2012-07-18 07:00:16 CEST
2012-07-18 07:01:22 CEST
REGULATED INFORMATION
Comptel - Interim report (Q1 and Q3)
Interim Report of Comptel Corporation 1 January - 30 June 2012
Stock exchange release, 18 July 2012 at 8.00 am
In April - June, order backlog rose to record high, net sales remained at the
previous year's level, high costs and the efficiency measures taken impaired
the results.
Key figures for the second quarter:
-- Net sales EUR 20.3 million (Q2 2011: 20.0)
-- Operating result EUR -3.8 million (1.3)
-- Operating result excluding one-off costs EUR -2.5 million (1.3)
-- Earnings per share EUR -0.04 (0.00)
-- Order backlog EUR 52.0 million (37.7)
Key figures for the first half:
-- Net sales EUR 40.2 million (H1 2011: 36.8)
-- Operating result EUR -15.7 million (1.2), of which impairment loss EUR 10.2
million
-- Operating result excluding one-off costs EUR -4.2 million (1.2)
-- Earnings per share EUR -0.14 (-0.01)
As stated earlier, in 2012 Comptel net sales are estimated to grow
approximately 10 per cent from the previous year. Operating profit excluding
one-off items is estimated to represent 0 - 5 per cent of net sales. Due to the
impairment loss recorded in the first quarter and one-off items, operating
result is estimated to remain negative. Characteristically a significant part
of Comptel's operating profit and net sales is generated in the second half of
the year.
Comptel has restated retrospectively the cost figures for reporting periods
2010 - 2012. The correction declined the option costs for the aforementioned
period with EUR 0.6 million and for the period under review with EUR 0.1
million. The changes are described in detail in the table part of this interim
report.
Juhani Hintikka, President and CEO:
”During the second quarter, our order backlog rose to a record high level as we
won a significant project with a value of EUR 5.4 million to consolidate the
mediation systems of a leading operator in Western Europe. Although our net
sales did not meet expectations, the growth continued in our largest regions in
Europe and Asia. In total, we won seven new customers. The customer analytics
expertise that we acquired has raised lot of interest, and during the quarter
we won the first deal for Comptel Social Links software.
The operative result of the second quarter was impaired by increased personnel
costs as well as costs related to project deliveries and marketing. In
addition, the share of license revenue of the net sales remained low. We
initiated actions to improve our profitability by streamlining R&D in Norway.
Overall, we aim to achieve annual cost savings of approximately EUR 10 million,
of which EUR 3 - 4 million will be realised in the latter part of this year. We
will continue executing our stated strategy and remain confident that the
productivity programme will secure our competitiveness.
In order to achieve profitable growth we will continue our efforts to bring new
products into the market. In May, we launched Next Generation Comptel
Fulfillment software, a strategic key product that has been very favourably
received in our industry.”
Business Review for the Second Quarter and the First Half of 2012
In the second quarter, Comptel's net sales increased by 1.2 per cent from the
previous year and were EUR 20.3 million (20.0). In the first half, net sales
grew by 9.1 per cent from the previous year and were EUR 40.2 million (36.8).
Project deliveries increased the Group's net sales. License sales remained low
in the period under review.
In the second quarter, the operating result was EUR -3.8 million (1.3), which
corresponds to -18.8 per cent of net sales (6.4). The operating result was
burdened by restructuring costs related to R&D in Norway and the Group's office
premises. Excluding these one-off items, operating profit was EUR -2.5 million
(1.3). The comparable operating result was impaired by increased personnel
costs as well as costs related to project deliveries and marketing and by a low
share of license sales.
Following the impairment loss recorded in the first quarter, the operating
result for the first half was EUR -15.7 million (1.2), which corresponds to
-39.1 per cent of net sales (3.2). Operating result excluding impairment loss
and one-off items was EUR -4.2 million (1.2). In line with its strategy,
Comptel continued to invest in its sales and service organisation and R&D
during the first half. The share of services revenue of net sales has increased
and this is reflected in the operative profitability. However, total costs were
exceptionally high during the quarter and the company has taken measures to
decrease the cost level. In order to improve the profitability, company aims to
achieve annual cost savings of approximately EUR 10 million, of which EUR 3 - 4
million will be realised in the latter part of this year.
In the first half of the year, profit before taxes was EUR -16.7 million (0.9)
and net loss was EUR -14.8 million (-1.4). Earnings per share for the period
under review were EUR -0.14 (-0.01).
Tax expense for the review period was EUR -1.8 million (2.3), including EUR 1.0
million of withholding taxes. In connection with the impairment of goodwill, a
change of EUR 2.5 million was booked in deferred tax liabilities. The
cumulative amount of outstanding, non-credited withholding taxes payment since
2004 is EUR 8.6 million.
The Group's order backlog grew significantly and was EUR 52.0 million (37.7) at
the end of the period. Maintenance agreements represent EUR 26.5 million (20.4)
and other order backlog EUR 25.5 million (17.3) of the total. Order flow for
the new deliveries increased strongly from the first quarter of the year.
During the period under review, Comptel Corporation acquired Xtract Oy, a
software company specialising in analytics, for a total consideration of EUR
3.1 million (enterprise value). By combining the leading analytics capabilities
with its existing software, Comptel will this year create an offering which
will enable operators to react quickly to events from the network and transform
them automatically into relevant and timely actions that improve customer
experience. Xtract Group was consolidated into Comptel Group financials as of
10 February 2012. The acquisition was financed through Comptel Corporation's
liquid assets. The 20 Xtract employees working in Finland have moved to Comptel
office in Helsinki and globally as part of Comptel organisation.
