2007-04-24 14:45:00 CEST
2007-04-24 14:45:00 CEST
REGULATED INFORMATION
Neomarkka - Quarterly report
NEOMARKKA INTERIM REPORT FOR THE PERIOD 1 JANUARY TO 31 MARCH, 2007
Neomarkka Plc STOCK EXCHANGE RELEASE 24.4.2007 at 15.45 1(10) NEOMARKKA INTERIM REPORT FOR THE PERIOD 1 JANUARY TO 31 MARCH, 2007 - Neomarkka's result was EUR 0.6 million for the reporting period (EUR 1.6 million for the same period in 2006). - The dividend-adjusted return on net asset value per share was 1.1% (2.7%). - Net asset value per share at the end of the period was EUR 9.85 (EUR 9.66). - A dividend of EUR 0.30 per share (EUR 0.30 per share) was distributed during the period. -------------------------------------------------------------------------------- | | 1-3 2007 | 1-3 2006 | 1-12 2006 | -------------------------------------------------------------------------------- | Earnings/share, EUR | 0.10 | 0.26 | 0.64 | -------------------------------------------------------------------------------- | Change in net asset | 1.1 | 2.7 | 6.7 | | value/share, | | | | | dividend-adjusted,% | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | 31.3.2007 | 31.3.2006 | 31.12.2006 | -------------------------------------------------------------------------------- | Leverage,% | 167 | 160 | 145 | -------------------------------------------------------------------------------- | Equity ratio,% | 57.2 | 57.0 | 59.7 | -------------------------------------------------------------------------------- | Equity/share, EUR | 9.85 | 9.66 | 10.04 | -------------------------------------------------------------------------------- | Net asset value/share, EUR | 9.85 | 9.66 | 10.04 | -------------------------------------------------------------------------------- FIELD OF ACTIVITIES Neomarkka is an investment company whose stock is quoted on the Helsinki Stock Exchange. The company's main mission is to create shareholder value by acting as a channel to such investments that are otherwise fairly inaccessible to investors. Neomarkka targets a high absolute return on its investments regardless of the overall direction of the equity and bond markets. The company seeks less variation in returns than is currently the case on the equity markets. Investing focuses mainly on hedge funds run by investors who seek absolute return and have proven to be exceptionally successful. Hedge funds usually target at professional investors and the minimum allowed investment can be fairly substantial. A smaller part of the assets can be invested directly or indirectly using vehicles such as shares, bonds, derivatives and other listed or unlisted securities. The company has adjusted its risk level by changes in the investment portfolio and also by adjusting the amount of leverage. DEVELOPMENT OF NET ASSET VALUE The company's dividend-adjusted net asset value per share increased 1.1% during the period (2.7% during the corresponding period in 2006). The increase in net asset value was mainly due to changes in the value of hedge funds and equity funds. At the end of the period, the net asset value per share amounted to EUR 9.85 (9.66). In March 2007, the owners were paid a dividend of EUR 0.30 per share for 2006 (0.30). Neomarkka does not relate its return target to the market return of any specific asset class such as shares or bonds. The target is to deliver a stable return regardless of the overall direction of the equity and bond markets. Neomarkka's return for the past 12 month period is compared with these broad market indexes in the table below. The first column presents returns, the second risk measured by volatility, which means the return fluctuations and the third the Sharpe Ratio. A high Sharpe Ratio means that return has been high with respect to the realised risk. During the period in question bonds have performed poorly. -------------------------------------------------------------------------------- | | Return % | Volatility % | Sharpe | | | 12 m | 12 m | 12 m | -------------------------------------------------------------------------------- | Neomarkka, Net | 5.1% | 4.3% | 0.4 | | asset value/share | | | | -------------------------------------------------------------------------------- | Global equities, | 4.9% | 8.6% | 0.2 | | MSCI World Free Yield Index (EUR) | | | | -------------------------------------------------------------------------------- | Euro zone bonds JP | 1.8% | 2.8% | neg | | Morgan EMU Government Bond | | | | | Index (EUR) | | | | -------------------------------------------------------------------------------- | Risk-free money market return in | 3.4% | | | | the euro zone | | | | -------------------------------------------------------------------------------- As a result of Neomarkka's investment policy, in which hedge funds have formed a significant part since exactly five years, the return on Neomarkka's net asset value has varied clearly less than the return on the stock market. On average, the level of return has exceeded the return of global equities by approximately 3.7% per