TECNOMEN LIFETREE CORPORATION FINANCIAL REPORT 1 JANUARY - 31 DECEMBER 2009 (unaudited)
Tecnomen Lifetree Corporation FINANCIAL REPORT
4 February 2010 at 8.30 am
TECNOMEN LIFETREE CORPORATION FINANCIAL REPORT 1 JANUARY - 31 DECEMBER 2009
(unaudited)
Net sales in the fourth quarter of the year totalled EUR 13.5 (21.7) million.
The cash flow after investments before the net payment for the acquisition of
Tecnotree India (formerly Lifetree) was EUR -4.0 (6.0) million. Net sales for
the whole year were EUR 53.3 (77.2) million and the result was EUR -16.1 (10.2)
million. The cash flow after investments before the net payment for the
Tecnotree India acquisition was EUR -4.8 (17.9) million. The order book at the
close of the period stood at EUR 11.7 (9.7) million.
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| KEY FIGURES | | 10-12/09 | 10-12/08 | 2009 | 2008 |
--------------------------------------------------------------------------------
| Net sales, MEUR | | 13.5 | 21.7 | 53.3 | 77.2 |
--------------------------------------------------------------------------------
| Net sales, change % | | -37.7 | 13.3 | -31.0 | 10.1 |
--------------------------------------------------------------------------------
| Operating result before | | -2.5 | 5.0 | -7.7 | 11.5 |
| one-time costs, MEUR | | | | | |
--------------------------------------------------------------------------------
| Operating result, MEUR | | -8.5 | 5.0 | -14.7 | 11.5 |
--------------------------------------------------------------------------------
| % of net sales | | -62.8 | 23.1 | -27.7 | 14.9 |
--------------------------------------------------------------------------------
| Profit before taxes, | | -8.5 | 5.8 | -15.2 | 13.5 |
| MEUR | | | | | |
--------------------------------------------------------------------------------
| % of net sales | | -63.1 | 26.8 | -28.6 | 17.5 |
--------------------------------------------------------------------------------
| Result for the period | | -7.2 | 4.8 | -16.1 | 10.2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share, | | -0.10 | 0.08 | -0.24 | 0.17 |
| basic, EUR | | | | | |
--------------------------------------------------------------------------------
| Earnings per share, | | -0.10 | 0.08 | -0.24 | 0.17 |
| diluted, EUR | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Order book, MEUR | | | | 11.7 | 9.7 |
--------------------------------------------------------------------------------
| Cash flow after | | -4.0 | 6.0 | -4.8 | 17.9 |
| investments and before | | | | | |
| net payment for | | | | | |
| Tecnotree India | | | | | |
| acquisition, MEUR | | | | | |
--------------------------------------------------------------------------------
| Change in cash and cash | | -5.3 | 26.0 | -26.0 | 33.8 |
| equivalents, MEUR | | | | | |
--------------------------------------------------------------------------------
| Cash and cash | | | | 25.7 | 51.0 |
| equivalents, MEUR | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity ratio % | | | | 65.7 | 70.3 |
--------------------------------------------------------------------------------
| Net gearing % | | | | -10.8 | -37.2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Personnel at | | | | 779 | 354 |
| end of period | | | | | |
--------------------------------------------------------------------------------
Tecnomen Lifetree Corporation uses the name Tecnotree for itself, and this name
is also used in this financial report.
Unless otherwise stated, all figures presented below are for the review period
1-12/2009 and the figures for comparison are for the corresponding period
1-12/2008. The figures for the period 1-12/2009 include the figures for
Tecnotree India (formerly Lifetree) for the period 6 May - 31 December 2009.
President and CEO Eero Mertano:
“Net sales in 2009 were significantly lower than in the previous year (EUR -23.9
million). Due to the global financial crisis, operators were cautious about
making capital expenditure and many postponed their investments until 2010. The
reduction in Tecnotree's sales is mainly due to the postponement of purchasing
decisions by customers, falling average deal size in the VAS business and
decline in prepaid license revenue.
In response to the global recession, we carried out a major restructuring at
Tecnotree in the second half of 2009. Through this we have enhanced the
efficiency of our organizational structure and processes, while maintaining our
strong commitment to product development. Our new solution-based organizational
structure enables us to serve our customers better in raising the efficiency of
their business operations. This change is also reflected in our switching to
regional segment reporting as from the beginning of 2010.
During 2009 Tecnomen merged with an Indian company Lifetree, forming the new
Tecnotree. We have now successfully completed the integration projects relating
to the acquisition. Thanks to the expanded product portfolio, the improved cost
structure and the solution-based business model, we have considerably improved
our competitive standing. These changes will also show in our financial
performance in 2010. Our strong financing structure gives a good basis for our
operations.”
SALES AND NET SALES
Tecnotree's net sales in the review period declined -31.0 per cent to EUR 53.3
(77.2) million.
EUR 22.7 million of sales in the review period have been recognised by stage of
completion (IAS 11 Construction contracts) and EUR 30.5 million on delivery (IAS
18 Revenues).
Net sales by geographical area were: Americas 43.4 per cent (53.9 %), EMEA 49.8
per cent (35.7 %) and APAC 6.8 per cent (10.4 %).
Net sales by product line were: VAS (Value Added Services, formerly Messaging)
36.4 per cent (52.3 %) and BSS/OSS (Business and Operations Support Systems,
formerly Charging) 63.6 per cent (47.7 %).
Sales through global partners totalled EUR 6.3 (14.5) million or 11.8 per cent
(18.7 %) of net sales.
Maintenance and service sales totalled EUR 23.6 (18.5) million or 44.3 per cent
(24.0 %) of net sales.
The order book stood at EUR 11.7 (9.7) million at the end of the review period.
Americas accounted for 15.9 per cent of the order book, EMEA for 69.2 per cent
and APAC for 14.9 per cent.
RESULT DEVELOPMENT
Net sales in the review period totalled EUR 53.3 (77.2) million and the
operating result EUR -14.7 (11.5) million. The fall in net sales was the main
cause of the decline in the operating result.
Net sales for the VAS business unit totalled EUR 19.4 (40.4) million, so they
decreased EUR 21.0 million from the corresponding period in the previous year,
when VAS had an exceptionally large number of projects especially in the EMEA
and APAC regions. Net sales of the BSS/OSS business unit totalled EUR 33.9
(36.8) million, a decline of EUR 2.9 million.