Business areas
Net sales, 4-6 2012 4-6 Change 1-6 2012 1-6 2011 Change 1-12
EUR million 2011 % % 2011
--------------------------------------------------------------------------------
Europe East 4.7 3.9 19.5 8.5 6.8 26.6 12.9
--------------------------------------------------------------------------------
Europe West 4.7 4.4 8.0 9.7 8.2 18.9 19.1
--------------------------------------------------------------------------------
Asia Pacific 6.2 5.4 14.9 10.8 11.7 -7.9 21.1
--------------------------------------------------------------------------------
Middle East and 3.0 3.9 -25.2 6.8 6.5 4.4 13.7
Africa
--------------------------------------------------------------------------------
Americas 1.6 2.3 -29.6 4.3 3.7 17.2 9.9
--------------------------------------------------------------------------------
Total 20.3 20.0 1.2 40.2 36.8 9.1 76.8
--------------------------------------------------------------------------------
Operating result,
EUR million
--------------------------------------------------------------------------------
Europe East 2.0 1.5 33.2 3.3 1.9 73.0 2.2
--------------------------------------------------------------------------------
Europe West 2.0 2.2 -10.0 4.2 4.2 -0.5 11.4
--------------------------------------------------------------------------------
Asia Pacific 3.1 3.1 2.5 5.1 7.4 -31.2 11.9
--------------------------------------------------------------------------------
Middle East and -0.3 1.9 -115.9 0.8 2.7 -71.3 5.5
Africa
--------------------------------------------------------------------------------
Americas 0.4 1.3 -70.0 1.9 1.9 -0.6 5.7
--------------------------------------------------------------------------------
Unallocated costs -11.0 -8.7 26.5 -31.0 -17.0 82.3 -24.8
--------------------------------------------------------------------------------
Total -3.8 1.3 -399.0 -15.7 1.2 -1,428.5 11.9
--------------------------------------------------------------------------------
Operating result,
% of net sales
--------------------------------------------------------------------------------
Europe East 42.3 37.9 - 38.9 28.5 - 16.9
--------------------------------------------------------------------------------
Europe West 42.6 51.2 - 43.3 51.8 - 60.0
--------------------------------------------------------------------------------
Asia Pacific 50.2 56.3 - 47.4 63.5 - 56.5
--------------------------------------------------------------------------------
Middle East and -10.2 47.9 - 11.5 41.9 - 39.8
Africa
--------------------------------------------------------------------------------
Americas 24.3 56.9 - 43.3 51.0 - 56.9
--------------------------------------------------------------------------------
Total -18.8 6.4 - -39.1 3.2 - 15.5
--------------------------------------------------------------------------------
In the second quarter, net sales grew in the reporting segments of Europe East,
Europe West and in Asia Pacific. In the first half, net sales increased in all
regions except Asia Pacific where a major license deal was booked in the
previous year. Following the growth of net sales, the proportional
profitability improved in Europe East.
In January - June, Comptel received 7 significant orders (H1 2011: 10), 6
policy control & charging and 1 managed services. As significant orders Comptel
reports sold projects and licenses with a value of EUR 500,000 at the minimum.
Net sales 4-6 2012 4-6 2011 Change 1-6 2012 1-6 2011 Change 1-12
breakdown, % % 2011
EUR million
--------------------------------------------------------------------------------
Licenses 4.4 5.4 -19.1 7.4 11.1 -33.6 21.1
--------------------------------------------------------------------------------
Services 7.8 6.8 14.5 16.7 10.1 65.3 22.9
--------------------------------------------------------------------------------
Maintenance 8.1 7.7 4.0 16.2 15.6 3.4 32.7
--------------------------------------------------------------------------------
Total 20.3 20.0 1.3 40.2 36.8 9.1 76.8
--------------------------------------------------------------------------------
License sales remained low which impaired the profitability. A major part of
net sales consisted of project deliveries, which considerably increased the
share of services. Maintenance revenue consists of maintenance and support of
the delivered systems.
Net sales by sales 4-6 2012 4-6 2011 Change 1-6 1-6 Change 1-12 2011
channel, EUR million % 2012 2011 %
--------------------------------------------------------------------------------
Direct sales 14.8 14.6 1.7 30.6 28.5 7.5 57.1
--------------------------------------------------------------------------------
Partner sales 5.4 5.4 0.1 9.6 8.3 14.7 19.6
--------------------------------------------------------------------------------
Total 20.3 20.0 1.3 40.2 36.8 9.1 76.8
--------------------------------------------------------------------------------
There were no significant changes in the sales distribution between channels.
Financial Position
EUR million 30 June 31 Dec Change 30 June Change
2012 2011 % 2011 %
--------------------------------------------------------------------------------
Statement of financial position 64.3 71.8 -10.5 71.0 -9.6
total
--------------------------------------------------------------------------------
Liquid assets 6.1 9.4 -35.4 7.4 -17.8
--------------------------------------------------------------------------------
Trade receivables, gross 26.9 26.7 0.8 21.0 28.3
--------------------------------------------------------------------------------
Bad debt provision -1.0 -0.7 40.1 -0.8 17.4
--------------------------------------------------------------------------------
Trade receivables, net 26.0 26.0 -0.2 20.2 28.7
--------------------------------------------------------------------------------
Accrued income 11.5 10.2 12.6 7.9 45.7
--------------------------------------------------------------------------------
Deferred income related to 3.3 2.1 59.4 2.0 65.2
partial debiting
--------------------------------------------------------------------------------
Interest-bearing debt 7.2 0.1 10,743.0 0.1 8,345.6
--------------------------------------------------------------------------------
Equity ratio, per cent 47.8 66.6 -28.1 72.3 -33.8
--------------------------------------------------------------------------------
The impairment loss was reflected in statement of financial position total
which was EUR 64.3 million. The acquisition of Xtract Oy decreased the liquid
assets which were EUR 6.1 million at the end of the period. The dividends of
EUR 3.2 million (4.3) were paid in the second quarter.
Operating cash flow was EUR 0.3 million (3.5) in the second quarter and EUR
-0.3 million (6.6) during the first half.
The trade receivables were EUR 26.0 million (20.2) at the end of the period.
The accrued income was EUR 11.5 million (7.9). The deferred income related to
partial debiting was EUR 3.3 million (2.0).
Comptel Corporation withdrew a loan of EUR 7.0 million during the review
period. The company has available a revolving credit facility of EUR 15.0
million maturing in the year 2013. The equity ratio was 47.8 per cent (72.3)
and the gearing ratio was 4.8 per cent (-16.6).
