ANNUAL REPORT 2007
General
Eirikuva Digital Image Oy Ab was restructured into a public listed company on 20
July 2007, and Nordic AB, wholly owned by Eirikuva Digital image Oyj Abp, was
established in Sweden as a sales company. The company's share capital was
increased to €1,408,000, rendering 3,520,000 as the total number of shares.
Furthermore, some of Eirikuva's long-term loans were converted for booking in
the share capital and the invested free capital fund, €722,000.
The share capital of Eiri Kehys Oy Ab was purchased from Amago Capital AB.
Eirikuva was listed on the First North market on 3 December 2007. In Spring
2007, Eirikuva commenced the marketing of images to Sweden, where it has gained
a significant market share.
Strategy
Eirikuva Digital Image Oyj Abp's strategy is to develop the existing
distribution channel model, under which services are offered on a broad front
both through retail stores and directly to the consumers. The model allows for
creating an easy-to-access, cost-efficient means of producing modern image
products and attractive services for customers, while partners gain profit
opportunities through online services and photo kiosks.
Eirikuva's product assortment will include more value-added products, which
benefit the customer in an efficient way and provide a better profit margin than
traditional photograph printing.
Turnover development
The turnover of Eirikuva Digital Image Oyj Abp in 2007 was €6,434,000, whereas
it was €6,468,000 in the previous financial period (16 February - 31 December
2006). About 48% of the image-manufacturing turnover resulted from the rapidly
growing product area of digital photography. In 2006, digital image products
accounted for 34% of the image-manufacturing turnover. The share of analogue
products is decreasing.
Profit development
The business result before depreciation (EBITDA) was €624,000 to the negative
(2006: €301,000). The business result before tax was -€1,452,000 (2006: €659).
The loss per share was €0.41 (2006: profit of €0.03).
The loss consists in part of expenses caused by the First North listing, which
were higher than anticipated and took place in the fourth quarter. Furthermore,
the launch of Eirikuva in a new market area required significant investment.
Eirikuva also invests in production and the development of service concepts.
Depreciation in 2007 totalled €326,000 (2006: €166,000).
Shares and share issues
The nominal value of an Eirikuva Digital Image Oyj Abp share is €0.40, and each
share entitles the holder to one vote.
In the opening balance, the number of shares was 20,000, and the share capital
was €8,000. In the share issue of 20 July 2007, the number of shares increased
to 180,000, yielding total share capital of €80,000. The total number of shares
after the share issue of 15 October 2007 was 2,020,000, for total share capital
of €808,000. Eirikuva Digital Image Oyj Abp carried out an issue for 9 October -
16 November 2007, in which the number of shares was 1,500,000 and the
subscription price was set at €0.80. All shares were subscribed to, and the
total number of shares was 3,520,000. The share capital was €1,408,000.
Eirikuva Digital Image Oyj Abp purchased all shares of Eiri Kehys Oy Ab from
Amago Capital AB on 1 June 2007. Eirikuva Nordic AB was established in Sweden to
run the operations.
Share option rights
In connection with the listing of Eirikuva Digital Image Oyj Abp on the First
North Finland market, the company's managing director, Merja Ailama-Mäkitalo,
was entitled to share options allowing her to redeem 100,000 shares of the
company at a price of €1.60/share. The share option programme is valid from 1
November 2007 to 31 October 2010.
Investments
The bottom line for the balance at the end of the review period was €3,325,000
(parent company in 2006: €3,351,000). The capital asset investments recorded in
the consolidated balance sheet came to €574,000 (2006: €121,000). The most
central investment of Eirikuva Digital Image Oyj Abp in 2007 was a digital
printer, at a value of €412,000. Investments were also made in the Eirikuva
kiosk concept and photo ordering software.
Lines of business
The main line of business of Eirikuva Digital Image Oyj Abp is the manufacturing
of images with analogue and digital methods. Image manufacture accounted for
75.3% of the total turnover. The turnover for photography wholesale sales
amounted to 24.3% of the total turnover.
