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Aldata Solution Oyj (HEL:ALD1V) Aldata Solution Oyj STOCK EXCHANGE RELEASE 19 August 2008 at 9.00 a.m. (EET)
ALDATA SOLUTION INTERIM REPORT JANUARY - JUNE 2008 (unaudited)
The quarterly figures are prepared according to the principles of International Financial Reporting Standards (IFRS).
Aldata in Q2 2008 (compared to Q2 2007)
* Net sales were EUR 18.0 million (EUR 19.1 million).
* Gross profit was EUR 15.4 million (EUR 15.5 million) and EBITDA was EUR 1.6 million (EUR -1.2 million).
* Operating profit, EBIT, was EUR 1.2 million (EUR -1.5 million) and profit before taxes was EUR 1.2 million (EUR -1.5 million).
* Net profit was EUR 1.1 million (EUR -1.7 million) and earnings per share, EPS, were 0.016 EUR (-0.026 EUR).
* Cash flow from operating activities was EUR 5.5 million (EUR -2.6 million). At the end of June 2008, Aldata Group's cash, cash equivalents and marketable securities amounted to EUR 13.6 million (EUR 4.3 million). The Group had interest-bearing debt EUR 3.5 million (EUR 0.0 million).
Aldata in H1 2008 (compared to H1 2007)
* Net sales were EUR 37.1 million (EUR 37.5 million).
* Gross profit was EUR 32.5 million (EUR 30.4 million) and EBITDA was EUR 3.0 million (EUR -2.9 million).
* Operating profit, EBIT, was EUR 2.3 million (EUR -3.5 million) and profit before taxes was EUR 1.8 million (EUR -3.6 million).
* Net profit was EUR 1.6 million (EUR -3.8 million) and earnings per share, EPS, were 0.023 EUR (-0.057 EUR).
Message from CEO Bertrand Sciard
Aldata continued to build upon its stable platform for profitability in Q2 2008 with a solid and consistent performance delivering strong profits, good revenues and excellent cash generation.
Deeper relationship development with existing customers has allowed us to agree longer term project plans to enable more predictable revenue flows for the future and to target new opportunities within their businesses today. Our new business development activity in Q2 focused on larger strategic deals with retail market leaders. One early result of this strategy was a major contract with Price Chopper, a large US supermarket chain recognized as an industry innovator, to integrate Aldata G.O.L.D. across all of its 100+ stores. Other new deals included a high profile contract with MSF (Medicins Sans Frontieres) to improve their management of international emergency supplies around the globe.
Our business development strategy is progressing well with our publicly announced plan to seek merger and acquisition opportunities benefiting from our growing cash position enabling us to negotiate from a position of strength. We are also progressing with strategic alliances with IT industry leaders which will enable us to penetrate new customer accounts, offer enhanced product technology, and provide additional scalability to our implementation services
The off-shoring strategy begun in Q1 is now delivering measurable benefits in Q2 with skilled resources now adding value to our quality assurance and testing capabilities. We will continue to grow this cost effective facility in line with our planned business expansion.
The deterioration in economic conditions and in consumer confidence around the globe is having a negative impact on the business of our retail customers. This has not had any material impact on Aldata's performance in the first half of 2008; however, we are closely following the developments.
April - June 2008 financial performance
The Group's net sales were EUR 18.0 million (EUR 19.1 million), which represents a decrease of 1.1 million euros compared to the previous year's second quarter net sales. Product sales, which include licenses on standard products, customer specific developments and maintenance revenues, accounted for 47% (45%) of the total net sales. Consulting services accounted for 46% (46%) and third party licenses and hardware accounted for 7% (9%).
The Group's gross profit was EUR 15.4 million (EUR 15.5 million), which represents an 86% (81%) gross margin. Operating profit excluding depreciations, EBITDA, was EUR 1.6 million (EUR -1.2 million). Operating profit, EBIT, totaled EUR 1.2 million (EUR -1.5 million) and operating profit excluding expenses for option plans was EUR 1.3 million (EUR -1.4 million).
