2008-05-23 10:00:00 CEST
2008-05-23 10:00:02 CEST
SÄÄNNELTY TIETO
GeoSentric Oyj - Interim report (Q1 and Q3)
INTERIM REPORT 1-3/2008
GEOSENTRIC OYJ INTERIM REPORT 23.5.2008 at 11:00 hrs
INTERIM REPORT 1-3/2008
Contents
1.Summary of key figures
2.Significant events in the period
3.Events after the end of the period
4.Development of the financial position and result
5.Sufficient liquidity
6.Outlook
7.Significant business risks and uncertainties
8.R&D-activity
9.Investments
10.Personnel
11.Environmental issues
12.Financing arrangements
13.Board equity issue authority
14.About the Company
1. Summary of key figures
Net sales of the Company in period 1-3/2008 were 1085 teuros. Result per share
was -0.0043 euros per share.
2. Significant events in the period
The Company made multiple significant announcements in the period concerning its
GyPSii geo-social networking platform and service:
(a) A relationship with China's leading Windows mobile distribution company,
Dopod Club, was announced in February, whereby Dopod Club partnered with GyPSii
to provide GyPSii to the rapidly growing Chinese market.
(b) The launch and roll-out of the GyPSii platform, and its emergence from
public beta was initiated at the Mobile World Congress in Barcelona, garnering
company visibility worldwide, with a strong online press awareness along with
major mainstream coverage in publications such as CNN, New York Times,
International Herald Tribune and BBC. Major industry analysts began coverage on
GyPSii, including ABI Research, and Current Analysis
(c) The company signed a comprehensive agreement to launch GyPSii into India
with Broadway Pvt. Ltd., to bring GyPSii to the world's second largest and
fastest growing market with 233 million subscribers growing at a monthly rate of
8 million. The agreement provides for partnering on infrastructure hosting
services and direct access to the content and advertising reach of India Online
Netcom.
(d) The company announced the signing of a partnership with NAVTEQ, the leading
global provider of digital maps for vehicle navigation and location-based
solutions.
(e) The company signed a comprehensive agreement to partner with Shanghai Rannuo
and China Unicom to launch its GyPSii service during the 2008 Olympic Games in
Beijing. Rannuo is a Shanghai based high-tech IT Company that has a full China
Value Added Service (VAS) certificate (No. B2-20040257) issued by the Ministry
of Information and Industry (MII), this certificate allows Rannuo to provide
Internet and VAS services to mobile users in China.
China Unicom is one of the 2 mobile operators in China with more than 100M
subscribers, China Unicom is the only mobile operator that owns and operates
both a GSM and a CDMA network. China Unicom also operates its own data-telecom
network, long-distance telephone network and broadband Internet network,
providing full suite of voice, data and value-adding services to its
subscribers.
(f) The company announced the availability of GyPSii on Apple's iPhone, a market
leading device, along with its plans to further deepen the integration with
Apple via the iPhone SDK for a future planned release.
(g) The company announced that it was a winner of NAVTEQ's LBS Challenge, a
global contest in which over 300 companies competed.
Listing prospectus supplement publicized
The Company published the supplement of the prospectus, needed for listing for
public trading of the shares that were issued in the financing arrangements of
total amount of EUR 9,624,000 after autumn 2007. Respective 180,262,264 shares
were applied for public trading on January 25, 2008.
Changes in amounts of the securities
During the reporting period on January and March a total amount of 179,366,723
new shares of the Company have been subscribed and registered by virtue of
convertible bond loans 2004A and 2007G-J. The shares shall be applied for public
trading at OMX Nordic Exchange Helsinki as soon as practically possible. After
the registration the share capital increased to EUR 7,045,320.52 and total
number of GeoSentric shares was 704,532,052.
On March the Company decided to raise additional financing of EUR 131,000 by
issuing 582,222 new shares and convertible bond loan entitling to subscribe a
maximum of 2,328,889 new shares according to the respective terms and conditions
disclosed in bulletin released on September 10th 2007. All the shares and
convertible bond were subscribed at the same.
Additionally the Company decided to adopt new option plan by issuing a maximum
of 4,451,632 new option rights to certain key resources of the company. Each
option right entitles its holder to subscribe for one (1) new share at
subscription price of EUR 0.06 during the subscription period which ends on
December 31st 2010. Subscription period for the option rights ends on December
31st 2009.
3. Events after the end of the reporting period
The Company made several significant announcements after the end of the period
concerning its GyPSii geo-social networking platform and service:
(a) The company announced a new version of its mobile and web-based GyPSii
products, with an extensively enhanced feature set. Further, it was reported
that a GyPSii mobile user in China had recorded the tragic earthquake in Chengdu
and shared it within the GyPSii community and across the Internet.
(b) The company announced the opening and live availability of its new
China-based data center in Shanghai, boosting its infrastructure and support for
the rapidly growing user base in China, with the site being found at
www.gypsii.com.cn.
The company has been informed of a claim brought against it in the US by a third
party software licensor regarding claimed unpaid license fees for certain
software used in company's TWIG Discovery mobile phones. The interest of the
matter is approximately 400t euros added with possible interest and costs and
attorneys fees. The Company's view is that is has paid all license fees
according to the license agreement and has refused to pay any additional fees.
The Company has evaluated the claims brought against it and has solid grounds to
believe that they are without grounds. Company has further evaluated that the
case has not material impact on the business or financial position of the
company.
Annual General Meeting and composition of the Board of Directors
Company's shareholders convened on May 16th 2008 and decided on the matters
belonging to the Annual General Meeting according to Article 8 of the Company's Articles of Association and Chapter 5 Article 3 of the Companies' Act. The
shareholders nominated the following seven (7) persons as the members of the
Board of Directors: Daniel Harple, Michael Vucekovich, Gary Bellot, David
Francis, Andy van Dam, Ph.D., Winston Guillory and Hans van der Velde. Ernst &
Young, CPA Erkka Talvinko acting as responsible auditor, was elected to continue
as the auditor of the Company, with PriceWaterhouseCoopers named Deptuy Auditor.
