Westend ICT Plc Stock Exchange Release February 12, 2009, at 8:40 Finnish time
WESTEND ICT FINANCIAL REPORT 1 JANUARY-31 DECEMBER 2008 (IFRS)
- Net sales EUR 3.84 million (EUR 3.81 million)
- Operating result EUR -0.27 million (EUR -0.42 million)
- Result before taxes EUR -0.84 million (EUR -0.20 million)
- Equity ratio -94.3% (-60.6%), shareholders' equity/share EUR -0.03 (EUR -0.02)
- Earnings per share EUR -0.007 (EUR -0.002)
STRUCTURE OF THE GROUP
During the review period, the Westend ICT group consisted of the subsidiary
operating in Finland, Documenta Oy, in which the group had 100% ownership, and
the parent company Westend ICT Plc. The company had business operations in
Finland only, so there are no geographically segmented reports of the net sales,
business results and personnel to be presented.
In its business operations, Westend ICT Plc focuses on developing its customers'
business processes especially by means of document and workflow management
systems and development of quality and customer relationship management, with
the emphasis on the Finnish markets. The company will continue to use the
operating model in which the operative functions have been centralized into the
subsidiary/subsidiaries.
During the review period four daughter companies without business operations
during the last few years have been dissolved.
NET SALES
The Westend ICT group's net sales for the review period were EUR 3.84 million
(EUR 3.81 million).
RESULT DEVELOPMENT
The Westend ICT group's operating result for the review period was EUR -0.27
million (EUR -0.42 million). The result for the review period was EUR -0.84
million (EUR -0.20 million).
Other operating income for the financial period includes a one-time amount of
EUR 0.34 million of taxes paid in the year 2000 and returned on the basis of the
decision of the Helsinki administrative court.
Other operating expenses include a reservation of EUR 0.3 million, which has
been made to cover the requirements of the applications for summons, which the
company has been notified of during 2007 and which concern the company's stock
exchange communications.
The financial income of the review period includes interest income of EUR 0.25
million resulting from the rearrangement of a convertible loan (IAS 32). This
registration has no effect on the cash flow.
The financial expenses of the review period include a registration of change in
the market value of shares amounting to EUR 0.6 million; the Group Business
Software AG (before 13 October 2008, GROUP Technologies AG) shares owned by the
company have been valued at the share price on the last day of the review
period. The registration of the market value has no effect on the cash flow. The
shares are presented in the balance sheet as other financial assets under
long-term assets.
The costs for employment benefits on the review period were EUR 2.38 million
(EUR 2.10 million), which equals to 62% of the net sales (55%).
At the end of the review period, the group's equity is negative. The loss of
share capital of the company has been registered in the Trade register on 20
September 2006.
THE NET SALES AND RESULT DEVELOPMENT OF THE SUBSIDIARY (IFRS)
Documenta Oy
Documenta Oy's net sales for the review period 1 January-31 December 2008 were
EUR 3.92 million (EUR 3.86 million). The operating result was EUR 0.35 million
(EUR 0.35 million), which is 9% 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 Group Business Software AG (former Group
Technologies AG) companies' solutions for email archiving and customer
relationship management. The CEO of the company is Asko Ojanen.
SIGNIFICANT EVENTS IN THE REVIEW PERIOD
The company announced on 17 January 2008 that the Supreme Court had passed a
decision, which granted the company a leave to appeal concerning the judgment
given by the Helsinki Court of Appeal on 5 July 2007. A leave to appeal was now
granted concerning the measurement of the corporate fine. With respect to the
other grounds, the leave to appeal will be decided together with the proceedings
of the appeals. The prosecutor has also been granted a leave to appeal.
The company is satisfied with the decision, because the company considers the
judgment given by the Helsinki Court of Appeal last summer to be erroneous and
unfounded.
The company announced on 3 April 2008 that the Annual General Meeting on 3 April
2008 resolved to adopt the accounts of the company for the accounting period of
1 January-31 December 2007. It also granted the members of the Board of
Directors and the Chief Executive Officer discharge from liability for the
accounting period. The loss of the accounting period will be left in the
Company's profit and loss account. No dividend will be distributed.
