2009-10-28 06:59:26 CET
2009-10-28 07:00:27 CET
REGULATED INFORMATION
Comptel - Interim report (Q1 and Q3)
INTERIM REPORT OF COMPTEL CORPORATION 1 JANUARY - 30 SEPTEMBER 2009
COMPTEL Stock exchange release 28 October 2009 at 8 am INTERIM REPORT OF COMPTEL CORPORATION 1 JANUARY - 30 SEPTEMBER 2009 Third quarter's net sales decreased from the previous year, operating result strengthened compared to the previous quarter. Key figures for the third quarter: Net sales EUR 18.2 million (July-September 2008: 21.0) Operating profit EUR 1.0 million (2.4) Earnings per share EUR 0.00 (0.01) Order backlog EUR 29.6 million (30.0) Net sales and operating result are forecasted to be clearly higher during the second half compared to the first half of the year. The full year net sales and operating result are estimated to remain lower than in the previous year. Sami Erviö, President and CEO: ”Comptel's third quarter net sales did not fully meet our expectations, but the operating result improved significantly from the first half. The global economic recession and the slowness in investment decisions still hampered our performance, mainly in Europe. In the Middle East, the business proceeded favourably. In addition the cost savings, which we commenced in the beginning of this year, have realised according to plan. In July, we received a significant order from IBM India to provide charging and provisioning solutions for a leading operator in India. In total we sold five new core licenses during July-September - two in both Asia and in the Middle East, and one in Europe. Our order backlog remained at the previous year's level.” Business Review of January-September 2009 The net sales of Comptel Group in January-September decreased by 13.6 per cent compared to the previous year and were EUR 53.3 million (61.7). In July-September, net sales decreased by 13.5 per cent compared to the previous year and were EUR 18.2 million (21.0). Net sales were affected by low license sales especially in the European and American markets. In the main European markets, the business environment has been severe during the review period and the Group's business has not proceeded as expected in the area. In January-September, the Group's operating result remained loss-making and was EUR 2.1 million negative (operating profit 8.5). The operating loss includes one-off items of EUR 1.9 million in the first quarter related to personnel reductions. The operating loss was -4.0 per cent of net sales (operating profit margin 13.8). In July-September, the operating profit was EUR 1.0 million (2.4), which corresponds 5.3 per cent of net sales (11.6). In January-September, the Group's loss for the period was EUR 3.7 million (profit 4.0) and the earnings per share were EUR 0.03 negative (+0.04). Tax expense for the review period was EUR 1.1 million (4.2), of which EUR 0.9 million (1.3) were withholding taxes due to double taxation. The Group's order backlog remained at the previous year's level and was EUR 29.6 million (30.0). In January-February, Comptel was engaged in personnel negotiations. As a result of these negotiations the company decided to make 68 people redundant. With these measures the Group aims to reach annual cost savings of approximately EUR 7 million, of which EUR 2 million are estimated to be realised in 2009. In July, Comptel received a significant order from IBM India to provide charging and provisioning solutions for a leading operator in India. The total value of the order for the coming five years is EUR 8.7 million, of which EUR 1.7 million was recognised as revenue in the third quarter and EUR 1.0 million is estimated to be recognised as revenue during the fourth quarter in 2009. Business Areas -------------------------------------------------------------------------------- | Net sales, EUR | 1-9* | 1-9* | Chang | 7-9* | 7-9* | Change | 2008 | | million | 2009 | 2008 | e% | 2009 | 2008 | % | | -------------------------------------------------------------------------------- | Europe | 24.1 | 31.0 | -22.1 | 7.9 | 9.1 | -12.6 | 40.8 | -------------------------------------------------------------------------------- | Asia-Pacific | 14.4 | 15.0 | -3.4 | 5.3 | 6.6 | -18.5 | 20.9 | -------------------------------------------------------------------------------- | Middle East and | 11.1 | 10.2 | 8.7 | 4.0 | 3.8 | 5.6 | 15.3 | | Africa | | | | | | | | -------------------------------------------------------------------------------- | Americas | 3.6 | 5.5 | -35.2 | 0.9 | 1.6 | -45.1 | 7.9 | -------------------------------------------------------------------------------- | Total | 53.3 | 61.7 | -13.6 | 18.2 | 21.0 | -13.5 | 84.8 | -------------------------------------------------------------------------------- | Operating | | | | | | | | | profit/loss by | | | | | | | | | area, EUR million | | | | | | | | -------------------------------------------------------------------------------- | Europe | 10.6 | 17.6 | -39.6 | 4.0 | 5.7 | -30.6 | 20.9 | -------------------------------------------------------------------------------- | Asia-Pacific | 8.3 | 8.1 | 2.3 | 3.0 | 4.0 | -25.6 | 9.3 | -------------------------------------------------------------------------------- | Middle East and | 6.0 | 5.8 | 3.6 | 2.0 | 2.5 | -20.4 | 8.9 | | Africa | | | | | | | | -------------------------------------------------------------------------------- | Americas | 0.1 | 2.9 | -96.0 | -0.2 | 1.1 | -117.6 | 4.2 | -------------------------------------------------------------------------------- | Unallocated costs | -27.1 | -25.8 | 5.0 | -7.8 | -11.0 | -28.5 | -32.0 | -------------------------------------------------------------------------------- | Total | -2.1 | 8.5 | -124. | 1.0 | 2.4 | -60.7 | 11.4 | | | | | 8 | | | | | -------------------------------------------------------------------------------- | Operating | | | | | | | | | profit/loss, | | | | | | | | | as per cent of net | | | | | | | | | sales | | | | | | | | -------------------------------------------------------------------------------- | Europe | 44.0 | 56.7 | - | 50.2 | 63.2 | - | 51.3 | -------------------------------------------------------------------------------- | Asia-Pacific | 57.2 | 54.1 | - | 56.1 | 61.4 | - | 44.8 | -------------------------------------------------------------------------------- | Middle East and | 54.0 | 56.7 | - | 50.1 | 66.5 | - | 58.6 | | Africa | | | | | | | | -------------------------------------------------------------------------------- | Americas | 3.3 | 52.8 | - | -22.9 | 71.3 | - | 53.1 | -------------------------------------------------------------------------------- | Total | -4.0 | 13.8 | - | 5.3 | 11.6 | - | 13.4 | -------------------------------------------------------------------------------- * The allocation method of costs has been corrected as a result of integration of Axiom Systems. A lower demand compared to previous year decreased net sales in Europe and in the Americas. However, the decrease of net sales in Europe decelerated during the third quarter. In July-September, net sales decreased in Asia-Pacific compared to a strong quarter of the previous year; the growth continued in the Middle East and Africa. The decrease of net sales and the investments in developing new business impaired the operating result significantly in the Americas. In Asia-Pacific and in the Middle East and Africa the profitability remained good during the review period, in Europe the profitability improved during the third quarter. In January-September, Comptel closed 13 new core license agreements (1-9 2008: 13): four Comptel Mediation and Charging Solutions, four Comptel Provisioning and Activation Solutions, two Comptel Fulfillment Solutions, one Comptel Order Management Solution, one Comptel Inventory Solution and one Comptel Service Repository Solution. -------------------------------------------------------------------------------- | Net sales | 1-9 | 1-9 | Change | 7-9 | 7-9 | Change | 2008 | | breakdown | 2009 | 2008 | % | 2009 | 2008 | % | | | by type, EUR | | | | | | | | | million | | | | | | | | -------------------------------------------------------------------------------- | Licenses | 11.6 | 19.3 | -39.8 | 4.7 | 6.7 | -29.4 | 27.4 | -------------------------------------------------------------------------------- | Service and | 41.7 | 42.4 | -1.8 | 13.5 | 14.3 | -6.2 | 57.5 | | maintenance | | | | | | | | -------------------------------------------------------------------------------- | Total | 53.3 | 61.7 | -13.6 | 18.2 | 21.0 | -13.5 | 84.8 | -------------------------------------------------------------------------------- | Net sales by | 1-9 | 1-9 | Change | 7-9 | 7-9 | Change | 2008 | | sales channel, | 2009 | 2008 | % | 2009 | 2008 | % | | | EUR million | | | | | | | | -------------------------------------------------------------------------------- | Direct sales | 37.5 | 44.0 | -14.9 | 12.2 | 14.1 | -13.9 | 60.4 | -------------------------------------------------------------------------------- | Partner sales | 15.8 | 17.7 | -10.5 | 6.0 | 6.9 | -12.7 | 24.5 | -------------------------------------------------------------------------------- | Total | 53.3 | 61.7 | -13.6 | 18.2 | 21.0 | -13.5 | 84.8 | -------------------------------------------------------------------------------- Financial Position -------------------------------------------------------------------------------- | EUR million | 30 Sep 2009 | 31 Dec 2008 | Change % | -------------------------------------------------------------------------------- | Statement of financial position, | 74.9 | 83.0 | -9.7 | | total | | | | -------------------------------------------------------------------------------- | Liquid assets | 6.9 | 6.1 | 13.2 | -------------------------------------------------------------------------------- | Trade receivables | 19.0 | 27.6 | -31.2 | -------------------------------------------------------------------------------- | Accrued income | 11.3 | 9.2 | 23.0 | -------------------------------------------------------------------------------- | Deferred income related to | 0.7 | 1.8 | -60.4 | | partial debiting | | | | -------------------------------------------------------------------------------- | Interest-bearing debt | 8.0 | 5.1 | 58.8 | -------------------------------------------------------------------------------- | Equity ratio, % | 64.7 | 67.4 | - | -------------------------------------------------------------------------------- The statement of financial position (total) on 30 September 2009 was EUR 74.9 million, of which liquid assets amounted to EUR 6.9 million. A significant decrease of trade receivables reduced the statement of financial position. The operating cash flow was EUR 4.9 million (12.3) in January-September. In the third quarter, the operating cash flow was EUR 1.4 million (4.1). The paid dividends were EUR 4.3 million (6.4) during the period under review. The Group had EUR 8.0 million of interest-bearing debt at the end of the review period (3.0). Comptel Corporation has in force a revolving credit facility of EUR 15.0 million maturing in 2013, of which EUR 7.0 million is still available for withdrawal. Equity ratio was 64.7 per cent (68.7) and gearing ratio was 2.4 (-13.1). Investments, Research and Development (R&D) -------------------------------------------------------------------------------- | EUR million | 1-9 | 1-9 | Chang | 7-9 | 7-9 | Change | 2008 | | | 2009 | 2008 | e % | 2009 | 2008 | % | | -------------------------------------------------------------------------------- | Gross investments in | 0.6 | 10.5 | -94.3 | 0.1 | 0.2 | -43.1 | 10.9 | | property, plant and | | | | | | | | | equipment and | | | | | | | | | intangible assets | | | | | | | | -------------------------------------------------------------------------------- | Direct R&D | 10.1 | 10.3 | -1.6 | 2.8 | 4.2 | -33.6 | 14.0 | | expenditure and | | | | | | | | | investments | | | | | | | | -------------------------------------------------------------------------------- | Capitalisation of R&D | 2.5 | 3.6 | -29.5 | 0.7 | 1.0 | -30.5 | 4.6 | | expenditure according | | | | | | | | | to IAS 38 | | | | | | | | -------------------------------------------------------------------------------- The gross investments during the period comprised of investments in devices, software and furnishing. This year the direct R&D expenditure is not fully comparable to previous year since Axiom Systems Ltd was consolidated as of 20 April 2008 and since the expenses have been allocated this year more widely in the regional organisation. Comptel's R&D expenditure and investments were mainly targeted at developing new dynamic end-to-end solutions, which shorten time-to-market for new services and enable service providers to charge for them. Personnel -------------------------------------------------------------------------------- | | 30 Sep | 30 Sep 2008 | Change % | 31 Dec 2008 | | | 2009 | | | | -------------------------------------------------------------------------------- | Number of employees at | 597 | 624 | -4.3 | 653 | | the end of period | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | 1-9 2009 | 1-9 2008 | Change % | 2008 | -------------------------------------------------------------------------------- | Average number of | 620 | 593 | 4.6 | 606 | | personnel during the | | | | | | period | | | | | -------------------------------------------------------------------------------- The number of employees decreased during the review period due to the personnel negotiations at the beginning of the year. The average number of personnel increased in January-September compared to the previous year as Axiom System was acquired during the second quarter of 2008. At the end of period, 19 persons were working in the customer service center established in Bulgaria in 2008. These persons are working for a partner company and not employed by Comptel, but according to the agreement they can be transferred to the Comptel Group in 2010. In January-September, the personnel expenses including one-off items were 55.2 per cent of net sales (47.0). In July-September, the personnel expenses were 47.1 per cent of net sales (48.0). At the end of period 41.4 per cent (48.4) of the personnel were located in Finland, 11.9 per cent (14.3) in Norway, 19.9 per cent (13.3) in Malaysia and 9.7 per cent (10.9) in the United Kingdom. Comptel Share The closing price of Comptel's share on 30 September 2009 was EUR 0.81 (1.25). Comptel's market value at the end of period was EUR 86.6 million (133.7). -------------------------------------------------------------------------------- | Comptel share | 1-9 | 1-9 | Chang | 7-9 | 7-9 | Change | 2008 | | | 2009 | 2008 | e% | 2009 | 2008 | % | | -------------------------------------------------------------------------------- | Shares traded, | 31.9 | 23.2 | 37.4 | 9.4 | 6.0 | 55.7 | 30.5 | | million | | | | | | | | -------------------------------------------------------------------------------- | Shares traded, EUR | 21.2 | 32.8 | -35.1 | 6.8 | 8.4 | -19.0 | 39.7 | | million | | | | | | | | -------------------------------------------------------------------------------- | Highest price, EUR | 0.96 | 1.58 | -39.2 | 0.84 | 1.55 | -45.8 | 1.58 | -------------------------------------------------------------------------------- | Lowest price, EUR | 0.57 | 1.21 | -52.9 | 0.62 | 1.21 | -48.8 | 0.60 | -------------------------------------------------------------------------------- Of Comptel's outstanding shares, 6.6 per cent (7.1) were nominee registered or held by foreign shareholders at the end of the review period. In the period under review, Comptel Corporation allotted 168,426 shares as part of share-based incentives to persons involved in the program and 100,922 shares to the members of the Board of Directors as their annual compensation according to a resolution of the Annual General Meeting. During the review period, a total of 1,250,000 share options 2009A have been distributed to the key personnel of Comptel Group. The rest of the 2009 share options have been granted to Comptel Communications Oy, to be further distributed to the present and future key personnel of the Group. The current share subscription price for option 2009A is EUR 0.63, which corresponds to the trade volume weighted average quotation of the Comptel share on the Helsinki stock exchange during 1 April - 30 April 2009. During the review period, 100,000 share options 2006A have also been distributed. Of the share options 2006A, a total of 1,090,000 are held by the key personnel. The current share subscription price for option 2006A is EUR 1.69, which corresponds to the trade volume weighted average quotation of the Comptel share on the Helsinki stock exchange during 1 April - 30 April 2006 deducted by the dividends paid. 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 The Annual General Meeting, held on 16 March 2009, elected the following members for the Board of Directors: Mr Olli Riikkala, Mr Hannu Vaajoensuu, Mr Timo Kotilainen, Mr Juhani Lassila and Mr Petteri Walldén. The Annual General Meeting approved the Board of Directors' proposal for a dividend, according to which a dividend of EUR 0.04 per share was paid for 2008. The Annual General Meeting decided to issue share options to the key personnel of the Comptel Group and granted the Board of Directors authorisations to repurchase Comptel's own shares and to decide on share issues. A separate stock exchange release about the authorisations given and other decisions made by the Annual General Meeting was published on 16 March 2009. Executive Vice President of Europe, Mr Harri Palviainen, left the company on 26 August 2009. CEO Sami Erviö is acting as an interim leader for European region. Near-term Risks and Uncertainties The weakening of Operations Support System markets may continue in Europe and in the North America, and deceleration of the markets can also expand to other regions. Comptel develops dynamic end-to-end solutions for leading operators in the telecom field. This requires Comptel to understand correctly the trends taking place in its business environment and the needs of its customers and resellers by each region. Failure to identify market conditions, address customers' needs and develop its products in a timely way may significantly undermine Comptel's business and profitability. Comptel operates globally so it is exposed to risks arising from different currency positions. Exchange rate changes between the euro, which is the company's reporting currency, and the US dollar, UK pound sterling and Norwegian krone affect the company's net sales, expenses and net profit. The application submitted by Comptel to prevent double taxation is still pending with the Ministry of Finance in Finland. The company believes the treatment of its withholding taxation will be changed also concerning the countries where the issue is still unsolved. The risks and uncertainties of Comptel are described more in detail in company's annual report which is available in internet at www.comptel.com. Outlook The weakening of markets in Europe since the latter part of last year seems to have halted but there are no clear signs yet of sustained market recovery. The Operations Support System markets seem to have stabilised globally and the market conditions are expected to remain similar also during the last quarter of this year. Net sales and operating result are forecasted to be clearly higher during the second half compared to the first half of the year. The full year net sales and operating result are estimated to remain lower than in the previous year. TABLE PART The interim financial statements have been prepared in accordance with IAS 34, Interim Financial Reporting, as adopted