Solteq Plc Stock Exchange Bulletin 16.4.2008 at 9.00am
- Turnover increased by 8,1% and totalled 6,9 million euros (6,4
million euros)
- Operating result totalled 0,1 million euros remaining at the same
level as previous year
- The turnover and result is expected to increase during year 2008 as
estimated.
KEY FIGURES
Turnover by operation:
% 1-03/08 1-03/07 1-12/07
Services 66 61 63
Licences 23 28 24
Hardware 11 11 13
Turnover by segment:
Me 1-03/08 1-03/07 Change
Trade 4,7 4,1 +0,6
Industry and services 2,2 2,3 -0,1
Total 6,9 6,4 +0,5
Operating result by segment:
Me 1-03/08 1-03/07 Change
Trade 0,3 0,1 +0,2
Industry and services -0,2 0,0 -0,2
Total 0,1 0,1 0,0
Managing Director Hannu Ahola:"After the exceptionally intensive growth of turnover in the last
half of year 2007 the turnover growth rate is set up in 8 % level
during the first quarter of 2008. Thus the beginning of present year
provides us good potential to achieve the objective of 10 % yearly
organic growth of turnover for the present year as set by the board
of directors.
During the review period the company's profitability was clearly
weaker compared with the year-end 2007. However, it is typical to our
operations that due to the progress of projects, sales related
reasons as well as exceptional cost items, the first quarter of yearis clearly weakest measured by relative profitability. For the whole
year 2008 our target is to improve the last year's operating result
level that was less than 5 %. This is quite realistic objective in
the light of our current project and sales backlog."
BUSINESS ENVIRONMENT AND BUSINESS DEVELOPMENT
Solteq is a strategic partner for trade and industry, whose core
competency is IT solutions that are critical to business. Solteq
combines its own product portfolio with the products from the leading
software companies in the world to deliver individual business
development and ERP solutions for its customers. The information
that is processed by means of these solutions is helping customers to
lead their business even better than before and to improve their
profitability.
In the beginning of year 2008 Solteq's operations were internally
divided to five separate units. The result is still monitored through
two business segments. The segment Trade consists of Trade and Auto
Trade units. Industry and services segment consists of Industry and
Information Management units. Application services is company's
internal service unit.
TRADE
Business environment - Trade
Positive economic trend is prevailing in the business branch trade
and companies have continued their IT- investments. Retail- and
wholesale trade as well as chained commerce seek more effectiveness
to operations from IT- systems. The chaining of stores as well as
chaining related corporate arrangements continues that has positive
effect on the development and demand for stores related IT- systems.
The requirements for store's IT- systems are increasingly closing on
the requirements for chained commerce.
To respond the needs of growing stores Solteq has organized its trade
units' internal structure by combining the retail- and chained
commerce units to each other. The wholesale unit continues alongside
with the new Solteq Store and Chain unit.
The store management systems of retail trade are transforming to
trade ERP- systems, from which are expected more functionality than
before. Awareness about the possibilities that those systems bring in
has increased and retailers utilize the system when they make
decisions that relate e.g. to product range or pricing.
The automation of businesses is proceeding in the retail trade and
chained commerce. Retailers are investing in new self-service
solutions such as self-service checkouts, automated service and info
kiosks. Similarly the implementation of EMV-payment terminals has
remained brisk.
Solteq foresees that the propensity to invest remain active among
companies in trade. Especially the medium-sized stores have been
activated to change their old IT- systems. Companies are abandoning
the systems that were implemented in the turn of the last millennium,
because many companies need the functionalities of new store
management systems to backup their business operations. The growth of
business operations is in the background of willingness to change.
The expansionist tendencies of wholesale trade and store chains have
also boosted the demand for IT- solutions. Finnish chain of stores
and wholesalers want to act uniformly in the new market areas,
whereupon IT- systems are expected to include same functionalities as
in domestic market. Openings of new places of business are also
increasing the demand for consultancy services.
Business environment - Auto Trade
There were no major changes in the business environment of Auto Trade
during the review period. In a tense competitive situation the
customers of Auto Trade unit are seeking competitive advantage from
customership management that is directing investments in IT to
customer relationship management (CRM) systems. Auto trade related
CRM- systems are one of the core competency areas of Solteq and whose
development company is constantly investing. The customers of Auto
Trade unit are expecting from their IT- partner solutions that
improve the service experience of customers and thereby promote the
objective of car dealers to differentiate from competing dealers even
better.
