2007 - Etman Distribusjon
2007 - Etman Distribusjon
2007 - Etman Distribusjon
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Quarterly Report 4 Q<br />
<strong>2007</strong><br />
<strong>Etman</strong> International ASA<br />
27.02.2008<br />
English version
<strong>Etman</strong> International ASA Accounts for 4q <strong>2007</strong><br />
Highlights<br />
• The company was listed on Oslo Axess 11.10.<strong>2007</strong>.<br />
• The growth in turnover was 49% in <strong>2007</strong> compared with 2006, with turnover<br />
reaching MNOK 140,6. The main reason being the acquisition of Sepo AS the 1 st of<br />
March <strong>2007</strong>, and increased sales from ETM Electrical Co. Ltd to Scandinavia and<br />
Europe.<br />
• Result of operations (EBIT) in <strong>2007</strong> was MNOK 0,0 after the result has been<br />
charged with MNOK 4,1 related to the Oslo Axess listing. Corresponding period of<br />
2006 the result was MNOK 3,9. In addition to the listing costs the decrease was<br />
mainly due to increase of sales and administration costs related to the subsidiary<br />
Sepo AS, and the strengthening of the administration functions in the parent<br />
company, <strong>Etman</strong> International ASA.<br />
• Total assets and equity amounted to MNOK 120,3 and MNOK 42,2 respectively,<br />
implying an equity ratio of 35,1%.<br />
Key Figures - Unaudited<br />
Period Period Accum. Accum. Change<br />
2006-<br />
<strong>2007</strong> Q4 2006 Q4 <strong>2007</strong> Q4 2006 Q4 <strong>2007</strong><br />
Total<br />
2006<br />
Revenue (MNOK) 43,4 33,5 140,6 94,4 49,0 % 94,4<br />
Result of operations - EBIT (MNOK) 1,2 1,3 0,0 3,9 -99,8 % 3,9<br />
Profit before taxes (MNOK) 0,5 1,2 -1,9 3,2 -158,0 % 3,2<br />
Result of the period (MNOK) 1,0 0,0 -0,5 2,1 -126,2 % 2,1<br />
Net cash flow from operations (MNOK) 3,0 2,1 0,7 -0,3 -345,8 % -0,3<br />
Cash and cash equivalents (MNOK) 12,4 8,5 45,9 % 8,5<br />
Number of employees end of period 394,0 342,0 15,2 % 342,0<br />
Chinese employees end of period 370,0 334,0 10,8 % 334,0<br />
Result per share (NOK) 0,04 0,00 -0,02 0,10 -124,3 % 0,10<br />
EBIT margin 2,8 % 3,8 % 0,0 % 4,1 % 4,1 %<br />
Equity ratio 35,1 % 41,8 % 41,8 %
Business activities<br />
The company’s main activity is participation<br />
and investments in other companies and<br />
production, distribution and sales of electrical<br />
products and plastic components. The head<br />
office is located in Egersund and production is<br />
located in Changzhou, China by the<br />
subsidiary, ETM Electrical Co. Ltd (100%).<br />
Distribution in Scandinavia is handled by the<br />
subsidiary <strong>Etman</strong> <strong>Distribusjon</strong> AS in Egersund<br />
(100 %), Sepo AS in Trondheim (100 %), and<br />
Etmas AB (100%) in Gnosjø, Sweden.<br />
ETM Electrical Co. Ltd controls Jerry Ltd.<br />
(100%), Shanghai, who is the Chinese<br />
distributor of ETM manufactured products and<br />
other products purchased for resale, and De<br />
Wei System Integration Co Ltd. (100%) who<br />
distributes the company’s energy saving<br />
products for the Chinese market.<br />
In March <strong>2007</strong> <strong>Etman</strong> International ASA<br />
acquired 100 % of the company Sepo AS in<br />
Trondheim. In addition to being a distributor<br />
of electrical products Sepo AS has been a<br />
manufacturer of el-boards, distributors,<br />
temporary installations, etc. for the Norwegian<br />
electro market.<br />
Highlights<br />
The company was listed on Oslo Axess 11 th<br />
October <strong>2007</strong> as a part of the process to<br />
facilitate access to human- and financial<br />
resources and for further development of the<br />
group.<br />
Financial result and operations<br />
Operating revenues were MNOK 140,6 in<br />
<strong>2007</strong>, which is up 49% from 2006. The result<br />
of operations of <strong>2007</strong> was MNOK 0,0 after the<br />
result has been charged with MNOK 4,1<br />
related to the Oslo Axess listing.<br />
