2008-07-30 07:00:12 CEST
2008-07-30 07:01:12 CEST
REGULATED INFORMATION
Comptel - Interim report (Q1 and Q3)
INTERIM REPORT OF COMPTEL CORPORATION 1 JANUARY - 30 JUNE, 2008
Stock exchange release 30 July 2008 at 8.00 am INTERIM REPORT OF COMPTEL CORPORATION 1 JANUARY - 30 JUNE, 2008 Net sales and operating profit grew from the previous year. Key figures for the second quarter: Net sales EUR 21.2 million (April-June 2007: 19.0) Growth of net sales from the previous year 11.5% Operating profit excluding one-off items EUR 2.6 million (1.7) Operating profit EUR 2.2 million (1.7) Earnings per share EUR 0.01 (0.01) Order backlog EUR 31.7 million (29.9) Sami Erviö, President and CEO: ”The second quarter was a significant one for Comptel. We strengthened our position as a leading provider of telecom service fulfillment by acquiring Axiom Systems, a UK-based software product company focusing on the IP solutions on the broadband market. The acquisition is part of Comptel's long-term growth strategy to become the world's leader in end-to-end Operations Support Systems (OSS) for communications service providers and operators. The integration of Axiom Systems has proceeded as planned. The integration project will be completed by the end of this year. Our business progressed quite favourably in the second quarter. Net sales grew by more than ten per cent and also the profitability improved on the previous year in spite of one-off items related to the integration of Axiom Systems. The amount of new orders decreased from the previous year's second quarter. We closed two new core licenses, one in Europe and one in the Americas. The growth of net sales was slowed down by the continued weakening of US dollar rate and the delaying of certain orders. However, with the order backlog remaining at the high level and with favourable order prospects, the basis for the deliveries of this year is good.” Business Review of the First Half 2008 The net sales of Comptel Group in January-June grew by 5.6 per cent from the previous year and were EUR 40.7 million (38.5). Excluding the weakening of US dollar, the growth of net sales in the first half would have been 9.8 per cent. In April-June net sales increased by 11.5 per cent from the previous year and were EUR 21.2 million (19.0). In large part the growth was due to the consolidation of Axiom Systems starting from 21 April 2008. The Group's operating profit in January-June grew by 21.7 per cent from the previous year and was EUR 6.1 million (5.0). The operating profit margin increased to 15.0 per cent (13.0) during the first half. In April-June the operating profit was EUR 2.2 million (1.7), which corresponds 10.5 per cent of the net sales (8.7). The operating profit excluding approximately EUR 0.4 million one-off items related to the integration of Axiom Systems was EUR 2.6 million, which corresponds 12.2 per cent of the net sales. In the second quarter the profitability was weakened by a EUR 1.0 million operating loss approximately for Axiom Systems. The tax rate according to income statement was 52.8 per cent in the review period. During the first half of the year, withholding taxes of EUR 1.4 million were paid, out of which EUR 1.1 million were booked as tax expenses in the review period according to the taxation of previous years. Comptel will continue its measures to prevent double withholding taxation. The order backlog was EUR 31.7 million at the end of the review period, showing an increase of 6.1 per cent from the same period last year. In April, Comptel strengthened its position as a leading provider of service fulfillment solutions by acquiring Axiom Systems, a UK-based software product company. The acquisition gives Comptel a strong position to capitalize the growing investments of telecom service providers to new IP-based services, like VoIP and IPTV. Axiom is specialised in the broadband market and has a good market position in Europe as well as key customers in Asia-Pacific. Business Areas -------------------------------------------------------------------------------- | Net sales, EUR | 1-6 | 1-6 | Chang | 4-6 | 4-6 | Change | 2007 | | million | 2008 | 2007 | e % | 2008 | 2007 | % | | -------------------------------------------------------------------------------- | Europe | 21.9 | 24.5 | -10.5 | 12.7 | 12.1 | 4.7 | 48.5 | -------------------------------------------------------------------------------- | Middle East and | 6.4 | 4.4 | 44.6 | 4.0 | 2.3 | 71.8 | 9.8 | | Africa | | | | | | | | -------------------------------------------------------------------------------- | Americas | 3.9 | 3.6 | 9.9 | 1.9 | 1.8 | 4.4 | 7.2 | -------------------------------------------------------------------------------- | Asia-Pacific | 8.4 | 6.0 | 39.7 | 2.6 | 2.8 | -4.3 | 16.9 | -------------------------------------------------------------------------------- | Total | 40.7 | 38.5 | 5.6 | 21.2 | 19.0 | 11.5 | 82.4 | -------------------------------------------------------------------------------- | Operating profit | | | | | | | | | by market area, | | | | | | | | | EUR million | | | | | | | | -------------------------------------------------------------------------------- | Europe | 11.9 | 14.0 | -15.1 | 6.6 | 6.7 | -0.4 | 28.3 | -------------------------------------------------------------------------------- | Middle East and | 3.3 | 2.5 | 28.0 | 2.4 | 1.6 | 49.9 | 5.7 | | Africa | | | | | | | | -------------------------------------------------------------------------------- | Americas | 1.8 | 2.1 | -15.6 | 0.8 | 1.0 | -18.4 | 3.9 | -------------------------------------------------------------------------------- | Asia-Pacific | 4.1 | 2.8 | 43.6 | -0.1 | 0.8 | -117.6 | 9.5 | -------------------------------------------------------------------------------- | Unallocated costs | -14.9 | -16.4 | -9.6 | -7.4 | -8.4 | -11.5 | -30.9 | -------------------------------------------------------------------------------- | Total | 6.1 | 5.0 | 21.7 | 2.2 | 1.7 | 35.3 | 16.5 | -------------------------------------------------------------------------------- | Operating profit, | | | | | | | | | as per cent of | | | | | | | | | net sales | | | | | | | | -------------------------------------------------------------------------------- | Europe | 54.0 | 57.0 | - | 52.2 | 54.8 | - | 58.3 | -------------------------------------------------------------------------------- | Middle East and | 50.8 | 57.4 | - | 59.4 | 68.0 | - | 58.4 | | Africa | | | | | | | | -------------------------------------------------------------------------------- | Americas | 45.5 | 59.3 | - | 43.7 | 55.9 | - | 54.1 | -------------------------------------------------------------------------------- | Asia-Pacific | 48.4 | 47.0 | - | -5.4 | 29.6 | - | 56.5 | -------------------------------------------------------------------------------- | Total | 15.0 | 13.0 | - | 10.5 | 8.7 | - | 20.0 | -------------------------------------------------------------------------------- During the first half of the year, operations grew in all areas except Europe. In the second quarter net sales grew also in Europe. Low net sales, investments in personnel and the impact of Axiom Systems caused an operating loss in Asia-Pacific. During the first half of the year, Comptel closed seven new core license agreements (H1 2007: 12): four Comptel Mediation and Charging Solutions, two Comptel Provisioning and Activation