2009-02-25 07:30:00 CET
2009-02-25 07:36:24 CET
REGULATED INFORMATION
Incap - Financial Statement Release
INCAP GROUP'S FINANCIAL STATEMENTS FOR 2008: CLEAR INCREASE IN REVENUE, RESULT REMAINED NEGATIVE
Incap Corporation Stock Exchange Release 25 February 2009 at 8.30
a.m.
* full-year revenue increased by approx. 13% on previous year and
amounted to EUR 93.9 million (2007: EUR 83.0 million)
* operating profit (EBIT) was EUR 3.6 million negative (EUR 2.8
million negative without a capital gain recorded on the sales of
property)
* operating profit from operations without non-recurring costs was
EUR 1.8 million negative (EUR 2.3 million negative)
* net result for the year was EUR 5.4 million negative (EUR 4.2
million negative without a capital gain recorded on the sales of
property)
* revenue increase originated from energy efficiency and well-being
technologies, i.e. the focus areas of the new strategy
* profitability was burdened by increased production and financing
costs and also by non-recurring items for organisational
development and personnel arrangements
* clear change of course was made in the company's strategy: Incap
now strengthens its position in the supply chain of technologies
enhancing energy efficiency and well-being
This financial statements for 2008 have been prepared in compliance
with the recognition and measurement principles of the IFRS
standards. Unless mentioned otherwise, the comparison figures used in
the text portion of the report are the figures for the comparable
period in 2007.
Revenue and earnings in October-December 2008
Revenue during the last quarter was EUR 25.8 million (10-12/2007: EUR
26.3 million) or 2% less than during the comparable period in 2007.
The operating profit was EUR 1.2 million negative (EUR 2.0 million)
and as a percentage of revenue it was 4.8% negative (7.7%). The
operating profit includes a total of EUR 0.8 million of non-recurring
expenses based on restructuring of the company's production. The
comparable operating profit in 2007 includes a total of EUR 3.2
million of capital gain on the sales of property.
Quarterly 10-12/ 7-9/ 4-6/ 1-3/ 10-12/ 7-9/ 4-6/ 1-3/
comparison 2008 2008 2008 2008 2007 2007 2007 2007
(EUR
thousands)
Revenue 25 789 21 395 26 412 20 330 26 304 20 593 19 130 16 982
Operating -1 241 -442 -600 -1 329 2 025 -578 44 -1 188
profit/loss
Net -1 915 -800 -1 005 -1 681 1 450 -1 071 -139 -1 342
profit/loss
Earnings per -0,16 -0,07 -0,08 -0,14 0,12 -0,09 -0,01 -0,11
share, EUR
Revenue and earnings in 2008
Incap Group's revenue amounted to about EUR 93.9 million, i.e., it
was 13% higher than the previous year (2007: EUR 83.0 million). The
increase was mainly caused by the expanded manufacturing cooperation
in rotor components and automatic vending machines. During the year,
a number of new products were introduced in pre-serial manufacture
and volume production. Product entities increased their share of
overall deliveries in line with the company's targets, and revenue
particularly from customers in the energy and security technology as
well as in the well-being technology industries developed favourably.
There was a significant change in the structure of revenue as volume
manufacturing for two IT customers was terminated at the end of 2008.
The revenue produced by these customers over the entire year
decreased as expected, even though the manufacture of products in the
customer's reserve stock increased the revenue temporarily in the
latter half of the year. About EUR 4.5 million of the consolidated
revenue comprised sales of materials used in telecommunications
products at a sales margin lower than in normal production.
Manufacturing cooperation in prototype and small set products with
another customer will continue.
The Group's operating result over the entire year stood at EUR -3.6
million, including the non-recurring expense reserve of about EUR 0.8
million registered for the final quarter of the year regarding
reorganisation of the production structure. During the year,
non-recurring costs amounted to EUR 1.8 million.
Because of tight competition on the contract manufacturing market,
great pressure was directed at sales margins. However, the price
level of certain products could be increased through price
adjustments agreed upon with the customers.
