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| Eirikuva Digital Image Oyj Abp |
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| Balance Sheet Book |
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| Financial statement from the accounting |
| period of 1.1.2008 - 30.6.2008 |
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| Address | Heinolan Vanhatie 25 | | VAT-number | 2018481-2 |
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| | 15170 Lahti | | Domicile | Lahti |
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| | FINLAND | | | | |
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| | | | | | | | Page 1 |
| | | | | | | | (18) |
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| | Eirikuva Digital Image Oyj Abp | | |
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| | Financial statements from the accounting period of 1.1.2008 - |
| | 30.06.2008 |
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| | Table of contents : | | | Sivu | |
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| | Table of | | | | 1 | |
| | contents | | | | | |
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| | Annual report | | | | 2 | |
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| | Income statement parent company | | 3 | |
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| | Balance sheet parent company | | 4 - 5 | |
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| | Consolidated income statement | | 6 | |
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| | Consolidated balance | | | 7 - 8 | |
| | sheet | | | | |
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| | Cash flow statement | | | 9 | |
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| | Accounting principles parent | | 10 - 12 | |
| | company | | | |
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| | Non-current assets | | | 13 | |
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| | Accounting principles | | | 14 - 16 | |
| | Group | | | | |
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| | Signatures | | | | 17 | |
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| | Auditor's | | | | 18 | |
| | report | | | | | |
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| | | | | | | | |
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| Addres | Heinolan Vanhatie 25 | VAT-number | 2018481-2 |
| s | | | |
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| | 15170 Lahti | | Domicile | Lahti | |
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| | FINLAND | | | | | |
HALF-YEAR REPORT 1 January - 30 June 2008
1. General
The main line of business of Eirikuva Digital Image Oyj Abp is the manufacturing
of images with digital and analogue methods. Image production accounted for
69.7% of the total turnover. The turnover for photography wholesale sales
amounted to 27.6% of the total turnover.
Eirikuva Digital Image Oy Ab was restructured into a public listed company on 20
July 2007. As the Swedish market opened, Eirikuva Nordic AB was established in
Sweden as a sales company. The company's share capital was increased to
€1,408,000, rendering 3,520,000 as the total number of shares. Furthermore, some
of Eirikuva's long-term loans were converted for booking in the share capital
and the invested free capital fund, coming to €722,000. Eirikuva was listed on
the First North market on 3 December 2007.
Eirikuva Digital Image Oyj Abp's strategy is to further develop the existing
distribution channel model, under which services are offered on a broad front
both through retail stores and directly to the consumer. The model allows for
creating an easy-to-access, cost-efficient means of producing modern image
products and attractive services for customers, while partners gain profit
opportunities through online services and photo kiosks.
Eirikuva's product assortment will include more value-added products, to benefit
the customer in an efficient way and provide a better profit margin than
traditional photograph printing.
During the first half-year period, the operations have been streamlined to
better reflect the development of sales both in Finland and in Sweden.
Eiri Kehys Oy Ab, wholly owned by Eirikuva Digital Image Oyj Abp, manufactures
photo frames from metal and wood. The frames are marketed through the parent
company. The turnover of Eiri Kehys Oy Ab for the period under review was
€218,453 (2007: €180,267).
2. Main events in the review period and after
Eirikuva Digital Image Oyj Abp commenced media co-operation with the Finnish
MTV3 in publication of a competition for professional photographers, entitled
Vuoden Morsian (Bride of the Year), on the wedding section of the MTV3 Helmi
site. In this connection, also Eirikuva's photo services and the company's
photographer customers are introduced. This investment is a considerable one in
the marketing of Eirikuva's professional photo services.
The need for personnel in analogue production has decreased. After completion of
the co-operation negotiations that were started on 23 June 2008, we decided to
let 17 people go. As the rearrangements continue, possible actions may concern
up to 14 people by the end of October.
The bottom line for the balance of parent company at the end of the review
period was €2,784,146 (parent company in 2007: €3,108,473). The capital asset
investments recorded in the balance sheet of parent company came to €49,184
(2007: €526,843).
The bottom line for the consolidated balance at the end of the review period was
€2,929,650 (2007: €3,251,207). The capital asset investments recorded in the
consolidated balance sheet came to €51,184 (2007: €526,843). The investments
related to Eirikuva online services and print ordering programs.
3. Estimate and key figures of financial statement and major issues concerning
the development of business activities
Turnover development
The turnover of Eirikuva Digital Image Oyj Abp in 1-6/2008 was €2,669,817,
whereas it was €2,752,858 in the previous financial period. About 43% of the
image-manufacturing turnover resulted from the rapidly growing product area of
digital photography. In 2007, digital image products accounted for 34% of the
image-manufacturing turnover. The share of digital products is clearly
increasing and that of analogue products decreasing.
Consolidated turnover in 1-6/2008 was €2,672,271 (1-6/2007: €2,753,797)
Profit development
The business result before depreciation (EBITDA) of parent company was €516,407
to the negative (2007: -€565,782). The business result before tax was -€775,972
(2007: -€757,792). The loss per share was €0.22 (2007: loss of €0.21).
The consolidated business loss before depreciation (EBITDA) was €497,833 to the
negative (2007: -€562,910). The business result before tax was -€772,026 (2007:
-€765,900).
Depreciation of parent company in 2008 totalled €182,981 (2007: €151,750).
Consolidated depreciation in 2008 totalled €191,417 (2007: 159,742).
The shareholders' equity turned negative, so principal shareholder Amago Capital
converted €110,000 of its receivables into a subordinated loan.
The key points of the terms of subordinated loans are reported in the notes to
the accounts.
4. Outlook for the possible incoming development
Eirikuva believes that the market for special products will grow strongly in
2008. The image book product has been launched, and its development continues.
The decrease in analogue photography and the growth of digital imaging present
financial challenges.
Eirikuva will continue to concentrate on the development of its service concept,
with the new value‑added products; the kiosk concept; and easy‑to‑use,
consumer-friendly image ordering software as the central areas of focus.
Eirikuva's result for the first half of 2008 was negative. The company has
continued the broad-based cost savings programme, which includes co‑operation
negotiations with the personnel. The number of personnel will be decreased to
correspond to the current situation in the company. Toward the end of the year,
the company will move to smaller premises.
5. Research and development range report
The great shift of the photography industry from analogue to digital photography
and image production has required investment from Eirikuva in both digital
production equipment and online services. The company continued the development
of its online service programmes in co-operation with the Lahti‑based Avenla Oy,
and the development of the total service concept continues.