Solutions, and one Comptel Interconnect Billing Solution. -------------------------------------------------------------------------------- | Net sales | 1-6 | 1-6 | Chang | 4-6 | 4-6 | Change | 2007 | | breakdown by | 2008 | 2007 | e % | 2008 | 2007 | % | | | type, EUR million | | | | | | | | -------------------------------------------------------------------------------- | Licenses | 12.6 | 12.2 | 3.4 | 5.8 | 5.4 | 7.1 | 27.8 | -------------------------------------------------------------------------------- | Services and | 28.1 | 26.3 | 6.6 | 15.4 | 13.6 | 13.2 | 54.6 | | Maintenance | | | | | | | | -------------------------------------------------------------------------------- | Total | 40.7 | 38.5 | 5.6 | 21.2 | 19.0 | 11.5 | 82.4 | -------------------------------------------------------------------------------- There were no significant changes in the breakdown of net sales. -------------------------------------------------------------------------------- | Net sales by | 1-6 | 1-6 | Chang | 4-6 | 4-6 | Change | 2007 | | sales channel, | 2008 | 2007 | e % | 2008 | 2007 | % | | | EUR million | | | | | | | | -------------------------------------------------------------------------------- | Direct Sales | 29.9 | 30.6 | -2.4 | 16.6 | 15.3 | 8.2 | 60.6 | -------------------------------------------------------------------------------- | Partner Sales | 10.8 | 7.9 | 36.9 | 4.6 | 3.7 | 25.2 | 21.8 | -------------------------------------------------------------------------------- | Total | 40.7 | 38.5 | 5.6 | 21.2 | 19.0 | 11.5 | 82.4 | -------------------------------------------------------------------------------- Partner sales increased significantly as a result of the long-term agreement signed with IBM India in the first quarter. Financial Position -------------------------------------------------------------------------------- | EUR million | 30 June | 31 Dec 2007 | Change % | | | 2008 | | | -------------------------------------------------------------------------------- | Balance sheet total | 79.9 | 73.6 | 8.5 | -------------------------------------------------------------------------------- | Liquid assets | 6.9 | 14.7 | -53.4 | -------------------------------------------------------------------------------- | Trade receivables | 25.5 | 27.1 | -6.0 | -------------------------------------------------------------------------------- | Accrued income | 8.6 | 8.6 | 0.4 | -------------------------------------------------------------------------------- | Deferred income related to partial | 2.4 | 2.7 | -12.1 | | debiting | | | | -------------------------------------------------------------------------------- | Equity ratio, % | 68.6 | 77.6 | - | -------------------------------------------------------------------------------- The Group had EUR 3.0 million of interest-bearing debt at the end of the review period. A dividend payment of EUR 6.4 million (5.4) and the acquisition of Axiom Systems decreased liquid assets and equity ratio compared to the year-end. The Group's operating cash flow was EUR 8.3 million in the first half (3.1). In April-June the operating cash flow was EUR 2.0 million (-2.2). Trade receivables decreased during the period to EUR 25.5 million (31 December 2007: 27.1). Investments, Research and Development (R&D) -------------------------------------------------------------------------------- | EUR million | 1-6 | 1-6 | Chang | 4-6 | 4-6 | Change | 2007 | | | 2008 | 2007 | e % | 2008 | 2007 | % | | -------------------------------------------------------------------------------- | Gross investments | 10.3 | 0.7 | 1,441 | 9.9 | 0.5 | 1,844. | 1.9 | | in intangible and | | | .1 | | | 5 | | | tangible assets | | | | | | | | -------------------------------------------------------------------------------- | Direct R&D | 6.1 | 5.0 | 21.2 | 3.3 | 2.5 | 31.0 | 10.3 | | expenditure and | | | | | | | | | Investments | | | | | | | | -------------------------------------------------------------------------------- | Capitalisation of | 2.6 | 1.0 | 146.4 | 1.3 | 0.3 | 305.6 | 2.9 | | R&D expenditure | | | | | | | | | according to IAS | | | | | | | | | 38 | | | | | | | | -------------------------------------------------------------------------------- Comptel Corporation acquired Axiom Systems for GBP 7.0 million (EUR 8.9 million) on 21 April 2008. The acquisition was financed through Comptel Corporation's liquid assets and by raising a debt. Comptel Corporation will pay an additional purchase price if Axiom Systems' audited net sales in 2008 are more than EUR 13.5 million. The additional price may vary between GBP 4 and 16 million. The maximum amount will be paid if Axiom Group's audited net sales in 2008 reach EUR 21.6 million. The additional purchase price comprises of both cash and Comptel shares. In case an additional purchase price is paid, a maximum of 4.8 million new Comptel shares will be issued. Net sales of Axiom were GBP 7.8 million (EUR 11.5 million) and the company was EBITDA negative in 2007. At the time of acquisition Axiom had 87 employees. Excluding the Axiom acquisition, gross investments in tangible and intangible assets were EUR 0.8 million and comprised of investments in devices, software and furnishing. The investments were financed by funds from operations. The increase in the direct R&D expenditure and investments was due to the effect of Axiom acquisition. To meet the requirements of IAS 38, Comptel has modified its accounting principles for the capitalisation of development costs and of costs related to internal projects. A share of the fixed costs defined separately, is included in the cost of development and internal projects to which they are related. In the review period, these costs amounted to EUR 511 thousand. The change has a positive impact on the operating profit. Comptel's R&D expenditure and investments were mainly targeted to develop new dynamic end-to-end solutions, which shorten time-to-market for new services and enable service providers to charge for them. Personnel -------------------------------------------------------------------------------- | | 30 June | 30 June | Change % | 31 Dec 2007 | | | 2008 | 2007 | | | -------------------------------------------------------------------------------- | Number of employees at | 636 | 563 | 13.0 | 554 | | the end of period | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | 1-6 2008 | 1-6 2007 | Change % | 2007 | -------------------------------------------------------------------------------- | Average number of | 575 | 550 | 4.5 | 555 | | personnel during the | | | | | | period | | | | |-------------------------------------------------------------------------------- Number of employees grew significantly following the acquisition of Axiom Systems. In addition, Comptel strengthened especially its regional organisation with new experts. The personnel expenses in January-June were 46.5 per cent of net sales (46.7) and in April-June 49.1 per cent of the net sales (50.8). At the end of the period under review 49.5 per cent (59.4) of the personnel were located in Finland, 14.0 per cent (19.4) in Norway and 13.7 per cent in the United Kingdom (0.5). Comptel's share The closing price of Comptel's share on 30 June 2008 was EUR 1.29 (2.05). Comptel's market value at the end of the period was EUR 138.0 million (219.0). -------------------------------------------------------------------------------- | Comptel