Financial Report - Comptel

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8 COMPTEL FINANCIAL STATEMENTS Parent Company Statement of Cash Flows in eur 1,000 1.1.-31.12.2006 1.1.-31.12.2005 Cash fl ows from operating activities Profi t before extraordinary items 8,002 9,466 Adjustments: Depreciation and amortization 4,854 2,451 Unrealized exchange rate gains and losses -75 25 Other income and charges not involving payment 0 59 Financial income and expenses -230 -650 Change in working capital: Change in trade and other receivables -6,005 -4,654 Change in trade payables and other liabilities 1,657 7,829 Change in provisions -398 0 Interest paid 224 381 Interest received -4 -7 Taxes paid -2,198 -5,270 Net cash from operating activities 5,826 9,630 Cash flows from investing activities Investments in property, plant and equipment and intangible assets -1,122 -17,647 Investments in other fi nancial assets -157 -66 Change in purchase price (investments) 2,120 0 Dividends received from investments 78 252 Net cash used in investing activities 919 -17,460 Cash flows from fi nancing activities Dividends paid -4,282 -8,564 Change in loan receivables 0 -2,220 Net cash used in fi nancing activities -4,282 -10,785 Net change in cash and cash equivalents 2,463 -18,615 Cash and cash equivalents at the beginning of fi nancial year 8,859 27,474 Cash and cash equivalents at the end of fi nancial year 11,332 8,859 2,463 -18,615
Notes to the Financial Statements of the Parent Company 1. Accounting principles for the fi nancial statements Company profi le Comptel Corporation is a Finnish public limited liability company organized under the laws of Finland. Founded in 1986 Comptel Corporation is a leading convergent mediation, charging, provisioning and network inventory software solution provider. Comptel Corporation is listed on the Helsinki Stock Exchange (CTL1V). The parent company of the Comptel Group, Comptel Corporation, is domiciled in Helsinki and its registered address is Lapinrinne 3, 00100 Helsinki. Comptel Corporation’s separate financial statements are prepared in accordance with Finnish Accounting Standards (FAS). Comptel Corporation applies the same accounting principles as the Group, i.e. International Financial Reporting Standards (IFRS) in its separate financial statements to the appropriate extent within the framework of Finnish accounting regulations and practice. The accounting policies of Comptel Group are presented in the Notes to the Consolidated Financial Statements (Note 1). The main differences in the accounting principles between Comptel Corporation’s individual financial statements and the consolidated financial statements of the Group are presented below. Comparability with the previous year The figures for the financial year are comparable to the figures for the previous year. Foreign currency transactions Transactions denominated in foreign currencies are translated at the exchange rates prevailing on the dates of the transactions. Foreign currency monetary balances are translated at the closing rate at the balance sheet date. Non-monetary items measured at fair value in a foreign currency are translated at the closing rate at the balance sheet date. Gains and losses resulting from transactions in foreign currencies and translation of monetary items are recognized on the income statement. Property, plant and equipment, intangible assets and other long-term expenditure Property, plant and equipment, intangible assets and other long-term expenditure are stated at historical cost less cumulative depreciation and amortization and any impairment losses. Where parts of an item of property, plant and equipment, an intangible asset or parts of other long-term expenditure have different useful lives, they are accounted for as separate items of property, plant and equipment, intangible assets or other long-term expenditure. Maintenance, repairs and renewals are generally expensed during the financial period in which they are incurred except for large renovation expenditure relating to leased premises that are capitalized under other long-term expenditure. Depreciation and amortization is charged to the income statement on a straight-line basis over the estimated useful life of an asset. The depreciation/amortization period for all assets is four years, with the exception of the basic refurbishment of leased premises, which are amortised over the shorter of the period of five years and the lease term. The amortization period for goodwill is five years. Property, plant and equipment, intangible assets and other long-term expenditure classified as held for sale are not depreciated or amortized after the classification as held for sale. Gains and losses on sales and disposals of the abovementioned assets are included in operating income and in operating expenses, respectively. The difference between the annual depreciation according to plan and the depreciation made in taxation is shown as a separate item under appropriations in the income statement. The accumulated depreciation difference is shown under appropriations between the shareholders’ equity and liabilities in the balance sheet. Research and development costs Research and development costs are expensed during the period in which they occur. Government grants that compensate the company for the development costs are deducted from the related expenses in the income statement. Leases Lease payments are expensed during the financial period in which they occur. Pension obligations The pension plans of the parent company are arranged in accordance with the Finnish legislation. Contributions based on the regularly reviewed actuarial calculations prepared by the pension insurance company are recognized as an expense in the income statement in the year to which they relate. Provisions A provision is based on an existing obligation and it is recognized on the balance sheet when an entity has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. A provision for onerous contracts is recognized when the expected benefits to be derived by the company from a contract are lower than the unavoidable cost of meeting its obligations under the contract. Income taxes The income taxes in the income statement consist of current tax and the change in the deferred tax assets and liabilities. Current tax is calculated on the taxable profit for the period using the enacted tax rate and is adjusted with the tax for previous years, if any. Deferred tax assets and liabilities are provided using the balance sheet liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The enacted or substantially enacted tax rate at the balance sheet date is used as the tax rate. Deferred tax liabilities are recognized at their full amounts on the balance 49 sheet, and deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which the deductible temporary difference can be utilized. Revenue recognition and net sales Revenue from the sale of goods is recog- Notes to the Financial Statements of the Parent Company
Page 1: Financial Report
Page 4 and 5: Personnel Comptel is an internation
Page 6 and 7: EUR 400 per meeting for the members
Page 8 and 9: Extended Executive Board Sami Ervi
Page 10 and 11: Board of Directors Juhani Lassila M
Page 12 and 13: Report of the Board of Directors fo
Page 14 and 15: Balance sheet EUR million 80 60 40
Page 16 and 17: Market value at year-end EUR millio
Page 18 and 19: 6 COMPTEL FINANCIAL STATEMENTS Cons
Page 20 and 21: 8 COMPTEL FINANCIAL STATEMENTS Cons
Page 22 and 23: Notes to the Consolidated Financial
Page 24 and 25: gies received in an asset deal and
Page 26 and 27: een mainly acquired to generate pro
Page 28 and 29: 6 COMPTEL FINANCIAL STATEMENTS 2. S
Page 30 and 31: 3. Business combinations Comptel ac
Page 32 and 33: 8. Depreciation, amortization and i
Page 34 and 35: 14. Earnings per share The basic ea
Page 36 and 37: 4 COMPTEL FINANCIAL STATEMENTS 17.
Page 38 and 39: 19. Trade receivables and other cur
Page 40 and 41: 23. Pension obligations Comptel has
Page 42 and 43: 26. Financial risk management Compt
Page 44 and 45: 2 COMPTEL FINANCIAL STATEMENTS 30.
Page 46 and 47: Key Figures Financial summary FAS 2
Page 48 and 49: 6 COMPTEL FINANCIAL STATEMENTS Pare
Page 52 and 53: 0 COMPTEL FINANCIAL STATEMENTS nize
Page 54 and 55: in eur 1,000 1.1.-31.12.2006 1.1.-3
Page 56 and 57: Property, plant and equipment in eu
Page 58 and 59: 14. Shareholders’ equity in eur 1
Page 60 and 61: 8 COMPTEL FINANCIAL STATEMENTS Deri
Page 62 and 63: 2004. The total number of 1,000,000
Page 64 and 65: 2 COMPTEL FINANCIAL STATEMENTS On B
Page 66: Shareholder Information Annual gene

Financial Report - Comptel

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