Tecnotree announced in September that it was cutting its workforce in Finland by
20 persons. Further cuts of 15 persons were made elsewhere in the Group in the
third quarter. One-time costs of EUR 1.0 million were recognized for these.
A reduction of 71 was made in the number of personnel at the company in Ireland
in November, which gave rise to one-time costs of EUR 2.3 million.
These and other reductions in costs will give rise to annual savings of more
than EUR 10 million, which have a partial impact in the fourth quarter and a
full impact from the beginning of 2010.
A provision was recorded in the fourth quarter for the VAS business unit for one
customer for the costs for the possible cancellation of revenue recognition for
a project and other related costs. These entries reduced net sales by EUR 2.5
million and the operating result by EUR 3.7 million.
In total, the one-time costs presented above that impact Tecnotree's 2009
operating result amounted to EUR 7.0 million. EUR 1.0 million of this was
recognized in the third quarter and EUR 6.0 million in the fourth quarter.
Capitalisation of research and development costs and amortisation of these had
the net impact of weakening the result by EUR 2.7 million compared to the
previous year. The operating result in the review period was -27.7 % (14.9 %) of
net sales.
Tecnotree Convergence Limited (formerly Lifetree Convergence Limited) has been
consolidated as from 6 May 2009. Its impact on net sales was EUR 13.7 million
and on the operating profit EUR 3.3 million.
Tecnotree's business operations are based on project sales. The income and costs
recorded for these vary considerably from one quarter to another. For this
reason it is important to base an examination of the profitability of the
company on the result for more than one quarter.
The result for the period before taxes was EUR -15.2 (13.5) million.
Taxes for the period totalled EUR 0.8 (3.3) million, including the following
items:
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| TAXES IN INCOME STATEMENT | | 2009 | 2008 |
--------------------------------------------------------------------------------
| Withholding tax expenses in parent company | | -1.5 | -1.1 |
--------------------------------------------------------------------------------
| Income taxes on the results of Group companies | | -1.4 | -1.1 |
--------------------------------------------------------------------------------
| Deferred tax asset based on tax allowances in India | | 0.6 | |
--------------------------------------------------------------------------------
| Change in deferred tax liability based on: | | | |
--------------------------------------------------------------------------------
| -capitalization of R&D costs | | 0.6 | -1.1 |
--------------------------------------------------------------------------------
| -cost capitalizations in Finnish taxation | | 1.6 | |
--------------------------------------------------------------------------------
| -Indian dividend tax | | -0.6 | |
--------------------------------------------------------------------------------
| Other items | | -0.1 | -0.0 |
--------------------------------------------------------------------------------
| TAXES IN INCOME STATEMENT, TOTAL | | -0.8 | -3.3 |
--------------------------------------------------------------------------------
Earnings per share were EUR -0.24 (0.17). Equity per share at the end of the
period was EUR 1.05 (1.41).
FINANCING AND INVESTMENTS
Tecnotree's liquid funds totalled EUR 25.7 (51.0) million. The change in cash
and cash equivalents for the review period was EUR -26.0 million, which includes
dividends of EUR 5.1 million paid in the second quarter as well as the purchase
consideration for the Lifetree acquisition less the cash and cash equivalents of
Lifetree at the acquisition date, EUR -14.7 million.
The balance sheet total on 31 December 2009 stood at EUR 118.5 (118.9) million.
Interest-bearing liabilities were EUR 18.9 (20.0) million. The net debt to
equity ratio (net gearing) was -10.8 per cent (-37.2 %). The balance sheet
structure remained strong and the equity ratio on 31 December 2009 was 65.7 per
cent (70.3 %).
Tecnotree's gross capital expenditure during the review period, excluding the
capitalisation of development costs, was EUR 1.4 (1.3) million or 2.7 per cent
(1.7 %) of net sales.
Financial income and expenses (net) during the review period totalled EUR -0.5
(1.9) million. The financial income decreased by EUR 1.7 million, due especially
to high foreign exchange gains in 2008. The financial expenses increased by EUR
0,7 million, mainly due to interest expenses on the bank loan raised by the
parent company in December 2008 for financing the acquisition of Lifetree.
--------------------------------------------------------------------------------
| CHANGE IN WORKING CAPITAL, MEUR | | 2009 | 2008 |
| (increase - / decrease +) | | | |
--------------------------------------------------------------------------------
| Change in trade receivables | | 1.5 | 11.8 |
--------------------------------------------------------------------------------
| Change in other short-term | | 10.9 | -0.6 |
| receivables | | | |
--------------------------------------------------------------------------------
| Change in inventories | | -0.1 | 1.3 |
--------------------------------------------------------------------------------
| Change in trade payables | | -1.5 | -1.8 |
--------------------------------------------------------------------------------
| Change in other current liabilities | | 3.3 | -1.6 |
--------------------------------------------------------------------------------
| CHANGE IN WORKING CAPITAL, TOTAL | | 14.1 | 9.1 |
--------------------------------------------------------------------------------
BUSINESS UNITS
Following the completion of the acquisition of Lifetree on 6 May 2009, the
company has the following business units: VAS (Value Added Services), comprising
the former Messaging product line and Lifetree's MDX+ business, and BSS/OSS
(Business and Operations Support Systems), formed by the former Charging product
line with Lifetree's operations apart from the MDX+ business.
VAS (Value Added Services), formerly Messaging
Tecnotree achieved satisfactory results in maintenance and service sales thanks
to its strong global VAS customer base. System sales fell significantly in all
market areas, however, as network operators delayed their investment decisions
due to the overall weakness of the global market.
During 2009 Tecnotree won new customers in emerging markets, mainly in Africa
and Asia, and in Europe it was also able to replace legacy systems with next
generation messaging solutions. Towards the end of 2009 the demand of the VAS
market showed signs of improvement. Tecnotree's new development centre in
Bangalore is expected to enhance its position in tailoring solutions and
developing new content and data services.
BSS/OSS (Business and Operations Support Systems), formerly Charging
Net sales of the BSS/OSS unit were slightly lower than in the previous year.
Demand was strong in the Middle East and Africa and satisfactory in Latin
America. During 2009 the unit obtained new customers in the rapidly growing
markets in Africa and Asia. The completion percentage of current projects
improved during the year, as did the maintenance contract base. Operators have
shown much interest in the new BSS/OSS products obtained through the merger of
Tecnomen and Lifetree.
