2008-01-30 08:00:00 CET
2008-01-30 08:02:55 CET
REGULATED INFORMATION
Solteq Oyj - Financial Statement Release
SOLTEQ PLC'S FINANCIAL STATEMENTS BULLETIN 1.1.-31.12.2007
Solteq Plc Stock Exchange Bulletin 30th January 2008 at 9.00am
- Turnover increased by 20,6 % and totalled 27,9 million euros (23,2
million euros)
- The operating profit increased 1,8 million euros and was 1,3
million euros (-0,5 million euros)
- The Board of Directors proposes to the annual general meeting a
dividend of 0,06 euros per share from the financial period 2007
- The turnover and profit are estimated to crow in 2008 as well
KEY FIGURES
Turnover by operation:
% 1-12/07 1-12/06
Services 63 60
Licences 24 26
Hardware 13 14
Turnover by segment:
Me 1-12/07 1-12/06 Change
Trade 18,5 15,4 +3,1
Industry and services 9,4 7,8 +1,6
Total 27,9 23,2 +4,7
Operating result by segment:
Me 1-12/07 1-12/06 Change
Trade 1,0 -0,7 +1,7
Industry and services 0,3 0,2 +0,1
Total 1,3 -0,5 +1,8
Managing Director Hannu Ahola:"Measured by the increase of turnover the last quarter in 2007 was
the best and the increase was approximately 30 %. The incremental
figures of turnover and profitability figures alike improved quarter
by quarter during the year, which illustrates the influence of the
development measures made in the company. It is especially delightful
that the growth comes in both trade and industry and services. This
strengthens the view that our investment areas have been on the right
track and that there is strong ground under our business.
We are able to start the year 2008 confidently. Solteq intends to
further grow profitably in 2008. The past year has given us a strong
basis for year 2008 and the success in sales projects that continued
in the last part of year 2007 guarantee us strong project backlog.
The integration process of acquired companies has now been
accomplished and that gives us an opportunity to offer to our
customers more extensive comprehensive solutions with uniform and
efficient way of action."
BUSINESS ENVIRONMENT AND BUSINESS DEVELOPMENT
Solteq is a strategic partner for trade and industry, whose core
competency is IT solutions that are critical to business. Solteq
combines its own product portfolio with the products from the leading
software companies in the world to deliver individual business
development and ERP solutions for its customers. The information
that is processed by means of these solutions is helping customers to
lead their business even better than before and to improve their
profitability.
The new service -oriented software solutions and -architectures have
been predicted to break through in large scale during next couple of
years. According to market researcher Gartner the vast majority of
companies planned to increase investments in SOA, Web Services- and
Web 2.0 -solutions during previous year. According to Gartner this
trend will strengthen during forthcoming years, when the old
IT-systems of companies will become more expensive to update and
maintain.
The above mentioned trend has direct influence on demand of Solteq's
new fields of know-how, because the significance of Solteq's
competence in integration and data management is emphasized form
before. The integration of different IT systems and the success of
service -oriented solutions depend largely on the fact how real-time
the information that these systems use is and how the information can
be utilized in the operational environment of the company. According
to the market researchers the harmonization of metadata i.e. the
basic data of IT systems is one of the most significant trends during
forthcoming years. Real time basic data also makes it possible to
more efficiently manage and prioritize information that is generated
in organizations.
For example in the management of supply chain of trade, it is more
and more important to know where in the system the data is located,
what it means, how the data is used and who are involved with the
management process. For the companies in business branch trade this
means in addition to operative effectiveness, a better potential for
customer service and possibility to offer them supplementary services
too.
The strategic role of IT systems is on the increase
Last November the Finnish Information Processing Association (FIPA)
surveyed the views of Finnish executives and IT directors about the
utilization of information technology. The respondents of this survey
were business and IT management from organizations, whose personnel
exceeded 1000 people. The survey revealed that Finnish companies are
using 4,5 per cent from their turnover to information technology and
also that the companies are seeking more and more strategic role for
IT in the organization.
