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2007-04-26 07:00:01 CEST 2007-04-26 07:00:01 CEST REGULATED INFORMATION Comptel - Quarterly reportInterim Report of Comptel Corporation January 1 - March 31, 2007Comptel Stock Exchange Release, April 26, 2007 at 8.00 am INTERIM REPORT OF COMPTEL CORPORATION JANUARY 1 - MARCH 31, 2007 Profitability and order backlog grew significantly from the previous year. Turnover EUR 19.5 million (January-March 2006: 19.4) Operating profit excluding one-off items EUR 3.4 million (3.0) Operating profit EUR 3.4 million (0.6) Earnings per share EUR 0.02 (0.00) Order backlog EUR 29.7 million (26.1) Sami Erviö, President and CEO: “The result of Comptel in the first quarter of 2007 nearly met the expectations. Although the turnover remained at the previous year level, the profitability developed favourably and operating profit increased to EUR 3.4 million. Order backlog remained at the high level of the previous quarter, which sets a good basis for the deliveries of this year. During the first quarter Comptel closed significant new core licence agreements in the Middle East, Asia-Pacific and in the American markets. Comptel sold four core licences.” Business Review of the First Quarter 2007 The turnover of Comptel in the first quarter of 2007 remained at the previous year level and was EUR 19.5 million (19.4). The group operating profit was EUR 3.4 million (0.6), which corresponds to 17.2 per cent (3.1) of the turnover. Operating profit excluding one-off items grew by 12.2 per cent from the previous year. The order backlog remained at the high level of the year end and was EUR 29.7 million. The growth of 14.0 per cent from the same period last year was affected by the increase of maintenance contracts. Business Areas -------------------------------------------------------------------------------- | Turnover, EUR million | 1-3 2007 | 1-3 2006 | Change, % | 2006 | -------------------------------------------------------------------------------- | Europe | 12.3 | 11.9 | 3.6 | 47.6 | -------------------------------------------------------------------------------- | The Middle East and Africa | 2.1 | 3.2 | -32.5 | 12.0 | -------------------------------------------------------------------------------- | America | 1.8 | 1.5 | 17.5 | 8.2 | -------------------------------------------------------------------------------- | Asia Pacific | 3.3 | 2.9 | 14.2 | 12.6 | -------------------------------------------------------------------------------- | Total | 19.5 | 19.4 | 0.4 | 80.4 | -------------------------------------------------------------------------------- | Turnover breakdown by market, | | | | | | EUR million | | | | | -------------------------------------------------------------------------------- | Europe | 7.3 | 5.0 | 46.4 | 23.0 | -------------------------------------------------------------------------------- | The Middle East and Africa | 1.0 | 2.1 | -54.1 | 7.2 | -------------------------------------------------------------------------------- | America | 1.1 | 0.7 | 64.7 | 4.5 | -------------------------------------------------------------------------------- | Asia Pacific | 2.0 | 1.7 | 17.3 | 6.4 | -------------------------------------------------------------------------------- | Group unallocated expenses | -8.0 | -8.9 | - | -29.8 | -------------------------------------------------------------------------------- | Total | 3.4 | 0.6 | 466.6 | 11.2 | -------------------------------------------------------------------------------- | Operating profit as percent of | | | | | | turnover | | | | | -------------------------------------------------------------------------------- | Europe | 59.2 | 41.9 | - | 48.3 | -------------------------------------------------------------------------------- | The Middle East and Africa | 45.9 | 67.6 | - | 59.9 | -------------------------------------------------------------------------------- | America | 62.7 | 44.2 | - | 56.1 | -------------------------------------------------------------------------------- | Asia Pacific | 61.8 | 60.2 | - | 50.8 | -------------------------------------------------------------------------------- | Total | 17.2 | 3.1 | - | 14.0 | -------------------------------------------------------------------------------- The operations and results grew in all areas except the Middle East and Africa. In the first quarter of 2007 Comptel closed four core licence agreements: three Comptel Mediation and Charging Solutions and one Comptel Provisioning and Activation Solution. -------------------------------------------------------------------------------- | Turnover breakdown by type, | 1-3 | 1-3 2006 | Change, % | 2006 | | EUR million | 2007 | | | | -------------------------------------------------------------------------------- | Licences | 6.8 | 6.3 | 7.2 | 25.8 | -------------------------------------------------------------------------------- | Services and maintenance | 12.7 | 13.1 | -2.0 | 54.6 | -------------------------------------------------------------------------------- | Total | 19.5 | 19.4 | 0.4 | 80.4 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Turnover by sales channels, | 1-3 | 1-3 2006 | Change, % | 2006 | | EUR million | 2007 | | | | -------------------------------------------------------------------------------- | Direct sales | 15.3 | 15.6 | -2.1 | 62.8 | -------------------------------------------------------------------------------- | Partner sales | 4.2 | 3.8 | 10.7 | 17.6 | -------------------------------------------------------------------------------- | Total | 19.5 | 19.4 | 0.4 | 80.4 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR million | 31.3. | 31.3. | Change, % | 31.12. | | | 2007 | 2006 | | 2006 | -------------------------------------------------------------------------------- | Balance sheet total | 64.0 | 61.1 | 4.7 | 68.8 | -------------------------------------------------------------------------------- | Liquid assets | 10.9 | 10.2 | 7.3 | 12.9 | -------------------------------------------------------------------------------- | Sales receivables | 24.2 | 18.5 | 31.2 | 28.2 | -------------------------------------------------------------------------------- | Sales accruals | 5.7 | 7.2 | -20.3 | 5.0 | -------------------------------------------------------------------------------- | Deferred income related to | 1.4 | 1.4 | -5.8 | 1.5 | | partial debiting | | | | | -------------------------------------------------------------------------------- | Equity ratio, % | 67.0 | 67.3 | - | 67.7 | -------------------------------------------------------------------------------- Comptel Group did not have interest-bearing debt in the end of the review period. The liquid assets were at the level of previous year. The operating cash flow of the group was EUR 5.2 million during the first quarter (5.1). EUR 5.4 million of dividends (4.1) were paid during the first quarter. Sales receivables at the end of period were EUR 24.2 million (18.5). The growth of sales receivables was due to concentration of sales receivables in the areas where terms of payment are typically longer. In January, Comptel Corporation signed a lease on business premises with AC Salmisaari Oy. The agreement was signed for ten years, and it increases the rental commitments by approximately EUR 13.5 million. The group rental commitments were EUR 21.3 million at the end of the period. Investments, Research and Development (R&D) -------------------------------------------------------------------------------- | EUR million | 1-3 2007 | 1-3 2006 | Change, % | 2006 | -------------------------------------------------------------------------------- | Gross investments in fixed | 0.2 | 0.2 | -30.7 | 1.5 | | assets | | | | | -------------------------------------------------------------------------------- | Direct R&D expenditure and | 2.4 | 2.5 | -5.2 | 11.1 | | investment | | | | | -------------------------------------------------------------------------------- | Capitalisation of R&D | 0.7 | 0.2 | 334.8 | 1.7 | | expenditure according to IAS | | | | | | 38 | | | | | -------------------------------------------------------------------------------- Gross investments in fixed assets comprise of equipment, software and furnishing purchases. The investments have been financed by funds from operations. The capitalisation of product development costs increased from the previous year due to the R&D focus on new initiatives. The R&D investments of Comptel are currently focused mainly on developing the new solutions for mediation, provisioning and activation, and on further development of the existing inventory and charging solutions. Comptel estimates that the investment level in R&D will increase moderately in the future. Personnel -------------------------------------------------------------------------------- | | 31.3. | 31.3. | Change, % | 31.12. | | | 2007 | 2006 | | 2006 | -------------------------------------------------------------------------------- | Number of employees at the | 537 | 571 | -5.9 | 547 | | end of period | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | 1-3 2007 | 1-3 | Change, % | 2006 | | | | 2006 | | | -------------------------------------------------------------------------------- | Average number of | 541 | 572 | -5.4 | 561 | | personnel during the period | | | | | -------------------------------------------------------------------------------- The decrease in the number of employees compared to the first quarter of 2006 is mainly due to the integration of business operations acquired from EDB Telecom. The personnel expenses in January-March were 42.6 per cent of the turnover (57.7). At the end of the period under review 59.2 per cent (56.2) of the personnel were located in Finland and 21.6 per cent (26.2) in Norway. Comptel's Share The closing price of Comptel's share on March 31, 2007 was EUR 1.86 (EUR 1.69). The market capitalisation of Comptel on March 31, 2007 was EUR 199.1 million (EUR 180.9 million). -------------------------------------------------------------------------------- | Shares Traded | 1-3 2007 | 1-3 2006 | Change, % | 2006 | -------------------------------------------------------------------------------- | Shares traded, million | 13.2 | 11.8 | 11.9 | 49.8 | -------------------------------------------------------------------------------- | Shares traded, EUR million | 25.8 | 19.9 | 29.6 | 85.0 | -------------------------------------------------------------------------------- | Highest