RESEARCH AND DEVELOPMENT
Research and development costs during the review period totalled EUR 14.5 (15.5)
million, corresponding to 27.2 per cent (20.0 %) of net sales. EUR 5.1 (6.9)
million of development costs were capitalised and will be amortised over 3-5
years from the start of commercial use. R&D costs of EUR 4.2 (3.4) million were
amortised during the review period.
PERSONNEL
At the end of 2009 Tecnotree employed 779 (354) persons, of whom 83 (89) worked
in Finland and 696 (265) elsewhere, with 507 (0) of these in India. The company
employed on average 665 (358) people during the review period. Personnel by
geographical area were as follows:
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| | | 2009 | 2008 |
--------------------------------------------------------------------------------
| Personnel, at end of period | | 779 | 354 |
--------------------------------------------------------------------------------
| Americas | | 49 | 65 |
--------------------------------------------------------------------------------
| EMEA | | 204 | 264 |
--------------------------------------------------------------------------------
| APAC | | 526 | 25 |
--------------------------------------------------------------------------------
| Personnel, average | | 665 | 358 |
--------------------------------------------------------------------------------
| Personnel expenses before R&D | | 32.3 | 27.4 |
| capitalisation (MEUR) | | | |
--------------------------------------------------------------------------------
ACQUISITION OF SHARES OF LIFETREE CONVERGENCE LTD
The company acquired 96.51 % of the shares of Lifetree Convergence Ltd in a
transaction on 6 May 2009. After the date of acquisition, Tecnotree acquired a
further 3.30 % of the company's shares from external shareholders, so that
Tecnotree's holding at the end of 2009 stood at 99.81 %.
The Annual General Meeting on 12 March 2008 authorised the Board of Directors to
issue a maximum of 17,800,000 new shares. Under this authorisation the Board of
Directors, in accordance with the terms and conditions of the transaction
between the owners of Tecnomen and Lifetree, issued new Company shares on the
following terms and conditions:
A total of 13,676,658 new Company shares were subscribed in the share issue in
May and 677,241 in November. The new shares were offered to the sellers of
Lifetree, deviating from the pre-emptive subscription rights of the
shareholders. There was therefore a weighty financial reason for the Company to
deviate from shareholders' pre-emptive subscription rights. The subscription
price for each new share was EUR 0.86. The subscription price was paid as
contribution in kind, consisting of Lifetree's shares.
The company published a listing prospectus on 11 May 2009. Trading in the new
shares on the main list of NASDAQ Helsinki Oy commenced on 15 May 2009 and 16
November 2009.
Lifetree Convergence Ltd changed its name in June 2009 to Tecnotree Convergence
Ltd.
TECNOTREE'S SHARES AND SHARE CAPITAL
At the end of 2009 the shareholders' equity of Tecnotree Corporation stood at
EUR 77.2 (83.5) million and the share capital was EUR 4.7 million. The total
number of shares was 73,630,977. The company held 134,800 of these shares, which
represents 0.18 per cent of the company's total number of shares and votes.
Equity per share was EUR 1.05 (1.41).
A total of 22,579,296 Tecnotree shares (EUR 23,157,045) were traded on the
Helsinki Exchanges during the period 2 January - 31 December 2009, representing
30.7 per cent of the total number of shares.
The highest share price quoted in the period was EUR 1.21 and the lowest EUR
0.78. The average quoted price was EUR 1.00 and the closing price on 31 December
2009 was EUR 0.94. The market capitalisation of the share stock at the end of
the period was EUR 69,213,118.
CURRENT AUTHORISATIONS
Tecnomen's Annual General Meeting held on 12 March 2008 authorised the Board of
Directors to decide on issuing shares and on giving special rights entitling to
shares. The authorisation includes the right to decide on issuing and/or
conveying a maximum of 17,800,000 new shares and/or the Company's own shares
held by the Company either against payment or for free. The authorisation is
valid for two years from the decision of the Annual General Meeting. Under this
authorisation, on 6 May 2009 and 28 October 2009 the Board decided on a share
issue against payment in connection with the acquisition of the shares of
Tecnotree Convergence Ltd by issuing altogether 14,353,899 new shares. At the
end of the year, 3,446,101 shares under this authorization were still unused.
Tecnomen Lifetree Corporation's Annual General Meeting held on 19 March 2009
authorized the Board of Directors to decide on acquiring a maximum of 5,790,000
of the Company's own shares. Own shares may be acquired with unrestricted
shareholders' equity otherwise than in proportion to the holdings of the
shareholders through public trading of the securities arranged by NASDAQ OMX
Helsinki Oy at the market price of the shares in public trading at the time of
the acquisition. The shares can be acquired for the purpose of developing the
capital structure of the Company, carrying out corporate acquisitions or other
business arrangements to develop the business of the Company, financing capital
expenditure, to be used as part of the Company's incentive schemes, or to be
otherwise retained in the possession of the Company, disposed of or nullified in
the extent and manner decided by the Board of Directors. The Board of Directors
decides on other terms of the share acquisition. This authorisation replaces the
authorisation given by the Annual General Meeting on 12 March 2008 and is valid
for one year from the decision of the AGM. This authorisation has not been
exercised during the review period.
SEGMENT INFORMATION
As from 1 January 2009, Tecnotree is applying the new IFRS 8 standard (Operating
Segments). Like the former primary segments under IAS 14, in 2009 Tecnotree
Group's operating segments under IFRS 8 comprised the developing and supplying
of messaging and charging solutions. The operating segments presented are VAS
(Value Added Services), the former Messaging product line with Lifetree's MDX+
business, and BSS/OSS (Business and Operations Support Systems), the former
Charging product line with Lifetree's business operations apart from the MDX+
business. This is because these are clearly distinct businesses and they are
monitored in the company's internal financial reporting as separate business
units.
As from the beginning of 2010 the segments reported by Tecnotree will be
geographical regions. These will be Americas (North, Central and South America),
Europe, MEA (Middle East and Africa), and APAC (Asia Pacific)
STOCK OPTION PROGRAMMES
No changes took place in the company's stock option schemes during the fourth
quarter.
During the review period the company had in force a 2006 stock option programme.
