Westend ICT Plc Interim Report July 24, 2008, at 8:30 Finnish time
WESTEND ICT INTERIM REPORT 1 JANUARY-30 JUNE 2008 (IFRS)
- Net sales EUR 1.78 million (EUR 1.78 million)
- Operating result EUR -0.35 million (EUR -0.29 million)
- Result before taxes EUR -0.72 million (EUR -42 thousand)
- Equity ratio -103.2% (-58.0%), shareholders' equity/share EUR -0.03
(EUR -0.02)
- Earnings per share EUR -0.006 (EUR -0.0003)
STRUCTURE OF THE GROUP
During the review period, the Westend ICT group consisted of the subsidiary
operating in Finland, Documenta Oy, in which the group had 100% ownership, and
the parent company Westend ICT Plc. The company had business operations in
Finland only, so there are no geographically segmented reports of the net sales,
business results and personnel to be presented.
In its business operations, Westend ICT Plc focuses on developing its customers'
business processes especially by means of document and workflow management
systems and development of quality and customer relationship management, with
the emphasis on the Finnish markets. The company will continue to use the
operating model in which the operative functions have been centralized into the
subsidiary/subsidiaries.
NET SALES
The Westend ICT group's net sales for the review period were EUR 1.78 million
(EUR 1.78 million).
RESULT DEVELOPMENT
The Westend ICT group's operating result for the review period was EUR -0.35
million (EUR -0.29 million). The result for the review period was EUR -0.72
million (EUR -42 thousand).
The financial expenses of the review period include a registration of change in
the market value of shares amounting to EUR 272 thousand; the GROUP Technologies
AG shares owned by the company have been valued at the share price on the last
day of the review period. The registration of the market value has no effect on
the cash flow. The shares are presented in the balance sheet as other financial
assets under long-term assets.
The costs for employment benefits on the review period were EUR 1.19 million
(EUR 1.14 million), which equals to 67% of the net sales (64%).
At the end of the review period, the group's equity is negative. The loss of
share capital of the company has been registered in the Trade register on 20
September 2006.
THE NET SALES AND RESULT DEVELOPMENT OF THE SUBSIDIARY
Documenta Oy
Documenta Oy's net sales for the review period 1 January-30 June 2008 were EUR
1.83 million (EUR 1.78 million). The operating result was EUR 11 thousand (EUR
48 thousand), which is 0.6% of the net sales.
Documenta Oy is a company specializing in software products for digital workflow
and document management, quality management, customer relationship management
and intensification of operative processes. Documenta offers information
technology based software, maintenance, operation service and integration
solutions for companies and public administration. Documenta is also responsible
for reselling the GROUP Technologies AG's iQ-Suite and CRM Suite (Gedys Software
Holding) product families in Finland directly and through its partners. The CEO
of the company is Asko Ojanen.
SIGNIFICANT EVENTS IN THE REVIEW PERIOD
The company announced on 17 January 2008 that the Supreme Court had passed a
decision, which granted the company a leave to appeal concerning the judgment
given by the Helsinki Court of Appeal on 5 July 2007. A leave to appeal was now
granted concerning the measurement of the corporate fine. With respect to the
other grounds, the leave to appeal will be decided together with the proceedings
of the appeals. The prosecutor has also been granted a leave to appeal.
The company is satisfied with the decision, because the company considers the
judgment given by the Helsinki Court of Appeal last summer to be erroneous and
unfounded.
The company announced on 3 April 2008 that the Annual General Meeting on 3 April
2008 resolved to adopt the accounts of the company for the accounting period of
1 January-31 December 2007. It also granted the members of the Board of
Directors and the Chief Executive Officer discharge from liability for the
accounting period. The loss of the accounting period will be left in the
Company's profit and loss account. No dividend will be distributed.
The current members of the Board of Directors—Hannu Jokela, Jörg Ott and Mikko
Salminen—were reselected as the members of the Board of Directors. The Annual
General Meeting decided that the members of the Board of Directors will be paid
attendance allowance as follows: the Chairman of the Board of Directors will be
paid 1,500 euros/month and the members of the Board of Directors 1,000
euros/month. In its first meeting, the Board of Directors decided that Mikko
Salminen will continue as the Chairman of the Board.