price, EUR | 2.11 | 1.79 | 17.9 | 2.01 | -------------------------------------------------------------------------------- | Lowest price, EUR | 1.76 | 1.59 | 10.7 | 1.44 | -------------------------------------------------------------------------------- Of Comptel's outstanding shares, 8.0 per cent were nominee registered and held by foreign shareholders. Comptel purchased through Helsinki Stock Exchange 410,000 Comptel shares during February 21 - March 6, 2007. Average price per share was approximately EUR 1.93 and total purchase price was EUR 791,820. The own shares held by the company at the end of the review period corresponded 0.4 per cent of the outstanding Comptel shares. The total book-counter value of these shares was EUR 8,200. Corporate Governance The Annual General Meeting on March 19, 2007 approved that the following members of the Board of Directors were re-elected: Olli Riikkala (M.Sc. Eng., MBA), Hannu Vaajoensuu (Full-time Chairman, BasWare Corporation), Timo Kotilainen (Managing Director, Nixu Oy), Matti Mustaniemi (Partner, Tempo CSF Oy) and Juhani Lassila (Managing Director, Agros Oy). In addition, Juhani Hintikka (Vice President, Nokia Siemens Networks Oy) was elected as a new member of the Board of Directors. In its meeting held after the Annual General Meeting, the Board of Directors re-elected Olli Riikkala as chairman and Hannu Vaajoensuu as vice chairman. Matti Mustaniemi continues as chairman of the audit committee in which the other members are Juhani Hintikka and Juhani Lassila. Olli Riikkala continues as chairman of the compensation committee in which the other members are Timo Kotilainen and Hannu Vaajoensuu. KPMG Oy Ab continues as the auditors of Comptel, Pekka Pajamo (APA) being the principal auditor. The Annual General Meeting granted the Board of Directors authorizations to repurchase Comptel's own shares and to decide on share issues. A separate stock exchange release has been given on March 19, 2007 about the authorizations given and other decisions made by the Annual General Meeting. Events after the Review Period In April, Comptel Corporation transferred gratuitously 189,241 own shares to persons involved in the 2006 incentive plan. After the transfer on April 2, 2007, company holds a total of 220,759 own shares. Near-term risks and uncertainties Comptel has described risks related to its operations as a part of the financial statements for 2006. The risks are divided into strategic, financial, operative and losses. There have not been any significant changes in Comptel's risks and factors of uncertainty during the review period. Comptel's main business currencies are euro and the dollar. Changes in exchange rates may affect the price level of the markets. Comptel hedges the cash flows from orders. Comptel submitted a free-format application in which the company asked National Board of Taxes in Finland to take action on preventing the double withholding taxation. The National Board of Taxes has initiated communication with the competent authorities in the respective source countries. The issue has been transferred to the Ministry of Finance. Comptel believes to have the treatment of its withholding taxation changed. Future Outlook The Operations Support Systems market is expected to continue to grow globally. The Group's order backlog has remained strong and gives a good basis for growth. The organic turnover growth of Comptel is expected to be from 5 to 10 percent in 2007. Comptel's operating profit is expected to grow from the previous year and to be close to company's long-term target which is 20 per cent of turnover. An increasing portion of Comptel's business will come from services for existing customers, which in its part lessens the fluctuation from one quarter to another. However, single contracts or delivery projects may continue to have a significant impact on the result of the company. The report has been prepared in accordance with the IFRS. -------------------------------------------------------------------------------- | Profit and loss account for the | 1.1.-31.3.2 | 1.1.-31.3.2 | 1.1.-31.12.2 | | Group (EUR 1,000) | 007 | 006 | 006 | | (unaudited) | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Turnover | 19,503 | 19,424 | 80,439 | -------------------------------------------------------------------------------- | Other operating income | 0 | 131 | 109 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Materials and services | -2,092 | -2,161 | -7,929 | -------------------------------------------------------------------------------- | Personnel expenses | -8,313 | -11,212 | -36,391 | -------------------------------------------------------------------------------- | Depreciation and value | -965 | -1,125 | -4,549 | | adjustments | | | | -------------------------------------------------------------------------------- | Other operating charges | -4,774 | -4,465 | -20,448 | -------------------------------------------------------------------------------- | | -16,144 | -18,962 | -69,316 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating profit | 3,359 | 593 | 11,232 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Financial income | 138 | 95 | 786 | -------------------------------------------------------------------------------- | Financial charges | -186 | -228 | -758 | -------------------------------------------------------------------------------- | Share of result of associated | - | -54 | -54 | | companies | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit before taxes | 3,311 | 406 | 11,206 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Taxes | -1,231 | -109 | -5,408 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit for the period | 2,080 | 297 | 5,798 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Distribution: | | | | -------------------------------------------------------------------------------- | Shareholders of the parent | 2,080 | 266 | 5,766 | | company | | | | -------------------------------------------------------------------------------- | Minority | - | 31 | 33 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholders of the parent | | | | | company: | | | | -------------------------------------------------------------------------------- | Earnings per share, EUR | 0.02 | 0.00 | 0.05 | -------------------------------------------------------------------------------- | Earnings per share, diluted, EUR | 0.02 | 0.00 | 0.05 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Disclosed taxes for the reporting period are based on the earnings of the | | reporting period. | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Balance sheet for the Group (EUR | 31.3.2007 | 31.3.2006 | 31.12.2006 | | 1,000) (unaudited) | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Non-current assets | | | | -------------------------------------------------------------------------------- | Other intangible assets | 8,090 | 8,673 | 7,875 | -------------------------------------------------------------------------------- | Goodwill | 10,832 | 12,543 | 10,832 | -------------------------------------------------------------------------------- | Tangible assets | 2,176 | 2,295 | 2,292 | -------------------------------------------------------------------------------- | Investment in associated | 400 | 400 | 400 | | companies | | | | -------------------------------------------------------------------------------- | Other investments | 87 | 87 | 87 | -------------------------------------------------------------------------------- | Deferred tax assets | 726 | 841 | 714 | -------------------------------------------------------------------------------- | | 22,311 | 24,840 | 22,201 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Current assets | | | | -------------------------------------------------------------------------------- | Inventories | - | - | 18 | -------------------------------------------------------------------------------- | Short-term receivables | 30,707 | 26,064 | 33,692 | -------------------------------------------------------------------------------- | Marketable securities | 657 | 1,339 | 4,610 | -------------------------------------------------------------------------------- | Cash and bank | 10,291 | 8,860 | 8,324 | -------------------------------------------------------------------------------- | | 41,655 | 36,263 | 46,643 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total assets | 63,966 | 61,103 | 68,844 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholders' equity | | | | -------------------------------------------------------------------------------- | Share capital | 2,141 | 2,141 | 2,141 | -------------------------------------------------------------------------------- | Share premium fund | - | 7,368 | - | -------------------------------------------------------------------------------- | Fund of invested non-restricted | 7,368 | - | 7,368 | | equity | | | | -------------------------------------------------------------------------------- | Translation difference | -659 | -636 | -674 | -------------------------------------------------------------------------------- | Retained earnings | 33,900 | 31,915 | 37,782 | -------------------------------------------------------------------------------- | | 42,750 | 40,788 | 46,617 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Minority interest | 111 | 143 | 145 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total equity | 42,861 | 40,930 | 46,761 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Long-term liabilities | | | | -------------------------------------------------------------------------------- | Deferred tax liabilities | 1,868 | 1,080 | 1,604 | -------------------------------------------------------------------------------- | Provisions | 22 | 3,567 | 188 | -------------------------------------------------------------------------------- | Other liabilities | 131 | - | 169 | -------------------------------------------------------------------------------- | | 2,021 | 4,647 | 1,961 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Short-term liabilities | | | | -------------------------------------------------------------------------------- | Current liabilities | 19,084 | 15,525 | 20,122 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total liabilities | 21,105 | 20,173 | 22,083 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total shareholders' equity and | 