SATAMA INTERACTIVE GROUP'S FINANCIAL STATEMENTS BULLETIN FOR 1 JANUARY - 31
DECEMBER 2006
Satama's strong growth continued during fourth quarter
Fourth quarter
- Good market demand and a sharpened operational focus increased Satama's net
sales during the fourth quarter. Net sales for the quarter, amounting to
EUR 11.3 million, were up 43.4% on the equivalent figure for the previous
year (EUR 7.8 million).
- Operating profit increased by EUR 0.4 million from the 2005 figure,
amounting to EUR 0.7 million and representing 6.6% of net sales (Q4/2005:
EUR 0.4 million, 4.8% of net sales).
The 2006 financial year
- At EUR 35.8 million, net sales in 2006 saw an increase of 29.8% from the
previous year's figure (EUR 27.6 million).
- The operating profit was EUR 0.2 million, or 0.6% of the net sales (EUR 1.1
million, 4.1% of net sales). The operating profit includes non-recurring
expenses, mainly related to the restructuring programme, totalling EUR 1.4
million.
- Net profit for 2006 was EUR 0.1 million (EUR 2.5 million).
- Earnings per share for 2006 totalled EUR 0.00 (EUR 0.07).
- At the end of the year, the equity-to-assets ratio was 71.9% (75.6%).
The financial statements bulletin has been compiled in accordance with the
revenue recognition and valuation principles of the International Financial
Reporting Standards. In producing this financial statements bulletin, Satama has
applied the same accounting principles as in its Financial Statements for 2005,
where these accounting principles are described. The figures given in the
financial statements bulletin are unaudited.
CEO Jarmo Lönnfors on the financial report:
"We have now completed the major restructuring programme initiated last summer.
The results have been encouraging. Despite reductions in the number of personnel,
growth in net sales surpassed our target. This growth, in addition to
acquisitions, was a result of increased co-operation with existing customers, as
well as through the acquisition of new customers. With improved utilisation of
capacity, we have been able to increase our profitability. However, Satama's
profitability still has not reached the long-term target level. We are continuing
our efforts to improve company's profitability.
Satama is well positioned in the growing markets. We have renewed our vision as
follows: 'Satama is a marketing technology services company. We combine talent
with technology to make work and customer dialogue simple, fun, and profitable.'
We believe that our experience in combining marketing expertise and technology
enables us to develop services that are at the core of our customers' business
operations. Such services include, for example, sales and marketing management
systems. For our customers, these services lead to improved profitability.
Satama's key markets are expected to continue their growth. Our strong market
position provides a solid foundation for continuing our profitable growth. We
currently are focusing on the management of existing customer relationships and
on strong customer acquisition.
For more information, please contact:
Jarmo Lönnfors, CEO, at +358 (0)207 581 717
Martti Ojala, CFO, at +358 (0)207 581 637
Press conference:
Satama will hold a press and analyst conference regarding the financial
statements bulletin on 8 February, at noon-1pm, at Satama's head office, Henry
Fordin katu 6, Helsinki. Those wishing to participate should contact Nina
Pakalen, tel. +358 (0)40 7723415 or e-mail nina.pakalen@satama.com.
SATAMA INTERACTIVE GROUP'S FINANCIAL STATEMENTS BULLETIN FOR 1 JANUARY - 31
DECEMBER 2006
REVIEW OF OPERATIONS
In 2006, Satama provided its services through offices located in Helsinki,
Tampere, Turku, Amsterdam, Düsseldorf, and Stockholm. During the reporting
period, the company has delivered projects to more than 20 countries.
In 2006, Satama's net sales increased by 29.8% from the previous year's level, to
EUR 35.8 million. Media sales amounted to EUR 1.2 million (EUR 0.4 million in
2005), consisting mainly of online media space and search engine advertising sold
in connection with delivered services.
Four minor business acquisitions were made during the 2006 financial year to
strenghten the realization of the company's strategy. Satama acquired Aboavista
Oy in February, Marketing Communication Agency Heimo Oy in May, Fimentor Oy in
October, and The Uncles Oy in November. The impact of these acquisitions on the
net sales and result of the financial year 2006 was minor.