6. Estimate of major risks and contingencies
The company's business risks are related to the migration from analogue to
digital photography. The volume of analogue manufacturing will decrease as the
digital production volume increases. It is also difficult to assess the
development of the so-called value-added product market, but international
forecasts indicate increasing value-added product sales. The company seeks
growth from the development of customer volumes and individual purchase volumes,
new products, and international business.
The strongly seasonal nature of the industry may cause liquidity problems. The
main season is in the summer months and a shorter period before Christmas.
The company has insured its real estate and its manufacturing equipment in
conformance with the rental agreement, to the full value. Statutory insurance
has been taken out for the personnel.
The company's business is highly cyclical in nature and the consequence of
seasonal variation to the management of the company operations is remarkable.
The company aspires to conform costs while turnover is decreasing. If the profit
development continues in current level, the financial solidity and liquidity
cause contingency without long term financing, if the cost conform doesn't
improve the profit in short term.
7. Staff
Eirikuva Digital Image Oyj Abp employed 50 people at the end of the period under
review (2007: 67) and 54 on average during the review period (2007: 67). The
Swedish operations employed three people. In 2007, the number of staff in the
parent company and subsidiary Eiri Kehys averaged 61 (2007: 79).
In total, €706,187 (2007: €822,354) has been paid as salary benefits to the
staff and €17,933 (€18,299) as benefits in kind. The pension expenses came to
€121,254 (€147,011) and other personnel expenses €24,677 (€46,123). Personnel
expenses totalled €852,119 (€1,015,489).
8. Environmental performance
The consumption of water in photofinishing processes is 90 m3 in 24 hours. The
company complies with environmental laws and regulations of authorities.
9. Shares and share issues
There are 3,520,000 shares in the company. Each share entitles the holder to one
vote. The nominal value of an Eirikuva Digital Image Oyj Abp share is €0.40.
10. Structure and financial arrangements
Issues
In the opening balance, the number of shares was 3,520,000 and the share capital
totalled €1,408,000.
The General Meeting on 4 June 2008 authorised the Board to launch an issue of up
to 3,520,000 shares and to decide on granting special rights such that the
maximum number of shares issued on the basis of the authorisation is 3,520,000
and the maximum number of shares issued on the basis of options or other special
rights is 352,000, which amounts to a total of 3,872,000 shares.
Share option rights
In connection with the listing of Eirikuva Digital Image Oyj Abp on the First
North Finland market, the company's managing director, Merja Ailama‑Mäkitalo,
became entitled to share options allowing her to redeem 100,000 shares of the
company at a price of €1.60/share. The share option programme is in effect from
1 November 2007 to 31 October 2010.
The 2008 Annual General Meeting authorised the Board of Directors to grant
options and other special rights for up to 352,000 shares.
11. Company's organisation
Board of Directors
According to the Articles of Association, the Board of Directors consists of 1-5
regular members and, should the number of members be fewer than three, a deputy
member.
In 2008, the members of the Board of Directors were:
Jonas Nordlund, chairman of the Board, member since 2007
Robert Ejermark, member of the Board, member since 2007
Göran Nordlund, deputy member of the Board, member since 2007
Managing director
The tasks of the managing director of Eirikuva Digital Image Oyj Abp are set
forth by law, the Articles of Association, and the instructions issued by the
Board of Directors.
Merja Ailama-Mäkitalo has led the company since its establishment (on 16
February 2006). The managing director's deputy has been the finance director.
Steering group
The steering group of Eirikuva Digital Image Oyj Abp in 2008 consisted of
Managing Director Merja Ailama-Mäkitalo, Director of Finance Niina Järvilehto
(until 18 April 2008), Sales Manager Veli-Markku Paulamäki, Sales Manager Pertti
Paronen, and Project Manager Jussi Sainio. The steering group has assembled when
needed.
Auditor
The company's auditor was Tuokko Tilintarkastus Oy, an APA organisation, with
Seppo Suontausta, authorised public accountant, as the auditor in charge.
Owners
The company is part of a group whose parent company is Amago Capital AB (publ),
registered in Sweden. The holding of Amago Capital AB (publ) in Eirikuva Digital
Image Oyj Abp on 30 June 2008 was 2,020,000 shares (57.4%). The total number of
owners on that date was 104.
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| Eirikuva Digital Image Oyj Abp | Parent | | Page 3 |
| | company | | (18) |
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| VAT-number 2018481-2 | | | | |
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| Income Statements | | 1.1.-30. | | 1.1.-30 |
| | | 6.2008 | | .6.2007 |
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| TURNOVER | | 2 669 | | 2 752 |
| | | 817,37 | | 858,65 |
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| Other operating income | 26 | | 19 |
| | 862,62 | | 160,92 |
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| Materials and services | | | | |
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| | Materials and | | | | |
| | supplies | | | | |
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| | | Purchases | -1 134 | | -1 149 |
| | | | 708,47 | | 136,47 |
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| | | Changes in | -113 | | -47 |
| | | inventories | 711,99 | | 771,47 |
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| | External | | -136 | | -113 |
| | services | | 269,42 | | 504,48 |
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| Materials and services total | | -1 384 | | -1 310 |
| | | 689,88 | | 412,42 |
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| Personnel costs | | | | |
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| | Wages and | | -706 | | -822 |
| | salaries | | 187,62 | | 354,72 |
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| | Social security | | | | |
| | expenses | | | | |
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| | | Pension | -121 | | -147 |
| | | costs | 254,71 | | 011,84 |
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| | | Other social | -24 | | -46 |
| | | security | 677,09 | | 123,10 |
| | | expenses | | | |
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| Personnel costs total | | -852 | | -1 015 |
| | | 119,42 | | 489,66 |
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| Depreciations and value adjustments | | | | |
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| | Depreciations | | -182 | | -151 |
| | according to | | 981,93 | | 750,07 |
| | plan | | | | |
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| Depreciations and value adjustments | | -182 | | -151 |
| total | | 981,93 | | 750,07 |
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| Other operating costs | | -976 | | -1 011 |
| | | 277,72 | | 899,64 |
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| OPERATING LOSS/ INCOME | -699 | | -717 |
| | 388,96 | | 532,22 |
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| Financial income and costs | | | | |
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| | Other interest- | | 4 198,06 | | 47 |
| | and financial | | | | 342,79 |
| | income | | | | |
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| | Interest costs | | -80 | | -87 |
| | and other | | 781,33 | | 603,13 |
| | financial costs | | | | |
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| Financial income and costs total | -76 | | -40 |
| | 583,27 | | 260,34 |
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| PROFIT/LOSS BEFORE APPROPRIATIONS | -775 | | -757 |
| | 972,23 | | 792,56 |
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| AND TAXES | | | | |
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| Income tax | | | -296,18 | | -1 |
| | | | | | 560,00 |
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| NET PROFIT / | | | -776 | | -759 |
| LOSS FOR THE | | | 268,41 | | 352,56 |
| YEAR | | | | | |
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| Eirikuva Digital Image Oyj Abp | Parent company | Page 4 |
| | | (18) |
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| VAT-number 2018481-2 | | | |