share | 1-6 | 1-6 | Change | 4-6 | 4-6 | Change | 2007 | | | 2008 | 2007 | % | 2008 | 2007 | % | | -------------------------------------------------------------------------------- | Shares traded, | 17.2 | 23.4 | -26.7 | 8.3 | 10.3 | -19.4 | 57.5 | | million | | | | | | | | -------------------------------------------------------------------------------- | Shares traded, | 24.4 | 46.8 | -47.9 | 12.0 | 21.0 | -43.1 | 106.0 | | EUR million | | | | | | | | -------------------------------------------------------------------------------- | Highest price, | 1.58 | 2.22 | -28.8 | 1.58 | 2.22 | -28.8 | 2.29 | | EUR | | | | | | | | -------------------------------------------------------------------------------- | Lowest price, | 1.25 | 1.76 | -29.0 | 1.26 | 1.84 | -31.5 | 1.36 | | EUR | | | | | | | | -------------------------------------------------------------------------------- Of Comptel's outstanding shares, 8.3 per cent were nominee registered or held by foreign shareholders at the end of the review period. During the review period, Comptel Corporation disposed gratuitously 110,463 shares to persons involved in the 2007 share-based incentive program and 45,871 shares to the members of the Board of Directors as a part of their annual compensation. Of the share options 2006C distributed during the review period, a total of 1,380,000 are held by the key personnel of Comptel Corporation. The current share subscription price for option 2006C is EUR 1.48, which corresponds to the trade volume weighted average quotation of the Comptel Corporation share on the OMX Nordic Exchange in Helsinki during 1 April - 30 April 2008. During the review period, also a number of 210,000 share options 2006B were distributed. Of the share options 2006B, a total of 1,340,000 are held by the key personnel of Comptel Corporation. The current share subscription price for option 2006B is EUR 1.93, which corresponds to the trade volume weighted average quotation of the Comptel Corporation share on the OMX Nordic Exchange in Helsinki during 1 April - 30 April 2007 deducted by the dividend paid for the year 2007. The company held 92,654 of its own shares at the end of the period under review, which is 0.09 per cent of the total number of its shares. The total counter-book value of the shares held by the company was EUR 1,853. Corporate Governance Mr. Juhani Lassila has acted as the chairman of the Audit Committee starting from 18 June 2008. Mr. Matti Mustaniemi, who has been appointed Managing Director of Halti Ltd., continues as a member in the Audit Committee. Mr. Gareth Senior, CEO of Axiom Systems, has been nominated as a member of Comptel Group's Executive Board starting from 21 April 2008. He acts as CTO of Comptel Group. Near-term Risks and Uncertainties Comptel has described risks related to its operations as a part of the financial statements for 2007. The risks are divided into strategic, financial, operative and losses. Despite increased uncertainty in the markets, 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 the Euro and the US dollar. Changes in exchange rates may affect the price level of the markets. Comptel hedges the cash flows from orders. A further weakening of the dollar rate may impact net sales and profitability. Comptel reorganised its operations in January 2008. Comptel's global success is based on skilled personnel and a responsive customer-oriented organisation. This requires intensifying the operations in the new organisation, constant recruitment of skilled employees, keeping them in service and developing their skills. If the company does not succeed in this and if the turnover of personnel increases, it may significantly impair Comptel's operating results. The application submitted by Comptel to prevent double withholding taxation is still pending in the Ministry of Finance. The company believes the treatment of its withholding taxation will be changed. However, double withholding taxation has an impact on company's earnings per share in near term. If Comptel encounters problems in turnover of personnel or its relationship with customers or partners while integrating Axiom Systems, it may have a significant impact on company's operating result in near term. Outlook The worldwide economic situation has raised uncertainty, which has not so far been seen in the global Operations Support Systems (OSS) market. Thus Comptel's business prospects are still expected to develop favourably. However, the US dollar rate remaining below the level recorded in the previous year or its weakening from the current level will slow down the growth of net sales in Euro terms. A significant part of Comptel's business will continue to comprise customer specific solutions for Elisa and Telenor. Its share of the Group's net sales is not predicted to grow. The order backlog is on the good level, mainly as a result of a strong stock of maintenance agreements. During the current year Comptel will further invest in developing end-to-end solutions and strengthening its sales organisation. It is estimated that Comptel's net sales will increase over 10 per cent in 2008. Comptel's operating profit is expected to be 15-20 per cent of net sales before the estimated EUR 1 million one-off costs related to integration of Axiom Systems. An increasing portion of Comptel's business will come from services for existing customers, which, to some extent, lessens the fluctuation from one quarter to another. Single business contracts or delivery projects may continue to have a significant influence on a quarter's result. 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 adopted are mainly consistent with those of the annual statement for the year ended 2007. Information about the changes in the accounting policies is given in the notes. 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 Income Statement | 1 Jan - | 1 Jan - | 1 Apr - | 1 Apr - | | (EUR 1,000) | 30 Jun | 30 Jun | 30 Jun 2008 | 30 Jun | | | 2008 | 2007 | | 2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 40,680 | 38,521 | 21,202 | 19,018 | -------------------------------------------------------------------------------- | Other operating income | 1 | 1 | 1 | 1 | -------------------------------------------------------------------------------- | Materials and services | -3,196 | -3,870 | -1,946 | -1,779 | -------------------------------------------------------------------------------- | Employee benefits | -18,918 | -17,983 | -10,412 | -9,669 | -------------------------------------------------------------------------------- | Depreciation, amortisation and | -2,379 | -1,965 | -1,313 | -1,000 | | impairment charges | | | | | -------------------------------------------------------------------------------- | Other operating expenses | -10,094 | -9,694 | -5,300 | -4,920 | -------------------------------------------------------------------------------- | | -34,587 | -33,512 | -18,970 | -17,368 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating profit | 6,094 | 5,009 | 2,232 | 1,650 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Financial income | 377 | 257 | 139 | 119 | -------------------------------------------------------------------------------- | Financial expenses | -834 | -285 | -191 | -100 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit before income taxes | 5,637 | 4,980 | 2,180 | 