The state of these options on 31 December 2009 was as follows:
--------------------------------------------------------------------------------
| Option | Maximum | Number of | Exercise period | Exercise |
| series | number of | granted | | price |
| | options | options | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 2006A | 667,000 | 304,000 | 1.4.2007-30.4.2010 | 2.47 |
--------------------------------------------------------------------------------
| 2006B | 667,000 | 667,000 | 1.4.2008-30.4.2011 | 1.32 |
--------------------------------------------------------------------------------
| 2006C | 667,000 | | 1.4.2009-30.4.2012 | 0.98 |
--------------------------------------------------------------------------------
| Total | 2,001,000 | 971,000 | | |
--------------------------------------------------------------------------------
The dividend paid of EUR 0.07 has been deducted from the exercise price for the
2006 options.
The Annual General Meeting of Tecnomen Lifetree Corporation on 19 March 2009
decided on a stock option plan that came into effect after the acquisition of
the shares of Lifetree Convergence Ltd was completed. The state of these options
on 31 December 2009 was as follows:
--------------------------------------------------------------------------------
| Option | Maximum | Number of | Exercise period | Exercise |
| series | number of | granted | | price |
| | options | options | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 2009A | 1,026,005 | 265,554 | 1.4.2009-31.3.2011 | 0.86 |
--------------------------------------------------------------------------------
| 2009B | 2,394,013 | 619,627 | 1.4.2010-31.3.2012 | 0.86 |
--------------------------------------------------------------------------------
| 2009C | 3,420,018 | 885,181 | 1.4.2011-31.3.2013 | 0.86 |
--------------------------------------------------------------------------------
| Total | 6,840,036 | 1,770,362 | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| 2006 and | 8,841,036 | 2,741,362 | | |
| 2009 | | | | |
| total | | | | |
--------------------------------------------------------------------------------
Altogether 8,841,036 stock options remained on 30 September 2009 of all the
company's stock options in circulation. The shares that could be subscribed on
the basis of these stock options accounted for a maximum of 10.72 % of the
Company's shares and the votes carried by the shares after any increase in share
capital. On 31 December 2009 the Company still held 6,099,674 of all the current
stock options. The issued stock options had a maximum diluting effect on 31
December 2009 of 3.59 %.
The company's Board of Directors may issue stock options such that their maximum
dilution shall not exceed 8.50 %.
RISKS AND UNCERTAINTY FACTORS
The risks and uncertainty factors for Tecnotree are explained in the report of
the Board of Directors presented in the 2008 Annual Report and in the listing
prospectus published on 11 May 2009. The risks and uncertainties to which the
company is exposed in the near future relate to major projects that are under
negotiation and to their timing, as well as to changes in currency exchange
rates. No significant changes have taken place in the company's risks and
uncertainty factors compared to the previous interim report.
COMPANY MANAGEMENT
Tecnotree's Board of Directors appointed Eero Mertano, Vice President, BSS/OSS,
as interim President and CEO of the company as from 2 October 2009. The
company's former President and CEO Jarmo Niemi resigned his position on health
grounds. He continues for the time being working on special duties assigned by
the Board. As from 2 October 2009 the company's management board comprises Eero
Mertano, Atul Chopra, Naim Kazi and Tuomas Wegelius.
EVENTS AFTER THE END OF PERIOD
No significant events have occurred after the end of period.
PROSPECTS
The global financial crisis has caused operators to be cautious in making
capital expenditure and many operators have postponed investments until 2010.
During the second half of 2009 Tecnotree carried out a major restructuring, and
the cost savings from this will have a full impact in 2010.
Thanks to the new cost structure, the broader product offering and the
solution-based business model, Tecnotree is now more competitive. Tecnotree
estimates that net sales will be considerably higher in 2010 than in 2009.
Higher sales and lower costs are expected to improve profitability significantly
and the operating result should be positive.
Capitalization of R & D costs is expected to be clearly less in 2010 than in the
previous year. This is because product development has a greater emphasis on
customer specific projects with an advantage of lower cost base.
Variations between quarterly figures are expected to be considerable.
PROPOSAL CONCERNING THE RESULT
The Board of Directors proposes to the Annual General Meeting to be held on 25
March 2010 that no dividend be paid for the financial year ended 31 December
2009, and that the parent company's loss for the financial year, EUR
22,656,856.24 million, be transferred to retained earnings in non-restricted
equity.
FINANCIAL INFORMATION
Tecnotree is holding a conference for analysts and the media to announce its
fiscal year 2009 results at 10.00 am on 4 February 2010 in the Pavilion
conference room at the Scandic Hotel Simonkenttä, Simonkatu 9, Helsinki. The
financial review will be presented by President and CEO Eero Mertano and the
conference will be held in Finnish. The material to be presented at the press
conference will be available at www.tecnotree.com.
