Aldata Solution Oyj
STOCK EXCHANGE RELEASE
8 May 2008 at 9.00 a.m. (EET)
ALDATA SOLUTION INTERIM REPORT JANUARY - MARCH 2008
(unaudited)
Aldata in Q1 2008 (compared to Q1 2007)
The quarterly figures are prepared according to the principles of
International Financial Reporting Standards (IFRS).
* Net sales increased by 4% to EUR 19.1 million (EUR 18.3 million).
* Gross profit increased by 15% to EUR 17.1 million (EUR 14.9
million) and EBITDA was EUR 1.5 million (EUR -1.7 million).
* Operating profit, EBIT, increased to EUR 1.1 million (EUR -2.0
million) and operating profit excluding option expenses was EUR
1.2 million (EUR -1.9 million).
* Profit before taxes was EUR 0.6 million (EUR -2.1 million).
* Net profit was EUR 0.5 million (EUR -2.1 million) and earnings
per share, EPS, were 0.007 EUR (-0.031 EUR).
* Cash flow from operating activities was EUR 1.0 million (EUR 1.3
million).
At the end of March 2008, Aldata Group's cash, cash equivalents and
marketable securities amounted to EUR 8.6 million (EUR 6.7 million).
The Group had interest-bearing debt EUR 3.5 million (EUR 0.0
million).
Message from CEO Bertrand Sciard
2008 started strongly for Aldata with a solid profitable performance
in Q1 without the help of any large contract signings. The
combination of our lower cost base and focus on profitable services
revenues is now providing a stable and consistent platform for the
planned growth of the business.
Alongside that stable platform our sales pipeline is developing well
with both existing and new customers planning to invest more in our
solutions and services. Our strategy of focusing on both global
retailers and more specialist sectors is gaining traction in the
market and providing new business opportunities for us on both sides
of the Atlantic.
We have also, following the review period, made some senior
management changes to focus on three critical areas for our growth.
These are; mergers and acquisitions, regional business development,
and global financial management and governance. As part of these
changes Aïssa Azzouzi, an experienced international software and
services CFO, has joined as our new Chief Financial Officer. Thomas
Hoyer will now focus his entire attention on our mergers and
acquisitions activities, an area where he has specific skills.
During Q1 we successfully commenced the first stage of our planned
off-shoring strategy and during Q2 these facilities will come online
to supplement our existing development and services resources. This
strategy will add strength to our quality assurance teams, expand
customer development capabilities, and enable us to maintain our high
standards of service efficiently and flexibly as we scale up our
operations to serve more customers.
January - March 2008 financial performance
The Group's net sales were EUR 19.1 million (EUR 18.3 million), which
represents an increase of 0.8 million euros compared to the previous
year's first quarter net sales. Product sales, which include licenses
on standard products, customer specific developments and maintenance
revenues, accounted for 43% (41%) of the total net sales. Consulting
services accounted for 47% (48%) and third party licenses and
hardware accounted for 10% (11%).
The Group's gross profit was EUR 17.1 million (EUR 14.9 million),
which represents an 89% (81%) gross margin. Operating profit, EBIT,
totaled EUR 1.1 million (EUR -2.0 million) and operating profit
excluding expenses for option plans was EUR 1.2 million (EUR -1.9
million).
Pre-tax profit was EUR 0.6 million (EUR -2.1 million), net profit was
EUR 0.5 million (EUR -2.1 million) and earnings per share, EPS, were
0.007 euros (-0.031 euros).
Research and development costs in the financial period totaled EUR
2.1 million (EUR 2.7 million), of which EUR 0.3 million, thus 12%
(4%), were capitalized. The amortization on capitalized development
costs was EUR 0.1 million (EUR 0.1 million).
Aldata's reported order backlog includes product and third party
product sales, which will be recognized as revenues during the
following twelve months. At the end of March 2008, the order backlog
was EUR 20.1 million (EUR 17.9 million at the end of March 2007 and
EUR 18.5 million at the end of 2007).
In order to lower its cost base and streamline its organizational
structure Aldata implemented in the fourth quarter 2007 a
restructuring plan. The plan included a personnel reduction, a
reduction of office space and discontinuing uneconomical business
operations. Restructuring costs and provisions related to the program
amount to EUR 8.7 million. During the first quarter of 2008, EUR 0.3
million of the restructuring provision was utilized and the remaining
provision at March 31, 2008, amounted to EUR 3.8 million.