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| Balance sheet | 30.6.2008 | | 30.6.2007 |
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| ASSETS | € | | € |
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| NON-CURRENT ASSETS | | | |
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| | Intangible Assets | | | |
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| | | Goodwill | 172 599,59 | | 195 235,55 |
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| | | Other expenses with long-term | 56 301,11 | | 7 341,32 |
| | | effects | | | |
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| | | Advance Payments | 0,00 | | 0,00 |
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| | Intangible Assets Total | 228 900,70 | | 202 576,87 |
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| | Tangible Assets | | | |
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| | | Machinery and Equipments | 1 171 685,83 | | 1 421 |
| | | | | | 627,54 |
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| | | Other expenses with long-term | 4 448,61 | | 7 785,02 |
| | | effects | | | |
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| | | Advance Payments | 13 541,74 | | 7 000,00 |
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| | Tangible Assets Total | 1 189 676,18 | | 1 436 |
| | | | | 412,56 |
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| | Investments | | | |
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| | | Shares of daughter companies | 18 773,63 | | 8 014,58 |
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| | Investiments total | 18 773,63 | | 8 014,58 |
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| NON-CURRENT ASSETS TOTAL | 1 437 350,51 | | 1 647 |
| | | | 004,01 |
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| CURRENT ASSETS | | | |
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| | Inventories | | | |
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| | | Raw materials and consumables | 202 977,92 | | 247 779,94 |
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| | | Work in progress | 0,00 | | 0,00 |
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| | | Finished goods | 266 829,56 | | 212 840,35 |
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| | | Advance Payments | 7 482,67 | | 36 574,01 |
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| | Inventories total | 477 290,15 | | 497 194,30 |
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| | Long-term trade receivables | | | |
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| | | Long-term installment receivables | 3 120,00 | | 6 240,00 |
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| | Long-term trade receivables total | 3 120,00 | | 6 240,00 |
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| | Short-term trade receivables | | | |
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| | | Trade receivables | 760 560,51 | | 813 023,48 |
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| | | Receivables from group companies | 19 574,54 | | 0,00 |
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| | | Loan receivables | 2 510,52 | | 1 549,01 |
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| | | Other receivables | 324,47 | | 324,47 |
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| | | Accrued income | 11 967,00 | | 8 945,38 |
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| | Short-term trade receivables total | 794 937,04 | | 823 842,34 |
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| | Cash and bank balances | 71 449,24 | | 134 192,71 |
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| CURRENT ASSETS TOTAL | 1 346 796,43 | | 1 461 |
| | | | 469,35 |
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| TOTAL ASSETS | 2 784 146,94 | | 3 108 |
| | | | 473,36 |
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| Eirikuva Digital Image Oyj Abp | Parent company | Page 5 |
| | | (18) |
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| VAT-number 2018481-2 | | | |
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| Balance sheet | 30.6.2008 | | 30.6.2007 |
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| SHAREHOLDERS EQUITY AND LIABILITIES | € | | € |
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| SHAREHOLDERS EQUITY | | | |
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| | Share capital | 1 408 000,00 | | 80 000,00 |
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| | Other funds | 722 000,00 | | 850 000,00 |
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| | Retained earnings | -1 451 | | 105,71 |
| | | 725,99 | | |
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| | Profit/Loss for the Year | -776 268,41 | | -759 |
| | | | | 352,56 |
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| | | | -97 994,40 | | 170 753,15 |
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| SHAREHOLDERS EQUITY TOTAL | -97 994,40 | | 170 753,15 |
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| LIABILITIES | | | |
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| | Long-term liabilities | | | |
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| | | Capital loan | 110 000,00 | | 0,00 |
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| | | Loans from Financial Institutions | 1 295 413,83 | | 1 271 |
| | | | | | 962,69 |
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| | | Accounts payable | 160 000,00 | | 229 326,46 |
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| | | Loans from Group companies | 0,00 | | 0,00 |
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| | Long-term liabilities total | 1 565 413,83 | | 1 501 |
| | | | | 289,15 |
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| | Short-term liabilities | | | |
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| | | Loans from Financial Institutions | 455 851,64 | | 423 291,38 |
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| | | Accounts payable | 567 058,02 | | 468 175,62 |
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| | | Loans from Group companies | 17 726,72 | | 199 179,00 |
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| | | Other liabilities | 77 200,35 | | 49 197,17 |
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| | | Accrued Charges and Deferred Credits | 198 890,78 | | 296 587,89 |
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| | Short-term liabilities total | 1 316 727,51 | | 1 436 |
| | | | | 431,06 |
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| LIABILITIES TOTAL | 2 882 141,34 | | 2 937 |
| | | | 720,21 |
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| TOTAL SHAREHOLDERS EQUITY AND LIABILITIES | 2 784 146,94 | | 3 108 |
| | | | 473,36 |
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| Eirikuva Digital Image Oyj Abp | Group | | Page 6 |
| | | | (18) |
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| VAT-number 2018481-2 | | | | |
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| Income Statements | | 1.1.-30 | | 1.1.-30 |
| | | .6.2008 | | .6.2007 |
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| TURNOVER | | 2 672 | | 2 753 |
| | | 271,01 | | 796,76 |
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| Other operating income | 26 | | 19 |
| | 862,62 | | 160,92 |
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| Materials and services | | | | |
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| | Materials and | | | | |
| | supplies | | | | |
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| | | Purchases | -909 | | -1 032 |
| | | | 402,10 | | 955,95 |
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| | | Changes in | -119 | | -61 |
| | | inventories | 350,01 | | 553,90 |
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| | External | | -136 | | -113 |
| | services | | 269,42 | | 504,48 |
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| Materials and services total | | -1 165 | | -1 208 |
| | | 021,53 | | 014,33 |
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| Personnel costs | | | | |
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| | Wages and | | -829 | | -876 |
| | salaries | | 188,34 | | 903,37 |
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| | Social security | | | | |
| | expenses | | | | |
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| | | Pension costs | -130 | | -156 |
| | | | 489,73 | | 434,73 |
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| | | Other social | -48 | | -49 |
| | | security | 016,57 | | 534,78 |
| | | expenses | | | |
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| Personnel costs total | | -1 007 | | -1 082 |