Ernst & Young Oy, an
auditing firm authorized by the Central Chamber of Commerce, with Arto Tenhula
(CA) as the main responsible auditor, was elected as the auditor for the
Company.
The Annual General Meeting decided to change the Articles of Association as
proposed by the Board of Directors. The company's new business name is Westend
ICT Plc and its domicile is Espoo.
The Annual General Meeting decided to accept the Board of Directors' proposal
for using the accumulated premium reserve to cover losses. It was decided that
the accumulated premium reserve of EUR 65,141,510.05 should be used in whole to
cover the losses stated in the balance sheet in accordance with the financial
statement of 31 December 2007.
The Annual General Meeting decided to change the terms of the company's
convertible loan in accordance with the proposal of the Board of Directors.
The terms of the convertible loan decided by the Annual General Meeting on 27
March 2003 (registered on 5 March 2004) will be changed to extend the loan
period for one year, that is, until 31 December 2009.
The company announced on 21 April 2008 that the change of business name, decided
by the Annual General Meeting on 3 April 2008, has been entered into the Trade
Register. The company's new corporate name is Westend ICT Oyj, or Westend ICT
Plc in English.
Following the corporate name change, the trading codes of the company's share on
the OMX Nordic Exchange in Helsinki have been renamed as well. The new trading
code is WIC1V. The change took effect in the trade system of the OMX Nordic
Exchange Helsinki on 22 April 2008.
Westend ICT's website addresses are: www.westendict.fi and www.westendict.com.
THE CURRENT AUTHORIZATIONS OF THE BOARD OF DIRECTORS
The Annual General Meeting on 19 June 2007 authorized the Board of Directors to
grant new shares against payment in a share issue and to grant special rights in
accordance with the Chapter 10, Section 1 of the Companies Act, including option
rights, which give the right to subscribe shares against payment. The amount of
new shares issued by the company and new shares subscribed on the basis of
special rights can be 26,000,000 at the maximum.
The authorization includes the right to grant shares or special rights entitling
to shares in a directed issue, that is, to deviate from the shareholders
privilege on the basis of the prerequisites specified in the Companies Act. A
directed share issue requires a weighty financial reason on the part of the
company, such as financing or implementing acquisitions or other business
arrangements, implementing incentive systems targeted at the company's
personnel, or other important financial reason for the company specified by the
Board of Directors. On the basis of the authorization, the Board of Directors
has the right to decide on all other terms of the issuing of new shares or
granting of the mentioned special rights, including the recipients of shares or
special rights and the amount of compensation to be paid. The authorization
shall be valid until 31 December 2010.
FINANCING AND INVESTMENTS
The value of the Westend ICT group's cash and liquid current assets totaled EUR
1.40 million (EUR 2.09 million) at the end of the review period. The equity
ratio of the group was -103.2% (-58.0%).
The Westend ICT group's sales receivables at the end of the review period were
EUR 0.40 million (EUR 0.54 million).
On the review period, the group's gross investments totaled EUR 43 thousand (EUR
23 thousand), which equals to 2.4% (1.0%) of the net sales.
DEVELOPMENT COSTS
The product development expenses have been entered in accordance with the IAS 38
standard in such a way that the development expenses for entirely new products
and new product versions including significant improvements have been activated,
if their future accumulativeness can be reliably verified. Other product
development expenses have been entered as costs in the profit and loss statement
at the time they incurred. During the review period, no product development
expenses have been activated in the balance sheet, but all product development
expenses have been entered as costs. At the end of the review period, the
company's balance sheet contains EUR 174 thousand in activated, undepreciated
product development costs.
PERSONNEL
At the end of the review period, the group had 38 (40) employees. The group
employed an average of 38 (40) persons during the review period.
MANAGEMENT, BOARD OF DIRECTORS, AND AUDITORS OF THE COMPANY
As of 5 September 2007, the Board of Directors of Westend ICT Plc consists of
the Chairman of the Board Mikko Salminen and permanent members Hannu Jokela and
Jörg Ott.