Particularly at the beginning of the year, a number of new products
were at the start-up stage in production, reducing productivity with
an impact on profitability. A similar impact was caused by the
emphasis of manufacturing on material-dominant products where the
share of components and raw materials from the products' total value
is high.
The amount of inventories at the end of the financial period was EUR
16.1 million. The level of EUR 15 million set as the objective could
not be reached because some of the final deliveries of
telecommunications products to be terminated extended over the turn
of the year to the first quarter of 2009.
Net loss for the financial period amounted to EUR 5.4 million (2007:
net loss of 1.1 million). The result for the period was particularly
influenced by the increase in financing costs related to the
development of the operations in India.
Earnings per share amounted to EUR -0.44 (EUR -0.09), while equity
per share stood at EUR 1.08 (EUR 1.57).
Indian operations
Year 2008 was the first full financial period for the Indian
subsidiary, Incap Contract Manufacturing Services Pvt. Ltd.
Agreements with six significant new customers were signed in India
during 2008. The products of these customers proceeded to the
prototype and pre-series stage during the year, but volume production
could not be started at the expected rate. As a result, the revenue
of the Indian company increased less than expected, and operating
profit did not cover all expenses.
The production capacity of the Indian subsidiary was developed slowly
through small machine acquisitions and the organisation was built
according to customers' needs. Plant production was focused on PCB
assembly for applications in energy technology and industrial
electronics, as well as on the manufacture of product entities, such
as emergency power sources and power units.
The Indian manufacturing services expanded to automotive industry
during 2008, which is a new customer area for the company. The Tumkur
plant was audited and approved for the TS 16949 quality certificate
required by the automotive industry.
The construction of new production facilities advanced nearly on
schedule in Tumkur. The construction of the new facilities did not
cause any costs for Incap because the new building was included in
the business transaction signed with TVS in 2007.
Development and reorganisation of operations
The focus of material sourcing was transferred to Asia over the
review period by launching cooperation with a partner operating in
the region. Cost-effective sources of material were utilised in
purchases of electronics and mechanics. The Indian plant increased
strategic sourcing resources.
Incap is aiming at new competitive benefits through the development
of life-cycle services. Design service resources were increased,
particularly in India where the design unit of 12 people provides
design, testing and certification of mechanics, electronics and PCBs
for customers, including those operating outside India.
The objective of the reorganisation programme launched in August is
to achieve significant cost savings and strengthen the company's
financial base. The programme emphasises the improvement of the
working capital ratio and profitability, and also the adaptation of
the cost structure. In order to reach the objective, there will be
measures for expanding the service offering, eliminating low-margin
or unprofitable assignments, and further increasing the role of
Indian and Estonian plants in service production. The majority of the
measures in the reorganisation programme will be reflected in the
result during 2009.
Redefining the strategy
Incap redefined its strategy strongly, aiming at profitable growth by
focusing particularly on serving leading device manufacturers in
energy-efficiency and well-being technology. The company will
increase its competitiveness by expanding its service selection
through life-cycle services that supplement the manufacturing
services. The company's organisational model was renewed and the
business responsibility was centralised in units formed on the basis
of customer segments.
Thanks to its expertise, Incap has excellent possibilities for
strengthening its position in the new, growing customer segments
where outsourcing of manufacturing and related services continues to
increase. Strongly growing areas include applications related to
improving energy-efficiency and increasing well-being. Incap is
already strongly involved in the delivery chain of these
applications.
Financing and cash flow
The Group's equity ratio was 27.0% (35.3%). Interest-bearing net
liabilities totalled EUR 19.3 million (EUR 19.7 million) and the
gearing ratio was 146.1% (103.2%). Net financial expenses were EUR
1.8 million (EUR 1.4 million) and depreciation and amortisation
expense was EUR 2.8 million (EUR 2.8 million).
The Group's equity at the close of the financial period amounted to
EUR 13.2 million (EUR 19.1 million). Debt totalled EUR 35.7 million
(EUR 35.1 million), of which interest-bearing debt amounted to EUR
19.9 million (EUR 20.7 million).