by the EU. The accounting policies adopted in the interim financial statements are consistent with those of the annual report for the year ended 2008 except for the application of new or amended standards and interpretations as set forth in note 1. All figures in the financial report have been rounded and consequently the sum of the individual figures can deviate from the sum figure. The interim report is unaudited. -------------------------------------------------------------------------------- | Consolidated Statement of | 1 Jan - | 1 Jan - | 1 Jul - | 1 Jul - | | Comprehensive Income (EUR 1,000) | 30 Sep | 30 Sep | 30 Sep | 30 Sep | | | 2009 | 2008 | 2009 | 2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 53,277 | 61,688 | 18,165 | 21,009 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other operating income | 87 | 68 | 3 | 67 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Materials and services | -4,420 | -4,831 | -1,649 | -1,634 | -------------------------------------------------------------------------------- | Employee benefits | -29,397 | -28,993 | -8,551 | -10,076 | -------------------------------------------------------------------------------- | Depreciation, amortisation and | -4,107 | -3,752 | -1,508 | -1,373 | | impairment charges | | | | | -------------------------------------------------------------------------------- | Other operating expenses | -17,554 | -15,656 | -5,504 | -5,562 | -------------------------------------------------------------------------------- | | -55,479 | -53,232 | -17,212 | -18,645 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating profit/loss | -2,115 | 8,525 | 955 | 2,430 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Financial income | 870 | 841 | -101 | 464 | -------------------------------------------------------------------------------- | Financial expenses | -1,371 | -1,120 | -586 | -286 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit/Loss before income taxes | -2,617 | 8,245 | 268 | 2,608 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Income taxes | -1,105 | -4,197 | -431 | -1,222 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit/Loss for the period | -3,722 | 4,049 | -163 | 1,387 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other comprehensive income | | | | | -------------------------------------------------------------------------------- | Cash flow hedges | -105 | -306 | -253 | -371 | -------------------------------------------------------------------------------- | Translation differences | 449 | -95 | -253 | 119 | -------------------------------------------------------------------------------- | Income tax relating to | 27 | 79 | 66 | 96 | | components of other | | | | | | comprehensive income | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total comprehensive income for | -3,350 | 3,727 | -440 | 1,232 | | the period | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit/Loss attributable to: | | | | | -------------------------------------------------------------------------------- | Equity holders of the parent | -3,722 | 4,049 | -163 | 1,387 | | company | | | | | -------------------------------------------------------------------------------- | Minority interests | - | - | - | - | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total comprehensive income | | | | | | attributable to: | | | | | -------------------------------------------------------------------------------- | Equity holders of the parent | -3,350 | 3,727 | -440 | 1,232 | | company | | | | | -------------------------------------------------------------------------------- | Minority interests | - | - | - | - | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholders of the parent | | | | | | company: | | | | | -------------------------------------------------------------------------------- | Earnings per share, EUR | -0.03 | 0.04 | 0.00 | 0.01 | -------------------------------------------------------------------------------- | Earnings per share, diluted, EUR | -0.03 | 0.04 | 0.00 | 0.01 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Consolidated Statement of Financial | 30 Sep 2009 | 31 Dec 2008 | | Position (EUR 1,000) | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Assets | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Non-current assets | | | -------------------------------------------------------------------------------- | Goodwill | 19,157 | 19,027 | -------------------------------------------------------------------------------- | Other intangible assets | 11,661 | 11,978 | -------------------------------------------------------------------------------- | Tangible assets | 1,732 | 2,595 | -------------------------------------------------------------------------------- | Investments in associates | 649 | 649 | -------------------------------------------------------------------------------- | Available-for sale financial assets | 87 | 87 | -------------------------------------------------------------------------------- | Deferred tax assets | 1,748 | 1,153 | -------------------------------------------------------------------------------- | Other non-current receivables | 254 | 244 | -------------------------------------------------------------------------------- | | 35,289 | 35,734 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Current assets | | | -------------------------------------------------------------------------------- | Trade and other receivables | 32,702 | 41,106 | -------------------------------------------------------------------------------- | Cash and cash equivalents | 6,945 | 6,135 | -------------------------------------------------------------------------------- | | 39,646 | 47,241 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total assets | 74,935 | 82,975 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity and liabilities | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity attributable to equity holders | | | | of the parent company | | | -------------------------------------------------------------------------------- | Share capital | 2,141 | 2,141 | -------------------------------------------------------------------------------- | Fund of invested non-restricted equity | 7,499 | 7,433 | -------------------------------------------------------------------------------- | Translation difference | -2,051 | -2,500 | -------------------------------------------------------------------------------- | Retained earnings | 36,823 | 44,502 | -------------------------------------------------------------------------------- | | 44,413 | 51,576 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Minority interest | - | 0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total equity | 44,413 | 51,576 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Non-current liabilities | | | -------------------------------------------------------------------------------- | Deferred tax liabilities | 5,336 | 4,902 | -------------------------------------------------------------------------------- | Provisions | 2,676 | 2,937 | -------------------------------------------------------------------------------- | Non-current financial liabilities | 1 | 12 | -------------------------------------------------------------------------------- | | 8,013 | 7,851 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Current liabilities | | | -------------------------------------------------------------------------------- | Trade and other current liabilities | 14,487 | 18,507 | -------------------------------------------------------------------------------- | Current financial liabilities | 8,023 | 5,040 | -------------------------------------------------------------------------------- | | 22,510 | 23,548 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total liabilities | 30,522 | 31,399 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total equity and liabilities | 74,935 | 82,975 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Consolidated statement of cash flows | 1 Jan - | 1 Jan - | | (EUR 1,000) | 30 Sep 2009 | 30 Sep 2008 | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | Cash flows from operating activities | | | -------------------------------------------------------------------------------- | Profit/Loss for the period | -3,722 | 4,049 | -------------------------------------------------------------------------------- | Adjustments: | | | -------------------------------------------------------------------------------- | Transactions without cash flow effect | 5,032 | 4,780 | -------------------------------------------------------------------------------- | Interest and other financial expenses | 248 | 127 | -------------------------------------------------------------------------------- | Interest income | -51 | -204 | -------------------------------------------------------------------------------- | Income taxes | 1,105 | 4,197 | -------------------------------------------------------------------------------- | Change in working capital: | | | -------------------------------------------------------------------------------- | Change in trade and other receivables | 8,902 | 6,808 | -------------------------------------------------------------------------------- | Change in trade and other current | -4,907 | -4,325 | | liabilities | | | -------------------------------------------------------------------------------- | Change in provisions | -261 | 10 | -------------------------------------------------------------------------------- | Interest paid | -172 | -57 | -------------------------------------------------------------------------------- | Interest received | 95 | 166 | -------------------------------------------------------------------------------- | Income taxes paid | -1,399 | -3,230 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net cash from operating activities | 4,870 | 12,322 | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | Cash flows from investing activities | | | -------------------------------------------------------------------------------- | Acquisition of subsidiaries, net of | - | -9,333 | | cash | | | -------------------------------------------------------------------------------- | Purchase price adjustments | 268 | - | -------------------------------------------------------------------------------- | Investments in tangible assets | -389 | -987 | -------------------------------------------------------------------------------- | Investments in intangible assets | -210 | -36 | -------------------------------------------------------------------------------- | Investments in development projects | -2,532 | -3,591 | -------------------------------------------------------------------------------- | Proceeds from sale of tangible and | 341 | - | | intangible assets | | | -------------------------------------------------------------------------------- | Change in receivables | 0 | - | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net cash used in investing activities | -2,522 | -13,948 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flows from financing activities | | | -------------------------------------------------------------------------------- | Dividends paid | -4,278 | -6,415 | -------------------------------------------------------------------------------- | Acquisition of Corporation's own | -174 | - | | shares | | | -------------------------------------------------------------------------------- | Proceeds from borrowings | 8,000 | 3,000 | -------------------------------------------------------------------------------- | Repayment of borrowings | -5,000 | - | -------------------------------------------------------------------------------- | Change in other non-current | -11 | -20 | | liabilities | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net cash used in financing activities | -1,464 | -3,436 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net change in cash and cash | 884 | -5,062 | | equivalents | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash and cash equivalents at the | 6,135 | 14,708 | | beginning of the period | | | -------------------------------------------------------------------------------- | Effects of changes in foreign | 74 | - | | exchange rates | | | -------------------------------------------------------------------------------- | Cash and cash equivalents at the end | 6,945 | 9,646 | | of the period | | | -------------------------------------------------------------------------------- | Change | 884 | -5,062 | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 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 | | | | | | -------------------------------------------------------------------------------- | Dividends | | | | | | -------------------------------------------------------------------------------- | Transfer of | | 65 | | | | | treasury shares | | | | | | -------------------------------------------------------------------------------- | Share-based | | | | | | | compensation | | | | | | -------------------------------------------------------------------------------- | Total | | | -95 | -226 | | | comprehensive | | | | | | | income for the | | | | | | | period | | | | | | -------------------------------------------------------------------------------- | Equity at 30 | 2,141 | 7,433 | -912 | -148 | | | Sep 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 | | | | | | -------------------------------------------------------------------------------- | Dividends | | -6,415 | -6,415 | - | -6,415 | -------------------------------------------------------------------------------- | Transfer of | 302 | -302 | 65 | | 65 | | treasury shares | | | | | | -------------------------------------------------------------------------------- | Share-based | | 769 | 769 | | 769 | | compensation | | | | | | -------------------------------------------------------------------------------- | Total | | 4,049 | 3,727 | | 3,727 | | comprehensive | | | | | | | income for the | | | | | | | period | | | | | | -------------------------------------------------------------------------------- | Change in group | | | | -54 | -54 | | structure | | | | | | -------------------------------------------------------------------------------- | Equity at 30 | -125 | 41,787 | 50,176 | 63 | 50,239 | | Sep 2008 | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 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 | 7,433 | -2,500 | 85 | | | Dec 2008 | | | | | | -------------------------------------------------------------------------------- | Dividends | | | | | | -------------------------------------------------------------------------------- | Acquisition of | | | | | | | Corporation's | | | | | | | own shares | | | | | | -------------------------------------------------------------------------------- | Transfer of | | 67 | | | | | treasury shares | | | | | | -------------------------------------------------------------------------------- | Share-based | | | | | | | compensation | | | | | | -------------------------------------------------------------------------------- | Total | | | 449 | -78 | | | comprehensive | | | | | | | income for the | | | | | | | period | | | | | | -------------------------------------------------------------------------------- | Equity at 30 | 2,141 | 7,499 | -2,051 | 7 | | | Sep 2009 | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | | | | Minority | Equity | | | | | | interest | total | -------------------------------------------------------------------------------- | EUR 1,000 | Treasur | Retained | Total | | | | | y | earnings | | | | | | shares | | | | | -------------------------------------------------------------------------------- | Equity at 31 | -125 | 44,541 | 51,576 | 0 | 51,576 | | Dec 2008 | | | | | | -------------------------------------------------------------------------------- | Dividends | | -4,278 | -4,278 | - | -4,278 | -------------------------------------------------------------------------------- | Acquisition of | -174 | | -174 | | -174 | | Corporation's | | | | | | | own shares | | | | | | -------------------------------------------------------------------------------- | Transfer of | 174 | -174 | 67 | | 67 | | treasury shares | | | | | | -------------------------------------------------------------------------------- | Share-based | | 574 | 574 | | 574 | | compensation | | | | | | -------------------------------------------------------------------------------- | Total | | -3,722 | -3,350 | | -3,350 | | comprehensive | | | | | | | income for the | | | | | | | period | | | | | | -------------------------------------------------------------------------------- | Equity at 30 | -125 | 36,941 | 44,413 | - | 44,413 | | Sep 2009 | | | | | | -------------------------------------------------------------------------------- Notes 1. Application of new or amended standards and interpretations On 1 January 2009 the Group adopted the following new and amended standards and interpretations endorsed by the EU and that are applicable to Comptel: IAS 1 Presentation of Financial Statements (revised 2007). The amendments have mainly changed the presentation format of the income statement and the statement of changes in equity. IFRS 8 Operating Segments. Under IFRS 8 identification of segments is based on the reporting used for internal reporting purposes to the top management. IFRS 8 has not changed the reportable segments of the Comptel Group. IFRS 2 Sharebased Payment - Vesting conditions and Cancellations. The amended standard requires all non-vesting conditions to be taken into account when determining the fair value of the equity instruments granted. The amendment has not had any impact on the interim report of Comptel. Improvements to IFRSs (Annual Improvements 2007). The amendments to the standards have not had significant impact on the interim report of Comptel. 2. Segment information IFRS 8 Operating Segments standard became effective on 1 January 2009. According to the standard operating segment information must be based on management reporting and accounting principles followed therein. Comptel Group's operating segment reporting is conforming to IFRS standards. Adoption of IFRS 8 Operating Segments did not change the reported operating segments or items allocated or not allocated to the segments of Comptel Group, or the definitions of such items. The assessment of the operating results and resource allocation is based on the operating profit or loss of the segment in Comptel Group. The President and CEO of Comptel Group is ultimately responsible for these decisions. Net sales by segment -------------------------------------------------------------------------------- | EUR 1,000 | 1 Jan - 30 | 1 Jan - 30 | 1 Jul - 30 | 1 Jul - 30 | | | Sep 2009 | Sep 2008 | Sep 2009 | Sep 2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Europe | 24,141 | 30,997 | 7,930 | 9,069 | -------------------------------------------------------------------------------- | Asia-Pacific | 14,446 | 14,954 | 5,345 | 6,559 | -------------------------------------------------------------------------------- | Middle East and | 11,124 | 10,233 | 4,032 | 3,819 | | Africa | | | | | -------------------------------------------------------------------------------- | Americas | 3,566 | 5,505 | 857 | 1,562 | -------------------------------------------------------------------------------- | Group total | 53,277 | 61,688 | 18,165 | 21,009 | -------------------------------------------------------------------------------- Operating profit/loss by segment1) -------------------------------------------------------------------------------- | EUR 1,000 | 1 Jan - 30 | 1 Jan - 30 | 1 Jul - 30 | 1 Jul - 30 | | | Sep 2009 | Sep 2008 | Sep 2009 | Sep 2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Europe | 10,625 | 17,581 | 3,977 | 5,729 | -------------------------------------------------------------------------------- | Asia-Pacific | 8,268 | 8,086 | 2,996 | 4,025 | -------------------------------------------------------------------------------- | Middle East and | 6,008 | 5,798 | 2,022 | 2,538 | | Africa | | | | | -------------------------------------------------------------------------------- | Americas | 117 | 2,907 | -196 | 1,114 | -------------------------------------------------------------------------------- | Group unallocated | -27,132 | -25,847 | -7,844 | -10,977 | | expenses | | | | | -------------------------------------------------------------------------------- | Group operating | -2,115 | 8,525 | 955 | 2,430 | | profit/loss total | | | | | -------------------------------------------------------------------------------- | Financial income and | -502 | -279 | -687 | 178 | | expenses | | | | | -------------------------------------------------------------------------------- | Group profit/loss | -2,617 | 8,245 | 268 | 2,608 | | before income taxes | | | | | -------------------------------------------------------------------------------- 1) The allocation method of costs has been corrected for the whole year as a result of integration of Axiom Systems. 3. Business combinations On 21 April 2008, Comptel Corporation acquired all the shares of Axiom Systems Holdings Limited. The purchase price was GBP 7.0 million (EUR 8.9 million). During the first quarter 2009, the purchase price was adjusted to GBP 6.8 million (EUR 8.6 million). 4. Income tax expense Tax expense according to the statement of comprehensive income for the period was EUR 1,105 thousand (EUR 4,197 thousand). 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. The issue has been transferred to the Ministry of Finance. The Ministry of Finance has now come to an agreement with Greece, Malaysia and Romania. Relating to these countries, Comptel has booked EUR 725 thousand tax receivables. For other countries the issue of double taxation remains to be decided by 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 904 thousand in January - September(EUR 1,310 thousand). 5. Tangible assets -------------------------------------------------------------------------------- | EUR 1,000 | 1 Jan - 30 Sep | 1 Jan - 30 Sep | | | 2009 | 2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Additions | 389 | 999 | -------------------------------------------------------------------------------- | Business combinations | - | 289 | -------------------------------------------------------------------------------- | Disposals | -341 | -5 | -------------------------------------------------------------------------------- 6. Related party transactions The Comptel Group has a related party relationship with its associates, the Board of Directors, the Corporate Executives and also with people and companies under Comptel management's influence. Transactions, which have been entered into with related parties are as follows: -------------------------------------------------------------------------------- | EUR 1,000 | 1 Jan - 30 Sep | 1 Jan - 30 Sep | | | 2009 | 2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Associates | | | -------------------------------------------------------------------------------- | Purchases of goods and services | 411 | 1,025 | -------------------------------------------------------------------------------- | Interest income | 3 | 38 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Companies under management's influence | | | -------------------------------------------------------------------------------- | Purchases of goods and services | 27 | 24 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR 1,000 | 30 Sep 2009 | 31 Dec | | | | 2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Associates | | | -------------------------------------------------------------------------------- | Trade and other current receivables | - | 191 | -------------------------------------------------------------------------------- | Trade and other current liabilities | - | 197 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Companies under management's influence | | | -------------------------------------------------------------------------------- | Trade and other current liabilities | 1 | 1 | -------------------------------------------------------------------------------- Remuneration to key management The key management personnel compensation includes the employee benefits of the members of the Board of Directors and the Corporate Executives.2) -------------------------------------------------------------------------------- | EUR 1,000 | 1 Jan-30 Sep | 1 Jan-30 Sep | | | 2009 | 2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Salaries and other short-term employee | 1,816 | 1,318 | | benefits | | | -------------------------------------------------------------------------------- | Share-based payments | 325 | 406 | -------------------------------------------------------------------------------- | Total | 2,140 | 1,723 | -------------------------------------------------------------------------------- 2) In 2008, the Executive Board consisted of 7-8 persons. In 2009, the number of Corporate Executives is 12. 7. Commitments Minimum lease payments on non-cancellable office facilities and other operating leases are payable as follows: -------------------------------------------------------------------------------- | EUR 1,000 | 30 Sep 2009 | 31 Dec 2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Less than one year | 3,659 | 4,234 | -------------------------------------------------------------------------------- | Between one and five years | 12,538 | 12,136 | -------------------------------------------------------------------------------- | More than five years | 2,556 | 3,282 | -------------------------------------------------------------------------------- | Total | 18,753 | 19,652 | -------------------------------------------------------------------------------- The group had no material capital commitments for the purchase of tangible assets as at 30 September 2009 and 30 September 2008. 