Pre-tax profit was EUR 1.2 million (EUR -1.5 million), net profit was EUR 1.1 million (EUR -1.7 million) and earnings per share, EPS, were 0.016 euros (-0.026 euros).
Research and development costs in the second quarter totaled EUR 2.0 million (EUR 2.8 million). A total of EUR 0.3 million (EUR 0.3 million) of development costs were capitalized. The amortization on capitalized development costs was EUR 0.1 million (EUR 0.1 million).
Aldata's reported order backlog includes product and third party product sales, which will be recognized as revenues during the following twelve months. At the end of June 2008, the order backlog was EUR 20.0 million (EUR 17.9 million at the end of June 2007 and EUR 20.1 million at the end of March, 2008).
In the fourth quarter 2007 Aldata implemented a restructuring plan. Restructuring costs and provisions related to the program amount to EUR 8.7 million. During the second quarter of 2008, EUR 0.3 million of the restructuring provision was utilized and the remaining provision at June 30, 2008, amounted to EUR 3.4 million.
Business units in Q2
Net sales of the Supply Chain Management (SCM) Software business unit were EUR 14.7 million (EUR 15.2 million). The gross profit was EUR 12.9 (EUR 12.7) million and the operating profit, EBIT, was EUR 0.6 (EUR -1.0) million.
Net sales of the In-Store Software business unit were EUR 3.3 million (EUR 4.0 million). The gross profit was EUR 2.7 million (EUR 2.8 million) and the operating profit, EBIT, was EUR 1.0 (EUR 0.1) million.
There were no internal sales between the Group's business segments. The unallocated costs, Group's shared items netted, decreased the Group's operating profit, EBIT, with EUR 0.3 million (EUR 0.6 million).
January - June 2008 financial performance
The Group's net sales were EUR 37.1 million (EUR 37.5 million), which represents a decline of EUR 0.4 million compared to first half net sales in the previous year. Product sales, which include licences for standard products, licences for customer specific developments and maintenance revenues, accounted for 45% (43%) of total net sales. Consulting services accounted for 46% (48%) and third party licences and hardware accounted for 9% (9%).
The Group's gross profit was EUR 32.5 million (EUR 30.4 million), which represents an 88% (81%) gross margin. Operating profit excluding depreciations, EBITDA, was EUR 3.0 million (EUR -2.9 million). Operating profit, EBIT, totaled EUR 2.3 million (EUR -3.5 million) and operating profit excluding expenses for option plans was EUR 2.5 million (EUR -3.2 million).
Pre-tax profit was EUR 1.8 million (EUR -3.6 million), net profit was EUR 1.6 million (EUR -3.8 million) and earnings per share, EPS, were 0.023 euros (-0.057 euros).
Research and development costs in the financial period totaled EUR 4.1 million (EUR 5.5 million) which represents 11% (15%) of net sales. A total of EUR 0.5 million (EUR 0.3 million) of development costs were capitalized during the first half of the year. EUR 0.3 million (EUR 0.2 million) of capitalized development costs were amortized.
Taxes for the period were EUR 0.2 million (EUR 0.2 million).
Business units in the first half of 2008
Net sales of the Supply Chain Management (SCM) Software business unit were EUR 29.9 million (EUR 30.2 million). The gross profit was EUR 26.6 (EUR 25.1) million and the operating profit, EBIT, was EUR 1.4 million (EUR -2.8 million).
Net sales of the In-Store Software business unit were EUR 7.2 million (EUR 7.3 million). The gross profit was EUR 5.9 million (EUR 5.3 million) and the operating profit, EBIT, was EUR 2.1 (EUR -0.2 million) million.
There were no internal sales between the Group's business segments. The unallocated costs, Group's shared items netted, decreased the Group's operating profit, EBIT, with EUR 1.2 million (EUR 0.5 million).
