TECNOMENS FINANCIAL STATEMENTS 1 JANUARY 31 DECEMBER 2006 (unaudited)
Tecnomen Corporation STOCK EXCHANGE RELEASE
14 February 2007 at 8.30 am
TECNOMENS FINANCIAL STATEMENTS 1 JANUARY 31 DECEMBER 2006 (unaudited)
Net sales in the review period rose to EUR 71.8 (69.0) million, the highest in
the companys history. The strong growth in the Latin Amercian market
continued. Sales of new generation messaging solutions increased considerably.
- Net sales EUR 71.8 (69.0) million
- Operating result EUR 4.9 (9.6) million, excluding one-time items EUR 6.2
(9.6) million.
- Order book EUR 15.0 (27.9) million
- Cash flow EUR 12.8 (2.5) million, including capital repayment and
dividends EUR 6.9 (0.0) million
- Cash funds EUR 20.4 (33.2) million
- Equity ratio 84.3 per cent (86.9 %)
- Gearing 27.4 per cent (-42.4 %)
KEY FIGURES 10-12/06 10-12/05 2006 2005
Net sales, MEUR *) 20.1 17.9 71.8 69.0
Net sales, change % 12.5 44.7 4.1 33.7
Operating result, excl. one-
time items, MEUR 1.7 3.2 6.2 9.6
Operating result, MEUR 0.6 3.2 4.9 9.6
% of net sales 3.0 17.9 6.8 13.9
Profit before taxes, MEUR 0.5 3.2 5.2 10.3
% of net sales 2.3 17.9 7.3 14.9
Result for the period -0.4 2.7 3.2 8.8
Personnel at end of period 374 373 374 373
Earnings per share, basic,
EUR -0.01 0.05 0.06 0.15
Earnings per share, diluted,
EUR -0.01 0.05 0.05 0.15
The interim report has been prepared in accordance with IFRS recognition and
measurement principles. Unless otherwise stated, all figures presented below
are for the review period 1-12/2006 and the figures for comparison are for the
corresponding period 1-12/2005.
*) From the beginning of 2006 Tecnomen has entered realised and imputed changes
in the fair value of cash flow hedging for foreign currency sales under
adjustments to net sales; under previous practice they were entered under other
operating income or expenses. If this recognition principle had been used in
fiscal year 2005, net sales for 2005 would have totalled EUR 66.4 million and
other operating expenses EUR 17.5 million. The change in recording practice
does not affect the operating result.
SALES AND NET SALES
Tecnomens net sales in the review period increased 4.1 per cent from the
corresponding period in 2005 to EUR 71.8 (69.0) million.
EUR 55.5 million of the sales in the review period has been recognised in
accordance with IAS 11 (Construction contracts) and EUR 16.3 million in
accordance with IAS 18 (Revenues).
Net sales by geographical area were: Americas 59.2 per cent (56.2 %), EMEA 31.3
per cent (36.1 %) and APAC 9.4 per cent (7.7 %).
Net sales by product line were: Messaging 44.9 per cent (49.2 %) and Charging
55.1 per cent (50.8 %).
Sales through global partners totalled EUR 16.4 (12.2) million or 22.8 per cent
(17.7 %) of net sales.
Maintenance and service sales totalled EUR 9.8 million or 13.6 per cent (11.7
%) of net sales.
The order book stood at EUR 15.0 (27.9) million at the end of the review
period. Americas accounted for 39.1 per cent of the order book, EMEA for 51.1
per cent and APAC for 9.8 per cent.
OPERATING RESULT
The operating result for the review period was EUR 4.9 (9.6) million.
The profit for the period before taxes was EUR 5.2 (10.3) million.
Earnings per share were EUR 0.06 (0.15). Equity per share at the end of the
period was EUR 1.27 (1.33).
Tecnomens business operations are divided into the Messaging and Charging
business units. The focus area for Charging sales has been Latin America, where
demand for Prepaid systems has remained strong. In this market area operators
customer numbers continued to grow strongly, which was reflected in rising
sales also for the systems supplied by Tecnomen. Net sales of Charging business
unit increased 13 per cent to EUR 39.6 million (35.1).
The focus for Messaging has previously been in the European market. The market
for conventional voice mail systems has declined significantly in Europe, which
has also reduced Tecnomens sales of Messaging products. The company has
developed new generation product solutions and demand for these has gradually
started up. However demand for the older systems has fallen more than that for
the new systems has grown, so sales of Messaging products declined 5 per cent
in the past year to EUR 32.2 million (33.9).
