2010-02-09 06:59:26 CET
2010-02-09 07:00:25 CET
REGULATED INFORMATION
Comptel - Financial Statement Release
COMPTEL CORPORATION'S FINANCIAL STATEMENTS FOR 2009
COMPTEL Financial statement release 9 February 2010 at 8.00 am COMPTEL CORPORATION'S FINANCIAL STATEMENTS FOR 2009 October-December operating profit grew from the previous year, net sales and order backlog slightly lower. Key Figures for the Fourth Quarter Net sales EUR 21.6 million (October-December 2008: 23.2) Operating profit EUR 3.1 million (2.9) Operating profit excluding one-off items EUR 3.7 million (3.3) Earnings per share EUR 0.01 (0.02) Order backlog EUR 37.6 million (38.8) Key Figures for the Full Year Net sales EUR 74.9 million (2008: 84.8) Operating profit EUR 1.0 million (11.4) Operating profit excluding one-off items EUR 3.5 million (12.5) Earnings per share EUR -0.02 (0.06) Number of employees at the year end 587 (653) Board of Directors proposes a dividend of EUR 0.03 (0.04) per share be paid for 2009. Comptel's net sales and operating profit are estimated to grow in 2010. The full year operating profit margin is forecast to be 8-12 per cent. However, in the first quarter net sales are estimated to remain at the previous year's level or to decrease slightly, which may lead to a negative operating result. The full year financial information in this stock exchange release is based on the company's audited financial statements. The auditor's report was issued on 8 February 2010. Sami Erviö, President and CEO: ”Comptel performed as planned during the last quarter. Net sales remained at the previous year's good level in Asia and in the Middle East, and increased to almost the previous year's level in Europe. The situation in Europe became better: in October-December Comptel sold six new core licenses, all in Europe. The Group's order backlog remained at the previous year's level. In the last quarter, the Group's operating profit improved from the previous year. The operating profit includes one-off items of approximately EUR 0.5 million related to the restructuring of the European organisation. In 2009, the global recession had an impact on telecom operators' investments and it decreased the demand for operations support systems in Europe and in the Americas. The low order flow in Europe especially during the first half of the year decreased Comptel's full year net sales. The cost savings, which were commenced in the beginning of the year, realised according to plan. We continued actively to focus R&D and to position our offering away from point solutions towards dynamic end-to-end solutions. The customer service centre operations and resources set-up in Bulgaria were significantly expanded during the year.” Summary of January-December 2009 The net sales of Comptel Group were EUR 74.9 million (84.8) in 2009. Net sales decreased 11.7 per cent (increased 3.0) from the previous year. Low license sales especially in the European and American markets decreased net sales. In October-December, net sales decreased 6.7 per cent from the previous year and were EUR 21.6 million (23.2). The Group's operating profit was EUR 1.0 million (11.4), which corresponds 1.4 per cent (13.4) of net sales. The operating profit, excluding one-off items of EUR 2.5 million (1.1) related to personnel reductions, was EUR 3.5 million (12.5), which corresponds 4.7 per cent (14.7) of net sales. In October-December, the operating profit was EUR 3.1 million (2.9), which is 14.5 per cent (12.3) of net sales. Excluding one-off items of EUR 0.5 million, the operating profit was EUR 3.7 million (3.3) in the last quarter. Net financial items were EUR 0.7 million negative (0.9 negative). The Group's profit before taxes was EUR 0.4 million (10.6), representing 0.5 per cent (12.5) of net sales. Group net loss was EUR 2.1 million (net profit 6.6). Earnings per share for the financial period were EUR -0.02 (0.06). Tax expense for the year 2009 was EUR 2.5 million (4.0), of which EUR 1.2 million (1.5) were withholding taxes due to double taxation. The cumulative amount of double paid withholding taxes is EUR 6.6 million. The respective countries and the Ministry of Finance in Finland are still negotiating on the recovery of the withholding taxes. The company believes the treatment of its withholding taxation will be changed. The Group's order backlog remained at the previous year's level and was EUR 37.6 million (38.8) at the end of the period. During the first and last quarter, Comptel was engaged in personnel negotiations in Finland and in Norway. As a result of these negotiations, the company adjusted its headcount in line with the reduced demand especially in Europe. With these measures, the Group will reach annual cost savings of approximately EUR 8 million compared to the year-end level of 2008. In 2009, cost savings of approximately EUR 6 million were realised. Business Areas -------------------------------------------------------------------------------- | Net sales | 1-12 | 1-12 | Change% | 10-12 | 10-12 | Change% | | EUR million | 2009 | 2008 | | 2009 | 2008 | | -------------------------------------------------------------------------------- | Europe | 33.3 | 40.8 | -18.3 | 9.2 | 9.8 | -6.3 | -------------------------------------------------------------------------------- | Asia-Pacific | 20.5 | 20.9 | -1.9 | 6.0 | 5.9 | 1.7 | -------------------------------------------------------------------------------- | Middle East and Africa | 16.1 | 15.3 | 5.2 | 5.0 | 5.0 | -1.8 | -------------------------------------------------------------------------------- | Americas | 5.1 | 7.9 | -36.2 | 1.5 | 2.4 | -38.4 | -------------------------------------------------------------------------------- | Total | 74.9 | 84.8 | -11.7 | 21.6 | 23.2 | -6.7 | -------------------------------------------------------------------------------- | Operating profit by | | | | | | | | area | | | | | | | | EUR million | | | | | | | -------------------------------------------------------------------------------- | Europe | 15.4 | 20.9 | -26.5 | 4.7 | 3.3 | 42.7 | -------------------------------------------------------------------------------- | Asia-Pacific | 11.5 | 9.3 | 23.2 | 3.2 | 1.3 | 157.5 | -------------------------------------------------------------------------------- | Middle East and Africa | 8.3 | 8.9 | -7.2 | 2.3 | 3.1 | -27.1 | -------------------------------------------------------------------------------- | Americas | 0.3 | 4.2 | -93.5 | 0.2 | 1.3 | -88.0 | -------------------------------------------------------------------------------- | Unallocated costs | -34.4 | -32.0 | 7.5 | -7.3 | -6.2 | 0.2 | -------------------------------------------------------------------------------- | Total | 1.0 | 11.4 | -91.1 | 3.1 | 2.9 | 9.6 | -------------------------------------------------------------------------------- | Operating profit | | | | | | | | % of net sales | | | | | | | -------------------------------------------------------------------------------- | Europe | 46.1 | 51.3 | - | 51.7 | 33.9 | - | -------------------------------------------------------------------------------- | Asia-Pacific | 56.3 | 44.8 | - | 54.1 | 21.4 | - | -------------------------------------------------------------------------------- | Middle East and Africa | 51.6 | 58.6 | - | 46.3 | 62.4 | - | -------------------------------------------------------------------------------- | Americas | 5.4 | 53.1 | - | 10.5 | 53.8 | - | -------------------------------------------------------------------------------- | Total | 1.4 | 13.4 | - | 14.5 | 12.3 | - | -------------------------------------------------------------------------------- Low license sales reduced net sales in Europe and in the Americas in 2009. The decline of net sales in Europe decelerated during the second part of the year. In Asia-Pacific, net sales remained at the previous year's level and 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. The profitability strengthened in Asia-Pacific and remained good in the Middle East and Africa. In Europe, the profitability improved during the latter part of the year. In 2009, Comptel sold a total of 19 (21) new core licenses of which five were Comptel Mediation and Charging, five Comptel Control and Charge, four Comptel Provisioning and Activation, two Comptel Fulfillment, one Comptel Order Management, one Comptel Inventory and one Comptel Service Repository. Ten licenses were sold in Europe, five in the Middle East and Africa, three in Asia-Pacific and one in the Americas. In October-December, Comptel sold six (9) new core licenses of which five were newly launched Comptel Control and Charge and one Comptel Mediation and Charging. The license deals were all concluded in Europe. -------------------------------------------------------------------------------- | Net sales breakdown | 1-12 | 1-12 | Change% | 10-12 | 10-12 | Change | | by type EUR million | 2009 | 2008 | | 2009 | 2008 | % | -------------------------------------------------------------------------------- | Licenses | 19.7 | 27.4 | -28.2 | 8.1 | 8.1 | -0.7 | -------------------------------------------------------------------------------- | Services and | 55.2 | 57.5 | -3.9 | 13.6 | 15.0 | -9.9 | | maintenance | | | | | | | -------------------------------------------------------------------------------- | Total | 74.9 | 84.8 | -11.7 | 21.6 | 23.2 | -6.7 | -------------------------------------------------------------------------------- Low license sales increased the relative proportion of services and maintenance in full year figures; the share of license sales grew during the last quarter. -------------------------------------------------------------------------------- | Net sales by sales | 1-12 | 1-12 | Change | 10-12 | 10-12 | Change% | | channel | 2009 | 2008 | % | 2009 | 2008 | | | EUR million | | | | | | | -------------------------------------------------------------------------------- | Direct sales | 51.7 | 60.4 | -14.3 | 14.3 | 16.4 | -12.7 | -------------------------------------------------------------------------------- | Partner sales | 23.1 | 24.5 | -5.4 | 7.3 | 6.8 | 7.8 | -------------------------------------------------------------------------------- | Total | 74.9 | 84.8 | -11.7 | 21.6 | 23.2 | -6.7 | -------------------------------------------------------------------------------- The breakdown of sales channel did not change significantly in 2009; the share of partner sales increased in the last quarter. Financial Position -------------------------------------------------------------------------------- | EUR million | 31 Dec 2009 | 31 Dec 2008 | Change, % | -------------------------------------------------------------------------------- | Statement of financial position | 82.6 | 83.0 | -0.4 | | total | | | | -------------------------------------------------------------------------------- | Liquid assets | 6.7 | 6.1 | 9.7 | -------------------------------------------------------------------------------- | Trade receivables | 23.6 | 27.6 | -14.6 | -------------------------------------------------------------------------------- | Accrued income | 13.5 | 9.2 | 47.0 | -------------------------------------------------------------------------------- | Deferred income related to | 1.6 | 1.8 | -12.7 | | partial debiting | | | | -------------------------------------------------------------------------------- | Interest-bearing debt | 8.0 | 5.1 | 58.6 | -------------------------------------------------------------------------------- | Equity ratio, % | 62.6 | 67.4 | - | -------------------------------------------------------------------------------- Statement of financial position total on 31 December 2009 was EUR 82.6 million (83.0), of which liquid assets amounted to EUR 6.7 million (6.1). In January-December, net operating cash flow was EUR 6.3 million (7.9), paid dividends were EUR 4.3 million (6.4) and net investments were EUR 4.1 million (15.3). The trade receivables at the end of the period were EUR 23.6 million (27.6). Accrued income was EUR 13.5 million (9.2). The deferred income related to partial debiting was EUR 1.6 million (1.8). The Group had EUR 8.0 million of interest-bearing debt at the date of the financial statements (5.1). Comptel Corporation has in