Research and Development (R&D)
EUR million 4-6 4-6 Change 1-6 1-6 Change 1-12
2012 2011 % 2012 2011 % 2011
--------------------------------------------------------------------------------
Direct R&D expenditure 4.8 3.9 23.2 10.0 7.7 28.8 15.4
--------------------------------------------------------------------------------
Capitalisation of R&D -1.9 -1.1 75.7 -3.4 -2.1 64.0 -4.0
expenditure according to IAS 38
--------------------------------------------------------------------------------
R&D depreciation and 0.8 0.8 -8.1 1.4 1.7 -19.6 3.4
impairment charges
--------------------------------------------------------------------------------
R&D expenditure, net 3.6 3.6 0.6 8.0 7.4 7.7 14.8
--------------------------------------------------------------------------------
Direct R&D expenditure, % of 23.5 19.3 - 24.8 21.0 - 20.1
net sales
--------------------------------------------------------------------------------
R&D expenditure increased from the previous year as Comptel actively developed
new products for the market. Investments in R&D will increase the expenditure
this year. Direct R&D expenditure represented 24.8 per cent (21.0) of net sales
in the period under review.
Comptel's R&D expenditure was mainly targeted at the service fulfillment
automation of telecom operators and to the management and analysis in real-time
of rapidly increasing data traffic. Comptel seeks market leadership in these
areas where key business challenges of operators will be solved. In addition,
the company is developing an integrated software platform, which will enable a
cost-efficient and solution-based R&D.
This year, the company focuses on developing its offering within the
Fulfillment, Policy Control & Charging and Intelligent Customer Interaction
product areas. In Intelligent Customer Interaction, integrating the acquired
Xtract customer analytics into the Comptel software platform is a priority.
With a combined offering, Comptel can help operators to improve customer
loyalty as well as enable individually targeted marketing. Comptel introduced
Next Generation Comptel Fulfillment software platform into the market in May
and in addition five software releases were launched in these respective
product areas during the first half of the year.
Investments
EUR million 4-6 4-6 Change 1-6 1-6 Change 2011
2012 2011 % 2012 2011 %
--------------------------------------------------------------------------------
Gross investments in property, 0.4 0.2 60.6 3.5 0.4 744.9 1.0
plant and equipment and
intangible assets
--------------------------------------------------------------------------------
The acquisition of Xtract Oy increased the gross investments from the previous
year. The other investments comprised of devices, software and furnishings. The
investments were funded through cash flow from operations.
Personnel
30 June 30 June Change 31 Dec
2012 2011 % 2011
--------------------------------------------------------------------------------
Number of employees at the end of 734 629 16.7 639
period
--------------------------------------------------------------------------------
1-6 2012 1-6 2011 Change 1-12 2011
%
--------------------------------------------------------------------------------
Average number of personnel during the 703 608 15.6 623
period
--------------------------------------------------------------------------------
The number of employees increased significantly from the previous year as
Comptel continued to invest in its sales, service and R&D organisation. 27
employees joined Comptel as Xtract was consolidated into Comptel Group during
the period under review.
In April - June, personnel expenses were 59.6 per cent of net sales (44.9). In
the first half, the personnel expenses were 56.3 per cent of net sales (48.2).
At the end of the period, 32.3 per cent (34.8) of the personnel were located in
Finland, 23.3 per cent (24.8) in Malaysia, 9.7 per cent (7.0) in Bulgaria, 7.6
per cent (8.7) in the United Kingdom, 6.9 per cent (5.4) in the United Arab
Emirates, 4.8 per cent (6.2) in Norway, and 15.4 per cent (13.1) in other
countries where Comptel operates.
Comptel share
Closing share price of the period was EUR 0.41 (0.61). Comptel's market value
at the end of the period was EUR 43.8 million (65.2).
Comptel share 4-6 2012 4-6 2011 Change 1-6 2012 1-6 2011 Change 1-12
% % 2011
--------------------------------------------------------------------------------
Shares traded, 4.9 6.0 -18.1 15.8 17.2 -8.2 32.8
million
--------------------------------------------------------------------------------
Shares traded, EUR 2.6 3.7 -30.9 9.1 11.9 -23.5 21.0
million
--------------------------------------------------------------------------------
Highest price, EUR 0.59 0.72 -18.1 0.63 0.79 -20.3 0.79
--------------------------------------------------------------------------------
Lowest price, EUR 0.37 0.54 -31.5 0.37 0.54 -31.5 0.48
--------------------------------------------------------------------------------
Of Comptel's outstanding shares, 5.4 per cent (7.3) were nominee registered or
held by foreign shareholders at the end of the period.
Elisa Corporation notified on 17 January 2012 that its direct ownership in
Comptel Corporation had increased to over the 10% threshold following the
merger of Saunalahti Group Oyj into Elisa Corporation. Elisa Group's ownership
remained unchanged.
During the period, Comptel Corporation allotted gratuitously 111,186 shares to
the members of the Board of Directors as part of their annual compensation and
25,000 shares to the President and CEO of the company according to the terms
and conditions of the 2011 share-based incentive plan.
The company held 156,499 of its own shares at the end of the period, which is
0.15 per cent of the total number of its shares. The total counter-book value
of the shares held by the company was EUR 3,130.
Corporate Governance
The Annual General Meeting (AGM), held on 26 March 2012, re-elected Mr Hannu
Vaajoensuu and Mr Petteri Walldén as members of the Board of Directors and
elected Mr Pertti Ervi, Ms Eriikka Söderström and Mr Antti Vasara elected as
new members of the Board of Directors. In its meeting held after the AGM, the
Board of Directors elected Mr Pertti Ervi as chairman and Mr Hannu Vaajoensuu
as vice chairman. The Board decided not to set up committees.
The AGM resolved to elect Ernst & Young Oy as authorised public accountant, Mr
Heikki Ilkka being the principal auditor.
The AGM approved the proposal of Board of Directors that a dividend of EUR 0.03
per share be paid for 2011. The dividend was paid on 12 April 2012.
The AGM decided to issue stock options to the key personnel of the Comptel
Group as a part of the incentive and commitment program for the key personnel.
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 2013. However, the authorisation to implement the company's
share-based incentive programs is valid until five years from the AGM
resolution.
A separate stock exchange release about the authorisations given and other
decisions made by the Annual General Meeting was published on 26 March 2012.
