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2008-10-23 07:30:00 CEST 2008-10-23 07:30:01 CEST REGULATED INFORMATION Westend ICT Oyj - Interim report (Q1 and Q3)WESTEND ICT INTERIM REPORT 1 JANUARY-30 SEPTEMBER 2008 (IFRS)Westend ICT Plc Stock Exchange Release October 23, 2008, at 8:30 Finnish time WESTEND ICT INTERIM REPORT 1 JANUARY-30 SEPTEMBER 2008 (IFRS) - Net sales EUR 2.61 million (EUR 2.55 million) - Operating result EUR -0.33 million (EUR -0.46 million) - Result before taxes EUR -1.30 million (EUR -0.48 million) - Equity ratio -173.3% (-76.5%), shareholders' equity/share EUR -0.03 (EUR -0.02) - Earnings per share EUR -0.010 (EUR -0.004) STRUCTURE OF THE GROUP During the review period, the Westend ICT group consisted of the subsidiary operating in Finland, Documenta Oy, in which the group had 100% ownership, and the parent company Westend ICT Plc. The company had business operations in Finland only, so there are no geographically segmented reports of the net sales, business results and personnel to be presented. In its business operations, Westend ICT Plc focuses on developing its customers' business processes especially by means of document and workflow management systems and development of quality and customer relationship management, with the emphasis on the Finnish markets. The company will continue to use the operating model in which the operative functions have been centralized into the subsidiary/subsidiaries. NET SALES The Westend ICT group's net sales for the review period were EUR 2.61 million (EUR 2.55 million). RESULT DEVELOPMENT The Westend ICT group's operating result for the review period was EUR -0.33 million (EUR -0.46 million). The result for the review period was EUR -1.30 million (EUR -0.48 million). The financial expenses of the review period include a registration of change in the market value of shares amounting to EUR 811 thousand; the Group Business Software AG (before 13 October 2008, GROUP Technologies AG) shares owned by the company have been valued at the share price on the last day of the review period. The registration of the market value has no effect on the cash flow. The shares are presented in the balance sheet as other financial assets under long-term assets. The costs for employment benefits on the review period were EUR 1.63 million (EUR 1.52 million), which equals to 63% of the net sales (60%). At the end of the review period, the group's equity is negative. The loss of share capital of the company has been registered in the Trade register on 20 September 2006. THE NET SALES AND RESULT DEVELOPMENT OF THE SUBSIDIARY Documenta Oy Documenta Oy's net sales for the review period 1 January-30 September 2008 were EUR 2.67 million (EUR 2.57 million). The operating result was EUR 0.15 million (EUR 0.16 million), which is 6% of the net sales. Documenta Oy is a provider of electronic workflow and document management, quality management and work process intensification solutions. The company offers software, maintenance, operation service and integration solutions for companies and public administration. In addition to its own products, Documenta represents in Finland the Software Innovation ASA workflow and document management solutions and the Group Business Software AG (former Group Technologies AG) companies' solutions for email archiving and customer relationship management. The CEO of the company is Asko Ojanen. SIGNIFICANT EVENTS IN THE REVIEW PERIOD The company announced on 17 January 2008 that the Supreme Court had passed a decision, which granted the company a leave to appeal concerning the judgment given by the Helsinki Court of Appeal on 5 July 2007. A leave to appeal was now granted concerning the measurement of the corporate fine. With respect to the other grounds, the leave to appeal will be decided together with the proceedings of the appeals. The prosecutor has also been granted a leave to appeal. The company is satisfied with the decision, because the company considers the judgment given by the Helsinki Court of Appeal last summer to be erroneous and unfounded. The company announced on 3 April 2008 that the Annual General Meeting on 3 April 2008 resolved to adopt the accounts of the company for the accounting period of 1 January-31 December 2007. It also granted the members of the Board of Directors and the Chief Executive Officer discharge from liability for the accounting period. The loss of the accounting period will be left in the Company's profit and loss account. No dividend will be distributed. The current members of the Board of Directors—Hannu Jokela, Jörg Ott and Mikko Salminen—were reselected as the members of the Board of Directors. The Annual General Meeting decided that the members of the Board of Directors will be paid attendance allowance as follows: the Chairman of the Board of Directors will be paid 1,500 euros/month and the members of the Board of Directors 1,000 euros/month. In its first meeting, the Board of Directors decided that