TietoEnator Corporation Quarterly Report 20 July 2007, 8.00 am EET
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Key financials
* Second-quarter net sales grew 5% to EUR 434.2 (411.8) million.
Six-month net sales totalled EUR 876.4 (821.6) million with 7 %
growth.
* Organic growth 8% in the second quarter, 9% in the first half.
* Second-quarter operating profit amounted to EUR 9.9 (26.3)
million and included EUR 4.9 ( 3.5 gain) million of capital
losses and EUR 3.3 (4.2) million of restructuring expenses.
Operating margin excluding capital losses and gains was 3.4%
(5.5). Half-year operating profit totalled EUR 44.4 (56.1)
million.
* Operating profit excluding capital losses and restructuring
expenses totalled EUR 18.1 (26.9) million for the second quarter
and EUR 50.9 (58.9) million for the six months.
* Profit before taxes EUR 8.9 (25.3) million in the second quarter,
EUR 41.3 (54.9) million in the first half.
* Second-quarter profit after taxes EUR 5.0 (18.0) million, EUR
29.1 (38.8) million in the first half.
* Second-quarter EPS EUR 0.07 (0.24), half-year EPS EUR 0.39
(0.51).
* EUR 80 million share repurchase programme to be started.
General market
overview
The market for IT services and solutions is active providing good
growth prospects. Many customers are searching for new sources of
revenue growth. Utilizing those growth opportunities typically means
investments in IT. The parallel search for cost savings, flexibility
and business process efficiency is however maintaining tough
competition in the market.
In most areas prices are either stable or slightly higher than the
year before. In some areas, like infrastructure services, price
pressure persists.
Labour market mobility is at a high level. Higher personnel turnover
increases pressure on personnel costs in addition to the annual
raises.
Development of customer industries, acquisitions and divestments
The market situation in most of TietoEnator's customer industries was
positive. Growth varied, however, in TietoEnator's individual
business areas.
The overall demand in the financial services sector is strong. Demand
in partnership services is stable but prices are under pressure. In
consulting and systems integration demand is especially good in
Sweden and the UK. In solution businesses the market is strong but in
some areas very competitive. TietoEnator is investing heavily in
solutions development and in the core banking area some of
TietoEnator's large delivery projects turned out to be very
challenging.
In January TietoEnator agreed to acquire Swedish Abaris AB, which
specializes in securities processing solutions. The company employs
some 90 people in Sweden, Finland and Norway and its net sales in
2007 are expected to amount to EUR 10 million. The acquisition took
effect on 1 January 2007.
At the beginning of June TietoEnator divested Banking & Insurance's
SAP businesses in Germany in two transactions to Resco GmbH and the
management of TietoEnator's SAP Human Capital Management consulting
team. In 2006 the total net sales of these businesses were about EUR
5.8 million and the operating loss was about EUR 1.2 million. In the
first half of 2007 the businesses reached net sales of EUR 1.7
million and an operating loss of EUR 0.7 million. The businesses
employed close to 40 people.
The overall market situation in the telecom and media sectors is good
and TietoEnator's prospects for further growth are promising. The
telecom sector is in the midst of extensive changes like the
convergence of technologies and consolidation, which is creating
plenty of outsourcing and out-tasking opportunities. Cost savings
continue to be the main driver for investments, which is maintaining
price pressure.
In January TietoEnator recruited 140 people formerly working for the
Taiwan-based BenQ's R&D centre in Wroclaw, southern Poland. At the
beginning of February TietoEnator took over Ericsson's design centre
in Aarhus, Denmark, with 86 employees. The design centre supplies IP
software building blocks used in Ericsson products. In April
TietoEnator signed an agreement with Siemens IT Solutions and
Services in Italy regarding the streamlining of business-critical and
customer-related processes and services for mobile telephony. The
value of the contract is expected to be EUR 40 million and the
contract period is three years.
In June TietoEnator agreed on further co-operation with Nokia Siemens
Networks. TietoEnator incorporated parts of Nokia Siemens Networks'
Finnish R&D operations for mobile networks and took over the R&D
responsibilities for certain parts of Nokia Siemens Networks' product
portfolio. Approximately 230 employees were transferred to
TietoEnator Telecom & Media at the beginning of July.
Demand in the Finnish government sector is good. Government customers
plan to start several large development projects in the coming years.
The positive development in the manufacturing industry continued.
Retail customers are looking for IT systems to help them provide
better and more focused service to their customers. Competition and
price pressure remained in all of these areas.
In Finland the healthcare market is favourable for solution-based
business. Demand is good but the market is competitive. In Sweden and
Norway the market is fragmented and developing slowly. There have
been a lot of project postponements and scale-backs. In Germany
health service providers suffer from a poor financial situation,
which has made the market very competitive.
In Sweden and Norway TietoEnator is tranforming its hospital
information system business from a solution-based to services-based
business. In Germany the solution upgrade that was delayed earlier
this year was finalized and is now ready for customer deliveries.
In the forest sector there is increasing interest in investments to
harmonize IT systems and infrastructure. Customers' activity has
grown further as their financial performance has improved. Sales
cycles in the sector are very long however.
In the energy sector the market situation remains favourable. In oil
and gas higher investments in exploration are expected to increase
investments in IT. In the utilities sector automatic meter reading is
the main investment driver and TietoEnator expects full-scale
implementation of these systems in the coming years.
In processing and network services market conditions are good and
there is a continous flow of mid-sized outsourcing contracts coming
to the market. The inclination to switch supplier in case of
dissatisfaction has increased. Prices for new contracts and renewals
are under pressure.
In June the Swedish state-owned pharmacy chain Apoteket AB chose
TietoEnator as its new supplier of ICT operations management,
applications integration, applications management and workstation
management and support. The average term of the contracts is close to
4 years. According to TietoEnator estimates, the total value of the
order will be around EUR 57 million. In addition there are options to
extend the contracts by a further one to two years. The outsourcing
deal came into effect at the end of June.
In June TietoEnator and If P&C Insurance agreed on the renewal of
If's end user services agreement covering all Nordic countries as
well as If's offices outside the Nordic area, excluding the Baltic
countries. The contract has now been renewed and prolonged until 31
May 2010.
Net sales
Second-quarter net sales grew 5% to EUR 434.2 (411.8) million.
Organic growth stayed on a healthy level of 8% or 7% in local
currencies. For the Group as a whole prices remained roughly at the
same level on average as the year before.