In the car factories, car importers and dealers point of view, the
key trend is to improve the whole value chain of auto trade from
factory to end customer. Auto manufacturers have to respond to the
fragmented demands of customers and on the other hand they have to
increase transparency by providing as real time information as
possible related for example delivery times of car or availability of
spare parts. The solutions provided by Solteq create connections by
means of the flow of two-way information between car factories and
car buyers is reliable and real time.
At the moment in the business branch auto trade the large investments
in new IT- systems are rare. The focus of demand is concentrated on
different services and added value products which Solteq and
different interest groups of branch are providing. Solteq implements
terminal interfaces between added value products and existing systems
of auto trade.
Business development - Trade
The development of business operations in the Trade unit was
according to plans and the unit achieved its financial objectives.
Compared with the first quarter of 2007 the turnover of business unit
trade increased clearly.
Solteq's investments in the supply of trade related solutions that
consists of the products of leading software companies of the world
e.g. Wincor Nixdorf, Microsoft, IBM and SAP in addition to the
company's own solutions are in the background of positive
development. Resultant to the development work the solution supply is
in good order and competitive for all sized companies in the business
branch trade.
Among the solutions for trade the demand for Wincor Nixdorf's TP.net
- store management system and Microsoft Dynamics' NAV - ERP system
have been in clear upswing.
The largest single project during the review period was the
renovation Tokmanni group of companies' of point-of-sale systems. The
pilots for the system have been made and the installation of systems
to the stores is ongoing at the moment. Despite of the challenging
schedule the project has run to time and it will continue until the
end of year 2008.
In February Solteq announced its Microsoft Dynamics NAV- ERP delivery
to Respecta Oy. Respecta is company providing rehabilitation
solutions and services related to auxiliary devices. Solteq's
solution covers the Respecta's whole delivery chain from purchases to
production and from inventory management to e-commerce. This system,
that serves over 200 end-users, is one of the largest NAV- deliveries
that has been carried out in Finland.
Other important projects during the review period were delivery for
Heinon Tukku that consisted of solution related to speech picking
based on voice recognition, the renovations of Myllymäen Rauta Oy's
ERP- system and point-of-sale system as well as the SAP version
update for J.Kärkkäinen Oy.
The focuses of product development were on message communications,
store management systems and development of production of services.
Solteq has evaluated its process for production of services and
continues the orientation of those processes towards conformity with
ITIL- practices and ISO 20000 -standard.
Business development - Auto Trade
The development of business operations in the Auto Trade unit was
according to plans and the unit achieved its turnover and result
objectives. No major single development projects were launched in the
beginning of the year, on the contrary the focus of the unit's
business consisted of development of customers' existing systems and
service sales.
INDUSTRY AND SERVICES
Solteq changed its internal profit centers so that the business
segment Industry and services consists of Industry and Information
Management business units. The expertise in enterprise resource
planning (ERP) and maintenance systems has been centralized in the
Industry business segment. Information Management is a new business
unit launched at the turn of 2008. It provides the harmonization and
maintenance of information system master data as well as data
collection services. The services are provided both domestic and
globally along with international customers. The launch of the new
business unit, Information Management, is to ensure that
harmonization services will be effectively available to all Solteq
customers.
Business environment - Industry
The tendency of industrial companies towards rationalization of
operations continued during the review period. Companies are seeking
from IT solutions concrete advantages and cost savings, by means of
the customers of industry improve their competitive strength.
Outsourcing plans, whose increase can be seen in the demand for
Solteq's maintenance IT-services, bring additional boost for the
improvement of competitive strength. In the customers of forest
industry for example, the outsourcing trend remains strong, because
the forest industry companies seek cost savings by outsourcing their
maintenance services.
The expansion of Finnish industrial companies to Russia can be seen
also in Solteq's operational environment. The companies investing in
Russia want to build the IT- systems of their new production plants
so that those systems correspond and integrate with other systems of
the company. The aim is to harmonize systems and thus achieve as
smooth and transparent activities as possible.