| | | 694,64 | | 872,88 |
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| Depreciations and value adjustments | | | | |
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| | Depreciations | | -191 | | -159 |
| | according to | | 417,07 | | 742,25 |
| | plan | | | | |
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| Depreciations and value adjustments | | -191 | | -159 |
| total | | 417,07 | | 742,25 |
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| Other operating costs | | -1 024 | | -1 044 |
| | | 250,01 | | 980,67 |
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| OPERATING LOSS/ INCOME | -689 | | -722 |
| | 249,62 | | 652,45 |
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| Financial income and costs | | | | |
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| | Other interest- | | 5 | | 51 |
| | and financial | | 000,44 | | 190,64 |
| | income | | | | |
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| | Interest costs | | -87 | | -91 |
| | and other | | 481,09 | | 448,46 |
| | financial costs | | | | |
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| Financial income and costs total | -82 | | -40 |
| | 480,65 | | 257,82 |
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| PROFIT/LOSS BEFORE APPROPRIATIONS | -771 | | -762 |
| | 730,27 | | 910,27 |
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| AND TAXES | | | | |
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| Income tax | | | -296,18 | | -2 |
| | | | | | 989,98 |
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| NET PROFIT / | | | -772 | | -765 |
| LOSS FOR THE | | | 026,45 | | 900,25 |
| YEAR | | | | | |
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| Eirikuva Digital Image Oyj Abp | Group | | Page 7 |
| | | | (18) |
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| VAT-number 2018481-2 | | | |
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| Balance sheet | 30.6.2008 | | 30.6.2007 |
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| ASSETS | € | | € |
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| NON-CURRENT ASSETS | | | |
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| | Intangible Assets | | | |
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| | | Goodwill | 184 | | 205 986,53 |
| | | | 782,33 | | |
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| | | Other expenses with long-term effects | 56 301,11 | | 7 341,32 |
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| | Intangible Assets Total | 241 | | 213 327,85 |
| | | 083,44 | | |
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| | Tangible Assets | | | |
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| | | Machinery and Equipments | 1 210 | | 1 475 |
| | | | 372,39 | | 051,90 |
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| | | Other expenses with long-term effects | 4 448,61 | | 7 785,02 |
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| | | Advance Payments | 13 541,74 | | 7 000,00 |
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| | Tangible Assets Total | 1 228 | | 1 489 |
| | | 362,74 | | 836,92 |
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| NON-CURRENT ASSETS TOTAL | 1 469 | | 1 703 |
| | 446,18 | | 164,77 |
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| CURRENT ASSETS | | | |
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| | Inventories | | | |
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| | | Raw materials and consumables | 297 | | 330 555,62 |
| | | | 427,34 | | |
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| | | Finished goods | 266 | | 212 840,35 |
| | | | 829,56 | | |
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| | | Advance Payments | 7 490,17 | | 36 574,01 |
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| | Inventories total | 571 | | 579 969,98 |
| | | 747,07 | | |
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| | Long-term trade receivables | | | |
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| | | Long-term installment receivables | 3 120,00 | | 6 240,00 |
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| | Long-term trade receivables total | 3 120,00 | | 6 240,00 |
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| | Short-term trade receivables | | | |
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| | | Trade receivables | 755 | | 813 023,48 |
| | | | 694,98 | | |
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| | | Receivables from group companies | 10 962,48 | | 0,00 |
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| | | Loan receivables | 2 510,52 | | 1 549,01 |
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| | | Other receivables | 326,16 | | 324,47 |
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| | | Accrued income | 12 537,00 | | 11 965,84 |
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| | Short-term trade receivables total | 782 | | 826 862,80 |
| | | 031,14 | | |
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--------------------------------------------------------------------------------
| | Cash and bank balances | 103 | | 134 969,98 |
| | | 305,98 | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CURRENT ASSETS TOTAL | 1 460 | | 1 548 |
| | 204,19 | | 042,76 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL ASSETS | 2 929 | | 3 251 |
| | 650,37 | | 207,53 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Eirikuva Digital Image Oyj Abp | Group | | Page 8 |
| | | | (18) |
--------------------------------------------------------------------------------
| VAT-number 2018481-2 | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Balance sheet | 30.6.2008 | | 30.6.2007 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| SHAREHOLDERS EQUITY AND LIABILITIES | € | | € |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| SHAREHOLDERS EQUITY | | | |
--------------------------------------------------------------------------------
| | Share capital | 1 408 | | 80 000,00 |
| | | 000,00 | | |
--------------------------------------------------------------------------------
| | Other funds | 722 | | 850 000,00 |
| | | 000,00 | | |
--------------------------------------------------------------------------------
| | Retained earnings | -1 452 | | 105,71 |
| | | 061,46 | | |
--------------------------------------------------------------------------------
| | Profit/Loss for the Year | -772 | | -765 |
| | | 026,45 | | 900,25 |
--------------------------------------------------------------------------------
| | | | -94 | | 164 205,46 |
| | | | 087,91 | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| SHAREHOLDERS EQUITY TOTAL | -94 | | 164 205,46 |
| | 087,91 | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| LIABILITIES | | | |
--------------------------------------------------------------------------------
| | Long-term liabilities | | | |
--------------------------------------------------------------------------------
| | | Capital loan | 129 | | 19 951,36 |
| | | | 492,51 | | |
--------------------------------------------------------------------------------
| | | Loans from Financial Institutions | 1 395 | | 1 371 |
| | | | 413,83 | | 962,69 |
--------------------------------------------------------------------------------
| | | Accounts payable | 160 | | 229 326,46 |
| | | | 000,00 | | |
--------------------------------------------------------------------------------
| | | Loans from Group companies | 42 543,53 | | 43 544,99 |
--------------------------------------------------------------------------------
| | Long-term liabilities total | 1 727 | | 1 664 |
| | | 449,87 | | 785,50 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Short-term liabilities | | | |
--------------------------------------------------------------------------------
| | | Loans from Financial Institutions | 455 | | 423 291,38 |
| | | | 851,64 | | |
--------------------------------------------------------------------------------
| | | Accounts payable | 464 | | 406 525,16 |
| | | | 206,67 | | |
--------------------------------------------------------------------------------
| | | Loans from Group companies | 61 635,38 | | 242 689,01 |
--------------------------------------------------------------------------------
| | | Other liabilities | 96 312,49 | | 49 669,19 |
--------------------------------------------------------------------------------
| | | Accrued Charges and Deferred Credits | 218 | | 300 041,83 |
| | | | 282,23 | | |
--------------------------------------------------------------------------------
| | Short-term liabilities total | 1 296 | | 1 422 |
| | | 288,41 | | 216,57 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| LIABILITIES TOTAL | 3 023 | | 3 087 |