According to the respondents the meaning of information technology as
a competitive asset is increasing even more than before in the
future. Utilization of IT systems in innovation and developing new
business activities is considered to be remarkably important. The
future generations of IT professionals are trusted to be able to take
advantage of technology in the future development and also combine
both technical and business competence.
Globalization continues
Less than half of the companies in the business branch trade that
were interviewed by Market-Visio in autumn 2007 have operations
outside Finland. Operations of companies in the retail trade are
concentrated in the Baltic region whereas the operational
geographical region of companies in wholesale is much wider.
It is expected in the forthcoming years that the large companies in
the business branch trade will invest intensively in developing and
expanding their overseas operations. The small companies instead have
not the required amount of resources. The growth potential is
believed to lie in Russia and in the Baltic countries as well as in
the other developing markets in the Eastern Europe.
The decisions and measures that concern the business operations in
overseas have intense effect on company's IT solutions and IT
development. Companies in the business branch trade highlight the
matters concerning the operational environment of the country of
destination as the biggest problem. These matters include legislation
and different practices as well as the problem acquiring required
competence to the IT system projects.
Solteq wants to actively accompany the globalization development of
its customers both in business branch trade and industry. So far
Solteq has delivered IT systems almost thirty countries, mainly to
its Finnish customers, and the potential for global deliveries is
clearly upswing. The readiness for deliveries is improved from before
among others by building local organization to Russia.
TRADE
Business environment
The utilization of customer information is more and more important in
the business environment of trade that is central to Solteq's
operations. According to the analysis made by Market Visio the
factors that contribute to developing information technology varies a
bit among different branches of trade. In the car sales the
improvement in customer service is the most salient objective in
connection with the development of IT systems. Among the wholesale
companies, for one, it is paid attention more to the increase of
efficiency of supply- and logistics chain and the chain is also
considered important when the IT systems are developed. In the retail
trade the development of information technology is a bit more
influenced by the need of securing the availability of optimal
product selection.
The positive economic situation in the business branch trade has
appeared as brisk demand for both retail- and wholesale IT systems.
In addition the strong trend of chaining and the further growth of
store chains, by company acquisitions for example, have influence to
the development of all stores -related IT systems.
The changed role of the point-of-sale systems has become a special
challenge, because the company has to have the store-wide or possibly
chain-wide information to the customer service situation by the means
of this system. Also the multiplying, obsolete and even incorrect
information in merged systems have emerged as challenges and thus
targets for development.
For the customers in retail trade it is essential to improve the
faculty of store- and point-of-sale system for customer service.
Swiftness and reliability are needed from the store management
systems, but at the same time verification of payment cards must be
handled safely and flexibly.
'
Tight integration and accuracy of data are both definite
prerequisites when the data is supposed to be entered to the system
and to bring out from there without breaks. Only that way the
operations remain efficient in all the stores of a chain. The
enormous quantity of goods that is shifting among trade and the
importance of valid information increased the demand for
harmonization solutions during the past period.
The logistics centers of wholesale and chained commerce require more
efficiency and profit for business operations by means of cost
management. This has increased the demand for speech picking based on
voice recognition, warehouse optimization and procurement
optimization products for example. The service of retailers and
partners has been improved by opening the systems for e-commerce and
information retrieval for example.
The delivery of store management system to Tokmanni-group was one of
the most significant projects during the last quarter. This
strengthens the view that the Solteq's investments in chained
commerce have been correct.
According to the market researcher Market-Visio the most important
drivers for information technology in the car sales, by the year end
2008, are improvement of customer service during the purchase moment
and better utilization of customer information. Both of those above
mentioned drivers are core competence of Solteq's car sales unit. The
unit will continue its development work is these sectors to further
strengthen its supply of solutions.
Finnish Central Organisation for Motor Trades and Repairs estimates
that the government's decision on car tax reform in November raises
the amount of new cars first time registrations to 151 000 cars in
year 2008. The other impacts of tax adjustment, for example
concentration of car sales, can not be reliably estimated at the
present moment. Solteq engages continuous discussions with the car
dealers to be able to notice the needs arousing from car tax reform
in its system development.