force a revolving credit facility of EUR 15.0 million maturing in the year 2013, of which EUR 7.0 million is still to be withdrawn. Equity ratio was 62.6 per cent (67.4) and the gearing ratio was 2.8 (2.1 negative). Investments, Research and Development (R&D) -------------------------------------------------------------------------------- | EUR million | 1-12 | 1-12 | Change | 10-12 | 10-12 | Change% | | | 2009 | 2008 | % | 2009 | 2008 | | -------------------------------------------------------------------------------- | Gross investments in | 0.7 | 10.9 | -93.7 | 0.1 | 0.4 | -79.3 | | property, plant and | | | | | | | | equipment and intangible | | | | | | | | assets | | | | | | | -------------------------------------------------------------------------------- | Direct R&D expenditure | 13.1 | 14.0 | -6.5 | 3.0 | 3.8 | -20.0 | | and investments | | | | | | | -------------------------------------------------------------------------------- | Capitalisation of R&D | 3.9 | 4.6 | -14.4 | 1.4 | 1.0 | 41.0 | | expenditure according to | | | | | | | | IAS 38 | | | | | | | -------------------------------------------------------------------------------- Gross investments in tangible and intangible assets were EUR 0.7 million in 2009 (2008: EUR 1.5 million excluding the acquisition of Axiom Systems) and comprised of investments in devices, software and furnishings. The investments were funded through cash flow from operations. Direct R&D expenditure of 2009 is not fully comparable to previous year since Axiom Systems Ltd was consolidated as of 20 April 2008 and since company's expenses have been allocated more widely in the regional organisation in 2009. Comptel's R&D expenditure and investments were mainly targeted at developing new dynamic end-to-end solutions, which enable service providers to shorten time-to-market for new services and to charge for them. Comptel continued the development of all of its main products to further improve competitiveness and to offer new features and functionalities. Personnel -------------------------------------------------------------------------------- | | 31 Dec | 31 Dec | Change, % | | | 2009 | 2008 | | -------------------------------------------------------------------------------- | Number of employees at the end of | 587 | 653 | -10.1 | | period | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | 1-12 2009 | 1-12 2008 | Change, % | -------------------------------------------------------------------------------- | Average number of personnel | 613 | 606 | 1.2 | | during the period | | | | -------------------------------------------------------------------------------- The adjustment of operations in line with declined demand especially in Europe reduced the number of employees. At the end of the year, 29 persons were working in the customer service centre established in Bulgaria in 2008. These persons are working for a partner company and will be transferred to the Comptel Group during the second quarter of 2010. In January-September, the personnel expenses including one-off items were 51.0 per cent of net sales (45.9). In October-December, the personnel expenses were 40.9 per cent of net sales (42.9). At the end of the year 41.1 per cent (46.2) of the personnel were located in Finland, 20.4 per cent (15.0) in Malaysia, 12.1 per cent (13.5) in Norway, and 9.7 per cent (10.9) in the United Kingdom. Comptel Share The closing price of the year 2009 was EUR 0.78 (0.69). Comptel's market value at the end of the year was EUR 83.3 million (73.8). -------------------------------------------------------------------------------- | Comptel share | 1-12 | 1-12 | Change% | 10-12 | 10-12 | Change % | | | 2009 | 2008 | | 2009 | 2008 | | -------------------------------------------------------------------------------- | Shares traded, | 35.8 | 30.5 | 17.6 | 3.9 | 7.3 | -46.0 | | million | | | | | | | -------------------------------------------------------------------------------- | Shares traded, EUR | 24.3 | 39.7 | -38.8 | 3.0 | 6.9 | -56.2 | | millio | | | | | | | -------------------------------------------------------------------------------- | Highest price, EUR | 0.96 | 1.58 | -39.2 | 0.82 | 1.29 | -36.4 | -------------------------------------------------------------------------------- | Lowest price, EUR | 0.57 | 0.60 | -5.0 | 0.72 | 0.60 | 20.0 | -------------------------------------------------------------------------------- Of Comptel's outstanding shares, 6.4 per cent (6.7) were nominee registered or held by foreign shareholders at the end of the review period. During the year, 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 year, 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 NASDAQ OMX Helsinki during 1 April - 30 April 2009. During the year, 100,000 share options 2006A have also been distributed. 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. Comptel Corporation's 2006B share options were listed on NASDAQ OMX Helsinki commencing from 2 November 2009. The trading code is CTL1VEW206 and ISIN code is FI4000005335. The current share subscription price is EUR 1.89 which corresponds to the trade volume weighted average quotation of the Comptel share on the Helsinki stock exchange during 1 April - 30 April 2007 deducted by the dividends paid. The company held 304,004 of its own shares at the end of the period under review, which is 0.28 per cent of the total number of its shares. The total counter-book value of the shares held by the company was EUR 6,080. The company has initiated a share buy-back programme, according to which a maximum amount of 800,000 own shares will be purchased through public trading on NASDAQ OMX Helsinki. The Annual General Meeting, held on 16 March 2009, 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 decide on share issues amounting to a maximum of 21,400,000 new shares and on repurchase to a maximum of 10,700,000 own shares. Based on this authorisation, a number of 211,350 own shares were repurchased in 2009. The authorisations to share issues and repurchase the own shares are valid until 30 June 2010. 