2009-07-20 07:30:00 CEST
2009-07-20 07:30:03 CEST
REGULATED INFORMATION
Westend ICT Oyj - Interim report (Q1 and Q3)
WESTEND ICT INTERIM REPORT 1 JANUARY-30 JUNE 2009 (IFRS)
Westend ICT Plc Interim Report July 20, 2009, at 8:30 Finnish time WESTEND ICT INTERIM REPORT 1 JANUARY-30 JUNE 2009 (IFRS) - Net sales EUR 2.21 million (EUR 1.78 million) - Operating result EUR 0.19 million (EUR -0.35 million) - Result before taxes EUR 0.38 million (EUR -0.72 million) - Equity ratio -99.6% (-103.2%), shareholders' equity/share EUR -0.02 (EUR -0.03) - Earnings per share EUR 0.0029 (EUR -0.006) STRUCTURE OF THE GROUP During the review period, the Westend ICT group consisted of the subsidiary operating in Finland, Documenta Oy, in which the group had 100% ownership, and the parent company Westend ICT Plc. The company has one segment and it has business operations only in Finland. In its business operations, Westend ICT Plc focuses on developing its customers' business processes especially by means of document and workflow management systems and development of quality and customer relationship management, with the emphasis on the Finnish markets. The company will continue to use the operating model in which the operative functions have been centralized into the subsidiary/subsidiaries. NET SALES The Westend ICT group's net sales for the review period were EUR 2.21 million (EUR 1.78 million). RESULT DEVELOPMENT The Westend ICT group's operating result for the review period was EUR 0.19 million (EUR -0.35 million). The result for the review period was EUR 0.38 million (EUR -0.72 million). Other operating expenses of the review period are decreased by the cancellation of a reservation of EUR 0.14 million. During the review period, an unused part of a reservation, which was made in 2008 for covering the costs of the summons against the company, was cancelled. The summons received by the company in 2007 from the Helsinki District Court concerning the share issue of the year 2000 have been cancelled and the plaintiffs have dropped their claims in accordance with the settlements that have been agreed on. The financial income of the review period includes a registration of change in the market value of shares amounting to EUR 0.40 million; the GROUP Business Software AG shares have been valued at the share price on the last day of the review period. The financing costs of the review period include an interest cost of EUR 0.12 million for a convertible loan (IAS 32). The costs for employment benefits on the review period were EUR 1.28 million (EUR 1.19 million), which equals to 58% of the net sales (67%). At the end of the review period, the group's equity is negative. The loss of share capital of the company has been registered in the Trade register on 20 September 2006. THE NET SALES AND RESULT DEVELOPMENT OF THE SUBSIDIARY Documenta Oy Documenta Oy's net sales for the review period 1 January-30 June 2009 were EUR 2.25 million (EUR 1.83 million). The operating result was EUR 0.29 million (EUR 11 thousand), which is 12.8% of the net sales. Documenta Oy is a provider of electronic workflow and document management, quality management and work process intensification solutions. The company offers software, maintenance, operation service and integration solutions for companies and public administration. In addition to its own products, Documenta represents in Finland the Software Innovation ASA workflow and document management solutions and the Group Business Software AG companies' solutions for email archiving and customer relationship management. The CEO of the company is Asko Ojanen. SIGNIFICANT EVENTS IN THE REVIEW PERIOD The company announced on 15 January 2009 that the Supreme Court had passed a judgment concerning the share issue and sales of Westend ICT Plc (former TJ Group Plc) in the year 2000. The Supreme Court increased the corporate fine by EUR 50,000; thus, the corporate fine is EUR 100,000. The other parts of the decisions of the Helsinki Court of Appeal were not changed as regards the company. The company announced on 18 June 2009 that the Annual General Meeting resolved to adopt the accounts of the company for the accounting period of 1 January-31 December 2008 and granted the members of the Board of Directors and the Chief Executive Officer discharge from liability for the accounting period. The loss of the accounting period will be left in the company's profit and loss account. No dividend will be distributed. The current members of the Board of Directors—Hannu Jokela, Jörg Ott and Mikko Salminen—were reselected as the members of the Board of Directors. No deputy members were selected for the Board of Directors. The Annual General Meeting decided that the members of the Board of Directors will be paid attendance allowance as follows: the Chairman of the Board of Directors will be paid 1,500 euros/month and the members of the Board of Directors 1,000 euros/month. In its first meeting, the Board of Directors decided that Mikko Salminen will continue as the Chairman of the Board. Ernst & Young Oy, an auditing firm authorized by the Central Chamber of Commerce, with Juha Nenonen (CA) as the main responsible auditor, was elected as the auditor for the company. The Annual General Meeting decided to change the terms of the company's convertible loan in accordance with the proposal of the Board of Directors. The terms of the convertible loan decided by the Annual General Meeting on 27 March 2003 and changed by the Annual General Meeting on 3 April 2008 (registered on 21 April 2008) will be changed to extend the loan period until 31 December 2010. Additionally, the Annual General Meeting authorised the Board of Directors to negotiate with the subscribers of the loan and agree on changing the