2008-02-12 07:27:07 CET
2008-02-12 07:28:06 CET
REGULATED INFORMATION
TJ Group - Financial Statement Release
TJ GROUP FINANCIAL REPORT 1 JANUARY-31 DECEMBER 2007 (IFRS)
TJ Group Plc Stock Exchange Release February 12, 2008 TJ GROUP FINANCIAL REPORT 1 JANUARY-31 DECEMBER 2007 (IFRS) - Net sales EUR 3.81 million (EUR 4.32 million) - Operating result EUR -0.42 million (EUR -1.56 million) - Result before taxes EUR -0.20 million (EUR -1.74 million) - Equity ratio -60.6% (-43.2%), shareholders' equity/share EUR -0.02 (EUR -0.02) - Earnings per share EUR -0.002 (EUR -0.014) STRUCTURE OF THE GROUP During the review period, TJ Group consisted of the subsidiary operating in Finland, Documenta Oy, in which the group had 100% ownership, and the parent company TJ Group 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. TJ Group Plc uses an operating model in which the operative functions have been centralized into the subsidiary/subsidiaries. In its business operations, Documenta of TJ Group 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. NET SALES TJ Group's net sales for the review period were EUR 3.81 million (EUR 4.32 million). The comparable net sales of the continuing business operations for 1 January-31 December 2006 were EUR 3.93 million. RESULT DEVELOPMENT TJ Group's operating result for the review period was EUR -0.42 million (EUR -1.56 million). The comparable operating result of the continuing business operations for 1 January-31 December 2006 was EUR -1.88 million. The result for the review period was EUR -0.20 million (EUR -1.74 million). The comparable result of the continuing business operations for 1 January-31 December 2006 was EUR -2.07 million. The other business costs for the review period include EUR 223 thousand in legal expenses. The financial income includes a registration of change in the market value of shares amounting to EUR 421 thousand. The GROUP Technologies AG shares owned by the company have been valued at the share price on the last day of each review period. 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 2.10 million (EUR 2.52 million), which equals to 55% of the net sales (58%). The comparable costs for employment benefits on 1 January-31 December 2006 were EUR 2.24 million, which equals to 57% of the net sales. The net sales per person on the review period were EUR 98 thousand (EUR 88 thousand). The comparable net sales per person of the continuing business operations for 1 January-31 December 2006 were EUR 94 thousand. 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 (IFRS) Documenta Oy Documenta Oy's net sales for the review period 1 January-31 December 2007 were EUR 3.86 million (EUR 3.90 million). The operating result was EUR 0.35 million (EUR 0.42 million), which is 9% of the net sales. Documenta Oy is a company specializing in software products for digital workflow and document management, quality management, customer relationship management and intensification of operative processes. Documenta offers information technology based software, maintenance, operation service and integration solutions for companies and public administration. Documenta is also responsible for reselling the GROUP Technologies AG's iQ-Suite and CRM Suite (Gedys Software Holding) product families in Finland directly and through its partners. The CEO of the company is Asko Ojanen. SIGNIFICANT EVENTS IN THE REVIEW PERIOD On 5 July 2007, the company announced that on 5 July 2007 the Helsinki Court of Appeal had passed a judgment concerning the share issue and sales of TJ Group Plc in the year 2000 wherein it had sentenced the Member of the Board of the company Jyrki Salminen, the Chairman of the Board of the company Tuomo Tilman and the CFO of the company to conditional sentences of imprisonment. Additionally, the Court had ordered the proceeds of crime benefited by Salminen and Tilman forfeited to the state. The company was imposed a corporate fine of EUR 50,000 and a joint and several liability to compensate an aggregate amount of EUR 1,218.57. The Court rejected the confiscation claim of EUR 39,369,600 from the company, but released the state from obligation to compensate the legal expenses of the company. The view of the company is that the corporate fine and the compensation liability imposed on the company are unfounded. The company stated that it shall apply a leave to appeal from the Supreme Court. The company announced on 19 July 2007 that the Board of Directors of TJ Group Plc had received on 19 July 2007 a notification that the Chairman of the Board Tuomo Tilman and a member of the Board of Directors Jyrki Salminen had resigned from their duties. Additionally, based on an agreement made on 19 July 2007, the CFO of the company has transferred to other duties within the group and resigned from the position as a deputy member of the Board of Directors. The company announced on 3 September 2007 that it had delivered to the Supreme Court a petition for leave of appeal and a letter of complaint concerning the verdict given by the Helsinki Court of Appeal on 5 July 2007, which orders the company to pay a corporate fine of EUR 50,000 and a joint and several compensation of EUR 1,250 to the state in the matter concerning the company's share issue in the year 2000 and the communications related to it. The company announced on 29 November 2007 that the company had received a notification from the Helsinki District Court that two summonses have been issued against the company, demanding compensation for damages totalling EUR 1,095,000 at the maximum, and in addition the legal interest on delayed payments. Thus, the claims have been stated in their maximum amount