Solteq Oyj — Interim / Quarterly Report 2009

Apr 22, 2009

SOLTEQ PLC'S INTERIM REPORT 1.1.-31.3.2009

• Turnover increased by 4,6% and totalled 7,2 million euros (6,9 million euros)
• Operating result decreased by 240 thousand euros and totalled -190 thousand euros (50 thousand euros)
• Result was impacted by non-recurrent termination benefits amounting to 440 thousand euros
• Earnings per share was -0,02 euros (0,00 euros)

Turnover by operation:

%	1-3/09	1-3/08	1-12/08
Softwareservices	63	66	61
Licences	25	23	26
Hardware	12	11	13
Turnover by segment:
Me	1-3/09	1-3/08	Change
Trade	4,8	4,7	+0,1
Industry and services	2,4	2,2	+0,2
Total	7,2	6,9	+0,3
Operating result by segment:
Me	1-3/09	1-3/08	Change

Trade	-0,2	0,3	-0,5
Industry and services	0,0	-0,2	+0,2
Total	-0,2	0,1	-0,3

Managing Director Hannu Ahola:

"The year has started as anticipated. The overall economic situation impacted the operations of Solteq to some extent. The work base at several fields remained good and new customerships were established as at the prior year rate. The result of the first quarter is impacted by termination benefits (440 thousand euros) resulting from co-operation negotiations. Without these one-off expenses we can conclude that operational business has been more profitable than last year and clearly positive. The estimation of cost savings during this year is over one million euros and year 2010 around two million euros resulting from the termination of employments and other cost savings. Based on the beginning of the year our company is confident that the

profitability targets set for this year will be fulfilled and operating result will achieve forecasted 5-7 percent of turnover."

BUSINESS ENVIRONMENT AND BUSINESS DEVELOPMENT

Solteq is a strategic partner for trade and industry, whose core competency is IT solutions that are critical to business. Solteq combines its own product portfolio with the products from the leading software companies in the world to deliver individual business development and ERP solutions for its customers. The information that is processed by means of these solutions is helping customers to lead their business even better than before and to improve their profitability.

Solteq's operations are internally divided into five separate units. The result is monitored through two operating segments. The segment Trade consists of Trade and Auto Trade units. Industry and services segment consists of Industry and Information Management units. Application services is company's internal service unit. OOO Solteq Russia operates as an independent subsidiary who with the assistance of the parent company organization serves customers operating in Russia.

TRADE

Business environment – Trade

The business environment of Solteq's Trade unit remained split as during the last quarter in 2008. In the first quarter of the year, reluctance in the decision making of Trade unit customers but also conservative optimism was seen. During the beginning of the year Trade unit customers took care of the continuance of their IT capital expenditure by phasing the projects into smaller sections.

The demand for solutions aiming at increased efficiency of operations and optimization has remained active although the prudence amongst retailers has increased. Entities within trade are specifically seeking automation of operations and improved productivity. Solteq has due to its extensive solutions portfolio and partner network solid position in the current market situation which promotes those offering comprehensive solutions.

In wholesale projects demand is emphasized in the development of operations of logistics centers and warehouses. Also the needs of chain stores relate to the efficiency and improved turnover of stocks. Additionally, chain stores are changing their systems to match the requirements of SEPA- and PCI-standards. These standards will call for changes in the systems of Finnish stores at least throughout 2009.

During the review period worries over economic situation out of Solteq's customer groups impacted most single stores where increased price competition has increased the prudence of retailers towards new capital expenditure.

Increased uncertainty also creates growth potential for trade ITpartners. The customers are seeking domestic partners who have established their positions and who they can trust to continue their operations. In this development, Solteq has excellent possibilities to increase its clientele.

Business environment – Auto Trade

The economic situation prospects of Auto Trade were weak in the beginning of the year. In January – March the number of first registrations of cars decreased by 36 percent compared to the same period in 2008. The Finnish Information Centre of Automobile Sector predicts that during the full year the number of registrations will amount to approximately 92 000 which is around 40 percent less than in 2008. This radical decrease will impact directly the capital expenditure in data systems. Solteq anticipates that large data system renewals will be entered into only when economic prospects are clearer.

The most significant change in the business environment was the renewal of car tax. The law which came into force on 1.4.2009 changed in such a way that value added tax on car tax was abandoned and respectively the car tax was increased. The change does not impact the customer prices of cars but required changes in the systems of car dealers. The changes impact different systems and their interfaces.