Mikko Salminen will continue as the Chairman of the Board. Ernst & Young Oy, an auditing firm authorized by the Central Chamber of Commerce, with Arto Tenhula (CA) as the main responsible auditor, was elected as the auditor for the Company. The Annual General Meeting decided to change the Articles of Association as proposed by the Board of Directors. The company's new business name is Westend ICT Plc and its domicile is Espoo. The Annual General Meeting decided to accept the Board of Directors' proposal for using the accumulated premium reserve to cover losses. It was decided that the accumulated premium reserve of EUR 65,141,510.05 should be used in whole to cover the losses stated in the balance sheet in accordance with the financial statement of 31 December 2007. The Annual General Meeting decided to change the terms of the company's convertible loan in accordance with the proposal of the Board of Directors. The terms of the convertible loan decided by the Annual General Meeting on 27 March 2003 (registered on 5 March 2004) will be changed to extend the loan period for one year, that is, until 31 December 2009. The company announced on 21 April 2008 that the change of business name, decided by the Annual General Meeting on 3 April 2008, has been entered into the Trade Register. The company's new corporate name is Westend ICT Oyj, or Westend ICT Plc in English. Following the corporate name change, the trading codes of the company's share in the NASDAQ OMX Helsinki Ltd have been renamed as well. The new trading code is WIC1V. The change took effect in the trade system of the NASDAQ OMX Helsinki Ltd on 22 April 2008. Westend ICT's website addresses are: www.westendict.fi and www.westendict.com. THE CURRENT AUTHORIZATIONS OF THE BOARD OF DIRECTORS The Annual General Meeting on 19 June 2007 authorized the Board of Directors to grant new shares against payment in a share issue and to grant special rights in accordance with the Chapter 10, Section 1 of the Companies Act, including option rights, which give the right to subscribe shares against payment. The amount of new shares issued by the company and new shares subscribed on the basis of special rights can be 26,000,000 at the maximum. The authorization includes the right to grant shares or special rights entitling to shares in a directed issue, that is, to deviate from the shareholders privilege on the basis of the prerequisites specified in the Companies Act. A directed share issue requires a weighty financial reason on the part of the company, such as financing or implementing acquisitions or other business arrangements, implementing incentive systems targeted at the company's personnel, or other important financial reason for the company specified by the Board of Directors. On the basis of the authorization, the Board of Directors has the right to decide on all other terms of the issuing of new shares or granting of the mentioned special rights, including the recipients of shares or special rights and the amount of compensation to be paid. The authorization shall be valid until 31 December 2010. FINANCING AND INVESTMENTS The value of the Westend ICT group's cash totaled EUR 1.02 million (EUR 1.59 million) at the end of the review period. The equity ratio of the group was -173.3% (-76.5%). The Westend ICT group's sales receivables at the end of the review period were EUR 0.36 million (EUR 0.31 million). On the review period, the group's gross investments totaled EUR 44 thousand (EUR 29 thousand), which equals to 1.7% (1.1%) of the net sales. DEVELOPMENT COSTS The product development expenses have been entered in accordance with the IAS 38 standard in such a way that the development expenses for entirely new products and new product versions including significant improvements have been activated, if their future accumulativeness can be reliably verified. Other product development expenses have been entered as costs in the profit and loss statement at the time they incurred. During the review period, no product development expenses have been activated in the balance sheet, but all product development expenses have been entered as costs. At the end of the review period, the company's balance sheet contains EUR 157 thousand in activated, undepreciated product development costs. PERSONNEL At the end of the review period, the group had 38 (40) employees. The group employed an average of 38 (40) persons during the review period. MANAGEMENT, BOARD OF DIRECTORS, AND AUDITORS OF THE COMPANY As of 5 September 2007, the Board of Directors of Westend ICT Plc consists of the Chairman of the Board Mikko Salminen and permanent members Hannu Jokela and Jörg Ott. The auditor selected by the Annual General Meeting is Ernst & Young Oy Authorised Public Accounting Firm with Juha Nenonen (CA) as the principal accountant as of 1 June 2008. SHARES, SHARE CAPITAL, AND SHAREHOLDERS Westend ICT Plc's share capital on 30 September 2008 was EUR 2,569,853.92, and the total number of