and, additionally, the company and the other defendants have been stated as jointly and severally liable. The claims are based on the judgment given by the Helsinki Court of Appeal on 5 July 2007, concerning the stock exchange communications of the company in the year 2000. The company has applied for a leave to appeal from the Supreme Court concerning the said judgment of the Court of Appeal and, thus, the judgment is not legally valid. The company considers the claims to be totally unfounded as regards both the grounds and the amounts. The company has understood that the hearing of the case in the District Court will be postponed until the Supreme Court has made a decision concerning the above-mentioned leave to appeal and the appeal concerning the judgment of the Court of Appeal. EVENTS FOLLOWING THE PERIOD The company announced on 17 January 2008 that the Supreme Court had passed a decision, which granted TJ Group Plc 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 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 shall 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 TJ Group's cash and liquid current assets totalled EUR 1.49 million (EUR 2.68 million) at the end of the review period. The equity ratio of the group was -60.6% (-43.2%). TJ Group's sales receivables at the end of the review period were EUR 1.29 million (EUR 1.60 million). On the review period, the group's gross investments totalled EUR 46 thousand (EUR 0.38 million), which equals to 1% (9%) of the net sales. CONVERTIBLE LOAN In the company's balance sheet, under short-term liabilities, there is a convertible loan of EUR 4.5 million that will mature on 31 December 2008. The Board of Directors proposes to the Annual General Meeting that the terms of the convertible loan be changed in order to extend the loan period. 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, EUR 226 thousand in total for 2007. At the end of the review period, the company's balance sheet contains EUR 209 thousand in activated, undepreciated development costs. PERSONNEL At the end of the review period, the group had 38 (42) employees. The group employed an average of 39 (49) persons during the review period. THE COMPANY'S BOARD OF DIRECTORS AND AUDITORS As of 5 September 2007, the Board of Directors of TJ Group 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 Arto Tenhula (CA) as the principal accountant. SHARES, SHARE CAPITAL, AND SHAREHOLDERS TJ Group Plc's share capital on 31 December 2007 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 -0.02. 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 14,208 shareholders. THE SHARE HOLDING AND WARRANTS OF THE BOARD OF DIRECTORS AND THE MANAGEMENT On 31 December 2007, the permanent members of the TJ Group'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 TJ Group's warrant programs, see the company's web site at www.tjgroup.fi and www.tjgroup.com. The company complies to and adapts the Guidelines for Insiders drawn up by the Helsinki Exchanges. DISTRIBUTION OF DIVIDEND The company's Board of Directors will propose to the Annual General Meeting that no dividend be paid for the financial period and that the company's loss for the financial period be booked against retained earnings. The company doesn't have assets for distribution. NEAR-TERM OUTLOOK From the company's point of view, the decision by the Helsinki Court of Appeal on 5 July 2007 is erroneous and unfounded. The company has applied for and has been granted a leave of appeal by the Supreme Court. The company hopes that the matter will be handled soon in the Supreme Court as the ongoing legal process is significantly harming the company's operation. Making corporate arrangements is either impossible or at least very difficult. The legal process continues to cause extra costs for the parent company. As the legal process continues, it will also harm the operative functions of the group's subsidiary, especially sales to new customers. Regardless of this, the goal for 2008 is to improve the net sales and result of the company as compared to the realized figures of 2007. However, due to the above-mentioned reasons, there are great risks in achieving the goals. The interim report of TJ Group for 1 January-31 March 2008 will be published on 24 April 2008. Espoo, 12 February 2008 The Board of Directors of TJ Group Plc Mikko Salminen, Chairman of the Board Hannu Jokela Jörg Ott CONTACT: TJ Group Plc CEO Hannu Jokela Tel. +358 207 91 6700 DISTRIBUTION: OMX Nordic Exchange Helsinki Main media www.tjgroup.com The figures in the financial report are not audited. In addition to the accounts of the parent company, the interim report of TJ Group Plc consolidates the accounts of Documenta Oy. The comparison figures for 2006 include the following companies in addition to the above mentioned companies: figures for TJ-KiPa Oy (former Key Partners Oy), TJ Ohjelmistoprojektit Oy (former Planmill Oy) and TJ Group GmbH. -------------------------------------------------------------------------------- | CONSOLIDATED PROFIT & LOSS STATEMENT | | | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | (EUR thousand) | | | -------------------------------------------------------------------------------- | | 1.1.