The Board re-elected Dan Harple to its Chairman for the next term.
Changes in amounts of the securities
The company has adopted two (2) new option plans after the reporting period.
According to Option Plan 2008-II Company issues a maximum of 577,000 new option
rights to certain key resources of the Company. Each option right entitles its
holder to subscribe for one new share at subscription price of EUR 0.06 during
the subscription period which ends on December 31st 2012. Subscription period
for the option rights ends on December 31st 2012. According to the Option Plan
2008-III the Company issues a maximum of 24,500,000 option rights to the members
of the Board of Directors equally. Each option right entitles its holder to
subscribe for one new share at subscription price of EUR 0.045 during the
subscription period which ends on December 31st 2012. Subscription period for
the option rights ends on June 30th 2008.
After the reporting period on April a total amount of 118,583,596 shares of
GeoSentric were subscribed for by virtue of convertible bond loans 2004A,
2007F-H and 2008-A and Special Rights 2007-I. As a result of share
subscriptions, the Company's share capital was increased by EUR 1,185,835.96.
The shares were registered on May 12th 2008 and the total number of registered
shares in the Company is 823,115,648.
4. Development of the financial position and result
Due to the equity based financing arrangements secured last year, the Company
has during the period retained reasonable solidity and liquidity.
Development of key figures characterizing the Company´s financial position and
result:
In period 1-3/2008 1-3/2007 1-12/2007
Net sales(teuros) 1085 1233 4435
Operating result(teuros) -2710 -4123 -18726
Operating result(% of net sales) -250 -334 -422
At the end of period
Total assets 14623 14308 17360
Shareholders´ equity 10430 7384 12737
Total liabilities 4193 6924 4623
Cash 5256 2018 6520
The Company intends in Q2 and in all subsequent financial reporting to change
the presentational format of its profit and loss account such that its operating
costs are disclosed along functional lines. The Company feels that this gives
the reader greater transparency and operational insight and is better aligned
with the reporting format used by many of the Company's peers in the technology
sector.
5. Sufficient liquidity
Report on sufficient liquidity in period 04/2008-06/2009
The below cash flow statement assumes that sales targets set in financial
projections for financial years 2008 and 2009 are met. These projections are
highly dependent on timely deliveries and sales success of the Company's
products and services.
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| Cash Flow Statement 04/2008-06/2009 | million euros |
--------------------------------------------------------------------------------
| Cash flow from operations | -3.7 |
--------------------------------------------------------------------------------
| Share subscription payments | 0.0 |
--------------------------------------------------------------------------------
| Investments | -0.6 |
--------------------------------------------------------------------------------
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| Change in cash | -4.3 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash in the beginning of the period | 5.3 |
--------------------------------------------------------------------------------
| Cash at the end of the period | 1.0 |
--------------------------------------------------------------------------------
6. Outlook
The outlook for 2008 appears to be positive for the GyPSii platform, both in its
ability to drive subscribers and in the ability to generate partnerships. The
GyPSii Business team has a focus in 2008 of generating significant volumes of
users on a global basis. Revenue generation is planned to come via embedded
licensing of IPR in terms of software technology and branded trademarks, and
downstream advertising revenue generation from the platform in partnerships with
mobile operators, carriers, OEMs, and ODMs.
TWIG product demand appears to be steady-state focused on TWIG Discovery Pro
GSM/GPRS/GPS handset which is targeted for safety and security market and the
TWIG Locator tracking unit for asset and vehicle tracking market.
The market continues to develop in both of the focused sectors, and, activity
after the reporting period has generated business potentials that may have a
material positive impact on 2008 results.
7. Significant business risks and uncertainties
There are significant financial risks related to the Company´s business,
competition and industry and it is possible that the investor may lose all or a
part of the invested capital.
There is no certainty of the success regarding the implementation and
realisation of the business plan. According to the renewed business strategy,
the Company is pursuing entrance also to new business segments with competitive
situation new to it, or which may be only in the early market phase. Unless the
Company is able to successfully respond to this development it may significantly
impair the Company´s operating result.
A key issue about the business model is sufficient and sufficiently rapid growth
of users of the services, of which the Company has no certainty.
The Company´s sales and result may be endangered also if its products or service
solutions will not fulfill the quality, safety or other requirements by
customers, officials or by itself, or if it is not able to deliver them in
agreed schedule.
In addition, the Company carries a special risk due to the still significant
size of TWIG product inventory. Should the implemented measures undertaken by
the Company in response prove insufficient, the Company may need to make
write-offs which would impair the operating result. The strategy of the Company
and focusing the TWIG product offering to B2B customers may affect demand of
older TWIG product targeted to consumer markets and have adverse effect on
orders received earlier for these products.
Should the Company not be able to sufficiently protect its industrial rights and
other intangible assets, its competitive position may suffer. It is also
possible that other parties may bring action against the Company on grounds of
alleged infringement of industrial rights and, should they be successful, the
Company may be obligated to pay significant compensations. As made public by the
Company, it is involved in a patent case in Italy, in which the Company has
forcefully refuted all claims made towards the Company. The company has also
been informed of a claim brought against it in the US as disclosed in section 3
above. The Company has evaluated the claims brought against it and has solid
grounds to believe that they are without grounds.
The financial statements of the Company have been prepared on going-concern
principle. The Company´s business plan has been prepared by assuming that the
Company´s result and cashflow will improve significantly. Should the result and
cashflow essentially fail to meet the planned figures, the Company´s financing
plan may turn out to be insufficient causing a need to acquire additional
financing.