Summary<br />
In 2006 the result was MNOK 3,9. Addition to<br />
the listing cost the main reason for the drop in<br />
result is increase in sales- and administration cost<br />
related to the subsidiary Sepo AS, and the<br />
strengthening of administration functions in the<br />
parent company. A temporary reduction in<br />
margins is also experienced in the restructuring<br />
of the group.<br />
Profit before taxes was MNOK -1,9 in <strong>2007</strong><br />
compared with MNOK 3,2 in 2006.<br />
Net profit after allowing for calculated taxes was<br />
MNOK -0,5 for <strong>2007</strong> and MNOK 2,1 in 2006.<br />
Balance sheet and cash flow statement<br />
Net current assets defined as non-interest bearing<br />
current assets, less non-interest bearing current<br />
liabilities, was at 31 Dec <strong>2007</strong> MNOK 15,0<br />
which is an increase from MNOK 12,8 at the end<br />
of the same period of 2006.<br />
The net interest bearing debt was MNOK 27,4 at<br />
31 Dec <strong>2007</strong>, compared with MNOK 15,1 in the<br />
corresponding period of 2006. The increase is<br />
mainly related to the acquisition of Sepo AS and<br />
the investment in office and warehouse facilities<br />
in Egersund.<br />
Cash and unused cash facilities at 31 Dec <strong>2007</strong><br />
was MNOK 13,0 of which MNOK 0,6 was<br />
unused cash facilities and MNOK 8,5<br />
was restricted cash.<br />
Total assets and equity amounted to<br />
MNOK 120,3 and MNOK 42,2, respectively, as<br />
of 31 Dec <strong>2007</strong>, implying an equity ratio of<br />
35,1,9%. The corresponding figures at year end<br />
2006 were MNOK 88,0 and MNOK 36,7,<br />
implying a equity ratio of 41,8%.
<strong>Etman</strong> International ASA Accounts for 4q <strong>2007</strong><br />
Outlooks<br />
<strong>Etman</strong> is considered to be well positioned in a<br />
market experiencing high activity in <strong>2007</strong>.<br />
The company is focusing on efforts towards<br />
the professional electrical market and sales<br />
agreements with significant customers has<br />
been established primo 2008.<br />
The first <strong>Etman</strong> "Proff outlet" will be<br />
established in Trondheim during the 1 st<br />
quarter of 2008. The establishment will be the<br />
platform of the company for further<br />
development in this direction. This<br />
establishment has been slightly delayed<br />
according to previous plans.<br />
The company expects <strong>2007</strong> to be a year of<br />
profitable growth, and will further pursue<br />
opportunities from non-organic growth.<br />
Egersund 27 Feb 2008<br />
Board of Directors – <strong>Etman</strong> International ASA<br />
For further information pls. contact:<br />
Tommy Fjelde, Chief Executive Officer<br />
<strong>Etman</strong> International ASA<br />
Tel: +47 51 46 45 70<br />
E-mail: tommy.fjelde@etman.no<br />
<strong>Etman</strong> International ASA is a Norwegian holding<br />
company for four subsidiary companies located in<br />
China, Norway and Sweden. ETM Electrical Co. Ltd.,<br />
is the groups manufacturing site in China, while the<br />
three others, <strong>Etman</strong> <strong>Distribusjon</strong> AS, Sepo AS, and<br />
Etmas AB, represent the group’s distribution channels<br />
in Scandinavia.<br />
<strong>Etman</strong>’s production plant is located in Changzhou<br />
approximately 180 km west of Shanghai. The company<br />
has 330 employees, and the largest external customers<br />
are IKEA, Brennenstuhl, and Carrefour. ETM produces<br />
electrical articles, plastic components, and cables<br />
according to current standards in the European market.<br />
The company holds all necessary product certificates<br />
from Nemko/Semko as approval authority.<br />
<strong>Etman</strong>'s vision is to become a leader in the<br />
manufacturing and distribution of electrical &<br />
electronic articles, building on the ability to supply<br />
high quality products at competitive prices.