annum. During the same five year period the return from Neomarkka's leveraged hedge fund portfolio was 9.3% per annum after interest expense. Equities returned 1.5% (EUR) and euro zone bonds returned 5.4%. The Sharpe Ratio of the hedge fund portfolio has been good. -------------------------------------------------------------------------------- | | Return% | Volatility% | Sharpe Ratio | | | | | 60 m | | | 60 m | 60 m | | -------------------------------------------------------------------------------- | Neomarkka, | 9.3% | 5.7% | 1.2 | | Portfolio of hedge funds | | | | -------------------------------------------------------------------------------- | Global equities, MSCI | 1.5% | 14.0% | neg | | World Free Yield Index (EUR) | | | | -------------------------------------------------------------------------------- | Euro zone bonds JP | 5.4% | 3.3% | 0.8 | | Morgan EMU Government | | | | | Bond Index (EUR) | | | | -------------------------------------------------------------------------------- | Risk-free money market | 2.6% | | | | return in the euro zone | | | | -------------------------------------------------------------------------------- RESULT AND FINANCING The gains and losses from the trade of financial assets of the Group totalled EUR 1.8 million (2.8) for the period 1.1. - 31.3.2007. Operating expenses amounted to EUR 0.5 million (0.4). The financial result for the period came to EUR 0.6 million (1.6), and earnings per share to EUR 0.10 (0.26). Shareholder's equity per share was EUR 9.85 (9.66) and consolidated equity ratio at the end of the period was 57.2% (57.0%). Tangible fixed assets after depreciation amounted to EUR 0.05 million (0.03). No investments were made in fixed assets. On average the Group had 5 employees (4). INVESTMENTS During the first quarter of the year, the company's leverage and the share of listed equity remained fairly unchanged. Currency positions were hedged, as a rule, through forward contracts. At the end of the period, leverage was 167% of net asset value and the assets were invested as showed in the table below (at market values). The proportion of hedge funds was temporary bigger than normally because of transfers made at the turn of the month. -------------------------------------------------------------------------------- | | 31.3.2007 | 31.3.2006 | 31.12.2006 | -------------------------------------------------------------------------------- | | MEUR | MEUR | MEUR | | | (% of NAV) | (% of NAV) | (% of NAV) | -------------------------------------------------------------------------------- | Hedge funds | 89.2(150%) | 66.3(114%) | 75.7(125%) | -------------------------------------------------------------------------------- | Listed equity and | 5.9(10%) | 12.2(21%) | 7.5(12%) | | funds | | | | -------------------------------------------------------------------------------- | Private equity | 4.0(7%) | 14.8(25%) | 4.1(7%) | -------------------------------------------------------------------------------- | Leverage | 167% | 160% | 145% | -------------------------------------------------------------------------------- ANNUAL GENERAL MEETING Neomarkka Plc's Annual General meeting was held on March 22, 2007. The Board of Directors decided on a dividend amounting to EUR 0.30 per share for 2006. The dividend was parted from the share on March 23, 2007. The following persons were re-elected to the Board. Lic. Sc. (Tech.) Pekka Kainulainen, Helsinki (chairman) CEO Taisto Riski, Oulu (vice chairman) Executive Vice President, Strategy, Hannu Anttila, Espoo Ph.D. (Econ.) Stig-Erik Bergström, Espoo CEO Markku E. Rentto, Helsinki Authorised Public Accountants, Deloitte & Touche Ltd, was re-chosen as auditor, with Hannu Mattila, Authorised Public Accountant, as responsible auditor. GROUP STRUCTURE AND SHAREHOLDERS Neomarkka Plc is the parent company in a Group that includes the wholly owned subsidiaries Novalis Plc and Alnus Oy. The domicile of the parent company is Helsinki. At the end of the period, Neomarkka Plc had 13,538 shareholders (14,431). The holding of the largest, Reka Corporation, was 32.49% of the shares (32.49%) and 53.09% of the votes (53.09%). Neomarkka is thereby part of the Reka Group. The domicile of the parent company is Hyvinkää. At the end of the period, the holding of the second largest shareholder, Metsäliitto Osuuskunta, was 20.02% of the shares (20.02%) and 13.90% of the votes (13.90%). The combined holding of the ten largest shareholders was 58.95% (57.71%) of the shares and 71.45% of the votes (70.60%). NEOMARKKA SHARES: PRICES AND VOLUMES TRADES Neomarkka Plc's B share is listed on the Helsinki Stock Exchange's main list. The closing price on the last business day of the period was EUR 8.15 (8.50). The value of all company shares at this stock exchange price amounted to EUR 49.1 million (51.2). During the period 147,160 B shares (1,230,498) were traded and the volume corresponds to EUR 1.2 million (10.8). The lowest closing price for the period was EUR 7.78 (7.71) and the highest