July-September 2007 Net sales amounted to EUR 6.1 (3.0) million Operating profit (EBIT) totalled EUR 0.1 (-1.0) million Profit before taxes was EUR -0.4 (-1.3) million Equity ratio stood at 7.5% (12.7%). The figures given for comparison are those for the corresponding period in the previous year unless otherwise stated. The Interim Report has been prepared in accordance with IAS 34 Interim Financial Reporting. Group's key figures -------------------------------------------------------------------------------- | (unaudited) | | | | | | -------------------------------------------------------------------------------- | EUR 1,000 | 7-9/2007 | 7-9/200 | 1-9/200 | 1-9/2006 | 1-12/2006 | | | | 6 | 7 | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 6 088 | 3 001 | 13 985 | 15 761 | 19 974 | -------------------------------------------------------------------------------- | Operating profit/loss | 63 | -969 | -1 592 | -2 070 | -3 348 | | (EBIT) | | | | | | -------------------------------------------------------------------------------- | % of net sales | 1.0 % | -32.3 % | -11.4 % | -13.1 % | -16.8 % | -------------------------------------------------------------------------------- | Profit/loss before | -359 | -1 340 | -2 665 | -2 970 | -4 874 | | taxes (EBT) | | | | | | -------------------------------------------------------------------------------- | % of net sales | -5.9 % | -44.7 % | -19.1 % | -18.8 % | -24.4 % | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Research and | 132 | 175 | 598 | 429 | 512 | | development costs | | | | | | -------------------------------------------------------------------------------- | % of net sales | 2.2 % | 5.8 % | 4.3 % | 2.7 % | 2.6 % | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity ratio, % | 7.5 % | 17.1 % | 7.5 % | 17.1 % | 12.7 % | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Personnel on average | 132 | 176 | 134 | 191 | 185 | -------------------------------------------------------------------------------- | Personnel at the end | 131 | 169 | 131 | 169 | 156 | | of period | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit/share | -0.01 | -0.04 | -0.08 | -0.09 | -0.15 | | (diluted), EUR | | | | | | -------------------------------------------------------------------------------- Net sales and earnings performance July-September 2007 Net sales in July-September 2007 totalled EUR 6.1 million (EUR 3.0 million) while operating profit (EBIT) amounted to EUR 0.1 million (EUR -1.0 million). The net sales include EUR 0.9 million of a low-margin intermediate trade. The Group's net financial items were EUR -0.4 (-0.4) million. Profit before taxes totalled EUR -0.4 (-1.3) million. Earnings per share were EUR -0.01 (-0.04). January-September 2007 Cencorp's net sales amounted to EUR 14.0 (15.8) million. Operating profit was EUR -1.6 (-2.1) million. The Group's net financial items for the review period were EUR -1.1 (-0.9) million. Profit before taxes totalled EUR -2.7 (-3.0) million. The net profit for the period was EUR -2.6 (-3.0) million. Diluted earnings per share were EUR -0.10 (-0.09). Balance sheet and financing The balance sheet figures at 30 September 2007 are compared to those at 31 December 2006. At the end of the review period, the balance sheet total was EUR 19.5 (21.1) million. The company's cash flow after investments was EUR -1,0 (-2.6) million, while interest-bearing net debts at the end of the review period amounted to EUR 13.4 (13.7) million. Accounts receivables decreased to EUR 4.7 (5.6) million, and inventories were EUR 5.2 (5.2) million. Non-interest-bearing liabilities amounted to EUR 3.9 (4.8) million and interest bearing liabilities to EUR 14.6 (14.6) million. The equity ratio was 7.5% (12.7%). Gross investments in July-September totalled EUR 0.05 (0.05) million, or 0.8 % (1.6%) of the period's net sales, and mainly came from product development. The directed share issue decided by the extraordinary general meeting held on September 27, 2007, brought in new capital worth EUR 1.360 million which strengthened the company's equity. The issue was booked to the fund of invested non-restricted equity. Simultaneously with the directed share issue, 3.050 MEUR worth of shares were subscribed on the basis of the EUR 5.7 million convertible capital notes and they were recorded in the Trade Register on 25.10.2007. This strengthens the company's equity on the last quarter and it would have improved the equity ratio on 30 September by 15.8 percentage points up to 23.3%. Events in the review period Details about events in the review period are available in Cencorp Corporation's stock exchange releases on Cencorp Corporation's website at www.cencorp.com. DECISSIONS OF CENCORP CORPORATION´S EXTRAORDINARY GENERAL MEETING Extraordinary general meeting of