Q2 net H1 net
sales Q2 organic sales H1 organic
growth, % growth, % growth, % growth, %
Banking & Insurance 0 -1 4 3
Telecom & Media 21 20 20 19
Government, Manufacturing -23 1 -23 2& Retail
Healthcare & Welfare -5 -5 -2 -2
Forest & Energy 11 8 13 9
Processing & Network 3 3 5 5
Growth in the second quarter was strongest in Telecom & Media driven
by several new outsourcing contracts and good general demand in the
market. The energy sector, experiencing good market conditions, was
the main contributor to Forest & Energy's healthy growth.
Banking & Insurance's and Healthcare & Welfare's net sales were
impacted by the challenges in their solution-based businesses.
Government, Manufacturing & Retail's total growth was reduced by the
divestment of government businesses in Denmark, Norway and Sweden in
2006.
Six-month net sales grew 7% to EUR 876.4 (821.6) million or 6% in
local currencies. Organic growth totalled 9%.
In the first half of 2007 TietoEnator's growth in Finland was
positive at 3%. Sweden grew 8%. Net sales in Germany benefited from
new outsourcing contracts. Germany grew 53%. Denmark declined 22% and
Norway 15% mainly due to the divestment of government businesses in
late 2006. In the UK growth was strong at 39%.
Telecom and media, growing strongly, increased its share of Group net
sales to 35% (30). The banking and insurance sector contributed 22%
(23) whereas public sector's contribution declined to 15% (18).
The order backlog, which comprises only services ordered with binding
contracts, amounted to EUR 1 314.3 million (1 216.7) at the end of
the period, 8% higher than a year before. Processing & Network's
share of the order backlog is about 30%. Approximately 39% (38) of
the backlog is expected to be invoiced in 2007.
Profitability
Second-quarter operating profit amounted to EUR 9.9 (26.3) million.
The operating profit includes capital losses of EUR 4.9 (3.5 gain)
million mainly from the divestment of parts of the German Banking &
Insurance business. Excluding capital losses the operating margin
totalled 3.4% (5.5).
Higher personnel expenses and subcontracting costs together with
unchanged average prices had negative impact on profitability. In
some parts of the solution-based business profitability suffered from
loss-making delivery projects and high development costs. Capital
losses (compared to capital gains in the second quarter 2006)
deepened the decline in reported operating profit.
H1 EBIT%
Q2 EBIT% excl. excl. capital
capital gains and Q2 restructuring gains and
losses expenses, MEUR losses
Banking & Insurance -5.4 0.4 1.2
Telecom & Media 7.7 0.0 8.5
Government, 5.6 0.5 7.8
Manufacturing &
Retail
Healthcare & -0.8 0.0 -1.2
Welfare
Forest & Energy 7.3 0.2 7.7
Processing & 6.2 1.4 7.4
Network
Digital Innovations 0.9
(allocated
to BAs
Restructuring expenses amounted to EUR 3.3 (4.2) million in the
second quarter. The underlying operating profit (excluding capital
losses and restructuring expenses) totalled EUR 18.1 (26.9) million.
Some of the expected restructuring actions did not take place during
the quarter, but were delayed.
Due to the vacation period the second and third quarters are
seasonally weaker than the other two quarters of the year for
TietoEnator. This seasonality is most visible in business areas with
a high proportion of professional services like Telecom & Media and
Government, Manufacturing & Retail.
Banking & Insurance's operating profit was negative in the second
quarter. The partnership and services businesses performed well. The
core banking area suffered from a few large, challenging loss-making
delivery projects. The negative impact of these projects was about
EUR 3 million in the quarter. Most of the other solution areas are
developing positively but profits in the solution business
are burdened by higher than normal solution development costs. The
German operation continued to perform poorly. Part of the German
business was divested in June, which affected financial performance
in the second quarter.
Healthcare & Welfare's challenges in the solution-based hospital
information system business in Sweden, Norway and Germany continued
to have a negative impact on its profitability.
Net financial expenses stood at EUR 1.0 (1.0) million in the second
quarter. Net interest expenses were EUR 1.9 (0.3) million and
one-time net gains from foreign exchange transactions EUR 1.0 (0.5)
million.
Second-quarter earnings per share totalled EUR 0.07 (0.24). EPS was
affected by capital losses of EUR 0.06 (by capital gains +0.05) per
share, amortization on intangibles of EUR 0.03 (0.03) per share and
stock option expenses of EUR 0.02 (0.01) per share. Excluding these
items EPS amounted to EUR 0.18 (0.23).
Six-month operating profit amounted to EUR 44.4 (56.1) million. In
the first half there were EUR 3.2 million of net capital losses.
Excluding capital losses and gains the operating profit totalled EUR
47.6 (47.9) million representing a margin of 5.4% (5.8).
Restructuring expenses amounted to EUR 3.3 (11.0) million in the
first half as there were no such expenses in the first quarter. The
underlying operating profit for the first half totalled EUR 50.9
million which is lower than the EUR 58.9 million in 2006.
Six-month net financial expenses stood at EUR 3.1 (1.2) million. Net
interest expenses were EUR 3.4 (0.2) million and one-time net gains
from foreign exchange transactions EUR 0.5 (negative 0.6) million.
Six-month earnings per share totalled EUR 0.39 (0.51). EPS was
affected by net capital losses of EUR 0.03 (0.11 by capital gains)
per share, amortization on intangibles of EUR 0.07 (0.05) per share
and stock option expenses of EUR 0.03 (0.02) per share. Excluding
these items EPS amounted to EUR 0.52 (0.47).
Operating profit (EBIT) included EUR 2.4 (2.2) million from
amortization on allocated intangible assets in the second quarter and
EUR 4.9 (4.2) million in the first half. The costs arising from
share-based payments of EUR 1.5 (1.1) million in the second quarter
and EUR 2.0 (1.9) million in the first half were included in employee
benefit expenses.
The 12-month rolling return on capital employed (ROCE) was 18.7% and
the return on shareholders' equity (ROE) 14.8%.
'Profit 2007' programme
TietoEnator launched a programme called 'Profit 2007' at the
beginning of February to improve its business performance. The
programme includes plans to cut costs and divest or restructure
loss-making businesses.
The cost-saving initiatives launched at the start of the programme
started to produce some effects during the quarter. The monitoring
and support of low-performing units is on-going. In order to reduce
external recruitments a new initiative was launched under the
programme to improve internal mobility. Productivity gains were
targeted by moving resources from internal development to customer
work.
