Westend ICT Plc Stock Exchange Release October 21, 2010, at 9:10 Finnish time
WESTEND ICT INTERIM REPORT 1 JANUARY-30 SEPTEMBER 2010 (IFRS)
- Net sales EUR 3.22 million (EUR 3.02 million)
- Operating result EUR 0.25 million (EUR 0.24 million)
- Result before taxes EUR 0.12 million (EUR 0.16 million)
- Equity ratio 63.3% (-135.8%), shareholders' equity/share EUR 0.005 (EUR
-0.003)
- Earnings per share EUR 0.0008 (EUR 0.0012)
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 has one segment and it has
business operations only in Finland.
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.
NET SALES
The Westend ICT group's net sales for the review period were EUR 3.22 million
(EUR 3.02 million).
RESULT DEVELOPMENT
The Westend ICT group's operating result for the review period was EUR 0.25
million (EUR 0.24 million). The result for the review period was EUR 0.12
million (EUR 0.16 million).
The costs for employment benefits on the review period were EUR 1.98 million
(EUR 1.76 million), which equals to 62% of the net sales (58%).
Other operating income for the financial period consists of a one-time sales
profit of EUR 0.32 million registered for the sales of Group Business Software
AG shares.
The financing costs of the review period include an interest cost of EUR 74
thousand for a convertible loan (IAS 32).
THE NET SALES AND RESULT DEVELOPMENT OF THE SUBSIDIARY
Documenta Oy
Documenta Oy's net sales for the review period 1 January-30 September 2010 were
EUR 3.23 million (EUR 3.07 million). The operating result was EUR 0.37 million
(EUR 0.39 million), which is 11.6% of the net sales.
Documenta Oy is a provider of electronic workflow and document management,
quality management and work process intensification solutions. The company
offers software, maintenance, operation service and integration solutions for
companies and public administration. In addition to its own products, Documenta
represents in Finland the Software Innovation ASA workflow and document
management solutions and the Gedys Intraware GmbH solutions for email archiving
and customer relationship management. The CEO of the company is Asko Ojanen.
SIGNIFICANT EVENTS IN THE REVIEW PERIOD
The Annual General Meeting of Westend ICT Plc on 24 March 2010 resolved to adopt
the accounts of Westend ICT Plc for the accounting period of 1 January-31
December 2009. It also granted the members of the Board of Directors and the
Chief Executive Officer discharge from liability for the accounting period. The
company's profit for the financial period is to be booked against retained
earnings. 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. No deputy
members were selected for 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 authorised by
the Central Chamber of Commerce, with Juha Nenonen (CA) as the main responsible
auditor, was elected as the auditor for the company.
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 and changed by the Annual General Meeting on 18 June 2009 (registered on 17
July 2009) will be changed so that the loan period is to be extended until 31
December 2011 and that when the loan is converted, the entire subscription price
will be booked to the reserve for invested unrestricted equity.
Additionally, the Annual General Meeting authorised the Board of Directors to
negotiate with the subscribers of the loan and agree on changing the terms of
the loan to improve the capital and financing situation of the company.
On 9 April 2010, the company announced that Westend ICT Plc has agreed on
financing arrangements (later referred to as "Arrangement") with its main
owners, Tuomo Tilman and Jyrki Salminen, and that these arrangements will
significantly improve the company's financial position. The Arrangement consists
of four separate judicial actions: (i) Loan instalment, (ii) sale of shares,
(iii) converting convertible loans into shares in the company, and (iv) a
directed issue. The Extraordinary General Meeting on 4 May 2010 accepted the
Arrangement.
Primary contents of the Arrangement:
(i) Loan instalment; the company will pay a total of EUR 501,686.20 in loan
instalments;
(ii) Sale of shares; the company will sell 1,999,357 of Group Business Software
AG's shares in its possession for a total price of EUR 1,199,614.20;
(iii) Conversion of convertible loans; EUR 2,356,000 of the company's
convertible loans will be converted into 15,078,400 of the company's new shares,
and
(iv) A directed issue; the company will hold a directed issue where a total of
32,000,000 new shares will be offered for subscription for a total subscription
price of EUR 1,600,000.00.
A more detailed description of the Arrangement can be found in the company's
notice of an Extraordinary General Meeting released on 9 April 2010.