Since 1997, the Company has not paid dividends. In the future, the re-payments
of capital loans will restrict the possibility to distribute dividends. The
total amount of loans as per March 31, 2008 was about 1086 teuros at nominal
value, consisting solely of the convertible bond loans issued by the Company.
Regarding future dividend payments, there is also uncertainty about the ability
of the Company to accrue distributable capital. According to the latest
financial statements of the Company, there was no distributable capital in the
balance sheet of the Company-
Investor groups led by GeoHolding B.V., Horizon House Ltd, Schroders Private
Bank and Octagon Solutions Ltd use significant influence in GeoSentric, each of
them separately. Shares held by GeoHolding B.V. correspond to 29,99 % of the
registered shares of the Company.
8. R&D-activity
The volume of the Company´s R&D activities in relation to the net sales
continued to be significant due to the on-going R&D-programs by means of which
the Company intends to significantly expand its business over the next few
years. R&D costs in period 1-3/2008 were approximately 78% percent of net sales.
No capitalisations were made.
The Company has R&D units in Salo (Finland), Amsterdam (the Netherlands),
Windsor (UK), Warwick, RI (USA) and Shanghai (China).
9. Investments
Gross investments in period 1-3/2008 were 47 teuros. In year 2007 gross
investments were 6283 teuros, which amount almost entirely came from the
GeoSolutions acquisition.
10. Personnel
The number of employed personnel at GeoSentric in period 1-3/2008 averaged 87,
of which 42, at most, were affected by alternate forced leaves. The alternate
forced leave program, agreed in autumn 2007 to apply for the time being,
continues also in 2008.
11. Environmental issues
The Company pays for its products a statutory recycling fee and has organised
the recycling of disposed materials contractually through Jalopinta Ky.
Altogether, the Company´s operations cause no significant environmental impact.
12. Financing arrangements
In the period, the Company raised additional financing for a total of 131 teuros
by issuing new shares and a convertible loan, as detailed in section 2 above.
In convertible loan conversions during the reporting period, detailed in section
2 above, a total of 179,366,723 new shares were subscribed for, decreasing the
Company´s loans by a total of 2008 teuros.
In convertible loan and special right conversions after the end of the reporting
period, detailed in section 3 above, a total of 118,583,596 new shares were
subscribed for, decreasing the Company´s loans by a total of 254 teuros.
13. Board equity issue authority
The Annual General Meeting convened on 16.4.2007 authorized the Board to
increase share capital by a maximum of 1,902,500 euros. Of this authorization,
valid until 16.4.2009, 8,440 euros remains as of 31.3.2008 and at the date of
this report.
In addition, the Extraordinary General Meeting convened on September 10, 2007
authorized the Board to increase share capital by a maximum of 8,000,000 euros.
Of this authorization, valid until September 10, 2009, 4,147,175 euros as of
31.3.2007. After the reporting period the remaining amount of this authorization
was 3,896,405 euros at the date of this report.
14. About the Company
GeoSentric is a developer of location-based technologies, delivering products
and services that connect people to places, communities and networks. It
develops the leading geo-integration platform for mobile devices, personal
navigation devices, web browsers, and set top boxes, and provides applications
and bundled ODM/OEM solutions for consumer and B2B markets, built on the
convergence of location based services, social networking, search, mobile & Web
2.0 technologies.
GeoSentric share (GEO1V) is listed on the small cap list of OMX Nordic Exchange
in Helsinki.
GEOSENTRIC OYJ
For more information, please contact: communications@gypsii.com (Americas) or
geosentric@companycare.com (EMEA)
Distribution:
OMX Nordic Exchange Helsinki
Principal news media
GeoSentric Oyj Interim Financial Statements Q1/2008 (Unaudited)
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| GROUP INCOME STATEMENT | | | | | |
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| 1000 | | | | 1Q/2008 | 1Q/2007 | 2007 | |
| EUR | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net | | | | 1085 | 1233 | 4435 | |
| sales | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other operating | | | 4 | 0 | 61 | |
| income | | | | | | |
--------------------------------------------------------------------------------
| Increase (+)/decrease (-) in | | | | |
| inventories | | | | |
--------------------------------------------------------------------------------
| of finished | | | -372 | -206 | -691 | |
| products | | | | | | |
--------------------------------------------------------------------------------
| Production for | | | 0 | 0 | 0 | |
| own use | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Use of raw materials and | -285 | -579 | -4246 | |
| consumables | | | | |
--------------------------------------------------------------------------------
| Total expense of | | -1216 | -1427 | -6429 | |
| employees | | | | | |
--------------------------------------------------------------------------------
| Depreciations | | | -530 | -703 | -4013 | |
--------------------------------------------------------------------------------
| Impairment loss | | | 0 | 0 | -440 | |
--------------------------------------------------------------------------------
| Other operating expenses | | -1396 | -2441 | -7403 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating | | | -2710 | -4123 | -18726 | |
| result | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Financial | | | 40 | 13 | 69 | |
| income | | | | | | |
--------------------------------------------------------------------------------
| Financial | | | -47 | -290 | -353 | |
| expenses | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Result before | | | -2717 | -4400 | -19010 | |
| taxes | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Income taxes | | | 127 | 0 | 382 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Result for the | | | -2590 | -4400 | -18628 | |
| period | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per | | | | | | |
| share, eur | | | | | | |
--------------------------------------------------------------------------------
| Basic earnings per | | -0,00 | -0.02 | -0.06 | |
| share, eur | | | | | |
--------------------------------------------------------------------------------
| Diluted earnings per | | | | | |
| shares have not been | | | | | |
| computed, so as not to | | | | | |
| improve the key figure. | | | | | |
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| The interim financial | | | | | |
| statements have not been | | | | | |
| audited. | | | | | |
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| GROUP BALANCE SHEET | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 1000 | | | | Note | | 3/31/08 | 3/31/0 | 12/31/0 |
| EUR | | | | | | | 8 | 7 |
--------------------------------------------------------------------------------
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| ASSET | | | | | | | | |