TECNOMEN LIFETREE CORPORATION
Board of Directors
FURTHER INFORMATION
Mr Eero Mertano, President and CEO, tel. +358 (0)50 535 4970
Mr Tuomas Wegelius, CFO, tel. +358 (0)400 433 228
DISTRIBUTION
NASDAQ OMX Helsinki Ltd
Main media
www.tecnotree.com
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| CONSOLIDATED INCOME | | Not | 10-12/09 | 10-12/08 | 2009 | 2008 |
| STATEMENT, MEUR | | e | | | | |
--------------------------------------------------------------------------------
| NET SALES | | 2 | 13.5 | 21.7 | 53.3 | 77.2 |
--------------------------------------------------------------------------------
| Other operating | | | 0.0 | 0.0 | 0.3 | 0.0 |
| income | | | | | | |
--------------------------------------------------------------------------------
| Materials and | | | -3.0 | -3.8 | -10.7 | -16.7 |
| services | | | | | | |
--------------------------------------------------------------------------------
| Employee benefit | | | -10.1 | -6.9 | -29.2 | -24.0 |
| expenses | | | | | | |
--------------------------------------------------------------------------------
| Depreciation, | | | -1.7 | -1.5 | -6.6 | -5.6 |
| amortisation and | | | | | | |
| impairment charges | | | | | | |
--------------------------------------------------------------------------------
| Other operating | | | -7.2 | -4.6 | -21.8 | -19.4 |
| expenses | | | | | | |
--------------------------------------------------------------------------------
| OPERATING RESULT | | | -8.5 | 5.0 | -14.7 | 11.5 |
--------------------------------------------------------------------------------
| Financial income | | | 0.2 | 1.5 | 1.3 | 3.0 |
--------------------------------------------------------------------------------
| Financial expenses | | | -0.3 | -0.7 | -1.8 | -1.1 |
--------------------------------------------------------------------------------
| RESULT BEFORE TAXES | | | -8.5 | 5.8 | -15.2 | 13.5 |
--------------------------------------------------------------------------------
| Income taxes | | | 1.3 | -1.0 | -0.8 | -3.3 |
--------------------------------------------------------------------------------
| RESULT FOR THE PERIOD | | | -7.2 | 4.8 | -16.1 | 10.2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Allocated to: | | | | | | |
--------------------------------------------------------------------------------
| Equity holders of | | | -7.1 | 4.8 | -16.1 | 10.2 |
| parent | | | | | | |
| Company | | | | | | |
--------------------------------------------------------------------------------
| Minority interest | | | -0.1 | | 0.0 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share | | | | | | |
| calculated from the | | | | | | |
| profit attributable | | | | | | |
| to equity holders of | | | | | | |
| parent company: | | | | | | |
--------------------------------------------------------------------------------
| Earnings per share, | | | -0.10 | 0.08 | -0.24 | 0.17 |
| basic, EUR | | | | | | |
--------------------------------------------------------------------------------
| Earnings per share, | | | -0.10 | 0.08 | -0.24 | 0.17 |
| diluted, EUR | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CONSOLIDATED STATEMENT OF | | Not | 10-12/0 | 10-12/08 | 2009 | 2008 |
| COMPREHENSIVE INCOME, Me | | e | 9 | | | |
--------------------------------------------------------------------------------
| RESULT FOR THE PERIOD | | | -7.2 | 4.8 | -16.1 | 10.2 |
--------------------------------------------------------------------------------
| Other comprehensive | | | | | | |
| income: | | | | | | |
--------------------------------------------------------------------------------
| Translation differences | | | 1.8 | -0.3 | 0.4 | -0.5 |
| from | | | | | | |
| foreign operations | | | | | | |
--------------------------------------------------------------------------------
| Tax on other comprehensive | | | 0.0 | 0.0 | 0.0 | 0.0 |
| income | | | | | | |
--------------------------------------------------------------------------------
| Other comprehensive | | | 1.8 | -0.3 | 0.4 | -0.5 |
| income, net of tax | | | | | | |
--------------------------------------------------------------------------------
| TOTAL COMPREHENSIVE INCOME | | | -5.4 | 4.5 | -15.6 | 9.6 |
| FOR THE PERIOD | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Allocated to: | | | | | | |
--------------------------------------------------------------------------------
| Equity holders of parent | | | -5.3 | 4.5 | -15.7 | 9.6 |
| company | | | | | | |
--------------------------------------------------------------------------------
| Minority interest | | | -0.1 | | 0.0 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CONSOLIDATED BALANCE SHEET, | | Note | 31.12.2009 | 31.12.2008 |
| MEUR | | | | |
--------------------------------------------------------------------------------
| Assets | | | | |
--------------------------------------------------------------------------------
| Goodwill | | 3 | 20.0 | 0.7 |
--------------------------------------------------------------------------------
| Other intangible assets | | 4 | 23.5 | 19.3 |
--------------------------------------------------------------------------------
| Tangible assets | | 5 | 7.3 | 7.0 |
--------------------------------------------------------------------------------
| Deferred tax assets | | | 1.5 | 0.1 |
--------------------------------------------------------------------------------
| Other non-current trade and | | | 0.9 | 0.5 |
| other receivables | | | | |
--------------------------------------------------------------------------------
| Current assets | | | | |
--------------------------------------------------------------------------------
| Inventories | | | 1.3 | 1.1 |
--------------------------------------------------------------------------------
| Trade receivables | | | 19.3 | 14.4 |
--------------------------------------------------------------------------------
| Other receivables | | | 17.2 | 24.6 |
--------------------------------------------------------------------------------
| Investments | | | 1.6 | |
--------------------------------------------------------------------------------
| Cash and cash equivalents | | | 25.7 | 51.0 |
--------------------------------------------------------------------------------
| TOTAL ASSETS | | | 118.5 | 118.9 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Shareholders' equity | | | 77.2 | 83.5 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current liabilities | | | | |
--------------------------------------------------------------------------------
| Deferred tax liabilities | | | 3.9 | 4.5 |
--------------------------------------------------------------------------------
| Non-current | | | 16.7 | |
| interest-bearing | | | | |
| liabilities | | | | |
--------------------------------------------------------------------------------
| Other non-current | | | 0.3 | 0.0 |
| liabilities | | | | |
--------------------------------------------------------------------------------
| Current liabilities | | | | |
--------------------------------------------------------------------------------
| Current interest-bearing | | | 2.3 | 20.0 |
| liabilities | | | | |
--------------------------------------------------------------------------------
| Trade payables and other | | | 18.1 | 10.8 |
| liabilities | | | | |
--------------------------------------------------------------------------------
| EQUITY AND LIABILITIES, | | | 118.5 | 118.9 |
| TOTAL | | | | |
--------------------------------------------------------------------------------
CALCULATION OF CHANGES IN SHAREHOLDERS' EQUITY, MEUR
A = Share capital
B = Share premium fund
C = Own shares
D = Translation differences
E = Invested non-restricted equity reserve
F = Other reserves
G = Retained earnings
H = Total equity attributable to equity holders of parent company
I = Minority interest
J = Total shareholders' equity
--------------------------------------------------------------------------------
| MEUR | A | B | C | D | E | F | G | H | I | J |
--------------------------------------------------------------------------------
| Sharehold | 4. | 0.8 | -0. | -0. | 0.3 | 50.6 | 27.3 | 83.5 | | 83.5 |
| ers' | 7 | | 1 | 1 | | | | | | |
| equi | | | | | | | | | | |
| ty | | | | | | | | | | |
| 1 Jan. | | | | | | | | | | |
| 2009 | | | | | | | | | | |
--------------------------------------------------------------------------------
| Share | | | | | 12.3 | 2.0 | | 14.3 | | 14.3 |
| issue | | | | | | | | | | |
--------------------------------------------------------------------------------
| Dividend | | | | | | -0.5 | -4.6 | -5.1 | | -5.1 |
| distribut | | | | | | | | | | |
| ion | | | | | | | | | | |
--------------------------------------------------------------------------------
| Share-bas | | | | | | | 0.2 | 0.2 | | 0.2 |
| ed | | | | | | | | | | |
| payments | | | | | | | | | | |
--------------------------------------------------------------------------------
| Business | | | | | | | | | 0.6 | 0.6 |
| combinati | | | | | | | | | | |
| ons | | | | | | | | | | |
--------------------------------------------------------------------------------
| Transacti | | | | | | | -0.1 | -0.1 | -0.6 | -0.7 |
| ons with | | | | | | | | | | |
| minority | | | | | | | | | | |
--------------------------------------------------------------------------------
| Total | | | | 0.4 | | | -16. | -15.7 | 0.0 | -15.6 |
| comprehen | | | | | | | 1 | | | |
| sive | | | | | | | | | | |
| income | | | | | | | | | | |
| for the | | | | | | | | | | |
| period | | | | | | | | | | |
--------------------------------------------------------------------------------
| Sharehold | 4. | 0.8 | -0. | 0.4 | 12.6 | 52.1 | 6.6 | 77.1 | 0.1 | 77.2 |
| ers' | 7 | | 1 | | | | | | | |
| equity | | | | | | | | | | |
| 31 Dec. | | | | | | | | | | |
| 2009 | | | | | | | | | | |
--------------------------------------------------------------------------------
In June 2009 a total dividend of EUR 5,097,325.52 was paid, or EUR 0.07 per
share on 72,818,936 shares.
