010 | 2009 | % | | -------------------------------------------------------------------------------- | Shares traded, | 3.1 | 8.2 | -62.3 | 7.1 | 22.5 | -68.4 | 35.8 | | million | | | | | | | | -------------------------------------------------------------------------------- | Shares traded, | 2.6 | 5.5 | -53.2 | 5.8 | 14.5 | -59.8 | 24.3 | | EUR million | | | | | | | | -------------------------------------------------------------------------------- | Highest price, | 0.91 | 0.96 | -5.2 | 0.95 | 0.96 | -1.0 | 0.96 | | EUR | | | | | | | | -------------------------------------------------------------------------------- | Lowest price, EUR | 0.74 | 0.60 | 23.3 | 0.74 | 0.57 | 29.8 | 0.57 | -------------------------------------------------------------------------------- Of Comptel's outstanding shares, 6.4 per cent (9.6) were nominee registered or held by foreign shareholders at the end of the review period. During the period, Comptel Corporation allotted 168,000 shares as part of share-based incentives to persons involved in the program and 84,447 shares to the members of the Board of Directors as part of their annual compensation. In April, the company completed its share buy-back programme during which a number of 791,081 own shares were purchased through public trading on NASDAQ OMX Helsinki. The average price per share was approximately 0.79 euros and the total purchase price approximately 627,885 euros. The company held 633,947 of its own shares at the end of the period under review, which is 0.59 per cent of the total number of its shares. The total counter-book value of the shares held by the company was EUR 12,679. During the review period, a total of 1,250,000 share options 2009B have been distributed to the key personnel of Comptel Group. The current share subscription price for option 2009B is EUR 0.87, which corresponds to the trade volume weighted average quotation of the Comptel share on the NASDAQ OMX Helsinki during 1 April - 30 April 2010. Corporate Governance The Annual General Meeting (AGM), held on 22 March 2010, elected the following members for the Board of Directors: Mr Olli Riikkala (M.Sc. Eng., MBA), Mr Hannu Vaajoensuu (Chairman of the Board, Basware Corporation), Mr Timo Kotilainen (Managing Director, Nixu Oy), Mr Juhani Lassila (Managing Director, Agros Oy), Mr Petteri Walldén (M.Sc. Eng.) and Mr Henri Österlund (CEO, Accendo Capital Partners Oy). The AGM approved the proposal of Board of Directors that a dividend of EUR 0.03 per share be paid for 2009. The dividend was paid on 14 April 2010. The AGM authorised the Board of Directors to decide on share issues amounting to a maximum of 21,400,000 new shares and on repurchase of the company's own shares up to a maximum number of 10,700,000 shares. The authorisations are valid until 30 June 2011. A separate stock exchange release about the authorisations given and other decisions made by the Annual General Meeting was published on 22 March 2010. Near-term Risks and Uncertainties Comptel develops dynamic end-to-end solutions for leading operators globally in the telecom field. This requires Comptel to understand correctly the trends taking place in its business environment and the needs of its customers and resellers by each region. Failure to identify market conditions, address customers' needs and develop its products in a timely way may significantly undermine the growth of Comptel's business and its profitability. Comptel operates globally so it is exposed to risks arising from different currency positions. Exchange rate changes between the Euro, which is the company's reporting currency, and the US Dollar, UK Pound Sterling and Norwegian Krone affect the company's net sales, expenses and net profit. The application process to prevent Comptel's double taxation is still partly pending with the Ministry of Finance in Finland. The company believes the treatment of its withholding taxation will be changed also concerning the countries where the issue is still unsolved. The risks and uncertainties of Comptel are described more in detail in the company's Annual Report 2009. Outlook The situation appears to have stabilised in the operations support system markets. Operator investments have recovered and we anticipate the markets will grow during the second half of the year. Comptel's net sales are estimated to grow in 2010, though more moderately than during the first half of the year. The full year operating profit is estimated to grow and operating profit margin is forecast to be 10 - 14 per cent. TABLE PART The interim financial statements have been prepared in accordance with IAS 34, Interim Financial Reporting, as adopted by the EU. The accounting policies and methods of computation adopted in the financial statements are consistent with those of the annual financial statements for the year ended 2009 except for the application of new or amended standards and interpretations as set forth in note 1. All figures in the financial report have been rounded and consequently the sum of the individual figures can deviate from the sum figure. The interim report is unaudited. -------------------------------------------------------------------------------- | Consolidated Statement of | 1 Jan - | 1 Jan - | 1 Apr - | 1 