| S | | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current | | | | | | | |
| assets | | | | | | | |
--------------------------------------------------------------------------------
| Property, plant and | | | | 217 | 263 | 199 |
| equipment | | | | | | |
--------------------------------------------------------------------------------
| Development | | | | | 0 | 2166 | 0 |
| costs | | | | | | | |
--------------------------------------------------------------------------------
| Goodw | | | | | | 216 | 0 | 216 |
| ill | | | | | | | | |
--------------------------------------------------------------------------------
| Other | | | | | 4028 | 35 | 4531 |
| intangible | | | | | | | |
| assets | | | | | | | |
--------------------------------------------------------------------------------
| Other | | | | | 64 | 62 | 62 |
| financial | | | | | | | |
| assets | | | | | | | |
--------------------------------------------------------------------------------
| Deferred tax | | | | | 0 | 0 | 0 |
| assets | | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | 4525 | 2526 | 5008 |
--------------------------------------------------------------------------------
| Current | | | | | | | |
| assets | | | | | | | |
--------------------------------------------------------------------------------
| Inven | | | | | | 2400 | 5954 | 2818 |
| torie | | | | | | | | |
| s | | | | | | | | |
--------------------------------------------------------------------------------
| Trade receivables and other | | | 1667 | 2516 | 2049 |
| receivables | | | | | |
--------------------------------------------------------------------------------
| Prepaid | | | | | 775 | 1294 | 965 |
| expenses | | | | | | | |
--------------------------------------------------------------------------------
| Cash and cash | | | | 5256 | 2018 | 6520 |
| equivalents | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | 10098 | 11782 | 12352 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total | | | | | | 14623 | 14308 | 17360 |
| asset | | | | | | | | |
| s | | | | | | | | |
--------------------------------------------------------------------------------
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| EQUITY AND | | | | | | |
| LIABILITIES | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Shareholders | | | | | | | |
| equity | | | | | | | |
--------------------------------------------------------------------------------
| Share capital | | | 4 | | 7045 | 2703 | 5246 |
--------------------------------------------------------------------------------
| Share | | | | | | 0 | 561 | 0 |
| issue | | | | | | | | |
--------------------------------------------------------------------------------
| Share premium | | | 4 | | 14652 | 15936 | 14652 |
| account | | | | | | | |
--------------------------------------------------------------------------------
| Invested | | 4 | | 22074 | 5930 | 23695 |
| distributable equity | | | | | | |
| account | | | | | | |
--------------------------------------------------------------------------------
| Retained | | | | | -33341 | -17746 | -30856 |
| earnings | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total shareholders | | | | 10430 | 7384 | 12737 |
| equity | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current | | | | | | | |
| liabilities | | | | | | | |
--------------------------------------------------------------------------------
| Deferred tax | | | | | 1021 | 0 | 1148 |
| liabilities | | | | | | | |
--------------------------------------------------------------------------------
| Interest | | | 6,7 | | 0 | 909 | 0 |
| bearing debt | | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | 1021 | 909 | 1148 |
--------------------------------------------------------------------------------
| Current | | | | | | | |
| liabilities | | | | | | | |
--------------------------------------------------------------------------------
| Trade payables and | | | | 2201 | 4062 | 2431 |
| other payables | | | | | | |
--------------------------------------------------------------------------------
| Provi | | | | | | 104 | 157 | 104 |
| sions | | | | | | | | |
--------------------------------------------------------------------------------
| Interest | | | 6,7 | | 867 | 1796 | 940 |
| bearing debt | | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | 3172 | 6015 | 3475 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total | | | | | 4193 | 6924 | 4623 |
| liabilities | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total shareholders equity and | | | 14623 | 14308 | 17360 |
| liabilities | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
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| GROUP CASH FLOW | | | | | | |
| STATEMENT | | | | | | |
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--------------------------------------------------------------------------------
| 1000 EUR | | | | | | 1Q/200 | 1Q/200 | 2007 |
| | | | | | | 8 | 7 | |
--------------------------------------------------------------------------------
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| Cash flow from | | | | | | |
| operations | | | | | | |
--------------------------------------------------------------------------------
| Result of the | | | | | -2590 | -4400 | -18628 |
| period | | | | | | | |
--------------------------------------------------------------------------------
| Adjustmen | | | | | | 605 | 663 | 5934 |
| ts | | | | | | | | |
--------------------------------------------------------------------------------
| Changes in working | | | | | | |
| capital | | | | | | |
--------------------------------------------------------------------------------
| Change of trade and other | | | 572 | 1673 | 2469 |
| receivables | | | | | |
--------------------------------------------------------------------------------
| Change of | | | | | 418 | 240 | 3376 |
| inventories | | | | | | | |
--------------------------------------------------------------------------------
| Change of trade and | | | | -230 | -438 | -2069 |
| other liabilities | | | | | | |
--------------------------------------------------------------------------------
| Paid interests | | | | | 0 | -1 | -47 |
--------------------------------------------------------------------------------
| Received interest | | | | 40 | 10 | 50 |
| payments | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from | | | | -1185 | -2253 | -8915 |
| operations, net | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from | | | | -47 | -51 | -131 |
| investments, net | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from | | | | | | | |
| financing | | | | | | | |
--------------------------------------------------------------------------------
| Proceeds from issue of | | | | 0 | 1418 | 10693 |
| share capital | | | | | | |
--------------------------------------------------------------------------------
| Transaction expenses of share | | | -32 | -71 | -202 |
| issues | | | | | |
--------------------------------------------------------------------------------
| Proceeds from long term | | | 0 | 0 | 2113 |
| borrowings, equity | | | | | |
--------------------------------------------------------------------------------
| Proceeds from long term | | | 0 | 433 | 420 |
| borrowings, liability | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from | | | | -32 | 1780 | 13024 |