closing price was EUR 8.70 (9.20). The total return on the share was 8.9% for the period, including the dividend (13.5%). At the end of the period the price of the share was lower than its net asset value. The discount was 17% (12%). PROSPECTS In the near future the investment portfolio's sensibility to general changes on the stock market will remain comparatively small and the sensitivity to changes in interest rate levels of fixed income markets will also remain small. The portfolio and leverage will be adjusted in accordance with changing expectations of return and risk or the company's liquidity. The Board of Directors started a strategy process in 2006, which will affect the company's investment policy. Changes in the investment policy may also affect the company's risk level. CONSOLIDATED NET ASSET VALUE NAV reports are published monthly and can be found at the Group's home pages www.neomarkka.fi. -------------------------------------------------------------------------------- | Neomarkka Group | 31.3.2007 | 31.3.2006 | 31.12.2006 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net asset value per share, EUR | 9.85 | 9.66 | 10.04 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Dividend EUR 0.30 per share was distributed March 23, 2007. | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | ASSETS, million € | | | | -------------------------------------------------------------------------------- | Non-current assets | | | | -------------------------------------------------------------------------------- | Tangible assets | 0.0 | 0.0 | 0.1 | -------------------------------------------------------------------------------- | Calculatory tax receivables | 0.0 | 0.0 | 0.0 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Current assets | | | | -------------------------------------------------------------------------------- | Listed shares and equity funds | 5.9 | 12.2 | 7.5 | -------------------------------------------------------------------------------- | Hedge funds | 89.2 | 66.3 | 75.7 | -------------------------------------------------------------------------------- | Private equity | 4.0 | 14.8 | 4.1 | -------------------------------------------------------------------------------- | Other short-term assets | 4.6 | 7.0 | 15.5 | -------------------------------------------------------------------------------- | ASSETS, total | 103.7 | 100.3 | 102.9 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Short-term liabilities | -42.6 | -41.1 | -40.8 | -------------------------------------------------------------------------------- | Calculatory tax liabilities | -1.8 | -1.0 | -1.6 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net asset value | 59.3 | 58.2 | 60.5 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Number of shares | 6,020,360 | 6,020,360 | 6,020,360 | -------------------------------------------------------------------------------- VALUATION PRINCIPLES Publicly quoted securities are valued at the last trading price and funds are valued at the submitted final or estimated NAV. In cases where a last trading price is not available, the last bid is used. Private equity investments whose fair value is not verifiably measurable, have been valued to the purchase price. Calculatory tax receivables have been deducted from calculatory tax liabilities. NEOMARKKA GROUP'S INVESTMENTS MARCH 31, 2007 -------------------------------------------------------------------------------- | Other financial assets at fair value through profit and loss, | -------------------------------------------------------------------------------- | Neomarkka Plc | No. | Market | Acquisition | | EUR 1,000 | | value | value | -------------------------------------------------------------------------------- | Equity funds | | | | -------------------------------------------------------------------------------- | Fourton Odysseus | 20,023 | 3,767 | 2,363 | -------------------------------------------------------------------------------- | Arvo Value Finland | 1,548,950 | 2,099 | 2,000 | -------------------------------------------------------------------------------- | Equity funds, total | | 5,866 | 4,363 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Hedge funds | | | | -------------------------------------------------------------------------------- | Clinton Multistrategy Fund | 4,155 | 5,487 | 4,815 | -------------------------------------------------------------------------------- | eQ Active Hedge | 5,687,500 | 59,487 | 57,500 | -------------------------------------------------------------------------------- | Finisterre Global Opportunity | 27,667 | 3,164 | 3,000 | | Fund | | | | -------------------------------------------------------------------------------- | Finisterre Sovereign Debt Fund | 19,738 | 2,149 | 2,000 | -------------------------------------------------------------------------------- | Halcyon Offshore Event-Driven | 4,527 | 5,228 | 4,434 | | Strategies Fund | | | | -------------------------------------------------------------------------------- | Kinetics