Restructuring was implemented in some underperforming units resulting
in total restructuring expenses of EUR 3.3 million in the first half.
The divestment of parts of the German Banking & Insurance business
was completed during the quarter.
Financing and investments
Cash flow from operations amounted to EUR 34.8 (56.6) million in the
first half. Operating profit contributed EUR 81.0 (78.8) million and
the increase in working capital consumed EUR 36.7 (4.9) million. Tax
payments amounted to EUR 8.8 million. Net working capital increased
mainly due to unfavourable timing of invoicing and large receivables
due after end of the quarter especially in Telecom & Media.
The dividend payment of EUR 88.3 was made in April.
Payments for new acquisitions totalled EUR 12.5 million in the first
half. Divestments generated EUR 3.5 million.
The equity ratio was 44.4% (35.0). Gearing decreased to 31.2% (61.6)
as Personec Group with a substantial amount of debt was divested in
December 2006. Net debt totalled EUR 177.7 (283.0) million including
EUR 249.3 million in interest-bearing debt, EUR 7.9 million in
finance lease liabilities, EUR 8.5 million in finance lease
receivables and EUR 70.9 million in cash and cash equivalents.
The interest-bearing debt consists of two seven-year private
placement bonds, at EUR 100 million and at EUR 50 million, and usage
of EUR 99 million from the short-term EUR 250 million commercial
paper programme. At the end of the quarter unused credit facilities
totalled about EUR 250 million .
Accrual-based investments totalled EUR 40.2 (44.5) million for the
period. Capital expenditure including financial leasing accounted for
EUR 24.7 (30.8) million, investments in business activities for EUR
0.0 (5.1) million, and investments in subsidiary and associated
company shares for EUR 15.6 (8.6) million.
Personnel
The number of full-time employees totalled 15 408 (14 191) at the end
of the first half. Acquisitions and new outsourcing contracts added
about 80 employees during the first half. The number of people
recruited during the period increased: a total of 603 (462) employees
were hired. The highest recruitment numbers were in Finland, Poland
and Sweden.
In total about 115 employees were affected by personnel adjustments
during the first half mostly in Telecom & Media and Processing &
Network.
Employee turnover has continued to increase as the labour market is
very active. The 12-month rolling figure stood at 9.8% (8.1) at the
end of June.
The average number of full-time employees was 15 178 (14 132) in the
first half.
At the end of the second quarter the number of people in countries
with favourable cost levels totalled about 2 500 (1 500) or 15% (10)
of the total headcount.
New global sourcing site to be established in Belarus
TietoEnator has decided to establish a new global sourcing site in
Minsk, Belarus during the autumn of 2007. The operations will be set
up with a local partner and TietoEnator holding majority ownership.
Minsk was chosen due to its closeness to TietoEnator's main customer
markets, attractive cost level, good talent availability and good
skills in English and Russian. In several years TietoEnator plans to
expand the Minsk operation to a size equivalent to its Ostrava site
in the Czech Republic. In 2007 the establishment of the new site will
have no material impact on TietoEnator's financial performance.
Management
On 11 June TietoEnator announced that its President and CEO Pentti
Heikkinen's aortic valve insufficiency was operated on the week
starting 11 June. He is expected to return from sick leave and start
work normally in mid-August. In the meantime the CEO's duties have
been assumed by TietoEnator's Deputy CEO Åke Plyhm.
In May Päivi Lindqvist, Executive Vice President, Communications and
Investor Relations decided to leave the company from 13 August 2007.
In June Reeta Kaukiainen was appointed Executive Vice President,
Communications and Investor Relations from 13 August 2007.
Transactions with related parties
The related parties of TietoEnator are its Board of Directors,
President and CEO, the Corporate Management Team and the Group's
associated companies.
Chairman of the Board of Directors Matti Lehti's service contract
with TietoEnator ended on 30 June 2007 as he reached his retirement
age of 60 years. He continues as non-executive Chairman of the Board
of Directors.
Transactions with the associated companies are not considered to be
material.
Shares and options
The outstanding number of shares excluding the shares in the
company's possession was 73 596 462 at the end of June. At the end of
the quarter TietoEnator held a total of 500 000 of its own shares
representing 0.7% of all the shares and voting power. The shares were
repurchased in May 2006 for the three-year share-based incentive
plan.
In June TietoEnator's Board of Directors decided to cancel 138 350
own shares repurchased in May 2006 for the three-year share-based
incentive plan. TietoEnator's Board of Directors also decided to
cancel 77 000 stock options 2002 A/B held by a subsidiary.
TietoEnator's Annual General Meeting 2007 approved authorizations to
issue share and option rights or raise convertible bond loans. The
Board has not exercised these authorizations.
Share repurchase programme to be started
In July TietoEnator's Board of Directors decided to start a new share
repurchase programme totalling EUR 80 million. Under the 2007 AGM
authorization the shares will be purchased to develop the company's
long-term capital structure. The repurchases will start on 1 August
at the earliest.
Some items affecting 2007
The net of acquisitions and divestments finalized to date is expected
to have an impact of about -2% on net sales for the full year 2007.
The restructuring and related costs are currently expected to exceed
the level of 2006 (EUR 12.4 million). Over EUR 5 million is expected
to take place in the third quarter.
TietoEnator expects amortization of intangible assets to total about
EUR 10 (8.8) million and stock option expenses around EUR 2 (4.0)
million. Costs related to the share-based incentive programme depend
on the company's performance in 2007 and are currently expected to
amount to a maximum of about EUR 5 (0) million.
Risks and uncertainties
The main risks TietoEnator is facing and actively managing are: the
market becoming more commoditized, price pressure, new low-cost
competition, customers demanding tighter contract terms, the
availability and cost of resources, and the ability to control
challenging deliveries.
Prospects for 2007
TietoEnator expects the general IT market to be active in 2007. On
average prices are expected to stay roughly in line with 2006 levels.
The turnaround of underperforming units will take time and there are
some deliveries with low margins. The national salary raises agreed
in the collective labour agreements in Finland and Sweden are
expected to create pressure for higher personnel costs, and the cost
increase cannot be fully met by price increases. Higher personnel
turnover and active labour market will result in higher
subcontracting costs than in 2006.
TietoEnator expects its full-year organic growth in 2007 to be higher
than the 2006 level of 2%. There have not been enough new outsourcing
contracts to fully compensate for those contracts that will cease to
have an impact on growth during 2007.