Business development - Trade

During the first quarter the development of business operations in the Trade unit was according to plans and the unit achieved its financial objectives. The turnover of business unit Trade remained at the same level as during first quarter of 2008.

Among the Solteq's customers in speciality goods the demand was focused especially on consultancy services, expansions of store management systems and training. The demand for consultancy services has been boosted by customers' preparations for PCI-standard (Payment Card Industry). This trend is foreseen to strengthen further during 2009.

Among wholesale the focus of demand was on solutions that make the logistics chain more effective. During the last quarter of year customers invested in procurement and warehouse optimization. The demand for such projects has remained brisk, because the customers are able to quickly benefit the advantages of those projects due to the short repayment periods. Customers are interested in cost savings that can be generated for example by the means of optimization of warehouse shelf positions and forklift routes in the warehouse.

The most significant single project was the renovation of Tokmanni group of companies' store management system that was adopted in over 130 store locations of Tokmanni during the review period. The cooperation will continue within development projects in Tokmanni's logistics center in Mäntsälä.

Solteq carried out large warehouse management renewal for adhesive manufacturer Kiilto Oy. Kiilto will implement a solution related to speech picking based on voice recognition, forklift user terminals and fixed store locations in its warehouse. Placing, picking and loading in the warehouse are optimized as a part of this renewal. Kiilto is simplifying the operations of its warehouse and thus looking for efficiency to inventory turnover and delivery reliability by the means of this system expansion that is carried out by Solteq.

The focus of product development was on Solteq Hub- system. Solteq Hub is an integration tool for message communications that enables crossutilization of data that is generated in different systems. In addition during the review period the focus was on the version management of Solteq's own systems and implementation of the project management model of Solteq group of companies.

Business development – Auto Trade

The turnover and result of Auto Trade unit decreased compared to the first quarter of 2008. The demand for services was focused on the development of customers' existing systems. The emphasis of system development focused on the adjustment works provided by car tax, such as setting up of car tax calculators in car dealers' systems.

The review period of Auto Trade unit was branded by uncertainty. The market situation has been very difficult for new system sales during the early part of the year. The development of service sales has been steadier, although some retrenchments may be seen in the sector.

In the challenging market situation Solteq has increased its efforts in the development of its own products, so that the product range is more able to compete than before, when the investments begin again.

INDUSTRY

Business environment - Industry

The business environment of Solteq's Industry remained uncertain during the early part of the year 2009. The backlogs of orders of large and middle-sized industrial companies have decreased and companies have continued their cost saving measures. Cost savings and precaution are evident also in the companies that are planning on IT investments and the decision-making times of those companies are extended.

The most cautious are export companies from which many have halted or delayed investments. Instead in the business branch energy and in the public sector the development projects have continued. Solteq estimates that the moderate demand among those branches remains also during the second quarter of 2009.

There is still demand in the markets for the solutions that enable quick improvements in efficiency or provide cost benefits.

The demand situation in maintenance and material management IT- systems was divaricated during the review period. Precaution was evident especially in export-led large companies whose willingness to make investments was mainly dull. Instead the middle-sized companies were still quite active in investments.

The development of demand for ERP systems was heterogeneous. A few new large projects were launched during the first quarter. Although small fading was evident related to the investment decisions of small and medium sized companies those companies continued to chase the cost benefits by the means of ERP projects clearly more actively than large companies.

Also the business environment of OOO Solteq Russia, which operates in Russian markets, remained challenging during the first part of the year. In the uncertain market situation foreign companies have postponed their production plant investments and in some cases completely cancelled those investments. Although the markets of Russia seem to be more difficult in the short term point of view, the total size of markets is still very large in the area. That's why Solteq will significantly increase its marketing efforts in Russia compared to 2008.

Business environment – Information Management

Solteq's Information Management business unit offers harmonization and management of master data to its customers. The objective for harmonization is to improve quality of the data that is recorded to the IT- systems. Leading by information in integrated systems is enabled for customers by the means of master data management.

The demand for harmonization services picked up during the first part of year. Companies' needs for harmonization solutions have altered from large system renewals to projects, in which companies achieve cost savings and improve the effectiveness of existing systems. This trend has increased the number of harmonization projects and decreased the average size of projects. Solutions are sought to exactly define unique needs by the means of those projects.

The customers of Information Management unit mainly consisted of industrial companies. Solteq foresees that public sector customers are increasing customer group in the future. Solteq believes that companies will continue their investments in information management also during the economically tight period, because clear cost savings with short payback period are achieved by the means of harmonization.