During the period under review, the Board of Directors resolved on a new
share-based incentive plan for the Group key personnel. The aim of the new plan
is to combine the objectives of the shareholders and the target people in order
to increase the value of the company, to commit the target people to the
company, and to offer them a competitive reward plan based on long-term
shareholding in the company.
In April, Comptel Corporation and Cisco Systems Inc. settled the dispute under
arbitration concerning Comptel's use of a certain sub-set of Axioss software
that was sold to Cisco and simultaneously licensed back to Comptel for use in
the current release of Comptel Fulfillment. Cisco brought the matter to the
London Court of International Arbitration in December 2011. In accordance with
the settlement, the parties have agreed to withdraw all their claims against
each other and the arbitration process has thereby been terminated. It has been
agreed that no financial compensation will be made between the parties. Comptel
will continue in the fulfillment business and will, consistent with the terms
of Cisco's license back to Comptel, support its existing Axioss and Comptel
Fulfillment customers.
Events after the Reporting Period
In July, Comptel concluded negotiations under the local legal requirements and
collective agreements to downsize the R&D personnel in its subsidiary in
Norway. Following the negotiations Comptel will make 14 employees redundant in
R&D and administration. With these measures, Comptel Corporation will reach
annual cost savings of approximately EUR 2 million.
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.
If the company fails to realise approximately EUR 10 million cost savings on
the annual level, it will have an impact on the company's financial results and
financial position.
Characteristics for Comptel's field of industry are significant quarterly
variations of net sales and profit, which are related to customers' purchasing
behaviour and the timing of major single deals.
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, Malaysian
ringgit and Norwegian Krone affect the company's net sales, expenses and net
profit.
The application process to prevent Comptel's double taxation is still pending
with the Ministry of Finance in Finland. The company believes the treatment of
its withholding taxation will be changed. However, the process between the
states is very slow and the timing of a change is hard to forecast.
The risks and uncertainties of Comptel are described more in detail in the
company's financial statements and the Board of Directors' report for 2011.
Outlook
As stated in 15 June 2012, in 2012 Comptel net sales are estimated to grow
approximately 10 per cent from the previous year.
Operating profit excluding one-off items is estimated to represent 0 - 5 per
cent of net sales. Due to the impairment loss recorded in the first quarter and
one-off items, operating result is estimated to remain negative.
Characteristically a significant part of Comptel's operating profit and net
sales is generated in the second half of the year.
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 2011 except for the
application of new or amended standards and interpretations as set forth in
note 1.
Comptel has adopted IAS 8 to correct errors discovered in the figures for the
reporting periods 2010, 2011 and Q1/2012. The nature of the error is described
in note 13.
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 Comprehensive 1 Jan - 1 Jan - 1 Apr - 1 Apr -
Income 30 Jun 30 Jun 30 Jun 30 Jun
(EUR 1,000) 2012 2011* 2012 2011*
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net sales 40,186 36,841 20,260 20,016
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Other operating income 1 16 0 12
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Materials and services -3,258 -2,017 -1,637 -1,244
--------------------------------------------------------------------------------
Employee benefits -22,608 -17,769 -12,067 -8,986
--------------------------------------------------------------------------------
Depreciation, amortisation and -12,280 -2,603 -1,152 -1,243
impairment charges
--------------------------------------------------------------------------------
Other operating expenses -17,755 -13,286 -9,217 -7,279
--------------------------------------------------------------------------------
-55,901 -35,674 -24,073 -18,753
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Operating profit/loss -15,714 1,183 -3,812 1,275
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Financial income 714 401 277 153
--------------------------------------------------------------------------------
Financial expenses -1,668 -668 -754 -253
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Profit/loss before income taxes -16,668 916 -4,289 1,175
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Income taxes 1,839 -2,275 -255 -946
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Profit/loss for the period -14,829 -1,358 -4,544 229
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Other comprehensive income
--------------------------------------------------------------------------------
Cash flow hedges 503 352 -239 -101
--------------------------------------------------------------------------------
Translation differences 118 -17 115 46
--------------------------------------------------------------------------------
Income tax relating to components of -123 -91 59 26
other comprehensive income
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total comprehensive income for the -14,331 -1,115 -4,610 200
period
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Profit/loss attributable to:
--------------------------------------------------------------------------------
Equity holders of the parent company -14,829 -1,358 -4,544 229
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total comprehensive income attributable
to:
--------------------------------------------------------------------------------
Equity holders of the parent company -14,331 -1,115 -4,610 200
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Shareholders of the parent company:
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Earnings per share, EUR -0.14 -0.01 -0.04 0.00
--------------------------------------------------------------------------------
Earnings per share, diluted, EUR -0.14 -0.01 -0.04 .00
--------------------------------------------------------------------------------
*Year 2011 error has been corrected.