Expansions for existing customer systems included an exceptionally high number
of equipment deliveries, which had a negative impact on the result.
In September Tecnomen started a programme of remedial action which reduced the
volume of subcontracting and the number of employees in Europe by 29 people.
The statutory personnel negotiations concerning the personnel reductions were
completed during September. The third-quarter result was depressed by EUR 0.3
million in one-time costs related to the personnel reductions. The fourth
quarter was burdened by similar one-time costs of EUR 0.5 million. In addition
the company had one-time costs of EUR 0.5 million in this quarter arising from
a review of the strategic options.
FINANCING AND INVESTMENTS
Tecnomens financial position is strong. Liquid assets totalled EUR 20.4 (33.2)
million. The balance sheet total on 31 December 2006 stood at EUR 88.8 (90.4)
million. Interest-bearing liabilities amounted to EUR 0.0 (0.4) million. The
debt to equity ratio (gearing) was 27.4 per cent (-42.4 %). The balance sheet
structure remained strong and the equity ratio on 31 December 2006 was 84.3 per
cent (86.9 %).
Tecnomens gross capital expenditure during the review period, excluding the
capitalisation of development costs, was EUR 2.4 (2.0) million or 3.4 per cent
(3.0 %) of net sales.
The cash flow in the review period was EUR 12.8 million; the dividend payment
accounted for EUR -1.0 million of this , the payment of interest-bearing
liabilities in the year-end balance sheet for EUR -0.5 million, and the capital
repayment to shareholders for EUR -5.9 million.
Financial income and expenses during the review period totalled EUR 0.3 (0.7)
million. The net effect of assessing foreign currency balance sheet items was
EUR 0.0 (-0.1) million, profit from assessing the fair value of reserves was
EUR 0.2 million, and other financial income totalled EUR 0.1 (0.8) million.
CHANGE IN WORKING CAPITAL, MEUR (increase - / 1-12/06 1-12/05
decrease +)
Change in accounts receivable and advances -5.3 -8.9
Change in other short-term receivables, non- -1.8 2.1
interest bearing
Change in inventories 0.3 0.0
Change in accounts payable and advances 0.0 1.6
Change in other current liabilities, non-interest 1.4 1.9
bearing
CHANGE IN WORKING CAPITAL, TOTAL -5.4 -3.3
MARKETS
During the review period, Tecnomen received new orders for new generation
messaging systems especially in the Middle East and Africa region. An example
of this encouraging trend in this area is the IVR system ordered by South
African Vodacom, which Tecnomen is supplying with Siemens. Deliveries of
prepaid systems in Latin America also continued to rise. Demand for prepaid
systems was boosted not only by growing subscriber numbers but also because
operators started to offer data services to prepaid customers. During the year
Tecnomen signed major system expansion agreements for example with operators
belonging to the America Movil group and with Brasil Telecom.
RESEARCH AND DEVELOPMENT
Research and development costs during the review period were EUR 13.2 (13.4)
million, corresponding to 18.4 per cent (19.5 %) of net sales. EUR 6.0 (3.8)
million of development costs have been capitalised during the review period and
will be amortised over 3-5 years from the start of commercial use. R&D costs of
EUR 1.0 (0.4) million were amortised during the review period.
PERSONNEL
2006 2005 2004
Personnel, at end of period 374 373 350
Americas 65 63 52
EMEA 286 286 272
APAC 23 24 26
Personnel, average 387 355 355
Salary expenses (MEUR) 21.2 18.5 16.6
TECNOMEN SHARES AND SHARE CAPITAL
At the end of 2006 the shareholders equity of Tecnomen Corporation stood at
EUR 74.6 (77.3) million and the share capital was EUR 4,720,446.24, divided
into 59,005,578 shares. The company held 134,800 of these shares, which
represents 0.23 per cent of the companys share capital and votes. The shares
held by the company have an aggregate nominal value of EUR 10,784. Equity per
share was EUR 1.27 (1.33).
A total of 59,804,445 Tecnomen shares (EUR 122,085,204) were traded on the
Helsinki Exchanges during the period 2 January 31 December 2006, representing
101.35 per cent of the total number of shares.
The highest share price quoted in the period was EUR 3.06 and the lowest EUR
1.38. The average quoted price was EUR 2.01 and the closing price on 31
December 2006 was EUR 1.68. The market capitalisation of the share stock at the
end of the period was EUR 99,129,371.