terms of the loan to improve the capital and financing situation of the company. The summons received by the company in 2007 from the Helsinki District Court concerning the share issue of the year 2000 have been cancelled and the plaintiffs have dropped their claims in accordance with the settlements that have been agreed on. The costs of the settlements for the company were included in the reservation made for the financial period 2008. The unused part of the reservation, EUR 0.14 million, has been cancelled during the review period. THE CURRENT AUTHORIZATIONS OF THE BOARD OF DIRECTORS The Annual General Meeting on 18 June 2009 authorised the Board of Directors to grant new shares against payment or a receivable from the company 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 or a receivable from the company. The amount of new shares issued by the company and new shares subscribed on the basis of special rights can be 60,000,000 at the maximum. The authorisation 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 shall require a weighty financial reason on the part of the company, such as managing the company's capital, 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 authorisation, the Board of Directors shall have 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 authorisation shall be valid until 31 December 2012. FINANCING AND INVESTMENTS The value of the Westend ICT group's cash and liquid current assets totaled EUR 1.29 million (EUR 1.40 million) at the end of the review period. The equity ratio of the group was -99.6% (-103.2%). The Westend ICT group's sales receivables at the end of the review period were EUR 0.37 million (EUR 0.40 million). On the review period, the group's gross investments totaled EUR 69 thousand (EUR 43 thousand), which equals to 3.1% (2.4%) of the net sales. DEVELOPMENT COSTS The product development expenses have been entered in accordance with the IAS 38 standard in such a way that the development expenses for entirely new products and new product versions including significant improvements have been activated, if their future accumulativeness can be reliably verified. Other product development expenses have been entered as costs in the profit and loss statement at the time they incurred. During the review period, no product development expenses have been activated in the balance sheet, but all product development expenses have been entered as costs. At the end of the review period, the company's balance sheet contains EUR 104 thousand in activated, undepreciated product development costs. PERSONNEL At the end of the review period, the group had 38 (38) employees. The group employed an average of 38 (38) persons during the review period. MANAGEMENT, BOARD OF DIRECTORS, AND AUDITORS OF THE COMPANY The Board of Directors of Westend ICT Plc consists of the Chairman of the Board Mikko Salminen and permanent members Hannu Jokela and Jörg Ott. The auditor selected by the Annual General Meeting is Ernst Young Oy Authorised Public Accounting Firm with Juha Nenonen (CA) as the principal accountant. SHARES, SHARE CAPITAL, AND SHAREHOLDERS Westend ICT Plc's share capital on 30 June 2009 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 13,473 shareholders. THE SHARE HOLDING AND WARRANTS OF THE BOARD OF DIRECTORS AND THE MANAGEMENT On 30 June 2009, the permanent members of the Westend ICT's Board of Directors and the CEO owned a total of 7,000 company shares, that is, 0.01 percent of the company's share capital and votes. They do not have any warrants. The company does not have existing warrant programs. The company complies to and adapts the Guidelines for Insiders drawn up by NASDAQ OMX Helsinki Oy. NEAR-TERM OUTLOOK The goal for 2009 is to improve the net sales and operating result of the company as compared to the realised figures of 2008. However, the uncertainty on the markets due to the current financial situation is a significant risk that may hamper the realisation of that goal. Forecasting the result of the financial period is difficult as the changes in the price of the Group Business Software AG shares, registered in other financial assets and listed in the stock exchange, have had and will continue to have a major effect on the financial income/costs and thereby on the result of the financial period. The interim report of the Westend ICT group for 1 January-30 September 2009 will be published on 22 October 2009. Espoo, 20 July 2009 The Board of Directors of Westend ICT Mikko Salminen, Chairman of the Board Hannu Jokela Jörg Ott CONTACT: Westend ICT Plc CEO Hannu Jokela Tel. +358 207 91 6700 DISTRIBUTION: NASDAQ OMX Helsinki Main media www.westendict.com The figures in the interim report have not been audited. In addition to the accounts of the parent company, the interim report of the Westend ICT group consolidates the accounts of Documenta Oy. The interim report has been drawn up in accordance with the registration and assessment principles of the IFRS standards. As of 1 January 2009, the group has observed the following new IFRS rules: IFRS 8 Operating segments and IAS 1 Presentation of financial statements. Otherwise, the principles presented in the financial report 2008 have been observed. The implementation of IFRS 8 has not affected reporting. The implementation of IAS 1 has affected slightly the presentation of the profit and loss statement and calculation of the change in equity. The formulas for calculating the key figures have also been presented in the financial report 2008. -------------------------------------------------------------------------------- | CONSOLIDATED PROFIT & LOSS | | | | | STATEMENT | | | | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | (EUR thousand) | | | | -------------------------------------------------------------------------------- | | 1.1.