| financing, net | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Change in cash | | | | | -1264 | -524 | 3978 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash in the beginning of | | | | 6520 | 2542 | 2542 |
| the period | | | | | | |
--------------------------------------------------------------------------------
| Cash at the end of the | | | | 5256 | 2018 | 6520 |
| period | | | | | | |
--------------------------------------------------------------------------------
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| GROUP STATEMENT OF CHANGES IN SHAREHOLDERS´EQUITY | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | | | | | Share | Inv. | | |
| | | | | | | distri | | |
| | | | | | | b. | | |
--------------------------------------------------------------------------------
| | | | Share | Share | premiu | equity | Accrue | |
| | | | | | m | | d | |
--------------------------------------------------------------------------------
| | | | capit | issue | accoun | accoun | result | Total |
| | | | al | | t | t | | |
--------------------------------------------------------------------------------
| | | | (1000 | (1000 | (1000e | (1000e | (1000e | (1000e |
| | | | eur) | eur) | ur) | ur) | ur) | ur) |
--------------------------------------------------------------------------------
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| Shareholders´ equity | 2634 | 400 | 15936 | 4866 | -13415 | 10421 |
| 31.12.2006 | | | | | | |
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| Items booked directly | | | | | | |
| into | | | | | | |
--------------------------------------------------------------------------------
| shareholders´ | | 0 | 0 | 0 | 0 | 0 | 0 |
| equity | | | | | | | |
--------------------------------------------------------------------------------
| Result of the | | 0 | 0 | 0 | 0 | -4400 | -4400 |
| period | | | | | | | |
--------------------------------------------------------------------------------
| Total income and costs | | | | | | |
| booked | | | | | | |
--------------------------------------------------------------------------------
| in the period | | 0 | 0 | 0 | 0 | -4400 | -4400 |
--------------------------------------------------------------------------------
| Share issues, | | 63 | 161 | 0 | 1274 | 0 | 1498 |
| cash | | | | | | | |
--------------------------------------------------------------------------------
| Conversion of | | | | | | |
| convertible bonds | | | | | | |
--------------------------------------------------------------------------------
| into | | | 6 | 0 | 0 | 45 | 0 | 51 |
| share | | | | | | | | |
| s | | | | | | | | |
--------------------------------------------------------------------------------
| Share issue | | 0 | 0 | 0 | -255 | 0 | -255 |
| expenses | | | | | | | |
--------------------------------------------------------------------------------
| Booked expense of stock | | | | | | |
| options | | | | | | |
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| to key personnel and | 0 | 0 | 0 | 0 | 69 | 69 |
| partners | | | | | | |
--------------------------------------------------------------------------------
| Shareholders´ equity | 2703 | 561 | 15936 | 5930 | -17746 | 7384 |
| 31.03.2007 | | | | | | |
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| Shareholders´ equity | 5246 | 0 | 14652 | 23695 | -30856 | 12737 |
| 31.12.2007 | | | | | | |
--------------------------------------------------------------------------------
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| Items booked directly | | | | | | |
| into | | | | | | |
--------------------------------------------------------------------------------
| shareholders´ | | 0 | 0 | 0 | 0 | 0 | 0 |
| equity | | | | | | | |
--------------------------------------------------------------------------------
| Result of the | | 0 | 0 | 0 | 0 | -2590 | -2590 |
| period | | | | | | | |
--------------------------------------------------------------------------------
| Total income and costs | | | | | | |
| booked | | | | | | |
--------------------------------------------------------------------------------
| in the period | | 0 | 0 | 0 | 0 | -2590 | -2590 |
--------------------------------------------------------------------------------
| Share issue, | | 6 | 0 | 0 | 99 | 0 | 105 |
| cash | | | | | | | |
--------------------------------------------------------------------------------
| Conversion of | | | | | | |
| convertible bonds | | | | | | |
--------------------------------------------------------------------------------
| into | | | 1793 | 0 | 0 | -1714 | 0 | 79 |
| share | | | | | | | | |
| s | | | | | | | | |
--------------------------------------------------------------------------------
| Share issue | | 0 | 0 | 0 | -32 | 0 | -32 |
| expenses | | | | | | | |
--------------------------------------------------------------------------------
| Booked expense of stock | | | | | | |
| options | | | | | | |
--------------------------------------------------------------------------------
| to key personnel and | 0 | 0 | 0 | 0 | 105 | 105 |
| partners | | | | | | |
--------------------------------------------------------------------------------
| Equity portions of | 0 | 0 | 0 | 26 | 0 | 26 |
| liabilities | | | | | | |
--------------------------------------------------------------------------------
| Shareholders´ equity | 7045 | 0 | 14652 | 22074 | -33341 | 10430 |
| 31.03.2008 | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| KEY FIGURES | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | | | | | | 1Q/200 | 1Q/200 | 2007 |
| | | | | | | 8 | 7 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales, 1000 | | | | | 1085 | 1233 | 4435 |
| EUR | | | | | | | |
--------------------------------------------------------------------------------
| Operating result, 1000 | | | | -2710 | -4123 | -18726 |
| EUR | | | | | | |
--------------------------------------------------------------------------------
| Result before taxes, | | | | -2717 | -4400 | -19010 |
| 1000 EUR | | | | | | |
--------------------------------------------------------------------------------
| Gross investments, 1000 | | | | 47 | 51 | 6283 |
| EUR | | | | | | |
--------------------------------------------------------------------------------
| Average | | | | | 87 | 84 | 83 |
| personnel | | | | | | | |
--------------------------------------------------------------------------------
| Earnings per | | | | | -0,00 | -0.02 | -0.06 |
| share, EUR | | | | | | | |
--------------------------------------------------------------------------------
| Equity per | | | | | 0,02 | 0.03 | 0.02 |
| share, EUR | | | | | | | |
--------------------------------------------------------------------------------
| Weighted average number | | | | | | |
| of shares | | | | | | |
--------------------------------------------------------------------------------
| in period, 1000 | | | | | 596607 | 266806 | 327772 |
| pcs | | | | | | | |
--------------------------------------------------------------------------------
| Number of shares | | | | | | | |
--------------------------------------------------------------------------------
| at the end of the | | | | 704532 | 270342 | 524583 |
| period, 1000 pcs | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| NOTES TO THE GROUP INTERIM | | | | | |