Business environment - Information Management
Solteq's Information Management business unit offers harmonization of
information system master data (product, customer and supplier
information). The objective for harmonization is to improve quality
of the data that is recorded in the IT- systems. Companies'
investment in quality of data is internationally in upward trend, in
which especially large companies pay more and more attention. This
trend can be seen in Solteq's operations so that the customers'
attention to developing infrastructure is increasingly moving towards
information, for the purpose of the whole infrastructure is built.
The increase of global demand for harmonization services is lead by
large companies, to whom the benefits of harmonization in forms of
cost savings and rationalization of operations are significant. In
Solteq's customers there is also a group of large companies that use
harmonization services. In addition the interest in the benefits of
those services is spreading among medium- and small-size companies.
Among different business branches the processing and mechanical
engineering industries as well as trade utilize harmonization
services.
Business development - Industry
During the review period the ventures and customer projects proceeded
according to plans. Solteq foresees that in 2008 the growth of
Industry unit remains largest in the maintenance, where both the
amount of customers and the amount services needed are increasing.
Russia, where Solteq is going to invest substantially during present
year, is an interesting market related to the maintenance systems.
Among ERP Solteq invested especially in taking care of customerships,
project management and strengthening of sales resources. In
customership care special attention has been paid to follow through
development plans and solutions that take advantage of customer's
business operations.
In product development the focus has been in the development work of
company's own Arttu-, Artturi- and Powermaint -maintenance systems.
The most significant projects related to maintenance systems were
Ruukki and Pohjolan Voima's projects.
The SAP (ERP) system that was delivered to University of Helsinki
Funds was important one among single projects. The system covers
different fields of financial administration, such as e-invoicing and
travel management. By the means of this ERP University of Helsinki
Funds automates the processing of invoices and makes the reporting
more effective.
In February Solteq introduced new SAP- qualified Solteq Industry
Solution- enterprise resource planning system on the market. The
system is designed for the needs of industrial companies and it is
comprised of financial administration, sales functions, material
management and production. In addition also other systems, that
intensify e.g. reporting or CRM, can be integrated to this system if
necessary.
Business development - Information Management
During the review period the Information Management business unit has
not completely achieved its sales objectives. The reason for this was
changed schedules in connection with the execution of certain new
projects. However, the business unit's outlook for whole year 2008 is
promising. Solteq estimates that unit's strong sales project backlog
is shown up as increase of turnover during the second and third
quarter and that the result objectives for 2008 will be achieved.
However, during the review period one new remarkable harmonization
project related to inventory titles, wherein 60.000 purchase titles
are to be harmonized, has been started.
Outokumpu and Outotec are the significant existing customerships of
the business unit. Solteq has earlier carried out title harmonization
projects for those customers and the cooperation continues as
maintenance service of titles.
The harmonization project that was carried out to Nokian Tyres has
been finalized during the review period.
TURNOVER AND RESULT
Turnover increased 8,1% compared to the previous year and totalled
6.895 thousand euros (6.378 thousand euros).
Turnover consists of several individual customerships. At the most,
one client corresponds to a less than five percentages from the
turnover.
The operating profit for the review period totalled 50 thousand euros
(127 thousand euros), result before taxes was -24 thousand euros (102
thousand euros) and the loss for the review period 10 thousand euros
(+154 thousand euros).
BALANCE SHEET AND FINANCING
The total assets amounted to 21.637 thousand euros (18.320 thousand
euros). Liquid assets totalled 255 thousand euros (114 thousand
euros).
The company's interest-bearing liabilities were 6.620 thousand euros
(3.465 thousand euros)
The company's equity ratio was 41,4% (53,9%).
INVESTMENTS, RESEARCH AND DEVELOPMENT
Gross investments during the review period were 385 thousand euros
(33 thousand euros).
The additional price 200 thousand euros, due to the acquisition of
Fulmentum Oy, is included in the gross investments.
Research and development
Solteq's research and development costs consist mainly of personnel
costs. When developing basic products, it is Solteq's strategy to
cooperate with global actors such as SAP and Wincor-Nixdorf and
utilize their resources and distribution channels. Own development
efforts are focused on added value products and developing tailored
service concepts.
During the review period development costs under IFRS have been
capitalized in the amount of 128 thousand euros (0 thousand euros).
Mainly the costs relating to research and development are presented
due to their nature as yearly costs in profit and loss account.
Capitalized costs relate to two product development projects. The
depreciation according to plan will be started along with the
commercial implementation of the projects.