Class A series B Fund | 823 | 1,790 | 1,581 | -------------------------------------------------------------------------------- | Landmark Value Strategies Fund | 3,288 | 4,085 | 3,661 | -------------------------------------------------------------------------------- | Morley Alternative Investment | 355,115 | 7,852 | 7,000 | | Strategy Fund | | | | -------------------------------------------------------------------------------- | Hedge funds, total | | 89,242 | 83,991 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Money market funds | | 2,216 | 2,200 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other financial assets at fair value through | 97,324 | 90,554 | | profit and loss, total | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other financial assets available for sale | | | -------------------------------------------------------------------------------- | Novalis Plc, (totally owned subsidiary by Neomarkka Plc) | | -------------------------------------------------------------------------------- | Private Equity | | | | -------------------------------------------------------------------------------- | Oulun Puhelin Oyj | 746,250 | 3,081 | 3,081 | -------------------------------------------------------------------------------- | Satakunnan Puhelin Oy | 81,700 | 920 | 920 | -------------------------------------------------------------------------------- | Other financial assets, | | 4,001 | 4,001 | | total | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Consolidated financial assets, total | 101,325 | 94,555 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | KEY FIGURES | 1.1.-31.3. | 1.1.-31.3. | 1.1.-31.12. | | | 2007 | 2006 | 2006 | -------------------------------------------------------------------------------- | Earnings/share, EUR | 0.10 | 0.26 | 0.64 | -------------------------------------------------------------------------------- | Change in net asset | 1.1 | 2.7 | 6.7 | | value/share, | | | | | dividend-adjusted,% | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | 31.3.2007 | 31.3.2006 | 31.12.2006 | -------------------------------------------------------------------------------- | Equity ratio,% | 57.2 | 57.0 | 59.7 | -------------------------------------------------------------------------------- | Equity/share, EUR | 9.85 | 9.66 | 10.04 | -------------------------------------------------------------------------------- | Net asset value/share, EUR | 9.85 | 9.66 | 10.04 | -------------------------------------------------------------------------------- | Share performance, EUR | 8.15 | 8.50 | 7.76 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED INCOME STATEMENT | 1.1.-31.3. | 1.1.-31.3. | 1.1.-31.12. | | (IFRS) | 2007 | 2006 | 2006 | -------------------------------------------------------------------------------- | EUR 1,000 | | | | -------------------------------------------------------------------------------- | Gains and losses from the trade | 1,798 | 2,818 | 8,033 | | of financial assets | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Personnel expenses | -133 | -139 | -541 | -------------------------------------------------------------------------------- | Depreciation | -3 | -13 | -29 | -------------------------------------------------------------------------------- | Other operating expenses | -329 | -241 | -836 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | OPERATING PROFIT/LOSS | 1,333 | 2,425 | 6,627 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Financial income and expenses | -484 | -342 | -1,659 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | PROFIT/LOSS BEFORE TAXES | 849 | 2,083 | 4,968 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Taxes | -221 | -490 | -1,088 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | FINANCIAL RESULT | 628 | 1,593 | 3,880 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earnings/share before dilution, | 0.10 | 0.26 | 0.64 | | EUR | | | | -------------------------------------------------------------------------------- | Earnings/share after | 0.10 | 0.26 | 0.64 | | dilution, EUR | | | | -------------------------------------------------------------------------------- | Number of shares | 6,020,360 | 6,020,360 | 6,020,360 | -------------------------------------------------------------------------------- CONSOLIDATED BALANCE SHEET (IFRS) -------------------------------------------------------------------------------- | EUR 1,000 | 31.3.2007 | 31.3.2006 | 31.12.2006 | -------------------------------------------------------------------------------- | A s s e t s | | | | -------------------------------------------------------------------------------- | NON-CURRENT ASSETS | | | | -------------------------------------------------------------------------------- | Tangible assets | 48 | 30 | 51 | -------------------------------------------------------------------------------- | NON-CURRENT ASSETS, TOTAL | 48 | 30 | 51 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CURRENT