| REPORT | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 1. BASE INFORMATION OF THE | | | | | |
| COMPANY | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| GeoSentric is a developer of location-based Technologies, delivering |
| products and services that connect people to places, communities and |
| networks. It develops the leading geo-integration platform for mobile |
| devices, personal navigation devices, web browsers, and set top boxes, and |
| provides applications and bundled ODM/OEM solutions for consumer and B2B |
| markets, built on the convergence of location based services, social |
| networking, search, mobile & Web 2.0 technologies. |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| GeoSentric share (GEO1V) is listed on the small cap list of OMX Nordic |
| Exchange in Helsinki. |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| The parent company of the group is GeoSentric Oyj. The | | |
| registered domicile is Salo, | | |
--------------------------------------------------------------------------------
| Finland, with street address Meriniitynkatu 11, 24100 Salo, Finland, and |
| mail address P.O Box 84, FIN-24101 Salo, |
--------------------------------------------------------------------------------
| Finland. Copy of the group financial statements is available at the internet |
| address www.geosentric.com |
--------------------------------------------------------------------------------
| or at the company head office at address Meriniitynkatu | | |
| 11, FIN-24100 Salo, Finland. | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 2. ACCOUNTING PRINCIPLES FOR THE FINANCIAL | | | |
| STATEMENTS | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Found | | | | | | | | |
| ation | | | | | | | | |
| : | | | | | | | | |
--------------------------------------------------------------------------------
| The group interim report has been prepared in accordance with the | |
| International Financial Reporting | |
--------------------------------------------------------------------------------
| Standards ("IFRS") and has been prepared according to the | |
| accounting standard IAS 34, | |
--------------------------------------------------------------------------------
| Interim Reports. An interim report shall be read together with the | |
| financial statements for year 2007. | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Accounting | | | | | | | |
| principles: | | | | | | | |
--------------------------------------------------------------------------------
| The utilised principles of preparation are identical with those | |
| utilised by the Group in financial | |
--------------------------------------------------------------------------------
| statements for year | | | | | | |
| 2007. | | | | | | |
--------------------------------------------------------------------------------
| IASB has published new standards and interpretations and changes in existing |
| standards, application of |
--------------------------------------------------------------------------------
| which is mandatory on 1.1.2008 or thereafter, and which the group has not |
| adopted earlier voluntarily. |
--------------------------------------------------------------------------------
| The group will adopt the following standards (and their amendments) | |
| and interpretations from | |
--------------------------------------------------------------------------------
| 1.1.2008 | | | | | | | |
| onwards: | | | | | | | |
--------------------------------------------------------------------------------
| IFRIC 12, Service Concession Arrangements. This interpretation is not |
| applicable to Group´s industry. |
--------------------------------------------------------------------------------
| IFRIC 13, Customer Loyalty Programmes. Group operations do not | |
| include pertinent transactions. | |
--------------------------------------------------------------------------------
| IFRIC 14, The Limit on a Defined Benefit Asset, Minimum Funding Requirements |
| and their Interaction. |
--------------------------------------------------------------------------------
| At the moment, the Company has no benefit-based retirement plans in the |
| meaning of the interpretation. |
--------------------------------------------------------------------------------
| IFRS 8, Business segments. The Company is clarifying the effects of | |
| this new standard to segment | |
--------------------------------------------------------------------------------
| reporting but, as it will first become in force on 1.1.2009, it is | |
| not applied in this financial period. | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 3. SEGMENT INFORMATION | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| The primary reported segments of the group comprise business segments. At |
| the moment, there is only |
--------------------------------------------------------------------------------
| one distinct segment, location based services and devices utilising | |
| them. Its share of net sales has | |
--------------------------------------------------------------------------------
| been 100% in the period and in the | | | | |
| reference period. | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 4. SHAREHOLDERS´ EQUITY | | | | | | |
--------------------------------------------------------------------------------
| | | | | | | Share | Inv. | |
| | | | | | | | distri | |
| | | | | | | | b. | |
--------------------------------------------------------------------------------
| | | | | Numbe | Share | premiu | equity | |
| | | | | r of | | m | | |
--------------------------------------------------------------------------------
| | | | | share | capita | accoun | accoun | Total |
| | | | | s | l | t | t | |
--------------------------------------------------------------------------------
| | | | | (1000 | (1000e | (1000e | (1000e | (1000e |
| | | | | ) | ur) | ur) | ur) | ur) |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 31.12 | | | | 52458 | 5246 | 14652 | 23695 | 43593 |
| .2007 | | | | 3 | | | | |
--------------------------------------------------------------------------------
| Share conversion of CBL2007G | 47803 | 478 | | -478 | 0 |
| 31.1.2008 | | | | | |
--------------------------------------------------------------------------------
| Share conversion of CBL2007H | 44659 | 447 | | -447 | 0 |
| 31.1.2008 | | | | | |
--------------------------------------------------------------------------------
| Share conversion of CBL2007I | 311 | 3 | | -3 | 0 |
| 31.1.2008 | | | | | |
--------------------------------------------------------------------------------
| Share conversion of CBL2007J | 880 | 9 | | -9 | 0 |
| 31.1.2008 | | | | | |
--------------------------------------------------------------------------------
| Share issue | | | 582 | 6 | | 99 | 105 |
| 20.3.2008 | | | | | | | |
--------------------------------------------------------------------------------
| Share conversion of CBL2004A | 7998 | 79 | | | 79 |
| 20.3.2008 | | | | | |
--------------------------------------------------------------------------------
| Share conversion of CBL2007G | 37900 | 379 | | -379 | 0 |
| 20.3.2008 | | | | | |
--------------------------------------------------------------------------------