Operating profit for 2006 came to EUR 0.2 million. The development of the
operating profit during the year was uneven. In the first half of 2006, Satama
failed to pursue its strategic goals and to improve its financial performance. As
a result, the Board of Directors launched a major restructuring programme in
order to improve profitability. Satama's CEO and COO resigned, and the company
began codetermination negotiations in its Finnish operations. During the second
quarter, restructuring provisions for non-recurring expenses were made in the
amount of EUR 1.3 million, which resulted in an operating loss of EUR 0.9 million
for the first half of 2006.
The second half of the year saw considerable improvement in profitability on
account of our broad restructuring and focusing of operations. The operating
result for the second half of 2006 amounted to EUR 1.1 million, an increase of
72.5% from the comparative figure in 2005.
Operating profit for the second half of 2006 includes non-recurring income in the
amount of EUR 0.3 million from dissolution of the restructuring provisions. The
dissolution of the provision was possible after some of the planned personnel
reductions were avoided through outsourcing and other arrangements. In total, EUR
1.4 million was booked as non-recurring expenses (including the restructuring
expenses) for 2006, with EUR 0.3 million of this for the second half of the year.
This expense of 0.3 million is related to the project delivery problem referred
to in the interim report for the third quarter, which has now been finally
resolved.
Restructuring expenses in 2006 were EUR 0.8 million. In the first half, a
restructuring provision was made in the amount of EUR 1.3 million, of which EUR
0.4 million was used, and another EUR 0.4 million used in the second half. For
the second half, EUR 0.3 million was recognised as income. At the end of the
year, EUR 0.2 million of the restructuring provision remained unused.
Review by unit
Finland
Satama Finland comprises Satama Finland Oy (Helsinki, Tampere, and Turku), Satama
MST Oy, Mind On Move Oy, Aboavista Oy, Marketing Communication Agency Heimo Oy,
and the companies Fimentor Oy and The Uncles Oy acquired in the fourth quarter of
2006. Aboavista was consolidated as of the beginning of April, Marketing
Communication Agency Heimo Oy in May, Fimentor Oy from October, and The Uncles Oy
from November 2006. Mind On Move Oy, Aboavista Oy, and Marketing Communication
Agency Heimo Oy were merged into Satama Finland Oy on 31 December 2006.
In Finland, Satama's net sales increased by 32.6% from the previous year's level.
Organic growth accounted for 12.9%. Net sales in 2006 amounted to EUR 28.6
million (EUR 21.6 million), and operating profit before non-recurring expenses
was satisfactory. In the fourth quarter, net sales amounted to EUR 9.2 million
(EUR 6.0 million), an increase of 53% from the previous year, and operating
profit before non-recurring items was satisfactory.
International units
Satama's international units (Satama Amsterdam and OER in the Netherlands,
NeoMotion in Germany, and Satama Sverige in Sweden) continued to grow. In
comparison with the previous year, growth was 24.7%, of which 10.0% was organic.
Net sales amounted to EUR 7.6 million (EUR 6.1 million). The international units
were profitable. In the fourth quarter, net sales amounted to EUR 2.2 million
(EUR 1.9 million), an increase of 16.7% from the previous year and operating
profit was positive.
International operations accounted for 29% of Satama's net sales in 2006 (36 % in
2005). In addition to the international units, this percentage includes the
proportion of Finnish net sales that were generated in projects delivered to
customers outside Finland.
MARKET REVIEW
Market demand remained good, and several research institutes expect it to remain
so in Satama's key markets in the Nordic region and in Western Europe.
In the EU, more than 50% of consumers actively use the Internet and over 90% of
companies use it in their business operations. In Satama's key markets, use of
the Internet and broadband connections is even higher. On the basis of
development in 2006, it can be expected that the Internet will rapidly become the
most important tool for marketing, commerce, and communication.
According to a 2006 report published by IDC, investments related to IT systems
are expected to increase by 7% in Europe in 2007. Correspondingly, Forrester
expects the IT project business to grow about 25%, reaching a worth of about EUR
250 billion, by 2011 in Satama's key markets (the Nordic countries, Germany, and
the Netherlands).