Business development – Industry

The turnover of Solteq's Industry unit increased clearly compared to the first quarter of 2008. Sales of ERP systems went according to budget during the review period. The budgeted sales of maintenance IT systems were not reached due to the postponed investment decisions of large companies.

Among ERP projects the most significant was the SAP renewal for Helsinki University that proceeded according to plans. Helsinki University will change its personnel and financial administration to SAP in this renewal project.

Earlier launched maintenance and material management related IT system projects for UPM and Rautaruukki continued. Solteq will deliver maintenance and material management system for UPM's Estonian and Russian units. Cooperation with Rautaruukki continued in Rautaruukki's Hämeenlinna unit, in which Solteq's maintenance IT system was implemented. In addition during review period contracts were concluded related to new maintenance IT system deliveries for among others L&T Recoil Oy and Kemppi Oy.

In March Solteq announced its cooperation with Vapo group of companies that operates in energy branch. Within this cooperation one harmonious system was generated for Vapo. The maintenance works of Vapo's different units are monitored and managed by the means of this system. The objective of this system is to create transparency for maintenance- , task- and material management of production plants. During the first phase of this project the system is in use approximately in 90 production plants of Vapo.

In the product development the efforts were focused on operative asset management solution that is developed alongside with Microsoft and from which Solteq announced on November 2008. During the review period Solteq has developed the solution according to plans and strengthened its Microsoft AX-knowledge. Several customers are also involved in the project. Customers are participating to the development work by giving feedback related to the features of solution. First pilot customers are sought to the project during the second quarter. In addition personnel resources were focused on Solteq's own ERP renewal during the review period.

Business development – Information Management

The business operations of Information Management unit developed according to plans during the review period. Turnover of the unit increased clearly compared to the first quarter of 2008.

During the review period a policy was defined for the focus area of sales to concentrate to smaller projects compared to previous year. This selection appeared to be correct, because the unit achieved good results in new sales. Among single projects the most important were Rautaruukki's harmonization project in Hämeenlinna unit and harmonization work in Outokumpu's steel mill in Tornio.

In the end of 2008 Solteq reorganized its sales resources and transferred more personnel to sell unit's services. In addition a separate team that is focused on generating cost savings from customers' existing systems has been founded in the Information Management unit. Above-mentioned measures generated quick impacts and

Solteq Plc Stock Exchange Bulletin 22.4.2009 at 9.00 am 7 (18)

the sales of unit picked up clearly compared to the first quarter of 2008.

TURNOVER AND RESULT

Turnover increased 4,6% compared to the previous year and totalled 7.209 thousand euros (6.895 thousand euros).

The operating profit for the review period totalled -190 thousand euros (50 thousand euros), result before taxes was -240 thousand euros (-24 thousand euros) and the loss for the review period 189 thousand euros (-10 thousand euros).

Result was impacted by non-recurrent termination benefits amounting to 440 thousand euros.

BALANCE SHEET AND FINANCING

The total assets amounted to 20.269 thousand euros (21.637 thousand euros). Liquid assets totalled 420 thousand euros (255 thousand euros).

The company's interest-bearing liabilities were 5.130 thousand euros (6.620 thousand euros).

The company's equity ratio was 43,7% (41,4%).

INVESTMENTS, RESEARCH AND DEVELOPMENT

Gross investments during the review period were 139 thousand euros (385 thousand euros).

Research and development

Solteq's research and development costs consist mainly of personnel costs. When developing basic products, it is Solteq's strategy to cooperate with global actors such as SAP, Wincor-Nixdorf and Microsoft and utilize their resources and distribution channels. Own development efforts are focused on added value products and developing tailored service concepts.

During the review period development costs under IFRS have been capitalized in the amount of 85 thousand euros (128 thousand euros). The costs related to development are mainly presented due to their nature as yearly costs in profit and loss account. Capitalized costs are connected to two product development projects. The depreciation according to plan will be started along with the commercial implementation of the projects.

PERSONNEL

The number of permanent employees at the end of the review period was 245 (261). Average number of personnel during the review period was 252 (255). At the end of the review period the number of personnel divided as follows: trade 122, industry and services 98 and shared functions 25.

RELATED PARTY TRANSACTIONS

The company has related party relationships with members of the Board of Directors, the managing director and the management group of the Solteq group of companies. There haven't been significant changes in the company's related party transactions after the issue of financial statements from year 2008.