- | 1.1.- | 1.1.- | | | 30.6.2009 | 30.6.2008 | 31.12.2008 | -------------------------------------------------------------------------------- | | 6 months | 6 months | 12 months | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 2 213 | 1 783 | 3 837 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Change in work in | 8 | 0 | 0 | | progress,inc(+),dec(-) | | | | -------------------------------------------------------------------------------- | Other operating income | 69 | 11 | 348 | -------------------------------------------------------------------------------- | Materials and services | 301 | 223 | 436 | -------------------------------------------------------------------------------- | Employee benefits expenses | 1 278 | 1 187 | 2 375 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Depreciations | | | | -------------------------------------------------------------------------------- | Depreciations according to plan | 79 | 81 | 171 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Rents | 91 | 110 | 223 | -------------------------------------------------------------------------------- | Marketing expenses | 56 | 74 | 111 | -------------------------------------------------------------------------------- | Other operating expenses | 291 | 464 | 1 143 | -------------------------------------------------------------------------------- | Operating profit/loss | 194 | -345 | -274 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Financial income and expenses | | | | -------------------------------------------------------------------------------- | Interest income and other | 412 | 29 | 295 | | financial income | | | | -------------------------------------------------------------------------------- | Interest expenses and other | -229 | -404 | -857 | | financial expenses | | | | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Profit/loss for the period | 377 | -720 | -836 | -------------------------------------------------------------------------------- | Total comprehensive income | 377 | -720 | -836 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Total comprehensive income | | | | | distributable | | | | -------------------------------------------------------------------------------- | to equity holders of the parent | 377 | -720 | -836 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Earnings per share calculated on | | | | | profit/loss | | | | -------------------------------------------------------------------------------- | attributable to equity holders of | | | | | the parent | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings per share (undiluted), | 0,0029 | -0,006 | -0,007 | | EUR | | | | -------------------------------------------------------------------------------- | Earnings per share (diluted), EUR | 0,0029 | -0,006 | -0,007 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED PROFIT & LOSS STATEMENT BY QUARTER | | | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | (EUR thousand) | | | | -------------------------------------------------------------------------------- | | 1.1.- | 1.4.- | 1.1.- | | | 31.3.2009 | 30.6.2009 | 30.6.2009 | -------------------------------------------------------------------------------- | | | | Total | -------------------------------------------------------------------------------- | | 3 months | 3 months | 6 months | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 1 212 | 1 001 | 2 213 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Change in work in | 18 | -10 | 8 | | progress,inc(+),dec(-) | | | | -------------------------------------------------------------------------------- | Other operating income | 69 | 0 | 69 | -------------------------------------------------------------------------------- | Materials and services | 190 | 111 | 301 | -------------------------------------------------------------------------------- | Employee benefits expenses | 648 | 630 | 1 278 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Depreciations | | | | -------------------------------------------------------------------------------- | Depreciations according to plan | 39 | 40 | 79 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Rents | 47 | 44 | 91 | -------------------------------------------------------------------------------- | Marketing expenses | 58 | -2 | 56 | -------------------------------------------------------------------------------- | Other operating expenses | 211 | 80 | 291 | -------------------------------------------------------------------------------- | Operating profit/loss | 106 | 88 | 194 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Financial income and expenses | | | | -------------------------------------------------------------------------------- | Interest income and other financial | 8 | 404 | 412 | | income | | | | -------------------------------------------------------------------------------- | Interest expenses and other | -99 | -130 | -229 | | financial expenses | | | | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Profit/loss for the period | 15 | 362 | 377 | -------------------------------------------------------------------------------- | Total comprehensive income | 15 | 362 | 377 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED BALANCE SHEET | | | | -------------------------------------------------------------------------------- | (EUR thousand) | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | ASSETS | 30.6.2009 | 30.6.2008 | 31.12.2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | NON-CURRENT ASSETS | | | | -------------------------------------------------------------------------------- | Intangible assets | | | | -------------------------------------------------------------------------------- | Intangible