Europe (especially the UK) is competing successfully with the US for the position
of the leading region in digital marketing communication. According to a report
published by Forrester in 2005, investments in digital marketing communication in
the EU will increase by nearly 80% from the EUR 5 billion spent in 2006. Global
online marketing is expected to grow about 28% in 2007, generating a total market
worth of about EUR 30 billion (ZenithMedia, 2006). This growth represents almost
a third of the overall growth in marketing communication projected for 2007 (5.7%
globally, according to GroupM & Carat, 2006).
For the EU, Forrester (2005) expects the proportion of mobile phones suitable for
Internet use to exceed 70% and active mobile Internet users to grow to 25% of all
mobile phone users in 2007. Mobile services are more and more often related to
Internet services. For example, most images captured using a mobile phone end up
being distributed and viewed by other consumers through online image services.
In addition to developments in the markets, consolidation in Satama's business
sector is continuing and accelerating across Europe. Mergers and acquisitions in
the industry strongly indicate the formation of a new competitive situation.
Satama is well positioned to become an active operator in the reshaped markets.
STRATEGY AND BUSINESS
Services provided by Satama are organised into three areas, Marketing,
Productivity, and Mobility, that strongly complement each other.
The Marketing division offers services in the marketing communications area which
enable active interaction between the end users and the providers of services or
products. The Marketing division focuses on services and solutions for planning
and insight, advertising, dialogue marketing, involvement marketing and
measurement and analysis of marketing performance. The acquisition of the Uncles
Oy further strenghtens the Marketing division's expertise in multimedia,
including animations and rich media content to online services and marketing. The
portion of web analytics and search engine marketing in Satama's service offering
is growing. The acquisitions of Aboavista Oy and Marketing Communication Agency
Heimo Oy significantly strengthened Satama's expertise in these areas.
The Productivity division plans and develops services for improving business
productivity. The Productivity division focuses on services and solutions in
business applications such as various portal and content management applications,
communication and teamwork solutions, and e-commerce and e-service solutions,
business process automation and integration as well as analytics and research.
The acquisition of Fimentor Oy has added the opportunity to offer also business
intelligence -solutions to Satama's customers. We believe that the role of such
solutions in management systems will grow rapidly in the future.
The Mobility division offers services and solutions for design of services and
the utilization of latest technologies in mobile channels. Mobility focuses on
services and solutions in mobile marketing, design of marketing campaigns using
mobile channels, mobile puclications, e-commerce and e-services, channel and
service strategies, user interface services that enhance our customers' internal
productivity and analytics and research.
Satama has the following long-term strategic and financial objectives:
- Net sales: annual growth of more than 20%
- Profitability: operating profit accounting for over 10% of net sales
- Return on capital employed: more than 20%
Satama aims to complement organic growth with strategic business acquisitions.
CUSTOMERS AND PROJECTS
In 2006, Satama's net sales were divided among customer industries as follows
(the percentage of net sales in 2005 is given in brackets):
- Telecommunications 58% (66%)
- Finance 6% (4%)
- Public administration 6% (2%)
- Media 4% (8%)
- Travel 2% (5%)
- Other 24% (15%)
In 2006, some of Satama's most important customers were: Finnmatkat, Fortum,
INHOLLAND, KPN, Nokia, Tapiola, TeliaSonera, UPC, Vodafone, Wataniya Telecom, and
Wärtsilä.
Marketing solutions were delivered to customers such as Finnmatkat and Nokia. The
Internet strategy of Finnmatkat won the Best Internet Strategy prize at the
Scandinavian Interactive Media Event (SIME) in 2006. Satama has been Finnmatkat's
partner in Internet strategy design and implementation. The Business Solutions
Portfolio developed by Satama and Nokia in co-operation to support Nokia's
everyday sales work won the Marketing Excellence Award of the IT Services
Marketing Association (ITSMA).
Productivity improvement projects implemented for customers during the fourth
quarter include, for example, the Microsoft-solution-based intranet services
implemented for Elcoteq and the Tapiola Group and web site upgrades for the
Iittala Group and for TeliaSonera International Carrier (TeliaSonera IC).
Deliveries in mobile services include, for example, the Harakat online
competition developed and implemented by Satama for Wataniya Telecom, in which
competitors complete daily or weekly tasks using their mobile device or PC,
learning more about Wataniya's new services and mobile applications.