Eiri Kehys Oy Ab, wholly owned by Eirikuva Digital Image Oyj Abp, manufactures
photo frames from metal and wood. The frames are marketed through the parent
company. The turnover of Eiri Kehys Oy Ab in 2007 was €338,000.
Research and development
The great shift of the photography industry from analogue to digital photography
and image production required investment from Eirikuva in both digital
production equipment and online services. The company started the development of
its online service programmes with the Lahti‑based Avenla Oy, and the
development of the total service concept continues.
Board of Directors
According to the Articles of Association, the Board of Directors consists of 1-5
regular members and, should the number of members be less than three, a deputy
member.
In 2007, the members of the company's Board of Directors were:
Jonas Nordlund, chairman of the Board, member since 2007
Robert Ejermark, member of the Board, member since 2007
Göran Nordlund, deputy member of the Board, member since 2007
Managing director
The tasks of the managing director of Eirikuva Digital Image Oyj Abp are set
forth by law, the Articles of Association, and the instructions issued by the
Board of Directors.
Merja Ailama-Mäkitalo has led the company since its establishment (16 February
2006). Ailama‑Mäkitalo has received €91,580 in 2007 as salary, fees, and
benefits in kind for her role as managing director. The managing director's
deputy has been the finance director.
Steering group
The steering group of Eirikuva Digital Image Oyj Abp in 2007 consisted of
Managing Director Merja Ailama-Mäkitalo, director of finance Tiina Kukkurainen,
director of finance Niina Järvilehto, sales manager Veli-Markku Paulamäki, sales
manager Pertti Paronen, and project manager Jussi Sainio. The steering group has
assembled when needed.
Staff
Eirikuva Digital Image Oyj Abp employed 63 people at the end of the period under
review and 71 on average during the review period. The Swedish operations
employed three people. In 2006, the number of staff in the parent company and
subsidiary Eiri Kehys averaged 87.
In total, €1,624,000 (2006: €1,665,000) has been paid as salary to the staff and
€37,000 (2006: €38,000) as benefits in kind. The pension expenses were €295,000
(2006: €322,000) and other personnel expenses €102,000 (2006: €85,000).
Personnel expenses totalled €2,058,000 (2006: €2,107,000).
Auditor
The company's auditor was BDO FinnPartners Oy, an APA organisation, with Erkki
Manner, authorised public accountant, as the auditor in charge.
Shares and participation
The company has 3,520,000 shares. Each entitles its holder to one vote. The
company is part of a group whose parent company is Amago Capital AB (publ),
registered in Sweden. The holding of Amago Capital AB (publ) on 31 December 2007
in Eirikuva Digital Image Oyj Abp was 2,020,000 shares (57.4%). The total number
of owners on 31 December 2007 was 109.
Risk management
Business risks are related to the migration from analogue to digital
photography. The volume of analogue manufacturing will decrease as the digital
production volume increases. It is also difficult to assess the development of
the so-called value-added product market, but international forecasts indicate
increasing value-added product sales. The company seeks growth from the
development of customer volumes and individual purchase volumes, new products,
and international business.
The strongly seasonal nature of the industry may cause liquidity problems. The
main season is in the summer months and a shorter period before Christmas.
The company has insured its real estate and its manufacturing equipment in
conformance with the rental agreement, to the full value. Statutory insurance
has been taken out for the personnel.
The proposal of the Board of Directors for the processing of the result
The loss for the financial period is €1,451,831.70. The Board proposes that the
loss for 1 January - 31 December 2007 be transferred to the profit/loss account
of previous financial periods and that no dividend be paid.
Outlook 2008
Eirikuva believes that the market for special products will grow strongly in
2008. The image book product has been launched, and its development continues.
The decrease in analogue photography and the growth of digital imaging present
financial challenges.
Eirikuva will continue to concentrate on the development of its service concept,
with the new value‑added products; the kiosk concept; and easy-to-use,
consumer-friendly image ordering software as the central areas of focus.
Eirikuva's result for the first quarter of 2008 was negative. The company has
initiated a broad cost savings programme, which includes co-operation
negotiations with the personnel. The central objective for 2008 is increased
cost-efficiency and optimisation of internal delivery times.