| | 738,28 | | 002,07 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL SHAREHOLDERS EQUITY AND LIABILITIES | 2 929 | | 3 251 |
| | 650,37 | | 207,53 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Eirikuva Digital Image Oyj Abp | | | | Page 9 |
| | | | | (18) |
--------------------------------------------------------------------------------
| VAT-number 2018481-2 | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow statement 1000 eur | 1.1.-30. | 1.1.-30. | 1.1.-30.6 | 1.1.-30.6 |
| | 6.2008 | 6.2007 | .2008 | .2007 |
--------------------------------------------------------------------------------
| € | Group | Group | Parent | Parent |
| | | | company | company |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from operating | | | | |
| activities | | | | |
--------------------------------------------------------------------------------
| Operating income | -689 | -722 | -699 | -718 |
--------------------------------------------------------------------------------
| Adjustments for operating | 109 | 92 | 106 | 111 |
| income | | | | |
--------------------------------------------------------------------------------
| Change in working capital | 2 | 177 | 99 | 197 |
--------------------------------------------------------------------------------
| Income taxes paid | 0 | -2 | 0 | -2 |
--------------------------------------------------------------------------------
| Cash flow from operating | -578 | -455 | -494 | -411 |
| activities | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from investing | | | | |
| operations | | | | |
--------------------------------------------------------------------------------
| Purchase of tangible and | -44 | -513 | -43 | -528 |
| intangible assets | | | | |
--------------------------------------------------------------------------------
| Loans granted | 0 | -6 | 0 | -6 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Loan receivables | 3 | 0 | 3 | 0 |
--------------------------------------------------------------------------------
| Net cash used in investing | -41 | -519 | -40 | -534 |
| activities | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow from financing | | | | |
| activities | | | | |
--------------------------------------------------------------------------------
| Issue | 0 | 0 | 0 | 850 |
--------------------------------------------------------------------------------
| New emission | 0 | 0 | 0 | 72 |
--------------------------------------------------------------------------------
| Change in short-term | -84 | 357 | -163 | -397 |
| liabilities | | | | |
--------------------------------------------------------------------------------
| Change in long-term | 309 | 360 | 309 | 283 |
| liabilities | | | | |
--------------------------------------------------------------------------------
| Proceeds from long-term | 0 | -334 | 0 | -443 |
| liabilities | | | | |
--------------------------------------------------------------------------------
| Cash flow from financing | 225 | 383 | 146 | 365 |
| activities | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Increase (-) or decrease (+) | -395 | -591 | -387 | -580 |
| in cash and equivalents | | | | |
--------------------------------------------------------------------------------
| Cash and equivalents | 498 | 722 | 459 | 700 |
| 31.12.2007 | | | | |
--------------------------------------------------------------------------------
| Cash and euivalents 30.6.2008 | 103 | 131 | 72 | 120 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Change in working capital | -125 | -129 | -108 | -136 |
--------------------------------------------------------------------------------
| Increase (-) or decrease (+) | 130 | 217 | 118 | 182 |
| in trade receivables | | | | |
--------------------------------------------------------------------------------
| Increase (-) or decrease (+) | -3 | 88 | 89 | 151 |
| in inventories | | | | |
--------------------------------------------------------------------------------
| Increase (-) or decrease (+) | 2 | 177 | 99 | 197 |
| in trade payables | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Eirikuva Digital Image Oyj Abp | | | Page 10 (18) |
--------------------------------------------------------------------------------
| VAT-number | | | | | | |
| 2018481-2 | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Notes to the Accounts | 30.6.2008 | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| The company belongs to the Amago Capital | | | |
| -group. | | | |
--------------------------------------------------------------------------------
| Copies of Amago Capitals consolidated financial statements are available in |
| the head office, |
--------------------------------------------------------------------------------
| address Bibliotekstorget 8, 2tr 171 45 Solna, Sweden | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Eirikuva Digital Image Oy Ab was established 2006 and the Company was |
| registered in the |
--------------------------------------------------------------------------------
| company register on 14 February | | | | |
| 2006. | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Notes to the formulation of the financial statement | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| As the reference value of income statement is the value of income statement |
| 1-6/2007 and the |
--------------------------------------------------------------------------------
| value of balance sheet 30.6.2007 and that's why there is no continution |
| between assets. |
--------------------------------------------------------------------------------
| This can be shown for example in shareholders equity. | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Valuation of principles and | | | | |
| methods | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Valutation and depreciation of fixed | | | |
| assets | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Fixed assets are capitalized using their original acquisition price minus |
| planned |
--------------------------------------------------------------------------------
| depreciation. Planned depreciation has been calculated straight-line on |
| basis of |
--------------------------------------------------------------------------------
| the original acquisition cost and the asset´s economic | |
| lifetime, as follows: | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Goodwill | | | | 10 years | | |
--------------------------------------------------------------------------------
| Other capitalized long term | | 3 years | | |
| expenses | | | | |
--------------------------------------------------------------------------------
| Machinery and equipment | | | 5 years | | |
--------------------------------------------------------------------------------
| Other tangible expenses with long-term | 3 years | | |
| effects | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Machinery and equipment with long-term effects under 3 years and low cost |
| purchases has been |
--------------------------------------------------------------------------------
| booked as costs for the period. | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| The goodwill was created year 2006 when Eirikuva Digital Image Oyj Abp |
| bought from Eiri Oy |
--------------------------------------------------------------------------------
| bankrupt's estate machinery and equipments. The Board has considered on that |
| time that amortization |
--------------------------------------------------------------------------------
| period of goodwill will be 10 years. That time has not afterwards been |
| changed or considered again. |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Inventory valuation | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Inventories are valued according to their acquisition price, resale price or |
| probable selling price, |
--------------------------------------------------------------------------------
| whichever is lowest, using the FIFO | | | |
| principle. | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Foreign-currency items | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Receivables and liabilities denominated in foreign currencies have been |
| valued using the exchange |
--------------------------------------------------------------------------------
| rate quoted on the balance sheet | | | | |
| date. | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Eirikuva Digital Image Oyj Abp | | | Page 11 (18) |
--------------------------------------------------------------------------------
| VAT-number | | | | | | |