shares was 128,492,696. The countervalue of a share is EUR 0.02. Shareholders' equity/share was EUR -0.03. At the end of the review period, the equities of the group and the parent company were negative. The loss of share capital of the parent company has been registered in the Trade register on 20 September 2006. At the end of the review period, the company had 13,719 shareholders. THE SHARE HOLDING AND WARRANTS OF THE BOARD OF DIRECTORS AND THE MANAGEMENT On 30 September 2008, the permanent members of the Westend ICT's Board of Directors and the CEO owned a total of 7,000 company shares, that is, 0.01 percent of the company's share capital and votes. They do not have any warrants. For more information on the warrant programs, see the company's web sites at www.westendict.fi and www.westendict.com. The company complies to and adapts the Guidelines for Insiders drawn up by NASDAQ OMX Helsinki Oy. NEAR-TERM OUTLOOK The goal for 2008 is to improve the net sales and result of the company as compared to the realized figures of 2007. Forecasting the result of the financial period is difficult as the changes in the price of the Group Business Software AG shares, registered in other financial assets and listed in the stock exchange, have had and will continue to have a major effect on the financial income/costs and, thus, on the result of the financial period. The financial statement of TJ Group Plc for 2008 will be published on 12 February 2009. Espoo 23 October 2008 The Board of Directors of Westend ICT Mikko Salminen, Chairman of the Board Hannu Jokela Jörg Ott CONTACT: Westend ICT Plc CEO Hannu Jokela Tel. +358 207 91 6700 DISTRIBUTION: NASDAQ OMX Helsinki Main media www.westendict.com The figures in the interim report have not been audited. In addition to the accounts of the parent company, the interim report of the Westend ICT group consolidates the accounts of Documenta Oy. -------------------------------------------------------------------------------- | CONSOLIDATED PROFIT & LOSS | | | | | STATEMENT | | | | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | (EUR thousand) | | | | -------------------------------------------------------------------------------- | | 1.1.-30.9.2 | 1.1.-30.9.20 | 1.1.- | | | 008 | 07 | 31.12.2007 | -------------------------------------------------------------------------------- | | 9 months | 9 months | 12 months | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 2 612 | 2 545 | 3 814 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Change in work in | 8 | 16 | 0 | | progress,inc(+),dec(-) | | | | -------------------------------------------------------------------------------- | Other operating income | 11 | 10 | 21 | -------------------------------------------------------------------------------- | Materials and services | 339 | 338 | 647 | -------------------------------------------------------------------------------- | Employee benefits expenses | 1 633 | 1 522 | 2 097 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Depreciations | | | | -------------------------------------------------------------------------------- | Depreciations according to plan | 122 | 136 | 161 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Rents | 167 | 139 | 218 | -------------------------------------------------------------------------------- | Marketing expenses | 88 | 96 | 125 | -------------------------------------------------------------------------------- | Other operating expenses | 608 | 802 | 1 004 | -------------------------------------------------------------------------------- | Operating profit/loss | -326 | -462 | -417 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Financial income and expenses | | | | -------------------------------------------------------------------------------- | Interest income and other | 40 | 182 | 493 | | financial income | | | | -------------------------------------------------------------------------------- | Interest expenses and other | -1 010 | -199 | -273 | | financial expenses | | | | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Profit/loss for the period | -1 296 | -479 | -197 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Distribution | | | | -------------------------------------------------------------------------------- | To equity holders of the parent | -1 296 | -479 | -197 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Earnings per share calculated on | | | | | profit/loss | | | | -------------------------------------------------------------------------------- | attributable to equity holders | -0,010 | -0,0037 | -0,002 | | of the parent | | | | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Earnings per share (undiluted), | -0,010 | -0,0037 | -0,002 | | EUR | | | | -------------------------------------------------------------------------------- | Earnings per share (diluted), | -0,010 | -0,0037 | -0,002 | | EUR | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED PROFIT AND LOSS STATEMENT BY