Finance and investments
Cash flow from operating activities was in the first quarter EUR 1.0
million (EUR 1.3 million) and net cash flow was EUR -0.6 million (EUR
1.0 million).
At the end of March 2008, Aldata Group's cash, cash equivalents and
marketable securities amounted to EUR 8.6 million (EUR 6.7 million)
and total assets were EUR 56.1 million (EUR 55.3 million). The Group
had interest-bearing debt EUR 3.5 million (EUR 0.0 million) and
interest-bearing net liabilities totaled EUR -4.2 million (EUR -6.0
million). Short term receivables totaled 32.4 EUR million (EUR 34.0
million). The Group's solvency ratio was 37.6 % (51.3%), gearing was
-20.4 % (-21.6%), and shareholders' equity per share was 0.300 EUR
(0.409 EUR).
The Group's capital expenditure on hardware and software purchases
amounted to EUR 0.4 million (EUR 0.4 million). A total of EUR 0,3
million (EUR 0.1 million) of development costs were capitalized
during the period.
Business units
Net sales of the Supply Chain Management (SCM) Software business unit
were EUR 15.2 million (EUR 15.0 million). The gross profit was EUR
13.3 (EUR 12.4) million and the operating profit, EBIT, was EUR 0.9
(EUR -1.8) million.
Net sales of the In-Store Software business unit were EUR 3.9 million
(EUR 3.3 million). The gross profit was EUR 3.1 million (EUR 2.5
million) and the operating profit, EBIT, was EUR 0.8 (EUR -0.3)
million.
There were no internal sales between the Group's business segments.
The unallocated costs, Group's shared items netted, decreased the
Group's operating profit, EBIT, with EUR 0.6 million (increase EUR
0.1 million).
Research and Development
Aldata's research and development costs were EUR 2.1 million (EUR 2.7
million) and made up 11% (15%) of net sales. A total of EUR 0.3
million (EUR 0.1 million) of development costs were capitalized
during the period. The amortization on capitalized development costs
was EUR 0.1 million (EUR 0.1 million).
At the end of the review period 156 (179) employees were involved in
R&D activities. This represents 29% (29%) of the Group's total
personnel. Aldata's R&D centers are located in Paris, France and in
Vantaa, Finland.
Personnel
Aldata Group employed 538 (629) persons at the end of March 2008, and
on average had 546 (632) employees during the period.
Mar 31, 2008 Mar 31, 2007
By Business Units Persons % Persons %
SCM Software 447 83 504 80
In-Store Software 82 15 114 18
Group administration 9 2 11 2
Total 538 100 629 100
Approximately 58% of personnel were employed by Aldata companies in
France, 13% in Finland, 11% in Germany, 6% in Sweden, 5% in the US,
3% in Slovenia, 3% in the UK and 1% in Russia.
Share performance
The highest price of the Aldata Solution Oyj share during January -
March 2008 was 1.25 EUR and the lowest price 0.96 EUR. The average
price was 1.07 EUR and the closing price 1.02 EUR. The trading volume
on the Helsinki Stock Exchange was EUR 3.2 million and altogether 3.0
million shares were traded, which represents 4.4% of the shares.
Aldata Solution Oyj has 68.7 million shares outstanding. The number
of shares outstanding has increased by 80.000 shares during the
period.
The number of shareholders was 4 410 and the free float was 100% of
the share capital at the end of March 2008. A total of 50.0% of
Aldata Solution Oyj's shares were owned by foreign investors at the
end of the period.
Extraordinary General Meeting
The Company held an Extraordinary General Meeting in Vantaa, Finland
on 21 February 2008. The Meeting resolved, in accordance with the
Board's proposals, on
* Nullification of stock options 2006; and
* Issuance of stock options 2008A-F.
Annual General Meeting 2008
The Annual General Meeting of Aldata Solution Oyj was held in Vantaa,
Finland on 1 April 2008.
The meeting approved the parent company's financial statements and
the consolidated financial statements for the year 2007 and decided
according to the Board's proposal that no dividend will be
distributed on the year 2007. The result for the year will be carried
forward to the retained earnings account.
The Board members and the Managing Director were discharged from
liability for the fiscal year 2007.