PERSONNEL
The number of permanent employees at the end of the review period was
261 (239). Average number of personnel during the review period was
255 (243). At the end of the review period the number of personnel
divided as follows: trade 124, industry and services 110 and shared
functions 27.
RELATED PARTY TRANSACTIONS
The company has related party relationships with members of the Board
of Directors, the managing director and the management group of the
Solteq group of companies. There haven't been significant changes in
the company's related party transactions after the issue of financial
statements from year 2007.
SHARES AND SHAREHOLDERS
Solteq Plc's equity on 31.3.2008 was 1.009.154,17 euros which was
represented by 12.148.429 shares. The shares have no nominal value.
In the end of the review period the amount of treasury shares in
Solteq Plc's possession was 9.000 shares. The amount of treasury
shares represented 0,07 % from total amount of shares and votes in
the end of the review period.
Exchange and rate
During the review period, the exchange of Solteq's shares in the
Helsinki Stock Exchange was 0,2 million shares (0,8 million shares)
and 0,3 million euros (1,1 million euros). Highest rate during the
review period was 1,77 euros and lowest rate 1,35 euros. Weighted
average rate of the share was 1,60 euros and end rate 1,57 euros. The
market value of the company's shares at the end of the review period
totalled 19,1 million euros (17,5 million euros).
Ownership
At the end of the review period, Solteq had a total of 2.095
shareholders (2.423 shareholders). Solteq's 10 largest shareholders
owned 7.788 thousand shares i.e. they owned 64,1 per cent of the
company's shares and votes. Solteq Plc's members of the board owned a
total of 4.866 thousand shares which equals 40,1 per cent of the
company's shares and votes.
ANNUAL GENERAL MEETING
Solteq Plc's annual general meeting on 28.3.2008 adopted the
financial statements for 2007 and the members of the board and the
managing director were discharged from liability for the financial
year 2007.
The annual general meeting decided in accordance with the board's
proposal a dividend of 0,06 euros per share. The balancing date of
dividend was 2.4.2008 and payment date 9.4.2008.
The annual general meeting decided to authorize the board of
directors to decide on acquiring the company's own shares so that the
amount in the possession of the company does not exceed 10 percent of
the company's total shares at that moment. The shares can be acquired
in order to develop the company's capital structure, finance and
execute acquisitions or similar arrangements or used as part of the
incentive scheme of the personnel or convey otherwise or be
invalidated. The shares can be acquired in other proportion than the
shareholders' holdings. The shares are to be acquired through public
trading and at market price. The acquiring is to be done with the
unrestricted shareholders' equity. The authorization is valid until
the beginning of the next annual general meeting.
BOARD OF DIRECTORS AND AUDITORS
Six members were elected to the board of directors. Seppo Aalto, Ari
Heiniö, Veli-Pekka Jokiniva, Ali Saadetdin and Jukka Sonninen will
continue as members of the board. Markku Pietilä was elected as new
member of the board of directors. The board elected Ali Saadetdin to
act as the chairman of the board.
KPMG Oy Ab, Authorized Public Accountants, were re-elected as
Solteq's auditors. Frans Kärki, APA, acts as the lead partner.
EVENTS AFTER THE REVIEW PERIOD
Solteq Plc has established a subsidiary in St. Petersburg, whose
office is opened 1.4.2008.
RISKS AND UNCERTAINITIES
The key uncertainties and risks are related to the timing and pricing
of the business deals that are the basis of the turnover, changes in
the level of costs and to the company's ability to manage extensive
contract agreements and deliveries.
The key business risks and uncertainties of the company are monitored
constantly as a part of the board and management group work. The
company has not organized a separate internal audit organization or
committee.
PROSPECTS
In the interim review 8.8.2007 Solteq Plc set a long-term objective
for years 2008-2010 that is to achieve 10 % yearly organic growth of
turnover. Additional growth is sought by allocated acquisitions.
Company's objective for yearly operating profit is significant
improvement compared to previous years as the objective is 10 % of
turnover. There are still realistic conditions for achieving these
objectives.