--------------------------------------------------------------------------------
| MEUR | A | B | C | D | E | F | G | H/J |
--------------------------------------------------------------------------------
| Shareholde | 4.7 | 0.8 | -0.1 | 0.2 | 0.3 | 54.7 | 17.4 | 78.0 |
| rs' | | | | | | | | |
| equity | | | | | | | | |
| 1 Jan. | | | | | | | | |
| 2008 | | | | | | | | |
--------------------------------------------------------------------------------
| Dividend | | | | | | -4.1 | | -4.1 |
| distributi | | | | | | | | |
| on | | | | | | | | |
--------------------------------------------------------------------------------
| Options | | | | | 0.0 | | | 0.0 |
| exercised | | | | | | | | |
--------------------------------------------------------------------------------
| Share-base | | | | | | | 0.0 | 0.0 |
| d payments | | | | | | | | |
--------------------------------------------------------------------------------
| Other | | | | | | | -0.0 | -0.0 |
| adjustment | | | | | | | | |
| s | | | | | | | | |
--------------------------------------------------------------------------------
| Total | | | | -0.3 | | | 9.9 | 9.6 |
| comprehens | | | | | | | | |
| ive income | | | | | | | | |
| for the | | | | | | | | |
| period | | | | | | | | |
--------------------------------------------------------------------------------
| Shareholde | 4.7 | 0.8 | -0.1 | -0.1 | 0.3 | 50.6 | 27.3 | 83.5 |
| rs' equity | | | | | | | | |
| 31 Dec. | | | | | | | | |
| 2008 | | | | | | | | |
--------------------------------------------------------------------------------
In March 2008 a total dividend of EUR 4,138,209.46 was paid, or EUR 0.07 per
share on 59,117,278 shares.
--------------------------------------------------------------------------------
| CONSOLIDATED CASH FLOW STATEMENT, | | | 2009 | 2008 |
| MEUR | | | | |
--------------------------------------------------------------------------------
| Cash flow from operating activities | | | | |
--------------------------------------------------------------------------------
| Result for the period | | | -16.1 | 10.2 |
--------------------------------------------------------------------------------
| Adjustments for: | | | | |
--------------------------------------------------------------------------------
| Depreciation, amortisation and | | | 6.6 | 5.6 |
| impairment charges | | | | |
--------------------------------------------------------------------------------
| Option expenses | | | 0.1 | -0.1 |
--------------------------------------------------------------------------------
| Unrealised exchange gains and losses | | | 0.2 | -0.6 |
--------------------------------------------------------------------------------
| Unrealised gains and losses from | | | -0.2 | -0.0 |
| assets | | | | |
| at fair value through income | | | | |
| statement | | | | |
--------------------------------------------------------------------------------
| Other financial income and expenses | | | 0.2 | -0.7 |
--------------------------------------------------------------------------------
| Income taxes | | | 0.8 | 3.3 |
--------------------------------------------------------------------------------
| Other adjustments | | | 0.0 | 0.0 |
--------------------------------------------------------------------------------
| Changes in working capital | | | 14.1 | 9.1 |
--------------------------------------------------------------------------------
| Interest paid | | | -1.2 | -0.0 |
--------------------------------------------------------------------------------
| Interest received | | | 0.4 | 0.7 |
--------------------------------------------------------------------------------
| Income taxes paid | | | -3.2 | -1.4 |
--------------------------------------------------------------------------------
| Net cash flow from operating | | | 2.0 | 26.1 |
| activities | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from investing activities | | | | |
--------------------------------------------------------------------------------
| Acquisition of subsidiaries less | | | -14.0 | |
| cash and cash equivalents at acq. | | | | |
| date | | | | |
--------------------------------------------------------------------------------
| Transactions with minority | | | -0.7 | |
--------------------------------------------------------------------------------
| Investments in intangible assets | | | -5.3 | -7.2 |
--------------------------------------------------------------------------------
| Investments in tangible assets | | | -1.2 | -1.0 |
--------------------------------------------------------------------------------
| Investments in other securities | | | -0.8 | |
--------------------------------------------------------------------------------
| Proceeds from disposal of other | | | 0.3 | |
| securities | | | | |
--------------------------------------------------------------------------------
| Interests received from investments | | | 0.1 | |
--------------------------------------------------------------------------------
| Dividends received from investments | | | 0.1 | |
--------------------------------------------------------------------------------
| Net cash flow from investing | | | -21.5 | -8.2 |
| activities | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from financing activities | | | | |
--------------------------------------------------------------------------------
| Shares subscribed with share options | | | | 0.0 |
--------------------------------------------------------------------------------
| Proceeds from borrowings | | | | 20.0 |
--------------------------------------------------------------------------------
| Repayments of borrowings | | | -1.4 | |
--------------------------------------------------------------------------------
| Increase in finance lease | | | 0.0 | |
| liabilities | | | | |
--------------------------------------------------------------------------------
| Dividend paid | | | -5.1 | -4.1 |
--------------------------------------------------------------------------------
| Net cash flow from financing | | | -6.5 | 15.9 |
| activities | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Increase (+) and decrease (-) in | | | -26.0 | 33.8 |
| cash and cash equivalents | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash and cash equivalents at beg. of | | | 51.0 | 17.5 |
| period | | | | |
--------------------------------------------------------------------------------
| Impact of changes in exchange rates | | | 0.4 | -0.3 |
--------------------------------------------------------------------------------
| Change in fair value of investments | | | 0.2 | 0.0 |
--------------------------------------------------------------------------------
| Cash and cash equivalents at end of | | | 25.7 | 51.0 |
| period | | | | |
--------------------------------------------------------------------------------
| Change | | | -26.0 | 33.8 |
--------------------------------------------------------------------------------
1. ACCOUNTING PRINCIPLES AND BASIS FOR PREPARING THE FINANCIAL REPORT
The Group's financial report has been prepared in accordance with the
international financial reporting standard IAS 34 Interim Financial Reporting.