Finance and investments
Cash flow from operating activities was in the first half of the year EUR 6.5 million (EUR -1.2 million) and net cash flow was EUR 4.4 million (EUR -1.4 million). Cash flow from operating activities in the second quarter was EUR 5.5 million (EUR -2.6 million) and net cash flow was EUR 5.0 million (EUR -2.4 million).
At the end of June 2008, Aldata Group's cash, cash equivalents and marketable securities amounted to EUR 13.6 million (EUR 4.3 million) and total assets were EUR 55.8 million (EUR 50.1 million). The Group had interest-bearing debt EUR 3.5 million (EUR 0.0 million) and interest-bearing net liabilities totaled EUR -9.3 million (EUR -3.6 million). Short term receivables totaled EUR 27.1 million (EUR 31.3 million). The Group's solvency ratio was 40.3% (54.7%), gearing was -42.4% (-13.2%), and shareholders' equity per share was 0.319 EUR (0.396 EUR).
The Group's capital expenditure on hardware and software purchases amounted to EUR 0.9 million (EUR 1.0 million) during the first half of the year. A total of EUR 0.5 million (EUR 0.3 million) of development costs were capitalized. In the second quarter the Group's capital expenditure on hardware and software purchases amounted to EUR 0.3 million (EUR 0.6 million) and a total of EUR 0.3 million (EUR 0.3 million) of development costs were capitalized.
Research and Development
Aldata's research and development costs were EUR 4.1 million (EUR 5.5 million) which represents 11.0 % (14.7%) of net sales during the first half of the year. A total of EUR 0.5 million (EUR 0.3 million) of development costs were capitalized. The amortization on capitalized development costs was EUR 0.3 million (EUR 0.2 million).
At the end of the review period 158 (182) employees were involved in R&D activities. This represents 29% (29%) of the Group's total personnel. Aldata's R&D centers are located in Paris, France and in Vantaa, Finland.
Personnel
Aldata Group employed 543 (632) persons at the end of June 2008, and on average had 543 (634) employees during the period.
June 30, 2008 June 30, 2007 By Business Units Persons % Persons %
Approximately 57% of personnel were employed by Aldata companies in France, 14% in Finland, 11% in Germany, 6% in the US, 5% in Sweden, 3% in Slovenia, 3% in the UK and 1% in Russia.
Share performance and change in ownership
The highest price of the Aldata Solution Oyj share during January - June 2008 was 1.25 EUR and the lowest price 0.90 EUR. The average price was 1.01 EUR and the closing price 1.10 EUR. The trading volume on the Helsinki Stock Exchange was EUR 22.4 million and altogether 22.1 million shares were traded, which represents 32% of the shares. Aldata Solution Oyj has 68.7 million shares outstanding. The number of shares outstanding has increased by 154.600 shares during the period.
The number of shareholders was 4 425 and the free float was 100% of the share capital at the end of June 2008. A total of 43.8% of Aldata Solution Oyj's shares were owned by foreign investors at the end of the period. The following changes in Aldata's ownership were announced during the second quarter:
On May 12, 2008, the holding of 'Funds under the management of Laxey Partners Limited' in Aldata Solution Oyj increased over 5 per cent of the shares and votes
On June 27, 2008, as a result of a share transactions concluded on 17 June 2008,the holdings of Symphony Technology II-A, LP and its group companies now total 15,089,175 shares or 21.95% of the voting rights and share capital of Aldata Solution Oyj.
The shareholding of Symphony Tehnology II-A, LP has declined from 20,089,175 shares to 0 shares and 0 per cent of the company's voting rights and share capital, and the shareholding of Caydata 1, LP, a wholly owned subsidiary of Symphony Technology II-A LP, has increased to 15,089,175 shares and 21.95 per cent of the company's voting rights and share capital.