Cencorp Corporation, held on September 27, 2007, decided issues related to strengthening of working capital and shareholders equity of the company Extraordinary general meeting decided as proposed by the Board of Directors that the Company offers for subscription minimum of 2,000,000 and maximum of 4,000,000 new shares in deviation of the shareholders' pre-emptive subscription right to the members of the Board of Directors and the Management Group of the Company. The subscription price of each new share is EUR 0.34. The subscription price of the shares is recorded entirely to the fund of invested non-restricted equity. Extraordinary general meeting decided as proposed by the Board of Directors that the terms and conditions of the loan are amended as follows: The conversion rate of the loan is amended so that the conversion rate is equal to the average trading price of the shares of the Company during the 10 trading days prior to subscription of shares. The minimum conversion rate is EUR 0.34 and the maximum conversion rate is EUR 0.70. If all holders of the loan exercise their right to subscribe the shares in full, the number of shares in the Company is increased by minimum of 8.198.582 shares and maximum of 16.879.433 shares. The subscription price of the shares is recorded entirely to the fund of invested non-restricted equity. UNDERWRITINGS Conditional underwritings of the members of Board of Directors and Group Management Team of Cencorp Corporation came into effect towards subscribers when extraordinary general meeting decided to arrange the directed share issue. Amount of underwritings corresponded to the maximum amount of the share issue that is 1,360,000 euros. Conditional underwritings based on the convertible capital notes of Keskinäinen työeläkevakuutusyhtiö Varma, Etra Invest Oy, FT Capital Oy and Mr. Markku Jokela came into effect towards subscribers when extraordinary general meeting decided to change the terms of the convertible capital notes. Conversion rate of the loan was 0.35 euros. CHANGES IN GROUP STRUCTURE Kiinteistö Oy Salon Ratakatu 10, a real estate company owned by Cencorp Corporation, sold its factory hall and the related land lease agreement in December 2006. Since the real estate company's sole purpose was to administer the property traded, the company was decided to be dissolved through liquidation, which has been started by liquidator Attorney-at-Law Mr. Mikko Tuononen. Liquidation procedure will be be finished before end of financial year 2007. BOARD, MANAGEMENT AND PERSONNEL At the end of the period, Cencorp Corporation's Board of Directors consisted of Mr. Jorma Kielenniva, Chairman, LL.M. with court training, Mr. Markku Jokela, Deputy Chairman, B.Sc. (Eng) and Mr. Sauli Kiuru, member, M.Sc. (Econ). The company's management team comprised of Mr. Jouni Suutarinen (CEO), Mr. Jarmo Kanervo (finance and administration), Mr. Ville Parpola (legal affairs ), Mr. Kimmo Akiander (sales and marketing), Mr. Juha Kantola (production), Mr. Hannu Seppälä (testing business) and Mr. Pekka Kettunen (product development). Cencorp employed an average of 132 (176) people from July to September. The payroll at the end of the period totalled 131 (169) employees: 114 (126), or 87% (75%), in Finland and 17 (43), or 13% (25%), abroad. NOTIFICATIONS PURSUANT TO CHAPTER 2, SECTION 9, OF THE SECURITIES MARKET ACT No notifications pursuant to chapter 2, section 9, of the Securities Market Act were published during the review period. EVENTS AFTER THE REVIEW PERIOD Details about events after the review period are available in Cencorp Corporation's stock exchange releases on Cencorp's website at www.cencorp.com. CHANGE IN CENCORP EXECUTIVE MANAGEMENT TEAM Mr. Sami Lahokoski (age 34) has been nominated as Vice President, Operations of Cencorp Corporation and as member of the group executive management team. He will start his duties on December 1, 2007. Mr. Lahokoski has worked in Cencorp Corporation since year 2000 in various positions for example as manager responsible of customer projects and as manager responsible for purchasing operation. Mr. Lahokoski reports to CEO Jouni Suutarinen. Mr. Juha Kantola, existing Vice President, Operations will continue working for Cencorp Corporation for a transition period until end of November and then pursue his professional career with another employer. Members of the group executive management team per December 1, 2007 are: Mr. Jouni Suutarinen (President & CEO), Mr. Jarmo Kanervo (CFO and Deputy for CEO), Mr. Ville Parpola (Vice President, Legal Affairs), Mr. Hannu Seppälä (Vice President, Test Solutions), Mr. Pekka Kettunen, (Vice President, Research and Development) Mr. Kimmo Akiander (Vice President, Sales and Marketing) and Mr. Sami Lahokoski (Vice President, Operations) INCREASE TO SHARE AMOUNT Extraordinary general meeting, held on September 27, 2007 decided to arrange the directed share issue. 