The formulas for calculating the key figures presented and the accounting
principles for the financial report are the same as the principles published in
the 2008 Annual Report, apart from the new and revised IFRS regulations that
came into force on 1 January 2009. These have not had a significant impact on
the accounting principles and basis for preparing the financial report.
The financial figures in the income statement, the balance sheet and key
indicators are presented in million euros. The figures shown here have been
calculated using exact values.
2. SEGMENT INFORMATION
Tecnotree Group reports on its operating segments in accordance with IFRS 8 as
follows: VAS (Value Added Services), the former Messaging product line with
Lifetree's MDX+ business, and BSS/OSS (Business and Operations Support Systems),
the former Charging product line with Lifetree's business operations apart from
the MDX+ business.
‘Other segments' include administrative expenses and assets. 'Non-allocated
items' include taxes and financial items. The operating results for the
operating segments and administrative expenses, with financial income and
expenses, form the Group's operating profit or loss before tax.
Adopting IFRS 8 has not changed the principles for defining the items to be
reported or excluded for the segments. Tecnotree's chief operating decision
maker, as referred to in IFRS 8, is the Group's management board.
Tecnotree Group operates in three geographical areas: Americas (North, Central
and South America), EMEA (Europe, the Middle East and Africa) and APAC (Asia
Pacific). Net sales for the geographical segments are presented based on the
location of customers.
--------------------------------------------------------------------------------
| OPERATING SEGMENTS: | | 2009 | 2008 |
| NET SALES, MEUR | | | |
--------------------------------------------------------------------------------
| VAS | | 19.4 | 40.4 |
--------------------------------------------------------------------------------
| BSS/OSS | | 33.9 | 36.8 |
--------------------------------------------------------------------------------
| TOTAL | | 53.3 | 77.2 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| OPERATING RESULT, MEUR | | | |
--------------------------------------------------------------------------------
| VAS | | -7.2 | 8.8 |
--------------------------------------------------------------------------------
| BSS/OSS | | -4.2 | 5.5 |
--------------------------------------------------------------------------------
| Other segments | | -3.3 | -2.8 |
--------------------------------------------------------------------------------
| TOTAL | | -14.7 | 11.5 |
--------------------------------------------------------------------------------
| Non-allocated items: | | | |
--------------------------------------------------------------------------------
| Financial income and expenses | | -0.5 | 1.9 |
--------------------------------------------------------------------------------
| RESULT BEFORE TAXES | | -15.2 | 13.5 |
--------------------------------------------------------------------------------
| SEGMENT ASSETS, MEUR | | | |
--------------------------------------------------------------------------------
| VAS | | 30.6 | 32.9 |
--------------------------------------------------------------------------------
| BSS/OSS | | 57.4 | 32.8 |
--------------------------------------------------------------------------------
| Other segments | | 1.5 | 1.6 |
--------------------------------------------------------------------------------
| TOTAL | | 89.4 | 67.3 |
--------------------------------------------------------------------------------
| Non-allocated items: | | | |
--------------------------------------------------------------------------------
| Deferred tax assets and income tax | | 1.8 | 0.5 |
| receivables | | | |
--------------------------------------------------------------------------------
| Investments, cash and cash | | 27.3 | 51.0 |
| equivalents | | | |
--------------------------------------------------------------------------------
| TOTAL ASSETS | | 118.5 | 118.9 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| GEOGRAPHICAL AREAS: | | 2009 | 2008 |
| NET SALES, MEUR | | | |
--------------------------------------------------------------------------------
| Americas (North, Central and South | | 23.1 | 41.6 |
| America) | | | |
--------------------------------------------------------------------------------
| EMEA (Europe, the Middle East and | | 26.5 | 27.6 |
| Africa) | | | |
--------------------------------------------------------------------------------
| APAC (Asia Pacific) | | 3.6 | 8.0 |
--------------------------------------------------------------------------------
| TOTAL | | 53.3 | 77.2 |
--------------------------------------------------------------------------------
3. ACQUISITIONS
The company acquired 96.51 % of the shares of Tecnotree India (formerly Lifetree
Convergence Ltd) in a transaction on 6 May 2009. Tecnotree India and its
subsidiaries have been consolidated into the Tecnotree group since 6 May 2009.
The purchase price calculation was presented in the interim report for the
second quarter on a preliminary basis as permitted by IFRS 3.
After the date of acquisition, Tecnotree acquired in stages a further 3.30 per
cent of the shares of Tecnotree India from minority holders. A consideration of
altogether EUR 0.7 thousand was paid in cash. In addition, altogether 677,241
new Tecnomen Lifetree Corporation shares were issued to the minority. The fair
value of the new shares was determined to be EUR 0.6 thousand. This increased
Tecnotree's ownership from 96.51 to 99.81 per cent and goodwill by EUR 0.6
thousand.
Tecnotree's net result for the period 1 January - 31 December 2009 includes a
profit of EUR 3.6 million recorded by the acquired company Tecnotree India. If
the acquisition had taken place on 1 January 2009, Tecnotree's net sales for the
period 1 January - 31 December 2009 would have been some EUR 58.2 million and
the result about EUR -15.8 million.
4. INTANGIBLE ASSETS
During the review period EUR 5.1 (6.9) million of development costs have been
capitalised and will be amortised over 3-5 years from the start of commercial
use. Research and development costs of EUR 4.2 (3.4) were amortised during the
review period.