SHARES AND SHAREHOLDERS

Solteq Plc's equity on 31.3.2009 was 1.009.154,17 euros which was represented by 12.148.429 shares. The shares have no nominal value.

In the end of the review period the amount of treasury shares in Solteq Plc's possession was 258.436 shares. The amount of treasury shares represented 2,13 % from total amount of shares and votes in the end of the review period. The equivalent value of acquired shares was 21.468 euros.

Exchange and rate

During the review period, the exchange of Solteq's shares in the Helsinki Stock Exchange was 0,1 million shares (0,2 million shares) and 0,1 million euros (0,3 million euros). Highest rate during the review period was 1,25 euros and lowest rate 1,02 euros. Weighted average rate of the share was 1,17 euros and end rate 1,10 euros. The market value of the company's shares at the end of the review period totalled 13,4 million euros (19,1 million euros).

Ownership

At the end of the review period, Solteq had a total of 1.988 shareholders (2.095 shareholders). Solteq's 10 largest shareholders owned 8.183 thousand shares i.e. they owned 67,4 per cent of the company's shares and votes. Solteq Plc's members of the board owned a total of 5.189 thousand shares which equals 42,7 per cent of the company's shares and votes.

ANNUAL GENERAL MEETING

Solteq Plc's annual general meeting on 27.3.2009 adopted the financial statements for 2008 and the members of the board and the managing director were discharged from liability for the financial year 2008.

The annual general meeting decided in accordance with the board's proposal a dividend of 0,04 euros per share. The balancing date of dividend was 1.4.2009 and payment date 8.4.2009.

The annual general meeting decided to authorize the board of directors to decide on acquiring the company's own shares so that the amount in the possession of the company does not exceed 10 percent of the company's total shares at that moment. The shares can be acquired in order to develop the company's capital structure, finance and execute acquisitions or similar arrangements or used as part of the incentive scheme of the personnel or convey otherwise or be invalidated. The shares can be acquired in other proportion than the shareholders' holdings. The shares are to be acquired through public trading. The authorization is valid until the beginning of the next annual general meeting.

BOARD OF DIRECTORS AND AUDITORS

Six members were elected to the board of directors. Seppo Aalto, Ari Heiniö, Veli-Pekka Jokiniva, Ali Saadetdin, Jukka Sonninen and Markku Pietilä will continue as members of the board. The board elected Ali Saadetdin to act as the chairman of the board.

KPMG Oy Ab, Authorized Public Accountants, were re-elected as Solteq's auditors. Frans Kärki, APA, acts as the lead partner.

EVENTS AFTER THE REVIEW PERIOD

After the review period no events have occurred that require reporting.

RISKS AND UNCERTAINITIES

The key uncertainties and risks are related to the timing and pricing of the business deals that are the basis of the turnover, changes in the level of costs and to the company's ability to manage extensive contract agreements and deliveries.

The key business risks and uncertainties of the company are monitored constantly as a part of the board and management group work. The company has not organized a separate internal audit organization or committee.

PROSPECTS

In the stock exchange bulletin that was announced 16.2.2009 the Board of Directors of Solteq Plc has estimated that the turnover for 2009 is estimated to decrease by 0-5 percent and that the estimated operating profit is 5-7 percent of turnover. At the present moment there are no reasons to make changes to this estimate.

FINANCIAL REPORTING

This interim report has been prepared in accordance with the recognition and measurement principles of IFRS-standards, but not all of the requirements of IAS 34 have been applied in the preparation. Solteq group of companies has applied starting from 1.1.2009 following new and revised standards: IFRS 8- Operating Segments and IAS 1- Presentation of Financial Statements. The change of IFRS 8 has effect on the segment information in notes and the change of IAS 1- standard has effect on the presentation of profit and loss statement. In all other respects the same accounting policies as in the annual financial statements 2008 have been applied.

The financial result will be reported through two operating segments. The Retail and Wholesale Trade segment includes both the Retail and Wholesale Trade business unit and the Auto Trade business unit. The Industry and Information Management units belong to the Industry and Services segment. The Application Services unit forms a part of both operating segments. The segments have been defined based on the operations of company's customer groups. The most essential productand service types of Solteq group of companies are software services, licenses and hardware sales. Implementation of IFRS 8 has not changed the operating segments reported by Solteq group of companies, because the segment information that was reported already earlier was based on the management's internal reporting that was prepared in accordance with the same recognition and measurement principles as external reporting.