FINANCIAL INFORMATION
GROUP PROFIT AND LOSS ACCOUNT
(TEUR)
1.1.- 1.1.- 1.1.-
31.3.2008 31.3.2007 31.12.2007
NET TURNOVER 6 895 6 378 27 926
Other operating
income 4 35 69
Raw materials and
services -1 457 -1 344 -6 398
Staff expenses -4 085 -3 449 -14 356
Depreciation -175 -181 -742
Other operating
expenses -1 132 -1 312 -5 195
OPERATING RESULT 50 127 1 304
Financial income and
expenses -74 -25 -214
PROFIT/LOSS BEFORE APPROPRIATION
AND TAXES -24 102 1 090
Income taxes 14 52 28
PROFIT/LOSS FOR THE PERIOD
-10 154 1 118
Earnings / share,
e(undiluted) 0,00 0,01 0,09
Earnings / share,
e(diluted) 0,00 0,01 0,09
GROUP BALANCE SHEET (TEUR) 31.3.2008 31.3.2007 31.12.2007
ASSETS
NON-CURRENT ASSETS
Intangible assets
Intangible rights 2 150 2 103 2 069
Goodwill 8 286 6 664 8 086
Tangible assets 2 778 2 988 2 743
Investments
Other shares and similar
rights of ownership 117 81 117
Deferred tax
assets 671 782 661
Total non-current
assets 14 002 12 618 13 676
CURRENT ASSETS
Short-term debtors 7 380 5 588 8 025
Cash in hand and at banks 255 114 345
Total current
assets 7 635 5 702 8 370
TOTAL ASSETS 21 637 18 320 22 046
EQUITY AND LIABILITIES
CAPITAL AND RESERVES ATTRIBUTABLE TO THE SHAREHOLDERS
OF THE PARENT COMPANY
Share capital 1 009 994 1 002
Share issue 0 8 64
Company's own shares -14 0 0
Share premium account 75 2 164 18
Unrestricted equity
fund 7 213 6 254 7 213
Retained earnings 693 298 304
Profit (loss) for the
financial year -10 154 1 118
Total equity 8 966 9 872 9 719
LIABILITIES
Non-current liabilities 163 163 163Current liabilities 12 508 8 285 12 164
Total liabilities 12 671 8 448 12 327
TOTAL EQUITY AND
LIABILITIES 21 637 18 320 22 046
FINANCIAL PERFORMANCE
INDICATORS 1-03/08 1-03/07 1-12/07
Net turnover MEUR 6,89 6,38 27,93
Change in net turnover 8,10 % 10,38 % 20,55 %
Operating result MEUR 0,05 0,13 1,30
% of turnover 0,73 % 2,00 % 4,67 %
Result before taxes MEUR -0,02 0,10 1,09
% of turnover -0,35 % 1,60 % 3,90 %
Equity ratio, % 41,44 53,89 44,08
Gearing, % 70,99 % 38,90 % 69,01 %
Gross investments in
non-current assets MEUR 0,38 0,03 1,83
Return on equity, % -0,44 % 6,43 % 11,50 %
Return on investment, % 1,44 % 4,64 % 8,72 %
Personnel at end of
period 261 239 259
Personnel average
for period 255 243 252
KEY INDICATORS PER SHARE
Earnings / share, e 0,00 0,01 0,09
Earnings / share,
e(diluted) 0,00 0,01 0,09
Equity / share, e 0,74 0,82 0,81
QUARTERLY KEY INDICATORS (MEUR)
2Q/06 3Q/06 4Q/06 1Q/07
Net turnover 6,16 4,65 6,58 6,38
Operating result -0,04 -0,70 0,02 0,13
Result before taxes -0,07 -0,73 -0,03 0,10
2Q/07 3Q/07 4Q/07 1Q/08
Net turnover 7,14 5,86 8,55 6,89
Operating result 0,33 0,30 0,54 0,05
Result before taxes 0,29 0,24 0,45 -0,02
CASH FLOW STATEMENT (MEUR)
1-03/2008 1-03/2007 1-12/2007
Cash flow from business
operations 0,70 0,12 -0,46
Cash flow from capital
expenditure -0,34 -2,12 -3,47
Cash flow from financing activities
Income from issued
shares 0,00 0,00 0,08
Return of equity(paid) 0,00 0,00 -1,20
Own shares -0,01 0,00 0,00
Loan agreement -0,44 0,00 3,29
Cash flow from financing
activities -0,45 0,00 2,17
Change in cash and cash
equivalents -0,09 -2,00 -1,76
TOTAL INVESTMENTS (MEUR)
1-03/2008 1-03/2007 1-12/2007
Continuing operations,
group total 385 33 1 833
LIABILITIES (MEUR) 31.3.2008 31.3.2007 31.12.2007
Perfomance bonds 0,05 0,05 0,05
Lease contracts, machinery &
equipment 0,59 0,74 0,56
Lease liability,
premises 2,82 3,31 2,93
The Group has no liabilities from derivative instruments.