Effects of the Arrangement on the company:
Effect on the balance sheet
The Arrangement will fix the company's equity into positive. The company's
equity will be directly strengthened by EUR 3,956,000.00 and by EUR 319,897.12
through sales profit from the Group Business Software AG shares via returns,
i.e. by a total of EUR 4,275,897.12 compared to the approved financial statement
of 31 December 2009. The company's (parent company) equity will rise to EUR
3,122,635.12. The equity will cover the company's share capital of EUR
2,569,853.92. The company will have the prerequisites for removing the entry
about the loss of share capital from the Trade Register. The register entry
concerning loss of share capital was removed on 26 May 2010.
Effect on returns
From selling the Group Business Software AG shares, the company will mark a
one-time sales profit of EUR 319,897.12 to be marked under other business
profits in the returns for Q2/2010.
The sales price for the shares and the subscription price for the share issue
will be set off against receivables from the company. After this, the company
will be free from debt; the company has no outstanding loans with interest or
otherwise. The removal of financing costs will have a positive effect of
approximately EUR 140,000 on the company's 2010 returns compared to the year
2009.
Effect on funds
In total, the Arrangement will reduce the company's funds by approximately EUR
360,000 in 2010. The effect on funds is comprised of the margin between the EUR
500,000 loan instalment and the EUR 140,000 reduction in financing costs.
Effect on the company ownership
As a part of the Arrangement, the company will issue a total of 47,078,400 new
shares based on the conversion of convertible loans and a directed issue,
bringing the total number of the company's shares to 175,571,096. After the
Arrangement, the share of Tuomo Tilman and his authorised company in the company
will be approximately 32.88% and Jyrki Salminen's share will be approximately
31.30%.
In ruling number 3/214/2010, issued on 9 April 2010, the Financial Supervisory
Authority has granted Tuomo Tilman and Jyrki Salminen exceptions from the offer
brief defined in Chapter 6, Section 10 of the Securities Markets Act, allowing
Tilman's and Salminen's ownership shares of all company share votes to exceed
3/10 without an offer brief for all other shares of the company. The conditions
for the ruling to remain valid are that (i) the applicants will not act together
as described by the Chapter 6, Section 10 of the Securities Markets Act in order
to gain control of Westend ICT Plc and (ii) that the applicants will not acquire
or subscribe to any more Westend ICT Plc shares or in other ways increase their
share of votes in Westend ICT Plc.
Effect on the company's business activities
The Arrangement will create a basis for developing the company's business
activities and the opportunity to take part in mergers.
The company announced on 4 May 2010 that the Extraordinary General Meeting of
Westend ICT Plc had made the following decisions:
1. Accepted the financing
arrangement agreement signed by the company and Tuomo Tilman on 9 April 2010;
2. Accepted the financing arrangement agreement signed by the company and
Jyrki Salminen on 9 April 2010; and
3. Decided on the share issue directed to
Tuomo Tilman and Jyrki Salminen.
The company announced on 18 May 2010 that the new Westend ICT Plc shares,
accepted by the Extraordinary General Meeting on 4 May 2010 and consisting of
15,078,400 shares issued on the basis of converting the convertible loans and
32,000,000 shares issued in the directed issue in accordance with the financing
arrangement agreements, had been registered in the Trade Register on 18 May
2010.
The new shares entitle to the shareowner rights as of the registration date.
After the registration of the new shares, the number of shares in Westend ICT
Plc is 175,571,096.
The company announced on 26 May 2010 that the register entry on the loss of
parent company's share capital (registered on 20 September 2006) had been
removed from the Trade Register.
The company announced on 17 June 2010 that the Extraordinary General Meeting of
Westend ICT Plc had made the following decisions:
1. Accepted the covering of
losses with unrestricted equity in such a way that the loss of EUR 5,723,116.11
from previous financial periods, as shown by the approved financial statement of
31 December 2009, be covered with EUR 3,956,000.00 from the invested
unrestricted equity reserve.
2. Accepted lowering of the share capital to
cover losses in such a way that the company's share capital of EUR 2,569,853.92
is to be lowered by EUR 1,767,116.11 to cover losses from previous financial
periods. After lowering the share capital, the company's new share capital will
be EUR 802,737.81.
3. Accepted lowering the share capital of EUR 802,737.81 by
EUR 702,737.91 by transferring the funds to the unrestricted equity reserve.
After lowering the share capital, the company's new share capital will be EUR
100,000.00.