The current members of the Board of Directors—Hannu Jokela, Jörg Ott and Mikko
Salminen—were reselected as the members of the Board of Directors. The Annual
General Meeting decided that the members of the Board of Directors will be paid
attendance allowance as follows: the Chairman of the Board of Directors will be
paid 1,500 euros/month and the members of the Board of Directors 1,000
euros/month. In its first meeting, the Board of Directors decided that Mikko
Salminen will continue as the Chairman of the Board.
Ernst & Young Authorised Public Accounting Firm was elected as the auditor for
the company, with Juha Nenonen (CA) as the principal accountant as of 1 June
2008.
The Annual General Meeting decided to change the Articles of Association as
proposed by the Board of Directors. The company's new business name is Westend
ICT Plc and its domicile is Espoo.
The Annual General Meeting decided to accept the Board of Directors' proposal
for using the accumulated premium reserve to cover losses. It was decided that
the accumulated premium reserve of EUR 65,141,510.05 should be used in whole to
cover the losses stated in the balance sheet in accordance with the financial
statement of 31 December 2007.
The Annual General Meeting decided to change the terms of the company's
convertible loan in accordance with the proposal of the Board of Directors. The
terms of the convertible loan decided by the Annual General Meeting on 27 March
2003 (registered on 5 March 2004) will be changed to extend the loan period for
one year, that is, until 31 December 2009.
The company announced on 21 April 2008 that the change of business name, decided
by the Annual General Meeting on 3 April 2008, has been entered into the Trade
Register. The company's new corporate name is Westend ICT Oyj, or Westend ICT
Plc in English.
Following the corporate name change, the trading codes of the company's share in
NASDAQ OMX Helsinki Oy have been renamed as well. The new trading code is
WIC1V. The change took effect in the trade system of NASDAQ OMX Helsinki Oy on
22 April 2008.
Westend ICT's website addresses are: www.westendict.fi and www.westendict.com.
EVENTS FOLLOWING THE REVIEW PERIOD
The company announced on 15 January 2009 that the Supreme Court had passed a
judgment concerning the share issue and sales of Westend ICT Plc (former TJ
GROUP PLC) in the year 2000. The Supreme Court increased the corporate fine by
EUR 50,000; thus, the corporate fine is EUR 100,000. The other parts of the
decisions of the Helsinki Court of Appeal have not been changed as regards the
Company.
The increase in the corporate fine, EUR 50,000, has been entered as a cost for
the financial period of 2008.
THE CURRENT AUTHORIZATIONS OF THE BOARD OF DIRECTORS
The Annual General Meeting on 19 June 2007 authorized the Board of Directors to
grant new shares against payment in a share issue and to grant special rights in
accordance with the Chapter 10, Section 1 of the Companies Act, including option
rights, which give the right to subscribe shares against payment. The amount of
new shares issued by the company and new shares subscribed on the basis of
special rights can be 26,000,000 at the maximum.
The authorization includes the right to grant shares or special rights entitling
to shares in a directed issue, that is, to deviate from the shareholders
privilege on the basis of the prerequisites specified in the Companies Act. A
directed share issue requires a weighty financial reason on the part of the
company, such as financing or implementing acquisitions or other business
arrangements, implementing incentive systems targeted at the company's
personnel, or other important financial reason for the company specified by the
Board of Directors. On the basis of the authorization, the Board of Directors
has the right to decide on all other terms of the issuing of new shares or
granting of the mentioned special rights, including the recipients of shares or
special rights and the amount of compensation to be paid. The authorization
shall be valid until 31 December 2010.
The authorization has not been used during the financial period.
FINANCING AND INVESTMENTS
The Westend ICT group's cash funds at the end of the review period were EUR 1.34
million (EUR 1.49 million). The equity ratio of the group was -94.3% (-60.6%).
The Westend ICT group's sales receivables at the end of the review period were
EUR 1.46 million (EUR 1.29 million).
On the review period, the group's gross investments totaled EUR 59 thousand (EUR
46 thousand), which equals to 1.5% (1.2%) of the net sales.
DEVELOPMENT COSTS
The product development expenses have been entered in accordance with the IAS 38
standard in such a way that the development expenses for entirely new products
and new product versions including significant improvements have been activated,
if their future accumulativeness can be reliably verified. Other product
development expenses have been entered as costs in the profit and loss statement
at the time they incurred. During the review period, no product development
expenses have been activated in the balance sheet, but all product development
expenses have been entered as costs. At the end of the review period, the
company's balance sheet contains EUR 139 thousand in activated, undepreciated
product development costs.