<strong>Etman</strong> International ASA<br />
Income statement 31.12.07 - Unaudited<br />
(Amounts in NOK 1000)<br />
Group<br />
Period Period Accumulated Accumulated<br />
Note 4th Q <strong>2007</strong> 4th Q 2006 4th Q <strong>2007</strong> 4th Q 2006<br />
Revenue 43.198 33.170 140.285 93.694<br />
Other operating income 178 280 348 712<br />
Total revenue 3 43.376 33.450 140.633 94.406<br />
Changes in stock of work in progress and finished goods 991 3.150 -5.946 401<br />
Raw materials and consumables used 28.075 25.277 99.278 66.459<br />
Payroll expense 5.998 3.464 20.052 10.713<br />
Depreciation 615 451 2.730 3.058<br />
Amortization of intangible fixed assets 824 415 3.028 1.743<br />
Stock exchange listing cost 526 0 4.104 0<br />
Other operating expenses 5.124 -572 17.378 8.167<br />
Total operating expenses 3 42.154 32.185 140.624 90.541<br />
Result of operations 1.223 1.265 8 3.865<br />
Other interest received 369 71 685 184<br />
Other financial income 101 364 997 578<br />
Other interest expense 821 356 2.705 963<br />
Other financial expense 361 104 865 423<br />
Profit before taxes 511 1.239 -1.880 3.241<br />
Tax on ordinary result -493 1.219 -1.338 1.168<br />
Result of the year 1.004 20 -543 2.073<br />
Earnings per share 5 0,04 0,00 -0,02 0,10<br />
Diluted earnings per share 5 0,04 0,00 -0,02 0,10
<strong>Etman</strong> International ASA<br />
Balance Sheet at 31.12.07 - Unaudited<br />
(Amounts in NOK 1000)<br />
ASSETS Note<br />
Group<br />
31.12.<strong>2007</strong> 31.12.2006<br />
Fixed assets<br />
Intagible fixed assets<br />
Customers relations, land rights and goodwill 2 37.946 20.254<br />
Deferred tax asset 1.546 201<br />
Total intangible fixed assets 39.492 20.455<br />
Tangible fixed assets<br />
Land, buildings and other property 15.971 16.172<br />
Machinery and plant 4.157 3.975<br />
Fixtures and fittings, tools, office machinery etc. 1.820 1.590<br />
Total tangible fixed assets 21.948 21.736<br />
Current assets<br />
Stock 18.511 12.565<br />
Debtors<br />
Trade debtors 22.009 21.152<br />
Other debtors 5.985 3.563<br />
Total debtors 27.994 24.715<br />
Bank, deposits, cash in hand etc. 12.390 8.490<br />
Total current assets 58.894 45.769<br />
TOTAL ASSETS 120.333 87.960
<strong>Etman</strong> International ASA<br />
Balance Sheet at 31.12.07 - Unaudited<br />
(Amounts in NOK 1000)<br />
Group<br />
EQUITY AND LIABILITIES Note 31.12.<strong>2007</strong> 31.12.2006<br />
EQUITY<br />
Paid in capital<br />
Share capital 2 24.364 22.445<br />
Own shares -669 -1.079<br />
Share premium reserve 2 19.736 14.208<br />
Other paid in equity 1.326 1.209<br />
Total paid in equity 44.757 36.783<br />
Retained earnings<br />
Reserve for valuataion variances<br />
Other equity -2.521 -47<br />
Total retained earnings -2.521 -47<br />
Total equity 42.236 36.736<br />
LIABILITIES<br />
Long-term provisions<br />
Deferred tax 6.854 3.156<br />
Total provisions 6.854 3.156<br />
Other long-term liabilities<br />
Liabilities to financial institutions 2,4 16.200 4.900<br />
Total long-term liabilities 16.200 4.900<br />
Current liabilities<br />
Liabilities to financial institutions 23.545 18.704<br />
Trade creditors 23.687 17.125<br />
Tax payable 917 1.692<br />
Public duties payable 2.353 1.470<br />
Other short-term liabilities 4.542 4.176<br />
Total current liabilities 55.043 43.168<br />
Total liabilities 78.097 51.224<br />
TOTAL EQUITY AND LIABILITIES 120.333 87.960
<strong>Etman</strong> International ASA<br />
Cash flow statement 31.12.07 - Unaudited<br />
(Amounts in NOK 1000)<br />
Group<br />
Cash flow statement 31.12.<strong>2007</strong> 31.12.2006<br />
Pretax result (1.880) 3.241<br />
Tax paid (2.867) (1.594)<br />
Currency translation differences (532) (853)<br />
Depreciation and amortizations 5.758 4.801<br />
Change in stock (5.946) 401<br />
Change in trade debtors (857) (6.333)<br />
Change in trade creditors 6.561 240<br />