Apr - | | Comprehensive Income (EUR | 30 Jun | 30 Jun | 30 Jun | 30 Jun | | 1,000) | 2010 | 2009 | 2010 | 2009 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 39,023 | 35,112 | 20,956 | 18,012 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other operating income | 20 | 84 | 17 | 74 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Materials and services | -1,629 | -2,771 | -888 | -1,215 | -------------------------------------------------------------------------------- | Employee benefits | -18,256 | -20,846 | -9,196 | -8,969 | -------------------------------------------------------------------------------- | Depreciation, amortisation and | -3,131 | -2,599 | -1,573 | -1,313 | | impairment charges | | | | | -------------------------------------------------------------------------------- | Other operating expenses | -12,048 | -12,050 | -5,528 | -6,461 | -------------------------------------------------------------------------------- | | -35,064 | -38,267 | -17,185 | -17,958 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating profit/loss | 3,979 | -3,070 | 3,788 | 127 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Financial income | 1,160 | 971 | 942 | 660 | -------------------------------------------------------------------------------- | Financial expenses | -1,566 | -785 | -1,113 | -393 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit/Loss before income | 3,573 | -2,884 | 3,617 | 394 | | taxes | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Income taxes | -1,096 | -674 | -368 | -893 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit/Loss for the period | 2,477 | -3,559 | 3,249 | -499 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other comprehensive income | | | | | -------------------------------------------------------------------------------- | Cash flow hedges | -812 | 148 | -701 | 266 | -------------------------------------------------------------------------------- | Translation differences | 998 | 702 | 616 | 361 | -------------------------------------------------------------------------------- | Income tax relating to | 211 | -39 | 182 | -69 | | components of other | | | | | | comprehensive income | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total comprehensive income for | 2,875 | -2,747 | 3,346 | 58 | | the period | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit/Loss attributable to: | | | | | -------------------------------------------------------------------------------- | Equity holders of the parent | 2,477 | -3,559 | 3,249 | -499 | | company | | | | | -------------------------------------------------------------------------------- | Minority interests | - | - | - | - | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total comprehensive income | | | | | | attributable to: | | | | | -------------------------------------------------------------------------------- | Equity holders of the parent | 2,875 | -2,747 | 3,346 | 58 | | company | | | | | -------------------------------------------------------------------------------- | Minority interests | - | - | - | - | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholders of the parent | | | | | | company: | | | | | -------------------------------------------------------------------------------- | Earnings per share, EUR | 0.02 | -0.03 | 0.03 | 0.00 | -------------------------------------------------------------------------------- | Earnings per share, diluted, | 0.02 | -0.03 | 0.03 | 0.00 | | EUR | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Consolidated Statement of Financial | 30 Jun 2010 | 31 Dec 2009 | | Position (EUR 1,000) | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Assets | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Non-current assets | | | -------------------------------------------------------------------------------- | Goodwill | 20,092 | 19,355 | -------------------------------------------------------------------------------- | Other intangible assets | 11,552 | 11,806 | -------------------------------------------------------------------------------- | Tangible assets | 1,942 | 1,589 | -------------------------------------------------------------------------------- | Investments in associates | 689 | 689 | -------------------------------------------------------------------------------- | Available-for sale financial assets | 87 | 87 | -------------------------------------------------------------------------------- | Deferred tax assets | 1,436 | 1,243 | -------------------------------------------------------------------------------- | Other non-current receivables | 386 | 346 | -------------------------------------------------------------------------------- | | 36,184 | 35,116 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Current assets | | | -------------------------------------------------------------------------------- | Trade and other receivables | 38,039 | 40,761 | -------------------------------------------------------------------------------- | Cash and cash equivalents | 6,631 | 6,730 | -------------------------------------------------------------------------------- | | 44,671 | 47,491 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total assets | 80,854 | 82,607 