The Group's quick ratio was 0.7 (0.8) and the current ratio is 1.4
(1.4). Cash flow from operations was EUR 1.4 million (EUR -4.0
million) and the change in cash and cash equivalents was a decrease
of EUR 0.3 million (an increase of EUR 0.5 million).
In order to finance Indian investments and working capital, Incap
signed a financing agreement with Finnfund (Finnish Fund for
Industrial Cooperation Ltd.), through which Finnfund executed a share
capital investment of EUR 1.9 million in Incap's Indian subsidiary,
Incap CMS Pvt. Ltd. The financing was withdrawn in full after the
close of the financial period in January 2009.
Incap aims at securing its liquidity primarily by improving the
efficiency of the management of working capital.
Research and development
The expenses arising from Incap's research and development operations
stood at EUR 0.5 million (EUR 0.3 million).
Capital expenditures
The Group's capital expenditures over the financial period were EUR
1.8 million (EUR 1.5 million) or 1.9% (1.8%) of revenue.
Manufacturing capacity was renewed the most strongly at the Vaasa
rotor component plant and in the Tumkur production. Of capital
expenditures, EUR 0.5 million was acquired for financial leasing (EUR
0.2 million)
Environmental issues
All of Incap's plants employ environmental and quality assurance
systems certified by Lloyd's or TÜV Rheinland. The environmental
system corresponds to the ISO 14001:2004 standard and the quality
system complies with the ISO 9001:2000 standard.
The Helsinki, Kuressaare and Vuokatti plants have been granted the
ISO 13485:2003 certificate which is widely applied to the manufacture
of medical devices. The Indian plant was audited and approved for the
TS 16949 quality certificate required by the automotive industry.
Personnel
At the beginning of the year, the Incap Group employed 739 people,
and 727 at the end of the period. On average, the company employed
735 people in 2008 (678). The number of personnel decreased by 2%
from the previous year. At the end of the year, 47% of the personnel
worked in Finland (45%), 26% in Estonia (27%) and 28% in India (28%).
At the end of the year, 303 of Incap's personnel were women and 429
were men. Permanently employed staff comprised 601 people, and there
were 126 fixed-term employees. There were eight part-time employment
contracts at the end of the year.
During the year, there were negotiations pursuant to the Cooperation
Act in material management and group services, as well as at the
Vuokatti and Helsinki plants. As a result, 19 people where discharged
and 35 people were laid off temporarily. In group services, the
number of personnel was reduced by seven people.
Group Management
The company's President and CEO during the financial period was
Juhani Hanninen, M.Sc. (Eng.), on 1 January - 31 May 2008 and Sami
Mykkänen, B.Sc. (Eng.), on 2 June - 31 December 2008. The members of
the Group Management Team at the close of the financial period
included Kimmo Akiander (Well-being Solutions, as of 1 December),
Jari Koppelo (Energy Efficiency Europe, as of 24 November), Jarmo
Kolehmainen (Energy Efficiency Asia and Incap Contract Manufacturing
Services Pvt. Ltd.), Mikko Hirvinen (Operations, as of 2 June), Eeva
Vaajoensuu (Finance and Administration, as of 14 April) and Hannele
Pöllä (Communications and HR).
In addition, Liam Kenny (Materials and Logistics, until 30 April),
Niklas Skogster (Business Development, until 14 November), Anne
Sointu (Finance and Administration, until 14 April), Jukka Turtola
(Global Sales and Marketing, until 10 September) and Tuula Ylimäki
(Ultraprint Oy, until 17 July) served with the Group Management Team
for part of the year.
Decisions of the Annual General Meeting
Incap Corporation's Annual General Meeting was held in Oulu on 10
April 2008. The AGM approved the 2007 financial statements of the
Group and parent company and discharged those accountable from
liability. No dividends were paid for 2007.