QUARTER | | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | (EUR thousand) | | | | Total | -------------------------------------------------------------------------------- | | 1 Jan- | 1 Apr- | 1 Jul- | 1 Jan- | -------------------------------------------------------------------------------- | | 31 Mar | 30 Jun | 30 Sep | 30 Sep | | | 2008 | 2008 | 2008 | 2008 | -------------------------------------------------------------------------------- | | 3 months | 3 months | 3 months | 9 months | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 890 | 893 | 829 | 2 612 | -------------------------------------------------------------------------------- | Change in work in | 4 | -4 | 8 | 8 | | progress,inc(+),dec(-) | | | | | -------------------------------------------------------------------------------- | Other operating income | 0 | 11 | 0 | 11 | -------------------------------------------------------------------------------- | Materials and services | 123 | 100 | 116 | 339 | -------------------------------------------------------------------------------- | Employee benefits expenses | 580 | 607 | 446 | 1 633 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Depreciations | | | | | -------------------------------------------------------------------------------- | Depreciations according to | 40 | 41 | 41 | 122 | | plan | | | | | -------------------------------------------------------------------------------- | Rents | 50 | 60 | 57 | 167 | -------------------------------------------------------------------------------- | Marketing expenses | 59 | 15 | 14 | 88 | -------------------------------------------------------------------------------- | Other operating expenses | 236 | 228 | 144 | 608 | -------------------------------------------------------------------------------- | Operating profit/loss | -194 | -151 | 19 | -326 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Financial income and expeses | | | | | -------------------------------------------------------------------------------- | Interest income and other | 13 | 16 | 11 | 40 | | financial income | | | | | -------------------------------------------------------------------------------- | Interest expenses and other | -394 | -10 | -606 | -1 010 | | financial expenses | | | | | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | Profit/loss before income | -575 | -145 | -576 | -1 296 | | taxes | | | | | -------------------------------------------------------------------------------- | Income taxes | 0 | 0 | 0 | 0 | -------------------------------------------------------------------------------- | PROFIT/LOSS FOR THE PERIOD | -575 | -145 | -576 | -1 296 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED BALANCE SHEET | | | | -------------------------------------------------------------------------------- | (EUR thousand) | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | ASSETS | 30.9.2008 | 30.9.2007 | 31.12.2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NON-CURRENT ASSETS | | | | -------------------------------------------------------------------------------- | Intangible assets | | | | -------------------------------------------------------------------------------- | Intangible rights | 178 | 258 | 237 | -------------------------------------------------------------------------------- | Tangible assets | 116 | 122 | 135 | -------------------------------------------------------------------------------- | Other capitalized expenditure | 581 | 1 093 | 1 392 | -------------------------------------------------------------------------------- | Non-current assets total | 875 | 1 473 | 1 764 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CURRENT ASSETS | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Work in progress | 8 | 16 | 0 | -------------------------------------------------------------------------------- | Trade receivables | 360 | 305 | 1 292 | -------------------------------------------------------------------------------- | Other current assets | 51 | 155 | 60 | -------------------------------------------------------------------------------- | Cash and cash equivalents | 1 022 | 1 587 | 1 490 | -------------------------------------------------------------------------------- | Current assets total | 1 441 | 2 063 | 2 842 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL ASSETS | 2 316 | 3 536 | 4 606 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | SHAREHOLDERS' EQUITY AND LIABILITIES | 30.9.2008 | 30.9.2007 | 31.12.2007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity attributable to equity holders | | | | -------------------------------------------------------------------------------- | of the parent | | | | -------------------------------------------------------------------------------- | Share capital | 2 570 | 2 570 | 2 570 | -------------------------------------------------------------------------------- | Premium reserve | 0 | 65 142 | 65 142 | -------------------------------------------------------------------------------- | Retained