Business development
The trade unit achieved its setting of financial objectives for the
last quarter. During the last quarter the system development has been
still intensive and the sales of advisory services and management
systems accelerated towards the year-end. The systematically made
investments and anticipations have been clearly right and brought
results in all segments of trade business unit.
During 2008 the investments will proceed similarly. The demand for
loyal customership systems and e-commerce is supposed to continue.
Procurement optimization, i.e. more effective purchasing by the means
of system automation, has proven to be one of the success factors of
our customers in the trade branch. The increase of sales of the store
management systems and the chaining of stores is estimated to promote
also the sales of Solteq's harmonization solutions.
Product development has risen to the challenge, brought by business
operations and system integration, with its own HUB-solution.
The data is transferred between different systems and also converted
from one format to other by the means of HUB-solution. In addition
the solution makes it possible to monitor the whole process, alerts
the deviations and enables reporting.
The comprehensive solutions related to stores and chained commerce
are based on Solteq Store -concept that includes e-commerce, solution
for financial administration, data communication solutions and
technical maintenance in addition to point-of-sale system. Customer
is able to choose the required features from the concept for its own
business purposes, which intensify sales and communications.
The business operations of car sales unit developed firmly during the
last quarter. The unit achieved its yearly turnover objectives and
exceeded the yearly result objectives. The modernization of IT
systems of Automaa and ERP- project in connection with Renault's
importing company were the most important single projects during the
year 2007. In 2008 both projects will continue as maintenance and
development works.
INDUSTRY AND SERVICES
Business environment
There were no significant structural changes in the industry branch,
but the deceleration of production denotes more active seeking for
cost savings than before. For IT system supplier point of view this
means a challenge to offer solutions that enable more and more
cost-effective operations.
It is clear phenomenon in the development of industry branch that the
export industry is growing and there is tendency to move production
closer to the markets, in Asia and in accelerating speed also to
Eastern-Europe. This development offers also to Solteq a possibility
to become further international accompanied by its customers.
Along with the cost savings the companies consider utilization of
existing information more and more important, also in the industry
branch. The improvement of information quality is prerequisite for
developing services and product as well as utilizing new business
opportunities. This emerges still strong demand for maintenance- andharmonization services.
Business development
The demand for extensive ERP- solutions for industry has remained
rather dull during the review period; on the other hand the demand
for some partial solutions such as CRM systems and financial
management, were clearly more brisk. Active work has been done with
the pre-existing customers and also the backlog of sales projects
indicated clear signals of recovery during the last part of the year.
In the services the development was favorable. The University of
Helsinki Funds was the most significant new customership during the
review period. Solteq is delivering SAP- based financial management
system to the University of Helsinki Funds, which is phased in during
the second half of year 2008.
The structural changes in the forest industry reflect to Solteq's
maintenance business. The cost pressure reflects to the preparedness
for investing and developing maintenance systems in the forest
industry. In the other industry branches the demand for maintenance-
and data collection systems as well as harmonization services is
still brisk and the turnover of services increased even more than
planned.
The organizational arrangements in Solteq's industry segment were
completed during the past review period. Artekus Oy and Fulmentum Oy
were merged to Solteq Plc by the year-end 2007. The aim of this
reformation is to offer more and more wider supply to the customers
of industry via one organization. During the past year more employees
have been recruited to the industry business unit and the unit has
focused to further develop customer service.
Among the single projects, the Arttu- maintenance project that was
launched with Ruukki (Rautaruukki Oyj) has been brought to execution
phase during the review period. In the Pohjolan Voima- project the
implementation of new systems was completed successfully and with
fast schedule. There were several active projects ongoing.
In the international customerships of industry and services there are
several projects ongoing and interest in maintenance and
harmonization services in particular has increased. Expansion of
business operations in Russia advances according to plan, and it is
expected to increase significantly during year 2008.
TURNOVER AND RESULT
Turnover increased 20,6 % compared to the previous year and totalled
27.926 thousand euros (previous financial year 23.166 thousand
euros).
Turnover consists of several individual customerships. At the most,
one client corresponds to a less than five percentages from the
turnover.