The AGM authorised the Board of Directors to decide within one year
of the AGM on the increase of share capital through one or more
rights issues and the granting of options so that the total number of
shares to be subscribed for on the basis of the authorisation will be
a maximum of 4,000,000, of which a maximum of 600,000 shares can be
used for options. The Board of Directors exercised the authorisation
after the financial period on 2 February 2009 as it decided on
granting options to the company's Management and key personnel. The
option programme includes a total of 600,000 options, entitling to
subscription for an equal number of the company's shares.
Board of Directors and auditors
The Annual General Meeting re-elected Kalevi Laurila, Susanna
Miekk-oja and Jukka Harju as members of the Board of Directors. Kari
Häyrinen was elected to the Board of Directors as a new member. The
Board of Directors elected from among its members Kalevi Laurila as
Chairman and Susanna Miekk-oja as Deputy Chairman. The Board of
Director's secretary was Jari Pirinen, LL.M.
In 2008, the Board of Directors convened 22 times and the Board
members' average rate of participation in the meetings was 98%.
Ernst & Young Oy acted as the company's auditor.
Shares and shareholders
Incap Corporation has one series of shares and the number of shares
is 12,180,880. During the financial period, the share price varied
between EUR 0.49 and EUR 1.60 (EUR 1.25 and EUR 2.67), and the
closing price of the year was EUR 0.55 (EUR 1.34). During the
financial period, the trading volume was 14% of outstanding shares
(54%).
At the end of the financial period, the company had 1,003
shareholders (1,004). Nominee-registered owners represented 3.7%
(6.1%) of all shares. The company's market capitalisation on 31
December 2008 was EUR 6.7 million (EUR 16.3 million). The company
does not own any of its own shares.
The standard industrial classification of Incap's shares changed
after the close of the financial period on 2 February 2009, after
which the new classification is Industrial Products and Services and
the industrial code is 20104010 (Electrical Components and
Equipment).
Share-based incentive programmes
At the close of the financial period, the Incap Group had a share
option scheme that was introduced in 2004 and commits key employees
to long-term share ownership. There are a total of 630,000 share
options, entitling their holders to subscribe for an equal number of
shares. On the basis of the subscriptions, Incap's share capital can
increase by a maximum of EUR 1,058,400. At the end of the year, three
people were within the scope of the option scheme.
After the close of the financial period on 2 February 2009, Incap
Corporation's Board of Directors launched an option scheme,
consisting of a total of 600,000 option rights and entitling to
subscription for 600,000 of Incap Corporation's shares. In February
2009, 100,000 options were distributed to the President and CEO, and
another 100,000 options will be distributed in 2010, provided that
the objectives set by the Board of Directors for the company's
operating profit and return on working capital in 2009 are met. A
maximum of 400,000 options will be distributed to the company's key
personnel in two issues, provided that the objectives set by the
Board of Directors for the company's operating profit and return on
working capital in 2009 and 2010 are met and that each reaches its
individual objectives.
Short-term risks and factors of uncertainty concerning operations
Incap's risk management policy divides risks into risks related to
the operating environment, operational risks, and liability and
financing risks. Incap's risk management focuses primarily on risks
that threaten the objectives and continuity of business operations.
In order to utilise business opportunities, Incap is prepared to take
controlled risks within the limits of the Group's risk management
resources.
Fluctuations in global economy and customer sectors have an indirect
impact on Incap's demand and financial position. Incap's sales are
spread over several customer sectors, which hedges the company
against sharp seasonal changes. The Group will continue to balance
its customer base so that dependency on a single customer or several
customers operating in the same sector will not expose the company to
a significant financial risk.
Incap's industry - contract manufacturing - is highly competitive and
places great pressure on the management of cost levels. The company
aims at managing the risk by continuously monitoring and controlling
operational efficiency and cost levels. Incap has enhanced the
flexibility of its cost structure by spreading its production to
different countries and coordinating manufacturing between Finland
and other countries.
Incap is continuously assessing the organisation of its different
functions, and the sufficiency and level of its personnel resources.