| Share conversion of CBL2007H | 35416 | 354 | | -354 | 0 |
| 20.3.2008 | | | | | |
--------------------------------------------------------------------------------
| Share conversion of CBL2007I | 4400 | 44 | | -44 | 0 |
| 20.3.2008 | | | | | |
--------------------------------------------------------------------------------
| Costs of share | | | | | | -32 | -32 |
| issues | | | | | | | |
--------------------------------------------------------------------------------
| Equity components separated from | | | | 26 | 26 |
| liabilities | | | | | |
--------------------------------------------------------------------------------
| 31.03 | | | | 70453 | 7045 | 14652 | 22074 | 43771 |
| .2008 | | | | 2 | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| According to the Company´s articles of association registered on 10.12.2007, |
| there is no maximum |
--------------------------------------------------------------------------------
| for the shares and there is only one category of shares at the | |
| Company. Also the clause about | |
--------------------------------------------------------------------------------
| maximum amount of share capital has been | | | | |
| removed. | | | | |
--------------------------------------------------------------------------------
| The shares carry no nominal value but the book parity value at the | |
| moment is 0.01 euros per share. | |
--------------------------------------------------------------------------------
| All outstanding shares | | | | | | |
| are fully paid. | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 5. OPTION RIGHTS | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| In the reporting period were given maximum 4.451.332 new option rights |
| according to IFRS 2 to certain |
--------------------------------------------------------------------------------
| key persons of the company. Share subscription price is 0,06 euros. |
| Subscription period of the option |
--------------------------------------------------------------------------------
| rights will end on 31.12.2009 and share subscription | | |
| period will end on 31.12.2010. | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cost of options booked in the period according to IFRS 2 was 105 | |
| teuros. Consideration is given | |
--------------------------------------------------------------------------------
| as options. The counter-item of costs in income statement | | |
| is shareholders` equity. | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 6. DEBTS WITH NOMINAL INTEREST | | | | | |
--------------------------------------------------------------------------------
| | | | | Nomin | | | | |
| | | | | al | | | | |
--------------------------------------------------------------------------------
| 1000 | | | | loan | | 1Q/200 | 1Q/200 | 2007 |
| EUR | | | | value | | 8 | 7 | |
--------------------------------------------------------------------------------
| | | | | 1Q/20 | | | | |
| | | | | 08 | | | | |
--------------------------------------------------------------------------------
| Non-current | | | | | | | |
| loans: | | | | | | | |
--------------------------------------------------------------------------------
| Cbl | | | | | | 0 | 909 | 0 |
| 2004A | | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current loans: | | | | | | | |
--------------------------------------------------------------------------------
| Cbl | | | | 875 | | 867 | 0 | 940 |
| 2004A | | | | | | | | |
--------------------------------------------------------------------------------
| Cbl | | | | 135 | | 0 | 0 | 0 |
| 2007F | | | | | | | | |
--------------------------------------------------------------------------------
| Cbl | | | | 26 | | 0 | 0 | 0 |
| 2007G | | | | | | | | |
--------------------------------------------------------------------------------
| Cbl | | | | 24 | | 0 | 0 | 0 |
| 2007H | | | | | | | | |
--------------------------------------------------------------------------------
| Cbl | | | | 26 | | 0 | 0 | 0 |
| 2008A | | | | | | | | |
--------------------------------------------------------------------------------
| Curre | | | | | | 867 | 0 | 940 |
| nt | | | | | | | | |
| total | | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Convertible bond loan | | | | | | |
| 2004A: | | | | | | |
--------------------------------------------------------------------------------
| This loan with nominal value of 1130 teuros was raised in February 2004 and |
| converted into shares in |
--------------------------------------------------------------------------------
| years 2004-2006 in all 175 teuros and in March | | | |
| 2008 in all 80 teuros. | | | |
--------------------------------------------------------------------------------
| The rest of the loan may be converted into shares | | | |
| until 31.12.2008. | | | |
--------------------------------------------------------------------------------
| Share subscription price is 0.01 euros. Loan interest is | | |
| 4% p.a.. No interest was paid. | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Convertible bond loan | | | | | | |
| 2007F: | | | | | | |
--------------------------------------------------------------------------------
| This loan with nominal value of 135 teuros was raised in June 2007. | |
| Loan interest is 2% p.a. | |
--------------------------------------------------------------------------------
| The loan may be converted into a maximum of 5,400,000 | | |
| shares until 31.12.2012. | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Convertible bond loan | | | | | | |
| 2007G: | | | | | | |
--------------------------------------------------------------------------------
| This loan with nominal value of 990 teuros was raised in September 2007 and |
| converted into shares in |
--------------------------------------------------------------------------------
| January 2008 and March 2008 in all 964 teuros. The rest of the | |
| loan may be converted into shares | |
--------------------------------------------------------------------------------
| until 31.12.2012. Share subscription | | | | |
| price is 0,01125 euros. | | | | |
--------------------------------------------------------------------------------
| Loan interest is 2% p.a.. No | | | | | |
| interest was paid. | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Convertible bond loan | | | | | | |
| 2007H: | | | | | | |
--------------------------------------------------------------------------------
| This loan with nominal value of 925 teuros was raised in October | |
| 2007 and converted into shares in | |
--------------------------------------------------------------------------------
| January 2008 and March 2008 in all 901 teuros. The rest of the | |
| loan may be converted into shares | |
--------------------------------------------------------------------------------
| until 31.12.2012. Share subscription | | | | |
| price is 0,01125 euros. | | | | |
--------------------------------------------------------------------------------
| Loan interest is 2% p.a.. No | | | | | |
| interest was paid. | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Convertible bond loan | | | | | | |
| 2007I: | | | | | | |
--------------------------------------------------------------------------------