The company announced on 8 July 2010 that Westend ICT Plc will publish the
prospectus approved on 8 July 2010 by the Finnish Financial Supervisory
Authority concerning the convertible loans and the directed issue which was
decided by the Extraordinary General Meeting on 4 May 2010. The new shares
consisting of 32,000,000 shares issued in the directed issue and 15,078,400
shares issued on the basis of converting the convertible loans have been
registered in the Trade Register on 18 May 2010.
The sole reason for preparing the prospectus was to enable the company to apply
for the admission of the shares that were subscribed for in the issue to public
trading. The prospectus does not constitute an offer or solicitation to purchase
or subscribe for the company's shares.
A Finnish language version of the prospectus is available on the company's
websites at westendict.fi and westendict.com. The prospectus is not available in
printed format, but a printout may be obtained from the company's headquarters.
Trading with the new shares started on 15 July 2010.
The company announced on 22 July 2010 that the lowering of the share capital to
cover losses, decided by the Extraordinary General Meeting on 17 June 2010, had
been registered in the Trade Register. The new share capital after lowering is
EUR 802,736.81.
THE CURRENT AUTHORISATIONS OF THE BOARD OF DIRECTORS
The Annual General Meeting on 18 June 2009 authorised the Board of Directors to
grant new shares against payment or a receivable from the company 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 or a receivable from the company. The amount of new
shares issued by the company and new shares subscribed on the basis of special
rights can be 60,000,000 at the maximum.
The authorisation 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 shall require a weighty financial reason on the part of the
company, such as managing the company's capital, 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 authorisation,
the Board of Directors shall have 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 authorisation shall be valid until 31 December 2012. The authorisation
has not been used so far.
FINANCING AND INVESTMENTS
The Westend ICT group's cash funds at the end of the review period were EUR 0.44
million (EUR 0.88 million). The group has a credit limit of EUR 300,000, which
has not been used. The equity ratio of the group was 63.3% (-135.8%).
The Westend ICT group's sales receivables at the end of the review period were
EUR 0.32 million (EUR 0.32 million).
On the review period, the group's gross investments totalled EUR 84 thousand
(EUR 75 thousand), which equals to 2.6% (2.5%) 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 does not contain activated, undepreciated product
development costs.
PERSONNEL
At the end of the review period, the group had 41 (38) employees. The group
employed an average of 41 (38) persons during the review period.
MANAGEMENT, BOARD OF DIRECTORS, AND AUDITORS OF THE COMPANY
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) as the principal accountant.
SHARES, SHARE CAPITAL, AND SHAREHOLDERS
Westend ICT Plc's share capital on 30 September 2010 was EUR 802,737.81, and the
total number of shares was 175,571,096. Shareholders' equity/share was EUR
0.005.
The company has applied for a public notice from the Trade Register (registered
on 23 July 2010) concerning the decision of lowering the share capital made by
the General Meeting on 17 June 2010. The amount the share capital was lowered is
EUR 702,737.81 and the share capital after the lowering is EUR 100,000.00. The
lowering will be registered in the Trade Register around November 2010.
At the end of the review period, the company had 12,856 shareholders.
THE SHARE HOLDING AND WARRANTS OF THE BOARD OF DIRECTORS AND THE MANAGEMENT
On 30 September 2010, the permanent members of the Westend ICT's Board of
Directors and the CEO owned a total of 7,000 company shares, that is, 0.004
percent of the company's share capital and votes. They do not have any
warrants.
The company does not have existing warrant programs.
The company complies to and adapts the Guidelines for Insiders drawn up by
NASDAQ OMX Helsinki Oy.
NEAR-TERM OUTLOOK
The goal for 2010 is to increase the company's net sales and to achieve a
positive operating result on an annual level.
The financial statement of Westend ICT Plc for 2010 will be published on 10
February 2011.
Espoo, 21 October 2010
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:
NASDAQ OMX 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.
The interim report has been drawn up in accordance with the registration and
assessment principles of the IFRS standards and the same calculation principles
have been used as for the financial report of 2009, but the IAS 34 Interim
financial reporting standard has not been observed.
As of 1 January 2010, the group has implemented the following new IFRS
standards:
IFRS 3 Business combinations and IAS 27 Consolidated and separate financial
statements. However, these did not have an effect during the review period.
The principles and formulas for calculating the key figures have not been
changed and they have been presented in the financial report 2009.