Eirikuva Digital Image Oyj Abp
Balance Sheet Book
1.1.2007-31.12.2007
This balance sheet book has to store until Dec. 31, 2017
Address
Heinolan Vanhatie 25, 15170 Lahti
VAT-number 2018481-2
Domicile Lahti, FINLAND
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| Eirikuva Digital Image Oyj Abp | | | Page 2 (9) |
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| VAT-number 2018481-2 | | | |
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| Balance sheet | 31.12.2007 | | 31.12.2006 |
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| ASSETS | € | | € |
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| NON-CURRENT ASSETS | | | |
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| | Intangible Assets | | | |
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| | | Goodwill | 183 917,57 | | 206 553,53 |
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| | | Other expenses with long-term | 36 735,57 | | 2 358,44 |
| | | effects | | | |
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| | | Advance Payments | 0,00 | | 6 146,00 |
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| | Intangible Assets Total | 220 653,14 | | 215 057,97 |
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| | Tangible Assets | | | |
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| | | Machinery and Equipments | 1 325 155,47 | | 1 046 |
| | | | | | 399,39 |
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| | | Other expenses with long-term | 6 107,70 | | 9 435,00 |
| | | effects | | | |
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| | | Advance Payments | 7 000,00 | | 0,00 |
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| | Tangible Assets Total | 1 338 263,17 | | 1 055 |
| | | | | 834,39 |
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| | Investments | | | |
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| | | Shares of daughter companies | 18 773,63 | | 0,00 |
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| | Investiments total | 18 773,63 | | 0,00 |
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| NON-CURRENT ASSETS TOTAL | 1 577 689,94 | | 1 270 |
| | | | 892,36 |
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| CURRENT ASSETS | | | |
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| | Inventories | | | |
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| | | Raw materials and consumables | 296 192,83 | | 249 342,98 |
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| | | Work in progress | 0,00 | | 90 844,89 |
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| | | Finished goods | 287 326,64 | | 266 024,37 |
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| | | Advance Payments | 12 187,10 | | 72 591,42 |
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| | Inventories total | 595 706,57 | | 678 803,66 |
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| | Long-term trade receivables | | | |
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| | | Long-term installment receivables | 6 240,00 | | 0,00 |
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| | Long-term trade receivables total | 6 240,00 | | 0,00 |
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| | Short-term trade receivables | | | |
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| | | Trade receivables | 646 692,74 | | 666 945,05 |
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| | | Receivables from group companies | 16 101,20 | | 0,00 |
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| | | Loan receivables | 921,21 | | 3 000,00 |
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| | | Other receivables | 324,47 | | 0,00 |
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| | | Accrued income | 7 025,00 | | 32 212,90 |
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| | Short-term trade receivables total | 671 064,62 | | 702 157,95 |
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| | Cash and bank balances | 474 404,48 | | 699 583,92 |
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| CURRENT ASSETS TOTAL | 1 747 415,67 | | 2 080 |
| | | | 545,53 |
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| TOTAL ASSETS | 3 325 105,61 | | 3 351 |
| | | | 437,89 |
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| Eirikuva Digital Image Oyj Abp | | | Page 3 (9) |
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| VAT-number 2018481-2 | | | |
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| Balance sheet | 31.12.2007 | | 31.12.2006 |
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| SHAREHOLDERS EQUITY AND LIABILITIES | € | | € |
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| SHAREHOLDERS EQUITY | | | |
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| | Share capital | 1 408 000,00 | | 8 000,00 |
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| | Other funds | 722 000,00 | | 0,00 |
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| | Retained earnings | 105,71 | | 0,00 |
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| | Profit/Loss for the Year | -1 451 | | 105,71 |
| | | 831,70 | | |
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| | | | 678 274,01 | | 8 105,71 |
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| SHAREHOLDERS EQUITY TOTAL | 678 274,01 | | 8 105,71 |
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| LIABILITIES | | | |
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| | Long-term liabilities | | | |
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| | | Capital loan | 0,00 | | 204 194,51 |