8. Contingent liabilities -------------------------------------------------------------------------------- | EUR 1,000 | 30 Sep 2009 | 31 Dec 2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Bank guarantees | 1,054 | 1,047 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- 9. Key figures -------------------------------------------------------------------------------- | Financial summary | 1 Jan - 30 | 1 Jan - 30 | 1 Jan - 31 | | | Sep 2009 | Sep 2008 | Dec 2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales, EUR 1,000 | 53,277 | 61,688 | 84,849 | -------------------------------------------------------------------------------- | Net sales, change % | -13.6 | 5.7 | 3.0 | -------------------------------------------------------------------------------- | Operating profit/loss, EUR | -2,115 | 8,525 | 11,383 | | 1,000 | | | | -------------------------------------------------------------------------------- | Operating profit/loss, | -124,8 | -5.4 | -31.1 | | change % | | | | -------------------------------------------------------------------------------- | Operating profit/loss, as % | -4.0 | 13.8 | 13.4 | | of net sales | | | | -------------------------------------------------------------------------------- | Profit/loss before taxes, | -2,617 | 8,245 | 10,597 | | EUR 1,000 | | | | -------------------------------------------------------------------------------- | Profit/loss before taxes, as | -4.9 | 13.4 | 12.5 | | % of net sales | | | | -------------------------------------------------------------------------------- | Return on equity, % | - | - | 12.8 | -------------------------------------------------------------------------------- | Return on investment, % | - | - | 19.1 | -------------------------------------------------------------------------------- | Equity ratio, % | 64.7 | 68.7 | 67.4 | -------------------------------------------------------------------------------- | Gross investments in | 599 | 10,497 | 10,919 | | tangible and intangible | | | | | assets, EUR 1,000 1) | | | | -------------------------------------------------------------------------------- | Gross investments in | 1.1 | 17.0 | 12,9 | | tangible and intangible | | | | | assets, as % of net sales | | | | -------------------------------------------------------------------------------- | Capitalisations according to | 2,450 | 3,591 | 4,566 | | IAS 38 to intangible assets | | | | -------------------------------------------------------------------------------- | Research and development | 10,090 | 10,255 | 14,007 | | expenditure, EUR 1,000 | | | | -------------------------------------------------------------------------------- | Research and development | 18.9 | 16.6 | 16.5 | | expenditure, as % of net | | | | | sales | | | | -------------------------------------------------------------------------------- | Order backlog, EUR 1,000 2) | 29,630 | 30,038 | 38,846 | -------------------------------------------------------------------------------- | Average number of employees | 620 | 593 | 606 | | during the period | | | | -------------------------------------------------------------------------------- | Interest-bearing net | 1,078 | -6,573 | -1,083 | | liabilities, EUR 1,000 | | | | -------------------------------------------------------------------------------- | Gearing ratio, % | 2.4 | -13.1 | -2.1 | -------------------------------------------------------------------------------- | 1) Includes acquisition of Axiom Systems in 2008. Gross | | | investments excluding the acquisition were EUR 1,461 | | | thousand which amount to 1.7 percent of net sales. In | | | January - September gross investments excluding the | | | acquisition were EUR 1,040 thousand, which amount to 1.7 | | | percent of net sales. | | -------------------------------------------------------------------------------- | 2) The order book may vary significantly during the | | | financial period. | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Per share data | 1 Jan - 30 | 1 Jan - 30 | 1 Jan - 31 | | | Sep 2009 | Sep 2008 | Dec 2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share (EPS), EUR | -0.03 | 0.04 | 0.06 | -------------------------------------------------------------------------------- | EPS diluted, EUR | -0.03 | 0.04 | 0.06 | -------------------------------------------------------------------------------- | Equity per share, EUR | 0.42 | 0.47 | 0.48 | -------------------------------------------------------------------------------- | Dividend per share, EUR | - | - | 0.04 | -------------------------------------------------------------------------------- | Dividend per earnings, % | - | - | 64.6 | -------------------------------------------------------------------------------- | Effective dividend yield, % | - | - | 5.8 | -------------------------------------------------------------------------------- | P/E ratio | - | - | 11.1 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 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 | 92,654 | 92,654 | | treasury shares | | | | -------------------------------------------------------------------------------- | Outstanding shares | 106,962,156 | 106,962,156 | 106,962,156 | -------------------------------------------------------------------------------- | Adjusted average number of | 106,962,156 | 106,930,610 | 106,938,539 | | shares during the period | | | | -------------------------------------------------------------------------------- | Average number of shares, | 107,088,326 | 106,930,610 | 106,938,539 | | 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 | -------------------------------------------------------------------------------- | | | Total equity (average during year) | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Return on investment % | = | Profit/loss before taxes + | x 100 | | (ROI) | | financial expenses | | -------------------------------------------------------------------------------- | | | Total equity + interest bearing | | | | | liabilities | | | | | (average during the year) | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity ratio % | = | Total equity | x 100 | -------------------------------------------------------------------------------- | | | Statement of financial position | | | | | 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 | | -------------------------------------------------------------------------------- | | | Total 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 Corporation will announce its financial statements bulletin for 2009 on 9 February 2010. COMPTEL CORPORATION Board of Directors Additional information: Mr Sami Erviö, President and CEO, tel. +358 9 700 1131 Mr Markku Pirskanen, CFO, tel. +358 40 517 4606 Mr Samppa Seppälä, Director, IR and Corporate Communications, tel. +358 50 568 0533 Distribution: NASDAQ OMX Helsinki Major media
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