Consolidated Statement of Financial Position (EUR 30 Jun 2012 31 Dec 2011
1,000)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Assets
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Non-current assets
--------------------------------------------------------------------------------
Goodwill 2,646 10,832
--------------------------------------------------------------------------------
Other intangible assets 12,065 9,255
--------------------------------------------------------------------------------
Tangible assets 1,301 1,381
--------------------------------------------------------------------------------
Investments in associates 817 817
--------------------------------------------------------------------------------
Available-for sale financial assets 87 87
--------------------------------------------------------------------------------
Deferred tax assets 2,260 636
--------------------------------------------------------------------------------
Other non-current receivables 542 409
--------------------------------------------------------------------------------
19,718 23,418
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Current assets
--------------------------------------------------------------------------------
Trade and other current receivables 38,464 38,941
--------------------------------------------------------------------------------
Cash and cash equivalents 6,074 9,401
--------------------------------------------------------------------------------
44,538 48,343
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total assets 64,256 71,761
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Equity and liabilities
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Equity attributable to equity holders of the parent
company
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Share capital 2,141 2,141
--------------------------------------------------------------------------------
Fund of invested non-restricted equity 243 178
--------------------------------------------------------------------------------
Translation differences -564 -682
--------------------------------------------------------------------------------
Retained earnings 22,698 40,169
--------------------------------------------------------------------------------
Total equity 24,518 41,805
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Non-current liabilities
--------------------------------------------------------------------------------
Deferred tax liabilities 2,832 4,798
--------------------------------------------------------------------------------
Provisions 3,466 2,750
--------------------------------------------------------------------------------
Non-current financial liabilities 10 29
--------------------------------------------------------------------------------
6,308 7,577
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Current liabilities
--------------------------------------------------------------------------------
Trade and other current liabilities 26,191 22,341
--------------------------------------------------------------------------------
Current financial liabilities 7,238 38
--------------------------------------------------------------------------------
33,430 22,379
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total liabilities 39,737 29,956
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total equity and liabilities 64,256 71,761
--------------------------------------------------------------------------------
Consolidated Statement of Cash Flows 1 Jan - 30 1 Jan - 30
(EUR 1,000) Jun 2012 Jun 2011*
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Cash flows from operating activities
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Profit/loss for the period -14,829 -1,358
--------------------------------------------------------------------------------
Adjustments:
--------------------------------------------------------------------------------
Non-cash transactions or items that are not part of 13,358 3,028
cash flows from operating activities
--------------------------------------------------------------------------------
Interest and other financial expenses 127 20
--------------------------------------------------------------------------------
Interest income -14 -16
--------------------------------------------------------------------------------
Income taxes -1,839 2,275
--------------------------------------------------------------------------------
Change in working capital:
--------------------------------------------------------------------------------
Change in trade and other current receivables 1,291 5,053
--------------------------------------------------------------------------------
Change in trade and other current liabilities 2,892 -8
--------------------------------------------------------------------------------
Change in provisions 716 -348
--------------------------------------------------------------------------------
Interest paid -121 -20
--------------------------------------------------------------------------------
Interest received 10 12
--------------------------------------------------------------------------------
Income taxes paid and tax returns received -1,918 -2,042
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net cash from operating activities -326 6,596
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Cash flows from investing activities
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Acquisition of subsidiaries, net of cash acquired -1,812 -
--------------------------------------------------------------------------------
Investments in tangible assets -305 -261
--------------------------------------------------------------------------------
Investments in intangible assets -331 -157
--------------------------------------------------------------------------------
Investments in development projects -3,364 -2,050
--------------------------------------------------------------------------------
Change in other non-current receivables -81 -45
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net cash used in investing activities -5,892 -2,514
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Cash flows from financing activities
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Dividends paid -3,207 -4,270
--------------------------------------------------------------------------------
Proceeds from borrowings 12,000 -
--------------------------------------------------------------------------------
Repayment of borrowings -6,020 -
--------------------------------------------------------------------------------
Lease payments -19 -19
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net cash used in financing activities 2,754 -4,289
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net change in cash and cash equivalents -3,465 -208
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Cash and cash equivalents at the beginning of the 9,401 7,028
period
--------------------------------------------------------------------------------
Cash and cash equivalents at the end of the period 6,074 7,392
--------------------------------------------------------------------------------
Change -3,327 364
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Effects of changes in foreign exchange rates 137 572
--------------------------------------------------------------------------------
*Year 2011 error has been corrected.
Consolidated Statement of Changes in Equity
--------------------------------------------------------------------------------
-
Equity attributable to equity holders of the parent company
--------------------------------------------------------------------------------
-
EUR 1,000 Share Other Translati Fair Treasur Retained Total
capita reserv on value y earnings
l es differenc reserve shares
es
--------------------------------------------------------------------------------
Equity at 2,141 7,575 -858 -40 -600 40,927 49,146
31 Dec 2010
--------------------------------------------------------------------------------
Dividends -4,270 -4,270
--------------------------------------------------------------------------------
Transfer of 76 225 -225 76
treasury shares
--------------------------------------------------------------------------------
Share-based 171 171
compensation*
--------------------------------------------------------------------------------
Total -17 260 -1,358 -1,115
comprehensive
income for the
period*
--------------------------------------------------------------------------------
Equity at 2,141 7,651 -875 221 -375 35,244 44,007
30 Jun 2011
--------------------------------------------------------------------------------
*Year 2011 error has been corrected.
Consolidated Statement of Changes in Equity
--------------------------------------------------------------------------------
-
Equity attributable to equity holders of the parent company
--------------------------------------------------------------------------------
-
EUR 1,000 Share Other Translati Fair Treasur Retained Total
capita reserv on value y earnings
l es differenc reserve shares
es
--------------------------------------------------------------------------------
Equity at 2,141 178 -682 -589 -375 41,133 41,805
31 Dec 2011
--------------------------------------------------------------------------------
Dividends -3,207 -3,207
--------------------------------------------------------------------------------
Transfer of 66 14 -14 66
treasury
shares
--------------------------------------------------------------------------------
Share-based 186 186
compensation
--------------------------------------------------------------------------------
Total 118 380 -14,829 -14,331
comprehensive
income for the
period
--------------------------------------------------------------------------------
Equity at 2,141 243 -564 -210 -361 23,269 24,518
30 Jun 2012
--------------------------------------------------------------------------------
Notes
1. Application of new or amended standards and interpretations
On 1 January 2012 the Group adopted the following new and amended standards and
interpretations endorsed by the EU and that are applicable to Comptel:
Amendments to IFRS 7 Financial Instruments: Disclosures (effective for
financial years beginning on or after 1 July 2011). The amendments will promote
transparency in the reporting of transfer transactions and improve users'
understanding of the risk exposures relating to transfers of financial
instruments and the effect of those risks on an entity's financial position,
particularly those involving securitisation of financial assets.