--------------------------------------------------------------------------------
| CONSOLIDATED PROFIT & LOSS | | | |
| STATEMENT | | | |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| (EUR thousand) | | | |
--------------------------------------------------------------------------------
| | 1.1.- | 1.1.- | 1.1.- |
| | 30.9.2010 | 30.9.2009 | 31.12.2009 |
--------------------------------------------------------------------------------
| | 9 months | 9 months | 12 months |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales | 3 224 | 3 019 | 4 330 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Change in work in | 12 | 13 | 13 |
| progress,inc(+),dec(-) | | | |
--------------------------------------------------------------------------------
| Other operating income | 320 | 130 | 390 |
--------------------------------------------------------------------------------
| Materials and services | 377 | 370 | 503 |
--------------------------------------------------------------------------------
| Employee benefits expenses | 1 983 | 1 759 | 2 541 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Depreciations | | | |
--------------------------------------------------------------------------------
| Depreciations according to plan | 76 | 110 | 219 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Rents | 149 | 138 | 168 |
--------------------------------------------------------------------------------
| Marketing expenses | 89 | 70 | 103 |
--------------------------------------------------------------------------------
| Other operating expenses | 633 | 474 | 752 |
--------------------------------------------------------------------------------
| Operating profit/loss | 249 | 241 | 447 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Financial income and expenses | | | |
--------------------------------------------------------------------------------
| Interest income and other | 11 | 218 | 122 |
| financial income | | | |
--------------------------------------------------------------------------------
| Interest expenses and other | -145 | -301 | -361 |
| financial expenses | | | |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Profit/loss for the period | 115 | 158 | 208 |
--------------------------------------------------------------------------------
| Total comprehensive income | 115 | 158 | 208 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Total comprehensive income | | | |
| distributable | | | |
--------------------------------------------------------------------------------
| to equity holders of the parent | 115 | 158 | 208 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Earnings per share calculated on | | | |
| profit/loss | | | |
--------------------------------------------------------------------------------
| attributable to equity holders of | | | |
| the parent | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share (undiluted), | 0,0008 | 0,0012 | 0,0016 |
| EUR | | | |
--------------------------------------------------------------------------------
| Earnings per share (diluted), EUR | 0,0008 | 0,0012 | 0,0016 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CONSOLIDATED PROFIT & LOSS STATEMENT BY | | | |
| QUARTER | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| (EUR thousand) | 1.1.- | 1.4.- | 1.7.- | 1.1.- |
--------------------------------------------------------------------------------
| | 31.3.20 | 30.6.201 | 30.9.201 | 30.9.2010 |
| | 10 | 0 | 0 | |
--------------------------------------------------------------------------------
| | | | | Total |
--------------------------------------------------------------------------------
| | 3 | 3 months | 3 months | 9 months |
| | months | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales | 1 188 | 1 177 | 859 | 3 224 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Change in work in | 14 | -12 | 10 | 12 |
| progress,inc(+),dec(-) | | | | |
--------------------------------------------------------------------------------
| Other operating income | 0 | 320 | 0 | 320 |
--------------------------------------------------------------------------------
| Materials and services | 227 | 94 | 56 | 377 |
--------------------------------------------------------------------------------
| Employee benefits expenses | 726 | 771 | 486 | 1 983 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Depreciations | | | | |
--------------------------------------------------------------------------------
| Depreciations according to plan | 26 | 26 | 24 | 76 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Rents | 26 | 68 | 55 | 149 |
--------------------------------------------------------------------------------
| Marketing expenses | 16 | 49 | 24 | 89 |
--------------------------------------------------------------------------------
| Other operating expenses | 252 | 182 | 199 | 633 |
--------------------------------------------------------------------------------
| Operating profit/loss | -71 | 295 | 25 | 249 |
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| | | | | |
--------------------------------------------------------------------------------
| Financial income and expenses | | | | |
--------------------------------------------------------------------------------
| Interest income and other | 4 | 2 | 5 | 11 |
| financial income | | | | |
--------------------------------------------------------------------------------
| Interest expenses and other | -107 | -36 | -2 | -145 |
| financial expenses | | | | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Profit/loss for the period | -174 | 261 | 28 | 115 |
--------------------------------------------------------------------------------
| Total comprehensive income | -174 | 261 | 28 | 115 |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| Total comprehensive income | -174 | 261 | 28 | 115 |
| distributable | | | | |
--------------------------------------------------------------------------------
| to equity holders of the parent | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CONSOLIDATED BALANCE SHEET | | | |