The Meeting resolved, in accordance with the Board's proposals, on
* Authorizing the Board to decide on a repurchase of the company's
own shares up to maximum of 6,800,000 shares;
* Authorizing the Board to decide on issuing and/or conveying new
shares and/or the Company's own shares and to decide on granting
the special rights referred to in Chapter 10, Section 1 of the
Companies Act. The Board of Directors is entitled to issue and/or
convey a maximum of 14,000,000 shares in the company.
* Completing the Terms and Conditions of the Stock Options 2008A -
2008F; and
* Issuance of the stock options 2008G to the members of the Board
of Directors of the company who are considered as independent
from the Company and/or Company's significant shareholders. The
maximum number of stock options is 90,000 which entitle to
subscribe for a maximum of 90,000 shares in Aldata Solution.
The Annual General Meeting elected the following persons to the Board
of Directors: Mr Bertrand Sciard and Mr William Chisholm as
re-elected members and Mr Aarne Aktan, Mr Tommy Karlsson and Mr
Thomas Peterson as new members. Aldata Solution Oyj's new Board
convened after the Annual General Meeting. In the meeting Mr William
Chisholm was elected as the Chairman of the Board and Mr Bertrand
Sciard as the Vice Chairman of the Board.
Ernst & Young Oy was re-appointed to be the company's auditor, under
the supervision of principal auditor Tomi Englund (APA).
Events after the review period
On 22 April 2008 Aldata Solution Oyj announced changes to its
Corporate Management Team (CMT) and Management Council (MC). Within
the CMT Aïssa Azzouzi joins as the new Chief Financial Officer.
Thomas Hoyer takes on the position of SVP Mergers & Acquisitions.
Dominique Chambas takes on a new role as SVP South Europe, Middle
East and Africa. Patrick Buellet and Allan Davies continue in their
respective roles as Chief Technology Officer and Chief Marketing
Officer. Within the MC Albert Cherbit takes on the new role of VP
Northern Europe and North America and Graham Howell joins as VP Group
Financial Controller.
On 5 May 2008 Aldata announced that Price Chopper, the 26th largest
supermarket chain in the U.S., has selected the Aldata G.O.L.D.
Retail Supply Chain Suite to centralize merchandising and procurement
and to improve replenishment management operations across 116 grocery
stores throughout New York, Pennsylvania, Connecticut, Massachusetts,
Vermont and New Hampshire.
Outlook for 2008
After a very challenging 2007 with external factors, such as the
public tender offer process, affecting the business negatively, the
Company views the year ahead positively. Aldata today enjoys strong
support from its customers, employees and shareholders. Positive
transformation developments during the fourth quarter of 2007 and the
first quarter of 2008 are beginning to demonstrate that the Company
can execute on it's declared strategy of planned profitable growth.
In 2008 the Company expects to organically grow its revenues to
approximately EUR 80 million and to report operating profit, EBIT, of
at least EUR 6 million.
In addition to organically growing the business, the Company is
looking to make targeted acquisitions in the retail software sector
and has started to implement off-shoring activities for software
development and services. These measures should further support both
growth and profitability.
Helsinki, 8 May 2008
Aldata Solution Oyj
Board of Directors
Further information:
Aldata Solution Oyj, Bertrand Sciard, President and CEO, tel. +358 10
820 8000 / Aldata Solution Oyj.
Aldata will arrange a press conference for media and financial
analysts in Helsinki on 8 May, at 12.00 (EET) in Hotel Kämp.
Aldata in brief
At Aldata 100% of our business is dedicated to retail and wholesale
business improvement. We provide our customers with modern, flexible
and integrated software solutions specifically designed to increase
productivity, performance and profitability. With over 24,000
successful installations across 52 countries, from convenience store
to hypermarket, 480+ live warehouses and customers with 5 to 5,000
outlets, we consistently deliver the goods for retail and wholesale
business improvement. Aldata Solution is a public company quoted on
OMX Nordic Exchange Helsinki Oy with the identifier ALD1V. More
information at:
www.aldata-solution.com.