TietoEnator considers reaching the earlier communicated underlying
operating profit guidance of over EUR 124 million difficult for 2007.
The underlying operating profit does not include potential capital
gains, capital losses and restructuring expenses.
New long-term financial targets
TietoEnator's Board of Directors decided on new long-term financial
targets on 19 July. The new long-term targets are:
- To grow organically at a higher rate than the relevant market.
Growth strategy is also supported by acquisitions
- Operating margin (EBIT%) of over 10%
The targets related to capital structure and dividend payout remain
the same:
- Long-term gearing target of 40%
- Dividend payout ratio of around 50% of net income including
one-time items. However, the annual dividend payout ratio will depend
on the financial position and the major investment needs of the
company.
Financial calendar in 2007
Capital Markets Day on 12 September in Stockholm
Interim Report January - September 2007 on 26 October
The figures in this report are for continuing operations. The
Personec Group business divested in December 2006 is treated as a
discontinued operation for the whole of 2006.
The interim report has been prepared in accordance with International
Accounting Standard (IAS) 34, Interim Financial Reporting, as adopted
by EU. The accounting policies adopted are consistent with those of
the annual financial statements for the year ended 31 December 2006
and as described in the annual financial statements. In addition IFRS
7 "Financial Instruments: Disclosures" has been applied from the
beginning of 2007 but will not have any major impact on the Group.
The required information will be disclosed in the annual financial
statements for the year ending 31 December 2007.
The figures in this report are unaudited.
Key figures 2007 2006 2007 2007 2006 2006
4-6 4-6 1-3 1-6 1-6 1-12
Earnings per share, EUR
- basic 0.07 0.23 0.33 0.39 0.52 3.25
- diluted 0.07 0.23 0.33 0.39 0.51 3.25
- basic from continuing operations 0.07 0.24 0.33 0.39 0.51 1.15
- basic from discontinued operations - -0.01 - - 0.01 2.10
Earnings per share from continuing
operations, EUR a) 0.18 0.23 0.34 0.52 0.47 1.18
Equity per share, EUR 6.10 7.70 7.75 6.10 8.51
Return on equity rolling 12 month,
% 22.8 17.5 14.8 22.8 15.5
Return on capital employed rolling
12 month, % 21.0 21.8 18.7 21.0 18.7
Equity ratio % 35.0 44.5 44.4 35.0 48.4
Net interest-bearing liabilities,
EUR million 283.0 72.6 177.7 283.0 93.4
Gearing, % 61.6 12.9 31.2 61.6 14.9
Investments in continuing
operations, EUR million 12.9 20.0 27.3 40.2 44.5 77.9
a) Excluding goodwill impairments, amortization on allocated
intangible assets from acquisitions, stock option expenses and
one-time capital gains.
Income Statement, EUR million 2007 2006 2007 2006 Change 2006
4-6 4-6 1-6 1-6 % 1-12
Continuing operations
Net sales 434.2 411.8 876.4 821.6 7 1 646.5
Other operating income 2.8 4.7 7.4 12.0 -38 25.1
Employee benefit expenses 257.9 240.4 511.2 482.0 6 938.5
Depreciation and amortization 16.2 14.9 32.2 29.2 10 59.4
Impairment of goodwill - - - - - -
Other operating expenses 153.0 134.9 296.0 266.5 11 546.2
Share of associated companies'
result 0.0 0.0 0.0 0.2 -100 0.2
Operating profit (EBIT) 9.9 26.3 44.4 56.1 -21 127.7
Net interest expenses -1.9 -0.3 -3.4 -0.2 1 600 -2.1
Net exchange losses/gains 1.0 -0.4 0.5 -0.6 -183 -0.6
Other financial income and
expenses -0.1 -0.3 -0.2 -0.4 -50 -0.5
Profit before taxes 8.9 25.3 41.3 54.9 -25 124.5
Income taxes -3.9 -7.3 -12.2 -16.1 -24 -37.2
Net profit for the period from
continuing operations 5.0 18.0 29.1 38.8 -25 87.3
Discontinued operations
Net profit for the period from
discontinued operations - -0.6 - 1.2 159.7
Net profit for the period 5.0 17.4 29.1 40.0 -27 247.0
Net profit for the period
attributable to
Shareholders of the parent
company 4.8 17.0 28.8 38.7 -26 243.9
Minority interest in
continuing operations 0.2 0.2 0.3 0.7 -57 1.0
Minority interest in
discontinued operations - 0.2 - 0.6 2.1
5.0 17.4 29.1 40.0 -27 247.0
Earnings attributable to the
shareholders
of the parent company per
share, EUR
Basic 0.07 0.23 0.39 0.52 -25 3.25
Diluted 0.07 0.23 0.39 0.52 -25 3.25
Basic from continuing
operations 0.07 0.24 0.39 0.51 -24 1.15
Basic from discontinued
operations - -0.01 - 0.01 2.10
Employee benefit expenses include rental payments on company cars and
non-statutory employee benefits, such as meals, healthcare and
leisure time activities.
The result-based bonuses were EUR 10.6 million (7.2 previous year)
and the stock option expenses (share based payments) were EUR 2.0
million (1.9).
Other operating expenses include EUR 4.9 million of capital losses.