Satama does not include figures related to the order book in its financial
reports. The nature of the business is such that the time span for individual
projects tends to be short and fluctuations in the order book can vary
significantly from one moment to the next.
OUTLOOK FOR THE FUTURE
The market outlook for Satama's operational environment remains good.
We expect net sales and profit for the 2007 financial year to exceed the
equivalent 2006 figures. We also expect net sales and profit in the first quarter
to surpass the equivalent figures of the first quarter in 2006.
NET SALES AND PROFIT DEVELOPMENT
During 2006, Satama's net sales increased by 29.8%, totalling EUR 35.8 million
(EUR 27.6 million). Operating profit (EBIT) was EUR 0.2 million (EUR 1.1
million). Financial performance was hampered by non-recurring expenses totalling
EUR 1.4 million, the largest of these being the restructuring expenses of EUR 0.8
million. At the end of 2006, EUR 0.2 million remained of the provision. Net
profit for 2006 was EUR 0.1 million (EUR 2.5 million).
In Finland (Satama Finland, Satama MST, Mind on Move, Aboavista, Heimo, Fimentor,
and The Uncles), net sales for the period under review came to EUR 28.6 million
(EUR 21.6 million), and the business made a profit. Net sales of the
international units (Satama Amsterdam, NeoMotion, and OER) amounted to EUR 7.6
million (EUR 6.1 million), and the business made a profit.
The following table itemises the Group's key figures (in thousands of euros).
Jan.-Sep. 2006 Jan.-Sep. 2005
2006 2005
Net Sales 35,779 27,562
Expenses
Personnel-related
expenses -21,609 -16,352
Other expenses -13,152 -9,316
EBITDA 1,018 1,894
Depreciation -814 -773
EBIT 203 1,121
% of net sales 0.6 4.1
Financial income and
expenses 9 259
Profit before tax 212 1,380
Tax -129*) 1,157*)
Net profit 83 2,537
% of net sales 0.2 9.2
*) The tax included in the income statement is deferred.
The following table itemises net sales in terms of Group Satama Finland and the
subsidiaries operating abroad, and it shows the quarterly profits or losses from
the beginning of 2005 (in thousands of euros).
Q105 Q205 Q305 Q405 2005 Q106 Q206 Q306 Q406 2006
Finland 4755 6147 4654 6026 21582 6284 7395 5717 9219 28615
International 1069 1192 1970 1960 6191 1985 1875 1831 2202 7630
Eliminations -15 -23 -33 -140 -211 -51 -234 -273 -169 -466
Net sales total 5809 7316 6591 7846 27562 8218 9036 7274 11251 35779
Operating profit -280 751 271 378 1121 -244 -673 377 743 203
FINANCING, SOLVENCY, AND RISKS
At the end of the year, the Group's equity-to-assets ratio was 71.9% (75.6%) and
its liquid assets amounted to EUR 0.5 million (EUR 3.3 million). The Group had
EUR 0.4 million of interest-bearing debt (EUR 0.0 million). As Satama operates
primarily within the euro zone, there are no substantial exchange rate
fluctuation risks. A bad debt provision, which is booked on the basis of ageing
and case-specific risk analyses, covers risks to trade receivables.
Cash flow was EUR -2.7 million. The cash flow from operating activities totalled
EUR -0.7 million, and cash flow from financing came to EUR 0.7 million. The
negative cash flow was the result of payments related to acquisitions,
investments concerning office relocations, and costs associated with the business
restructuring programme.
Cash flow for the fourth quarter was EUR 0.2 million negative.
AUTHORISATIONS BY THE BOARD OF DIRECTORS
Satama's Annual General Meeting on 29 March 2006 authorised the Board of
Directors to decide, within one year from the date of the meeting, to issue one
or more convertible bonds, to grant option rights, and/or to increase the share
capital via new issues in one or more tranches so that the total increase in
share capital does not exceed EUR 169,562.02 and the maximum number of new shares
does not exceed 8,065,360. The maximum increase in share capital and the total
voting rights associated with the shares to be offered for subscription represent
less than 20% of the company's current registered share capital and total voting
rights. The authorisation includes a right to decide on the subscription price;
the principles for determining the subscription price; other terms and conditions
governing subscriptions; and other conditions and matters relating to issuance of
shares, options, or convertible bonds. The authorisation had not been exercised
on 31 December 2006.