PERSONNEL
At the end of the review period, the group had 38 (38) employees. The group
employed an average of 38 (39) 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 as of 1 June 2008.
SHARES, SHARE CAPITAL, AND SHAREHOLDERS
Westend ICT Plc's share capital on 31 December 2008 was EUR 2,569,853.92, and
the total number of shares was 128,492,696. The countervalue of a share is EUR
0.02. Shareholders' equity/share was EUR -0.03. At the end of the review
period, the equities of the group and the parent company were negative. The loss
of share capital of the parent company has been registered in the Trade register
on 20 September 2006.
At the end of the review period, the company had 13,600 shareholders.
THE SHARE HOLDING AND WARRANTS OF THE BOARD OF DIRECTORS AND THE MANAGEMENT
On 31 December 2008, the permanent members of the Westend ICT's Board of
Directors and the CEO owned a total of 7,000 company shares, that is, 0.01
percent of the company's share capital and votes. They do not have any
warrants.
For more information on the warrant programs, see the company's web sites at
www.westendict.fi and www.westendict.com.
The company complies to and adapts the Guidelines for Insiders drawn up by
NASDAQ OMX Helsinki Oy.
DISTRIBUTION OF DIVIDEND
The company's Board of Directors will propose to the Annual General Meeting that
no dividend be paid for the financial period and that the company's loss be
booked against retained earnings. The company does not have distributable
assets.
NEAR-TERM OUTLOOK
The goal for 2009 is to improve the net sales and operating result of the
company as compared to the realized figures of 2008.
However, the uncertainty on the markets due to the current financial situation
is a significant risk that may hamper the realization of that goal.
Forecasting the result of the financial period is difficult as the changes in
the price of the Group Business Software AG shares, registered in other
financial assets and listed in the stock exchange, have had and will continue to
have a major effect on the financial income/costs and thereby on the result of
the financial period.
The interim report of the Westend ICT group for 1 January-31 March 2009 will be
published on 23 April 2009.
Espoo, 12 February 2009
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 financial report have not been audited.
In addition to the accounts of the parent company, the financial report of the
Westend ICT group consolidates the accounts of Documenta Oy.
TABLES
These financial figures of the group have been prepared in accordance with IFRS
rules but the financial report has not been presented according to IAS 34.
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| CONSOLIDATED PROFIT & LOSS STATEMENT | | |
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| | | |
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| (EUR thousand) | | |
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| | 1.1.-31.12.2008 | 1.1.- 31.12.2007 |
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| | 12 months | 12 months |
--------------------------------------------------------------------------------
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| Net sales | 3 837 | 3 814 |
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| Other operating income | 348 | 21 |
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| Materials and services | 436 | 647 |
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| Employee benefits expenses | 2 375 | 2 097 |
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| Depreciations | | |
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| Depreciations according to plan | 171 | 161 |
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--------------------------------------------------------------------------------
| Rents | 223 | 218 |
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| Marketing expenses | 111 | 125 |
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| Other operating expenses | 1 143 | 1 004 |
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| Operating profit/loss | -274 | -417 |
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--------------------------------------------------------------------------------
| Financial income and expenses | | |
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| Interest income and other financial | 295 | 493 |
| income | | |
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| Interest expenses and other financial | -857 | -273 |
| expenses | | |
--------------------------------------------------------------------------------
| | | |
--------------------------------------------------------------------------------
| Profit/loss for the period | -836 | -197 |
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| | | |
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| Distribution | | |
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| To equity holders of the parent | -836 | -197 |
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| | | |
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| Earnings per share calculated on | | |
| profit/loss | | |
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| attributable to equity holders of the | -0,007 | -0,002 |
| parent | | |
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| | | |
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| Earnings per share (undiluted), EUR | -0,007 | -0,002 |
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| Earnings per share (diluted), EUR | -0,007 | -0,002 |
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| CONSOLIDATED PROFIT AND LOSS STATEMENT BY | | | |
| QUARTER | | | |
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| | | | | | |
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| (EUR thousand) | | | | | Total |
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| | 1 Jan- | 1 Apr- | 1 Jul- | 1 Oct- | 1 Jan- |
--------------------------------------------------------------------------------
| | 31 Mar | 30 Jun | 30 Sep | 31 Dec | 31 Dec |
| | 2008 | 2008 | 2008 | 2008 | 2008 |
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| | 3 | 3 | 3 months | 3 months | 12 |
| | months | months | | | months |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales | 890 | 893 | 829 | 1 225 | 3 837 |
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| | | | | | |
--------------------------------------------------------------------------------