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| | | Loans from Financial Institutions | 1 096 380,12 | | 1 204 |
| | | | | | 569,72 |
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| | | Accounts payable | 160 000,00 | | 21 326,46 |
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| | | Loans from Group companies | 0,00 | | 231 350,38 |
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| | Long-term liabilities total | 1 256 380,12 | | 1 661 |
| | | | | 441,07 |
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| | Short-term liabilities | | | |
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| | | Loans from Financial Institutions | 444 337,47 | | 390 076,03 |
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| | | Accounts payable | 518 495,69 | | 220 927,68 |
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| | | Loans from Group companies | 123 352,88 | | 632 485,76 |
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| | | Other liabilities | 21 108,71 | | 112 095,74 |
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| | | Accrued Charges and Deferred | 283 156,73 | | 326 305,90 |
| | | Credits | | | |
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| | Short-term liabilities total | 1 390 451,48 | | 1 681 |
| | | | | 891,11 |
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| LIABILITIES TOTAL | 2 646 831,60 | | 3 343 |
| | | | 332,18 |
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| TOTAL SHAREHOLDERS EQUITY AND LIABILITIES | 3 325 105,61 | | 3 351 |
| | | | 437,89 |
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| Income Statements | 1.1.-31.12.2007 | 16.2.-31.12.200 |
| | | 6 |
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| TURNOVER | 6 434 153,33 | | 6 467 777,06 |
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| Other operating income | 36 996,09 | | 142 474,06 |
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| Materials and services | | | |
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| | Materials and supplies | | | |
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| | | Purchases | -2 746 | | -3 405 757,07 |
| | | | 801,71 | | |
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| | | Changes in inventories | 75 127,71 | | 906 362,24 |
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| | External services | -243 655,76 | | -39 442,49 |
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| Materials and services total | -2 915 | | -2 538 837,32 |
| | 329,76 | | |
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| Personnel costs | | | |
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| | Wages and salaries | -1 661 | | -1 699 737,22 |
| | | 194,16 | | |
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| | Social security expenses | | | |
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| | | Pension costs | -294 974,21 | | -322 343,86 |
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| | | Other social security | -101 934,09 | | -84 865,86 |
| | | expenses | | | |
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| Personnel costs total | -2 058 | | -2 106 946,94 |
| | 102,46 | | |
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| Depreciations and value adjustments | | |
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| | Depreciations according to plan | -326 460,35 | | -165 910,53 |
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| Depreciations and value adjustments | -326 460,35 | | -165 910,53 |
| total | | | |
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| Other operating costs | -2 122 | | -1 663 326,77 |
| | 046,45 | | |
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| OPERATING LOSS/ INCOME | -950 789,60 | | 135 229,56 |
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| Financial income and costs | | | |
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| | Other interest- and financial | 62 170,40 | | 4 115,35 |
| | income | | | |
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| | Interest costs and other | -563 212,50 | | -138 685,58 |
| | financial costs | | | |
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| Financial income and costs total | -501 042,10 | | -134 570,23 |
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| PROFIT/LOSS BEFORE APPROPRIATIONS | -1 451 | | 659,33 |
| | 831,70 | | |
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| AND TAXES | | | |
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| Income tax | 0,00 | | -553,62 |
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| NET PROFIT/LOSS FOR THE YEAR | -1 451 | | 105,71 |
| | 831,70 | | |
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Notes to the Accounts 31.12.2007
The company belong to the Amago Capital -group. The address of the head office
is Bibliotekstorget 8, 2tr 171 45 Solna, Sweden.
Eirikuva Digital Image Oy Ab was established 2006 and the Company was registered
in the company register on 14 February 2006.
Valuation and depreciation of fixed assets
Fixed assets are capitalized using their original acquisition price minus
planned depreciation. Planned depreciation has been calculated straight-line on
basis of the original acquisition cost and the asset's economic lifetime, as
follows:
Goodwill 10 years
Other capitalized long term expenses 3 years
Machinery and equipment 5 years
Other tangible expenses with long-term effects 3 years
The amortization period of 10 years of goodwill has been applied for key
strategic acquisitions.