The reported income taxes from the financial period are positive that
is mainly a consequence of internal structural changes in Solteq Plc
group of companies. A deferred tax asset has booked from the
liquidation loss of 3.559 thousand euros that has been confirmed in
taxation and arisen in 2005. This deferred tax asset contributes to
the result as change of deferred taxes during financial periods
2006-2007.
The operating result from the financial year was 1.304 thousand euros
(-498 thousand euros), result before taxes was 1.090 thousand euros
(-479 thousand euros) and the profit for the financial year 1.118
thousand euros (123 thousand euros).
BALANCE SHEET AND FINANCING
The total assets amounted to 22.046 thousand euros (20.347 thousand
euros). Liquid assets totalled 345 thousand euros (2.225 thousand
euros).
The company's interest-bearing liabilities were 7.052 thousand euros
(3.759 thousand euros).
The company's equity ratio was 44,1 % (47,7 %).
INVESTMENTS, RESEARCH AND DEVELOPMENT
Gross investments during the review period were 1.833 thousand euros
(7.680 thousand euros). For the most part these gross investments
consist of corporate acquisition that has been carried out during the
financial period.
Corporate acquisitions
Solteq Plc announced 13.3.2007 that the company acquires all the
shares of Fulmentum Oy that Fulmentum is specialized in global master
data harmonizing and maintenance projects. Fulmentum Oy has been
consolidated in the financial statements starting from 1.5.2007.
The basic purchase price was 1.500 thousand euros and it has been
paid in cash according to the purchase agreement. The additional
price, that is 1.400 thousand euros at the maximum, consists of the
possible financial benefit received from the ongoing and future
projects of Fulmentum at the time of acquisition in the forthcoming
three years.
The acquisition price exceeding Fulmentum Oy's equity at the time of
the acquisition has been allocated as goodwill totalling 1.422
thousand euros. The goodwill consists of future income expectations
that relate to cross-utilizing customers, knowledgeable personnel and
complementing product knowledge.
Changes in the group structure
During the review period the company has finished up operations to
merge its operative subsidiaries with their parent company. The
merger of Artekus Oy realized 1.10.2007 and the merger date of
Fulmentum Oy and Tampereen Systeemitiimi Oy was 31.12.2007.
Research and development
Solteq's research and development costs consist mainly of personnel
costs. When developing basic products, it is Solteq's strategy to
cooperate with global actors such as SAP and Wincor-Nixdorf and
utilize their resources and distribution channels. Own development
efforts are focused on added value products and developing tailored
service concepts.
During the financial period development costs under IFRS have been
capitalized in the amount of 129 thousand euros (342 thousand euros).
The costs relating to research and development are mainly presented
due to their nature as yearly costs in profit and loss account. Two
development projects have been completed during the previous
financial year and thus the depreciation according to plan have been
started for the capitalized amount. Two other development projects
are still unfinished and the depreciation according to plan will be
started along with the commercial implementation of the projects.
PERSONNEL
The number of permanent employees at the end of the financial period
was 259 (234). Average number of personnel during the financial
period was 252 (240). At the end of the financial period the number
of personnel divided as follows: trade 118, industry and services 100
and shared functions 41.
RELATED PARTY TRANSACTIONS
The company has related party relationships with members of the Board
of Directors, the managing director and the management group of the
company. There haven't been significant changes in the company's
related party transactions after the issue of financial statements
from year 2006.
SHARES AND SHAREHOLDERS
Solteq Plc's equity on 31.12.2007 was 1.002.251,16 euros which was
represented by 12 065 329 shares. The shares have no nominal value.
Exchange and rate
During the financial period, the exchange of Solteq's shares in the
Helsinki Stock Exchange was 2,7 million shares (3,9 million shares)
and 4,3 million euros (6,8 million euros). Highest rate during the
financial period was 1,86 euros and lowest rate 1,28 euros. Weighted
average rate of the share was 1,59 euros and end rate 1,75 euros. The
market value of the company's shares at the end of the financial
period totalled 21,1 million euros (15,7 million euros).