2. Segment information
Net sales by segment
EUR 1,000 1 Jan - 1 Jan - 1 Apr - 1 Apr -
30 Jun 2012 30 Jun 2011 30 Jun 2012 30 Jun 2011
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Europe East 8,549 6,752 4,684 3,919
---------------------------------------------------------------------------
Europe West 9,741 8,192 4,740 4,387
---------------------------------------------------------------------------
Asia-Pacific 10,760 11,686 6,249 5,440
---------------------------------------------------------------------------
Middle East and Africa 6,794 6,506 2,953 3,947
---------------------------------------------------------------------------
Americas 4,342 3,706 1,634 2,323
---------------------------------------------------------------------------
Group total 40,186 36,841 20,260 20,016
---------------------------------------------------------------------------
Operating profit/loss by segment
EUR 1,000 1 Jan - 1 Jan - 1 Apr - 1 Apr -
30 Jun 30 Jun 30 Jun 30 Jun
2012 2011* 2012 2011*
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Europe East 3,326 1,922 1,981 1,487
--------------------------------------------------------------------------------
Europe West 4,219 4,240 2,020 2,245
--------------------------------------------------------------------------------
Asia-Pacific 5,106 7,421 3,137 3,061
--------------------------------------------------------------------------------
Middle East and Africa 783 2,724 -301 1,892
--------------------------------------------------------------------------------
Americas 1,879 1,891 396 1,323
--------------------------------------------------------------------------------
Group unallocated expenses -31,027 -17,016 -11,045 -8,733
--------------------------------------------------------------------------------
Group operating profit/loss -15,714 1,183 -3,812 1,275
total
--------------------------------------------------------------------------------
Financial income and expenses -954 -267 -477 -100
--------------------------------------------------------------------------------
Group profit/loss before income -16,668 916 -4,289 1,175
taxes
--------------------------------------------------------------------------------
*Year 2011 error has been corrected.
3. Business combinations
On 9 February 2012, Comptel Corporation acquired all shares of Xtract Oy, a
Finnish software company specialising in analytics.
By acquiring Xtract the company creates a unique offering by combining world
class analytics capabilities with its existing assets. This offering enables
operators to react quickly to events from the network and transform them
automatically into relevant and timely actions that improve the customer
experience.
The total consideration (enterprise value) was EUR 3,100 thousand. The actual
purchase price EUR 2,075 thousand was paid in cash.
The goodwill according to IFRS 3 is EUR 1,993 thousand after the fair value
allocations reflected in net assets. EUR 215 thousand was recognised in
intangible assets which are amortised over five years.
The goodwill is attributable to the skilled workforce of Xtract and the
utilisation potential of Comptel's existing sales channel to promote Xtract
products.
The values of the assets and liabilites arising from the acquisition were as
follows:
EUR 1,000 Recognised fair values on acquisition
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Technology (incl. in other intangible 840
assets)
--------------------------------------------------------------------------------
Other intangible assets 1
--------------------------------------------------------------------------------
Machinery and equipment 6
--------------------------------------------------------------------------------
Trade receivables and other receivables 842
--------------------------------------------------------------------------------
Cash and cash equivalents 263
--------------------------------------------------------------------------------
Total assets 1,952
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Deferred tax liabilities 53
--------------------------------------------------------------------------------
Other non-interest bearing liabilities 597
--------------------------------------------------------------------------------
Interest bearing liabilities 1,220
--------------------------------------------------------------------------------
Total liabilities 1,870
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net assets 82
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Acquisition cost 2,075
--------------------------------------------------------------------------------
Goodwill 1,993
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Purchase price paid in cash 2,075
--------------------------------------------------------------------------------
Cash and cash equivalents in acquired -263
subsidiary
--------------------------------------------------------------------------------
Total net cash outflow on the acquisition 1,812
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Comptel has expensed acquisition-related consultation fees of EUR 145 thousand.
The fees are included in other operating expenses.
Xtract's net sales EUR 440 thousand and result EUR -1,117 thousand for the
period 10 February to 30 June 2012 are included in the comprehensive statement
of income. Comptel Group net sales for 1 January - 30 June 2012 would have been
EUR 40,552 thousand and loss EUR 14,739 thousand if Xtract had been
consolidated from the beginning of the year 2012.
4. Impairment loss on goodwill
Comptel changed the allocation method of goodwill during the first quarter of
the year. Due to the change, an impairment testing was carried out on a new
cash generating unit level. Previously, it had not been possible to allocate
goodwill specifically to any segment or cash generating unit. As a result of
impairment testing Comptel recorded an impairment loss of EUR 10,179 thousand
in the first quarter result.
In the test, the recoverable amount of goodwill is determined based on value in
use calculation. The value in use is computed based on discounted forecast cash
flows. The cash flow forecasts rely on the plans approved by the Board of
Directors and management concerning in particular profitability and the growth
rate of net sales. The plans cover a five-year period taking into account the
recent development of business. The used pre-tax discount rate is 16.4%.
The cash flows after the five-year period have been forecast by estimating the
future growth rate of net sales to be 0%.
The use of the testing model requires making estimates and assumptions
concerning investments, market growth and general interest rate level.
5. Income tax
Income tax according to the statement of comprehensive income for the period
was EUR 1,839 thousand positive (EUR 2,275 thousand negative in 2011) as a
change of EUR 2,494 thousand in deferred tax liabilities was booked in
connection with the impairment of goodwill.
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.
Comptel is pursuing negotiations with the Ministry of Finance and the other
countries that have withheld tax at source to avoid double taxation. The
company believes the treatment of its withholding taxation will be changed. The
negotiation process between countries is, however, very slow and the time for
the change to take place is very difficult to predict.
According to the Board of Adjustment's decision currently in force, Comptel
Corporation has expensed taxes withheld at source amounting to EUR 961 thousand
in January - June (EUR 921 thousand).
6. Tangible assets
EUR 1,000 1 Jan - 30 Jun 2012 1 Jan - 30 Jun 2011
---------------------------------------------------
---------------------------------------------------
Additions 305 261
---------------------------------------------------
Disposals -6
---------------------------------------------------
7. Related party transactions
The Comptel Group has a related party relationship with its associate, the
Board of Directors, the Executive Board 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 2012 1 Jan - 30 Jun 2011
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Associate
-------------------------------------------------------------------------
Other operating income 1 -
-------------------------------------------------------------------------
Purchases of goods and services - 91
-------------------------------------------------------------------------
Interest income 4 4
-------------------------------------------------------------------------
-------------------------------------------------------------------------
EUR 1,000 30 Jun 2012 31 Dec 2011
-------------------------------------------------
-------------------------------------------------
Associate
-------------------------------------------------
Non-current receivables 95 91
-------------------------------------------------
-------------------------------------------------
Remuneration to key management
The key management personnel compensation includes the employee benefits of the
members of the Board of Directors and the Executive Board.