The Annual General Meeting also authorised the Board of Directors to decide,
within a year from said meeting, to repurchase the company's own shares using the
retained distributable assets in one or more tranches in such a manner that the
maximum number of repurchased shares does not exceed 4,000,000, which corresponds
to less than 10% of the company's current registered share capital and total
voting rights. However, the Board of Directors may not decide on the repurchase
of the company's own shares in such a way that, after the repurchase, the
aggregate number of Satama shares belonging to the company and to its
subsidiaries, or the number of votes to which they entitle the holder, exceeds
10% of the company's share capital or total voting rights.
The Board of Directors made a decision to commence repurchasing of the company's
own shares on 8 August 2006. Repurchasing of the shares on the Helsinki Stock
Exchange started on 15 August 2006 and ended on 31 December 2006. In that time,
143,600 shares, amounting to approximately 0.3% of Satama's share capital, were
purchased.
Additionally, the Annual General Meeting authorised the Board of Directors to
decide, within one year's time from the date of the meeting, to transfer the
company's own shares in one or more tranches such that the maximum number of
shares transferred does not exceed 4,000,000, which corresponds to less than 10%
of the company's current registered share capital and total voting rights. The
Annual General Meeting also authorised the Board of Directors to decide to whom
and in what manner the shares are to be transferred.
On 31 October 2006, the Board of Directors decided to use all 143,600 repurchased
shares as partial payment in the business acquisition involving purchase of the
entire share capital of Fimentor Oy. The price of the shares thus conveyed was
EUR 0.96 per share, which was based on the share price settled by the parties to
the business acquisition. The number of shares conveyed amounted to about 0.3% of
the entire share capital of Satama Interactive Plc.
PERSONNEL
The average number of personnel employed by Satama during the period under review
was 370 (305). At the end of the period under review, Satama employed 366 (375)
people, of whom 315 (323) were employed in Finland and 51 (52) abroad.
MANAGEMENT
Jarmo Lönnfors was appointed Satama's CEO as of on 13 November 2006. Jan Sasse
acted as the CEO until 30 May 2006 and Tuomas Airisto acted as the interim CEO
until 12 November 2006.
INVESTMENTS
The Group's gross investments amounted to EUR 2.4 million (EUR 8.3 million),
representing 6.7% (30.1%) of net sales. The investments were made in
acquisitions, renovation of rental office premises, and machinery and equipment.
SHARES AND SHARE CAPITAL
At the end of the year, Satama Interactive Plc had issued 40,861,808 shares and
the company's registered share capital amounted to EUR 859,057.86. Satama's share
capital increased by a total of EUR 15,633.06 in the period under review, as a
result of subscriptions made on account of the 2002A and 2003B warrants issued
under the personnel's option programme. The total number of new shares subscribed
for was 743,600.
Satama Interactive's shares (SAI1V) have been listed on the Helsinki Stock
Exchange since 2000.
PERSONNEL OPTION PROGRAMMES
Satama Interactive has two option programmes for its personnel, and they are
included in the personnel's commitment and incentive scheme.
The Annual General Meeting held on 27 March 2002 decided to initiate an employee
option programme involving 2,000,000 warrants titled 2002A. Due to the resulting
subscriptions, Satama Interactive's share capital may increase by a maximum of
approximately EUR 40,000 and the number of shares by a maximum of 2,000,000. The
subscription price was set at EUR 0.63 per share. The subscription period began
on 1 February 2004 and ended on 1 February 2006. In the period under review, the
number of new shares subscribed for with the 2002A warrants was 208,600.
The Annual General Meeting held on 26 March 2003 decided to issue employee
options involving 2,000,000 warrants. Due to the resulting subscriptions, Satama
Interactive's share capital can rise by a maximum of EUR 42,046.98 and the number
of shares by a maximum of 2,000,000. One million of the warrants are titled 2003B
and the other million 2003C. The subscription period for shares converted under
the 2003B warrants ran from 1 February 2005 to 1 February 2007, and the
subscription price was EUR 0.36 per share. The subscription period for shares
converted under the 2003C warrants runs from 1 February 2006 to 1 February 2008,
and the subscription price is EUR 1.11 per share. 535.000 new shares were
subscribed for with the 2003B warrants during the period under review.