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. In 2009, the Group Executives were Mr Sami Erviö, President and CEO, the business area leaders Mr Harri Palviainen (Europe) until 26 August, Mr Mika Korpinen (Asia-Pacific), Mr Youssef Kermoury (Middle East and Africa) and Mr Ricardo Carreon (Americas), Mr Minesh Patel responsible for Global Alliances and Sales Development, Ms Arnhild Schia responsible for Strategic Marketing, Mr Simo Sääskilahti responsible for Products and Solutions, Mr Gareth Senior (CTO), Mr Markku Pirskanen (CFO as of 20 April, Mr Veli Matti Salmenkylä until 15 March), Ms Niina Pesonen, responsible for Human Resources, and Mr Markku Järvenpää responsible for Global Operations Support. Mr Ricardo Carreon left the company on 14 January 2010. Mr Simo Sääskilahti, Senior Vice President of Products and Solutions, was appointed to Deputy CEO of Comptel Corporation as of 1 December 2009. Mr Timo Koistinen, M.Sc (Engineering), was nominated as Senior Vice President Europe region, effective as of 1 January 2010. Near-term Risks and Uncertainties The recovery of operations support system markets may be delayed in Europe and in the North America, and the demand can weaken also in 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 will be described more in detail as a part of the financial statements and the report of the board of directors for 2009. Outlook for 2010 The weakening of operations support system markets has halted according to our view, and the situation is stable. There are no clear signs yet of sustained market recovery, but we anticipate a cautious growth to begin during the second half of the year. Comptel's net sales and operating profit are estimated to grow in 2010. The full year operating profit margin is forecast to be 8-12 per cent. However, in the first quarter net sales are estimated to remain at the previous year's level or to decrease slightly, which may lead to a negative operating result. Board of Directors' Proposal for the Disposal of Profits The Group parent company's distributable equity on 31 December 2009 was EUR 29,167,506.81 (35,326,977.62). The Board of Directors proposes to the General Meeting that a dividend of EUR 0.03 (0.04) per share be paid, totalling EUR 3,197,119.68 (4,278,486.24). Helsinki, 8 February 2010 Board of Directors Sami Erviö President and CEO TABLE PART The full year financial information in this stock exchange release is based on the company's audited financial statements. The auditor's report was issued on 8 February 2010. The release has been prepared in accordance with IAS 34, Interim Financial Reporting, as adopted by the EU. The accounting policies and methods of computation adopted in the financial statements are consistent with those of the annual financial statements 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. -------------------------------------------------------------------------------- | Consolidated Statement of | 1 Jan - | 1 Jan - | 1 Oct - | 1 Oct - | | Comprehensive Income (EUR 1,000) | 31 Dec | 31 Dec | 31 Dec | 31 Dec | | | 2009 | 2008 | 2009 | 2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 74,896 | 84,849 | 21,619 | 23,161 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other operating income | 102 | 81 | 15 | 13 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Materials and services | -5,828 | -6,906 | -1,408 | -2,076 | -------------------------------------------------------------------------------- | Employee benefits | -38,231 | -38,930 | -8,834 | -9,936 | -------------------------------------------------------------------------------- | Depreciation, amortisation and | -5,654 | -4,881 | -1,546 | -1,129 | | impairment charges | | | | | -------------------------------------------------------------------------------- | Other operating expenses | -24,268 | -22,830 | -6,713 | -7,175 | -------------------------------------------------------------------------------- | | -73,980 | -73,547 | -18,501 | -20,316 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating profit/loss | 1,018 | 11,383 | 3,132 | 2,858 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Financial income | 1,156 | 1,992 | 286 | 1,151 | -------------------------------------------------------------------------------- | Financial expenses | -1,825 | -2,913 | -454 | -1,794 | -------------------------------------------------------------------------------- | Share of result of associated | 40 | 136 | 40 | 136 | | companies | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit/Loss before income taxes | 388 | 10,597 | 3,005 | 2,352 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Income taxes | -2,526 | -3,972 | -1,421 | 225 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit/Loss for the period | -2,138 | 6,625 | 1,584 | 2,576 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other comprehensive income | | | | | -------------------------------------------------------------------------------- | Cash flow hedges | -176 | 9 | -71 | 314 | -------------------------------------------------------------------------------- | Translation differences | 743 | -1,683 | 294 | -1,588 | -------------------------------------------------------------------------------- | Income tax relating to | 46 | -2 | 18 | -82 | | components of other | | | | | | comprehensive income | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total comprehensive income for | -1,525 | 4,948 | 1,825 | 1,221 | | the period | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit/Loss attributable to: | | | | | -------------------------------------------------------------------------------- | Equity holders of the parent | -2,138 | 6,625 | 1,584 | 2,576 | | company | | | | | -------------------------------------------------------------------------------- | Minority interests | - | - | - | - | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total comprehensive income | | | | | | attributable to: | | | | | -------------------------------------------------------------------------------- | Equity holders of the parent | -1,525 | 4,948 | 1,825 | 1,221 | | company | | | | | -------------------------------------------------------------------------------- | Minority interests | - | - | - | - | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholders of the parent | | | | | | company: | | | | | -------------------------------------------------------------------------------- | Earnings per share, EUR | -0.02 | 0.06 | 0.01 | 0.02 | -------------------------------------------------------------------------------- | Earnings per share, diluted, EUR | -0.02 | 0.06 | 0.01 | 0.02 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Consolidated Statement of Financial | 31 Dec 2009 | 31 Dec 2008 | | Position (EUR 1,000) | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Assets | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Non-current assets | | | -------------------------------------------------------------------------------- | Goodwill | 19,355 | 19,027 | -------------------------------------------------------------------------------- | Other intangible assets | 11,806 | 11,978 | -------------------------------------------------------------------------------- | Tangible assets | 1,589 | 2,595 | -------------------------------------------------------------------------------- | Investments in associates | 689 | 649 | -------------------------------------------------------------------------------- | Available-for sale financial assets | 87 | 87 | -------------------------------------------------------------------------------- | Deferred tax assets | 1,243 | 1,153 | -------------------------------------------------------------------------------- | Other non-current receivables | 346 | 244 | -------------------------------------------------------------------------------- | | 35,116 | 35,734 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Current assets | | | -------------------------------------------------------------------------------- | Trade and other receivables | 38,668 | 39,101 | -------------------------------------------------------------------------------- | Current tax assets | 2,093 | 2,005 | -------------------------------------------------------------------------------- | Cash and cash equivalents | 6,730 | 6,135 | -------------------------------------------------------------------------------- | | 47,491 | 47,241 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total assets | 82,607 | 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 | -1,757 | -2,500 | -------------------------------------------------------------------------------- | Retained earnings | 38,416 | 44,502 | -------------------------------------------------------------------------------- | | 46,299 | 51,576 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total equity | 46,299 | 51,576 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Non-current liabilities | | | -------------------------------------------------------------------------------- | Deferred tax liabilities | 5,458 | 4,902 | -------------------------------------------------------------------------------- | Provisions | 2,541 | 2,937 | -------------------------------------------------------------------------------- | Non-current financial liabilities | 1 | 12 | -------------------------------------------------------------------------------- | | 8,000 | 7,851 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Current liabilities | | | -------------------------------------------------------------------------------- | Trade and other current liabilities | 20,117 | 18,331 | -------------------------------------------------------------------------------- | Current tax liabilities | 179 | 176 | -------------------------------------------------------------------------------- | Current financial liabilities | 8,012 | 5,040 | -------------------------------------------------------------------------------- | | 28,308 | 23,548 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total liabilities | 36,308 | 31,399 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total equity and liabilities | 82,607 | 82,975 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Consolidated Statement of Cash Flows | 1 Jan - | 1 Jan - | | (EUR 1,000) | 31 Dec 2009 | 31 Dec 2008 | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | Cash flows from operating activities | | | -------------------------------------------------------------------------------- | Profit/Loss for the period | -2,138 | 6,625 | -------------------------------------------------------------------------------- | Adjustments: | | | -------------------------------------------------------------------------------- | Non-cash transactions or items that | 6,840 | 6,596 | | are not part of cash flows from | | | | operating activities | | | -------------------------------------------------------------------------------- | Interest and other financial expenses | 336 | 159 | -------------------------------------------------------------------------------- | Interest income | -64 | -274 | -------------------------------------------------------------------------------- | Income taxes | 2,526 | 3,972 | -------------------------------------------------------------------------------- | Change in working capital: | | | -------------------------------------------------------------------------------- | Change in trade and other receivables | 273 | 1,277 | -------------------------------------------------------------------------------- | Change in trade and other current | -1,648 | -4,713 | | liabilities | | | -------------------------------------------------------------------------------- | Change in provisions | 396 | -511 | -------------------------------------------------------------------------------- | Interest paid | -315 | -157 | -------------------------------------------------------------------------------- | Interest received | 108 | 262 | -------------------------------------------------------------------------------- | Income taxes paid | -2,517 | -5,345 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net cash from operating activities | 6,301 | 7,893 | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | Cash