5. TANGIBLE ASSETS
Acquisitions of tangible assets in the review period totalled EUR 1.2 (1.0)
million. Disposals during the review period were EUR 0.0 (0.2) million.
--------------------------------------------------------------------------------
| 6. CONSOLIDATED CONTINGENT | | 2009 | 2008 |
| LIABILITIES, MEUR | | | |
--------------------------------------------------------------------------------
| Pledges given | | 0.0 | 0.1 |
--------------------------------------------------------------------------------
| Guarantees | | | |
--------------------------------------------------------------------------------
| On own behalf | | 0.6 | 0.0 |
--------------------------------------------------------------------------------
| Other liabilities | | | |
--------------------------------------------------------------------------------
| Restriction related to real estate | | 0.4 | 0.4 |
| in Ireland | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| OTHER OPERATING LEASES, MEUR | | 2009 | 2008 |
| Minimum rents payable based | | | |
| on other leases that cannot | | | |
| be cancelled: | | | |
--------------------------------------------------------------------------------
| Other operating leases | | | |
--------------------------------------------------------------------------------
| Less than one year | | 0.7 | 0.6 |
--------------------------------------------------------------------------------
| Between one and five years | | 0.5 | 0.4 |
--------------------------------------------------------------------------------
| 7. CONSOLIDATED KEY FINANCIAL | | 2009 | 2008 |
| FIGURES, MEUR | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Return on investment, % | | -13.5 | 16.0 |
--------------------------------------------------------------------------------
| Return on equity, % | | -20.0 | 12.6 |
--------------------------------------------------------------------------------
| Equity ratio, % | | 65.7 | 70.3 |
--------------------------------------------------------------------------------
| Net gearing, % | | -10.8 | -37.2 |
--------------------------------------------------------------------------------
| Investments | | 1.4 | 1.3 |
--------------------------------------------------------------------------------
| % of net sales | | 2.7 | 1.7 |
--------------------------------------------------------------------------------
| Research and development | | 14.5 | 15.5 |
--------------------------------------------------------------------------------
| % of net sales | | 27.2 | 20.0 |
--------------------------------------------------------------------------------
| Order book | | 11.7 | 9.7 |
--------------------------------------------------------------------------------
| Personnel, average | | 665 | 358 |
--------------------------------------------------------------------------------
| Personnel, at end of period | | 779 | 354 |
--------------------------------------------------------------------------------
| CONSOLIDATED KEY FIGURES PER | | 2009 | 2008 |
| SHARE, MEUR | | | |
--------------------------------------------------------------------------------
| Earnings per share, basic, EUR | | -0.24 | 0.17 |
--------------------------------------------------------------------------------
| Earnings per share, diluted, EUR | | -0.24 | 0.17 |
--------------------------------------------------------------------------------
| Equity per share, EUR | | 1.05 | 1.41 |
--------------------------------------------------------------------------------
| Number of shares at end of period, | | 73,496 | 59,142 |
| x 1,000 | | | |
--------------------------------------------------------------------------------
| Number of shares on average, x | | 68,039 | 59,134 |
| 1,000 | | | |
--------------------------------------------------------------------------------
| Share price, EUR | | | |
--------------------------------------------------------------------------------
| Average | | 1.00 | 1.00 |
--------------------------------------------------------------------------------
| Lowest | | 0.78 | 0.75 |
--------------------------------------------------------------------------------
| Highest | | 1.21 | 1.27 |
--------------------------------------------------------------------------------
| Share price at end of period | | 0.94 | 0.84 |
--------------------------------------------------------------------------------
| Market capitalisation of issued | | 69.2 | 49.8 |
| stock at end of period, MEUR | | | |
--------------------------------------------------------------------------------
| Share turnover, million shares | | 22.6 | 23.2 |
--------------------------------------------------------------------------------
| Share turnover, % of total | | 30.7 | 39.2 |
--------------------------------------------------------------------------------
| Share turnover, MEUR | | 23.2 | 23.2 |
--------------------------------------------------------------------------------
| Dividend per share *) | | | 0.07 |
--------------------------------------------------------------------------------
| Dividend per earnings, % | | | 0.41 |
--------------------------------------------------------------------------------
| Effective dividend yield | | | 0.08 |
--------------------------------------------------------------------------------
| Price/earnings ratio (P/E) | | -3.97 | 4.88 |
--------------------------------------------------------------------------------
*) The Board of Directors proposes that no dividend be paid for the financial
year ended 31 December 2009.
--------------------------------------------------------------------------------
| KEY FIGURES PER | 4Q/09 | 3Q/09 | 2Q/09 | 1Q/09 | 4Q/08 | 3Q/08 |
| QUARTER, MEUR | | | | | | |
--------------------------------------------------------------------------------
| Net sales, MEUR | 13.5 | 13.2 | 15.0 | 11.5 | 21.7 | 18.2 |
--------------------------------------------------------------------------------
| Net sales, change % | -37.7 | -27.4 | -32.6 | -24.1 | 13.3 | -4.8 |
--------------------------------------------------------------------------------
| Operating result, MEUR | -8.5 | -3.0 | -1.5 | -1.7 | 5.0 | 3.3 |
--------------------------------------------------------------------------------
| % of net sales | -62.8 | -23.0 | -10.0 | -14.9 | 23.1 | 18.2 |
--------------------------------------------------------------------------------
| Result before taxes, | -8.5 | -3.5 | -1.8 | -1.4 | 5.8 | 4.2 |
| MEUR | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Personnel at end of | 779 | 842 | 820 | 350 | 354 | 354 |
| period | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share, | -0.10 | -0.06 | -0.04 | -0.03 | 0.08 | 0.05 |
| basic, EUR | | | | | | |
--------------------------------------------------------------------------------
| Earnings per share, | -0.10 | -0.06 | -0.04 | -0.03 | 0.08 | 0.05 |
| diluted, EUR | | | | | | |
--------------------------------------------------------------------------------
| Equity per share, EUR | 1.05 | 1.12 | 1.20 | 1.38 | 1.41 | 1.34 |
--------------------------------------------------------------------------------
| Net interest-bearing | -8.3 | -11.3 | -14.3 | -31.5 | -31.0 | -25.2 |
| liabilities, MEUR | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Order book, MEUR | 11.7 | 15.2 | 21.5 | 11.7 | 9.7 | 17.2 |
--------------------------------------------------------------------------------
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