The Annual General Meeting held on 29 March 2006 decided to commence an employee
option programme involving 2,000,000 warrants. Due to the resulting
subscriptions, Satama Interactive's share capital can rise by a maximum of EUR
42,046.98 and the number of shares by a maximum of 2,000,000. One million of the
warrants are titled 2006A and the other million 2006B. The subscription period
for shares converted under the 2006A warrant is to begin on a date determined by
the Board of Directors after publication of the interim report for the second
quarter of 2008, but not later than on 1 September 2008, and to end on 28
February 2009. The subscription period for the shares converted under the 2006B
warrant is to begin on a date determined by the Board of Directors after
publication of the interim report for the second quarter of 2009, however not
later than on 1 September 2009, and end on 28 February 2010. The subscription
price for shares converted under the 2006A warrant is EUR 1.02. The subscription
price for shares converted under the 2006B warrant is the average rate for the
Satama Interactive shares on the Helsinki Stock Exchange, weighted with the trade
rate of the share and rounded to the nearest cent, for the six-month period
immediately following publication of the 2006 financial statements, however not
less than EUR 1.08 per share.
CHANGES IN OWNERSHIP
During 2006, Satama received nine notices of change in ownership passing the
disclosure threshold. Further information on notices of change in ownership is
available on the company's Web site www.satama.com. Thus far in 2007, there have
been two notices of change in ownership. Ownership of the company's shares is
spread widely. On 31 December 2006, the largest shareholder was Trainers' House
Oy with 11.7% of the share capital. Since the start of 2007, Trainers' House has
increased its ownership to 16.9%.
DISPUTES
On 5 January 2007, the Helsinki Court of Appeal dismissed all charges against the
members of Satama Interactive Plc's then Board of Directors and Satama
Interactive's former CEO in the legal proceedings addressing the suspected delay
of Satama Interactive Plc's profit warning in the spring of 2000.
In its ruling, the Helsinki Court of Appeal also found unwarranted the State
Prosecutor's claim that a fine should be imposed on Satama Interactive Plc.
As the court of first instance, the District Court of Helsinki had dismissed all
charges in 2005.
DIVIDENDS
The Board of Directors will propose to the Annual General Meeting, which is to be
held on 22 March 2007, that no dividend be paid for the financial year 2006.
The Board of Directors will, however, propose that the Annual General Meeting
authorize the Board of Directors to decide on the repurchase of the company's own
shares using retained distributable assets so that the maximum number of
repurchased shares does not exceed 4,000,000, which corresponds to less than 10%
of the company's current registered capital stock and the total voting rights
included in the shares.
- - -
The forecasts and estimates given in this report are based on the current views
of the management. Actual performance may differ from the projections.
- - -
NOTES REGARDING THE FIGURES
The financial statements bulletin was compiled in accordance with the revenue
recognition and valuation principles of the International Financial Reporting
Standards. In producing the financial statements bulletin, Satama applied the
same accounting principles as in its Financial Statements for 2005, where these
accounting principles are described. The figures given in the financial
statements bulletin are unaudited.
INCOME STATEMENT, IFRS (kEUR)
Group Group Group Group
10/01- 10/01- 01/01- 01/01-
12/31/06 12/31/05 12/31/06 12/31/05
Net sales 11,251 7,846 35,779 27,562
Other operating income 11 99 175 158
Expenses:
Materials and services 2,503 1,245 6,187 4,428
Personnel-related
expenses 6,116 4,650 21,609 16,352
Depreciation 204 205 814 773
Other operating expenses 1,697 1,466 7,141 5,046
Operating profit 743 378 203 1,121
Financial income and expenses 10 177 13 259
Share from loss of
Associated company -6 -4
Profit before tax 748 555 212 1,380
Tax -202*) 1,350*) -129*) 1,157*)
Net profit 546 1,905 83 2,537
Attributed to equity holders
of the parent company 546 1,905 83 2,537
Earnings per share calculated from the profits
Attributable to equity holders of the parent company:
Earnings/share,
undiluted (EUR) 0.01 0.05 0.00 0.07
Earnings/share,
diluted (EUR) 0.01 0.05 0.00 0.06
*) The tax included in the income statement is deferred.