In addition to the holdings specified above, Caydata 1, LP has on 17 June 2008 acquired 5,000,000 shares in Aldata Solution Oyj from Symphony Technology II-A LP and has subsequently on the same day disposed the shares and entered into a Contract-for-Difference, the financial value of which is bound to an aggregate of 5,000,000 shares in Aldata Solution Oyj.
After these transactions the effective economic exposure of Symphony Technology II-A, LP together with its group companies in the shares of Aldata Solution Oyj is 29.23%, which corresponds to the shareholdings of Symphony Technology II-A, LP in Aldata Solution Oyj before the transactions dated 17 June 2008.
Events after the review period
On August 1, 2008, Aldata announced that Aïssa Azzouzi will be standing down from his role as Chief Financial Officer (CFO) of Aldata to pursue other business opportunities. Thomas Hoyer, SVP, Mergers & Acquisitions, takes the role of interim CFO in addition to his own duties.
Risks and uncertainty factors
Possible risks and uncertainty factors associated with Aldata's business are mainly related to the market and competitive situation and general economic development. No significant changes were detected in the competitive situation during the reporting period. The global economic conditions are deteriorating and this combined with inflationary pressure on food and energy has significantly weakened consumer confidence. This has had a negative impact on the operating environment of retailers, Aldata's main customer group. Therefore the risk exists that this will weaken the demand for Aldata's products and especially large license deals will become more challenging to sign.
Outlook for 2008
Demand for Aldata's products and services has, despite the recent weakening of the global economy, remained good.
Net sales, which potentially can be negatively affected by the economic weakness, are expected to grow compared to 2007. The operating profit continues to be strong. EBIT is expected to be at least EUR 6 million.
Helsinki, 19 August 2008
Aldata Solution Oyj
Board of Directors
Further information: Aldata Solution Oyj, Bertrand Sciard, President and CEO, tel. +358 10 820 8000 / Aldata Solution Oyj. Aldata Solution Oyj, Thomas Hoyer, CFO, SVP Mergers & Acquisitions, tel. +358 10 820 8010
Aldata will arrange a press conference for media and financial analysts in Helsinki on 19 August, at 12.00 (EET) in Hotel Kämp.
Aldata in brief At Aldata 100% of our business is dedicated to retail and wholesale business improvement. We provide our customers with modern, flexible and integrated software solutions specifically designed to increase productivity, performance and profitability. With over 24,000 successful installations across 52 countries, from convenience store to hypermarket, 480+ live warehouses and customers with 5 to 5,000 outlets, we consistently deliver the goods for retail and wholesale business improvement. Aldata Solution is a public company quoted on OMX Nordic Exchange Helsinki Oy with the identifier ALD1V. More information at: www.aldata-solution.com.