--------------------------------------------------------------------------------
| (EUR thousand) | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| ASSETS | 30.9.2010 | 30.9.2009 | 31.12.2009 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| NON-CURRENT ASSETS | | | |
--------------------------------------------------------------------------------
| Intangible assets | | | |
--------------------------------------------------------------------------------
| Intangible rights | 23 | 104 | 21 |
--------------------------------------------------------------------------------
| Tangible assets | 171 | 121 | 165 |
--------------------------------------------------------------------------------
| Other capitalized expenditure | 27 | 1 002 | 905 |
--------------------------------------------------------------------------------
| Non-current assets total | 221 | 1 227 | 1 091 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CURRENT ASSETS | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Work in progress | 25 | 13 | 13 |
--------------------------------------------------------------------------------
| Trade receivables | 324 | 321 | 1 765 |
--------------------------------------------------------------------------------
| Other current assets | 132 | 93 | 191 |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 443 | 875 | 606 |
--------------------------------------------------------------------------------
| Current assets total | 924 | 1 302 | 2 575 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL ASSETS | 1 145 | 2 529 | 3 666 |
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| | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| SHAREHOLDERS' EQUITY AND LIABILITIES | 30.9.2010 | 30.9.2009 | 31.12.2009 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity attributable to equity | | | |
| holders | | | |
--------------------------------------------------------------------------------
| of the parent | | | |
--------------------------------------------------------------------------------
| Share capital | 803 | 2 570 | 2 570 |
--------------------------------------------------------------------------------
| Retained earnings | -193 | -6 124 | -6 124 |
--------------------------------------------------------------------------------
| Profit/loss for the period | 115 | 158 | 208 |
--------------------------------------------------------------------------------
| TOTAL SHAREHOLDERS' EQUITY | 725 | -3 396 | -3 346 |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| Long-term liabilities | | | |
--------------------------------------------------------------------------------
| Convertible loans | 0 | 1 600 | 0 |
--------------------------------------------------------------------------------
| Interest-bearing liabilities | 0 | 3 957 | 1 600 |
--------------------------------------------------------------------------------
| Long-term liabilities total | 0 | 5 557 | 1 600 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Current liabilities | | | |
--------------------------------------------------------------------------------
| Convertible loans | 0 | 0 | 3 983 |
--------------------------------------------------------------------------------
| Interest-bearing liabilities | 70 | 24 | 12 |
--------------------------------------------------------------------------------
| Trade payables | 74 | 82 | 100 |
--------------------------------------------------------------------------------
| Other current liabilities | 113 | 114 | 381 |
--------------------------------------------------------------------------------
| Accrued liabilities | 163 | 148 | 936 |
--------------------------------------------------------------------------------
| Current liabilities total | 420 | 368 | 5 412 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| TOTAL SHAREHOLDERS' EQUITY AND | 1 145 | 2 529 | 3 666 |
| LIABILITIES | | | |
--------------------------------------------------------------------------------
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| CONSOLIDATED CASH FLOW STATEMENT | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| (EUR thousand) | 1.1.-30.9.2 | 1.1.-30.9.20 | 1.1.- |
| | 010 | 09 | 31.12.2009 |
--------------------------------------------------------------------------------
| | 9 months | 9 months | 12 months |
--------------------------------------------------------------------------------
| Cash flow from operating | | | |
| activities | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Operating profit/loss | 249 | 241 | 447 |
--------------------------------------------------------------------------------
| Amendments: | | | |
--------------------------------------------------------------------------------
| Operations with no cash impact | -320 | 0 | 0 |
--------------------------------------------------------------------------------
| Depreciations | 76 | 110 | 219 |
--------------------------------------------------------------------------------
| Change in working capital: | | | |
--------------------------------------------------------------------------------
| Change in trade and other | 1 500 | 1 096 | -446 |
| receivables | | | |
--------------------------------------------------------------------------------
| Change in trade and other | -1 067 | -1 220 | -146 |
| payables | | | |
--------------------------------------------------------------------------------
| Chnage in work in progress | -12 | -13 | -13 |
--------------------------------------------------------------------------------
| Interests received | 8 | 15 | 16 |
--------------------------------------------------------------------------------
| Interests paid | -71 | -301 | -191 |
--------------------------------------------------------------------------------
| Cash flow from operating | 363 | -72 | -114 |
| activities total | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow/investments | | | |
--------------------------------------------------------------------------------
| Investments in intangible and | -84 | -75 | -145 |
| tangible assets | | | |
--------------------------------------------------------------------------------