Ownership
At the end of the financial period, Solteq had a total of 2.117
shareholders (2.489 shareholders). Solteq's 10 largest shareholders
owned 7.757 thousand shares i.e. they owned 64,3 per cent of the
company's shares and votes. Solteq Plc's members of the board owned a
total of 4.862 thousand shares which equals 40,3 per cent of the
company's shares and votes.
During the review period two changes of ownership were flagged, when
as a consequence of shares transactions Profiz Business Solution
Plc's ownership of Solteq shares and votes exceeded 28.5.2007 the 5 %
proportion and 17.12.2007 the 10 % proportion set in the Finnish
Security Markets Law.
ANNUAL GENERAL MEETING
Solteq Plc's annual general meeting on 23.3.2007 adopted the
financial statements for 2006 and the members of the board and the
managing director were discharged from liability for the financial
year 2006.
The annual general meeting decided in accordance with the board's
proposal to authorize the board of directors to decide on dividend
distribution or other distribution of funds from the distributable
equity fund. The board of directors is authorized to decide on
dividend distribution or other distribution of funds from the
distributable equity fund or both, totalling altogether a maximum of
0,10 euros per share. The authorization is valid until the beginning
of the next annual general meeting.
The annual general meeting decided that an amount of 5.962.338,50
euros is transferred to the distributable equity fund from the equity
account that was formed in the extraordinary general meeting on
9.9.2005 and governed by the general meeting of shareholders. The
distributable equity fund is a fund based on the new Finnish
Companies Act and may be used among other things to dividend
distribution or other distribution of funds.
The annual general meeting decided that the company's share capital
is increased from 993.654,69 euros to one million (1.000.000) euros
by transferring the respective amount from the distributable equity
fund.
The annual general meeting decided to authorize the board of
directors to decide on acquiring the company's own shares so that the
amount in the possession of the company does not exceed 10 percent of
the company's total shares at that moment. The shares can be acquired
in order to develop the company's capital structure, finance and
execute acquisitions or similar arrangements or used as part of the
incentive scheme of the personnel or convey otherwise or be
invalidated. The shares can be acquired in other proportion than the
shareholders' holdings. The shares are to be acquired through public
trading and at market price. The acquiring is to be done with the
unrestricted shareholders' equity. The authorization is valid until
the beginning of the next annual general meeting.
The annual general meeting decided to authorize the board of
directors to give or convey company's own shares, maximum amountbeing 3.000.000 shares. The shares can be given or conveyed in order
to finance and fulfill terms of an acquisition or similar or develop
company's capital structure or be used as part of the incentive
scheme of the personnel or otherwise develop the company's business
operations. The authorization includes a right to deviate from the
shareholders' preemptive right of subscription if there is a weighty
financial reason for the company. The authorization includes that the
board of directors may decide the terms and other matters concerning
the share issue according to the instructions of the Finnish
Companies Act. The authorization is valid for five years starting
from the decision.
The annual general meeting decided that the funds in the share
premium account at the time of the annual general meeting totaling
2.164.197,45 euros are transferred to the distributable equity fund.
BOARD OF DIRECTORS AND AUDITORS
Five members were elected to the board of directors. Seppo Aalto, Ari
Heiniö, Veli-Pekka Jokiniva, Ali Saadetdin and Jukka Sonninen will
continue as members of the board. The board elected Ali Saadetdin to
act as the chairman of the board.
KPMG Oy Ab, Authorised Public Accountants, were re-elected as
Solteq's auditors. Frans Kärki, APA, acts as the lead partner.
RETURN OF EQUITY AND LOWERING OF THE SHARE PREMIUM FUND
The board of directors has decided in its meeting 7.8.2007 to return
equity the amount of 0,10 euros per share using the maximum
authorization granted by the annual general meeting. The date of
dividend ex-date was 14 August 2007, the date of record was 16 August
2007 and the payment date was 23 August 2007.
The company has received an announcement that was dated 5.9.2007 from
The Finnish Registrar of Companies that the transfer of funds,
totaling 2.164.197,45 euros, from the share premium account to
distributable equity fund can be carried out. According to the new
Companies Act no separate entry to the Finnish Trade Register has to
be done in connection with the lowering of share premium fund.