Distribution: OMX Nordic Exchange Helsinki Oy Media
APPENDICES 1 Income Statement 2 Balance Sheet 3 Statement of Changes in Equity 4 Cash Flow 5 Contingent Liabilities 6 Key Figures 7 Segment Information 8 Quarterly Income Statement and Balance Sheet 9 Quarterly Key Figures
APPENDIX 1 INCOME STATEMENT MEUR MEUR Change % MEUR Jan-Jun Jan-Jun /2008 /2007 Total 2007 Net sales 37,1 37,5 -0,9 % 74,7 Other operating income 0,4 0,2 75,4 % 0,4 Operating expenses -34,5 -40,6 14,9 % -84,8 Depreciations and impairments -0,7 -0,6 -11,5 % -1,4 Operating profit 2,3 -3,5 167,1 % -11,1 Financial items -0,6 -0,2 -267,4 % -0,6 Profit before taxes 1,8 -3,6 148,9 % -11,7 Income taxes -0,2 -0,2 12,0 % 0,0 Minority interest 0,0 0,0 -308,3 % 0,0 Profit for the financial period 1,6 -3,8 141,3 % -11,7 Earnings per share, EUR 0,023 -0,057 -0,171 Earnings per share, EUR (EPS), adjusted for dilution effect 0,023 -0,055 -0,170
APPENDIX 2 BALANCE SHEET MEUR MEUR MEUR 30 Jun 2008 30 Jun 2007 31 Dec 2007 ASSETS NON-CURRENT ASSETS Goodwill 9,4 9,4 9,4 Capitalized development cost 2,4 1,6 2,2 Intangible assets 0,3 0,3 0,3 Tangible assets 1,4 1,6 1,6 Investments 0,1 0,0 0,0 Other long-term assets 0,1 0,7 0,1 Deferred tax assets 0,9 0,3 0,9 NON-CURRENT ASSETS TOTAL 14,7 14,0 14,6 CURRENT ASSETS Inventories 0,3 0,4 0,3 Short-term receivables 27,1 31,3 26,7 Cash and cash equivalents 13,6 4,3 9,1 CURRENT ASSETS TOTAL 41,0 36,0 36,7 ASSETS TOTAL 55,8 50,1 51,3 SHAREHOLDERS' EQUITY AND LIABILITIES Shareholders' equity 21,9 27,0 19,6 Minority interest 0,1 0,1 0,1 Long-term loans 3,6 1,7 4,2 Short-term loans 30,2 21,3 27,3 EQUITY AND LIABILITIES TOTAL 55,8 50,1 51,3
APPENDIX 3 STATEMENT OF CHANGES IN EQUITY Share Share premium Translation Retained TEUR capital fund difference earnings Total
EQUITY 1.1.2006 674 17 002 -75 7 476 25 078 Translation difference 0 0 42 0 42 Result of the financial year 0 0 0 2 526 2 526 Total 0 0 42 2 526 2 568 Issue of share capital 6 1 143 0 0 1 149 Exercise of options 1 146 0 0 147 Share based payments recognised against equity 0 0 0 860 860 7 1 289 0 860 2 156
EQUITY 31.12.2006 681 18 291 -33 10 862 29 802 Translation difference 0 0 396 0 396 Result of the financial -11 year 0 0 0 -11 729 729 -11 Total 0 0 396 -11 729 333 Exercise of options 5 705 0 0 710 Share based payments recognised against equity 0 0 0 440 440 5 705 0 440 1 150
EQUITY 31.12.2007 686 18 996 363 -426 19 619 Translation difference 0 0 373 0 373 Result of the financial year 0 0 0 1 584 1 584 Total 0 0 373 1 584 1 957 Exercise of options 2 158 0 0 160 Share based payments recognised against equity 0 0 0 187 187 2 158 0 187 347
EQUITY 30.6.2008 688 19 154 736 1 345 21 923