Change in other accruals 432 (175)<br />
Net cash flow from operational activities 669 (272)<br />
Payments made/received regarding fixed assets (19.008) (16.833)<br />
Net cash flow from investment activities (19.009) (16.833)<br />
Change in long term debt 11.300 3.400<br />
Change in overdrafts 4.841 5.981<br />
New Equity 8.118 600<br />
Interest paid (2.705) (963)<br />
Interest received 685 184<br />
Net cash flow from financing activities 22.239 9.203<br />
Net change in cash in hand and cash equivalent 3.899 (7.902)<br />
Cash in hand and cash equivalent at period start 8.490 16.393<br />
Cash in hand and cash equivalent at period end 12.390 8.490
Share capital<br />
Equity pr 31.12.2006 22.445<br />
Share<br />
Premium<br />
reserve<br />
14.208<br />
Other paid<br />
in capital Own shares Other equity Total<br />
1.209 -1.079<br />
-47 36.736<br />
New capital 1.919 5.528 117 410<br />
Currency translation differences -1.931<br />
Result <strong>2007</strong> -543<br />
Equity pr 31.12.<strong>2007</strong> 24.364<br />
19.736<br />
The new capital is related to the partly compensation to the previous owner of Sepo AS, share issue related to the OSE listing and<br />
shares to employees.<br />
Share capital<br />
Equity pr 31.12.2005 22.445<br />
Share<br />
Premium<br />
reserve<br />
14.208<br />
1.326<br />
-669<br />
-2.521<br />
7.974<br />
-1.931<br />
-543<br />
42.236<br />
Other paid<br />
in capital Own shares Other equity Total<br />
759 -1.229 -1.266 34.917<br />
Sales own shares 450 150<br />
Currency translation differences -855<br />
Result 2006 2.073<br />
Equity pr 31.12.2006 22.445<br />
Change in equity Statement - Unaudited<br />
Amounts in NOK 1000<br />
14.208<br />
1.209<br />
-1.079<br />
-47<br />
600<br />
-855<br />
2.073<br />
36.736
<strong>Etman</strong> International Group<br />
Notes for 4th Q <strong>2007</strong> - unaudited<br />
Note 1 Accounting principles<br />
The <strong>Etman</strong> Group has prepared the interim financial statement in full accordance with IAS 34 published by the International Accounting<br />
Standards Board.<br />
The interim financial statement do not include all the information and disclosures required in the annual financial statements, and should be<br />
read in conjunction with the financial statements as at 31 December 2006.<br />
The accounting policies adopted in the preparation of the interim financial statements are consistent with those followed in the preparation of<br />
the financial statements for the year ended 31 December 2006.<br />
Note 2 Acquisitions<br />
Effective from March 1st <strong>2007</strong>, <strong>Etman</strong> International AS aquired 100% of the shares in the company Sepo AS located in Trondheim, Norway<br />
for MNOK 17. MNOK 10 of the acquistion price was in cash, while the remaining MNOK 7 was settled in shares in <strong>Etman</strong> International AS<br />
(1.750.000 shares). The equity in Sepo AS at March 1st <strong>2007</strong> was KNOK 250 resulting in an excess value of KNOK 16.750. KNOK 11.943<br />
of the excess value has been allocated to value of customer relationsships, while the remaining KNOK 4.807 is allocated to goodwill.<br />
Pro forma figures including Sepo AS Period Period Accumulated Accumulated<br />
<strong>2007</strong> 4 q 2006 4 q <strong>2007</strong> 4 q 2006 4 q 2006 Total<br />
Total revenue 41.751 44.029 144.990 128.011 128.011<br />
Result of operations 768 2.455 -208 6.580 6.580<br />
Result of the year 549 1.111 -764 3.396 3.396<br />
The pro forma financial information has been prepared for illustrative purposes only to show the hypthetical effects of the aquistion of Sepo AS<br />
on the group accounts as if the acquistion had taken place 01.01.2006. The figures from SEPO AS has been restated to IFRS<br />
Note 3 Segment information<br />
Amounts in 1000 NOK<br />
Business segments<br />
Notes to the accounts for 4 q <strong>2007</strong><br />