| 2018481-2 | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Receivables from Group companies | | 2008 | | 2007 |
--------------------------------------------------------------------------------
| Accounts receivables | | | 8 978,96 | | 0,00 |
--------------------------------------------------------------------------------
| Loan | | | | 19 574,54 | | 0,00 |
| receivables | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Receivables from Group companies total | 28 553,50 | | 0,00 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Shareholders Equity | | | | | |
--------------------------------------------------------------------------------
| Share capital | | | | 1 408 | | 8 000,00 |
| 1.1. | | | | 000,00 | | |
--------------------------------------------------------------------------------
| Increase of Share | | | 0,00 | | 72 000,00 |
| capital | | | | | |
--------------------------------------------------------------------------------
| Share capital | | | | 1 408 | | 80 000,00 |
| 30.6. | | | | 000,00 | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other funds | | | | 722 000,00 | | 0,00 |
| 1.1. | | | | | | |
--------------------------------------------------------------------------------
| Increase of shareholders other | | 0,00 | | 850 000,00 |
| funds | | | | |
--------------------------------------------------------------------------------
| Other funds | | | | 722 000,00 | | 850 000,00 |
| 30.6. | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit/Loss from previous years | | -1 451 | | 105,71 |
| 1.1. | | 725,99 | | |
--------------------------------------------------------------------------------
| Profit / Loss for the financial | | -776 | | -759 352,56 |
| year | | 268,41 | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Shareholders Equity | | | -97 994,40 | | 170 753,15 |
| total | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Distributable Equity | | | | | |
--------------------------------------------------------------------------------
| Profit/Loss from previous years | | -1 451 | | 105,71 |
| | | 725,99 | | |
--------------------------------------------------------------------------------
| Profit/Loss ffor the | | | -776 | | -759 352,56 |
| year | | | 268,41 | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Distributable Equity | | | -2 227 | | -759 246,85 |
| | | | 994,40 | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Share types | | | | | | |
--------------------------------------------------------------------------------
| Company has 3.520.000 shares. All shares have one vote | | |
| each. | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Received Capital Loan | | | | | |
--------------------------------------------------------------------------------
| The Company has a capital loan amounted to 110.000,00 | | |
| €. | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Main loan terms, as | | | | | |
| follows: | | | | | |
--------------------------------------------------------------------------------
| 1. The capital loan may, upon dissolution of the company or in bankruptcy of |
| the company, |
--------------------------------------------------------------------------------
| be paid subordinated to all | | | | |
| other debts. | | | | |
--------------------------------------------------------------------------------
| 2. This capital loan can be repaid only with such an amount, that the |
| receiver of the loan after |
--------------------------------------------------------------------------------
| the deducted repayment amount still has full coverage of restricted equity |
| and other |
--------------------------------------------------------------------------------
| non-distributable amounts according to the balance sheet of the latest |
| financial statements |
--------------------------------------------------------------------------------
| approved by the Ordinary Shareholders | | | |
| Meeting. | | | |
--------------------------------------------------------------------------------
| 3. No interest is calculated nor paid for | | | |
| the loan. | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Liabilities from Group companies | | | | |
--------------------------------------------------------------------------------
| Long-term loans | | | | 110 000,00 | | 0,00 |
--------------------------------------------------------------------------------
| Short-term | | | | 17 726,72 | | 199 179,00 |
| loans | | | | | | |
--------------------------------------------------------------------------------
| Accounts | | | | 146 747,44 | | 96 777,68 |
| payable | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Liabilities from Group companies | | 274 474,16 | | 295 956,68 |
| total | | | | |
--------------------------------------------------------------------------------
| Eirikuva Digital Image Oyj Abp | | | Page 12 (18) |
--------------------------------------------------------------------------------
| VAT-number | | | | | | |
| 2018481-2 | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Given securities for own behalf | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Liability | | Loan amount, € | Type of | Security, € |
| | | | guarantee | |
--------------------------------------------------------------------------------
| loans from Financial | 316 779,83 | corporate | | 320 000,00 |
| Institutions | | mortgage | | |
--------------------------------------------------------------------------------
| loans from Financial | 363 180,00 | corporate | | 600 000,00 |
| Institutions | | mortgage | | |
--------------------------------------------------------------------------------
| limit of current | 700 000,00 | corporate | | -"- |
| account | | mortgage | | |
--------------------------------------------------------------------------------
| Total | 1 379 959,83 | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Liability | | Loan amount, € | Type of | Security, € |
| | | | guarantee | |
--------------------------------------------------------------------------------
| instalment loans | 189 000,00 | equipments | 347 600,95 |
| | | purchased by | |
| | | instalment loan, | |
| | | which book value | |
| | | is | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other contingent liabilities for own | | | |
| behalf | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | | | sum of | Type of | Security, € |
| | | | guarantee, € | guarantee | |
--------------------------------------------------------------------------------
| guarantees | 155 000,00 | corporate | | 155 000,00 |
| | | mortgage | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | | | | | | | Liability, € |
--------------------------------------------------------------------------------
| factoring trade receivables | 371 305,64 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Rental liability for the real estate in until February | | € |
| 15, 2009 | | |
--------------------------------------------------------------------------------
| | | | | paid during financial | 103 500,00 |
| | | | | year 2008 | |
--------------------------------------------------------------------------------
| | | | | falling due after | | 25 875,00 |
| | | | | Dec. 31, 2008 | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Leasing | | | | | | |
| liabilities | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Amount paid regarding leasing agreements: | | | € |
--------------------------------------------------------------------------------
| | | | | paid during financial | 74 915,72 |
| | | | | year 2008 | |
--------------------------------------------------------------------------------
| | | | | falling due after | | 142 947,56 |
| | | | | Dec. 31, 2008 | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Agreements could be denounced in the middle of the leaseperiods by paying |
| rest of the lease amounts. |
--------------------------------------------------------------------------------
| Leased equipments could be paid back after the leaseperiod separately agreed |
| terms. |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Personnel | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| The average amount of the personnel in 2008 was 54 and | | |
| in 2007 71. | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Eirikuva Digital Image Oyj | | | | | Page 13 |
| Abp | | | | | (18) |
--------------------------------------------------------------------------------
| VAT-number | | | | | | |
| 2018481-2 | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Non-current assets | Intangible | | | | |
| | assets | | | | |
--------------------------------------------------------------------------------
| | Goodwil | Other | Total | | | |
