2007 - Etman Distribusjon
2007 - Etman Distribusjon
2007 - Etman Distribusjon
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<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
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