| Change in work in | 4 | -4 | 8 | -8 | 0 |
| progress,inc(+),dec(-) | | | | | |
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| Other operating income | 0 | 11 | 0 | 337 | 348 |
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| Materials and services | 123 | 100 | 116 | 97 | 436 |
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| Employee benefits | 580 | 607 | 446 | 742 | 2 375 |
| expenses | | | | | |
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| | | | | | |
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| Depreciations | | | | | |
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| Depreciations according | 40 | 41 | 41 | 49 | 171 |
| to plan | | | | | |
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| Rents | 50 | 60 | 57 | 56 | 223 |
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| Marketing expenses | 59 | 15 | 14 | 23 | 111 |
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| Other operating | 236 | 228 | 144 | 535 | 1 143 |
| expenses | | | | | |
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| Operating profit/loss | -194 | -151 | 19 | 52 | -274 |
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| | | | | | |
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| Financial income and | | | | | |
| expeses | | | | | |
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| Interest income and | 13 | 16 | 11 | 255 | 295 |
| other financial income | | | | | |
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| Interest expenses and | -394 | -10 | -606 | 153 | -857 |
| other financial | | | | | |
--------------------------------------------------------------------------------
| expenses | | | | | |
--------------------------------------------------------------------------------
| Profit/loss before | -575 | -145 | -576 | 460 | -836 |
| income taxes | | | | | |
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| Income taxes | 0 | 0 | 0 | 0 | 0 |
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| PROFIT/LOSS FOR THE | -575 | -145 | -576 | 460 | -836 |
| PERIOD | | | | | |
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| CONSOLIDATED BALANCE SHEET | | |
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| (EUR thousand) | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| ASSETS | 31.12.2008 | 31.12.2007 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| NON-CURRENT ASSETS | | |
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| Intangible assets | | |
--------------------------------------------------------------------------------
| Intangible rights | 150 | 237 |
--------------------------------------------------------------------------------
| Tangible assets | 110 | 135 |
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| Other capitalized expenditure | 799 | 1 392 |
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| Non-current assets total | 1 059 | 1 764 |
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| CURRENT ASSETS | | |
--------------------------------------------------------------------------------
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| Trade receivables | 1 460 | 1 292 |
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| Other current assets | 50 | 60 |
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| Cash and cash equivalents | 1 339 | 1 490 |
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| Current assets total | 2 849 | 2 842 |
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| TOTAL ASSETS | 3 908 | 4 606 |
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| | | |
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| SHAREHOLDERS' EQUITY AND LIABILITIES | 31.12.2008 | 31.12.2007 |
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| Equity attributable to equity holders | | |
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| of the parent | | |
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| Share capital | 2 570 | 2 570 |
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| Premium reserve | 0 | 65 142 |
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| Retained earnings | -5 288 | -70 233 |
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| Profit/loss for the period | -836 | -197 |
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| TOTAL SHAREHOLDERS' EQUITY | -3 554 | -2 718 |
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| | | |
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| Long-term liabilities | | |
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| Interest-bearing liabilities | 1 621 | 1 620 |
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| Long-term liabilities total | 1 621 | 1 620 |
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| Short-term liabilities | | |
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| Convertible loans | 4 255 | 4 500 |
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| Interest-bearing liabilities | 23 | 19 |
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| Trade payables | 68 | 303 |
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| Other current liabilities | 372 | 439 |
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| Accrued liabilities | 1 123 | 443 |
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| Current liabilities total | 5 841 | 5 704 |
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| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 3 908 | 4 606 |
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| CONSOLIDATED CASH FLOW STATEMENT | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| (EUR thousand) | 1.1.-31.12.200 | 1.1.- 31.12.2007 |
| | 8 | |
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| | 12 months | 12 months |
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| Cash flow from operating activities | | |
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| Profit/loss for the period | -274 | -417 |
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| Amendments: | | |
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| Depreciations | 171 | 161 |
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| Change in working capital: | | |
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| Change in trade and other receivables | -158 | 368 |
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| Change in trade and other payables | 378 | -938 |
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| Interests received | 50 | 73 |