EVENTS AFTER THE REVIEW PERIOD
No significant new reportable matters have taken place after the
review period.
RISKS AND UNCERTAINITIES
The key uncertainties and risks are related to the timing and pricing
of the business deals that are the basis of the turnover, changes in
the level of costs and to the company's ability to manage extensive
contract agreements and deliveries.
The key business risks and uncertainties of the company are monitored
constantly as a part of the board and management group work. The
company has not organized a separate internal audit organization or
committee.
PROSPECTS
In the interim review 8.8.2007 Solteq Plc set a long-term objective
for years 2008-2010 that is to achieve 10 % yearly organic growth of
turnover. Additional growth is searched by allocated acquisitions.
Company's objective for yearly operating profit is significant
improvement compared to previous years as the objective is 10 % of
turnover. The conditions to achieve these objectives are realistic
because of the development in 2007 and especially in the last half of
the year.
PROPOSAL OF THE BOARD FOR DISTRIBUTION OF DIVIDEND
The Board of Directors proposes to the annual general meeting a
dividend of 0,06 euros per share from the financial period 2007.
FINANCIAL INFORMATION
GROUP PROFIT AND LOSS ACCOUNT
(TEUR)
1.10.- 1.10.- 1.1.- 1.1.-
31.12.2007 31.12.2006 31.12.2007 31.12.2006
NET TURNOVER 8 544 6 574 27 926 23 166
Other operating
income 4 20 69 42
Raw materials and
services -2 299 -1 670 -6 398 -5 378
Staff expenses -4 015 -3 558 -14 356 -12 831
Depreciation -176 -196 -742 -698
Other operating
expenses -1 512 -1 149 -5 195 -4 799
OPERATING RESULT 546 21 1 304 -498
Financial income
and
expenses -86 -47 -214 19
PROFIT BEFORE APPROPRIATION
AND TAXES 460 -26 1 090 -479
Income taxes -61 149 28 602
PROFIT/LOSS FOR THE PERIOD
399 123 1 118 123
Earnings / share,
e(undiluted) 0,03 0,01 0,09 0,01
Earnings / share,
e(diluted) 0,03 0,01 0,09 0,01
GROUP BALANCE SHEET (TEUR) 31.12.2007 31.12.2006
ASSETS
NON-CURRENT ASSETS
Intangible assets
Intangible rights 2 069 2 140
Goodwill 8 086 6 600
Tangible assets 2 743 3 019
Investments
Other shares and similar
rights of ownership 117 81
Deferred tax
assets 661 663
Total non-current
assets 13 676 12 503
CURRENT ASSETS
Short-term debtors 8 025 5 619
Investments 0 1 579
Cash in hand and at banks 345 646
Total current
assets 8 370 7 844
TOTAL ASSETS 22 046 20 347
EQUITY AND LIABILITIES
CAPITAL AND RESERVES ATTRIBUTABLE TO THE SHAREHOLDERS
OF THE PARENT COMPANY
Share capital 1 002 994
Share issue 64 0
Share premium account 18 2 164
Equity account 0 5 962
Unrestricted equity
fund 7 213 298
Retained earnings 304 173
Profit for the
financial year 1 118 123
Total equity 9 719 9 714
LIABILITIES
Non-current liabilities 163 163
Current liabilities 12 164 10 470
Total liabilities 12 327 10 633
TOTAL EQUITY AND
LIABILITIES 22 046 20 347
FINANCIAL PERFORMANCE
INDICATORS 2007 2006 2005 2004 2003 IFRS IFRS IFRS IFRS FAS
Net turnover MEUR 27,9 23,2 21,6 21,7 20,8
Change in net turnover 20,6% 7,4% -0,7% 4,4% 10,5%
Operating result MEUR 1,3 -0,5 1,2 0,9 1,2
% of turnover 4,7% -2,1% 5,7% 4,2% 5,6%
Result before taxes
MEUR 1,1 -0,5 1,5 1,4 1,6
% of turnover 3,9% -2,1% 6,8% 6,3% 7,5%
Equity ratio, % 44,1 47,7 75,2 65,6 74,5
Gearing, % 69,0% 15,8% -7,9% -34,5% -55,5%