1,670 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Income taxes | -2,975 | -1,679 | -1,515 | -448 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit for the period | 2,662 | 3,302 | 666 | 1,221 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Attributable to: | | | | | -------------------------------------------------------------------------------- | Equity holders of the parent | 2,662 | 3,302 | 666 | 1,221 | | company | | | | | -------------------------------------------------------------------------------- | Minority interests | - | - | - | - | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholders of the parent | | | | | | company: | | | | | -------------------------------------------------------------------------------- | Earnings per share, EUR | 0.02 | 0.03 | 0.01 | 0.01 | -------------------------------------------------------------------------------- | Earnings per share, diluted, | 0.02 | 0.03 | 0.01 | 0.01 | | EUR | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Consolidated Balance Sheet (EUR 1,000) | 30 Jun 2008 | 31 Dec 2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Assets | | | -------------------------------------------------------------------------------- | Non-current assets | | | -------------------------------------------------------------------------------- | Goodwill | 20,683 | 10,832 | -------------------------------------------------------------------------------- | Other intangible assets | 12,168 | 8,312 | -------------------------------------------------------------------------------- | Tangible assets | 2,850 | 2,400 | -------------------------------------------------------------------------------- | Investments in associates | 513 | 513 | -------------------------------------------------------------------------------- | Available-for sale financial assets | 87 | 87 | -------------------------------------------------------------------------------- | Deferred tax assets | 960 | 782 | -------------------------------------------------------------------------------- | Other non-current assets | 292 | - | -------------------------------------------------------------------------------- | | 37,554 | 22,926 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Current assets | | | -------------------------------------------------------------------------------- | Trade and other receivables | 35,476 | 35,997 | -------------------------------------------------------------------------------- | Cash and cash equivalents | 6,850 | 14,708 | -------------------------------------------------------------------------------- | | 42,326 | 50,705 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total assets | 79,881 | 73,631 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity and liabilities | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity attributable to equity holders | | | | of the parent company | | | -------------------------------------------------------------------------------- | Share capital | 2,141 | 2,141 | -------------------------------------------------------------------------------- | Fund of invested non-restricted equity | 7,433 | 7,368 | -------------------------------------------------------------------------------- | Translation difference | -1,032 | -817 | -------------------------------------------------------------------------------- | Retained earnings | 40,207 | 43,338 | -------------------------------------------------------------------------------- | | 48,750 | 52,030 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Minority interest | 116 | 116 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total equity | 48,866 | 52,147 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Non-current liabilities | | | -------------------------------------------------------------------------------- | Deferred tax liabilities | 4,316 | 2,660 | -------------------------------------------------------------------------------- | Provisions | 3,490 | 776 | -------------------------------------------------------------------------------- | Other non-current liabilities | 3,039 | - | -------------------------------------------------------------------------------- | | 10,845 | 3,437 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Current liabilities | | | -------------------------------------------------------------------------------- | Trade and other current liabilities | 20,170 | 18,048 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total liabilities | 31,015 | 21,485 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total equity and liabilities | 79,881 | 73,631 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Consolidated statement of cash flows | 1 Jan -30 Jun | 1 Jan -30 Jun 2007 | | (EUR 1,000) | 2008 | | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | Cash flows from operating activities | | | -------------------------------------------------------------------------------- | Profit for the period | 2,662 | 3,302 | -------------------------------------------------------------------------------- | Adjustments: | | | -------------------------------------------------------------------------------- | Transactions without cash flow effect | 3,319 | 2,346 | -------------------------------------------------------------------------------- | Interest and other financial expenses | 72 | 81 | -------------------------------------------------------------------------------- | Interest income | -162 | -190 | -------------------------------------------------------------------------------- | Income taxes | 2,975 | 1,679 | -------------------------------------------------------------------------------- | Change in working capital: | | | -------------------------------------------------------------------------------- | Change in trade and other receivables | 4,802 | -208 | -------------------------------------------------------------------------------- | Change in inventories | - | 18 | -------------------------------------------------------------------------------- | Change in trade and other current | -2,998 | -2,268 | | liabilities | | | -------------------------------------------------------------------------------- | Change in provisions | 30 | 496 | -------------------------------------------------------------------------------- | Interest paid | -72 | -81 | -------------------------------------------------------------------------------- | Interest received | 162 | 190 | -------------------------------------------------------------------------------- | Income taxes paid | -2,525 | -2,310 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net cash from operating activities | 8,265 | 3,055 | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | Cash flows from investing activities | | | -------------------------------------------------------------------------------- | Acquisition of subsidiaries, net of | -9,333 | - | | cash | | | -------------------------------------------------------------------------------- | Investments in tangible assets | -807 | -770 | -------------------------------------------------------------------------------- | Investments in intangible assets | -3 | -99 | -------------------------------------------------------------------------------- | Investments in development projects | -2,553 | -1,036 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net