STOCKHOLM, Sweden, Aug. 20, 2002 (PRIMEZONE) -- Ecovision shows good profitability and strengthens its market position by strategical deals
French financial information provider Fininfo SA becomes a new strategic shareholder in Ecovision.
Acquisition of substantial business activities in Finland will increase the Ecovision group sales by approximately SEK 20 Million
The turnover in the first six months 2002 amounted to SEK 28,5 Million (29,5)
Profit after financial items in the first six months was SEK 4,3 Million (4.4)
French financial information provider Fininfo SA became a new strategic shareholder in Ecovision.
Ecovision acquired the Stardesk and Starweb services from the Finnish Sanoma group. The acquisition means an expected raise in sales for the Ecovision group of more than 2 MEuro in 2003.
Ecovision received an order from Forenings-Sparbanken regarding development and operation of an Internet stock market information service in real-time.
Earnings per share in the first six month amounted to SEK 2,10 (2,24)
Business Areas
The Ecovision Group's activities are divided into three Business areas:
-- Ecovision ProTrader is a complete financial real time system.
Information from primary sources is processed by Ecovision and then
disseminated via satellite, the Internet and networks.
-- Ecovision Internet develops and operates web-services for banks,
stockbrokers and the media.
-- The Ticker News Agency produces real time News to the financial
markets.
2002 2001 Change
Jan-June Jan-June
Turnover, Million SEK 28,5 29,5 -3%
Operating profit, Million SEK 4,2 3,8 +10%
Operating margin, % 14,7 12,9 -
Profit after financial items, 4,3 4,4 -2%
Million SEK
Earnings per share, SEK 2,10 2,24 -6%
Equity per share, SEK 23,68 20,11 +18%
Turnover and results
During the first six months 2002, Ecovision's turnover amounted to SEK 28,5 Million (29,5). The earnings after financial items amounted to SEK 4,3 Million (4,4) during the first six months.
Important events during the second quarter
Sanoma has sold its total shareholding in Ecovision, which was 33,4 % of capital and votes, to the French company Fininfo SA. Fininfo has also acquired an additional 17,6 % of the shares in Ecovision from the company's founder, Paul Ostling, and Fininfo now has 51 % of the capital and votes in Ecovision. Fininfo is a leading European provider of financial information to the professional financial community.
Fininfo is a leading provider of financial information to the professional financial community in Europe. Fininfo operates in France, Great Britain, Germany, Belgium, Spain, and Morocco. In 2001 Fininfo's sales amounted to 119.4 Million Euros and it's net income to 11.6 Million Euros. The Fininfo Group has approximately 1,000 employees, and it is quoted at the Second Marche of the Euronext Paris stock exchange.
Fininfo is a strong and growth-oriented industrial shareholder to Ecovision. This will create synergy effects and lead to cost savings in the field of information content, and also provide Ecovision with new business opportunities in the Nordic countries as well as in the rest of Europe.
Ecovision has acquired the Stardesk and Starweb services from the Finnish Sanoma Group. Starweb is Finland's leading Internet based real- time financial information service for banks, brokers and corporate customers. Stardesk is a version of the satellite based Ecovision ProTrader used by Finnish financial professionals.
The Acquisition means an expected raise in sales for the Ecovision Group by more than 2 Million Euros in 2003. The positive effects on Ecovision's turnover and result are expected already in the second half of 2002. A new subsidiary, Ecovision Finland Oy, has been established to run the Ecovision's operations in Finland.
In the second quarter Ecovision also obtained an important order from ForeningsSparbanken in Sweden for the development and the operation of an Internet-based real-time stock market information service. The customers of the bank's Net Broker Service will be offered real-time information on stock exchange rates and order books using so called push- technology over the Internet.
Market Development
The development on the stock markets has been continuously weak during the first quarter. The long-term downturn in the stock exchanges of the world has made investors and traders to adopt a cautious attitude to new investments. This has lead to a decreasing number of users in the market. However there is still an underlying demand and interest in qualified information systems such as Ecovision ProTrader and Ecovision Solution as well as in market moving News from Ticker News Agency. Ecovision is currently putting substantial resources into developing and deepening the relations with potential large customers such as banks and stockbroker firms. This puts us in a good position for strong sales growth once the situation on the financial markets improves.
During the first quarter 2002 Ecovision AB acquired 35.6 percent of the shares in ShareCompany B.V. in the Netherlands. Due to the weak financial market the development of ShareCompany is worse than expected and the company will show negative result for the full year 2002.
The Financial Position
Ecovision has a solid financial position. The Solidity was 62,9 % on June 30 (59,3). The liquid assets amounted to SEK 26,4 Million (31,1). The Company has no interest bearing debts.
The Parent Company Ecovision AB
The Turnover was SEK 26,0 Million (26,1). Profit after financial items amounted to SEK 4,8 Million (3,6).
Personnel
The total number of employees was 35 (38).
Investments
The main part of Ecovision's investments regards system and software development. All costs are directly charged to each year's result. i.e. no program development costs are posted as assets.
Investments in computer equipment and inventories amounted to SEK 1,9 Million (2,5).
Gothenburg. 20 August 2002 Ecovision AB (publ)
Paul Ostling Managing Director
The Annual Accounts during 2002 will be reported as follows: -Interim report Jan-Sept. 22 October 2002 -Press release on the annual earnings figures 2002 on 11 February 2003
Ecovision's auditors have not examined this report.
For further information. please contact:
Paul Ostling Managing Director Telephone +46 31 683450 e-mail: paul@ecovision.se
Homepage: www.ecovision.se
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www.waymaker.net/bitonline/2002/08/20/20020820BIT00920/wkr0001.doc The Full Report www.waymaker.net/bitonline/2002/08/20/20020820BIT00920/wkr0002.pdf The Full Report