EUR 1,000 1 Jan - 30 Jun 1 Jan - 30 Jun
2012 2011
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Salaries and other short-term employee 1,145 1,277
benefits
--------------------------------------------------------------------------------
Share-based payments 106 159
--------------------------------------------------------------------------------
Total 1,251 1,436
--------------------------------------------------------------------------------
Guarantees and other commitments
EUR 1,000 30 Jun 2012 31 Dec 2011
------------------------------------
------------------------------------
Guarantees 90 -
------------------------------------
8. Commitments
Minimum lease payments on non-cancellable office facilities and other operating
leases are payable as follows:
EUR 1,000 30 Jun 2012 31 Dec 2011
----------------------------------------------------
----------------------------------------------------
Less than one year 3,191 3,377
----------------------------------------------------
Between one and five years 6,292 7,909
----------------------------------------------------
Total 9,483 11,286
----------------------------------------------------
The group had no material capital commitments for the purchase of tangible
assets at 30 June 2012 and 30 June 2011.
9. Contingent liabilities
EUR 1,000 30 Jun 2012 31 Dec 2011
-----------------------------------------
-----------------------------------------
Bank guarantees 3,211 1,847
-----------------------------------------
EUR 1,000 30 Jun 2012 31 Dec 2011
--------------------------------------------------------------------
--------------------------------------------------------------------
Contingent liabilities on behalf of others
--------------------------------------------------------------------
Guarantees 129 -
--------------------------------------------------------------------
10. Events after the Reporting Period
In July, Comptel concluded negotiations under the local legal requirements and
collective agreements to downsize the R&D personnel in its subsidiary in
Norway. Following the negotiations Comptel will make 14 employees redundant in
R&D and administration. With these measures, Comptel Corporation will reach
annual cost savings of approximately EUR 2 million.
11. Key figures
Financial summary 1 Jan - 30 1 Jan - 30 1 Jan - 31
Jun 2012 Jun 2011* Dec 2011*
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net sales, EUR 1,000 40,186 36,841 76,751
--------------------------------------------------------------------------------
Net sales, change % 9.1 -5.6 -1.5
--------------------------------------------------------------------------------
Operating profit/loss, EUR 1,000 -15,714 1,183 11,902
--------------------------------------------------------------------------------
Operating profit/loss, change % -1,428.5 -70.3 33.6
--------------------------------------------------------------------------------
Operating profit/loss, as % of net -39.1 3.2 15.5
sales
--------------------------------------------------------------------------------
Profit/loss before taxes, EUR 1,000 -16,668 916 10,963
--------------------------------------------------------------------------------
Profit/loss before taxes, as % of net -41.5 2.5 14.3
sales
--------------------------------------------------------------------------------
Return on equity, % - - 16.0
--------------------------------------------------------------------------------
Return on investment, % - - 22.9
--------------------------------------------------------------------------------
Equity ratio, % 47.8 72.3 66.6
--------------------------------------------------------------------------------
Gross investments in tangible and 3,536 419 1,037
intangible assets, EUR 1,0001)
--------------------------------------------------------------------------------
Gross investments in tangible and 8.8 1.1 1.4
intangible assets, as % of net sales
--------------------------------------------------------------------------------
Capitalisations according to IAS 38 to 3,364 2,050 3,965
intangible assets
--------------------------------------------------------------------------------
Research and development expenditure, 9,952 7,726 15,419
EUR 1,000
--------------------------------------------------------------------------------
Research and development expenditure, 24.8 21.0 20.1
as % of net sales
--------------------------------------------------------------------------------
Order backlog, EUR 1,000 2) 51,957 37,664 47,217
--------------------------------------------------------------------------------
Average number of employees during the 703 608 623
period
--------------------------------------------------------------------------------
Interest-bearing net liabilities, EUR 1,174 -7,306 -9,334
1,000
--------------------------------------------------------------------------------
Gearing ratio, % 4.8 -16.6 -22.3
--------------------------------------------------------------------------------
1) Includes the acquisition of Xtract in 2012. The gross capital investments
excluding the acquisition amounted to EUR 630 thousand, which is 1.6 percent of
net sales. The figure does not include investments in development projects.
2) The order book may vary significantly during the financial period.
--------------------------------------------------------------------------------
-
*Year 2011 error has been corrected.
Per share data 1 Jan - 1 Jan - 1 Jan -
30 Jun 2012 30 Jun 31 Dec
2011* 2011*
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Earnings per share (EPS), EUR -0.14 -0.01 0.07
--------------------------------------------------------------------------------
EPS diluted, EUR -0.14 -0.01 0.07
--------------------------------------------------------------------------------
Equity per share, EUR 0.23 0.41 0.39
--------------------------------------------------------------------------------
Dividend per share, EUR - - 0.03
--------------------------------------------------------------------------------
Dividend per earnings, % - - 43.9
--------------------------------------------------------------------------------
Effective dividend yield, % - - 6.1
--------------------------------------------------------------------------------
P/E ratio - - 7.2
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Adjusted number of shares at the end of 107,054,810 107,054,810 107,054,810
the period
--------------------------------------------------------------------------------
of which the number of treasury shares 156,499 183,900 292,685
--------------------------------------------------------------------------------
Outstanding shares 106,898,311 106,870,910 106,762,125
--------------------------------------------------------------------------------
Adjusted average number of shares during 106,831,715 106,716,007 106,775,223
the period
--------------------------------------------------------------------------------
Average number of shares, dilution 106,831,715 107,750,336 106,775,223
included
--------------------------------------------------------------------------------
*Year 2011 error has been corrected.