This aims at ensuring that the organisation operates efficiently,
competence is at the correct level and the company can provide its
customers with the services they need and see to its obligations
toward other stakeholders without interruptions, while maintaining
high quality. Significant factors for competitiveness include the
availability of labour force and the development of labour costs in
the countries where Incap has operations.
The quality, manufacturing and distribution problems of material
suppliers, and changes in the world market prices of materials have
an impact on the availability and prices of materials used by Incap.
The general development in the financial market and the future
profitability trend of the company affect the company's financing
position. Incap aims at securing its liquidity through efficient
management of working capital, and different financing options will
be assessed for lowering the financing costs. The Group's interest
and currency risk is controlled through the selected financing
structure which is based on financing instruments with fixed and
variable interest rates in the selected currencies.
The company reviews its insurance regularly as part of risk
management.
The operating environment is expected to be very challenging during
the current financial period. The reorganisation programme launched
in 2008 is aimed at improving the cost structure and adding
flexibility.
Objectives for 2009
The improvement of profitability is a central objective in 2009.
Measures following the reorganisation programme will be continued to
adapting the production capacity and allocating it to different
plants according to demand and customer needs. The efficiency of
material sourcing will be improved and costs will be eliminated
further.
The new operational model will continue to be fine-tuned and
stabilised at the beginning of 2009. Business units will study the
key customers' operations thoroughly and aim at expanding cooperation
with them. The objective is to increase the customer-specific market
share through new products and larger delivery packages.
New customer relationships will be sought, particularly among leading
device manufacturers in the energy-efficiency and well-being
industries, and in other growth areas.
Services will be developed so that Incap can provide its customers
with as large a portion of the needs related to product manufacturing
as possible.
Outlook for 2009
Incap's estimates of future business development are mainly based on
its customers' estimates that include more uncertainty than usual due
to the economic recession. According to current information, Incap
estimates the consolidated revenue to be lower in 2009 than in 2008.
Full-year operating profit (EBIT) is estimated to improve clearly
from 2008.
Board of Directors' proposal for the distribution of profit
The parent company's loss from the financial period is EUR
3,908,068.33. The Board of Directors will propose for the Annual
General Meeting to convene on 3 April 2009 that no dividend be paid
and the loss from the period be left in equity.
Annual General Meeting in 2009
Incap Corporation's Annual General Meeting will be held on Friday 3
April 2009 at 3:00 pm in Helsinki World Trade Center at
Aleksanterinkatu 16, 2nd floor, Helsinki.
Helsinki, 24 February 2009
INCAP CORPORATION
Board of Directors
Further information:
Sami Mykkänen, President and CEO, Tel. +358 40 559 9047
Eeva Vaajoensuu, CFO, Tel. +358 40 763 6570
Hannele Pöllä, Director, Communications and HR, Tel. +358 40 504 8296
DISTRIBUTION
NASDAQ OMX Helsinki Ltd
Principal media
www.incap.fi
PRESS CONFERENCE
Incap will arrange a conference for the press and financial analysts
on 25 February 2009 at 10.00 a.m. at the World Trade Center Helsinki,
in Meeting Room 1 on the 2nd floor at Aleksanterinkatu 17, 00100
Helsinki.
ANNEXES
1 Consolidated Income Statement
2 Consolidated Balance Sheet
3 Consolidated Cash Flow Statement
4 Consolidated Statement of Changes in Equity
5 Group Key Figures and Contingent Liabilities
6 Quarterly Key Figures
INCAP IN BRIEF
Incap Corporation is an internationally operating contract
manufacturer whose comprehensive services cover the entire life-cycle
of electromechanical products from design and manufacture to
maintenance services. Incap's customers include leading equipment
suppliers in energy efficiency and well-being technologies, for which
the company produces new competitiveness as a strategic partner.
Incap has operations in Finland, Estonia and India. The Group's
revenue in 2008 amounted to EUR 94 million and the company currently
employs approximately 730 people. Incap's share is listed on the
NASDAQ OMX Helsinki. Additional information: www.incap.fi.