MAJOR SHAREHOLDERS MARCH 31, 2008
Shares and votes
Number %
1. Saadetdin Ali 3 159 312 26,0 %
2. Aalto Seppo 1 662 206 13,7 %
3. Profiz Business Solution Oyj 1 230 004 10,1 %
4. TP-Yhtiöt Oy 513 380 4,2 %
5. Onninen-Sijoitus Oy 322 071 2,7 %
6. Roininen Matti 294 000 2,4 %
7. Hakamäki Jorma 228 430 1,9 %
8. Saadetdin Katiye 156 600 1,3 %
9. Kiiveri Jouko 118 280 1,0 %
10. Aukia Timo 103 230 0,8 %
10 largest shareholders total 7 787 513 64,1 %
Total of nominee-registered 81 882 0,7 %
Others 4 279 034 35,2 %
Total 12 148 429 100,0 %
STATEMENT OF CHANGES IN GROUP EQUITY (TEUR)
A=Share capital
B=Share issue
C=Company's own shares
D=Share premium account
E=Unrestricted equity fund
F=Equity account
G=Retained earnings
H=Total
A B C D E F G H
EQUITY 1.1.2007 994 0 0 2 164 298 5 962 296 9 714
Granted option
rights 2 2
Result for the
period 154 154
Total gains and
losses 154 154
Subscription issue 2 2
Transfer betweeen
equity accounts 6 5 956 -5 962 0
EQUITY 31.3.2007 994 8 0 2 164 6 254 0 452 9 872
EQUITY 1.1.2008 1 002 64 0 18 7 213 0 1 422 9 719
Result for the
period -10 -10
Total gains and
losses -10 -10
Subscription issue 7 -64 57 0
Acquiring of own
shares -14 -14
dividend
distribution -728 -728
EQUITY 31.3.2008 1 009 0 -14 75 7 213 0 684 8 966
Taxes corresponding to the result have been presented as taxes
for the financial year.
CALCULATION OF FINANCIAL RATIOS
Solvency ratio, in percentage
equity X 100
----------------------------------
balance sheet total - advances received
Gearing
interest bearing liabilities - cash,
bank balances and securities X 100
-------------------------------------------
equity
Return on Equity (ROE) in percentage
profit or loss before taxation - taxes X 100
----------------------------------------
equity
Profit from invested equity in percentage
profit or loss before taxation +
interest expenses and other financing expenses X 100
----------------------------------------
balance sheet total - non-interest bearing
liabilities
Earnings
per share
pre-tax result - taxes
+/- minority interest
------------------------------------
diluted average share issue
corrected number of shares
Diluted earnings per share
diluted profit before taxation -
taxes +/- minority interest
-----------------------------------------------
diluted average share issue
corrected number of shares
Equity
per share
equity
-----------------------
number of shares
This interim review has been prepared in accordance with IAS 34
-standard and the same accounting policies as in the annual financial
statements 2007.
All forecasts and estimates presented in the financial interim review
are based on the current views of the management on the economic
environment and outlook. Results can differ from those implied as a
result of, among other factors, changes in economic market and
competitive conditions, changes in the regulatory environment and
other government actions.
The interim review is unaudited.
SOLTEQ'S FINANCIAL INFORMATION IN 2008
Solteq Plc's financial information bulletins in 2008 have been
scheduled as follows:
- Interim report 1-6/2008 Wednesday 13.8.2008
- Interim report 1-9/2008 Wednesday 15.10.2008
More information for investors at Solteq's website at www.solteq.com
Additional information:
Managing Director Hannu Ahola
Telephone +358 20 1444 211 or +358 40 8444 211
E-mail hannu.ahola@solteq.com
CFO Antti Kärkkäinen
Telephone +358 20 1444 393 or +358 40 8444 393
E-mail antti.karkkainen@solteq.com
Distribution:
Helsinki Stock Exchange
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