Distribution:
OMX Nordic Exchange Helsinki Oy
Media
APPENDICES
1 Income Statement
2 Balance Sheet
3 Statement of Changes in Equity
4 Cash Flow
5 Contingent Liabilities
6 Key Figures
7 Segment Information
8 Quarterly Income Statement and Balance Sheet
9 Quarterly Key Figures
* APPENDIX 1
INCOME STATEMENT MEUR MEUR Change % MEUR
Jan-Mar/ Jan-Mar/ Total
2008 2007 2007
Net sales 19,1 18,3 4,3 % 74,7
Other operating income 0,3 0,2 95,1 % 0,4
Operating expenses -17,9 -20,2 11,1 % -84,8
Depreciations and impairments -0,3 -0,3 -14,1 % -1,4
Operating profit 1,1 -2,0 157,4 % -11,1
Financial items -0,6 -0,1 -398,7 % -0,6
Profit before taxes 0,6 -2,1 127,9 % -11,7
Income taxes -0,1 0,0 -743,6 % 0,0
Minority interest 0,0 0,0 873,8 % 0,0
Profit for the financial period 0,5 -2,1 122,4 % -11,7
Earnings per share, EUR 0,007 -0,031 -0,171
Earnings per share, EUR (EPS),
adjusted for dilution effect 0,007 -0,030 -0,170
APPENDIX 2
BALANCE SHEET MEUR MEUR MEUR
31 Mar 2008 31 Mar 2007 31 Dec 2007
ASSETS
NON-CURRENT ASSETS
Goodwill 9,4 9,4 9,4
Capitalized development cost 2,3 1,4 2,2
Intangible assets 0,3 0,3 0,3
Tangible assets 1,5 1,5 1,6
Investments 0,1 0,0 0,0
Other long-term assets 0,1 0,8 0,1
Deferred tax assets 1,0 0,5 0,9
NON-CURRENT ASSETS TOTAL 14,8 14,0 14,6
CURRENT ASSETS
Inventories 0,3 0,6 0,3
Short-term receivables 32,4 34,0 26,7
Cash and cash equivalents 8,6 6,7 9,1
CURRENT ASSETS TOTAL 41,3 41,4 36,7
ASSETS TOTAL 56,1 55,3 51,3
SHAREHOLDERS' EQUITY AND
LIABILITIES
Shareholders' equity 20,6 27,9 19,6
Minority interest 0,1 0,1 0,1
Non-current liabilities 4,2 1,7 4,2
Current liabilities 31,2 25,6 27,3
EQUITY AND LIABILITIES TOTAL 56,1 55,3 51,3
APPENDIX 3
STATEMENT OF CHANGES IN EQUITY
Share
Share premium Translation Retained
TEUR capital fund difference earnings Total
EQUITY 1.1.2006 674 17 002 -75 7 476 25 078
Translation difference 0 0 42 0 42
Result of the financial
year 0 0 0 2 526 2 526
Total 0 0 42 2 526 2 568
Issue of share capital 6 1 143 0 0 1 149
Exercise of options 1 146 0 0 147
Share based payments
recognised against
equity 0 0 0 860 860
Total 7 1 289 0 860 2 156
EQUITY 31.12.2006 681 18 291 -33 10 862 29 802
Translation difference 0 0 396 0 396
Result of the financial -11
year 0 0 0 -11 729 729
-11
Total 0 0 396 -11 729 333
Exercise of options 5 705 0 0 710
Share based payments
recognised against
equity 0 0 0 440 440
Total 5 705 0 440 1 150
EQUITY 31.12.2007 686 18 996 363 -426 19 619
Translation difference 0 0 411 0 411
Result of the financial
year 0 0 0 466 466
Total 0 0 411 466 877
Exercise of options 1 82 0 0 83
Share based payments
recognised against
equity 0 0 0 50 50
Total 1 82 0 50 133
EQUITY 31.3.2008 687 19 078 774 90 20 629
APPENDIX 4
CASH FLOW STATEMENT
MEUR MEUR MEUR
Jan-Mar/ 2008 Jan-Mar/ 2007 2007
Cash flow from operating
activities
Operating result 1,2 -2,0 -11,1
Adjustment to operating result -0,9 0,3 6,8
Change in working capital 0,6 3,1 4,8