The auditor selected by the Annual General Meeting is Ernst Young Oy Authorised
Public Accounting Firm with Juha Nenonen (CA) from June 1st as the principal
accountant.
SHARES, SHARE CAPITAL, AND SHAREHOLDERS
Westend ICT Plc's share capital on 30 June 2008 was EUR 2,569,853.92, and the
total number of shares was 128,492,696. The countervalue of a share is EUR 0.02.
Shareholders' equity/share was EUR -0.03. At the end of the review period, the
equities of the group and the parent company were negative. The loss of share
capital of the parent company has been registered in the Trade register on 20
September 2006.
At the end of the review period, the company had 13,789 shareholders.
THE SHARE HOLDING AND WARRANTS OF THE BOARD OF DIRECTORS AND THE MANAGEMENT
On 30 June 2008, the permanent members of the Westend ICT's Board of Directors
and the CEO owned a total of 7,000 company shares, that is, 0.01 percent of the
company's share capital and votes. They do not have any warrants.
For more information on the warrant programs, see the company's web sites at
www.westendict.fi and www.westendict.com.
The company complies to and adapts the Guidelines for Insiders drawn up by the
Helsinki Exchanges.
NEAR-TERM OUTLOOK
The goal for 2008 is to improve the net sales and result of the company as
compared to the realized figures of 2007.
The interim report of the Westend ICT group for 1 January-30 September 2008 will
be published on 23 October 2008.
Espoo, 24 July 2008
The Board of Directors of Westend ICT
Mikko Salminen, Chairman of the Board
Hannu Jokela
Jörg Ott
CONTACT:
Westend ICT Plc
CEO Hannu Jokela
Tel. +358 207 91 6700
DISTRIBUTION:
OMX Nordic Exchange Helsinki
Main media
www.westendict.com
The figures in the interim report have not been audited.
In addition to the
accounts of the parent company, the interim report of the Westend ICT group
consolidates the accounts of Documenta Oy.
--------------------------------------------------------------------------------
| CONSOLIDATED PROFIT & LOSS | | | |
| STATEMENT | | | |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| (EUR thousand) | | | |
--------------------------------------------------------------------------------
| | 1.1.-30.6. | 1.1.-30.6.20 | 1.1.- |
| | 2008 | 07 | 31.12.2007 |
--------------------------------------------------------------------------------
| | 6 months | 6 months | 12 months |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales | 1 783 | 1 780 | 3 814 |
--------------------------------------------------------------------------------
| Change in work in | 11 | 10 | 0 |
| progress,inc(+),dec(-) | | | |
--------------------------------------------------------------------------------
| Other operating income | 0 | 5 | 21 |
--------------------------------------------------------------------------------
| Materials and services | 223 | 230 | 647 |
--------------------------------------------------------------------------------
| Employee benefits expenses | 1 187 | 1 142 | 2 097 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Depreciations | | | |
--------------------------------------------------------------------------------
| Depreciations according to plan | 81 | 92 | 161 |
--------------------------------------------------------------------------------
| Rents | 110 | 89 | 218 |
--------------------------------------------------------------------------------
| Marketing expenses | 74 | 74 | 125 |
--------------------------------------------------------------------------------
| Other operating expenses | 464 | 453 | 1 004 |
--------------------------------------------------------------------------------
| Unprofitable agreements | | 0 | 0 |
--------------------------------------------------------------------------------
| Operating profit/loss | -345 | -285 | -417 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Financial income and expenses | | | |
--------------------------------------------------------------------------------
| Interest income and other | 29 | 378 | 493 |
| financial income | | | |
--------------------------------------------------------------------------------
| Interest expenses and other | -404 | -135 | -273 |
| financial expenses | | | |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Profit/loss for the period | -720 | -42 | -197 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Distribution | | | |
--------------------------------------------------------------------------------
| To equity holders of the parent | -720 | -42 | -197 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Earnings per share calculated on | | | |
| profit/loss | | | |
--------------------------------------------------------------------------------
| attributable to equity holders | -0,006 | -0,0003 | -0,002 |
| of the parent | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share (undiluted), | -0,006 | -0,0003 | -0,002 |
| EUR | | | |
--------------------------------------------------------------------------------
| Earnings per share (diluted), | -0,006 | -0,0003 | -0,002 |