ANNEX 1
CONSOLIDATED INCOME STATEMENT
(IFRS)
(EUR thousands, audited) 1-12/2008 1-12/2007 Muutos %
REVENUE 93 925 83 010 13
Work performed by the enterprise and
capitalised 99
Change in inventories of finished goods
and
work in progress 791 -999 -179
Other operating income 53 3 166 -98
Raw materials and consumables used 66 672 56 896 17
Personnel expenses 18 722 15 979 17
Depreciation and amortisation 2 823 2 753 3
Other operating expenses 10 165 9 343 9
OPERATING PROFIT/LOSS -3 612 303 -1 292
Financing income and expenses -1 810 -1 356 34
PROFIT/LOSS BEFORE TAX -5 422 -1 053 415
Income tax expense 21 -49 -143
PROFIT/LOSS FOR THE PERIOD -5 401 -1 102 390
Earnings per share -0,44 -0,09 389
Options have no dilutive effect
in accounting periods 2007 and 2008
ANNEX 2
CONSOLIDATED BALANCE SHEET
(IFRS)
(EUR thousands, audited) 31.12.2008 31.12.2007 Muutos %
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment 11 250 12 883 -13
Goodwill 969 1 326 -27
Other intangible assets 1 311 1 575 -17
Other financial assets 16 21 -24
Deferred tax assets 4 148 4 223 -2
TOTAL NON-CURRENT ASSETS 17 693 20 028 -12
CURRENT ASSETS
Inventories 16 153 14 882 9
Trade and other receivables 14 444 18 367 -21
Cash and cash equivalents 641 944 -32
TOTAL CURRENT ASSETS 31 239 34 192 -9
TOTAL ASSETS 48 932 54 220 -10
EQUITY ATTRIBUTABLE TO EQUITY
HOLDERS OF THE PARENT
COMPANY
Share capital 20 487 20 487 0
Share premium account 44 44 0
Exchange differences -478 -216 121
Retained earnings -6 864 -1 188 478
TOTAL EQUITY 13 190 19 127 -31
NON-CURRENT LIABILITIES
Deferred tax liabilities 99 121 -18
Interest-bearing loans and borrowings 12 977 11 188 16
NON-CURRENT LIABILITIES 13 077 11 309 16
CURRENT LIABILITIES
Trade and other payables 15 731 14 294 10
Current interest-bearing loans and
borrowings 6 935 9 490 -27
CURRENT LIABILITIES 22 666 23 784 -17
TOTAL EQUITY AND LIABILITIES 48 932 54 220 -10
ANNEX 3
CONSOLIDATED CASH FLOW STATEMENT 1-12/2008 1-12/2007
(EUR thousands, audited)
Cash flow from operating activities
Net income -3 612 303
Adjustments to operating profit 2 760 -372
Change in working capital 3 702 -3 070
Interest paid -1 640 -977
Interest received 143 142
Cash flow from operating activities 1 353 -3 974
Cash flow from investing activities
Capital expenditure on tangible and
intangible assets -1 699 -1 974
Proceeds from sale of tangible
and intangible assets 160 3 118
Acquisition of subsidiary -8 261
Sold shares of subsidiary 50
Repayments of loan assets 1
Cash flow from investing activities -1 488 -7 117
Cash flow from financing activities
Drawdown of loans 1 753 14 316
Repayments of borrowings -838 -1 116
Repayments of obligations under finance leases -1 063 -1 643
Cash flow from financing activities -148 11 557
Change in cash and cash equivalents -283 466
Cash and cash equivalents at beginning of period 944 500
Effect of changes in exchange rates -20 -22
Cash and cash equivalents at end of period 641 944
ANNEX 4
CONSOLIDATED STATEMENT OF