Interest received and other
financial income 0,1 0,0 0,2
Interest paid and other financial
expenses -0,2 -0,1 -0,2
Taxes paid 0,4 0,0 -0,8
Net cash from operating
activities 1,0 1,3 -0,4
Cash flow from investing
activities
Investments in tangible and
intangible assets -0,3 -0,3 -1,8
Net cash used in investing
activities -0,3 -0,3 -1,8
Cash flow before financing
activities 0,7 1,0 -2,2
Cash flow from financing
activities
Long-term loans, repayments 0,0 0,0 -0,1
Short-term loans, received 0,2 0,0 5,0
Short-term loans, repayments -1,5 0,0 0,0
Share issue 0,1 0,0 0,7
Net cash used in financing
activities -1,3 0,0 5,7
Net cash flow, total -0,6 1,0 3,5
Change in cash and cash
equivalents -0,6 1,0 3,5
Cash and cash equivalents in the
beginning of the period 9,1 5,7 5,7
Cash and cash equivalents at the
end of the period 8,6 6,7 9,1
APPENDIX 5
COMMITMENTS AND CONTINGENCIES MEUR MEUR MEUR
31 Mar 2008 31 Mar 2007 31 Dec 2007
Loans from financial
institutions 3,5 0,0 5,0
Mortages 5,4 5,4 5,4
Leasing liabilities 12,8 17,2 10,8
Guarantees on behalf of company
debt 0,1 0,1 0,1
APPENDIX 6
Jan-Mar
KEY FIGURES, MEUR Jan-Mar /2008 /2007 Total 2007
Scope of Operations
Net sales, MEUR 19,1 18,3 74,7
Average number of personnel 546 632 625
Profitability
Operating profit , MEUR 1,1 -2,0 -11,1
Operating profit, % of net sales 6,0 -10,9 -14,9
Profit before taxes and minority
interest, MEUR 0,6 -2,1 -11,7
Profit before taxes and minority
interest, % of net sales 3,1 -11,5 -15,7
Return on equity, % (ROE) 9,2 -28,8 -47,4
Return on investment, % (ROI) 19,4 -25,3 -37,8
Financial Standing
Quick ratio 1,3 1,6 1,3
Current ratio 1,3 1,6 1,3
Equity ratio, % 37,6 51,3 38,6
Interest-bearing net debt, MEUR -4,2 -6,0 -3,3
Gearing, % -20,4 -21,6 -16,6
Per Share Data
Earnings per share, EUR (EPS) 0,007 -0,031 -0,171
Earnings per share, EUR (EPS),
adjusted for dilution effect 0,007 -0,030 -0,170
Shareholders' equity per share,
EUR 0,300 0,409 0,286
APPENDIX 7
SEGMENT INFORMATION, MEUR
BUSINESS SEGMENTS Jan-Mar/2008 Jan-Mar/2007 Total 2007
Net sales to external
customers
Supply Chain Management
Software 15,2 15,0 58,1
In-Store Software 3,9 3,3 16,6
Total 19,1 18,3 74,7
Operating result, continuing
operations
Supply Chain Management
Software 0,9 -1,8 -8,2
In-Store Software 0,8 -0,3 -0,2
Total 1,7 -2,1 -8,4
Unallocated items -0,6 0,1 -2,7
Operating profit 1,1 -2,0 -11,1
Financial income and expenses -0,6 -0,1 -0,6
Result before taxes and
minority interest 0,6 -2,1 -11,7
Taxes -0,1 0,0 0,0
Minority interest 0,0 0,0 0,0
Result from continuing
operations 0,5 -2,1 -11,7
Result for the financial
period 0,5 -2,1 -11,7
APPENDIX 8
INCOME STATEMENT MEUR MEUR MEUR MEUR MEUR
quarterly figures Q1/2008 Q4/2007 Q3/2007 Q2/2007 Q1/2007
Net sales 19,1 20,6 16,6 19,1 18,3
Other operating income 0,3 0,0 0,1 0,1 0,2
Operating expenses -17,9 -26,0 -18,2 -20,4 -20,2
Depreciations and
impairments -0,3 -0,4 -0,4 -0,3 -0,3