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity and liabilities | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity attributable to equity holders | | | | of the parent company | | | -------------------------------------------------------------------------------- | Share capital | 2,141 | 2,141 | -------------------------------------------------------------------------------- | Fund of invested non-restricted | 7,575 | 7,499 | | equity | | | -------------------------------------------------------------------------------- | Translation difference | -759 | -1,757 | -------------------------------------------------------------------------------- | Retained earnings | 36,963 | 38,416 | -------------------------------------------------------------------------------- | | 45,921 | 46,299 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total equity | 45,921 | 46,299 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Non-current liabilities | | | -------------------------------------------------------------------------------- | Deferred tax liabilities | 5,756 | 5,458 | -------------------------------------------------------------------------------- | Provisions | 2,738 | 2,541 | -------------------------------------------------------------------------------- | Non-current financial liabilities | 1 | 1 | -------------------------------------------------------------------------------- | | 8,494 | 8,000 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Current liabilities | | | -------------------------------------------------------------------------------- | Trade and other current liabilities | 22,439 | 20,296 | -------------------------------------------------------------------------------- | Current financial liabilities | 4,000 | 8,012 | -------------------------------------------------------------------------------- | | 26,439 | 28,308 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total liabilities | 34,934 | 36,308 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total equity and liabilities | 80,854 | 82,607 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Consolidated Statement of Cash Flows | 1 Jan - | 1 Jan - | | (EUR 1,000) | 30 Jun 2010 | 30 Jun 2009 | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | Cash flows from operating activities | | | -------------------------------------------------------------------------------- | Profit/Loss for the period | 2,477 | -3,559 | -------------------------------------------------------------------------------- | Adjustments: | | | -------------------------------------------------------------------------------- | Non-cash transactions or items that | 3,870 | 2,639 | | are not part of cash flows from | | | | operating activities | | | -------------------------------------------------------------------------------- | Interest and other financial expenses | 86 | 164 | -------------------------------------------------------------------------------- | Interest income | -12 | -38 | -------------------------------------------------------------------------------- | Income taxes | 1,096 | 674 | -------------------------------------------------------------------------------- | Change in working capital: | | | -------------------------------------------------------------------------------- | Change in trade and other receivables | 1,082 | 4,025 | -------------------------------------------------------------------------------- | Change in trade and other current | 1,023 | -38 | | liabilities | | | -------------------------------------------------------------------------------- | Change in provisions | 196 | 260 | -------------------------------------------------------------------------------- | Interest paid | -105 | -25 | -------------------------------------------------------------------------------- | Interest received | 8 | 83 | -------------------------------------------------------------------------------- | Income taxes paid and tax returns | 835 | -731 | | received | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net cash from operating activities | 10,557 | 3,454 | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | Cash flows from investing activities | | | -------------------------------------------------------------------------------- | Purchase price adjustments | - | 268 | -------------------------------------------------------------------------------- | Investments in tangible assets | -743 | -313 | -------------------------------------------------------------------------------- | Investments in intangible assets | -36 | -162 | -------------------------------------------------------------------------------- | Investments in development projects | -2,088 | -1,810 | -------------------------------------------------------------------------------- | Change in other non-current | -14 | -1 | | receivables | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net cash used in investing activities | -2,882 | -2,018 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flows from financing activities | | | -------------------------------------------------------------------------------- | Dividends paid | -3,191 | -4,278 | -------------------------------------------------------------------------------- | Acquisition