63,966 | 61,103 | 68,844 | | liabilities | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Rental commitments (EUR 1,000) -------------------------------------------------------------------------------- | | 31.3.2007 | 31.3.2006 | 31.12.2006 | -------------------------------------------------------------------------------- | Payable during the next 12 months| 3,332 | 3,169 | 3,137 | -------------------------------------------------------------------------------- | Payable between one and five years| 11,932 | 10,594 | 7,247 | -------------------------------------------------------------------------------- | Payable later | 5,994 | 896 | 1,253 | -------------------------------------------------------------------------------- | Total | 21,258 | 14,660 | 11,637 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Payable during the next 12 months | 395 | 380 | 381 | -------------------------------------------------------------------------------- | Payable between one and five | 323 | 247 | 313 | | years | | | | -------------------------------------------------------------------------------- | Payable later | - | - | - | -------------------------------------------------------------------------------- | | 718 | 627 | 694 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | The leasing agreements are mostly valid for three years and contain no | | redemption clauses. | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | 901 | 913 | 775 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Derivative instruments | | | | -------------------------------------------------------------------------------- | Forward exchange contracts | | | | -------------------------------------------------------------------------------- | Fair value | 197 | -16 | 218 | -------------------------------------------------------------------------------- | Value of underlying instrument | 18,335 | 12,950 | 17,390 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Consolidated statement of cash | 1.1.-31.3.2 | 1.1.-31.3.2 | 1.1.-31.12.2 | | flows (EUR 1,000) (unaudited) | 007 | 006 | 006 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Cash flows from operating | | | | | activities | | | | -------------------------------------------------------------------------------- | Net profit for the period | 2,080 | 297 | 5,798 | -------------------------------------------------------------------------------- | Adjustments: | | | | -------------------------------------------------------------------------------- | Transactions without cash flow | 1,287 | 1,307 | 5,414 | | effect | | | | -------------------------------------------------------------------------------- | Interest and other financial | 27 | 3 | 582 | | expenses | | | | -------------------------------------------------------------------------------- | Interest income | -120 | -73 | -590 | -------------------------------------------------------------------------------- | Taxes | 1,231 | 109 | 5,408 | -------------------------------------------------------------------------------- | Changes in working capital: | | | | -------------------------------------------------------------------------------- | Change in trade and other | 2,963 | 7,048 | -4,090 | | receivables | | | | -------------------------------------------------------------------------------- | Change in inventories | 18 | - | -18 | -------------------------------------------------------------------------------- | Change in accounts payable and | -1,000 | -3,789 | -507 | | other short-term liabilities | | | | -------------------------------------------------------------------------------- | Change in provisions | -166 | 1,614 | -1,383 | -------------------------------------------------------------------------------- | Interest paid | -27 | -3 | -582 | -------------------------------------------------------------------------------- | Interest received | 120 | 73 | 583 | -------------------------------------------------------------------------------- | Income taxes paid | -1,178 | -1,496 | -2,280 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net cash flow from operating | 5,234 | 5,091 | 8,335 | | activities | | | | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Cash flows from investing | | | | | activities | | | | -------------------------------------------------------------------------------- | Acquisition of business | - | - | 2,294 | | activities, net of cash acquired | | | | -------------------------------------------------------------------------------- | Acquisition of tangible assets | -351 | -161 | -1,041 | -------------------------------------------------------------------------------- | Acquisition of intangible assets | - | -46 | -464 | -------------------------------------------------------------------------------- | Capitalised development | -713 | -318 | -1,727 | | expenditure | | | | -------------------------------------------------------------------------------- | Proceeds from disposal of | - | 134 | 237 | | tangible assets | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net cash flow from investing | -1,064 | -391 | -700 | | activities | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flows from financing | | | | | activities | | | | -------------------------------------------------------------------------------- | Dividends paid | -5,365 | -4,133 | -4,333 | -------------------------------------------------------------------------------- | Acquisition of treasury shares | -792 | - | - | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net cash flow from financing | -6,157 | -4,133 | -4,333 | | activities | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net increase/decrease in cash and | -1,986 | 567 | 3,302 | | cash equivalents | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash and cash equivalents in the | 12,934 | 9,632 | 9,632 | | beginning of the financial year | | | | -------------------------------------------------------------------------------- | Cash and cash equivalents at the | 10,948 | 10,199 | 12,934 | | end of the financial year | | | | -------------------------------------------------------------------------------- | Change | -1,986 | 567 | 3,302 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Statement of changes in equity | | | -------------------------------------------------------------------------------- | Equity attributable to equity holders | | | | | of parent company | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR 1,000 | Share | Share | Other | Translatio | Fair value | | | capital | premium | funds | n | reserve | | | | account | | difference | | | | | | | s | | -------------------------------------------------------------------------------- | Shareholders' | 2,141 | 7,368 | 0 | -621 | -120 | | equity December | | | | | | | 31,2005 | | | | | | -------------------------------------------------------------------------------- | Cash flow | | | | | | | hedges | | | | | | -------------------------------------------------------------------------------- | Net revenues | | | | | 83 | | booked to | | | | | | | shareholder's | | | | | | | equity | | | | | | -------------------------------------------------------------------------------- | Translation | | | | -53 | | | difference | | | | | | -------------------------------------------------------------------------------- | Taxes related | | | | | | | to bookings on | | | | | | | shareholder's | | | | | | | equity | | | | | | -------------------------------------------------------------------------------- | Profit for the | | | | | | | period | | | | | | -------------------------------------------------------------------------------- | Total revenues | 0 | 0 | 0 | -53 | 83 | | and expenses | | | | | | | booked during | | | | | | | the year | | | | | | -------------------------------------------------------------------------------- | Transfers | | -7,368 | 7,368 | | | | between funds | | | | | | -------------------------------------------------------------------------------- | Dividends | | | | | | -------------------------------------------------------------------------------- | Share-based | | | | | | | compensation | | | | | | -------------------------------------------------------------------------------- | Shareholders' | 2,141 | 0 | 7,368 | -674 | -37 | | equity December | | | | | | | 31, 2006 | | | | | | -------------------------------------------------------------------------------- | Cash flow | | | | | | | hedges | | | | | | -------------------------------------------------------------------------------- | Net revenues | | | | | 47 | | booked to | | | | | | | shareholder's | | | | | | | equity | | | | | | -------------------------------------------------------------------------------- | Translation | | | | 15 | | | difference | | | | | | -------------------------------------------------------------------------------- | Taxes related | | | | | | | to bookings on | | | | | | | shareholder's | | | | | | | equity | | | | | | -------------------------------------------------------------------------------- | Profit for the | | | | | | | period | | | | | | -------------------------------------------------------------------------------- | Total revenues | 0 | 0 | 0 | 15 | 47 | | and expenses | | | | | | | booked during | | | | | | | the year | | | | | | -------------------------------------------------------------------------------- | Dividends | | | | | | -------------------------------------------------------------------------------- | Acquisition of | | | | | | | treasury shares | | | | | | -------------------------------------------------------------------------------- | Share-based | | | | | | | compensation | | | | | | -------------------------------------------------------------------------------- | Shareholders' | 2,141 | 0 | 7,368 | -659 | 11 | | equity March | | | | | | | 31, 2007 | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | | | | Minority | Total | | | | | | interest | | -------------------------------------------------------------------------------- | 1000 euroa | Treasur | Retained | Total | | | | | y | earnings | | | | | | shares | | | | | -------------------------------------------------------------------------------- | Shareholders' | | 35,937 | 44,705 | 164 | 44,869 | | equity December | | | | | | | 31,2005 | | | | | | -------------------------------------------------------------------------------- | Cash flow | | | | | | | hedges | | | | | | -------------------------------------------------------------------------------- | Net revenues | | | 83 | | 83 | | booked to | | | | | | | shareholder's | | | | | | | equity | | | | | | -------------------------------------------------------------------------------- | Translation | | | -53 | | -53 | | difference | | | | | | -------------------------------------------------------------------------------- | Taxes related | | | 0 | | 0 | | to bookings on | | | | | | | shareholder's | | | | | | | equity | | | | | | -------------------------------------------------------------------------------- | Profit for the | | 5,766 | 5,766 | 33 | 5,798 | | period | | | | | | -------------------------------------------------------------------------------- | Total revenues | | 5,766 | 5,796 | 33 | 5,829 | | and expenses | | | | | | | booked durning | | | | | | | the year | | | | | | -------------------------------------------------------------------------------- | Transfers | | | 0 | | | | between funds | | | | | | -------------------------------------------------------------------------------- | Dividends | | -4,282 | -4,282 | -52 | -4,334 | -------------------------------------------------------------------------------- | Share-based | | 397 | 397 | | 397 | | compensation | | | | | | -------------------------------------------------------------------------------- | Shareholders' | 0 | 37,818 | 46,616 | 145 | 46,761 | | equity December | | | | | | | 31, 2006 | | | | | | -------------------------------------------------------------------------------- | Cash flow | | | | | | | hedges | | | | | | -------------------------------------------------------------------------------- | Net revenues | | | 47 | | 47 | | booked to | | | | | | | shareholder's | | | | | | | equity | | | | | | -------------------------------------------------------------------------------- | Translation | | | 15 | | 15 | | difference | | | | | | -------------------------------------------------------------------------------- | Taxes related | | | 0 | | 0 | | to bookings on | | | | | | | shareholder's | | | | | | | equity | | | | | | -------------------------------------------------------------------------------- | Profit for the | | 2,080 | 2,080 | 0 | 2,080 | | period | | | | | | -------------------------------------------------------------------------------- | Total revenues | | 2,080 | 2,143 | 0 | 2,143 | | and expenses | | | | | | | booked during | | | | | | | the year | | | | | | -------------------------------------------------------------------------------- | Dividends | | -5,332 | -5,332 | -33 | -5,366 | -------------------------------------------------------------------------------- | Acquisition of | -792 | | -792 | | -792 | | treasury shares | | | | | | -------------------------------------------------------------------------------- | Share-based | | 115 | 115 | | 115 | | compensation | | | | | | -------------------------------------------------------------------------------- | Shareholders' | -792 | 34,681 | 42,750 | 111 | 42,861 | | equity March | | | | | | | 31, 2007 | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Financial indicators (unaudited) | 1.1. | 1.1. | 2006 | | | -31.3.2007 | -31.3.2006 | | -------------------------------------------------------------------------------- | Financial summary | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Turnover, EUR 1,000 | 19,503 | 19,424 | 80,439 | -------------------------------------------------------------------------------- | Turnover, change % | 0.4 | 34.2 | 21.8 | -------------------------------------------------------------------------------- | Operating profit, EUR 1,000 | 3,359 | 593 | 11,232 | -------------------------------------------------------------------------------- | Operating profit, change % | 466.6 | -74.4 | 6.8 | -------------------------------------------------------------------------------- | Operating profit, as % of | 17.2 | 3.1 | 14.0 | | turnover | | | | -------------------------------------------------------------------------------- | Profit after financial items, EUR | 3,311 | 406 | 11,206 | | 1,000 | | | | -------------------------------------------------------------------------------- | Profit after financial items, as | 17.0 | 2.1 | 13.9 | | % of turnover | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Return on equity, % | | | 12.7 | -------------------------------------------------------------------------------- | Return on investment, % | | | 25.3 | -------------------------------------------------------------------------------- | Equity ratio, % | 67.0 | 67.3 | 67.7 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Gross investment in fixed assets, | 158 | 228 | 1,477 | | EUR 1,000 | | | | -------------------------------------------------------------------------------- | Gross investment in fixed assets, | 0.8 | 1.2 | 1.8 | | as % of | | | | | turnover | | | | -------------------------------------------------------------------------------- | Capitalisations according to IAS | 713 | 318 | 1,727 | | 38 to intangible assets 1) | | | | -------------------------------------------------------------------------------- | Research and development | 2,432 | 2,533 | 11,079 | | expenditure, | | | | | EUR 1,000 | | | | -------------------------------------------------------------------------------- | Research and development | 12.5 | 13.0 | 13.8 | | expenditure, as | | | | | % of turnover | | | | -------------------------------------------------------------------------------- | Order backlog, EUR 1,000 2) | 29,708 | 26,056 | 29,483 | -------------------------------------------------------------------------------- | Average number of employees | 541 | 572 | 561 | | during the period | | | | -------------------------------------------------------------------------------- | Interest bearing net debt, EUR | -10,947 | -10,199 | -12,934 | | 1,000 | | | | -------------------------------------------------------------------------------- | Gearing ratio, % | -25.5 | -24.9 | -27.7 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 1) Includes EUR 145 thousand of capitalized costs from internal systems | | development in 2006. | -------------------------------------------------------------------------------- | 2) The order book may vary significantly during the financial period. | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Per share data (unaudited) | 1.1.-31.3.2 | 1.1.-31.3.200 | 1.1.-31.12.2 | | | 007 | 6 | 006 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share (EPS), EUR | 0.02 | 0.00 | 0.05 | -------------------------------------------------------------------------------- | EPS diluted, EUR | 0.02 | 0.00 | 0.05 | -------------------------------------------------------------------------------- | Equity per share, EUR | 0.40 | 0.38 | 0.44 | -------------------------------------------------------------------------------- | Dividend per share, EUR | | | 0.05 | -------------------------------------------------------------------------------- | Dividend per earnings, % | | | 92.8 | -------------------------------------------------------------------------------- | Effective dividend yield, % | | | 2.8 | -------------------------------------------------------------------------------- | P/E ratio | | | 33.4 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Adjusted number of shares at | 107,054,810 | 107,054,810 | 107,054,810 | | the end of the period | | | | -------------------------------------------------------------------------------- | - of which held by Comptel | 410,000 | - | - | -------------------------------------------------------------------------------- | Adjusted average number of | 106,917,280 | 107,054,810 | 107,054,810 | | shares during the period | | | | -------------------------------------------------------------------------------- | Number of diluted shares | 106,917,280 | 107,054,810 | 107,054,810 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Definition of key figures | | | -------------------------------------------------------------------------------- | Return on equity | = | Profit for the period / Shareholder's | x 100 | | % (ROE) | | equity + minority interest (average | | | | | during the year) | | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Result before taxes + financial expenses / Balance sheet total - | | zero-interest liabilities (average during the year) | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Return on | = | | x 100 | | investment % | | | | | (ROI) | | | | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Equity ratio % | = | Shareholder's equity + minority interest | x 100 | | | | / Balance sheet total - advances received | | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Earnings per | = | Result before taxes - taxes +/- minority | | | share (EPS) | | interest / Adjusted average number of | | | | | shares for the financial year | | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Dividend per | = | Dividend / Adjusted average number of | | | share | | shares at the balance sheet date | | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Dividend per | = | Dividend per share / Earnings per share | x 100 | | earnings % | | (EPS) | | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Effective | = | Dividend per share / Share closing price | x 100 | | dividend yield % | | at balance sheet date | | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | P/E-ratio | = | Share closing price at balance sheet date | | | | | / Earnings per share (EPS) | | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Equity per share | = | Shareholder's equity / Adjusted average | | | | | number of shares at the balance sheet | | | | | date | | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Gearing ratio % | = | Interest-bearing liabilities - liquid | x 100 | | | | assets / Shareholder's equity + minority | | | | | interest | | -------------------------------------------------------------------------------- Schedule for Comptel's interim reports: January-June, 2007 July 24 January-September, 2007 October 25 COMPTEL CORPORATION Board of Directors Additional information: Mr. Sami Erviö, President and CEO, tel. +358 9 700 1131 Mr. Veli Matti Salmenkylä, CFO, tel. +358 50 2813 Mr. Samppa Seppälä, Director, IR and Corporate Communications, tel. +358 50 568 0533 Distribution: Helsinki Stock Exchange Major media |
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