flows from investing activities | | | -------------------------------------------------------------------------------- | Acquisition of subsidiaries, net of | - | -9,333 | | cash | | | -------------------------------------------------------------------------------- | Purchase price adjustments | 268 | - | -------------------------------------------------------------------------------- | Investments in tangible assets | -458 | -1,273 | -------------------------------------------------------------------------------- | Investments in intangible assets | -228 | -93 | -------------------------------------------------------------------------------- | Investments in development projects | -3,906 | -4,566 | -------------------------------------------------------------------------------- | Proceeds from sale of tangible and | 341 | - | | intangible assets | | | -------------------------------------------------------------------------------- | Loans granted | -75 | - | -------------------------------------------------------------------------------- | Change in receivables | 5 | - | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net cash used in investing activities | -4,053 | -15,265 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flows from financing activities | | | -------------------------------------------------------------------------------- | Dividends paid | -4,278 | -6,415 | -------------------------------------------------------------------------------- | Acquisition of Corporation's own | -295 | - | | shares | | | -------------------------------------------------------------------------------- | Proceeds from borrowings | 8,000 | 8,000 | -------------------------------------------------------------------------------- | Repayment of borrowings | -5,000 | -3,000 | -------------------------------------------------------------------------------- | Change in other non-current | -11 | -35 | | liabilities | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net cash used in financing activities | -1,585 | -1,450 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net change in cash and cash | 663 | -8,822 | | equivalents | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash and cash equivalents at the | 6,135 | 14,708 | | beginning of the period | | | -------------------------------------------------------------------------------- | Effects of changes in foreign | 68 | -249 | | exchange rates | | | -------------------------------------------------------------------------------- | Cash and cash equivalents at the end | 6,730 | 6,135 | | of the period | | | -------------------------------------------------------------------------------- | Change | 663 | -8,822 | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 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 | | | | | | -------------------------------------------------------------------------------- | Change in group | | | | | | | structure | | | | | | -------------------------------------------------------------------------------- | Total | | | -1,683 | 6 | | | comprehensive | | | | | | | income for the | | | | | | | period | | | | | | -------------------------------------------------------------------------------- | Equity at 31 | 2,141 | 7,433 | -2,500 | 85 | | | Dec 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 | | 947 | 947 | | 947 | | compensation | | | | | | -------------------------------------------------------------------------------- | Change in group | | | | -116 | -116 | | structure | | | | | | -------------------------------------------------------------------------------- | Total | | 6,625 | 4,948 | | 4,948 | | comprehensive | | | | | | | income for the | | | | | | | period | | | | | | -------------------------------------------------------------------------------- | Equity at 31 | -125 | 44,541 | 51,576 | - | 51,576 | | Dec 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 | | | 743 | -130 | | | comprehensive | | | | | | | income for the | | | | | | | period | | | | | | -------------------------------------------------------------------------------- | Equity at 31 | 2,141 | 7,499 | -1,757 | -45 | | | Dec 2009 | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | | | | Minority | Equity | | | | | | interest | total | -------------------------------------------------------------------------------- | EUR 1,000 | Treasur | Retained | Total | | | | | y | earnings | | | | | | shares | | | | | -------------------------------------------------------------------------------- | Equity at 31 | -125 | 44,541 | 51,576 | - | 51,576 | | Dec 2008 | | | | | | -------------------------------------------------------------------------------- | Dividends | | -4,278 | -4,278 | - | -4,278 | -------------------------------------------------------------------------------- | Acquisition of | -336 | | -336 | | -336 | | Corporation's | | | | | | | own shares | | | | | | -------------------------------------------------------------------------------- | Transfer of | 174 | -174 | 67 | | 67 | | treasury shares | | | | | | -------------------------------------------------------------------------------- | Share-based | | 797 | 797 | | 797 | | compensation | | | | | | -------------------------------------------------------------------------------- | Total | | -2,138 | -1,525 | | -1,525 | | comprehensive | | | | | | | income for the | | | | | | | period | | | | | | -------------------------------------------------------------------------------- | Equity at 31 | -287 | 38,748 | 46,299 | - | 46,299 | | Dec 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 financial statements of Comptel. Improvements to IFRSs (Annual Improvements 2007). The amendments to the standards have not had significant impact on the financial statements of Comptel. Amendments to IFRS 7 Financial instruments: Disclosures - Improving disclosures about Financial Instruments. The changes were implemented as a result of the international financial crises in March 2009. A three level hierarchy will be introduced to disclose the fair values of financial instruments. The amended standard also requires that additional information is presented to facilitate the estimation of the reliability of the fair values of financial instruments. The amendments also clarify and expand earlier requirements in presenting information on liquidity risk. These changes have increased the scope of disclosures required to be presented in the financial statements. 