cash used in investing activities | -12,696 | -1,905 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flows from financing activities | | | -------------------------------------------------------------------------------- | Dividends paid | -6,415 | -5,365 | -------------------------------------------------------------------------------- | Acquisition of Corporation's own | - | -792 | | shares | | | -------------------------------------------------------------------------------- | Proceeds from borrowings | 3,000 | - | -------------------------------------------------------------------------------- | Change in liabilities | -8 | - | -------------------------------------------------------------------------------- | Change in receivables | -3 | - | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net cash used in financing activities | -3,426 | -6,157 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net change in cash and cash | -7,858 | -5,007 | | equivalents | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash and cash equivalents at the | 14,708 | 12,934 | | beginning of the period | | | -------------------------------------------------------------------------------- | Cash and cash equivalents at the end | 6,850 | 7,927 | | of the period | | | -------------------------------------------------------------------------------- | Change | -7,858 | -5,007 | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Consolidated statement of changes in equity | | | -------------------------------------------------------------------------------- | Equity attributable to equity holders | | | | | of the parent company | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR 1,000 | Share | Other | Translati | Fair value | | | | capital | reserves | on | reserve | | | | | | differenc | | | | | | | es | | | -------------------------------------------------------------------------------- | Equity at 31 | 2,141 | 7,368 | -674 | -37 | | | Dec 2006 | | | | | | -------------------------------------------------------------------------------- | Cash flow | | | | | | | hedges: | | | | | | -------------------------------------------------------------------------------- | gains and | | | | 72 | | | losses | | | | | | | taken to equity | | | | | | -------------------------------------------------------------------------------- | Translation | | | -18 | | | | difference | | | | | | -------------------------------------------------------------------------------- | Profit for the | | | | | | | period | | | | | | -------------------------------------------------------------------------------- | Total | - | - | -18 | 72 | | | recognized | | | | | | | income and | | | | | | | expense for the | | | | | | | period | | | | | | -------------------------------------------------------------------------------- | Dividends | | | | | | -------------------------------------------------------------------------------- | Acquisition of | | | | | | | Corporation's | | | | | | | own shares | | | | | | -------------------------------------------------------------------------------- | Transfer of | | | | | | | treasury shares | | | | | | -------------------------------------------------------------------------------- | Share-based | | | | | | | compensation | | | | | | -------------------------------------------------------------------------------- | Equity at 30 | 2,141 | 7,368 | -692 | 35 | | | Jun 2007 | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | | | | Minority | Equity | | | | | | interest | total | -------------------------------------------------------------------------------- | EUR 1,000 | Treasur | Retained | Total | | | | | y | earnings | | | | | | shares | | | | | -------------------------------------------------------------------------------- | Equity at 31 | - | 37,818 | 46,616 | 145 | 46,761 | | Dec 2006 | | | | | | -------------------------------------------------------------------------------- | Cash flow | | | | | | | hedges: | | | | | | -------------------------------------------------------------------------------- | gains and | | | 72 | | 72 | | losses taken | | | | | | | to equity | | | | | | -------------------------------------------------------------------------------- | Translation | | | -18 | | -18 | | difference | | | | | |-------------------------------------------------------------------------------- | Profit for the | | 3,302 | 3,302 | - | 3,302 | | period | | | | | | -------------------------------------------------------------------------------- | Total | - | 3,302 | 3,355 | - | 3,355 | | recognized | | | | | | | income and | | | | | | | expense for the | | | | | | | period | | | | | | -------------------------------------------------------------------------------- | Dividends | | -5,332 | -5,332 | -34 | -5,367 | -------------------------------------------------------------------------------- | Acquisition of | -792 | | -792 | | -792 | | Corporation's | | | | | | | own shares | | | | | | -------------------------------------------------------------------------------- | Transfer of | 365 | -365 | - | | - | | treasury shares | | | | | | -------------------------------------------------------------------------------- | Share-based | | 345 | 345 | | 345 | | compensation | | | | | | -------------------------------------------------------------------------------- | Equity at 30 | -427 | 35,767 | 44,193 | 110 | 44,303 | | Jun 2007 | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Consolidated statement of changes in equity | | | -------------------------------------------------------------------------------- | Equity attributable to equity holders | | | | | of the parent company | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR 1,000 | Share | Other | Translati | Fair value | | | | capital | reserves | on | reserve | | | | | | differenc | | | | | | | es | | | -------------------------------------------------------------------------------- | Equity at 31 | 2,141 | 7,368 | -817 | 78 | | | Dec 2007 | | | | | | -------------------------------------------------------------------------------- | Cash flow | | | | | | | hedges: | | | | | | -------------------------------------------------------------------------------- | gains and | | | | 48 | | | losses | | | | | | | taken to equity | | | | | | -------------------------------------------------------------------------------- | Translation | | | -215 | | | | difference | | | | | | -------------------------------------------------------------------------------- | Profit for the | | | | | | | period | | | | | | -------------------------------------------------------------------------------- | Total | - | - | -215 | 48 | | | recognized | | | | | | | income and | | | | | | | expense for the | | | | | | | period | | | | | | -------------------------------------------------------------------------------- | Dividends | | | | | | -------------------------------------------------------------------------------- | Transfer of | | 65 | | | | | treasury shares | | | | | | -------------------------------------------------------------------------------- | Share-based | | | | | | | compensation | | | | | | -------------------------------------------------------------------------------- | Equity at 30 | 2,141 | 7,433 | -1,032 | 127 | | | Jun 2008 | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | | | | Minority | Equity | | | | | | interest | total | -------------------------------------------------------------------------------- | EUR 1,000 | Treasur | Retained | Total | | | | | y | earnings | | | | | | shares | | | | | -------------------------------------------------------------------------------- | Equity at 31 | -427 | 43,686 | 52,031 | 116 | 52,147 | | Dec 2007 | | | | | | -------------------------------------------------------------------------------- | Cash flow | | | | | | | hedges: | | | | | | -------------------------------------------------------------------------------- | gains and | | | 48 | | 48 | | losses taken | | | | | | | to equity | | | | | | -------------------------------------------------------------------------------- | Translation | | | -215 | | -215 | | difference | | | | | | -------------------------------------------------------------------------------- | Profit for the | | 2,662 | 2,662 | - | 2,662 | | period | | | | | | -------------------------------------------------------------------------------- | Total | - | 2,662 | 2,496 | - | 2,496 | | recognized | | | | | | | income and | | | | | | | expense for the | | | | | | | period | | | | | | -------------------------------------------------------------------------------- | Dividends | | -6,415 | -6,415 | | -6,415 | -------------------------------------------------------------------------------- | Transfer of | 302 | -302 | 65 | | 65 | | treasury shares | | | | | | -------------------------------------------------------------------------------- | Share-based | | 575 | 575 | | 575 | | compensation | | | | | | -------------------------------------------------------------------------------- | Equity at 30 | -125 | 40,206 | 48,749 | 116 | 48,866 | | Jun 2008 | | | | | | -------------------------------------------------------------------------------- Notes 1. Changes in accounting principles To meet the requirements of IAS 38, Comptel has modified its accounting principles for the capitalisation of development costs and of costs related to internal projects. A share of the fixed costs defined separately, is included in the cost of development and internal projects to which they are related. The management estimates the impact to be approximately EUR 900 thousand this year. The estimate may differ from the actual result, as the costs of the projects to be capitalised according to IAS 38 may vary during the financial period. 2. Net sales and operating profit by segment Net sales by segment -------------------------------------------------------------------------------- | EUR 1,000 | 1 Jan - 30 | 1 Jan - 30 | 1 Apr - 30 | 1 Apr - 30 | | | Jun 2008 | Jun 2007 | Jun 2008 | Jun 2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Europe | 21,928 | 24,489 | 12,715 | 12,149 | -------------------------------------------------------------------------------- | Middle East and | 6,414 | 4,435 | 3,961 | 2,305 | | Africa | | | | | -------------------------------------------------------------------------------- | Americas | 3,943 | 3,587 | 1,889 | 1,810 | -------------------------------------------------------------------------------- | Asia-Pacific | 8,395 | 6,010 | 2,637 | 2,754 | -------------------------------------------------------------------------------- | Total | 40,680 | 38,521 | 21,202 | 19,018 | -------------------------------------------------------------------------------- Operating profit by segment -------------------------------------------------------------------------------- | EUR 1,000 | 1 Jan - 30 | 1 Jan - 30 | 1 Apr - 30 | 1 Apr - 30 | | | Apr 2008 | Apr 2007 | Jun 2008 | Jun 2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Europe | 11,851 | 13,957 | 6,632 | 6,656 | -------------------------------------------------------------------------------- | Middle East and | 3,260 | 2,547 | 2,351 | 1,568 | | Africa | | | | | -------------------------------------------------------------------------------- | Americas | 1,793 | 2,125 | 825 | 1,012 | -------------------------------------------------------------------------------- | Asia-Pacific | 4,060 | 2,827 | -144 | 815 | -------------------------------------------------------------------------------- | Group unallocated | -14,870 | -16,447 | -7,433 | -8,401 | | expenses | | | | | -------------------------------------------------------------------------------- | Total | 6,094 | 5,009 | 2,232 | 1,650 | -------------------------------------------------------------------------------- 3. Business combinations On 21 April 2008, Comptel Corporation acquired all the shares of Axiom Systems Holdings Limited. UK-based Axiom Systems is specialised in the broadband fulfillment market. The acquisition puts Comptel in a strong position to capitalize on the growing investments being made by service providers in new IP-based services, like VoIP and IPTV. The purchase price of GBP 7.0 million (EUR 8.9 million) was paid in cash. Comptel Corporation will pay an additional purchase price if Axiom Group's audited net sales in 2008 are more than EUR 13.5 million. The additional price may vary between GBP 4 and 16 million. The maximum amount will be paid if Axiom Group's audited net sales in 2008 reach EUR 21.6 million. The additional purchase price will comprise of both cash and Comptel shares. In case the additional purchase price is paid, a maximum of 4.8 million new Comptel shares will be issued. The additional purchase price cannot be measured reliably at this stage and has therefore not been included in the calculation of the goodwill. The actual purchase price of EUR 8.9 million, costs directly attributable to the acquisition are EUR 0.7 million and the fair value of allocations to the identifiable net assets is EUR 3.0, therefore the goodwill according to IFRS 3 is EUR 9.7 million. EUR 3.0 million was allocated to intangible assets, which are amortised over 5 years. The goodwill is attributable to the synergies expected to arise subsequent to the acquisition. The acquisition is in line with Comptel's long-term growth strategy to become world's leading supplier of telecom software. According to the Comptel management, the goodwill is mainly based on the fact that Axiom's solutions for IP services will complement Comptel's existing portfolio, the common sales network will enable cross selling to Axiom's and Comptel's customers, and the combined R&D will strengthen the operations. The professionally skilled workforce is also part of the goodwill. Axiom Group's loss for the period 21 April to 30 June 2008, EUR 1.0 million, is included in the Comptel Group result for the first half of the year. Comptel Group net sales for the first half of the year would have been EUR 43.2 million and profit EUR 1.8 million if Axiom had been consolidated from the beginning of the year 2008. The values of the assets and liabilities arising from the acquisition were as follows: -------------------------------------------------------------------------------- | EUR 1,000 | Recognised fair values | Pre-acquisition carrying | | | on acquisition | amounts | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Technology (incl. in | 3,001 | - | | intangible assets) | | | -------------------------------------------------------------------------------- | Machinery and equipment | 289 | 289 | -------------------------------------------------------------------------------- | Deferred tax assets | 233 | 233 | -------------------------------------------------------------------------------- | Trade receivables and | 4,246 | 4,246 | | other receivables | | | -------------------------------------------------------------------------------- | Cash and cash | 124 | 124 | | equivalents | | | -------------------------------------------------------------------------------- | Total assets | 7,894 | 4,892 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Deferred tax | 901 | - | | liabilities | | | -------------------------------------------------------------------------------- | Other non-interest | 7,195 | 7,195 | | bearing liabilities | | | -------------------------------------------------------------------------------- | Interest bearing | 89 | 89 | | liabilities | | | -------------------------------------------------------------------------------- | Total liabilities | 8,184 | 7,284 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net assets | -291 | -2,392 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Acquisition cost | 9,457 | | -------------------------------------------------------------------------------- | Goodwill | 9,748 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Purchase price paid in | 9,457 | | | cash | | | -------------------------------------------------------------------------------- | Cash and cash | -124 | | | equivalents in acquired | | | | subsidiary | | | -------------------------------------------------------------------------------- | Total net cash outflow | 9,333 | | | on the acquisition | | | -------------------------------------------------------------------------------- 4. Income tax expense Tax rate according to the income statement for the period was 52.8% (33.7%). The tax rate is very high due to double taxation. 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 continues its activities to attain an adjustment to the decision to avoid double taxation. The issue has been transferred to the Ministry of Finance. Comptel believes the treatment of its withholding taxation will be changed. According to the Board of Adjustment's decision currently in force, Comptel Corporation has expensed taxes withheld at source amounting to EUR 1,070 thousand in the first six months (EUR 515 thousand). 5. Tangible assets -------------------------------------------------------------------------------- | EUR 1,000 | 1 Jan - 30 Jun | 1 Jan - 30 Jun | | | 2008 | 2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Additions | 818 | 595 | -------------------------------------------------------------------------------- | Business combinations | 288 | - | -------------------------------------------------------------------------------- | Disposals | -2 | - | -------------------------------------------------------------------------------- 6. Related party transactions The Comptel Group has a related party relationship with its associates, the Board of Directors, CEO and deputy CEO and the members of the Executive Board. Transactions, which have been entered into with related parties (associates), are as follows: -------------------------------------------------------------------------------- | EUR 1,000 | 1 Jan - 30 Jun | 1 Jan - 30 Jun | | | 2008 | 2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Purchases of goods and services | 304 | 979 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR 1,000 | 30 Jun 2008 | 31 Dec 2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Trade and other current receivables | 185 | 179 | -------------------------------------------------------------------------------- | Trade and other current liabilities | 77 | 416 | -------------------------------------------------------------------------------- Remuneration to key management The key management personnel compensation includes the employee benefits of the CEO, deputy CEO, the members and deputy members of the Board of Directors and the members of the Executive Board. -------------------------------------------------------------------------------- | EUR 1,000 | 1 Jan - 30 Jun | 1 Jan - 30 Jun | | | 2008 | 2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Salaries and other short-term employee | 902 | 803 | | benefits | | | -------------------------------------------------------------------------------- | Share-based payments | 249 | 276 | -------------------------------------------------------------------------------- 7. Commitments Minimum lease payments on non-cancellable office facilities and other operating leases are payable as follows: -------------------------------------------------------------------------------- | EUR 1,000 | 30 Jun 2008 | 31 Dec 2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Less than one year | 4,114 | 3,411 | -------------------------------------------------------------------------------- | Between one and five years | 13,689 | 11,560 | -------------------------------------------------------------------------------- | More than five years | 4,021 | 4,595 | -------------------------------------------------------------------------------- | Total | 21,824 | 19,567 | -------------------------------------------------------------------------------- The group has no material capital commitments for the purchase of tangible assets as at 30 June 2008. 8. Contingent liabilities -------------------------------------------------------------------------------- | EUR 1,000 | 30 Jun 2008 | 31 Dec 2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Bank guarantees | 878 | 1,132 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- 9. Key figures -------------------------------------------------------------------------------- | Financial summary | 1 Jan - 30 | 1 Jan - 30 | 1 Jan - 31 Dec | | | Jun 2008 | Jun | 2007 | | | | 2007 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales, EUR 1,000 | 40,680 | 38,521 | 82,399 | -------------------------------------------------------------------------------- | Net sales, change % | 5.6 | 0.2 | 2.4 | -------------------------------------------------------------------------------- | Operating profit, EUR 1,000 | 6,094 | 5,009 | 16,518 | -------------------------------------------------------------------------------- | Operating profit, change % | 21.7 | 57.0 | 47.1 | -------------------------------------------------------------------------------- | Operating profit, as % of | 15.0 | 13.0 | 20.0 | | net sales | | | | -------------------------------------------------------------------------------- | Profit before taxes, EUR | 5,637 | 4,980 | 16,396 | | 1,000 | | | | -------------------------------------------------------------------------------- | Profit before taxes, as % of | 13.9 | 12.9 | 19.9 | | net sales | | | | -------------------------------------------------------------------------------- | Return on equity, % | - | - | 21.9 | -------------------------------------------------------------------------------- | Return on investment, % | - | - | 32.9 | -------------------------------------------------------------------------------- | Equity ratio, % 1) | 68.6 | 76.9 | 77.6 | -------------------------------------------------------------------------------- | Gross investments in | 10,279 | 667 | 1,908 | | tangible and intangible | | | | | assets, EUR 1,000 2) | | | | -------------------------------------------------------------------------------- | Gross investments in | 25.3 | 1.7 | 2.3 | | tangible and intangible | | | | | assets, as % of net sales | | | | -------------------------------------------------------------------------------- | Capitalisations according to | 2,553 | 1,036 | 2,921 | | IAS 38 to intangible assets | | | | -------------------------------------------------------------------------------- | Research and development | 6,057 | 4,998 | 10,333 | | expenditure, EUR 1,000 | | | | -------------------------------------------------------------------------------- | Research and development | 14.9 | 13.0 | 12.5 | | expenditure, as % of net | | | | | sales | | | | -------------------------------------------------------------------------------- | Order backlog, EUR 1,000 3) | 31,682 | 29,864 | 35,051 | -------------------------------------------------------------------------------- | Average number of employees | 575 | 550 | 555 | | during the period | | | | -------------------------------------------------------------------------------- | Interest-bearing net | -3,767 | -7,927 | -14,708 | | liabilities, EUR 1,000 | | | | -------------------------------------------------------------------------------- | Gearing ratio, % | -7.7 | -17.9 | -28.2 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 1) When calculating the equity ratio for 2007, those | | | deferred income items recognised on the basis of the | | | percentage of completion method as well as deferred income | | | arising from sales accruals were accounted for as advances | | | received. The figure for the first quarter 2007 has been | | | restated. | | -------------------------------------------------------------------------------- | 2) Includes acquisition of Axiom Systems. Gross | | | investments excluding the acquisition were EUR 822 thousand | | | which amount to 2.0 percent of net sales. | | -------------------------------------------------------------------------------- | 3) The order book may vary significantly during the | | | financial period. | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Per share data | 1 Jan - 30 | 1 Jan - 30 | 1 Jan - 31 | | | Jun 2008 | Jun 2007 | Dec 2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share (EPS), EUR | 0.02 | 0.03 | 0.10 | -------------------------------------------------------------------------------- | EPS diluted, EUR | 0.02 | 0.03 | 0.10 | -------------------------------------------------------------------------------- | Equity per share, EUR | 0.46 | 0.41 | 0.49 | -------------------------------------------------------------------------------- | Dividend per share, EUR | - | - | 0.06 | -------------------------------------------------------------------------------- | Dividend per earnings, % | - | - | 59.1 | -------------------------------------------------------------------------------- | Effective dividend yield, % | - | - | 4.2 | -------------------------------------------------------------------------------- | P/E ratio | - | - | 14.0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Adjusted number of shares at the | 107,054,810 | 107,054,810 | 107,054,810 | | end of the period | | | | -------------------------------------------------------------------------------- | - of which the number of | 92,654 | 220,759 | 240,341 | | treasury shares | | | | -------------------------------------------------------------------------------- | Outstanding shares | 106,962,156 | 106,834,051 | 106,814,469 | | Adjusted average number of | 106,914,663 | 106,874,390 | 106,848,199 | | shares during the period | | | | -------------------------------------------------------------------------------- | Average number of shares, | 106,914,663 | 106,874,390 | 106,848,199 | | dilution included | | | | -------------------------------------------------------------------------------- 10. Definition of key figures -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating margin % | = | Operating profit/loss | x 100 | -------------------------------------------------------------------------------- | | | Net sales | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit margin (before | = | Profit/loss before taxes | x 100 | | income taxes) % | | | | -------------------------------------------------------------------------------- | | | Net sales | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Return on equity % (ROE) | = | Profit/loss | x 100 | -------------------------------------------------------------------------------- | | | Shareholders' equity (average | | | | | during year) | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Return on investment % | = | Profit/loss before taxes + | x 100 | | (ROI) | | financial expenses | | -------------------------------------------------------------------------------- | | | Shareholders' equity - interest | | | | | bearing liabilities | | | | | (average during the year) | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity ratio % | = | Shareholders' equity | x 100 | -------------------------------------------------------------------------------- | | | Balance sheet total - advances | | | | | received | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Gross investments in | = | Gross investments in tangible and | x 100 | | tangible and intangible | | intangible assets | | | assets, as % of net | | | | | sales | | | | -------------------------------------------------------------------------------- | | | Net sales | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Research and development | = | Research and development | x 100 | | expenditure, as % of net | | expenditure | | | sales | | | | -------------------------------------------------------------------------------- | | | Net sales | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Gearing ratio % | = | Interest-bearing liabilities - | x 100 | | | | cash and cash equivalents | | -------------------------------------------------------------------------------- | | | Shareholders' equity | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share (EPS) | = | Net profit 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 outstanding | | | | | shares at balance sheet date | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Dividend per share | = | Dividend | | -------------------------------------------------------------------------------- | | | Adjusted number of outstanding | | | | | shares at balance sheet date | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Dividend per earnings % | = | Dividend per share | x 100 | -------------------------------------------------------------------------------- | | | Earnings per share (EPS) | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Effective dividend yield | = | Dividend per share | x 100 | | % | | | | -------------------------------------------------------------------------------- | | | Share closing price at balance | | | | | sheet date | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | P/E ratio | = | Share closing price at balance | | | | | sheet date | | -------------------------------------------------------------------------------- | | | Earnings per share (EPS) | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Comptel will publish its interim report for January - September on 22 October 2008. 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: OMX Nordic Exchange in Helsinki Major media
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