- | 1.1. - | | | 31.12.2007 | 31.12.2006 | -------------------------------------------------------------------------------- | Continued operations | 12 months | 12 months | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 3 814 | 3 932 | -------------------------------------------------------------------------------- | Other operating income | 21 | 306 | -------------------------------------------------------------------------------- | Income from selling of business operations | 0 | 1 158 | -------------------------------------------------------------------------------- | Materials and services | 647 | 611 | -------------------------------------------------------------------------------- | Employee benefits expenses | 2 097 | 2 241 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Depreciations | | | -------------------------------------------------------------------------------- | Depreciations according to plan | 161 | 627 | -------------------------------------------------------------------------------- | Rents | 218 | 729 | -------------------------------------------------------------------------------- | Marketing expenses | 125 | 76 | -------------------------------------------------------------------------------- | Other operating expenses | 1 004 | 3 376 | -------------------------------------------------------------------------------- | Unprofitable agreements | 0 | -382 | -------------------------------------------------------------------------------- | Operating profit/loss | -417 | -1 882 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Financial income and expenses | | | -------------------------------------------------------------------------------- | Interest income and other financial income | 493 | 69 | -------------------------------------------------------------------------------- | Interest expenses and other financial | -273 | -255 | | expenses | | | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | Profit/loss before income taxes | -197 | -2 068 | -------------------------------------------------------------------------------- | Income taxes | | | -------------------------------------------------------------------------------- | Income tax | 0 | -1 | -------------------------------------------------------------------------------- | Profit/loss continued operations | -197 | -2 069 | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | Discontinued operations | | | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | Profit/loss discontinued operations | 0 | 327 | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | Profit/loss for the period | -197 | -1 742 | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | Distribution | | | -------------------------------------------------------------------------------- | To equity holders of the parent | -197 | -1 742 | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | Earnings per share calculated on | | | | profit/loss | | | -------------------------------------------------------------------------------- | attributable to equity holders of the | -0,002 | -0,014 | | parent | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share (undiluted), EUR | -0,002 | -0,016 | | continued operations | | | -------------------------------------------------------------------------------- | Earnings per share (diluted), EUR | -0,002 | -0,016 | | continued operations | | | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | Earnings per share (undiluted), EUR | 0 | 0,002 | | discontinued operations | | | -------------------------------------------------------------------------------- | Earnings per share (diluted), EUR | 0 | 0,002 | | discontinued operations | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED PROFIT AND LOSS STATEMENT BY | | | | | QUARTER | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | (EUR thousand) | | | | | | -------------------------------------------------------------------------------- | | 1.1.-3 | 1.4.-3 | 1.7.-3 | 1.10.-31 | 1.1.-31.12 | | | 1.3. | 0.6. | 0.9. | .12. | .2007 | -------------------------------------------------------------------------------- | | 2007 | 2007 | 2007 | 2007 | Total | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | 3 | 3 | 3 | 3 months | 12 months | | | months | months | months | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Net sales | 822 | 958 | 765 | 1 269 | 3 814 | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Change in work in | 9 | -4 | 11 | -16 | 0 | | progress,inc(+),dec(-) | | | | | | -------------------------------------------------------------------------------- | Other operating income | 0 | 10 | 0 | 11 | 21 | -------------------------------------------------------------------------------- | Materials and services | 94 | 136 | 108 | 309 | 647 | -------------------------------------------------------------------------------- | Employee benefits | 521 | 621 | 380 | 575 | 2 097 | | expenses | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Depreciations | | | | | | -------------------------------------------------------------------------------- | Depreciations according | 46 | 46 | 44 | 25 | 161 | | to plan | | | | | | -------------------------------------------------------------------------------- | Rents | 40 | 49 | 50 | 79 | 218 | -------------------------------------------------------------------------------- | Marketing expenses | 58 | 16 | 22 | 29 | 125 | -------------------------------------------------------------------------------- | Other operating expenses | 187 | 266 | 349 | 202 | 1 004 | -------------------------------------------------------------------------------- | Operating profit/loss | -115 | -170 | -177 | 45 | -417 | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | Financial income and | | | | | | | expenses | | | | | | -------------------------------------------------------------------------------- | Interest income and other | 346 | 32 | -196 | 311 | 493 | | financial income | | | | | | -------------------------------------------------------------------------------- | Interest expenses and | -66 | -69 | -64 | -74 | -273 | | other financial expenses | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- | PROFIT/LOSS FOR THE | 165 | -207 | -437 | 282 | -197 | | PERIOD | | | | | | -------------------------------------------------------------------------------- | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED BALANCE SHEET | | | -------------------------------------------------------------------------------- | (EUR thousand) | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | ASSETS | 31.12.2007 | 31.12.2006 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NON-CURRENT ASSETS | | | -------------------------------------------------------------------------------- | Intangible assets | | | -------------------------------------------------------------------------------- | Intangible rights | 237 | 316 | -------------------------------------------------------------------------------- | Tangible assets | 135 | 171 | -------------------------------------------------------------------------------- | Other capitalized expenditure | 1 392 | 972 | -------------------------------------------------------------------------------- | Non-current assets total | 1 764 | 1 459 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CURRENT ASSETS | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Trade receivables | 1 292 | 1 595 | -------------------------------------------------------------------------------- | Other current assets | 60 | 125 | -------------------------------------------------------------------------------- | Cash and cash equivalents | 1 490 | 2 684 | -------------------------------------------------------------------------------- | Current assets total | 2 842 | 4 404 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL ASSETS | 4 606 | 5 863 | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | SHAREHOLDERS' EQUITY AND LIABILITIES | 31.12.2007 | 31.12.2006 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity attributable to equity holders | | | -------------------------------------------------------------------------------- | of the parent | | | -------------------------------------------------------------------------------- | Share capital | 2 570 | 2 570 | -------------------------------------------------------------------------------- | Premium reserve | 65 142 | 65 142 | -------------------------------------------------------------------------------- | Retained earnings | -70 233 | -68 491 | -------------------------------------------------------------------------------- | Profit/loss for the period | -197 | -1 742 | -------------------------------------------------------------------------------- | TOTAL SHAREHOLDERS' EQUITY | -2 718 | -2 521 | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | Long-term liabilities | | | -------------------------------------------------------------------------------- | Convertible loans | 0 | 4 500 | -------------------------------------------------------------------------------- | Interest-bearing liabilities | 1 620 | 1 633 | -------------------------------------------------------------------------------- | Long-term liabilities total | 1 620 | 6 133 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Lyhytaikaiset velat | | | -------------------------------------------------------------------------------- | Convertible loans | 4 500 | 0 | -------------------------------------------------------------------------------- | Interest-bearing liabilities | 19 | 128 | -------------------------------------------------------------------------------- | Trade payables | 303 | 787 | -------------------------------------------------------------------------------- | Other current liabilities | 439 | 351 | -------------------------------------------------------------------------------- | Accrued liabilities | 443 | 985 | -------------------------------------------------------------------------------- | Current liabilities total | 5 704 | 2 251 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 4 606 | 5 863 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED CASH FLOW STATEMENT | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | (EUR thousand) | 1.1.- | 1.1. - | | | 31.12.2007 | 31.12.2006 | -------------------------------------------------------------------------------- | | 12 months | 12 months | -------------------------------------------------------------------------------- | Cash flow from operating activities | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit/loss for the period | -197 | -1 742 | -------------------------------------------------------------------------------- | Amendments: | | | -------------------------------------------------------------------------------- | Booking of shares at current price, no | -420 | 1 938 | -------------------------------------------------------------------------------- | payment transaction | | | -------------------------------------------------------------------------------- | Poistot | 161 | 700 | -------------------------------------------------------------------------------- | Interest expenses and other financial | 273 | 255 | | expenses | | | -------------------------------------------------------------------------------- | Interest and other financial income | -73 | -79 | -------------------------------------------------------------------------------- | Taxes | 0 | 1 | -------------------------------------------------------------------------------- | Change in working capital: | | | -------------------------------------------------------------------------------- | Change in trade and other receivables | 368 | 1 582 | -------------------------------------------------------------------------------- | Change in trade and other payables | -938 | -1 194 | -------------------------------------------------------------------------------- | Interests received | 73 | 79 | -------------------------------------------------------------------------------- | Interests paid | -273 | -256 | -------------------------------------------------------------------------------- | Other financial items | 0 | 0 | -------------------------------------------------------------------------------- | Income taxes, paid | 0 | -1 | -------------------------------------------------------------------------------- | Cash flow from operating activities total | -1 026 | 1 283 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow/investments | | | -------------------------------------------------------------------------------- | Investments in intangible and tangible | -46 | -382 | | assets | | | -------------------------------------------------------------------------------- | Cash flow/investments total | -46 | -382 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow/financing | | | -------------------------------------------------------------------------------- | Repayment of loans | -122 | -122 | -------------------------------------------------------------------------------- | Increase in loans | 0 | 34 | -------------------------------------------------------------------------------- | Cash flow/financing total | -122 | -88 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in liquid funds | -1 194 | 813 | -------------------------------------------------------------------------------- | according to the cash flow statement | | | -------------------------------------------------------------------------------- | Change in liquid funds | -1 194 | 813 | -------------------------------------------------------------------------------- | Liquid funds opening balance | 2 684 | 1 871 | -------------------------------------------------------------------------------- | Liquid funds closing balance | 1 490 | 2 684 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | KEY FIGURES | | | -------------------------------------------------------------------------------- | | 1.1.-31.12.2007 | 1.1.-31.12.2006 | -------------------------------------------------------------------------------- | | 12 months | 12 months | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales, EUR million | 3,81 | 4,32 | -------------------------------------------------------------------------------- | Operating profit/loss, EUR million | -0,42 | -1,56 | -------------------------------------------------------------------------------- | % of net sales | -10,9% | -36,2% | -------------------------------------------------------------------------------- | Cash flow from operations, EUR million | -1,03 | 1,28 | -------------------------------------------------------------------------------- | Return on equity, % 1) | 7,5 % | 105,6 % | -------------------------------------------------------------------------------- | Return on investment, % | 2,1 % | -30,6 % | -------------------------------------------------------------------------------- | Interest bearing net debt, EUR million | 4,6 | 3,6 | -------------------------------------------------------------------------------- | Net debt to equity (Net Gearing), % | -171,0 % | -141,9 % | -------------------------------------------------------------------------------- | Equity ratio, % | -60,6 % | -43,2 % | -------------------------------------------------------------------------------- | Gross investments | 0,05 | 0,38 | -------------------------------------------------------------------------------- | % of net sales | 1,2 % | 8,8 % | -------------------------------------------------------------------------------- | Personnel at the end of the period | 38 | 42 | -------------------------------------------------------------------------------- | Personnel average | 39 | 49 | -------------------------------------------------------------------------------- | Employee benefits expenses/person, | 54 | 51 | -------------------------------------------------------------------------------- | EUR thousand | | | -------------------------------------------------------------------------------- | KEY FIGURES PER SHARE | | | -------------------------------------------------------------------------------- | Earnings/share, euro | -0,002 | -0,014 | -------------------------------------------------------------------------------- | Shareholders' equity per share, euro | -0,02 | -0,02 | -------------------------------------------------------------------------------- | | | | -------------------------------------------------------------------------------- | 1) Both indicator and devider are | | | | negative. | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | (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 | | | -197 | -197 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | SHAREHOLDERS' EQUITY 31 | 2 570 | 65 142 | -70 430 | -2 718 | | Dec 2007 | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | (EUR thousand) | Share | Share | Retained | Total | | | capital | premium | earnings | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | SHAREHOLDERS' EQUITY 1 | 2 570 | 65 142 | -68 491 | -779 | | Jan 2006 | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit for the period | | | -1 742 | -1 742 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | SHAREHOLDERS' EQUITY 31 | 2 570 | 65 142 | -70 233 | -2 521 | | Dec 2006 | | | | | --------------------------------------------------------------------------------
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