CHANGES IN EQUITY (IFRS)
(EUR thousands, audited)
Share
Share premium Exchange Retained
capital account differences earnings Total
Equity at 1 January 2007 20 487 44 -206 20 325
Change in exchange
differences -216 -216
Options and share-based
compensation 120 120
Net income and losses
recognised
directly in equity -216 120 -95
Net profit/loss -1 102 -1 102
Total income and losses -216 -982 -1 197
Equity at 31 December
2007 20 487 44 -216 -1 188 19 127
Equity at 1 January 2008 20 487 44 -216 -1 188 19 127
Change in exchange
differences -262
Options and share-based
compensation -275 -275
Net income and losses
recognised
directly in equity -262 -275 -537
Net profit/loss -5401 -5401
Total income and losses -262 -5 676 -5 938
Equity at 31 December
2008 20 487 44 -478 -6 864 13 190
ANNEX 5
GROUP KEY FIGURES AND CONTINGENT
LIABILITIES (IFRS) 31.12.2008 31.12.2007
Revenue, EUR millions 93,9 83,0
Operating profit, EUR millions -3,6 0,3
% of revenue -3,9 0,4
Profit before taxes, EUR millions -5,4 -1,1
% of revenue -5,8 -1,3
Return on investment (ROI), % -8,6 1,3
Return on equity (ROE), % -33,4 -5,6
Equity ratio, % 27,0 35,3
Gearing, % 146,1 103,2
Net debt, EUR millions 20,7 15,8
Net interest-bearing debt, EUR millions 19,3 19,7
Average number of shares during the report
period, adjusted for share issues 12 180 880 12 180 880
Earnings per share (EPS), euro -0,44 -0,09
Equity per share, euro 1,08 1,57
Investments, EUR millions 1,8 1,5
% of revenue 1,9 1,9
Average number of employees 735 678
CONTINGENT LIABILITIES, EUR millions
FOR OWN LIABILITIES
Mortgages 12,0 12,3
Other liabilities 8,8 7,4
ANNEX 6
QUARTERLY KEY FIGURES (IFRS)
10-12/ 7-9/ 4-6/ 1-3/ 10-12/ 7-9/ 4-6/ 1-3/
2008 2008 2008 2008 2007 2007 2007 2007
Revenue, EUR
millions 25,8 21,4 26,4 20,3 26,3 20,6 19,1 17,0
Operating
profit, EUR
millions -1,2 -0,4 -0,6 -1,3 2,0 -0,6 0,0 -1,2
% of revenue -4,8 -2,1 -2,3 -6,5 7,7 -2,8 0,2 -7,0
Profit before
taxes, EUR
millions -1,9 -0,8 -1,0 -1,7 1,5 -1,1 -0,1 -1,4
% of revenue -7,5 -3,7 -3,8 -8,3 5,8 -5,2 -0,8 -8,0
Return on
investment
(ROI), % -11,1 -4,1 -4,9 -13,4 23,8 -6,5 1,5 -15,7
Return on equity
(ROE), % -47,4 -18,7 -22,9 -37,0 29,4 -22,5 -2,8 -27,3
Equity ratio, % 27 29,43 31,2 33,3 35,3 31,2 35,2 45,3
Gearing, % 146,1 132,6 120,4 106,5 103,2 124,3 99,5 61,2
Net debt, EUR
millions 20,7 21,7 18,0 19,9 15,8 22,8 18,9 12,6
Net
interest-bearing
debt, EUR
millions 19,3 20,1 19,2 18,3 19,7 22,0 18,8 11,6
Average number
of shares during
the report
period, adjusted 12 180 12 180 12 180 12 180 12 180 12 180 12 180 12 180
for share issues 880 880 880 880 880 880 880 880
Earnings per
share (EPS),
euro -0,16 -0,07 -0,08 -0,14 0,12 -0,09 -0,01 -0,11
Equity per
share, euro 1,08 1,24 1,31 1,41 1,57 1,46 1,55 1,56
Investments, EUR
millions 0,3 0,3 0,4 0,8 0,4 0,5 0,3 0,3
% of revenue 1,3 1,2 1,6 4,1 1,4 2,4 1,5 1,8
Average number
of employees 743 739 724 733 794 776 649 530
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