Period <strong>2007</strong> 4th quarter Period 2006 4th quarter<br />
Professional DIY Total Professional DIY Total<br />
Segment sales 13.804 29.573 43.376<br />
4.829 28.621 33.450<br />
Segment Cost of sales 9.327 21.220 30.547<br />
3.597 22.263 25.860<br />
Segment Operating cost 4.132 7.475 11.607<br />
1.513 4.812 6.325<br />
Segment operational result 345 877 1.223<br />
-281 1.546 1.265<br />
Accumulated <strong>2007</strong> 4th quarter<br />
Accumulated 2006 4th quarter<br />
Professional DIY Total Professional DIY Total<br />
Segment sales 40.014 100.618 140.633<br />
19.071 75.335 94.406<br />
Segment Cost of sales 24.933 74.777 99.711<br />
11.028 58.000 69.028<br />
Segment Operating cost 16.075 24.839 40.914<br />
6.329 15.184 21.513<br />
Segment operational result -994 1.002<br />
8<br />
1.713 2.151 3.865<br />
Professional<br />
2006 Total<br />
DIY Total<br />
Segment sales 19.071 75.335 94.406<br />
Segment Cost of sales 11.028 58.000 69.029<br />
Segment Operating cost 6.329 15.184 21.513<br />
Segment operational result 1.713 2.151 3.865
<strong>Etman</strong> International Group<br />
The business segment DIY ("Do-It-Yourself"), consists of products which the end customer can install, mainly sold through chain stores.<br />
In the professional segment the customers are mainly authorized electroinstallers. The products to this market includes the products to the<br />
DIY market as well as extended range of special products for the professional market.<br />
There are no internal sales between the segments.<br />
The segment figures are based on product calculations including direct and indirect cost elements. This means that the cost in the segment<br />
cost of sales contains cost elements like direct and indirect salaries, depreciation of production related assets etc. These costs are not<br />
presented as cost of goods sold in the financial statement, but as other operating expenses.<br />
At 31.12.<strong>2007</strong> 6.378 knok was presented as cost of goods sold in this note, but as other operating expenses in the financial report.<br />
The figure in the corresponding period in 2006 was 6.615 knok.<br />
Geographical segments<br />
Scandinavia Europe China Total<br />
Segment Sales <strong>2007</strong> period 4th quarter 29.703 6.091 7.583 43.376<br />
Segment Sales 2006 period 4th quarter 20.946 5.397 7.107 33.450<br />
Segment Sales <strong>2007</strong> accumulated 4th quarter 90.006 25.957 24.669 140.633<br />
Segment Sales 2006 accumulated 4th quarter 51.650 20.147 22.609 94.406<br />
Segment Sales 2006 total 51.650 20.147 22.609 94.406<br />
Note 4 Financial debt<br />
The group interest-bearing financial debt has been increased by 10 mill NOK in connection with the acquisition of Sepo A/S. An additional 4<br />
mill NOK has been drawn on the construction loan of <strong>Etman</strong> Distribution AS in <strong>2007</strong>.<br />
Installments of 2.7 mill NOK has been paid of the long term loans in Norway, and an amount corresponding to 2.3 mill NOK of short term<br />
bank loans has been paid in China.<br />
Note 5 Earnings per share<br />
(amounts in 1000 NOK)<br />
Number of shares outstanding 24.364.218<br />
- Own shares 669.438<br />
Number of ordinary shares outstanding 23.694.780<br />
Ordinary profit/ net income 1.004<br />
Weighted average number of ordinary shares 23.394.916<br />
Earnings per share (NOK) 0,04<br />
Diluted earnings per share 0,04<br />
The value of the 230.000 share options is insignificant.<br />
Notes to the accounts for 4 q <strong>2007</strong><br />
31.12 <strong>2007</strong> 31.12 2006 31.12.2006<br />
22.445.218<br />
1.079.438<br />
21.365.780<br />
22.445.218<br />
1.079.438<br />
21.365.780<br />
Period Period Accumulated Accumulated<br />
4th q <strong>2007</strong> 4th q 2006 4th q <strong>2007</strong> 4th q 2006 31.12.2006<br />
20<br />
21.365.780<br />
0,00<br />
0,00<br />
-543<br />