Number of shares 2007 2007 2007 2006
4-6 1-3 1-6 4-6
Outstanding shares, end
of period
Basic 73 596 462 73 596 462 73 596 462 75 341 462
Diluted 73 842 024 73 654 512 73 842 024 75 341 462
Outstanding shares,
average
Basic 73 596 462 73 596 462 73 596 462 75 532 805
Diluted 73 787 320 73 654 512 73 700 710 75 612 910
Company's possession of
its own shares,
End of period 500 000 500 000 500 000 500 000
Average 500 000 965 333 731 381 594 887
Balance Sheet, EUR million 2007 2006 Change 2006
30 Jun 30 Jun % 31 Dec
Goodwill 451.4 473.3 -5 448.4
Other intangible assets 79.4 82.7 -4 82.6
Property, plant and equipment 83.6 94.3 -11 87.9
Deferred tax assets 69.5 86.7 -20 75.2
Investments in associated
companies 1.5 4.0 -63 2.3
Other non-current assets 1.4 2.0 -30 1.4
Total non-current assets 686.8 743.0 -8 697.8
Trade and other receivables 577.7 501.7 15 503.0
Current income tax receivables 28.0 16.5 70 22.3
Interest-bearing current assets 8.5 9.6 -11 12.7
Cash and cash equivalents 70.9 107.3 -34 138.9
Total current assets 685.1 635.1 8 676.9
Total assets 1 371.9 1378.1 0 1 374.7
Share capital, share issue
premiums and other reserves 143.2 142.7 0 144.6
Retained earnings 423.8 307.2 38 477.8
Parent shareholders equity 567.0 449.9 26 622.4
Minority interest 3.1 9.6 -68 4.0
Total Equity 570.1 459.5 24 626.4
Finance lease liability 7.9 17.1 -54 13.5
Shareholders' loan - 44.6 0.8
Other interest-bearing loans 150.6 128.3 17 153.6
Deferred tax liabilities 23.9 20.7 15 20.0
Pension obligations 41.8 32.9 27 46.4
Provisions 1.5 8.1 -81 3.4
Other non-current liabilities 3.2 1.0 220 3.2
Total non-current liabilities 228.9 252.7 -9 240.9
Trade and other payables 455.4 450.1 1 410.6
Current income tax liabilities 18.8 6.0 213 19.7
Interest-bearing loans 98.7 209.8 -53 77.1
Total current liabilities 572.9 665.9 -14 507.4
Total equity and liabilities 1 371.9 1 378.1 0 1 374.7
Deferred tax assets end of June 2007 include the remaining EUR 27
million, which rose from the loss incurred in the parent company
related to the intra-group transaction carried out in April 2004.
Net working capital in the balance sheet,
EUR million 2007 2006 Change 2006
30 Jun 30 Jun % 31 Dec
Accounts receivable 339.8 307.8 10 321.3
Other working capital receivables 237.2 193.2 23 181.7
Working capital receivables included in
assets 577.0 501.0 15 503.0
Operative accruals 225.9 241.6 -6 215.6
Other working capital liabilities 223.4 202.6 10 192.2
Pension obligations and provisions 43.3 41.0 6 49.7
Working capital liabilities included in
current liabilities 492.6 485.2 2 457.5
Net working capital in the balance sheet 84.4 15.8 434 45.5
The change in net working capital in the balance sheet does not equal
to that in the cash flow due to acquisitions and disposals.
Cash Flow, EUR million 2007 2006 2007 2007 2006 2006
4-6 4-6 1-3 1-6 1-6 1-12
Cash flow from operations
Operating profit 9.9 26.3 34.5 44.4 56.1 127.7
Adjustments to operating profit
Depreciation and amortization 16.2 14.9 16.0 32.2 29.2 59.4
Profit/loss on sale of fixed
assets and shares 4.8 -3.6 -1.7 3.1 -8.3 -15.7
Share of associated companies'
result 0.0 0.0 0.0 0.0 -0.2 -0.2
Other adjustments 1.0 1.2 0.3 1.3 2.0 3.5
Change in net working capital -29.9 -8.1 -6.8 -36.7 -4.9 -37.8
Cash generated from continuing
operations 2.0 30.7 42.3 44.3 73.9 136.9
Net financial items 1.0 -0.4 -1.7 -0.7 -1.3 -2.8
Income taxes paid -7.0 -4.0 -1.8 -8.8 -16.0 -24.8
Net cash flow from continuing
operations -4.0 26.3 38.8 34.8 56.6 109.3
Net cash flow from discontinued
operations - 1.2 - - 8.4 3.7
Total net cash flow from operations -4.0 27.5 38.8 34.8 65.0 113.0
Cash Flow, EUR million 2007 2006 2007 2007 2006 2006
4-6 4-6 1-3 1-6 1-6 1-12
Cash flow from investing
activities
Acquisition of Group companies
and business
operations, net of cash
acquired -3.2 -12.3 -9.3 -12.5 -12.9 -24.6
Capital expenditures -12.6 -15.2 -12.1 -24.7 -30.8 -50.6
Disposal of business operations
and associated company -1.7 4.2 1.9 0.2 9.4 30.4
Other investing activities 4.0 -0.4 0.4 4.4 0.4 1.6
Net cash used in investing
activities from
- continuing operations -13.5 -23.7 -19.1 -32.6 -33.9 -43.2
- discontinued operations - -0.2 - - -24.8 -4.2
Total net cash used in
investing activities -13.5 -23.9 -19.1 -32.6 -58.7 -47.4
Cash flow from financing
activites
Dividends -88.3 -64.7 -0.2 -88.5 -65.8 -65.8
Repurchase of own shares - -12.4 0.0 - -12.4 -52.3
Proceeds from finance lease
liabilities 0.2 0.0 0.0 0.2 0.0 0.6
Payment of finance lease
liabilities -3.5 -2.4 -2.2 -5.7 -5.1 -9.3
Change in interest-bearing
liabilities 88.6 87.2 -69.2 19.4 59.4 41.6
Net cash used in other
financing activities 1.6 -1.1 2.9 4.5 0.5 -4.3
Net cash used in financing
activities from
- continuing operations -1.4 6.6 -68.7 -70.1 -23.4 -89.5
- discontinued operations - 0.0 - - 24.9 63.0
Total net cash used in
financing activities -1.4 6.6 -68.7 -70.1 1.5 -26.5
Change in cash and cash
equivalents -18.9 10.2 -49.0 -67.9 7.8 39.1
Cash and cash equivalents at
beginning of period -89.6 -97.1 -138.9 -138.9 -99.8 -99.8
Foreign exchange
differences -0.2 0.0 0.3 0.1 0.3 0.0
Cash and cash equivalents at
end of period 70.9 107.3 89.6 70.9 107.3 138.9
-18.9 10.2 -49.0 -67.9 7.8 39.1
Statement of Changes in
Shareholders' Equity
Parent shareholders' equity Minority Total
interest equity
Share
issue Trans-
premiums lation
and
Share other Own diffe- Retained
EUR million capital reserves shares rences earnings
Balance at 31
Dec 2005 78.7 62.7 -80.0 -8.2 435.5 12.2 500.9
Translation
difference 1.2 3.2 -5.2 -0.8
Minority
interest -3.9 -3.9
Cancellation
of own shares -2.9 2.9 0.0
Transfer
between