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 - 31 | 1 Jan - 31 | 1 Oct - 31 | 1 Oct - 31 | | | Dec 2009 | Dec 2008 | Dec 2009 | Dec 2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Europe | 33,296 | 40,768 | 9,155 | 9,771 | -------------------------------------------------------------------------------- | Asia-Pacific | 20,455 | 20,861 | 6,009 | 5,907 | -------------------------------------------------------------------------------- | Middle East and | 16,078 | 15,279 | 4,954 | 5,047 | | Africa | | | | | -------------------------------------------------------------------------------- | Americas | 5,067 | 7,941 | 1,501 | 2,436 | -------------------------------------------------------------------------------- | Group total | 74,896 | 84,849 | 21,619 | 23,161 | -------------------------------------------------------------------------------- Operating profit/loss by segment1) -------------------------------------------------------------------------------- | EUR 1,000 | 1 Jan - 31 | 1 Jan - 31 | 1 Oct - 31 | 1 Oct - 31 | | | Dec 2009 | Dec 2008 | Dec 2009 | Dec 2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Europe | 15,359 | 20,898 | 4,735 | 3,317 | -------------------------------------------------------------------------------- | Asia-Pacific | 11,517 | 9,348 | 3,249 | 1,262 | -------------------------------------------------------------------------------- | Middle East and | 8,301 | 8,946 | 2,294 | 3,148 | | Africa | | | | | -------------------------------------------------------------------------------- | Americas | 275 | 4,219 | 158 | 1,312 | -------------------------------------------------------------------------------- | Group unallocated | -34,436 | -32,028 | -7,303 | -6,181 | | expenses | | | | | -------------------------------------------------------------------------------- | Group operating | 1,018 | 11,383 | 3,132 | 2,858 | | profit/loss total | | | | | -------------------------------------------------------------------------------- | Financial income and | -670 | -922 | -168 | -643 | | expenses | | | | | -------------------------------------------------------------------------------- | Share of result of | 40 | 136 | 40 | 136 | | associated companies | | | | | -------------------------------------------------------------------------------- | Group profit/loss | 388 | 10,597 | 3,005 | 2,352 | | 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 2,526 thousand (EUR 3,972 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 Ministry of Finance has come to an agreement with Greece, Malaysia and Romania. Relating to these countries, Comptel has booked EUR 725 thousand tax receivables for taxes withheld in 2004-2008. The refund process pertaining to these countries is still pending with the relevant tax authorities. Comptel is pursuing the negotiations with the Ministry of Finance and other countries that have withheld tax at source to avoid double taxation. Comptel believes the treatment of its withholding taxation will be changed. According to the Board of Adjustment's decision currently in force, Comptel Corporation has expensed taxes withheld at source amounting to EUR 1,234 thousand in January - December (EUR 1,499 thousand). 5. Tangible assets -------------------------------------------------------------------------------- | EUR 1,000 | 1 Jan - 31 Dec | 1 Jan - 31 Dec | | | 2009 | 2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Additions | 458 | 1,351 | -------------------------------------------------------------------------------- | Business combinations | - | 289 | -------------------------------------------------------------------------------- | Disposals | -343 | -9 | -------------------------------------------------------------------------------- 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 - 31 Dec | 1 Jan - 31 Dec | | | 2009 | 2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Associates | | | -------------------------------------------------------------------------------- | Purchases of goods and services | 635 | 1,318 | -------------------------------------------------------------------------------- | Interest income | 4 | 11 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Companies under management's influence | | | -------------------------------------------------------------------------------- | Purchases of goods and services | 35 | 28 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR 1,000 | 31 Dec 2009 | 31 Dec 2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Associates | | | -------------------------------------------------------------------------------- | Trade and other current receivables | 76 | 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-31 Dec | 1 Jan-31 Dec | | | 2009 | 2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Salaries and other short-term employee | 2,249 | 1,790 | | benefits | | | -------------------------------------------------------------------------------- | Share-based payments | 409 | 412 | -------------------------------------------------------------------------------- | Total | 2,657 | 2,201 | -------------------------------------------------------------------------------- 2) In 2008, the Executive Board consisted of 8 persons. In 2009, the number of Corporate Executives was 12. 7. Commitments Minimum lease payments on non-cancellable office facilities and other operating leases are payable as follows: -------------------------------------------------------------------------------- | EUR 1,000 | 31 Dec 2009 | 31 Dec 2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Less than one year | 3,904 | 4,234 | -------------------------------------------------------------------------------- | Between one and five years | 12,783 | 12,136 | -------------------------------------------------------------------------------- | More than five years | 2,248 | 3,282 | -------------------------------------------------------------------------------- | Total | 18,935 | 19,652 | -------------------------------------------------------------------------------- The group had no material capital commitments for the purchase of tangible assets as at 31 December 2009 and 31 December 2008. 