earnings | -5 288 | -70 233 | -70 233 | -------------------------------------------------------------------------------- | Profit/loss for the period | -1 296 | -479 | -197 | -------------------------------------------------------------------------------- | TOTAL SHAREHOLDERS' EQUITY | -4 014 | -3 000 | -2 718 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Long-term liabilities | | | | -------------------------------------------------------------------------------- | Convertible loans | 4 500 | 0 | 0 | -------------------------------------------------------------------------------- | Interest-bearing liabilities | 1 607 | 1 633 | 1 620 | -------------------------------------------------------------------------------- | Long-term liabilities total | 6 107 | 1 633 | 1 620 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Short-term liabilities | | | | -------------------------------------------------------------------------------- | Convertible loans | 0 | 4 500 | 4 500 | -------------------------------------------------------------------------------- | Interest-bearing liabilities | 5 | 0 | 19 | -------------------------------------------------------------------------------- | Trade payables | 66 | 257 | 303 | -------------------------------------------------------------------------------- | Other current liabilities | 121 | 112 | 439 | -------------------------------------------------------------------------------- | Accrued liabilities | 31 | 34 | 443 | -------------------------------------------------------------------------------- | Current liabilities total | 223 | 4 903 | 5 704 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL SHAREHOLDERS' EQUITY AND | 2 316 | 3 536 | 4 606 | | LIABILITIES | | | | -------------------------------------------------------------------------------- CASH FLOW STATEMENT -------------------------------------------------------------------------------- | (EUR thousand) | 1.1.-30.9. | 1.1.- | 1.1.- | | | 2008 | 30.9.2007 | 31.12.2007 | -------------------------------------------------------------------------------- | | 9 months | 9 months | 12 months | -------------------------------------------------------------------------------- | Cash flow from operating | | | | | activities | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit/loss for the period | -1 296 | -479 | -197 | -------------------------------------------------------------------------------- | Amendments: | | | | -------------------------------------------------------------------------------- | Booking of shares at current | 811 | -121 | -420 | | price, no | | | | -------------------------------------------------------------------------------- | payment transaction | | | | -------------------------------------------------------------------------------- | Depreciations | 122 | 136 | 161 | -------------------------------------------------------------------------------- | Interest expenses and other | 199 | 199 | 273 | | financial expenses | | | | -------------------------------------------------------------------------------- | Interest and other financial | -40 | -61 | -73 | | income | | | | -------------------------------------------------------------------------------- | Change in working capital: | | | | -------------------------------------------------------------------------------- | Change in trade and other | 941 | 1 260 | 368 | | receivables | | | | -------------------------------------------------------------------------------- | Change in trade and other payables | -967 | -1 720 | -938 | -------------------------------------------------------------------------------- | Change in stocks | -8 | -16 | 0 | -------------------------------------------------------------------------------- | Interests received | 40 | 61 | 73 | -------------------------------------------------------------------------------- | Interests paid | -199 | -199 | -273 | -------------------------------------------------------------------------------- | Cash flow from operating | -397 | -940 | -1 026 | | activities total | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow/investments | | | | -------------------------------------------------------------------------------- | Investments in intangible and | -44 | -29 | -46 | | tangible assets | | | | -------------------------------------------------------------------------------- | Cash flow/investments total | -44 | -29 | -46 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow/financing | | | | -------------------------------------------------------------------------------- | Repayment of loans | -27 | -128 | -122 | -------------------------------------------------------------------------------- | Cash flow/financing total | -27 | -128 | -122 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in liquid funds | -468 | -1 097 | -1 194 | -------------------------------------------------------------------------------- | according to the cash flow | | | | | statement | | | | -------------------------------------------------------------------------------- | Change in liquid funds | -468 | -1 097 | -1 194 | -------------------------------------------------------------------------------- | Liquid funds opening balance | 1 490 | 2 684 | 2 684 | -------------------------------------------------------------------------------- | Liquid funds closing balance | 1 022 | 1 587 | 1 490 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | KEY FIGURES | | | | -------------------------------------------------------------------------------- | | 1.1.