Operating profit 1,1 -5,8 -1,8 -1,5 -2,0
Financial items -0,6 -0,3 -0,2 0,0 -0,1
Profit before taxes 0,6 -6,1 -2,0 -1,5 -2,1
Income taxes -0,1 0,1 0,1 -0,2 0,0
Minority interest 0,0 0,0 0,0 0,0 0,0
Profit for the financial
period 0,5 -6,0 -1,9 -1,7 -2,1
INCOME STATEMENT MEUR MEUR MEUR MEUR MEUR
cumulative 1-3/08 1-12/07 1-9/07 1-6/07 1-3/07
Net sales 19,1 74,7 54,1 37,5 18,3
Other operating income 0,3 0,4 0,4 0,2 0,2
Operating expenses -17,9 -84,8 -58,8 -40,6 -20,2
Depreciations and
impairments -0,3 -1,4 -1,0 -0,6 -0,3
Operating profit 1,1 -11,1 -5,3 -3,5 -2,0
Financial items -0,6 -0,6 -0,3 -0,2 -0,1
Profit before taxes 0,6 -11,7 -5,6 -3,6 -2,1
Income taxes -0,1 0,0 -0,1 -0,2 0,0
Minority interest 0,0 0,0 0,0 0,0 0,0
Profit for the financial
period 0,5 -11,7 -5,7 -3,8 -2,1
BALANCE SHEET MEUR MEUR MEUR MEUR MEUR
31.3.08 31.12.07 30.9.07 30.6.07 31.3.07
ASSETS
NON-CURRENT ASSETS
Goodwill 9,4 9,4 9,4 9,4 9,4
Capitalized development
cost 2,3 2,2 1,8 1,6 1,4
Intangible assets 0,3 0,3 0,4 0,3 0,3
Tangible assets 1,5 1,6 1,7 1,6 1,5
Investments 0,1 0,0 0,0 0,0 0,0
Other long-term assets 0,1 0,1 0,7 0,7 0,8
Deferred tax assets 1,0 0,9 0,4 0,3 0,5
NON-CURRENT ASSETS TOTAL 14,8 14,6 14,6 14,0 14,0
CURRENT ASSETS
Inventories 0,3 0,3 0,6 0,4 0,6
Short-term receivables 32,4 26,7 27,4 31,3 34,0
Cash and cash equivalents 8,6 9,1 7,7 4,3 6,7
CURRENT ASSETS TOTAL 41,3 36,7 35,7 36,0 41,4
ASSETS TOTAL 56,1 51,3 50,4 50,1 55,3
SHAREHOLDERS' EQUITY AND
LIABILITIES
Shareholders' equity 20,6 19,6 25,3 27,0 27,9
Minority interest 0,1 0,1 0,1 0,1 0,1
Non-current liabilities 4,2 4,2 2,0 1,7 1,7
Current liabilities 31,2 27,3 23,0 21,3 25,6
EQUITY AND LIABILITIES
TOTAL 56,1 51,3 50,4 50,1 55,3
APPENDIX 9
KEY FIGURES, MEUR Q1/2008 Q4/2007 Q3/2007 Q2/2007 Q1/2007
quarterly figures
Scope of Operations
Net sales, MEUR 19,1 20,6 16,6 19,1 18,3
Average number of
personnel, cumulative 546 625 630 634 632
Profitability
Operating profit , MEUR 1,1 -5,8 -1,8 -1,5 -2,0
Operating profit, % of
net sales 6,0 -28,2 -10,8 -7,8 -10,9
Profit before taxes and
minority interest, MEUR 0,6 -6,1 -2,0 -1,5 -2,1
Profit before taxes and
minority interest, % of
net sales 3,1 -29,7 -11,9 -8,0 -11,5
Return on equity, % (ROE) 9,2 -47,4 -27,5 -27,0 -28,8
Return on investment, %
(ROI) 19,4 -37,8 -21,7 -22,0 -25,3
Financial Standing
Quick ratio 1,3 1,3 1,5 1,7 1,6
Current ratio 1,3 1,3 1,6 1,7 1,6
Equity ratio, % 37,6 38,6 51,0 54,7 51,3
Interest-bearing net
debt, MEUR -4,2 -3,3 -3,2 -3,6 -6,0
Gearing, % -20,4 -16,6 -12,7 -13,2 -21,6
Per Share Data
Earnings per share, EUR
(EPS) 0,007 -0,088 -0,027 -0,026 -0,031
Earnings per share, EUR
(EPS), adjusted for
dilution effect 0,007 -0,088 -0,027 -0,025 -0,030
Shareholders' equity per
share, EUR 0,300 0,286 0,369 0,396 0,409
ALDATA SOLUTION INTERIM REPORT JANUARY - MARCH 2008 (unaudited)
| Source: Aldata Solution Oyj
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