2007 - Etman Distribusjon

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Etman International ASA Accounts for 4q 2007 Highlights • The company was listed on Oslo Axess 11.10.2007. • The growth in turnover was 49% in 2007 compared with 2006, with turnover reaching MNOK 140,6. The main reason being the acquisition of Sepo AS the 1 st of March 2007, and increased sales from ETM Electrical Co. Ltd to Scandinavia and Europe. • Result of operations (EBIT) in 2007 was MNOK 0,0 after the result has been charged with MNOK 4,1 related to the Oslo Axess listing. Corresponding period of 2006 the result was MNOK 3,9. In addition to the listing costs the decrease was mainly due to increase of sales and administration costs related to the subsidiary Sepo AS, and the strengthening of the administration functions in the parent company, Etman International ASA. • Total assets and equity amounted to MNOK 120,3 and MNOK 42,2 respectively, implying an equity ratio of 35,1%. Key Figures - Unaudited Period Period Accum. Accum. Change 2006- 2007 Q4 2006 Q4 2007 Q4 2006 Q4 2007 Total 2006 Revenue (MNOK) 43,4 33,5 140,6 94,4 49,0 % 94,4 Result of operations - EBIT (MNOK) 1,2 1,3 0,0 3,9 -99,8 % 3,9 Profit before taxes (MNOK) 0,5 1,2 -1,9 3,2 -158,0 % 3,2 Result of the period (MNOK) 1,0 0,0 -0,5 2,1 -126,2 % 2,1 Net cash flow from operations (MNOK) 3,0 2,1 0,7 -0,3 -345,8 % -0,3 Cash and cash equivalents (MNOK) 12,4 8,5 45,9 % 8,5 Number of employees end of period 394,0 342,0 15,2 % 342,0 Chinese employees end of period 370,0 334,0 10,8 % 334,0 Result per share (NOK) 0,04 0,00 -0,02 0,10 -124,3 % 0,10 EBIT margin 2,8 % 3,8 % 0,0 % 4,1 % 4,1 % Equity ratio 35,1 % 41,8 % 41,8 %
Business activities The company’s main activity is participation and investments in other companies and production, distribution and sales of electrical products and plastic components. The head office is located in Egersund and production is located in Changzhou, China by the subsidiary, ETM Electrical Co. Ltd (100%). Distribution in Scandinavia is handled by the subsidiary Etman Distribusjon AS in Egersund (100 %), Sepo AS in Trondheim (100 %), and Etmas AB (100%) in Gnosjø, Sweden. ETM Electrical Co. Ltd controls Jerry Ltd. (100%), Shanghai, who is the Chinese distributor of ETM manufactured products and other products purchased for resale, and De Wei System Integration Co Ltd. (100%) who distributes the company’s energy saving products for the Chinese market. In March 2007 Etman International ASA acquired 100 % of the company Sepo AS in Trondheim. In addition to being a distributor of electrical products Sepo AS has been a manufacturer of el-boards, distributors, temporary installations, etc. for the Norwegian electro market. Highlights The company was listed on Oslo Axess 11 th October 2007 as a part of the process to facilitate access to human- and financial resources and for further development of the group. Financial result and operations Operating revenues were MNOK 140,6 in 2007, which is up 49% from 2006. The result of operations of 2007 was MNOK 0,0 after the result has been charged with MNOK 4,1 related to the Oslo Axess listing. Summary In 2006 the result was MNOK 3,9. Addition to the listing cost the main reason for the drop in result is increase in sales- and administration cost related to the subsidiary Sepo AS, and the strengthening of administration functions in the parent company. A temporary reduction in margins is also experienced in the restructuring of the group. Profit before taxes was MNOK -1,9 in 2007 compared with MNOK 3,2 in 2006. Net profit after allowing for calculated taxes was MNOK -0,5 for 2007 and MNOK 2,1 in 2006. Balance sheet and cash flow statement Net current assets defined as non-interest bearing current assets, less non-interest bearing current liabilities, was at 31 Dec 2007 MNOK 15,0 which is an increase from MNOK 12,8 at the end of the same period of 2006. The net interest bearing debt was MNOK 27,4 at 31 Dec 2007, compared with MNOK 15,1 in the corresponding period of 2006. The increase is mainly related to the acquisition of Sepo AS and the investment in office and warehouse facilities in Egersund. Cash and unused cash facilities at 31 Dec 2007 was MNOK 13,0 of which MNOK 0,6 was unused cash facilities and MNOK 8,5 was restricted cash. Total assets and equity amounted to MNOK 120,3 and MNOK 42,2, respectively, as of 31 Dec 2007, implying an equity ratio of 35,1,9%. The corresponding figures at year end 2006 were MNOK 88,0 and MNOK 36,7, implying a equity ratio of 41,8%.
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2007 - Etman Distribusjon

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