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| Interests paid | -264 | -273 |
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| Cash flow from operating activities | -97 | -1 026 |
| total | | |
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| Cash flow/investments | | |
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| Investments in intangible and tangible | -59 | -46 |
| assets | | |
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| Cash flow/investments total | -59 | -46 |
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--------------------------------------------------------------------------------
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| Cash flow/financing | | |
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| Repayment of loans | 0 | -122 |
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| Increase of loans | 5 | 0 |
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| Cash flow/financing total | 5 | -122 |
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| Change in liquid funds | -151 | -1 194 |
--------------------------------------------------------------------------------
| according to the cash flow statement | | |
--------------------------------------------------------------------------------
| Change in liquid funds | -151 | -1 194 |
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| Liquid funds opening balance | 1 490 | 2 684 |
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| Liquid funds closing balance | 1 339 | 1 490 |
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| KEY FIGURES | | |
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| | 1.1.-31.12.2008 | 1.1.-31.12.2007 |
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| | 12 months | 12 months |
--------------------------------------------------------------------------------
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| Net sales, EUR million | 3,84 | 3,81 |
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| Operating profit/loss, EUR million | -0,27 | -0,42 |
--------------------------------------------------------------------------------
| % of net sales | -7,1% | -10,9% |
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| Cash flow from operations, EUR | -0,10 | -1,03 |
| million | | |
--------------------------------------------------------------------------------
| Return on equity, % 1) | 26,7 % | 7,5 % |
--------------------------------------------------------------------------------
| Return on investment, % | 0,7 % | 2,1 % |
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| Interest bearing net debt, EUR | 4,6 | 4,6 |
| million | | |
--------------------------------------------------------------------------------
| Net debt to equity (Net Gearing), % | -128,3 % | -171,0 % |
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| Equity ratio, % | -94,3 % | -60,6 % |
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| Gross investments | 0,06 | 0,05 |
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| % of net sales | 1,5 % | 1,2 % |
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| Personnel at the end of the period | 38 | 38 |
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| Personnel average | 38 | 39 |
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| Employee benefits expenses/person, | 63 | 54 |
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| EUR thousand | | |
--------------------------------------------------------------------------------
| KEY FIGURES PER SHARE | | |
--------------------------------------------------------------------------------
| Earnings/share, euro | -0,007 | -0,002 |
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| Shareholders' equity per share, euro | -0,03 | -0,02 |
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| | | |
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| 1) Both indicator and devider are | | |
| negative | | |
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| in 2008 and 2007. | | |
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| STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY | | | |
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| | | | | | |
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| | | | | Profit/l | |
| | | | | oss | |
--------------------------------------------------------------------------------
| | Share | Share | Retaine | for the | |
| | | | d | | |
--------------------------------------------------------------------------------
| (EUR thousand) | capit | premium | earning | period | Total |
| | al | | s | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| SHAREHOLDERS' EQUITY 1 Jan | 2 570 | 65 142 | -70 430 | | -2 718 |
| 2008 | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit/loss for the period | | | | -836 | -836 |
--------------------------------------------------------------------------------
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| Usage of premium reserve | | -65 142 | 65 142 | | |
--------------------------------------------------------------------------------
| to cover the accumulated | | | | | |
| losses | | | | | |
--------------------------------------------------------------------------------
| | | | | | |
--------------------------------------------------------------------------------
| SHAREHOLDERS' EQUITY 31 | 2 570 | 0 | -5 288 | -836 | -3 554 |
| Dec 2008 | | | | | |
--------------------------------------------------------------------------------
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| | | | | | |
--------------------------------------------------------------------------------
| | | | | Profit/l | |
| | | | | oss | |
--------------------------------------------------------------------------------
| | Share | Share | Retaine | for the | |
| | | | d | | |
--------------------------------------------------------------------------------
| (EUR thousand) | capit | premium | earning | period | Total |
| | al | | s | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| SHAREHOLDERS' EQUITY 1 Jan | 2 570 | 65 142 | -70 233 | | -2 521 |
| 2007 | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Profit/loss for the period | | | -197 | | -197 |
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| | | | | | |
--------------------------------------------------------------------------------
| SHAREHOLDERS' EQUITY 31 | 2 570 | 65 142 | -70 430 | | -2 718 |
| Dec 2007 | | | | | |
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