2007 - Etman Distribusjon

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%.