| | l | expens | | | | |
| | | es | | | | |
| | | with | | | | |
| | | long-t | | | | |
| | | erm | | | | |
| | | effect | | | | |
| | | s | | | | |
--------------------------------------------------------------------------------
| Acquisition cost | 226 | 43 | 269 | | | |
| 1.1.2008 | 360,00 | 071,00 | 431,00 | | | |
--------------------------------------------------------------------------------
| Additions | 0,00 | 29 | 29 | | | |
| | | 103,62 | 103,62 | | | |
--------------------------------------------------------------------------------
| Deductions | 0,00 | 0,00 | 0,00 | | | |
--------------------------------------------------------------------------------
| Acquisition cost | 226 | 72 | 298 | | | |
| 30.6.2008 | 360,00 | 174,62 | 534,62 | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Accumulated | -42 | -6 | -48 | | | |
| depreciations | 442,43 | 335,43 | 777,86 | | | |
| 1.1.2008 | | | | | | |
--------------------------------------------------------------------------------
| Depreciations of | -11 | -9 | -20 | | | |
| financial period | 317,98 | 538,08 | 856,06 | | | |
--------------------------------------------------------------------------------
| Accumulated | -53 | -15 | -69 | | | |
| depreciations | 760,41 | 873,51 | 633,92 | | | |
| 30.6.2008 | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Book value | 172 | 56 | 228 | | | |
| 30.6.2008 | 599,59 | 301,11 | 900,70 | | | |
--------------------------------------------------------------------------------
| Book value | 183 | 36 | 220 | | | |
| 31.12.2007 | 917,57 | 735,57 | 653,14 | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Intangible | | | | |
| | assets total | | | | |
--------------------------------------------------------------------------------
| | 30.6.20 | 228 | | | | |
| | 08 | 900,70 | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Tangible assets | | | | |
--------------------------------------------------------------------------------
| | Machine | Photok | Other | Advanc | Investm | Total |
| | ry and | iosk | expens | e | ents | |
| | equipme | | es | paymen | | |
| | nts | | with | ts | | |
| | | | long-t | | | |
| | | | erm | | | |
| | | | effect | | | |
| | | | s | | | |
--------------------------------------------------------------------------------
| Acquisition cost | 1 338 | 431 | 9 | 7 | 18 | 1 805 |
| 1.1.2008 | 538,22 | 018,40 | 981,96 | 000,00 | 773,63 | 312,21 |
--------------------------------------------------------------------------------
| Additions | 4 | 2 | 0,00 | 11 | 0,00 | 18 |
| | 461,19 | 535,95 | | 002,93 | | 000,07 |
--------------------------------------------------------------------------------
| Deductions | 0,00 | 0,00 | 0,00 | -4 | 0,00 | -4 |
| | | | | 461,19 | | 461,19 |
--------------------------------------------------------------------------------
| Acquisition cost | 1 342 | 433 | 9 | 13 | 18 | 1 818 |
| 30.6.2008 | 999,41 | 554,35 | 981,96 | 541,74 | 773,63 | 851,09 |
--------------------------------------------------------------------------------
| | | | | | | 0,00 |
--------------------------------------------------------------------------------
| Accumulated | -358 | -85 | -3 | | | -448 |
| depreciations | 461,10 | 940,05 | 874,26 | | | 275,41 |
| 1.1.2008 | | | | | | |
--------------------------------------------------------------------------------
| Depreciations of | -117 | -42 | -1 | | | -162 |
| financial period | 845,66 | 621,12 | 659,09 | | | 125,87 |
--------------------------------------------------------------------------------
| Accumulated | -476 | -128 | -5 | | | -610 |
| depreciations | 306,76 | 561,17 | 533,35 | | | 401,28 |
| 30.6.2008 | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Book value | 866 | 304 | 4 | 13 | 18 | 1 208 |
| 30.6.2008 | 692,65 | 993,18 | 448,61 | 541,74 | 773,63 | 449,81 |
--------------------------------------------------------------------------------
| Book value | 980 | 345 | 6 | 7 | 18 | 1 357 |
| 31.12.2007 | 077,12 | 078,35 | 107,70 | 000,00 | 773,63 | 036,80 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Tangible assets | | Investments | |
| | total | | total | |
--------------------------------------------------------------------------------
| | 30.6.20 | 1 189 | | 30.6.2 | | 18 |
| | 08 | 676,18 | | 008 | | 773,63 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | | | | Eiri Kehys Oy Ab | 8 |
| | | | | | 014,58 |
--------------------------------------------------------------------------------
| | | | | Eirikuva Nordic | 10 |
| | | | | Ab | 759,05 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Eirikuva Digital Image Oyj Abp | Group | | Page 14 |
| | | | (18) |
--------------------------------------------------------------------------------
| VAT-number | | | | | | |
| 2018481-2 | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Notes to the Accounts | 30.6.2008 | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| The Group consists parent company Eirikuva Digital Image Oyj Abp and it's |
| 100 % owned |
--------------------------------------------------------------------------------
| subsidiary companies Eiri Kehys Oy Ab and Eirikuva Nordic | | |
| Ab (Sweden). | | |
--------------------------------------------------------------------------------
| Consolidation has been prepared in accordance with the Finnish Financial |
| Reporting |
--------------------------------------------------------------------------------
| Standards. Foreign daughter companys balance sheet has ben | |
| adjusted according | |
--------------------------------------------------------------------------------
| to the Finnish law regulations. | | | | |
--------------------------------------------------------------------------------
| Consolidation has been prepared according acquisition cost method. All |
| intra-corporate |
--------------------------------------------------------------------------------
| transactions, receivables and liabilities has been eliminated. There are no |
| minority interests. |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Notes to the formulation of the financial | | | |
| statement | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Valuation of principles and methods | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Valutation and depreciation of fixed assets | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Fixed assets are capitalized using their original acquisition | |
| price minus planned | |
--------------------------------------------------------------------------------
| depreciation. Planned depreciation has been calculated | |
| straight-line on basis of | |
--------------------------------------------------------------------------------
| the original acquisition cost and the asset´s economic | | |
| lifetime, as follows: | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Goodwill | | | | 10 years | | |
--------------------------------------------------------------------------------
| Other capitalized long term | | 3 years | | |
| expenses | | | | |
--------------------------------------------------------------------------------
| Machinery and equipment | | | 5 years | | |
--------------------------------------------------------------------------------
| Other tangible expenses with long-term | 3 years | | |
| effects | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Machinery and equipment with long-term effects under 3 years has been booked |
| as costs for |
--------------------------------------------------------------------------------
| the period. | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| The goodwill created year 2006 when Eirikuva Digital Image Oyj Abp bought |
| from Eiri Oy |
--------------------------------------------------------------------------------
| bankrupt's estate machinery and equipments. The board has considered on |
| that time that amortization |
--------------------------------------------------------------------------------
| period of goodwill will be 10 years. That time has not afterwards beeb |
| changed or considered again. |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Inventory valuation | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Inventories are valued according to their acquisition price, resale price or |
| probable selling price, |
--------------------------------------------------------------------------------
| whichever is lowest, using the FIFO | | | |
| principle. | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Foreign-currency items | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Receivables and liabilities denominated in foreign currencies have been |
| valued using the exchange |