| This loan with nominal value of 53 teuros was formed from trade payables in |
| October 2007 and converted |
--------------------------------------------------------------------------------
| into shares in January 2008 and March 2008. Share subscription | |
| price was 0,01125 euros. | |
--------------------------------------------------------------------------------
| No interest was | | | | | | | |
| paid. | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Convertible bond loan | | | | | | |
| 2007J: | | | | | | |
--------------------------------------------------------------------------------
| This loan with nominal value of 10 teuros was raised in December | |
| 2007 and converted into shares in | |
--------------------------------------------------------------------------------
| in January 2008. Share subscription price was 0,01125 | | |
| euros. No interest was paid. | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Convertible bond loan | | | | | | |
| 2008A: | | | | | | |
--------------------------------------------------------------------------------
| This loan with nominal value of 26 teuros was raised in March 2008. | |
| Loan interest is 2% p.a. | |
--------------------------------------------------------------------------------
| The loan may be converted into a maximum of 2,328,899 | | |
| shares until 31.12.2012. | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 7. DEBTS WITH NO NOMINAL | | | | | |
| INTEREST | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 1000 | | | | | | 1Q/200 | 1Q/200 | 2007 |
| EUR | | | | | | 8 | 7 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current loans: | | | | | | | |
--------------------------------------------------------------------------------
| Cbl | | | | | | 0 | 1494 | 0 |
| 2007B | | | | | | | | |
--------------------------------------------------------------------------------
| Cbl | | | | | | 0 | 302 | 0 |
| 2007C | | | | | | | | |
--------------------------------------------------------------------------------
| Total | | | | | | 0 | 1796 | 0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 8. COLLATERAL COMMITMENTS AND | | | | |
| CONTINGENCIES | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 1000 | | | | | | 1Q/200 | 1Q/200 | 2007 |
| EUR | | | | | | 8 | 7 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Contingent liabilities | | | | | | |
| relating to | | | | | | |
--------------------------------------------------------------------------------
| chattel mortgage | | | | | 1745 | 1700 | 1734 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Collateral for own | | | | | | |
| liabilities: | | | | | | |
--------------------------------------------------------------------------------
| Chattel mortgage as collateral for | | 12068 | 12068 | 12068 |
| contingent liability | | | | |
--------------------------------------------------------------------------------
| Pledged non-current | | | | 44 | 42 | 42 |
| financial assets | | | | | | |
--------------------------------------------------------------------------------
| Pledged current | | | | 373 | 373 | 373 |
| financial assets | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 9. RELATED PARTY TRANSACTIONS | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| The parent and subsidiary company relations in | | | |
| the group were as follows: | | | |
--------------------------------------------------------------------------------
| Parent company GeoSentric Oyj. Subsidiaries with parent company | |
| ownership and voting rights | |
--------------------------------------------------------------------------------
| of 100 % are GeoSolutions B.V., Benefon UK Ltd., GyPSii Information | |
| Technology (Shanghai) corp., | |
--------------------------------------------------------------------------------
| GyPSii Inc., Benefon Solutions B.V. and | | | | |
| Ismap S.A.. | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Inner circle transactions have been presented in the | | |
| financial statements for year 2007. | | |
--------------------------------------------------------------------------------
| No essential changes have taken place in the | | | |
| reporting period. | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| During the reporting period, the related party companies converted cbl`s |
| from year 2007 to the shares |
--------------------------------------------------------------------------------
| for the amount of | | | | | | |
| 978.000 euros. | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 10. EVENTS AFTER THE END OF THE | | | | | |
| PERIOD | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Bulletin | | | | | | | |
| 7.5.2008 | | | | | | | |
--------------------------------------------------------------------------------
| The Company has decided to approve a new option program by issuing a total |
| maximum of 577,000 new |
--------------------------------------------------------------------------------
| option rights to certain key resources of the Company. Each option right |
| entitles its carrier to subscribe |
--------------------------------------------------------------------------------
| for one new share at subscription price of 0.06 euros in | |
| subscription period ending on 31.12.2012. | |
--------------------------------------------------------------------------------
| By virtue of convertible loans 2004A, 2007F-H and 2008A, with a total loan |
| capital of 253,592 euros, a |
--------------------------------------------------------------------------------
| total of 16,412,528 new shares were subscribed for. In addition, by | |
| virtue of special rights a total of | |
--------------------------------------------------------------------------------
| 102,171,068 new shares were subscribed for at total subscription price of |
| 1022 euros. With the same, |
--------------------------------------------------------------------------------
| a total of 1,020,689 euros was transferred from share premium | |
| account into shareholders´ equity. | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Bulletin | | | | | | | |
| 16.5.2008 | | | | | | | |
--------------------------------------------------------------------------------
| Decisions by the annual general meeting | | | | |
| of GeoSentric Oyj: | | | | |
--------------------------------------------------------------------------------
| The general meeting confirmed the financial statements from financial period |
| 1.1.-31.12.2007 and decided |
--------------------------------------------------------------------------------
| that no dividend will be paid. The general meeting decided that the number |
| of Board members is seven and |
--------------------------------------------------------------------------------
| elected into the Board the following persons: Daniel Harple, | |
| Michael Vucekovich, Gary Bellot, | |
--------------------------------------------------------------------------------
| David Francis, Andy van Dam, Winston Guillory and Hans van der Velde. The |
| Board elected Daniel Harple |
--------------------------------------------------------------------------------
| as the Chairman of the | | | | | | |
| Board. | | | | | | |
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