restricted
and
non-restricted
equity 0.1 -0.1 0.0
Share based
payments
recognised
against equity 1.9 1.9
Dividend -64.5 -64.5
Own shares
purchased -12.4 -12.4
Other changes -1.7 -1.7
Net profit for
the period 38.7 1.3 40.0
At 30 June
2006 75.8 66.9 -80.0 -5.0 392.2 9.6 459.5
Balance at 31
Dec 2006 75.8 68.8 -52.3 -6.6 536.7 4.0 626.4
Translation
difference -1.4 -1.4 5.5 2.7
Minority
interest -1.2 -1.2
Cancellation
of own shares 39.9 -39.9 0.0
Share based
payments
recognised
against equity 1.4 1.4
Dividend -88.3 -88.3
Net profit for
the period 28.8 0.3 29.1
At 30 June
2007 75.8 67.4 -12.4 -8.0 444.2 3.1 570.1
SEGMENT INFORMATION
Net sales by business area, EUR million
(primary segment)
2007 2006 Change 2007 2006 Change 2006
Continuing operations 4-6 4-6 % 1-6 1-6 % 1-12
Banking & Insurance 70 71 0 149 143 4 284
Telecom & Media 162 134 21 323 270 20 542
Government,
Manufacturing & Retail 47 61 -23 97 127 -23 236
Healthcare & Welfare 34 36 -5 69 70 -2 144
Forest & Energy 45 41 11 90 80 13 161
Processing & Network 97 94 3 195 185 5 374
Group elimination incl
other -22 -25 -13 -45 -51 -12 -95
Group total 434 412 5 876 822 7 1 646
Country Net sales, EUR million
(secondary segment)
2007 Change Share 2006 Share 2006 Change
Continuing operations 1-6 % % 1-6 % 1-12 %
Finland 396 3 45 384 47 751 3
Sweden 246 8 28 229 28 454 -3
Germany 75 53 9 49 6 124 21
Norway 38 -15 4 44 5 81 4
Great Britain 28 39 3 20 2 48 48
Denmark 22 -22 3 28 3 51 -1
Italy 13 67 1 8 1 17 -
France 12 21 1 10 1 18 -14
Netherlands 10 -10 1 12 1 25 61
Other 36 -4 4 38 5 77 11
Group total 876 7 100 822 100 1 646 5
The first quarter Net sales by country figures have been corrected.
Net sales by industry segment,
EUR million
2007 Change Share 2006 Share 2006 Change
Continuing operations 1-6 % % 1-6 % 1-12 %
Banking and insurance 195 5 22 186 23 374 23
Public 131 -12 15 148 18 292 4
Telecom and media 309 25 35 248 30 515 -6
Forest 43 3 5 42 5 88 -1
Energy 48 22 5 39 5 79 6
Manufacturing 49 9 6 45 5 89 11
Retail & Logistics 41 -8 5 45 5 88 -9
Other 60 -12 7 69 8 122 21
Group total 876 7 100 822 100 1 646 5
Operating profit (EBIT),
EUR million
2007 2006 Change 2007 2006 Change 2006
Continuing operations 4-6 4-6 % 1-6 1-6 % 1-12
Banking & Insurance -7.6 4.9 -254.3 -2.0 9.4 -121.6 20.1
Telecom & Media 12.5 7.7 63.4 27.3 16.9 62.1 37.5
Government, Manufacturing& Retail 1.7 5.0 -66.2 6.6 14.6 -54.8 31.2
Healthcare & Welfare -0.5 1.8 -126.3 0.7 3.2 -78.9 12.5
Forest & Energy 3.3 1.5 126.0 7.0 4.1 70.7 7.8
Processing & Network 6.0 9.2 -34.7 14.4 18.1 -20.4 39.7
Business areas 15.5 30.0 -48.4 54.0 66.4 -18.7 148.9
Group Operations incl
other -5.7 -7.1 -53.1 -9.6 -13.5 4.3 - 24.7
Associated companies
outside BA 0.0 0.0 - 0.0 0.0 - 0.0
Group capital gain 0.1 3.3 - 0.1 3.3 - 3.5
Operating profit (EBIT) 9.9 26.3 -62.3 44.4 56.1 -20.9 127.7
Operating profit excl capital gains and
impairment losses, EUR million
2007 2006 Change 2007 2006 Change 2006
Continuing operations 4-6 4-6 % 1-6 1-6 % 1-12
Banking & Insurance -3.8 4.9 -177.3 1.8 9.4 -81.3 20.1
Telecom & Media 12.5 7.7 63.4 27.4 16.9 62.3 38.7
Government, Manufacturing& Retail 2.6 5.0 -47.4 7.6 9.9 -23.8 18.0
Healthcare & Welfare -0.3 1.8 -114.6 -0.8 3.2 -125.7 12.5
Forest & Energy 3.3 1.5 126.0 7.0 4.1 70.7 7.8
Processing & Network 6.0 9.0 -33.4 14.4 17.9 -19.5 39.5
Business areas 20.5 29.9 -31.6 57.2 61.4 -6.8 136.7
Group Operations incl
other -5.7 -7.1 20.2 -9.6 -13.5 28.7 - 24.6
Associated companies
outside BA 0.0 0.0 - 0.0 0.0 - 0.0
Operating profit (EBIT
excl cap gain) 14.8 22.7 -35.1 47.6 47.9 -0.6 112.0
Operating margin (EBIT), %
2007 2006 Change 2007 2006 Change 2006
Continuing operations 4-6 4-6 % 1-6 1-6 % 1-12
Banking & Insurance -10.8 6.9 -17.7 -1.4 6.6 -8.0 7.1
Telecom & Media 7.7 5.7 2.0 8.5 6.2 2.2 6.9
Government, Manufacturing &
Retail 3.6 8.1 -4.6 6.9 11.5 -4.8 13.2
Healthcare & Welfare -1.4 5.0 -6.4 1.0 4.6 -3.6 8.7
Forest & Energy 7.3 3.6 3.7 7.7 5.1 2.6 4.9
Processing & Network 6.2 9.8 -3.6 7.4 9.8 -2.4 10.6
Business areas 3.6 7.3 -3.7 6.2 8.1 -1.9 9.0
Operating margin (EBIT) 2.3 6.4 -4.1 5.1 6.8 -1.8 7.8
Operating margin (EBIT) excl capital gains and
impairment losses, %
2007 2006 Change 2007 2006 Change 2006
Continuing operations 4-6 4-6 % 1-6 1-6 % 1-12
Banking & Insurance -5.4 6.9 -12.3 1.2 6.6 -5.4 7.1
Telecom & Media 7.7 5.7 2.0 8.5 6.2 2.2 7.2
Government, Manufacturing &
Retail 5.6 8.1 -2.6 7.8 7.8 0.0 7.6
Healthcare & Welfare -0.8 5.0 -5.8 -1.2 4.6 -5.8 8.7
Forest & Energy 7.3 3.6 3.7 7.7 5.1 2.6 4.9
Processing & Network 6.2 9.6 -3.4 7.4 9.7 -2.3 10.5
Business areas 4.7 7.3 -2.6 6.5 7.5 -0.9 8.3
Operating margin (EBIT), excl
capital gains and impairment
losses 3.4 5.5 -2.1 5.4 5.8 -0.4 6.8
Personnel
End of period Average
Continuing operations 2007 Change Share 2006 2006 2007 2006
By business area
(primary segment) 1-6 % % 1-6 1-12 1-6 1-6
Banking & Insurance 2 224 2 14 2 181 2 193 2 243 2 179
Telecom & Media 5 420 17 35 4 619 5 107 5 325 4 681
Government,
Manufacturing &
Retail 1 587 - 19 10 1 970 1 532 1 571 1 984
Healthcare & Welfare 1 103 8 7 1 025 1 079 1 081 996
Forest & Energy 1 280 4 8 1 229 1 286 1 287 1 240
Processing & Network 2 102 5 14 2 005 1 966 2 060 1 982
Software Centres 1 130 72 7 655 925 1 054 577
Other Group
Operations 562 11 4 507 507 558 492
Group total 15 408 9 100 14 191 14 597 15 178 14 132
From Jan 2007, 216 persons in India were moved from BA Healthcare &
Welfare to Software Centre in Group Operations. Figures for 2006 have
been restated. The change had a positive effect of 0.3 MEUR on EBIT
2006 in Group Operations and a corresponding negative effect in
Healthcare & Welfare.