4,000,000 new shares subscribed in the directed share issue and 8,714,284 new shares subscribed on the basis of the convertible capital notes 2006 were recorded in the Trade Register on 25.10.2007. The new shares will carry shareholders´ rights from the date of registration and they were combined with the company's existing shares in The Nordic Exchange on 26.10.2007. Share amount of Cencorp Corporation increased by altogether 12,714,284 shares, from 34,250,591 shares to 46,964,875 shares. The subscription price of the shares was recorded entirely to the fund of invested non-restricted equity. EFFECTS OF INCREASING OF SHARE AMOUNT RELATED TO THE CALCULATORY OWNERNERSHIPS OF THE PARTICIPANTS OF THE CAPITAL ARRANGEMENT (BASED ON SECURITIES MARKETS ACT) Following participants of the capital arrangement informed changes in their ownerships (based on Securities Markets Act) during week 40 / 2007: Keskinäinen työeläkevakuutusyhtiö Varma, Etra Invest Oy, Mr. Markku Jokela, FT Capital Oy, Mr. Sauli Kiuru and Tilitoimisto Capital Oy. According to the interpretation of the Finnish Financial Supervision of the disclosure of major holdings in the Securities Markets Act when assessing a disclosure obligation due to convertible bonds, the proportion of holdings must always be calculated in relation to the share capital entered in the trade register. The effects on the share capital and voting rights of any later conversions or subscriptions shall not be taken into account. Due to the above mentioned interpretation the ownership percentages disclosed during week 40 / 2007 were not accurate. Because of this Cencorp Corporation informed simultaneously, that it will publish accurate changes in the ownerships related to decisions of the extraordinary general meeting during week 43/2007 when share transactions related to decisions have been accomplished. Ownership percentages after increase of share amount, counted from share amount registered in Trade Register on 25.10.2007 (46.964.875 shares) were as follows: -------------------------------------------------------------------------------- | Shareholder | Ownership after capital | | | arrangement | -------------------------------------------------------------------------------- | Vice chairman of the board, Mr. Markku | Approx. 22,5% | | Jokela, noticing also ownerships of FT | | | Capital Oy, business ID: 1649320-9 (a | | | company under his control) and his under | | | age son, Mr. Joni Jokela. | | -------------------------------------------------------------------------------- | Keskinäinen työeläkevakuutusyhtiö Varma | Approx. 12,2 % | | (business ID: 0533297-9). | | -------------------------------------------------------------------------------- | Board member Mr. Sauli Kiuru, noticing | Approx. 8,6 % | | also ownerships of Tilitoimisto Capital | | | Oy, business ID: 1066421-4 (a company | | | under his control) and its subsidiary | | | Tuohi & Paalu Oy (business ID: | | | 1110556-1) | | -------------------------------------------------------------------------------- | Tilitoimisto Capital Oy (business ID: | Approx. 8,6 % | | 1066421-4) and its subsidiary Tuohi & | | | Paalu Oy (business ID: 1110556-1). | | | Ownerships of Tilitoimisto Capital Oy | | | and Tuohi & Paalu Oy include in the | | | ownership percentage of Mr. Sauli Kiuru | | | presented above. | | -------------------------------------------------------------------------------- | Etra Invest Oy (business ID: 0672234-6). | Approx. 8,4% | -------------------------------------------------------------------------------- | FT Capital Oy (business ID: 1649320-9). | Approx. 4,0% | | Ownership of FT Capital Oy includes in | | | the ownership percentage of Mr. Markku | | | Jokela presented above. | | -------------------------------------------------------------------------------- Business environment and customers Cencorp operates in the global market of production automation for the electronics and semiconductor industries. The company supplies production automation systems and testing equipment to the semiconductor, telecommunications, consumer electronics, industrial electronics and automotive electronics industries as well as to the electronics contract manufacturers. Net sales in the third quarter were as estimated. The result was weakened by the rise in material expenses and the proportion of sales of products that were transferred from the USA and had lower margin. The consolidation of the customer base continued and Cencorp's long-time customer Siemens VDO Automotive transferred to the ownership of Continental AG. Cencorp has before delivered production systems also to Continental. Under