of Corporation's own | -468 | -174 | | shares | | | -------------------------------------------------------------------------------- | Proceeds from borrowings | 4,000 | 5,000 | -------------------------------------------------------------------------------- | Repayment of borrowings | -8,000 | - | -------------------------------------------------------------------------------- | Change in other non-current | - | -11 | | liabilities | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net cash used in financing activities | -7,659 | 536 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net change in cash and cash | 15 | 1,972 | | equivalents | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash and cash equivalents at the | 6,730 | 6,135 | | beginning of the period | | | -------------------------------------------------------------------------------- | Effects of changes in foreign | -113 | -593 | | exchange rates | | | -------------------------------------------------------------------------------- | Cash and cash equivalents at the end | 6,631 | 7,513 | | of the period | | | -------------------------------------------------------------------------------- | Change | -98 | 1,378 | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Consolidated Statement of Changes in Equity | | | -------------------------------------------------------------------------------- | Equity attributable to equity holders | | | | | of the parent company | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR 1,000 | Share | Other | Translati | Fair value | | | | capital | reserves | on | reserve | | | | | | differenc | | | | | | | es | | | -------------------------------------------------------------------------------- | Equity at 31 | 2,141 | 7,433 | -2,500 | 85 | | | Dec 2008 | | | | | | -------------------------------------------------------------------------------- | Dividends | | | | | | -------------------------------------------------------------------------------- | Acquisition of | | | | | | | Corporation's | | | | | | | own shares | | | | | | -------------------------------------------------------------------------------- | Transfer of | | 67 | | | | | treasury shares | | | | | | -------------------------------------------------------------------------------- | Share-based | | | | | | | compensation | | | | | | -------------------------------------------------------------------------------- | Total | | | 702 | 110 | | | comprehensive | | | | | | | income for the | | | | | | | period | | | | | | -------------------------------------------------------------------------------- | Equity at 30 | 2,141 | 7,499 | -1,798 | 195 | | | Jun 2009 | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | | | | Minority | Equity | | | | | | interest | total | -------------------------------------------------------------------------------- | EUR 1,000 | Treasur | Retained | Total | | | | | y | earnings | | | | | | shares | | | | | -------------------------------------------------------------------------------- | Equity at 31 | -125 | 44,541 | 51,576 | - | 51,576 | | Dec 2008 | | | | | | -------------------------------------------------------------------------------- | Dividends | | -4,278 | -4,278 | - | -4,278 | -------------------------------------------------------------------------------- | Acquisition of | -174 | | -174 | | -174 | | Corporation's | | | | | | | own shares | | | | | | -------------------------------------------------------------------------------- | Transfer of | 174 | -174 | 67 | | 67 | | treasury shares | | | | | | -------------------------------------------------------------------------------- | Share-based | | 317 | 317 | | 317 | | compensation | | | | | | -------------------------------------------------------------------------------- | Total | | -3,559 | -2,747 | | -2,747 | | comprehensive | | | | | | | income for the | | | | | | | period | | | | | | -------------------------------------------------------------------------------- | Equity at 30 | -125 | 36,847 | 44,759 | - | 44,759 | | Jun 2009 | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Consolidated Statement of Changes in Equity | | | -------------------------------------------------------------------------------- | Equity attributable to equity holders | | | | | of the parent company | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR 1,000 | Share | Other | Translati | Fair value | | | | capital | reserves | on | reserve | | | | | | differenc | | | | | | | es | | | -------------------------------------------------------------------------------- | Equity at 31 | 2,141 | 7,499 | -1,757 | -45 | | | Dec 2009 | | | | | | -------------------------------------------------------------------------------- | Dividends | | | | | | -------------------------------------------------------------------------------- | Acquisition of | | | | | | | Corporation's | | | | | | | own shares | | | | | | -------------------------------------------------------------------------------- | Transfer of | | 76 | | | | | treasury shares | | | | | | -------------------------------------------------------------------------------- | Share-based | | | | | | | compensation | | | | | | -------------------------------------------------------------------------------- | Total | | | 998 | -601 | | | comprehensive | | | | | | | income for the | | | | | | | period | | | | | | -------------------------------------------------------------------------------- | Equity at 30 | 2,141 | 7,575 | -759 | -646 | | | Jun 2010 | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | | | | Minority | Equity | | | | | | interest | total | -------------------------------------------------------------------------------- | EUR 1,000 | Treasur | Retained | Total | | | | | y | earnings | | | | | | shares | | | | | -------------------------------------------------------------------------------- | Equity at 31 | -287 | 38,748 | 46,299 | - | 46,299 | | Dec 2009 | | | | | | -------------------------------------------------------------------------------- | Dividends | | -3,191 | -3,191 | - | -3,191 | -------------------------------------------------------------------------------- | Acquisition of | -468 | | -468 | | -468 | | Corporation's | | | | | | | own shares | | | | | | -------------------------------------------------------------------------------- | Transfer of | 129 | -129 | 76 | | 76 | | treasury shares | | | | | | -------------------------------------------------------------------------------- | Share-based | | 330 | 330 | | 330 | | compensation | | | | | | -------------------------------------------------------------------------------- | Total | | 2,477 | 2,875 | | 2,875 | | comprehensive | | | | | | | income for the | | | | | | | period | | | | | | -------------------------------------------------------------------------------- | Equity at 30 | -626 | 38,235 | 45,921 | - | 45,921 | | Jun 2010 | | | | | | -------------------------------------------------------------------------------- Notes 1. Application of new or amended standards and interpretations On 1 January 2010 the Group adopted the following new and amended standards and interpretations endorsed by the EU and that are applicable to Comptel: Revised IFRS 3 Business Combinations. The scope of the revised IFRS 3 is broader than before. In respect of Comptel several significant amendments have been made to the standard. The amendments impact the amount of goodwill to be recognised on business combinations and sales results of businesses. The amendments also have an effect on the amounts to be recognised in profit or loss both on the financial year when the business combination is effected and in those financial years when contingent consideration is paid or further acquisitions are made. Under the transitional provisions of the standard those business combinations where control is transferred prior to the effective date of the revised standard are not adjusted to comply with the new rules. Amended IAS 27 Consolidated and Separate Financial Statements. If the parent company retains control, the amended standard requires impacts from changes in ownership in a subsidiary be recognised directly in Group's equity. When control is lost, the remaining interest is measured at fair value through profit or loss. A similar accounting treatment will be extended to investments in associated companies (IAS 28) and interests in joint ventures (IAS 31) in the future. Resulting from the amendments losses of a subsidiary may be allocated to non-controlling interest (minority) also when they exceed the value of the minority shareholders' investment. Amendment to IAS 39 Financial Instruments: Recognition and Measurement (Eligible Hedged Items). The amendment deals with hedge accounting and relate to designation of a one-sided risk in a hedged item and designation of inflation in a financial hedged item. IFRIC 17 Distributions of Non-Cash Assets to Owners. The interpretation gives guidelines to a situation when owners receive dividends in other forms than cash or the owners have the possibility to select whether they will receive non-cash assets or cash. Improvements to IFRSs (April 2009) (mainly effective for financial periods beginning on or after 1 January 2010). Under this procedure minor and non-urgent amendments are grouped together and carried out through a single document annually. The related amendments deal with 12 standards. Impacts vary by standard but the amendments are not significant for the Group. 2. Segment information Net sales by segment -------------------------------------------------------------------------------- | EUR 1,000 | 1 Jan - | 1 Jan - | 1 Apr - | 1 Apr - | | | 30 Jun 2010 | 30 Jun 2009 | 30 Jun 2010 | 30 Jun 2009 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Europe | 18,541 | 16,211 | 10,443 | 8,640 | -------------------------------------------------------------------------------- | Asia-Pacific | 11,277 | 9,101 | 6,050 | 4,278 | -------------------------------------------------------------------------------- | Middle East and | 4,873 | 7,092 | 2,317 | 3,715 | | Africa | | | | | -------------------------------------------------------------------------------- | Americas | 4,332 | 2,709 | 2,146 | 1,378 | -------------------------------------------------------------------------------- | Group total | 39,023 | 35,112 | 20,956 | 18,012 | -------------------------------------------------------------------------------- Operating profit/loss by segment -------------------------------------------------------------------------------- | EUR 1,000 | 1 Jan - | 1 Jan - | 1 Apr - | 1 Apr - | | | 30 Jun 2010 | 30 Jun 2009 | 30 Jun 2010 | 30 Jun 2009 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Europe | 9,728 | 6,647 | 6,091 | 4,197 | -------------------------------------------------------------------------------- | Asia-Pacific | 5,728 | 5,272 | 3,229 | 2,271 | -------------------------------------------------------------------------------- | Middle East and | 878 | 3,986 | 494 | 1,996 | | Africa | | | | | -------------------------------------------------------------------------------- | Americas | 2,484 | 314 | 1,575 | 242 | -------------------------------------------------------------------------------- | Group unallocated | -14,839 | -19,289 | -7,602 | -8,579 | | expenses | | | | | -------------------------------------------------------------------------------- | Group operating | 3,979 | -3,070 | 3,788 | 127 | | profit/loss total | | | | | -------------------------------------------------------------------------------- | Financial income | -406 | 186 | -171 | 267 | | and expenses | | | | | -------------------------------------------------------------------------------- | Group profit/loss | 3,573 | -2,884 | 3,617 | 394 | | before income taxes | | | | | -------------------------------------------------------------------------------- 3. Income tax expense The tax expense according to the statement of comprehensive income for the period was EUR 1,096 thousand (EUR 674 thousand 2009). In 2006, Adjustment of the Tax Office for Major Corporations refused to accept the crediting of taxes withheld at source in taxation of 2004 and 2005. The Ministry of Finance has come to an agreement with Greece and Romania. Relating to these countries, Comptel has booked EUR 595 thousand tax receivables for taxes withheld in 2004 -2008. The refund process pertaining to these countries is still pending with the relevant tax authorities. Comptel is pursuing the negotiations with the Ministry of Finance and other countries that have withheld tax at source to avoid double taxation. Comptel believes the treatment of its withholding taxation will be changed. According to the Board of Adjustment's decision currently in force, Comptel Corporation has expensed taxes withheld at source amounting to EUR 553 thousand in January - June (EUR 588 thousand). In June 2010, the Finnish tax authority credited a total of EUR 844 thousand for the withholding taxes Comptel has paid in Brazil and China and which had been re-collected in Finland. 4. Tangible assets -------------------------------------------------------------------------------- | EUR 1,000 | 1 Jan - 30 Jun | 1 Jan - 30 Jun | | | 2010 | 2009 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Additions | 743 | 313 | -------------------------------------------------------------------------------- | Disposals | -30 | -341 | -------------------------------------------------------------------------------- 5. Related party transactions The Comptel Group has a related party relationship with its associates, the Board of Directors, the Corporate Executives and also with people and companies under Comptel management's influence. Transactions, which have been entered into with related parties are as follows: -------------------------------------------------------------------------------- | EUR 1,000 | 1 Jan - 30 Jun | 1 Jan - 30 Jun | | | 2010 | 2009 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Associates | | | -------------------------------------------------------------------------------- | Purchases of goods and services | 100 | 398 | -------------------------------------------------------------------------------- | Interest income | 4 | 3 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Companies under management's | | | | influence | | | -------------------------------------------------------------------------------- | Purchases of goods and services | 24 | 16 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR 1,000 | 30 Jun 2010 | 31 Dec 2009 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Associates | | | -------------------------------------------------------------------------------- | Trade and other current | 80 | 76 | | receivables | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Companies under management's | | | | influence | | | -------------------------------------------------------------------------------- | Trade and other current | 1 | 1 | | liabilities | | | -------------------------------------------------------------------------------- Remuneration to key management The key management personnel compensation includes the employee benefits of the members of the Board of Directors and the Corporate Executives. -------------------------------------------------------------------------------- | EUR 1,000 | 1 Jan-30 Jun | 1 Jan-30 Jun 2009 | | | 2010 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Salaries and other short-term | 1,244 | 1,261 | | employee benefits | | | -------------------------------------------------------------------------------- | Share-based payments | 187 | 179 | -------------------------------------------------------------------------------- | Total | 1,431 | 1,440 | -------------------------------------------------------------------------------- 6. Commitments Minimum lease payments on non-cancellable office facilities and other operating leases are payable as follows: -------------------------------------------------------------------------------- | EUR 1,000 | 30 Jun 2010 | 31 Dec 2009 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Less than one year | 4,304 | 3,904 | -------------------------------------------------------------------------------- | Between one and five years | 12,013 | 12,783 | -------------------------------------------------------------------------------- | More than five years | 1,499 | 2,248 | -------------------------------------------------------------------------------- | Total | 17,815 | 18,935 | -------------------------------------------------------------------------------- The group had no material capital commitments for the purchase of tangible assets as at 30 June 2010 and 30 June 2009. 7. Contingent liabilities -------------------------------------------------------------------------------- | EUR 1,000 | 30 Jun 2010 | 31 Dec 2009 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Bank guarantees | 1,919 | 1,616 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- 8. Key figures -------------------------------------------------------------------------------- | Financial summary | 1 Jan - | 1 Jan - | 1 Jan - | | | 30 Jun 2010 | 30 Jun 2009 | 31 Dec 2009 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales, EUR 1,000 | 39,023 | 35,112 | 74,896 | -------------------------------------------------------------------------------- | Net sales, change % | 11.1 | -13.7 | -11.7 | -------------------------------------------------------------------------------- | Operating profit/loss, EUR | 3,979 | -3,070 | 1,018 | | 1,000 | | | | -------------------------------------------------------------------------------- | Operating profit/loss, change % | 229.6 | -150.4 | -91.1 | -------------------------------------------------------------------------------- | Operating profit/loss, as % of | 10.2 | -8.7 | 1.4 | | net sales | | | | -------------------------------------------------------------------------------- | Profit/loss before taxes, EUR | 3,573 | -2,884 | 388 | | 1,000 | | | | -------------------------------------------------------------------------------- | Profit/loss before taxes, as % | 9.2 | -8.2 | 0.5 | | of net sales | | | | -------------------------------------------------------------------------------- | Return on equity, % | - | - | -4.4 | -------------------------------------------------------------------------------- | Return on investment, % | - | - | 1.5 | -------------------------------------------------------------------------------- | Equity ratio, % | 65.4 | 62.0 | 62.6 | -------------------------------------------------------------------------------- | Gross investments in tangible | 779 | 474 | 686 | | and intangible assets, EUR | | | | | 1,000 | | | | -------------------------------------------------------------------------------- | Gross investments in tangible | 2.0 | 1.4 | 0.9 | | and intangible assets, as % of | | | | | net sales | | | | -------------------------------------------------------------------------------- | Capitalisations according to | 2,088 | 1,810 | 3,906 | | IAS 38 to intangible assets | | | | -------------------------------------------------------------------------------- | Research and development | 6,333 | 8,517 | 14,046 | | expenditure, EUR 1,000 | | | | -------------------------------------------------------------------------------- | Research and development | 16.2 | 24.3 | 18.8 | | expenditure, as % of net sales | | | | -------------------------------------------------------------------------------- | Order backlog, EUR 1,000 1) | 38,796 | 31,979 | 37,554 | -------------------------------------------------------------------------------- | Average number of employees | 591 | 633 | 613 | | during the period | | | | -------------------------------------------------------------------------------- | Interest-bearing net | -2,631 | 2,523 | 1,282 | | liabilities, EUR 1,000 | | | | -------------------------------------------------------------------------------- | Gearing ratio, % | -5.7 | 5.6 | 2.8 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 1) The order book may vary significantly | | | during the financial period. | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Per share data | 1 Jan - 30 | 1 Jan - 30 | 1 Jan - 31 | | | Jun 2010 | Jun 2009 | Dec 2009 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share (EPS), EUR | 0.02 | -0.03 | -0.02 | -------------------------------------------------------------------------------- | EPS diluted, EUR | 0.02 | -0.03 | -0.02 | -------------------------------------------------------------------------------- | Equity per share, EUR | 0.43 | 0.42 | 0.43 | -------------------------------------------------------------------------------- | Dividend per share, EUR | - | - | 0.03 | -------------------------------------------------------------------------------- | Dividend per earnings, % | - | - | -150.1 | -------------------------------------------------------------------------------- | Effective dividend