| Cash flow/investments total | -84 | -75 | -145 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Cash flow/financing | | | |
--------------------------------------------------------------------------------
| Repayment of loans | -500 | -317 | -474 |
--------------------------------------------------------------------------------
| Increase of loans | 58 | 0 | 0 |
--------------------------------------------------------------------------------
| Cash flow/financing total | -442 | -317 | -474 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Change in liquid funds | -163 | -464 | -733 |
--------------------------------------------------------------------------------
| according to the cash flow | | | |
| statement | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Change in liquid funds | -163 | -464 | -733 |
--------------------------------------------------------------------------------
| Liquid funds opening balance | 606 | 1 339 | 1 339 |
--------------------------------------------------------------------------------
| Liquid funds closing balance | 443 | 875 | 606 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| KEY FIGURES | | | |
--------------------------------------------------------------------------------
| | 1.1.-30.9.20 | 1.1.-30.9.20 | 1.1.-31.12.2 |
| | 10 | 09 | 009 |
--------------------------------------------------------------------------------
| | 9 months | 9 months | 12 months |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales, EUR million | 3,22 | 3,02 | 4,33 |
--------------------------------------------------------------------------------
| Operating profit/loss, EUR | 0,25 | 0,24 | 0,45 |
| million | | | |
--------------------------------------------------------------------------------
| % of net sales | 7,7% | 8,0% | 10,3 % |
--------------------------------------------------------------------------------
| Cash flow from operations, EUR | 0,36 | -0,07 | -0,11 |
| million | | | |
--------------------------------------------------------------------------------
| Return on equity, % 1) | -11,7 % | -6,1 % | -6,0 % |
--------------------------------------------------------------------------------
| Return on investment, % 1) | 22,8 % | 27,0 % | 24,8 % |
--------------------------------------------------------------------------------
| Interest bearing net debt, EUR | -0,4 | 4,7 | 5,0 |
| million | | | |
--------------------------------------------------------------------------------
| Net debt to equity (Net | -51,4 % | -138,6 % | -149,1 % |
| Gearing), % | | | |
--------------------------------------------------------------------------------
| Equity ratio, % | 63,3 % | -135,8 % | -95,1 % |
--------------------------------------------------------------------------------
| Gross investments | 0,08 | 0,08 | 0,15 |
--------------------------------------------------------------------------------
| % of net sales | 2,6 % | 2,5 % | 3,3 % |
--------------------------------------------------------------------------------
| Personnel at the end of the | 41 | 40 | 41 |
| period | | | |
--------------------------------------------------------------------------------
| Personnel average | 41 | 39 | 41 |
--------------------------------------------------------------------------------
| Employee benefits | 48 | 45 | 62 |
| expenses/person, | | | |
--------------------------------------------------------------------------------
| EUR thousand | | | |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
| KEY FIGURES PER SHARE | | | |
--------------------------------------------------------------------------------
| Earnings/share, euro | 0,0008 | 0,0012 | 0,0016 |
--------------------------------------------------------------------------------
| Shareholders' equity per share, | 0,005 | -0,03 | -0,03 |
| euro | | | |
--------------------------------------------------------------------------------
| | | | |
--------------------------------------------------------------------------------
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| 1) The percentages for return | | | |
| on equity | | | |
--------------------------------------------------------------------------------
| and return on investment have | | | |
| been | | | |
--------------------------------------------------------------------------------
| adjusted to reflect the figures for a 12-month | | |
| period. | | |
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--------------------------------------------------------------------------------
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| STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY | | |
--------------------------------------------------------------------------------
| | Share | Retained | |
--------------------------------------------------------------------------------
| (EUR thousand) | capital | earnings | Total |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| SHAREHOLDERS' EQUITY 1 Jan 2010 | 2 570 | -5 916 | -3 346 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Reserve for invested unrestricted equity | | 3 956 | 3 956 |
--------------------------------------------------------------------------------
| booked against retained losses | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Lowering of share capital against retained | -1 767 | 1 767 | 0 |
| losses | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Comprehensive income | | | 115 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| SHAREHOLDERS' EQUITY 30 Sep 2010 | 803 | -193 | 725 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Share | Retained | |
--------------------------------------------------------------------------------
| (EUR thousand) | capital | earnings | Total |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| SHAREHOLDERS' EQUITY 1 Jan 2009 | 2 570 | -6 124 | -3 554 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Comprehensive income | | | 158 |
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| SHAREHOLDERS' EQUITY 30 Sep 2009 | 2 570 | -6 124 | -3 396 |
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