the circumstances the importance of the global operations model increases. The development of new products has continued on schedule and Cencorp will launch a new, more cost-effective but efficient product platform in the Productronica 2007 Fair. In the designing of the new product platform, special attention has been paid to the quantity and quality of the components needed in the production. The aim is to half the amount of the components needed in the production and significantly shorten the production time. Research and development The R&D expenses for July-September totalled 2.2% of net sales, or EUR 0.1 (0.2) million of which no significant amounts were capitalised in the balance sheet. Share performance and changes in ownership The price of the company's share ranged from EUR 0.30 (7-9/2006: EUR 0.54) to EUR 0.44 (7-9/2006: EUR 0.75) over the review period, the average share price being EUR 0.39 (7-9/2006: EUR 0.63). A total of 3,339,357 (7-9/2006: 6,358,354) shares, or 9.7% (7-9/2006: 20.4%) of the company's entire share capital, were traded during the period. The company's market capitalisation at the end of the review period was EUR 12 million (9/2006: EUR 17 million). At the end of the review period, the company had 5,664 registered shareholders (9/2006: 6,690). A total of 281,973 shares were nominee registered (9/2006: 341,223), i.e., 0.82% (9/2006: 1.09 %). Cencorp had a total of 34,250,591 shares outstanding at the end of the review period (6/2006: 31,250,591), and one share series. Outlook for the future The seasonal fluctuation, typical for the electronic contract manufacturers is difficult to forecast and thus the demand of the customers for the delivery times for the production automation systems are considerably short. For the time being the only way to maintain competitiveness in certain product segments has been to estimate the demand by market forecasts and buy some central components to the stock. Cencorp's aim is to develop the supply chain and products in a way that the anticipated production to the stock can be finished. The delivery times for the standardised equipment are aimed to be dropped from the current as high as 12 weeks to below 6 weeks in 2008. The net sales for the whole year are expected to increase from year 2006 and EBIT for the second half of the year is estimated to be positive. Future risks and uncertainty factors The most significant risks from Cencorp business perspective are related to fast changing fluctuations in the demand as well as to the tightening delivery time demands. Cencorp's sales forecasts are based on the company's own views as well as the sales development estimates from customers and the distributor network. Lohja, November 6, 2007 Cencorp Corporation Board of Directors Tables can be found on the following pages. -------------------------------------------------------------------------------- | CONSOLIDATED INCOME STATEMENT | | | | | -------------------------------------------------------------------------------- | (unaudited | | | | | | | | figures) | | | | | | | -------------------------------------------------------------------------------- | EUR 1 000 | 7-9/20 | 7-9/200 | 1-9/200 | 1-9/200 | 1-12/20 | | | | 07 | 6 | 7 | 6 | 06 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 6 088 | 3 001 | 13 985 | 15 761 | 19 974 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other operating | 45 | 54 | 185 | 181 | 446 | | | income | | | | | | | -------------------------------------------------------------------------------- | Expenses, total | -5 922 | -3 734 | -15 021 | -17 127 | -22 459 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Depreciations | -148 | -290 | -741 | -885 | -1 309 | | | and write-downs | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating | 63 | -969 | -1 592 | -2 070 | -3 348 | | | result | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Financial | -422 | -371 | -1 073 | -900 | -1 526 | | | income and | | | | | | | | expenses | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Result before | -359 | -1340 | -2 665 | -2 970 | -4 874 | | | taxes | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Income taxes | 42 | -7 | 30 | -20 | -25 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Consolidated | -317 | -1347 | -2 635 | -2 990 | -4 899 | | | net result | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED BALANCE SHEET | | | | | -------------------------------------------------------------------------------- | (unaudited | | | | | | | | figures) | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR 1 000 | | | 30.09.2 | 30.9.20 | 1-12/20 | | | | | | 007 | 06 | 06 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | ASSETS | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Long-term | | | | | | | | assets | | | | | | | -------------------------------------------------------------------------------- | Tangible assets | | | 1 614 | 2 062 | 1 778 | | -------------------------------------------------------------------------------- | Investment | | | 336 | 968 | 343 | | | property | | | | | | | -------------------------------------------------------------------------------- | Goodwill | | | 2 028 | 1 902 | 2 028 | | -------------------------------------------------------------------------------- | Other | | | 526 | 1 190 | 1 016 | | | intangible | | | | | | | | assets | | | | | | | -------------------------------------------------------------------------------- | Incomplete product development | 1 289 | 1 277 | 1 199 | | | projects | | | | | -------------------------------------------------------------------------------- | Deferred tax | | | 1 781 | 1 803 | 1 723 | | | asset | | | | | | | -------------------------------------------------------------------------------- | Available-fos-sale | | 17 | 20 | 17 | | | investments | | | | | | -------------------------------------------------------------------------------- | | | | 7 591 | 9 222 | 8 104 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Short-term | | | | | | | | assets | | | | | | | -------------------------------------------------------------------------------- | Inventories | | | 5 157 | 5 569 | 5 188 | | -------------------------------------------------------------------------------- | Accounts | | | 4 652 | 4 974 | 5 589 | | | receivable | | | | | | | -------------------------------------------------------------------------------- | Other | | | 911 | 734 | 1 323 | | | short-term | | | | | | | | assets | | | | | | | -------------------------------------------------------------------------------- | Cash and bank | | 1 210 | 181 | 937 | | | receivables | | | | | | -------------------------------------------------------------------------------- | | | | 11 930 | 11 458 | 13 037 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total assets | | | 19 521 | 20 680 | 21 141 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | LIABILITIES AND SHAREHOLDERS' | | | | | | EQUITY | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholders' | | | | | | | | equity | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Share capital | | | 3 425 | 3 125 | 3 425 | | -------------------------------------------------------------------------------- | Other equity | | | 6 268 | 4 599 | 4 432 | | | fund | | | | | | | -------------------------------------------------------------------------------- | Fair value fund | | | | | | | -------------------------------------------------------------------------------- | Non-restricted | | | -8 244 | -4 226 | -5 224 | | | equity | | | | | | | -------------------------------------------------------------------------------- | Total shareholders' | | 1 449 | 3 498 | 2 633 | | | equity | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Long-term | | | | | | | | liabilities | | | | | | | -------------------------------------------------------------------------------- | Long-term loans | | | 10 422 | 5 499 | 10 356 | | -------------------------------------------------------------------------------- | Deferred tax | | | 334 | 314 | 361 | | | liability | | | | | | | -------------------------------------------------------------------------------- | Long-term | | | | 111 | | | | reserves | | | | | | | -------------------------------------------------------------------------------- | Total long-term | | | 10 756 | 5 924 | 10 717 | | | liabilities | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Short-term | | | | | | | | liabilities | | | | | | | -------------------------------------------------------------------------------- | Accounts payable and other | 3 946 | 5 114 | 4 450 | | | liabilities | | | | | -------------------------------------------------------------------------------- | Short-term | | | 1 912 | 5 221 | 1 394 | | | loans | | | | | | | -------------------------------------------------------------------------------- | Long-term loans | | 1 261 | 789 | 1 824 | | | shortening | | | | | | -------------------------------------------------------------------------------- | Tax liabilities | | | 0 | 20 | 25 | | -------------------------------------------------------------------------------- | Short-term | | | 197 | 114 | 98 | | | reserves | | | | | | | -------------------------------------------------------------------------------- | Total short-term | | 7 316 | 11 258 | 7 791 | | | reserves | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total | | | | | | | | liabilities | | | | | | | -------------------------------------------------------------------------------- | | | | 18 072 | 17 182 | 18 508 