Gross investments in
non-current assets
MEUR 1,8 7,7 1,3 2,7 0,2
Return on equity, % 11,5% 1,2% 11,4% 8,7% 10,1%
Return on investment,
% 8,7% -2,4% 13,3% 12,4% 13,8%
Personnel at end of
period 259 234 187 199 190
Personnel average
for period 252 240 193 202 192
KEY INDICATORS PER SHARE
Earnings / share, e 0,09 0,01 0,11 0,09 0,11
Earnings / share,
e(diluted) 0,09 0,01 0,11 0,09 0,11
Equity / share, e 0,81 0,81 1,00 0,99 1,13
QUARTERLY KEY INDICATORS (MEUR)
1Q/06 2Q/06 3Q/06 4Q/06
Net turnover 5,78 6,16 4,65 6,58
Operating result 0,22 -0,04 -0,70 0,02
Result before taxes 0,35 -0,07 -0,73 -0,03
1Q/07 2Q/07 3Q/07 4Q/07
Net turnover 6,38 7,14 5,86 8,55
Operating result 0,13 0,33 0,30 0,54
Result before taxes 0,10 0,29 0,24 0,45
CASH FLOW STATEMENT (MEUR)
1-12/2007 1-12/2006
Cash flow from business
operations -0,46 0,25
Cash flow from capital
expenditure -3,47 1,86
Cash flow from financing activities
Income from issued
shares 0,08 0,02
Return of equity(paid) -1,20 -3,54
Loan agreement 3,29 3,27
Cash flow from financing
activities 2,17 -0,24
Change in cash and cash
equivalents -1,76 1,87
TOTAL INVESTMENTS (MEUR)
1-12/2007 1-12/2006
Continuing operations,
group total 1 833 7 680
LIABILITIES (MEUR) 31.12.2007 31.12.2006
Perfomance bonds 0,05 0,05
Lease contracts, machinery &
equipment 0,56 0,71
Lease liability,
premises 2,93 3,42
The Group has no liabilities from derivative instruments.
DISTRIBUTION OF HOLDINGS BY SECTOR DECEMBER 31, 2007
Number of Shares and votes
holdings % Number
Private companies 91 19,31 % 2 329 669
Financial an insurance
institutions 7 0,73 % 88 529
Public-sector organizations 1 0,09 % 11 300
Households 2 006 79,78 % 9 626 220
Non-profit organizations 5 0,03 % 3 971
Foreigners 6 0,05 % 5 640
Total 2 116 100,00 % 12 065 329
Total of Nominee-registered 4 0,67 % 81 126
DISTRIBUTION BY NUMBER OS SHARES DECEMBER
31,2007
Number of Shares and votes
Number of shares holdings % Number
1 - 100 357 0,24 % 28 646
101 - 1 000 1 169 4,71 % 568 002
1 001 - 10 000 504 13,06 % 1 575 241
10 001 - 100 000 76 17,71 % 2 136 511
100 001 - 1 000 000 7 14,31 % 1 726 441
1 000 000 - 3 49,98 % 6 030 488
Total 2 116 100,00 % 12 065 329
Total of nominee-registered 4 0,67 % 81 126
MAJOR SHAREHOLDERS DECEMBER 31, 2007
Shares and votes
Number %
1. Saadetdin Ali 3 159 312 26,2 %
2. Aalto Seppo 1 662 206 13,8 %
3. Profiz Business Solution Oyj 1 208 970 10,0 %
4. TP-Yhtiöt Oy 513 380 4,3 %
5. Onninen-Sijoitus Oy 322 071 2,7 %
6. Roininen Matti 284 450 2,4 %
7. Hakamäki Jorma 228 430 1,9 %
8. Saadetdin Katiye 156 600 1,3 %
9. Kiiveri Jouko 118 280 1,0 %
10. Aukia Timo 103 230 0,9 %
10 largest shareholders total 7 756 929 64,3 %
Total of nominee-registered 81 126 0,7 %
Others 4 227 274 35,0 %
Total 12 065 329 100,0 %
STATEMENT OF CHANGES IN GROUP EQUITY (TEUR)
A=Share capital
B=Share issue
C=Share premium account
D=Equity account
E=Unrestricted equity fund
F=Retained earnings
G=Total
A B C D E F G
EQUITY
1.1.2006 908 0 234 9 500 0 167 10 809
Granted option
rights 6 6
Result for the
period 123 123
Total gains
and losses 123 123
Subscription
issue 2 2
Directed issue 84 298 382
Emission gain 1 930 1 930
Return of
equity -3 538 -3 538
EQUITY
31.12.2006 994 0 2 164 5 962 298 296 9 714
EQUITY
1.1.2007 994 0 2 164 5 962 298 296 9 714
Granted option
rights 7 7