23.008.740<br />
-0,02<br />
-0,02<br />
2.073<br />
21.365.780<br />
0,10<br />
0,10<br />
2.073<br />
21.365.780<br />
0,10<br />
0,10
<strong>Etman</strong> International Group<br />
Note 6 - Conversion NGAAP - IFRS<br />
(Amounts in NOK 1000)<br />
The group has as from 01.01.2005 converted from Norwegian good accounting practice (NGAAP) to International Financial<br />
Reporting Standards (IFRS), see accounting principles note.<br />
A difference between previous accounts according to NGAAP and IFRS has been identified, as the classification of excess<br />
values related to the purchase of Wolfram AS in 2004 (Now <strong>Etman</strong> <strong>Distribusjon</strong> AS).<br />
According to NGAAP this excess value was totally allocated to goodwill. According to IFS this is reclassified as value of<br />
customers relationship. Deferred tax is calulated according to IFRS.<br />
The effects of the conversion are shown in tables below<br />
Profit and Loss 2006 4th quarter NGAAP Change IFRS<br />
Total sales 94.406<br />
Cost of goods sold 66.861<br />
Salaries & social cost 10.713<br />
Depreciation and amortization 4.801<br />
Other operating costs 8.167<br />
Total operating expenses 90.541<br />
Result of operations 3.865<br />
Net financial expenses (624)<br />
Profit before taxes 3.241<br />
Taxes 1.580<br />
Result of the year 1.662<br />
(1) Related to deferred tax on depreciation of customers relationship<br />
-<br />
-<br />
-<br />
-<br />
(412)<br />
412<br />
Notes to the accounts for 4 q <strong>2007</strong><br />
94.406<br />
66.861<br />
10.713<br />
4.801<br />
8.167<br />
90.541<br />
3.865<br />
(624)<br />
3.241<br />
(1) 1.168<br />
Balance pr 31 Dec 2006 NGAAP Change IFRS<br />
Fixed assets<br />
Intangible fixed assets<br />
Deferred tax asset 201<br />
Customer relations 6.682<br />
Land rights 2.716<br />
Goodwill 7.288<br />
Total intangible assets 16.887<br />
Tangible fixed assets<br />
Total tangible fixed assets 21.736<br />
Current assets<br />
Inventory 12.565<br />
Dedtors<br />
Total Debtors 24.715<br />
Bank, Deposits, cash 8.490<br />
Total current assets 45.769<br />
Total assets 84.392<br />
(1) Excess value related to customers relationship<br />
(2) reclassification of goodwill to customers relationship<br />
2.073<br />
10.856 (1)<br />
201<br />
17.538<br />
2.716<br />
(7.288) (2) -<br />
3.568<br />
20.455<br />
-<br />
3.568<br />
21.736<br />
12.565<br />
24.715<br />
8.490<br />
45.769<br />
87.960
<strong>Etman</strong> International Group<br />
Balance pr 31 Dec 2006<br />
Equity<br />
Paid in Capital<br />
Total paid in capital 36.783<br />
Retained earnings<br />
Other Equity (459)<br />
Min. Interest -<br />
Total Equity 36.324<br />
Debt<br />
Long term debt<br />
Debt to financial institutions 4.900<br />
Deferred tax -<br />
Total long term debt 4.900<br />
Short term debt<br />
Trade creditors 17.125<br />
Overdraft 18.704<br />
Public duties 1.470<br />
Tax payable 1.692<br />
Other short term debt 4.176<br />
Total short term debt 43.168<br />
Total debt & Equity 84.392<br />
(1) Result effect of change deferred taxes related to depreciation of customers relationship<br />
(2) Deferred tax telated to customers relationship.<br />
412<br />
412<br />
3.156<br />
3.156<br />
-<br />
3.568<br />
Notes to the accounts for 4 q <strong>2007</strong><br />
36.783<br />
(1) (47)<br />
-<br />
36.736<br />
4.900<br />
(2) 3.156<br />
8.056<br />
Equity reconceliation NGAAP Change<br />
IFRS<br />
Equity pr 01.01.2006 34.506<br />
Sales own shares 600<br />
Min. Interests corrected -<br />
Currency deviations (443)<br />
Result of the year 1.662<br />
Calculated Equity pr 31.12.2006 36.324<br />
Actual Equity pr 31.12.2006 36.324<br />
412<br />
(412)<br />
412<br />
412<br />
412<br />
17.125<br />
18.704<br />
1.470<br />
1.692<br />
4.176<br />
43.168<br />
87.960<br />
34.917<br />
600<br />
(855)<br />
2.073<br />
36.736<br />
36.736