2007 - Etman Distribusjon

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Etman International Group Notes for 4th Q 2007 - unaudited Note 1 Accounting principles The Etman Group has prepared the interim financial statement in full accordance with IAS 34 published by the International Accounting Standards Board. The interim financial statement do not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the financial statements as at 31 December 2006. The accounting policies adopted in the preparation of the interim financial statements are consistent with those followed in the preparation of the financial statements for the year ended 31 December 2006. Note 2 Acquisitions Effective from March 1st 2007, Etman International AS aquired 100% of the shares in the company Sepo AS located in Trondheim, Norway for MNOK 17. MNOK 10 of the acquistion price was in cash, while the remaining MNOK 7 was settled in shares in Etman International AS (1.750.000 shares). The equity in Sepo AS at March 1st 2007 was KNOK 250 resulting in an excess value of KNOK 16.750. KNOK 11.943 of the excess value has been allocated to value of customer relationsships, while the remaining KNOK 4.807 is allocated to goodwill. Pro forma figures including Sepo AS Period Period Accumulated Accumulated 2007 4 q 2006 4 q 2007 4 q 2006 4 q 2006 Total Total revenue 41.751 44.029 144.990 128.011 128.011 Result of operations 768 2.455 -208 6.580 6.580 Result of the year 549 1.111 -764 3.396 3.396 The pro forma financial information has been prepared for illustrative purposes only to show the hypthetical effects of the aquistion of Sepo AS on the group accounts as if the acquistion had taken place 01.01.2006. The figures from SEPO AS has been restated to IFRS Note 3 Segment information Amounts in 1000 NOK Business segments Notes to the accounts for 4 q 2007 Period 2007 4th quarter Period 2006 4th quarter Professional DIY Total Professional DIY Total Segment sales 13.804 29.573 43.376 4.829 28.621 33.450 Segment Cost of sales 9.327 21.220 30.547 3.597 22.263 25.860 Segment Operating cost 4.132 7.475 11.607 1.513 4.812 6.325 Segment operational result 345 877 1.223 -281 1.546 1.265 Accumulated 2007 4th quarter Accumulated 2006 4th quarter Professional DIY Total Professional DIY Total Segment sales 40.014 100.618 140.633 19.071 75.335 94.406 Segment Cost of sales 24.933 74.777 99.711 11.028 58.000 69.028 Segment Operating cost 16.075 24.839 40.914 6.329 15.184 21.513 Segment operational result -994 1.002 8 1.713 2.151 3.865 Professional 2006 Total DIY Total Segment sales 19.071 75.335 94.406 Segment Cost of sales 11.028 58.000 69.029 Segment Operating cost 6.329 15.184 21.513 Segment operational result 1.713 2.151 3.865
Etman International Group The business segment DIY ("Do-It-Yourself"), consists of products which the end customer can install, mainly sold through chain stores. In the professional segment the customers are mainly authorized electroinstallers. The products to this market includes the products to the DIY market as well as extended range of special products for the professional market. There are no internal sales between the segments. The segment figures are based on product calculations including direct and indirect cost elements. This means that the cost in the segment cost of sales contains cost elements like direct and indirect salaries, depreciation of production related assets etc. These costs are not presented as cost of goods sold in the financial statement, but as other operating expenses. At 31.12.2007 6.378 knok was presented as cost of goods sold in this note, but as other operating expenses in the financial report. The figure in the corresponding period in 2006 was 6.615 knok. Geographical segments Scandinavia Europe China Total Segment Sales 2007 period 4th quarter 29.703 6.091 7.583 43.376 Segment Sales 2006 period 4th quarter 20.946 5.397 7.107 33.450 Segment Sales 2007 accumulated 4th quarter 90.006 25.957 24.669 140.633 Segment Sales 2006 accumulated 4th quarter 51.650 20.147 22.609 94.406 Segment Sales 2006 total 51.650 20.147 22.609 94.406 Note 4 Financial debt 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 mill NOK has been drawn on the construction loan of Etman Distribution AS in 2007. 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 bank loans has been paid in China. Note 5 Earnings per share (amounts in 1000 NOK) Number of shares outstanding 24.364.218 - Own shares 669.438 Number of ordinary shares outstanding 23.694.780 Ordinary profit/ net income 1.004 Weighted average number of ordinary shares 23.394.916 Earnings per share (NOK) 0,04 Diluted earnings per share 0,04 The value of the 230.000 share options is insignificant. Notes to the accounts for 4 q 2007 31.12 2007 31.12 2006 31.12.2006 22.445.218 1.079.438 21.365.780 22.445.218 1.079.438 21.365.780 Period Period Accumulated Accumulated 4th q 2007 4th q 2006 4th q 2007 4th q 2006 31.12.2006 20 21.365.780 0,00 0,00 -543 23.008.740 -0,02 -0,02 2.073 21.365.780 0,10 0,10 2.073 21.365.780 0,10 0,10
Page 1 and 2: Quarterly Report 4 Q 2007 Etman Int
Page 3 and 4: Business activities The company’s
Page 5 and 6: Etman International ASA Income stat
Page 7 and 8: Etman International ASA Balance She
Page 9: Share capital Equity pr 31.12.2006
Page 13: Etman International Group Balance p

2007 - Etman Distribusjon

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