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total liabilities and | 19 521 | 20 680 | 21 141 | | | shareholders' equity | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY 1.1. - 30.9.2006 | | -------------------------------------------------------------------------------- | (unaudited figures) | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Share | Other | Transla | Retaine | Total | | | | | | tion | d | | | -------------------------------------------------------------------------------- | | capita | restric | differe | earning | | | | | l | ted | nce | s | | | -------------------------------------------------------------------------------- | EUR 1 000 | | equity | | | | | -------------------------------------------------------------------------------- | Shareholders' equity | | | | | | -------------------------------------------------------------------------------- | 31.12.2005 | 3 125 | 4 158 | -3 621 | 3 201 | 6 863 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | IAS12 | | | | -249 | -249 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | IAS39 | | | | -163 | -163 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | IAS41 | | 441 | | -441 | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Muuntoero | | | 37 | | 37 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Tulos | | | | -2 990 | -2990 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Oma pääoma | | | | | | | -------------------------------------------------------------------------------- | 30.09.2006 | 3 125 | 4 599 | -3 584 | -642 | 3 498 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY 1.1. - 30.9.2007 | | -------------------------------------------------------------------------------- | (unaudited | | | | | | | | figures) | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Share | Other | Transla | Retaine | Total | | | | | | tion | d | | | -------------------------------------------------------------------------------- | | capita | funds | differe | earning | | | | | l | | nce | s | | | -------------------------------------------------------------------------------- | EUR 1 000 | | | | | | | -------------------------------------------------------------------------------- | Shareholders' | | | | | | | | equity | | | | | | | -------------------------------------------------------------------------------- | 31.12.2006 | 3 425 | 4 432 | -3 254 | -1 970 | 2 633 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | IAS 12 | | | | 51 | 51 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Reserve for invested | 1 360 | | | 1 360 | | | unrestricted | | | | | | -------------------------------------------------------------------------------- | equity | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Translation | | | 40 | | 40 | | | difference | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net result | | | | -2 635 | -2 635 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholder's | | | | | | | | equity | | | | | | | -------------------------------------------------------------------------------- | 30.09.2007 | 3425 | 5 792 | -3214 | -4 554 | 1449 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Accounting Principles for the | | | | | | Interim Report: | | | | | -------------------------------------------------------------------------------- | The same accounting policies and methods of computation are | | | followed | | -------------------------------------------------------------------------------- | in the interim financial statements as compared with the financial | | statements on 31st of March 2007. | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Explanatory comments about the seasonality or cyclicality of | | | interim | | -------------------------------------------------------------------------------- | operations: | | | | | | | -------------------------------------------------------------------------------- | The company operates in business areas which are subject to | | | seasonal | | -------------------------------------------------------------------------------- | fluctuations. | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED CASH FLOW STATEMENT | | | | | -------------------------------------------------------------------------------- | (unaudited | | | | | | | | figures) | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR 1 000 | | | 1-9/200 | 1-9/200 | 1-12/20 | | | | | | 7 | 6 | 06 | | -------------------------------------------------------------------------------- | Cash flow from | | -884 | 641 | -2 908 | | | operations | | | | | | -------------------------------------------------------------------------------- | Cash flow into and from | -136 | -233 | 332 | | | investments | | | | | -------------------------------------------------------------------------------- | Financial