12. Definition of key figures
--------------------------------------------------------------------------------
Operating margin % = Operating profit/loss x100
------------------------------------
------------------------------------
Net sales
Profit margin (before income taxes) = Profit/loss before taxes x100
%
------------------------------------
------------------------------------
Net sales
Return on equity % (ROE) = Profit/loss x100
------------------------------------
------------------------------------
Total equity (average during year)
Return on investment % (ROI) = Profit/loss before taxes + x100
financial expenses
------------------------------------
------------------------------------
Total equity + interest bearing
liabilities (average during the
year)
Equity ratio % = Total equity x100
------------------------------------
------------------------------------
Statement of financial position
total - advances received
Gross investments in tangible and = Gross investments in tangible and x100
intangible assets, as % of net intangible assets
sales
------------------------------------
------------------------------------
Net sales
Research and development = Research and development x100
expenditure, as % of net sales expenditure
------------------------------------
------------------------------------
Net sales
Gearing ratio % = Interest-bearing liabilities - x100
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 the
end of period
Dividend per share = Dividend
------------------------------------
------------------------------------
Adjusted number of shares at the
end of period
Dividend per earnings % = Dividend per share x100
------------------------------------
------------------------------------
Earnings per share (EPS)
Effective dividend yield % = Dividend per share x100
------------------------------------
------------------------------------
Share closing price at end of
period
P/E ratio = Share closing price at end of
period
------------------------------------
------------------------------------
Earnings per share (EPS)
--------------------------------------------------------------------------------
13. Corrections to figures reported in 2010, 2011 and Q1/2012
An error was discovered in the line item Employee benefits for the periods
2010, 2011 and Q1/2012. The errors have been corrected retrospectively
according to IAS 8. The errors were related to the calculation of option costs.
The correction of the error in 2010 did not have an impact on the amount of
equity and no restated opening balances are presented. The key figures for the
financial year 2010 will be restated and presented in the financial statements
for 2012. The statement of comprehensive income for 2011 was changed as
follows:
Reported Corrected
--------------------------------------------------------------------------------
Consolidated Statement of Comprehensive Income 1 Jan - 31 Dec 1 Jan - 31 Dec
(EUR 1,000) 2011 2011
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net sales 76,751 76,751
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Other operating income 19,802 19,802
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Materials and services -5,285 -5,285
--------------------------------------------------------------------------------
Employee benefits -36,747 -36,454
--------------------------------------------------------------------------------
Depreciation, amortisation and impairment -13,635 -13,635
charges
--------------------------------------------------------------------------------
Other operating expenses -29,277 -29,277
--------------------------------------------------------------------------------
-84,944 -84,651
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Operating profit/loss 11,609 11,902
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Financial income 536 536
--------------------------------------------------------------------------------
Financial expenses -1,289 -1,289
--------------------------------------------------------------------------------
Share of result of associated companies -187 -187
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Profit/loss before income taxes 10,669 10,963
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Income taxes -3,373 -3,373
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Profit/loss for the period 7,297 7,590
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Other comprehensive income
--------------------------------------------------------------------------------
Cash flow hedges -727 -727
--------------------------------------------------------------------------------
Translation differences 175 175
--------------------------------------------------------------------------------
Income tax relating to components of other 177 177
comprehensive income
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total comprehensive income for the period 6,922 7,216
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Profit/loss attributable to:
--------------------------------------------------------------------------------
Equity holders of the parent company 7,297 7,590
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total comprehensive income attributable to:
--------------------------------------------------------------------------------
Equity holders of the parent company 6,922 7,216
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Shareholders of the parent company:
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Earnings per share, EUR 0.07 0.07
--------------------------------------------------------------------------------
Earnings per share, diluted, EUR 0.07 0.07
--------------------------------------------------------------------------------
The earnings per share figure has also been restated. Due to the rounding it
did not have impact on the key figure. The correction did not impact the amount
of equity.
The restated quarterly figures for 2011 and Q1/2012 are as follows:
Consolidated Statement of 1-3/201 4-6/201 7-9/201 10-12/2 2011 1-3/201
Comprehensive Income 1 1 1 011 2
(EUR 1,000)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net sales 16,825 20,016 16,640 23,269 76,751 19,926
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Other operating income 4 12 19,700 87 19,802 1
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Materials and services -773 -1,244 -1,271 -1,997 -5,285 -1,622
--------------------------------------------------------------------------------
Employee benefits -8,783 -8,986 -9,210 -9,475 -36,454 -10,541
--------------------------------------------------------------------------------
Depreciation, amortisation -1,359 -1,243 -10,027 -1,005 -13,635 -11,128
and impairment charges
--------------------------------------------------------------------------------
Other operating expenses -6,006 -7,279 -7,796 -8,194 -29,277 -8,538
--------------------------------------------------------------------------------
-16,921 -18,753 -28,305 -20,672 -84,651 -31,829
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Operating profit/loss -92 1,275 8,035 2,684 11,902 -11,901
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Financial income 249 153 617 -482 536 437
--------------------------------------------------------------------------------
Financial expenses -415 -253 -560 -61 -1,289 -914
--------------------------------------------------------------------------------
Share of result of - - - -187 -187 -
associated companies
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Profit/loss before income -258 1,175 8,092 1,955 10,963 -12,379
taxes
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Income taxes -1,329 -946 486 -1,584 -3,373 2,094
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Profit/loss for the period -1,587 229 8,577 371 7,590 -10,285
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Other comprehensive income
--------------------------------------------------------------------------------
Cash flow hedges 453 -101 -764 -314 -727 742
--------------------------------------------------------------------------------
Translation differences -63 46 -96 288 175 3
--------------------------------------------------------------------------------
Income tax relating to -118 26 199 70 177 -182
components of other
comprehensive income
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total comprehensive income -1,315 200 7,916 415 7,216 -9,721
for the period
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Profit/loss attributable
to:
--------------------------------------------------------------------------------
Equity holders of the -1,587 229 8,577 371 7,590 -10,285
parent company
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total comprehensive income
attributable to:
--------------------------------------------------------------------------------
Equity holders of the -1,315 200 7,916 415 7,216 -9,721
parent company
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Shareholders of the parent
company:
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Earnings per share, EUR -0.01 0.00 0.08 0.00 0.07 -0.10
--------------------------------------------------------------------------------
Earnings per share, -0.01 0.00 0.08 0.00 0.07 -0.10
diluted, EUR
--------------------------------------------------------------------------------
Schedule for Comptel's next interim report: January - September 2012, 18
October 2012
COMPTEL CORPORATION
Board of Directors
Additional information:
Mr Juhani Hintikka, President and CEO, tel. +358 9 700 1131
Mr Mikko Hytönen, CFO, tel. +358 40 758 5801
Mr Samppa Seppälä, Director, IR and Corporate Communications, tel. +358 50 568
0533
Distribution:
NASDAQ OMX Helsinki
Major media
www.comptel.com
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