| EUR | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CONSOLIDATED PROFIT AND LOSS STATEMENT BY QUARTER | |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| (EUR thousand) | | | Total |
--------------------------------------------------------------------------------
| | 1 Jan- | 1 Apr- | 1 Jan- |
--------------------------------------------------------------------------------
| | 31 Mar | 30 Jun 2008 | 30 Jun 2008 |
| | 2008 | | |
--------------------------------------------------------------------------------
| | 3 months | 3 months | 6 months |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales | 890 | 893 | 1 783 |
--------------------------------------------------------------------------------
| Change in work in | 4 | -4 | 0 |
| progress,inc(+),dec(-) | | | |
--------------------------------------------------------------------------------
| Other operating income | 0 | 11 | 11 |
--------------------------------------------------------------------------------
| Materials and services | 123 | 100 | 223 |
--------------------------------------------------------------------------------
| Employee benefits expenses | 580 | 607 | 1 187 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Depreciations | | | |
--------------------------------------------------------------------------------
| Depreciations according to plan | 40 | 41 | 81 |
--------------------------------------------------------------------------------
| Rents | 50 | 60 | 110 |
--------------------------------------------------------------------------------
| Marketing expenses | 59 | 15 | 74 |
--------------------------------------------------------------------------------
| Other operating expenses | 236 | 228 | 464 |
--------------------------------------------------------------------------------
| Operating profit/loss | -194 | -151 | -345 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Financial income and expeses | | | |
--------------------------------------------------------------------------------
| Interest income and other | 13 | 16 | 29 |
| financial income | | | |
--------------------------------------------------------------------------------
| Interest expenses and other | -394 | -10 | -404 |
| financial expenses | | | |
--------------------------------------------------------------------------------
| | | 0 | |
--------------------------------------------------------------------------------
| Profit/loss before income taxes | -575 | -145 | -720 |
--------------------------------------------------------------------------------
| Income taxes | 0 | 0 | 0 |
--------------------------------------------------------------------------------
| PROFIT/LOSS FOR THE PERIOD | -575 | -145 | -720 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CONSOLIDATED BALANCE SHEET | | | |
--------------------------------------------------------------------------------
| (EUR thousand) | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| ASSETS | 30.6.2008 | 30.6.2007 | 31.12.2007 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| NON-CURRENT ASSETS | | | |
--------------------------------------------------------------------------------
| Intangible assets | | | |
--------------------------------------------------------------------------------
| Intangible rights | 198 | 276 | 237 |
--------------------------------------------------------------------------------
| Tangible assets | 136 | 142 | 135 |
--------------------------------------------------------------------------------
| Other capitalized expenditure | 1 120 | 1 291 | 1 392 |
--------------------------------------------------------------------------------
| Non-current assets total | 1 454 | 1 709 | 1 764 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CURRENT ASSETS | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Work in progress | 0 | 5 | 0 |
--------------------------------------------------------------------------------
| Trade receivables | 404 | 542 | 1 292 |
--------------------------------------------------------------------------------
| Other current assets | 129 | 83 | 60 |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 1 398 | 2 094 | 1 490 |
--------------------------------------------------------------------------------
| Current assets total | 1 931 | 2 724 | 2 842 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL ASSETS | 3 385 | 4 433 | 4 606 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| SHAREHOLDERS' EQUITY AND LIABILITIES | 30.6.2008 | 30.6.2007 | 31.12.2007 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity attributable to equity holders | | | |
--------------------------------------------------------------------------------
| of the parent | | | |
--------------------------------------------------------------------------------
| Share capital | 2 570 | 2 570 | 2 570 |
--------------------------------------------------------------------------------
| Premium reserve | 0 | 65 142 | 65 142 |
--------------------------------------------------------------------------------
| Retained earnings | -5 288 | -70 233 | -70 233 |
--------------------------------------------------------------------------------