APPENDIX 4 CASH FLOW STATEMENT MEUR MEUR MEUR Jan-Jun 2008 Jan-Jun 2007 Jan-Dec 2007 Cash flow from operating activities Operating result 2,3 -3,5 -11,1 Adjustment to operating result 0,1 0,7 6,8 Change in working capital 3,8 2,3 4,8 Interest received and other financial income 0,2 0,1 0,2 Interest paid and other financial expenses -0,3 -0,2 -0,2 Taxes paid 0,5 -0,7 -0,8 Net cash from operating activities 6,5 -1,2 -0,4 Cash flow from investing activities Group companies acquired 0,0 0,0 0,0 Investments in tangible and intangible assets -0,7 -0,9 -1,8 Loans granted 0,0 0,0 0,0 Net cash used in investing activities -0,7 -0,9 -1,8 Cash flow before financing activities 5,8 -2,1 -2,2 Cash flow from financing activities Long-term loans, repayments 0,0 0,0 -0,1 Short-term loans, received 0,2 0,0 5,0 Short-term loans, repayments -1,7 0,0 0,0 Share issue 0,2 0,7 0,7 Net cash used in financing activities -1,3 0,7 5,7
Net cash flow, total 4,4 -1,4 3,5
Change in cash and cash equivalents 4,4 -1,4 3,5 Cash and cash equivalents at the beginning of period 9,1 5,7 5,7 Cash and cash equivalents at the end of period 13,6 4,3 9,1
APPENDIX 5 COMMITMENTS AND CONTINGENCIES MEUR MEUR MEUR 30 Jun 2008 30 Jun 2007 31 Dec 2007 Loans from financial institutions 3,5 0,0 5,0 Mortgages 5,4 5,4 5,4 Leasing liabilities 12,2 15,6 10,7 Guarantees on behalf of company debt 0,1 0,1 0,1
APPENDIX 6 KEY FIGURES, MEUR Jan-Jun /2008 Jan-Jun /2007 Total 2007 Scope of Operations Net sales, MEUR 37,1 37,5 74,7 Average number of personnel 543 634 625 Profitability Operating profit , MEUR 2,3 -3,5 -11,1 Operating profit, % of net sales 6,3 -9,3 -14,9 Profit before taxes and minority interest, MEUR 1,8 -3,6 -11,7 Profit before taxes and minority interest, % of net sales 4,8 -9,7 -15,7 Return on equity, % (ROE) 15,3 -27,0 -47,4 Return on investment, % (ROI) 21,4 -22,0 -37,8 Financial Standing Quick ratio 1,3 1,7 1,3 Current ratio 1,4 1,7 1,3 Equity ratio, % 40,3 54,7 38,6 Interest-bearing net debt, MEUR -9,3 -3,6 -3,3 Gearing, % -42,4 -13,2 -16,6 Per Share Data Earnings per share, EUR (EPS) 0,023 -0,057 -0,171 Earnings per share, EUR (EPS), adjusted for dilution effect 0,023 -0,055 -0,170 Shareholders' equity per share, EUR 0,319 0,396 0,286
APPENDIX 7 SEGMENT INFORMATION, MEUR BUSINESS SEGMENTS Jan-Jun/2008 Jan-Jun/2007 Jan-Dec/2007 Net sales to external customers Supply Chain Management Software 29,9 30,2 58,1 In-Store Software 7,2 7,3 16,6 Total 37,1 37,5 74,7 Operating result, continuing operations Supply Chain Management Software 1,4 -2,8 -8,2 In-Store Software 2,1 -0,2 -0,2 Total 3,5 -3,0 -8,4 Unallocated items -1,2 -0,5 -2,7 Operating profit 2,3 -3,5 -11,1 Financial income and expenses -0,6 -0,1 -0,6 Result before taxes and minority interest 1,8 -3,6 -11,7 Taxes -0,2 -0,2 0,0 Minority interest 0,0 0,0 0,0 Result from continuing operations 1,6 -3,8 -11,7 Result for the financial period 1,6 -3,8 -11,7