Inventory valuation
Inventories are valued according to their acquisition price, resale price or
probable selling price, whichever is lowest, using the FIFO principle.
Foreign-currency items
Receivables and liabilities denominated in foreign currencies have been valued
using the exchange rate quoted on the balance sheet date.
Notes to the Annual Report
The board proposes that no dividends will be paid.
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| | | 2007 | | 2006 |
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| Receivables from Group companies | | | |
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| Accounts receivables | 18 914,67 | | 15 214,76 |
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| Loan receivables | 16 101,20 | | 0,00 |
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| Receivables from Group companies total | 35 015,87 | | 15 214,76 |
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| Shareholders Equity | | | |
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| Share capital 1.1. | 8 000,00 | | 8 000,00 |
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| Share capital 31.12. | 1 408 000,00 | | 8 000,00 |
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| Other funds 1.1. | 0,00 | | 0,00 |
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| Other funds 31.12. | 722 000,00 | | 0,00 |
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| Profit/Loss from previous years 1.1. | 105,71 | | 0,00 |
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| Distribution of divident | 0,00 | | 0,00 |
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| Profit/Loss from previous years 31.12. | 105,71 | | 0,00 |
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| Profit / Loss for the financial year | -1 451 831,70 | | 105,71 |
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| Capital loan 1.1. | 204 194,51 | | 204 194,51 |
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| Capital loan 31.12. | 0,00 | | 204 194,51 |
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| Shareholders Equity total | 678 274,01 | | 212 300,22 |
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| Distributable Equity | | | |
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| Profit/Loss from previous years | 105,71 | | 0,00 |
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| Profit/Loss ffor the year | -1 451 831,70 | | 105,71 |
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| Distributable Equity | 0,00 | | 105,71 |
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| Share types | | | |
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| Company has 3.520.000 shares with nominal value 0,40 € each. |
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| All shares have one vote each. | | | |
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| Liabilities from Group companies | | | |
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| Long-term loans | 0,00 | | 435 544,89 |
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| Short-term loans | 123 352,88 | | 632 485,76 |
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| | Accounts payable | 110 367,75 | | 5 104,01 |
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| | Accrued charges | 5 973,61 | | 14 133,73 |
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| Liabilities from Group companies total | 239 694,24 | | 1 087 268,39 |
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| Given securities for own | | | |
| behalf | | | |
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| Liability | Loan amount, € | Type of | Security, € |
| | | guarantee | |
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| loans from Financial | 317 746,12 | corporate | 320 000,00 |
| Institutions | | mortgage | |
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| loans from Financial | 447 726,00 | corporate | 600 000,00 |
| Institutions | | mortgage | |
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| limit of current account | 500 000,00 | corporate | -"- |
| | | mortgage | |
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| instalment loans | 303 979,29 | | |
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| Other contingent liabilities for own behalf | |
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| | sum of | Type of | Security, € |
| | guarantee, € | guarantee | |
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| guarantees | 155 000,00 | corporate | 600 000,00 |
| | | mortgage | |
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| | | | Liability, |
| | | | € |
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| factoring trade | | | 201 053,67 |
| receivables | | | |
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| factoring credit | | | 58 656,96 |
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| Rental liability for the real estate in until February 15, 2009 |
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| paid during financial year | | | 207 000,00 |
| 2008 | | | |
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| falling due after Dec. 31, | | | 34 500,00 |
| 2008 | | | |
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| Leasing liabilities | | | |
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| Amount paid regarding leasing agreements: | € |
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| paid during financial year | | | 156 594,47 |
| 2008 | | | |
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| falling due after Dec. 31, | | | 142 947,56 |
| 2008 | | | |
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Agreements could be denounced in the middle of the leaseperiods by paying rest
of the lease amounts. Leased equipments could be paid back after the leaseperiod
separately agreed terms.
Personnel
The average amount of the personnel in 2007 was 71.