Result for the
period 1 118 1 118
Total gains
and losses 1 118 1 118
Subscription
issue 2 64 18 84
Transfer
betweeen
equity
accounts 6 -2 164 -5 962 8 120 0
Return of
equity -1 204 -1 204
EQUITY
31.12.2007 1 002 64 18 0 7 213 1 422 9 719
Taxes corresponding to the result have been presented as taxes
for the financial year.
ACQUIRED BUSINESS OPERATIONS 2007 (TEUR)
Fair values Book values
used in the before the
combination combination
Intangible assets 37 37
Tangible assets 4 4
Investments 40 40
Receivables 106 106
Cash and cash
equivalents 179 179
Total assets 366 366
Deferred tax
liabilities 0 0
Current liabilities 265 265
Total liabilities 265 265
Net assets 101 101
Acquisition cost 1 524
Goodwill 1 422
Acquisition price paid in
cash 1 500
Cash in acquired company -179
Cash flow effect 1 321
The 8 months result from Fulmentum Ltd, -92
thousand euros,
is included in Group profit and loss account.
If Fulmentum
was included for the whole financial year, the Group
turnover
would have been 28.082 thousand euros and
profit 992
thousand euros.
CALCULATION OF FINANCIAL
RATIOS
Solvency ratio, in
percentage
equity x100
----------------------------------
balance sheet total - advances received
Gearing
interest bearing liabilities - cash,
bank balances and securities X100
-------------------------------------------
equity
Return on Equity (ROE) in
percentage
profit or loss before taxation - taxes x100
----------------------------------------
equity
Profit from invested equity in
percentage
profit or loss before taxation +
interest expenses and other financing
expenses x100
----------------------------------------
balance sheet total - non-interest bearing
liabilities
Earnings per share
pre-tax result - taxes
+/- minority interest
-----------------------------------
diluted average share issue
corrected number of shares
Diluted earnings per share
diluted profit before taxation -
taxes +/- minority interest
-----------------------------------------------
diluted average share issue
corrected number of shares
Equity per share
equity
-----------------------
number of shares
This financial statements bulletin has been prepared in accordance
with IAS 34 -standard and the same accounting policies as in the
annual financial statements 2006.
All forecasts and estimates presented in the financial statements
bulletin are based on the current views of the management on the
economic environment and outlook. Results could differ from those
implied as a result of, among other factors, changes in economic
market and competitive conditions, changes in the regulatory
environment and other government actions.
The financial statements bulletin is unaudited.
SOLTEQ'S FINANCIAL INFORMATION IN 2008
Solteq Plc's financial information bulletins in 2008 have been
scheduled as follows:
- Interim report 1-3/2008 Wednesday 23.4.2008
- Interim report 1-6/2008 Wednesday 13.8.2008
- Interim report 1-9/2008 Wednesday 22.10.2008
More investor information on Solteq's website at www.solteq.com
Additional information:
Managing Director Hannu Ahola
Telephone +358 20 1444 211 or +358 40 8444 211
E-mail hannu.ahola@solteq.com
CFO Antti Kärkkäinen
Telephone +358 20 1444 393 or +358 40 8444 393
E-mail antti.karkkainen@solteq.com
Distribution:
Helsinki Stock
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