cash | | | 1 282 | -516 | 3 187 | | | flow | | | | | | | -------------------------------------------------------------------------------- | Increase(+)/ decrease(-) in | 262 | -108 | 611 | | | financial assets | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | GROUP KEY | | | | | | | | FIGURES | | | | | | | -------------------------------------------------------------------------------- | (unaudited | | | | | | | | figures) | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR 1 000 | | 7-9/200 | 7-9/200 | 1-9/200 | 1-9/200 | 1-12/2006 | | | | 7 | 6 | 7 | 6 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | | 6 088 | 3 001 | 13 985 | 15 761 | 19 974 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating | | 63 | -969 | -1 592 | -2 070 | -3 348 | | result | | | | | | | -------------------------------------------------------------------------------- | % of net sales | | 1.0 % | -32.3 % | -11.4 % | -13.1 % | -16.8 % | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Result before | | -359 | -1340 | -2 665 | -2 970 | -4 874 | | taxes | | | | | | | -------------------------------------------------------------------------------- | % of net sales | | -5.9 % | -44.7 % | -19.1 % | -18.8 % | -24.4 % | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total assets | | 19 521 | 20 680 | 19 521 | 20 680 | 21 141 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity ratio, % | | 7.5 % | 17.1 % | 7.5 % | 17.1 % | 12.7 % | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Gearing ratio, | | 925.8 % | 308.9 % | 925.8 % | 308.9 % | 467.9 % | | % | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Gross | | 52 | 47 | 136 | 233 | 436 | | investments | | | | | | | -------------------------------------------------------------------------------- | % of net sales | | 0.8 % | 1.6 % | 1.0 % | 1.5 % | 2.2 % | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | R&D expenditure | | 132 | 175 | 598 | 429 | 512 | -------------------------------------------------------------------------------- | % of net sales | | 2.2 % | 5.8 % | 4.3 % | 2.7 % | 2.6 % | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Personnel, | | 132 | 176 | 134 | 191 | 185 | | average | | | | | | | -------------------------------------------------------------------------------- | Personnel, at end of | 131 | 169 | 131 | 169 | 156 | | period | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Non-interest bearing | 3 881 | 6 210 | 3 881 | 6 210 | 4 835 | | liabilities | | | | | | -------------------------------------------------------------------------------- | Interest bearing | 14 625 | 10 972 | 14 625 | 10 972 | 14 610 | | liabilities | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Per-share key | | | | | | | | figures | | | | | | | -------------------------------------------------------------------------------- | Equity per | | 0.04 | 0.11 | 0.04 | 0.11 | 0.08 | | share, EUR | | | | | | | -------------------------------------------------------------------------------- | Earnings per share, | -0.01 | -0.04 | -0.10 | -0.09 | -0.14 | | EUR/share (diluted) | | | | | | | | | | | | | -------------------------------------------------------------------------------- | Earnings per share, | -0.01 | -0.04 | -0.08 | -0.09 | -0.15 | | EUR/share (undiluted) | | | | | | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Share price | | | | | | | | trend | | | | | | | -------------------------------------------------------------------------------- | High, euros | | 0.44 | 0.75 | 0.46 | 1.29 | 1.33 | -------------------------------------------------------------------------------- | Low, euros | | 0.30 | 0.54 | 0.27 | 0.54 | 0.42 | -------------------------------------------------------------------------------- | Average, euros | | 0.39 | 0.63 | 0.38 | 0.93 | 0.81 | -------------------------------------------------------------------------------- | Price at end of period, | 0.35 | 0.54 | 0.35 | 0.54 | 0.44 | | euros | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Market capitalization at | 12 | 17 | 12 | 17 | 15 | | end of period, EUR | | | | | | | millions | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CALCULATION OF KEY | | | | | | | FIGURES | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity ratio, % | | | | | | | -------------------------------------------------------------------------------- | | Shareholders' equity + minority interest x 100 | | -------------------------------------------------------------------------------- | | Balance sheet total - advances | | | | | received | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net gearing, % | | | | | | | -------------------------------------------------------------------------------- | | Interest-bearing liabilities - cash | | | | | and cash | | | -------------------------------------------------------------------------------- | | equivalents and marketable securities x 100 | | -------------------------------------------------------------------------------- | | Shareholders' equity + minority | | | | | interest | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earings per | | | | | | | | share (EPS) | | | | | | | -------------------------------------------------------------------------------- | | Profit before extraordinary items +/- minority | | -------------------------------------------------------------------------------- | | interest of profit/loss for the | | | | | period - taxes | | | -------------------------------------------------------------------------------- | | Number of shares adjusted for share issue | | | | (average) | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity per | | | | | | | | share | | | | | | | -------------------------------------------------------------------------------- | | Shareholders' | | | | | | | equity | | | | | -------------------------------------------------------------------------------- | | Number of shares adjusted for share | | | | | issue | | | -------------------------------------------------------------------------------- | | at the end of the | | | | | | financial year | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONTINGENT LIABILITIES | | | | | | -------------------------------------------------------------------------------- | (unaudited | | | | | | | | figures) | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR 1 000 | | | 30.09.2 | 30.09.2 | 31.12.2 | | | | | | 007 | 006 | 006 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Loans from financial | | 13 347 | 6 865 | 13 069 | | | institutions | | | | | | -------------------------------------------------------------------------------- | Corporate mortgages | | 12 687 | 12 687 | 12 687 | | | granted | | | | | | -------------------------------------------------------------------------------- | Real-estate mortgages | | 0 | 168 | 0 | | | granted | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other loans | | | 1 278 | 1 738 | 1 541 | | -------------------------------------------------------------------------------- | Real-estate mortgages | | 0 | 0 | 0 | | | granted | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Used bank guarantee | | 0 | 151 | 151 | | | facility | | | | | | -------------------------------------------------------------------------------- | Real-estate mortgages | | 0 | 0 | 0 | | | granted | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Given as | | | | | | | | collateral | | | | | | | -------------------------------------------------------------------------------- | Corporate mortgages | | 12 687 | 12 687 | 12 687 | | | granted, total | | | | | | -------------------------------------------------------------------------------- | Real-estate mortgages granted, | 0 | 168 | 0 | | | total | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Leasing | | | | | | | | commitments | | | | | | | -------------------------------------------------------------------------------- | falling due during the next 12 | 82 | 120 | 112 | | | months | | | | | -------------------------------------------------------------------------------- | falling due | | | 57 | 119 | 103 | | | later | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Rental | | | | | | | | liabilities | | | | | | | -------------------------------------------------------------------------------- | falling due during the next 12 | 154 | 141 | 59 | | | months | | | | | -------------------------------------------------------------------------------- | falling due | | | 115 | 157 | 59 | | | later | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Liabilities due to derivative | | | | | | contracts | | | | | -------------------------------------------------------------------------------- | Forward exchange | | 0 | 0 | 0 | | | contracts | | | | | | -------------------------------------------------------------------------------- | of which taken out to hedge the | 0 | 0 | 0 | | | parent company's accounts | | | | | | receivable | | | | | -------------------------------------------------------------------------------- | of which taken out to hedge the | 0 | 0 | 0 | | | parent company's other receivables | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- For more information, please contact: Jouni Suutarinen President and CEO Tel. +358 (0)19 6610 100 Cencorp supplies the electronics and semiconductor industries with automation solutions that enhance productivity. DISTRIBUTION: Helsinki Stock Exchange and the media Neither this press release nor any copy of it may be taken, transmitted into or distributed in the United States of America or its territories or possessions.