yield, % | - | - | 3.8 | -------------------------------------------------------------------------------- | P/E ratio | - | - | -39.0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Adjusted number of shares at | 107,054,810 | 107,054,810 | 107,054,810 | | the end of the period | | | | -------------------------------------------------------------------------------- | - of which the number of | 633,947 | 92,654 | 304,004 | | treasury shares | | | | -------------------------------------------------------------------------------- | Outstanding shares | 106,420,863 | 106,962,156 | 106,750,806 | -------------------------------------------------------------------------------- | Adjusted average number of | 106,501,006 | 106,962,156 | 106,953,918 | | shares during the period | | | | -------------------------------------------------------------------------------- | Average number of shares, | 106,774,339 | 107,002,337 | 107,078,252 | | dilution included | | | | -------------------------------------------------------------------------------- 9. Definition of key figures -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating margin % | = | Operating profit/loss | x 100 | -------------------------------------------------------------------------------- | | | Net sales | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit margin (before | = | Profit/loss before taxes | x 100 | | income taxes) % | | | | -------------------------------------------------------------------------------- | | | Net sales | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Return on equity % (ROE) | = | Profit/loss | x 100 | -------------------------------------------------------------------------------- | | | Total equity (average during | | | | | year) | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Return on investment % | = | Profit/loss before taxes + | x 100 | | (ROI) | | financial expenses | | -------------------------------------------------------------------------------- | | | Total equity + interest bearing | | | | | liabilities | | | | | (average during the year) | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity ratio % | = | Total equity | x 100 | -------------------------------------------------------------------------------- | | | Statement of financial position | | | | | total - advances received | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Gross investments in | = | Gross investments in tangible and | x 100 | | tangible and intangible | | intangible assets | | | assets, as % of net | | | | | sales | | | | -------------------------------------------------------------------------------- | | | Net sales | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Research and development | = | Research and development | x 100 | | expenditure, as % of net | | expenditure | | | sales | | | | -------------------------------------------------------------------------------- | | | Net sales | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Gearing ratio % | = | Interest-bearing liabilities - | x 100 | | | | cash and cash equivalents | | -------------------------------------------------------------------------------- | | | Total equity | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share (EPS) | = | Profit/loss for the financial | | | | | year attributable to equity | | | | | shareholders | | -------------------------------------------------------------------------------- | | | Average number of outstanding | | | | | shares for the financial year | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity per share | = | Equity attributable to the equity | | | | | holders of the parent company | | -------------------------------------------------------------------------------- | | | Adjusted number of shares at end | | | | | of period | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Dividend per share | = | Dividend | | -------------------------------------------------------------------------------- | | | Adjusted number of shares at end | | | | | of period | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Dividend per earnings % | = | Dividend per share | x 100 | -------------------------------------------------------------------------------- | | | Earnings per share (EPS) | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Effective dividend yield | = | Dividend per share | x 100 | | % | | | | -------------------------------------------------------------------------------- | | | Share closing price at end of | | | | | period | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | P/E ratio | = | Share closing price at end of | | | | | period | | -------------------------------------------------------------------------------- | | | Earnings per share (EPS) | | -------------------------------------------------------------------------------- Schedule for Comptel's next interim report in 2010: January - September, 26 October COMPTEL CORPORATION Board of Directors Additional information: Mr Sami Erviö, President and CEO, tel. +358 9 700 1131 Mr Markku Pirskanen, CFO, tel. +358 40 517 4606 Mr Samppa Seppälä, Director, IR and Corporate Communications, tel. +358 50 568 0533 Distribution: NASDAQ OMX Helsinki Major media
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