All forecasts and estimates presented in the interim report are based on the current views of the management on the economic environment and outlook. Results can differ from those implied as a result of, among other factors, changes in economic market and competitive conditions, changes in the regulatory environment and other government actions.

The interim report is unaudited.

Solteq Plc Stock Exchange Bulletin 22.4.2009 at 9.00 am			11 (18)
FINANCIAL INFORMATION
GROUP PROFIT AND LOSS ACCOUNT (TEUR)
	1.1.-	1.1.-	1.1.-
	31.3.2009	31.3.2008	31.12.2008
NET TURNOVER	7 209	6 895	30 383
Other operating
income	1	4	44
Raw materials and
services	-1 918	-1 457	-7 744
Staff expenses	-4 230	-4 085	-15 583
Depreciation	-173	-175	-718
Other operating
expenses	-1 079	-1 132	-4 922
OPERATING RESULT	-190	50	1 460
Financial income and
expenses	-50	-74	-324
PROFIT/LOSS BEFORE APPROPRIATION AND TAXES	-240	-24	1 136
Income taxes	51	14	-269
PROFIT/LOSS FOR THE PERIOD	-189	-10	867
Other comprehensive income	0	0	0
TOTAL COMPREHENSIVE INCOME
	-189	-10	867
Total profit/loss for the period and comprehensive income attributable to
Owners of the parent	-189	-10	867

Solteq Plc Stock Exchange Bulletin 22.4.2009 at 9.00 am				12 (18)
Earnings / share,
e(undiluted)		-0,02	0,00	0,07
Earnings / share,
e(diluted)		-0,02	0,00	0,07
GROUP BALANCE SHEET
(TEUR)	31.3.2009	31.3.2008	31.12.2008
ASSETS
NON-CURRENT ASSETS
Intangible assets
Intangible rights	2 489	2 150	2 417
Goodwill	8 286	8 286	8 286
Tangible assets	2 684	2 778	2 707
Investments
Other shares and similar
rights of ownership	93	117	93
Deferred tax
assets	316	671	268
Total non-current
assets	13 868	14 002	13 771
CURRENT ASSETS
Short-term debtors	5 981		7 380 7 567
Cash in hand and at banks	420		255 695
Total current
assets	6 401		7 635 8 262
TOTAL ASSETS	20 269	21 637	22 033

Solteq Plc Stock Exchange Bulletin 22.4.2009 at 9.00 am 13 (18)

EQUITY AND LIABILITIES

CAPITAL AND RESERVES ATTRIBUTABLE TO THE SHAREHOLDERS
OF THE PARENT COMPANY
Share capital	1 009	1 009	1 009
Company's own shares	-337	-14	-255
Share premium account	75	75	75
Unrestricted equity
fund	7 213	7 213	7 213
Retained earnings	1 084	693	693
Profit/loss for the
financial period	-189	-10	867
Total equity	8 855	8 966	9 602
LIABILITIES
Non-current liabilities	3 663	163	3 663
Current liabilities	7 751	12 508	8 768
Total liabilities	11 414	12 671	12 431
TOTAL EQUITY AND
LIABILITIES	20 269	21 637	22 033
FINANCIAL PERFORMANCE
INDICATORS (IFRS)	1-3/2009	1-3/2008	1-12/2008
Net turnover MEUR	7,2	6,9	30,4
Change in net turnover	4,6 %	8,1 %	8,8 %
Operating result MEUR	-0,2	0,1	1,5
% of turnover	-2,6 %	0,7 %	4,8 %
Result before taxes MEUR	-0,2	0,0	1,1
% of turnover	-3,3 %	-0,4 %	3,7 %
Equity ratio, %	43,7	41,4	43,6
Gearing, %	53,2 %	71,0 %	58,5 %
Gross investments in
non-current assets MEUR	0,1	0,4	0,9
Return on equity, %	-8,5 %	-0,4 %	9,0 %
Return on investment, %	-5,1 %	1,4 %	9,0 %
Personnel at end of
period	245	261	268