ASSETS | | | | -------------------------------------------------------------------------------- | Financial assets held for | - | 6,967 | 226 | | trading | | | | -------------------------------------------------------------------------------- | Other financial assets at fair | 97,324 | 73,946 | 86,806 | | value through profit and loss | | | | -------------------------------------------------------------------------------- | Other financial assets available | 4,001 | 14,779 | 4,112 | | for sale | | | | -------------------------------------------------------------------------------- | Current receivables | 2,176 | 3,028 | 8,429 | -------------------------------------------------------------------------------- | Cash in hand and at bank | 173 | 1,546 | 3,324 | -------------------------------------------------------------------------------- | CURRENT ASSETS, TOTAL | 103,674 | 100,266 | 102,897 | -------------------------------------------------------------------------------- | A S S E T S, T O T A L | 103,722 | 100,296 | 102,948 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | S h a r e h o l d e r s' e q u i t y a n d | | | l i a b i l i t i e s | | -------------------------------------------------------------------------------- | SHAREHOLDERS' EQUITY | | | | -------------------------------------------------------------------------------- | Restricted shareholders' | 24,082 | 24,082 | 24,082 | | equity | | | | -------------------------------------------------------------------------------- | Retained earnings | 11,971 | 9,897 | 9,897 | -------------------------------------------------------------------------------- | Other unrestricted equity | 22,614 | 22,614 | 22,614 | -------------------------------------------------------------------------------- | Financial result | 628 | 1,593 | 3,880 | -------------------------------------------------------------------------------- | SHAREHOLDERS' EQUITY, TOTAL | 59,295 | 58,186 | 60,473 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CALCULATORY TAX LIABILITIES | 1,853 | 1,034 | 1,632 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CURRENT LIABILITIES | | | -------------------------------------------------------------------------------- | Accounts payable | 70 | 444 | 20 | -------------------------------------------------------------------------------- | Accrued liabilities | 60 | 182 | 227 | -------------------------------------------------------------------------------- | Other current liabilities | 42,444 | 40,450 | 40,596 | -------------------------------------------------------------------------------- | CURRENT LIABILITIES | 42,574 | 41,076 | 40,843 | -------------------------------------------------------------------------------- | S H A R E H O L D E R S´ | 103,722 | 100,296 | 102,948 | | E Q U I T Y A N D | | | | | L I A B I L I T I E S | | | | -------------------------------------------------------------------------------- CONSOLIDATED CASH FLOW STATEMENT (IFRS) -------------------------------------------------------------------------------- | EUR 1,000 | 1.1-31.3. | 1.1-31.3. | 1.1-31.12. | | | 2007 | 2006 | 2006 | -------------------------------------------------------------------------------- | OPERATING ACTIVITIES | | | | -------------------------------------------------------------------------------- | Result before extraordinary items | 849 | 2,083 | 4,968 | -------------------------------------------------------------------------------- | Depreciation | 3 | 13 | 29 | -------------------------------------------------------------------------------- | | 852 | 2,096 | 4,997 | -------------------------------------------------------------------------------- | Changes in working capital: | | | | -------------------------------------------------------------------------------- | Increase (-) or decrease (+) in | -10,182 | -17 | 4,280 | | financial assets held for trading | | | | | and other financial assets | | | | -------------------------------------------------------------------------------- | Increase (-) or decrease (+) | 6,254 | -162 | -5,310 | | in current receivables | | | | -------------------------------------------------------------------------------- | Increase (-) or decrease (+) | 1,731 | 319 | 84 | | in current liabilities | | | | -------------------------------------------------------------------------------- | | -2,197 | 140 | -946 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CASH FLOW IN OPERATING ACTIVITIES | -1,345 | 2,236 | 4,051 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | INVESTING ACTIVITIES | | | | -------------------------------------------------------------------------------- | Change in tangible assets | - | -28 | -65 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | FINANCING ACTIVITIES | | | | -------------------------------------------------------------------------------- | Dividens paid | -1,806 | -1,806 | -1,806 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Cash flow for the period | -3,151 | 402 | 2,180 | -------------------------------------------------------------------------------- | Liquid funds at the beginning | 3,324 | 1,144 | 1,144 | | of period | | | | -------------------------------------------------------------------------------- | LIQUID FUNDS AT THE END | 173 | 1,546 | 3,324 | | OF PERIOD | | | | -------------------------------------------------------------------------------- BALANCING ACCOUNT OF SHAREHOLDERS' EQUITY (IFRS) -------------------------------------------------------------------------------- | EUR 1,000 | Share- | Retained | Other | Financial | Total | | | capital | earnings | unrestric- | result | | | | | | ted | | | | | | | equity | | | -------------------------------------------------------------------------------- | Opening balance | 24,082 | 10,453 | 22,614 | 3,324 | 60,473 | | 1.1.2007 | | | | | | -------------------------------------------------------------------------------- | Allocations | | 3,324 | | -3,324 | 0 | -------------------------------------------------------------------------------- | Dividens | | -1,806 | | | -1,806 | -------------------------------------------------------------------------------- | Financial result | | | | 628 | 628 | -------------------------------------------------------------------------------- | Balance 31.3.2007 | 24,082 | 11,971 | 22,614 | 628 | 59,295 | -------------------------------------------------------------------------------- NOTES CURRENCY FORWARD CONTRACTS Currency forward contracts are valued at the mean exchange rate on the European Central Bank's closing date. In the profit and loss account, changes in the value of contracts that hedge underlying investments are entered under gains and losses from the trade of financial assets and in the balance as accruals. The nominal amount of currency forward contracts states the amount of currency in an agreed future transaction. -------------------------------------------------------------------------------- | Currency forward contracts, | 31.3.2007 | 31.3.2006 | 31.12.2006 | | EUR 1,000 | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Nominal value | 15,416 | 39,643 | 21,120 | -------------------------------------------------------------------------------- | Market value | 152 | 344 | -90 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Index options, EUR 1,000 | | | | -------------------------------------------------------------------------------- | Bought put options | | | | -------------------------------------------------------------------------------- | Underlying value | - | 762 | - | -------------------------------------------------------------------------------- | Market value | - | 17 | - | -------------------------------------------------------------------------------- TAXES -------------------------------------------------------------------------------- | Calculatory tax receivables/liabilities | | | | EUR 1,000 | | | -------------------------------------------------------------------------------- | Avoir fiscal and source tax | - | 1,254 | - | | credits | | | | -------------------------------------------------------------------------------- | Calculatory tax receivables, | - | 936 | - | | 26 % of running losses | | | | -------------------------------------------------------------------------------- | Calculatory tax liabilities from | -93 | - | -55 | | the result | | | | -------------------------------------------------------------------------------- | Calculatory tax liabilities from | -1,760 | -3,224 | -1,577 | | unrealised gains | | | | -------------------------------------------------------------------------------- | Calculatory tax receivables/- | -1,853 | -1,034 | -1,632 | | liabilities, total | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | OTHER SHORT TERMS LOANS, EUR 1,000 | | | -------------------------------------------------------------------------------- | Dividend loans | 1,917 | 126 | 112 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Short term loans | | | -------------------------------------------------------------------------------- | Loans from Kaupthing Bank | 40,000 | 40,000 | 40,000 | -------------------------------------------------------------------------------- | Interest | 527 | 324 | 484 | -------------------------------------------------------------------------------- | Other current liabilities, total | 42,444 | 40,450 | 40,596 | -------------------------------------------------------------------------------- Short-term loans to Kaupthing Bank consist of two bank loans, EUR 20 million each, at interest rates between 4.85% and 5.04%. The maturity of the loans is less than 12 months. The interim report is not audited by the company's auditors. Helsinki April 24, 2007 Neomarkka Plc Board of Directors pp. Samuel von Martens Managing Director For more information, please contact: Managing Director Samuel von Martens, Tel. 09 6844 650 DISTRIBUTION Helsinki Stock Exchange Principal media www.neomarkka.fi
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