APPENDIX 8 INCOME STATEMENT MEUR MEUR MEUR MEUR MEUR quarterly figures Q2/2008 Q1/2008 Q4/2007 Q3/2007 Q2/2007 Net sales 18,0 19,1 20,6 16,6 19,1 Other operating income 0,1 0,3 0,0 0,1 0,1 Operating expenses -16,6 -17,9 -26,0 -18,2 -20,4 Depreciations and impairments -0,4 -0,3 -0,4 -0,4 -0,3 Operating profit 1,2 1,1 -5,8 -1,8 -1,5 Financial items 0,0 -0,6 -0,3 -0,2 0,0 Profit before taxes 1,2 0,6 -6,1 -2,0 -1,5 Income taxes -0,1 -0,1 0,1 0,1 -0,2 Minority interest 0,0 0,0 0,0 0,0 0,0 Profit for the financial period 1,1 0,5 -6,0 -1,9 -1,7 INCOME STATEMENT MEUR MEUR MEUR MEUR MEUR cumulative 1-6/08 1-3/08 1-12/07 1-9/07 1-6/07 Net sales 37,1 19,1 74,7 54,1 37,5 Other operating income 0,4 0,3 0,4 0,4 0,2 Operating expenses -34,5 -17,9 -84,8 -58,8 -40,6 Depreciations and impairments -0,7 -0,3 -1,4 -1,0 -0,6 Operating profit 2,3 1,1 -11,1 -5,3 -3,5 Financial items -0,6 -0,6 -0,6 -0,3 -0,2 Profit before taxes 1,8 0,6 -11,7 -5,6 -3,6 Income taxes -0,2 -0,1 0,0 -0,1 -0,2 Minority interest 0,0 0,0 0,0 0,0 0,0 Profit for the financial period 1,6 0,5 -11,7 -5,7 -3,8 BALANCE SHEET MEUR MEUR MEUR MEUR MEUR 30.6.08 31.3.08 31.12.07 30.9.07 30.6.07 ASSETS NON-CURRENT ASSETS Goodwill 9,4 9,4 9,4 9,4 9,4 Capitalized development cost 2,4 2,3 2,2 1,8 1,6 Intangible assets 0,3 0,3 0,3 0,4 0,3 Tangible assets 1,4 1,5 1,6 1,7 1,6 Investments 0,1 0,1 0,0 0,0 0,0 Other long-term assets 0,1 0,1 0,1 0,7 0,7 Deferred tax assets 0,9 1,0 0,9 0,4 0,3 NON-CURRENT ASSETS TOTAL 14,7 14,8 14,6 14,6 14,0 CURRENT ASSETS Inventories 0,3 0,3 0,3 0,6 0,4 Short-term receivables 27,1 32,4 26,7 27,4 31,3 Cash and cash equivalents 13,6 8,6 9,1 7,7 4,3 CURRENT ASSETS TOTAL 41,0 41,3 36,7 35,7 36,0 ASSETS TOTAL 55,8 56,1 51,3 50,4 50,1 SHAREHOLDERS' EQUITY AND LIABILITIES Shareholders' equity 21,9 20,6 19,6 25,3 27,0 Minority interest 0,1 0,1 0,1 0,1 0,1 Non-current liabilities 3,6 4,2 4,2 2,0 1,7 Current liabilities 30,2 31,2 27,3 23,0 21,3 EQUITY AND LIABILITIES TOTAL 55,8 56,1 51,3 50,4 50,1
APPENDIX 9 KEY FIGURES, MEUR Q2/2008 Q1/2008 Q4/2007 Q3/2007 Q2/2007 quarterly figures Scope of Operations Net sales, MEUR 18,0 19,1 20,6 16,6 19,1 Average number of personnel 543 546 625 630 634 Profitability Operating profit , MEUR 1,2 1,1 -5,8 -1,8 -1,5 Operating profit, % of net sales 6,6 6,0 -28,2 -10,8 -7,8 Profit before taxes and minority interest, MEUR 1,2 0,6 -6,1 -2,0 -1,5 Profit before taxes and minority interest, % of net sales 6,6 3,1 -29,7 -11,9 -8,0 Return on equity, % (ROE) 15,3 9,2 -47,4 -27,5 -27,0 Return on investment, % (ROI) 21,4 19,4 -37,8 -21,7 -22,0 Financial Standing Quick ratio 1,3 1,3 1,3 1,5 1,7 Current ratio 1,4 1,3 1,3 1,6 1,7 Equity ratio, % 40,3 37,6 38,6 51,0 54,7 Interest-bearing net debt, MEUR -9,3 -4,2 -3,3 -3,2 -3,6 Gearing, % -42,4 -20,4 -16,6 -12,7 -13,2 Per Share Data Earnings per share, EUR (EPS) 0,016 0,007 -0,088 -0,027 -0,026 Earnings per share, EUR (EPS), adjusted for dilution effect 0,016 0,007 -0,088 -0,027 -0,025 Shareholders' equity per share, EUR 0,319 0,300 0,286 0,369 0,396