Solteq Plc	Stock Exchange Bulletin 22.4.2009 at 9.00 am			14 (18)
Personnel average
for period	252	255	266
KEY INDICATORS PER SHARE
Earnings / share, e	-0,02	0,00	0,07
Earnings / share,
e(diluted)	-0,02	0,00	0,07
Equity / share, e	0,74	0,74	0,80
QUARTERLY KEY INDICATORS (MEUR)
		2Q/07	3Q/07 4Q/07	1Q/08
Net turnover		7,14	5,86 8,55	6,89
Operating result		0,33	0,30 0,54	0,05
Result before taxes		0,29	0,24 0,45	-0,02
		2Q/08	3Q/08 4Q/08	1Q/09
Net turnover		8,55	6,29 8,65	7,21
Operating result		0,37	0,38 0,66	-0,19
Result before taxes		0,28	0,30 0,58	-0,24
CASH FLOW STATEMENT (MEUR)
	1-3/2009	1-3/2008	1-12/2008
Cash flow from business
operations	1,13	0,70	2,94
Cash flow from capital
expenditure	-0,14	-0,34	-0,88
Cash flow from financing activities
Dividend distribution	0,00	0,00	-0,73
Own shares	-0,08	-0,01	-0,26
Loan agreement	-1,19	-0,44	-0,72
Cash flow from financing
activities	-1,27	-0,45	-1,71
Change in cash and cash
equivalents	-0,28	-0,09	0,35
TOTAL INVESTMENTS (TEUR)
	1-3/2009	1-3/2008	1-12/2008
Continuing operations,
group total	139	385	920

LIABILITIES (MEUR)	31.3.2009	31.3.2008	31.12.2008
Company quorantee for
credit limits	1,18	1,18	1,18
Perfomance bonds	0,02	0,05	0,05
Lease contracts, machinery &
equipment	0,59	0,59	0,59
Lease liability,
premises	2,40	2,82	2,48

The Group has no liabilities from derivative instruments.

MAJOR SHAREHOLDERS 31.3.2009

			Shares and votes
			Number		%
	1. Saadetdin Ali	3 481 383		28,7 %
	2. Aalto Seppo	1 662 206		13,7 %
	3. Profiz Business Solution Oyj	1 327 925		10,9 %
	4. TP-Yhtiöt Oy		513 380	4,2 %
	5. Roininen Matti		331 300	2,7 %
	6. Solteq Oyj		258 436	2,1 %
	7. Hakamäki Jorma		228 430	1,9 %
	8. Saadetdin Katiye		156 600	1,3 %
	9. Kiiveri Jouko		118 280	1,0 %
	10. Halmet Jarmo		105 500	0,9 %
	10 largest shareholders total	8 183 440		67,4 %
	Total of nominee-registered		84 026	0,7 %
Others		3 880 963		31,9 %
Total		12 148 429		100,0 %

Solteq Plc Stock Exchange Bulletin 22.4.2009 at 9.00 am 16 (18)

STATEMENT OF CHANGES IN GROUP EQUITY (TEUR)

A=Share capital B=Share issue C=Company's own shares D=Share premium account E=Unrestricted equity fund F=Retained earnings G=Total

	A	B	C	D	E	F	G
EQUITY 1.1.2008	1 002	64	0	18	7 213	1 422	9 719
Result for the period						-10	-10
Total gains and losses						-10	-10
Subscription issue Acquiring of own shares Dividend distribution	7	-64	-14	57		-728	0 -14 -728
EQUITY 31.3.2008	1 009	0	-14	75	7 213	684	8 966
EQUITY 1.1.2009	1 009	0	-255	75	7 213	1 560	9 602
Result for the period						-189	-189
Total gains and losses						-189	-189
Acquiring of own shares Dividend distribution			-82			-476	-82 -476
EQUITY 31.3.2009	1 009	0	-337	75	7 213	895	8 855

Taxes corresponding to the result have been presented as taxes for the period.

Solteq Plc Stock Exchange Bulletin 22.4.2009 at 9.00 am 17 (18) CALCULATION OF FINANCIAL RATIOS Solvency ratio, in percentage equity x 100 --------------------------------- balance sheet total - advances received Gearing interest bearing liabilities - cash, bank balances and securities x 100 ------------------------------------------ equity Return on Equity (ROE) in percentage profit or loss before taxation - taxes x 100 --------------------------------------- equity Profit from invested equity in percentage profit or loss before taxation + interest expenses and other financing expenses x 100 --------------------------------------- balance sheet total - non-interest bearing liabilities Earnings per share pre-tax result – taxes +/- minority interest -------------------------------------------- diluted average share issue corrected number of shares Diluted earnings per share diluted profit before taxation taxes +/- minority interest --------------------------------------------- diluted average share issue corrected number of shares Equity per share equity ---------------------- number of shares

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