| Profit/loss for the period | -720 | -42 | -197 |
--------------------------------------------------------------------------------
| TOTAL SHAREHOLDERS' EQUITY | -3 438 | -2 563 | -2 718 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Long-term liabilities | | | |
--------------------------------------------------------------------------------
| Convertible loans | 4 500 | 4 500 | 0 |
--------------------------------------------------------------------------------
| Interest-bearing liabilities | 1 613 | 1 633 | 1 620 |
--------------------------------------------------------------------------------
| Long-term liabilities total | 6 113 | 6 133 | 1 620 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current liabilities | | | |
--------------------------------------------------------------------------------
| Convertible loans | 0 | 0 | 4 500 |
--------------------------------------------------------------------------------
| Interest-bearing liabilities | 6 | 9 | 19 |
--------------------------------------------------------------------------------
| Trade payables | 70 | 91 | 303 |
--------------------------------------------------------------------------------
| Other current liabilities | 196 | 135 | 439 |
--------------------------------------------------------------------------------
| Accrued liabilities | 438 | 628 | 443 |
--------------------------------------------------------------------------------
| Current liabilities total | 710 | 863 | 5 704 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL SHAREHOLDERS' EQUITY AND | 3 385 | 4 433 | 4 606 |
| LIABILITIES | | | |
--------------------------------------------------------------------------------
| CONSOLIDATED CASH FLOW STATEMENT | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| (EUR thousand) | 1.1.-30.6 | 1.1.- | 1.1.- |
| | .2008 | 30.6.2007 | 31.12.2007 |
--------------------------------------------------------------------------------
| | 6 months | 6 months | 12 months |
--------------------------------------------------------------------------------
| Cash flow from operating activities | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit/loss for the period | -720 | -42 | -197 |
--------------------------------------------------------------------------------
| Amendments: | | | |
--------------------------------------------------------------------------------
| Booking of shares at current price, | 272 | -319 | -420 |
| no | | | |
--------------------------------------------------------------------------------
| payment transaction | | | |
--------------------------------------------------------------------------------
| Poistot | 81 | 92 | 161 |
--------------------------------------------------------------------------------
| Interest expenses and other financial | 132 | 135 | 273 |
| expenses | | | |
--------------------------------------------------------------------------------
| Interest and other financial income | -29 | -57 | -73 |
--------------------------------------------------------------------------------
| Taxes | | 0 | 0 |
--------------------------------------------------------------------------------
| Change in working capital: | | | |
--------------------------------------------------------------------------------
| Change in trade and other receivables | 819 | 1 095 | 368 |
--------------------------------------------------------------------------------
| Change in trade and other payables | -481 | -1 269 | -938 |
--------------------------------------------------------------------------------
| Change in stocks | 0 | -5 | 0 |
--------------------------------------------------------------------------------
| Interests received | 29 | 57 | 73 |
--------------------------------------------------------------------------------
| Interests paid | | | -273 |
--------------------------------------------------------------------------------
| Other financial items | -132 | -135 | 0 |
--------------------------------------------------------------------------------
| Cash flow from operating activities | -29 | -448 | -1 026 |
| total | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow/investments | | | |
--------------------------------------------------------------------------------
| Investments in intangible and | -43 | -23 | -46 |
| tangible assets | | | |
--------------------------------------------------------------------------------
| Cash flow/investments total | -43 | -23 | -46 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow/financing | | | |
--------------------------------------------------------------------------------
| Repayment of loans | -20 | -119 | -122 |
--------------------------------------------------------------------------------
| Cash flow/financing total | -20 | -119 | -122 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Change in liquid funds | -92 | -590 | -1 194 |
--------------------------------------------------------------------------------
| according to the cash flow statement | | | |
--------------------------------------------------------------------------------
| Change in liquid funds | -92 | -590 | -1 194 |