--------------------------------------------------------------------------------
| rate quoted on the balance sheet | | | | |
| date. | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Eirikuva Digital Image Oyj Abp | Group | | Page 15 |
| | | | (18) |
--------------------------------------------------------------------------------
| VAT-number | | | | | | |
| 2018481-2 | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | | | | | 30.6.2008 | | 2.7.2008 |
--------------------------------------------------------------------------------
| Receivables from Group companies | | € | | € |
--------------------------------------------------------------------------------
| Accounts receivables | | | 8 854,95 | | 3 307,66 |
--------------------------------------------------------------------------------
| Loan receivables | | | | 0,00 | | 0,00 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Receivables from Group companies total | 8 854,95 | | 3 307,66 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Shareholders Equity | | | | | |
--------------------------------------------------------------------------------
| Share capital | | | | 1 408 | | 8 000,00 |
| 1.1. | | | | 000,00 | | |
--------------------------------------------------------------------------------
| Increase of Share capital | | | 0,00 | | 72 |
| | | | | | 000,00 |
--------------------------------------------------------------------------------
| Share capital | | | | 1 408 | | 80 |
| 30.6. | | | | 000,00 | | 000,00 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other funds 1.1. | | | | 722 000,00 | | 0,00 |
--------------------------------------------------------------------------------
| Increase of shareholders other | | 0,00 | | 850 |
| funds | | | | 000,00 |
--------------------------------------------------------------------------------
| Other funds 30.6. | | | | 722 000,00 | | 850 |
| | | | | | | 000,00 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit/Loss from previous years | | -1 452 | | 105,71 |
| 1.1. | | 061,46 | | |
--------------------------------------------------------------------------------
| Profit / Loss for the financial | | -772 026,45 | | -765 |
| year | | | | 900,25 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Shareholders Equity total | | | -94 087,91 | | 164 |
| | | | | | 205,46 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Distributable Equity | | | | | |
--------------------------------------------------------------------------------
| Profit/Loss from previous years | | -1 452 | | 105,71 |
| | | 061,46 | | |
--------------------------------------------------------------------------------
| Profit/Loss for the | | | -772 026,45 | | -765 |
| financial | | | | | 900,25 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Distributable Equity | | | -2 224 | | -765 |
| | | | 087,91 | | 794,54 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Share types | | | | | | |
--------------------------------------------------------------------------------
| Company has 3.520.000 shares. All shares have one vote | | |
| each. | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Received Capital Loan | | | | | |
--------------------------------------------------------------------------------
| The Company has a capital loan amounted to 129.492,51 €. | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Main loan terms, as | | | | | |
| follows: | | | | | |
--------------------------------------------------------------------------------
| 1. The capital loan may, upon dissolution of the company or in bankruptcy of |
| the company, |
--------------------------------------------------------------------------------
| be paid subordinated to all other | | | | |
| debts. | | | | |
--------------------------------------------------------------------------------
| 2. This capital loan can be repaid only with such an amount, that the |
| receiver of the loan after |
--------------------------------------------------------------------------------
| the deducted repayment amount still has full coverage of restricted equity |
| and other |
--------------------------------------------------------------------------------
| non-distributable amounts according to the balance sheet of the latest |
| financial statements |
--------------------------------------------------------------------------------
| approved by the Ordinary Shareholders | | | |
| Meeting. | | | |
--------------------------------------------------------------------------------
| 3. No interest is calculated nor paid for the | | | |
| loan. | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Liabilities from Group companies | | | | |
--------------------------------------------------------------------------------
| Long-term loans | | | | 172 636,04 | | 63 |
| | | | | | | 496,35 |
--------------------------------------------------------------------------------
| Short-term loans | | | | 61 635,38 | | 242 |
| | | | | | | 689,01 |
--------------------------------------------------------------------------------
| Accounts payable | | | | 13 591,98 | | 28 |
| | | | | | | 360,74 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Liabilities from Group companies | | 247 863,40 | | 334 |
| total | | | | 546,10 |
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| Eirikuva Digital Image Oyj Abp | Group | | Page 16 |
| | | | (18) |
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| VAT-number | | | | | | |
| 2018481-2 | | | | | | |
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| Given securities for own behalf | | | | |
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| Liability | | Loan amount, € | Type of guarantee | Security |
| | | | | , € |
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| loans from Financial | 316 779,83 | corporate | | 320 |
| Institutions | | mortgage | | 000,00 |
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| loans from Financial | 363 180,00 | corporate | | 600 |
| Institutions | | mortgage | | 000,00 |
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| limit of current account | 800 000,00 | corporate | | 700 |
| | | mortgage | | 000,00 |
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| Total | 1 479 959,83 | | | |
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| Liability | | Loan amount, € | Type of guarantee | Security |
| | | | | , € |
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| instalment loans | 189 000,00 | equipments | 347 |
| | | purchased by | 600,95 |
| | | instalment loan, | |
| | | which book value | |
| | | is | |
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| Other contingent liabilities for own behalf | | | |
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| | | | sum of | Type of guarantee | Security |
| | | | guarantee, € | | , € |
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| guarantees | 155 000,00 | corporate | | 155 |
| | | mortgage | | 000,00 |
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| | | | | | | | Liabilit |
| | | | | | | | y, € |
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| factoring trade receivables | 371 |
| | 305,64 |
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| Rental liability for the real estate in until | | | € |
| February 15, 2009 | | | |
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| | | | | paid during financial | | 116 |
| | | | | year 2008 | | 100,00 |
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| | | | | falling due after | | 29 |
| | | | | Dec. 31, 2008 | | 025,00 |
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| Leasing | | | | | | |
| liabilities | | | | | | |
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| Amount paid regarding leasing agreements: | | | € |
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| | | | | paid during financial | | 74 |
| | | | | year 2008 | | 915,72 |
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| | | | | falling due after | | 142 |
| | | | | Dec. 31, 2008 | | 947,56 |
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| Agreements could be denounced in the middle of the leaseperiods by paying |
| rest of the lease amounts. |
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| Leased equipments could be paid back after the leaseperiod separately agreed |
| terms. |
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| Personnel | | | | | | |
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| The average amount of the personnel in 2008 was 61 and in | | |
| 2007 79. | | |
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CERTIFIED ADVISER
Privanet Pankkiiriliike
Tuomas Siltala
Managing Director
tel.+358 50 560 878