8. Contingent liabilities -------------------------------------------------------------------------------- | EUR 1,000 | 31 Dec 2009 | 31 Dec 2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Bank guarantees | 1,616 | 1,047 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- 9. Key figures -------------------------------------------------------------------------------- | Financial summary | 1 Jan - 31 Dec | 1 Jan - 31 Dec | | | 2009 | 2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales, EUR 1,000 | 74,896 | 84,849 | -------------------------------------------------------------------------------- | Net sales, change % | -11.7 | 3.0 | -------------------------------------------------------------------------------- | Operating profit/loss, EUR 1,000 | 1,018 | 11,383 | -------------------------------------------------------------------------------- | Operating profit/loss, change % | -91.1 | -31.1 | -------------------------------------------------------------------------------- | Operating profit/loss, as % of net | 1.4 | 13.4 | | sales | | | -------------------------------------------------------------------------------- | Profit/loss before taxes, EUR 1,000 | 388 | 10,597 | -------------------------------------------------------------------------------- | Profit/loss before taxes, as % of net | 0.5 | 12.5 | | sales | | | -------------------------------------------------------------------------------- | Return on equity, % | -4.4 | 12.8 | -------------------------------------------------------------------------------- | Return on investment, % | 1.5 | 19.1 | -------------------------------------------------------------------------------- | Equity ratio, % | 62.6 | 67.4 | -------------------------------------------------------------------------------- | Gross investments in tangible and | 686 | 10,919 | | intangible assets, EUR 1,000 1) | | | -------------------------------------------------------------------------------- | Gross investments in tangible and | 0.9 | 12.9 | | intangible assets, as % of net sales | | | -------------------------------------------------------------------------------- | Capitalisations according to IAS 38 | 3,906 | 4,566 | | to intangible assets | | | -------------------------------------------------------------------------------- | Research and development expenditure, | 13,092 | 14,007 | | EUR 1,000 | | | -------------------------------------------------------------------------------- | Research and development expenditure, | 17.5 | 16.5 | | as % of net sales | | | -------------------------------------------------------------------------------- | Order backlog, EUR 1,000 2) | 37,554 | 38,846 | -------------------------------------------------------------------------------- | Average number of employees during | 613 | 606 | | the period | | | -------------------------------------------------------------------------------- | Interest-bearing net liabilities, EUR | 1,282 | -1,083 | | 1,000 | | | -------------------------------------------------------------------------------- | Gearing ratio, % | 2.8 | -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. | -------------------------------------------------------------------------------- | 2) The order book may vary significantly during the financial period. | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Per share data | 1 Jan - 31 Dec | 1 Jan - 31 Dec | | | 2009 | 2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share (EPS), EUR | -0.02 | 0.06 | -------------------------------------------------------------------------------- | EPS diluted, EUR | -0.02 | 0.06 | -------------------------------------------------------------------------------- | Equity per share, EUR | 0.43 | 0.48 | -------------------------------------------------------------------------------- | Dividend per share, EUR 3) | 0.03 | 0.04 | -------------------------------------------------------------------------------- | Dividend per earnings, % 3) | -150.1 | 64.6 | -------------------------------------------------------------------------------- | Effective dividend yield, % 3) | 3.8 | 5.8 | -------------------------------------------------------------------------------- | P/E ratio | -39.0 | 11.1 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Adjusted number of shares at the end of | 107,054,810 | 107,054,810 | | the period | | | -------------------------------------------------------------------------------- | - of which the number of treasury shares | 304,004 | 92,654 | -------------------------------------------------------------------------------- | Outstanding shares | 106,750,806 | 106,962,156 | -------------------------------------------------------------------------------- | Adjusted average number of shares during | 106,953,918 | 106,938,539 | | the period | | | -------------------------------------------------------------------------------- | Average number of shares, dilution | 107,078,252 | 106,938,539 | | included | | | -------------------------------------------------------------------------------- | 3) The Board's proposal | -------------------------------------------------------------------------------- 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's Annual General Meeting will be held on 22 March 2010 at 2.00 pm in Helsinki. The Financial Statements and the report of the Board of Directors for 2009 can be obtained from Comptel's website www.comptel.com in week 9. Schedule for Comptel's interim reports in 2010: January-March 22 April January-June 22 July January-September 26 October 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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