--------------------------------------------------------------------------------
| Liquid funds opening balance | 1 490 | 2 684 | 2 684 |
--------------------------------------------------------------------------------
| Liquid funds closing balance | 1 398 | 2 094 | 1 490 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| KEY FIGURES | | | |
--------------------------------------------------------------------------------
| | 1.1.-30.6.20 | 1.1.-30.6.2 | 1.1.-31.12.200 |
| | 08 | 007 | 7 |
--------------------------------------------------------------------------------
| | 6 months | 6 months | 12 months |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales, EUR million | 1,78 | 1,78 | 3,81 |
--------------------------------------------------------------------------------
| Operating profit/loss, EUR | -0,35 | -0,29 | -0,42 |
| million | | | |
--------------------------------------------------------------------------------
| % of net sales | -19,3% | -16,0% | -10,9% |
--------------------------------------------------------------------------------
| Cash flow from operations, EUR | -0,03 | -0,45 | -1,03 |
| million | | | |
--------------------------------------------------------------------------------
| Return on equity, % 1) and 2) | 46,8 % | 3,3 % | 7,5 % |
--------------------------------------------------------------------------------
| Return on investment, % 1) | -20,7 % | 5,1 % | 2,1 % |
--------------------------------------------------------------------------------
| Interest bearing net debt, EUR | 4,7 | 4,0 | 4,6 |
| million | | | |
--------------------------------------------------------------------------------
| Net debt to equity (Net | -137,3 % | -157,9 % | -171,0 % |
| Gearing), % | | | |
--------------------------------------------------------------------------------
| Equity ratio, % | -103,2 % | -58,0 % | -60,6 % |
--------------------------------------------------------------------------------
| Gross investments | 0,04 | 0,02 | 0,05 |
--------------------------------------------------------------------------------
| % of net sales | 2,4 % | 1 % | 1,2 % |
--------------------------------------------------------------------------------
| Personnel at the end of the | 38 | 40 | 38 |
| period | | | |
--------------------------------------------------------------------------------
| Personnel average | 38 | 40 | 39 |
--------------------------------------------------------------------------------
| Employee benefits | 31 | 29 | 54 |
| expenses/person, | | | |
--------------------------------------------------------------------------------
| EUR thousand | | | |
--------------------------------------------------------------------------------
| KEY FIGURES PER SHARE | | | |
--------------------------------------------------------------------------------
| Earnings/share, euro | -0,006 | -0,0003 | -0,002 |
--------------------------------------------------------------------------------
| Shareholders' equity per | -0,03 | -0,02 | -0,02 |
| share, euro | | | |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| 1) Both indicator and devider | | | |
| are negative | | | |
--------------------------------------------------------------------------------
| in 2008 and 2007. | | | |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| 2) The percentages for return | | | |
| on equity and | | | |
--------------------------------------------------------------------------------
| return on investment have been | | | |
| adjusted | | | |
--------------------------------------------------------------------------------
| to reflect the figures for a | | | |
| 12-month period. | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| (EUR thousand) | Share | Share | Retaine | Profit/l | Total |
| | | | d | oss for | |
--------------------------------------------------------------------------------
| | capital | premium | earning | the | |
| | | | s | period | |
--------------------------------------------------------------------------------
| SHAREHOLDERS' EQUITY 1 | 2 570 | 65 142 | -70 430 | | -2 718 |
| Jan 2008 | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit for the period | | | | -720 | -720 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Using the accumulated | | -65 142 | 65 142 | | 0 |
| premium reserve | | | | | |
--------------------------------------------------------------------------------
| to cover losses | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| SHAREHOLDERS' EQUITY 30 | 2 570 | 0 | -5 288 | -720 | -3 438 |
| June 2008 | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| (EUR thousand) | Share | Share | Retained earnings | Total |
| | capital | premium | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| SHAREHOLDERS' EQUITY 1 | 2 570 | 65 142 | -70 233 | | -2 521 |
| Jan 2007 | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit for the period | | | | -42 | -42 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| SHAREHOLDERS' EQUITY 30 | 2 570 | 65 142 | -70 233 | -42 | -2 563 |
| June 2007 | | | | | |
--------------------------------------------------------------------------------