BALANCE SHEET, IFRS (kEUR)
Group Group
12/31/06 12/31/05
ASSETS
Non-current assets
Tangible assets 1,591 1,150
Goodwill 9,953 8,978
Other intangible assets 148 154
Other financial assets 43 39
Other receivables 160 157
Deferred tax receivables 5,689 5,861
Total non-current assets 17,583 16,339
Current assets
Trade and other receivables 12,150 8,407
Cash and cash equivalents 547 3,276
Total current assets 12,697 11,683
Total assets 30,280 28,022
EQUITY AND LIABILITIES
Equity attributable to equity holders of the parent company
Share capital 859 843
Share issue 14
Share premium fund 13,101 12,792
Translation differences -1 -1
Retained earnings 7,704 7,545
Total equity 21,663 21,193
Long-term liabilities
Deferred tax liabilities 16
Other long-term liabilities 373 494
Total long-term liabilities 373 510
Accounts payable and other
current liabilities 8,085 6,319
Short-term provisions 160
Total current liabilities 8,245 6,319
Total liabilities 8,618 6,829
Total equity and liabilities 30,280 28,022
CASH FLOW STATEMENT, IFRS (kEUR)
Group Group
01/01- 01/01-
12/31/06 12/31/05
Profit for the period 83 2,537
Adjustments to profit for the period 1,151 884
Change in working capital -1,918 -2,538
Financial items 43 108
Cash flow from operations -640 992
Investments in tangible and
Intangible assets -2,368 -7,547
Change in the additional trade price -424
Cash flow from investments -2,792 -7,547
New share issue 345 957
Repurchase of own shares -103
Own shares used in purchase of shares 103 244
Increase/decrease in long-term receivables 295 217
Increase/decrease in loans 62
Cash flow from financing 703 1,417
Change in cash and cash equivalents -2,729 -5,138
Opening balance of cash and cash equivalents 3,276 8,413
Closing balance of cash and cash equivalents 547 3,276
CHANGE IN SHAREHOLDERS' EQUITY (kEUR)
Equity attributable to equity holders of the parent company
Share Share Premium Translation Retained
capital issue fund differences earnings Total
Equity 01/01/2005 811 11,881 144 4,673 17,509
Translation differences -145 -145
Converted warrants 32 14 911 957
Share-based payments 91 91
Repurchase of own shares 1,724 1,724
Use of own shares -1,481 -1,481
Profit for the period 2,537 2,537
Equity 12/31/2005 843 14 12,792 -1 7,545 21,193
Equity 01/01/2006 843 14 12,792 -1 7,545 21,193
Converted warrants 16 -14 308
31024
Share-based payments 40 40
Repurchase of own shares 103 103
Use of own shares -67 -67
Profit for the period 83 83
Equity 12/31/2006 859 13,101 -1 7,704 21,663
INVESTMENTS (kEUR) Group Group
01/01- 01/01-
12/31/06 12/31/05
Gross investments in tangible
and intangible assets
and shares 2,394 8,302
Gross investments
% of net sales 6.7 30.1
PERSONNEL Group Group
01/01- 01/01-
12/31/06 12/31/05
Average number of personnel 370 305
Personnel at the end of the period 366 375
COMMITMENT AND CONTINGENT
LIABILITIES (kEUR) Group Group
12/31/06 12/31/05
Guarantees and contingent liabilities
Given with respect to own commitments 5,752 6,201
OTHER KEY FIGURES Group Group
01/01- 01/01-
12/31/06 12/31/05
Equity-to-assets ratio (%) 71.9 75.6
Equity/share (EUR) 0.53 0.53
Helsinki, 8. February 2007
SATAMA INTERACTIVE PLC
BOARD OF DIRECTORS
For more information, please contact:
Jarmo Lönnfors, CEO, at +358 (0)207 581 717
Martti Ojala, CFO, at +358 (0)207 581 637
DISTRIBUTION:
OMX
Prominent media sources
http://www.satama.com
SATAMA INTERACTIVE GROUP'S FINANCIAL STATEMENTS BULLETIN FOR 1 JANUARY - 31 DECEMBER 2006
| Source: Trainers' House Oyj