-30.9.200 | 1.1.-30.9.20 | 1.1.-31.12.20 | | | 8 | 07 | 07 | -------------------------------------------------------------------------------- | | 9 months | 9 months | 12 months | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales, EUR million | 2,61 | 2,55 | 3,81 | -------------------------------------------------------------------------------- | Operating profit/loss, EUR | -0,33 | -0,46 | -0,42 | | million | | | | -------------------------------------------------------------------------------- | % of net sales | -12,5% | -18,2% | -10,9% | -------------------------------------------------------------------------------- | Cash flow from operations, | -0,40 | -0,94 | -1,03 | | EUR million | | | | -------------------------------------------------------------------------------- | Return on equity, % 1) and | 51,3 % | 23,1 % | 7,5 % | | 2) | | | | -------------------------------------------------------------------------------- | Return on investment, % 1) | -13,8 % | -2,8 % | 2,1 % | -------------------------------------------------------------------------------- | Interest bearing net debt, | 5,1 | 4,5 | 4,6 | | EUR million | | | | -------------------------------------------------------------------------------- | Net debt to equity (Net | -126,8 % | -151,5 % | -171,0 % | | Gearing), % | | | | -------------------------------------------------------------------------------- | Equity ratio, % | -173,3 % | -76,5 % | -60,6 % | -------------------------------------------------------------------------------- | Gross investments | 0,04 | 0,03 | 0,05 | -------------------------------------------------------------------------------- | % of net sales | 1,7 % | 1,1 % | 1,2 % | -------------------------------------------------------------------------------- | Personnel at the end of the | 38 | 39 | 38 | | period | | | | -------------------------------------------------------------------------------- | Personnel average | 38 | 40 | 39 | -------------------------------------------------------------------------------- | Employee benefits | 43 | 38 | 54 | | expenses/person, | | | | -------------------------------------------------------------------------------- | EUR thousand | | | | -------------------------------------------------------------------------------- | KEY FIGURES PER SHARE | | | | -------------------------------------------------------------------------------- | Earnings/share, euro | -0,010 | -0,004 | -0,002 | -------------------------------------------------------------------------------- | Shareholders' equity per | -0,03 | -0,02 | -0,02 | | share, euro | | | | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | 1) Both indicator and devider | | | | | are negative in 2008 and 2007 | | | | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | 2) The percentages for return | | | | | on equity | | | | -------------------------------------------------------------------------------- | and return on investment have | | | | | been | | | | -------------------------------------------------------------------------------- | Adjusted to reflect the figures for a | | | | 12-month period. | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | (EUR thousand) | Share | Share | Retained | Total | | | capital | premium | earnings | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | SHAREHOLDERS' EQUITY 1 | 2 570 | 65 142 | -70 430 | -2 718 | | Jan 2008 | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit for the period | | | -1 296 | -1 296 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | SHAREHOLDERS' EQUITY 30 | 2 570 | 65 142 | -71 726 | -4 014 | | Sep 2008 | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | (EUR thousand) | Share | Share | Retained | Total | | | capital | premium | earnings | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | SHAREHOLDERS' EQUITY 1 | 2 570 | 65 142 | -70 233 | -2 521 | | Jan 2007 | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit for the period | | | -479 | -479 | -------------------------------------------------------------------------------- | | | | | | -------------------------------------------------------------------------------- | SHAREHOLDERS' EQUITY 30 | 2 570 | 65 142 | -70 712 | -3 000 | | Sep 2007 | | | | | -------------------------------------------------------------------------------- |
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