End of period Average
Continuing operations 2007 Change Share 2006 2006 2007 2006
By country (secondary
segment) 1-6 % % 1-6 1-12 1-6 1-6
Finland 6 228 - 2 40 6 345 6 163 6 193 6 332
Sweden 3 337 - 1 22 3 358 3 239 3 338 3 456
Germany 1 330 47 9 903 1 342 1 357 888
Czech 919 66 6 555 769 857 506
Norway 747 - 15 5 875 742 752 864
Latvia 550 17 4 469 521 545 434
Poland 348 2 153 286
Denmark 331 - 8 2 358 221 301 358
Great Britain 329 7 2 306 314 317 326
India 266 44 2 185 231 265 166
Italy 234 36 2 172 176 218 169
France 124 24 1 100 114 120 106
Estonia 115 13 1 101 116 110 85
Lithuania 110 11 1 99 102 97 88
Netherlands 106 37 1 78 85 99 71
Other 334 17 2 286 310 323 283
Group total 15 408 9 100 14 191 14 597 15 178 14 132
The personnel figures for the associated companies under
TietoEnator's management responsiblity are reported according to our
holding. Personnel figures including these associated companies to
100% give a total of 15 806 (14 577) at the end of the period.
Total assets by business area, EUR million (primary segment)
2007 2006 Change 2006
Continuing operations 30 Jun 30 Jun % 31 Dec
Banking & Insurance 263.4 240.0 10 256.0
Telecom & Media 452.0 388.5 16 414.7
Government, Manufacturing & Retail 63.3 77.4 -18 64.1
Healthcare & Welfare 88.2 80.2 10 93.5
Forest & Energy 120.0 102.5 17 112.1
Processing & Network 176.9 176.0 0 187.3
Group elimination -25.2 -32.1 -21 -34.0
Business areas 1 138.5 1 032.5 10 1 093.9
Group Operations 233.4 332.5 -30 280.9
Group total 1 371.9 1 365.0 1 1 374.7
Discontinued operations, net impact - 13.0 -
Total assets 1 371.9 1 378.1 0 1 374.7
Total liabilities by business area, EUR million (primary
segment)
2007 2006 Change 2006
Continuing operations 30 Jun 30 Jun % 31 Dec
Banking & Insurance 115.3 88.0 31 93.2
Telecom & Media 191.9 138.6 38 166.6
Government, Manufacturing & Retail 40.8 52.3 -22 39.2
Healthcare & Welfare 34.4 30.2 14 32.0
Forest & Energy 70.6 51.1 38 52.3
Processing & Network 69.3 79.0 -12 76.3
Group elimination -22.9 -37.7 -39 -31.0
Business areas 499.4 401.6 24 428.6
Group Operations 302.3 374.1 -19 319.7
Group total 801.8 775.7 3 748.3
Discontinued operations, net impact - 142.8 -
Total liabilities 801.8 918.6 -13 748.3
Segment assets by country, EUR million (secondary segment)
2007 2006 Change 2006
Continuing operations 30 Jun 30 Jun % 31 Dec
Finland 326.6 306.3 7 329.0
Sweden 344.7 312.6 10 317.4
Norway 98.9 89.9 10 97.5
Germany 174.3 130.8 33 174.6
Great Britain 89.3 89.0 0 99.1
Other 104.7 104.0 1 76.2
Business areas 1 138.5 1 032.5 10 1 093.9
Depreciation, EUR million
2007 2006 Change 2007 2006 Change 2006
Continuing operations 4-6 4-6 % 1-6 1-6 % 1-12
Processing & Network 9.1 8.0 15 18.0 15.4 17 31.5
whereof Finland 7.6 7.3 5 15.1 14.0 8 27.0
Sweden 1.3 0.5 146 2.5 1.1 123 3.8
Other countries 0.2 0.2 30 0.4 0.3 40 0.7
Other 4.5 4.8 -6 9.3 9.6 -4 19.2
Group total 13.7 12.8 7 27.3 25.0 9 50.7
Amortization on allocated intangible assets from
acquisitions, EUR million
2007 2006 Change 2007 2006 Change 2006
Continuing operations 4-6 4-6 % 1-6 1-6 % 1-12
Telecom & Media 1.3 1.3 2 2.5 2.4 5 4.9
Other 1.1 0.9 21 2.4 1.8 35 3.8
Group total 2.4 2.2 10 4.9 4.2 17 8.7
No impairment losses have been recognised during 2007 and 2006.