rights | 117 | 198 | 150 | -------------------------------------------------------------------------------- | Tangible assets | 133 | 136 | 110 | -------------------------------------------------------------------------------- | Other capitalized expenditure | 1 198 | 1 120 | 799 | -------------------------------------------------------------------------------- | Non-current assets total | 1 448 | 1 454 | 1 059 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CURRENT ASSETS | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Work in progress | 8 | 0 | 0 | -------------------------------------------------------------------------------- | Trade receivables | 370 | 404 | 1 460 | -------------------------------------------------------------------------------- | Other current assets | 90 | 129 | 50 | -------------------------------------------------------------------------------- | Cash and cash equivalents | 1 292 | 1 398 | 1 339 | -------------------------------------------------------------------------------- | Current assets total | 1 760 | 1 931 | 2 849 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL ASSETS | 3 208 | 3 385 | 3 908 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | SHAREHOLDERS' EQUITY AND LIABILITIES | 30.6.2009 | 30.6.2008 | 31.12.2008 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity attributable to equity | | | | | holders | | | | -------------------------------------------------------------------------------- | of the parent | | | | -------------------------------------------------------------------------------- | Share capital | 2 570 | 2 570 | 2 570 | -------------------------------------------------------------------------------- | Retained earnings | -6 124 | -5 288 | -5 288 | -------------------------------------------------------------------------------- | Profit/loss for the period | 377 | -720 | -836 | -------------------------------------------------------------------------------- | TOTAL SHAREHOLDERS' EQUITY | -3 177 | -3 438 | -3 554 | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | Long-term liabilities | | | | -------------------------------------------------------------------------------- | Interest-bearing liabilities | 1 620 | 1 613 | 1 621 | -------------------------------------------------------------------------------- | Convertible loans | 3 935 | 4 500 | 0 | -------------------------------------------------------------------------------- | Long-term liabilities total | 5 555 | 6 113 | 1 621 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Current liabilities | | | | -------------------------------------------------------------------------------- | Convertible loans | 0 | 0 | 4 255 | -------------------------------------------------------------------------------- | Interest-bearing liabilities | 9 | 6 | 23 | -------------------------------------------------------------------------------- | Trade payables | 123 | 70 | 68 | -------------------------------------------------------------------------------- | Other current liabilities | 109 | 196 | 372 | -------------------------------------------------------------------------------- | Accrued liabilities | 589 | 438 | 1 123 | -------------------------------------------------------------------------------- | Current liabilities total | 830 | 710 | 5 841 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TOTAL SHAREHOLDERS' EQUITY AND | 3 208 | 3 385 | 3 908 | | LIABILITIES | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED CASH FLOW STATEMENT | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | (EUR thousand) | 1.1.-30.6.2 | 1.1.- | 1.1.- | | | 009 | 30.6.2008 | 31.12.2008 | -------------------------------------------------------------------------------- | | 6 months | 6 months | 12 months | -------------------------------------------------------------------------------- | Cash flow from operating | | | | | activities | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating profit/loss | 194 | -345 | -274 | -------------------------------------------------------------------------------- | Amendments: | | | | -------------------------------------------------------------------------------- | Depreciations | 79 | 81 | 171 | -------------------------------------------------------------------------------- | Change in working capital: | | | | -------------------------------------------------------------------------------- | Change in trade and other | 1 050 | 819 | -158 | | receivables | | | | -------------------------------------------------------------------------------- | Change in trade and other | -865 | -481 | 378 | | payables | | | | -------------------------------------------------------------------------------- | Chnage in work in progress | -8 | 0 | 0 | -------------------------------------------------------------------------------- | Interests received | 13 | 29 | 50 | -------------------------------------------------------------------------------- | Interests paid | -107 | -132 | -264 | -------------------------------------------------------------------------------- | Cash flow from operating | 356 | -29 | -97 | | activities total | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow/investments | | | | -------------------------------------------------------------------------------- | Investments in intangible and | -69 | -43 | -59 | | tangible assets | | | | -------------------------------------------------------------------------------- | Cash flow/investments total | -69 | -43 | -59 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow/financing | | | | -------------------------------------------------------------------------------- | Repayment of loans | -334 | -20 | 0 | -------------------------------------------------------------------------------- | Increasing of loans | 0 | 0 | 5 | -------------------------------------------------------------------------------- | Cash flow/financing total | -334 | -20 | 5 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Change in liquid funds | -47 | -92 | -151 | -------------------------------------------------------------------------------- | according to the cash flow | | | | | statement | | | | -------------------------------------------------------------------------------- | Change in liquid funds | -47 | -92 | -151 | -------------------------------------------------------------------------------- | Liquid funds opening balance | 1 339 | 1 490 | 1 490 | -------------------------------------------------------------------------------- | Liquid funds closing balance | 1 292 | 1 398 | 1 339 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | KEY FIGURES | | | | -------------------------------------------------------------------------------- | | 1.1.-30.6.2 | 1.1.-30.6.200 | 1.1.-31.12.20 | | | 009 | 8 | 08 | -------------------------------------------------------------------------------- | | 6 months | 6 months | 12 months | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales, EUR million | 2,21 | 1,78 | 3,84 | -------------------------------------------------------------------------------- | Operating profit/loss, EUR | 0,19 | -0,35 | -0,27 | | million | | | | -------------------------------------------------------------------------------- | % of net sales | 8,8% | -19,3% | -7,1 % | -------------------------------------------------------------------------------- | Cash flow from operations, EUR | 0,36 | -0,03 | -0,10 | | million | | | | -------------------------------------------------------------------------------- | Return on equity, % 1) and 2) | -22,4 % | 46,8 % | 26,7 % | -------------------------------------------------------------------------------- | Return on investment, % 1) | 51,2 % | -20,7 % | 0,7 % | -------------------------------------------------------------------------------- | Interest bearing net debt, EUR | 4,3 | 4,7 | 4,6 | | million | | | | -------------------------------------------------------------------------------- | Net debt to equity (Net | -134,5 % | -137,3 % | -128,3 % | | Gearing), % | | | | -------------------------------------------------------------------------------- | Equity ratio, % | -99,6 % | -103,2 % | -94,3 % | -------------------------------------------------------------------------------- | Gross investments | 0,07 | 0,04 | 0,06 | -------------------------------------------------------------------------------- | % of net sales | 3,1 % | 2,4 % | 1,5 % | -------------------------------------------------------------------------------- | Personnel at the end of the | 38 | 38 | 38 | | period | | | | -------------------------------------------------------------------------------- | Personnel average | 38 | 38 | 38 | -------------------------------------------------------------------------------- | Employee benefits | 34 | 31 | 63 | | expenses/person, | | | | -------------------------------------------------------------------------------- | EUR thousand | | | | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | KEY FIGURES PER SHARE | | | | -------------------------------------------------------------------------------- | Earnings/share, euro | 0,0029 | -0,006 | -0,007 | -------------------------------------------------------------------------------- | Shareholders' equity per | -0,02 | -0,03 | -0,03 | | share, euro | | | | -------------------------------------------------------------------------------- | | | | | -------------------------------------------------------------------------------- | 1) Both indicator and devider | | | | | are negative in 2008. | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | 2) The percentages for return | | | | -------------------------------------------------------------------------------- | on equity and return on | | | | | investment have been | | | | -------------------------------------------------------------------------------- | adjusted to reflect the figures for a | | | | 12-month period. | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY | | | -------------------------------------------------------------------------------- | | Share | Share | Retained | -------------------------------------------------------------------------------- | (EUR thousand) | capital | premium | earnings | Total | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | SHAREHOLDERS' EQUITY 1 Jan 2009 | 2 570 | 0 | -6 124 | -3 554 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Comprehensive income | | | | 377 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | SHAREHOLDERS' EQUITY 30 Jun | 2 570 | 0 | -6 124 | -3 177 | | 2009 | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Share | Share | Retained | -------------------------------------------------------------------------------- | (EUR thousand) | capital | premium | earnings | Total | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | SHAREHOLDERS' EQUITY 1 Jan 2008 | 2 570 | 65 142 | -70 430 | -2 718 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Comprehensive income | | | | -720 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Usage of premium reserve | | -65 142 | 65 142 | 0 | -------------------------------------------------------------------------------- | to cover the accumulated losses | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | SHAREHOLDERS' EQUITY 30 June | 2 570 | 65 142 | -5 288 | -3 438 | | 2008 | | | | | --------------------------------------------------------------------------------
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