Capital expenditure by business
area, EUR million
2007 2006 Change 2007 2006 Change 2006
Continuing operations 4-6 4-6 % 1-6 1-6 % 1-12
Processing & Network 9.3 12.3 -24 16.7 25.2 -34 35.3
whereof Finland 8.5 7.2 18 14.2 15.3 - 8 22.1
Sweden 0.8 5.1 - 84 2.6 9.8 - 74 13.2
Other
countries 0.0 0.0 - 0.0 0.0 - 0.0
Other 3.2 2.7 19 7.9 5.6 41 15.6
Group total 12.6 15.0 - 16 24.7 30.8 - 20 50.9
2007 2006 Change
Commitments and contingencies, EUR million 30 Jun 31 Dec %
For TietoEnator obligations
Pledges - -
On behalf of associated companies
Guarantees 1.4 1.4 0
Other TietoEnator obligations
Rent commitments due in one year 45.8 62.4 -27
Rent commitments due in 1-5 years 138.5 174.3 -21
Rent commitments due after 5 years 2.3 5.7 -60
Operating lease commitments due in one year 9.1 7.2 26
Operating lease commitments due in 1-5 years 15.2 7.0 117
Operating lease commitments due after 5 years 0.0 0.0
Other commitments *) 6.1 25.8 -76
Operating lease commitments are principally three-year lease
agreements that do not include buyout clauses.
*) Including EUR 4.9 (19.3 year 2006) million commitment mainly for
purchase of hardware.
Notional amounts of derivative financial 2007 2006
instruments, EUR million 30 Jun 31 Dec
Foreign exchange contracts 466.2 423.2
Interest rate swaps 102.0 2.0
Includes the gross amount of all notional values for contracts that
have not yet been settled or closed. The amount of notional value
outstanding is not necessarily a measure or indication of market
risk, as the exposure of certain contracts may be offset by that of
other contracts.
Fair values of derivatives, EUR million
The net fair values of derivative financial instruments
at the 2007 2006
balance sheet date were: 30 Jun 31 Dec
Foreign exchange contracts 1.8 -0.9
Interest rate swaps -0.2 -0.2
Derivatives are used for hedging purposes only.
Major shareholders 30 June 2007
Shares %
1 Didner & Gerge Aktiefond 2 130 000 2.9%
2 Roburs fonder 1 709 298 2.3%
Svenska Litteratursällskapet i
3 Finland 1 298 000 1.8%
4 Tapiola 886 280 1.2%
5 The State Pension Funds 811 500 1.1%
6 Suomi Insurance 724 300 1.0%
Mutual Pension Insurance Company
7 Ilmarinen 703 341 0.9%
8 Pekka Viljakainen 649 447 0.9%
9 Länsförsäkringar Fonder 581 643 0.8%
Mutual Pension Insurance Company
10 Varma 531 069 0.7%
51 237
Remaining Nominee registered 190 69.1%
12 834
Others 394 17.3%
74 096
Total 462 100.0%
Based on ownership records of the Finnish and Swedish central
security depositories.
On 30 June 2007 TietoEnator posses 500 000 own
shares.
In June Goldman Sachs Group, Inc. announced that its holding in
TietoEnator Corporation had increased to 3 905 502 shares, which
represents 5.27% of the share capital and voting rights.
On 6 July Deutsche Bank AG announced that its holding in TietoEnator
Corporation had exceeded the 5% threshold. On 9 July the company
announced that their holding of TietoEnator's share capital and
voting rights had decreased to 4.18%.
TIETOENATOR CORPORATION
For further information:
Åke Plyhm, Deputy CEO, TietoEnator, tel. +46 705 658 631, +46 705 65
86 31, ake.plyhm@tietoenator.com,
Timo Salmela, CFO, TietoEnator, tel. +358 9 8626 2213, +358 400 434
974, timo.salmela@tietoenator.com,
Päivi Lindqvist, EVP, Communications and Investor Relations,
TietoEnator, tel. +358 9 8626 3276, +358 40 708 5351,
paivi.lindqvist@tietoenator.com or
Paula Liimatta, IR Manager, TietoEnator, tel. +358 9 8626 3113, +358
40 580 3521, paula.liimatta@tietoenator.com
Press conference for analysts and media will be held in Helsinki,
Hotel Radisson SAS, cabinet Finland, Runegerinkatu 2, at 10.00 am
CET, (9.00 am CET, 8.00 am UK time).
The conference will be hosted in English by Deputy CEO Åke Plyhm, CFO
Timo Salmela, EVP Communications and Investor Relations Päivi
Lindqvist and Investor Relations Manager Paula Liimatta.
The conference will be webcast and published live on the Internet at
TietoEnator's website www.tietoenator.com/conferences and materials
and there will be a possibility to present questions on-line. An
on-demand video will be available after the conference.
Conference call starting at 2.00 pm EET, (1.00 pm CET, 12.00 pm UK
time) will also be available as live audio webcast on
www.tietoenator.com/presentations. The call will be hosted by Timo
Salmela and Päivi Lindqvist. Callers may access the conference
directly at the following telephone numbers: US callers: +1 866 966
5335, non-US callers: +44 20 3023 4402, no code. Lines to be reserved
ten minutes before start of conference call.
A replay will be available until 27 July 2007 in the following
numbers: US callers: +1 866 583 1035, non-US callers: +44 20 8196
1998, access code 141 833#. An on-demand audiocast of the conference
will also be published at TietoEnator's website later during the same
day.
TietoEnator publishes financial information in English, Finnish and
Swedish. All releases are posted in full on TietoEnator's website
www.tietoenator.com as soon as they are published.
TietoEnator is among the leading architects in building a more
efficient information society and one of the largest IT services
providers in Europe. TietoEnator specializes in consulting,
developing and hosting its customers' business operations in the
digital economy. The Group's services are based on a combination of
deep industry-specific expertise and the latest information
technology. TietoEnator has about 16 000 experts in close to 30
countries.
www.tietoenator.com
DISTRIBUTION
Helsinki Stock Exchange
Stockholmsbörsen
Principal Media
TietoEnator Corporation
Business ID: 0101138-5
Kutojantie 10 PO Box 33
FI-02631 ESPOO, FINLAND
Tel +358 9 862 6000
Fax +358 9 862 63091
Registered office: Espoo
Kronborgsgränd 1
SE-164 87 KISTA, SWEDEN
Tel +46 8 632 1400
Fax +46 8 632 1420
mail: info@tietoenator.com
www.tietoenator.com