Tecnomens Annual General Meeting, held on 15 March 2006, approved the proposal
of the Board of Directors to reduce the share premium fund by at most EUR
66,177,792 and to distribute part of the amount reduced to the shareholders;
under the proposal, this would be done by making a capital repayment, from the
aggregate amount of the reduction, of EUR 0.10 per share to the shareholders in
proportion to their holdings. The permission for this granted by the National
Board of Patents and Registration was registered on 23 August 2006.
Shareholders registered on 6 September 2006 in the companys shareholder
register maintained by the Finnish Central Securities Depository Ltd were
entitled to the capital repayment. The payment date was 11 September 2006. The
payment was made on altogether 58,835,778 shares, giving an aggregate total
payment of EUR 5,883,577.80. The capital repayment was not made on the shares
in the companys own possession (134,800 shares). The remainder of the share
premium fund, EUR 60,294,214.20, was transferred to a fund belonging to the
companys non-restricted equity.
CURRENT AUTHORISATIONS
At the end of the review period Tecnomens Board of Directors held the
following current authorisations given by the Annual General Meeting on 15
March 2006:
Authorisation to decide on the acquisition of a maximum of 5,817,397 of the
Companys own shares. The shares may be acquired for the purpose of developing
the capital structure of the Company, to be used in financing corporate
acquisitions or for other arrangements to develop the business of the Company,
or to be used as part of the Company's incentive and remuneration schemes.
Authorisation to decide to dispose of a maximum of 5,952,197 of the Company's
own shares, acquired under the authorisation given to the Board and/or already
held by the company.
Authorisation to decide on increasing the share capital by issuing new shares
and/or convertible bonds and/or stock options in one or more issues, such that
the total number of new shares may be at most 11,661,755 shares and the
Company's share capital may rise by at most EUR 932,940.40.
The Board had not exercised the authorisations to acquire or dispose of the
companys own shares, or to raise the share capital by the date of publication
of these financial statements.
STOCK OPTION PROGRAMME
The company currently has a 2002 stock option programme approved by the AGM on
11 April 2002 and a 2006 stock option programme approved by the AGM on 15 March
2006.
The subscription period for the 2002B stock option is 1 April 2004 30 April
2007, for the 2002C stock option 1 April 2005 30 April 2007 and for the 2002D
stock option 1 April 2006 30 April 2008. The share subscription price for
stock option 2002B is EUR 1.56, for stock option 2002C EUR 0.34 and for stock
option 2002D EUR 1.21. The subscription prices have been reduced by the
dividend paid per share (EUR 0.02) and the amount of capital repayment per
share (EUR 0.10). During the review period a total of 240,800 shares were
subscribed with the 2002A stock options, 103,000 with the 2002B stock options,
90,500 with the 2002C stock options and 262,500 with the 2002D stock options.
The companys share capital rose by altogether EUR 55,774 as the result of
these subscriptions.
The 2006 stock option programme is divided into three series: the 2006A, 2006B
and 2006C stock options. A maximum of 2,001,000 stock options may be issued,
which entitle holders to subscribe for altogether 2,001,000 Tecnomen shares.
The companys share capital can rise by a maximum of EUR 160,080 as a result of
share subscriptions made with these stock options. The subscription period for
the 2006A stock option is 1 April 2007 30 April 2010, for the 2006B stock
option 1 April 2008 30 April 2011 and for the 2006C stock option 1 April 2009
30 April 2012. The share subscription price for 2006A stock options shall be
the trade-weighted average price of the Company share on the Helsinki Exchanges
during 1 January 31 March 2006, ie. EUR 2.71, for 2006B stock options the
trade-weighted average price of the Company share on the Helsinki Exchanges
during 1 January 31 March 2007, and for 2006C stock options the trade-
weighted average price of the Company share on the Helsinki Exchanges during 1
January 31 March 2008. Tecnomens Board of Directors has issued 436,000 2006A
stock options to key personnel of Tecnomen Group. The remaining 2006 stock
options have been issued to Tecnomen Japan Oy, a wholly owned Tecnomen
subsidiary, for issuing at a later date to current or future key Group
personnel.
Tecnomens Board of Directors has cancelled altogether 2,019,500 of the stock
options held by Tecnomen subsidiary Tecnomen Japan Oy from the 2002 stock
option scheme. The companys share capital can rise in consequence of share
subscriptions made with the outstanding stock options by a maximum of EUR
243,080, which corresponds to 5.15 per cent of the companys shares and votes
carried by the shares after the share subscriptions.
TECNOMENS BOARD OF DIRECTORS AND AUDITORS
During the review year, Tecnomens Board of Directors had six (6) members:
Lauri Ratia, Carl-Johan Numelin, Lars Hammarén, Keijo Olkkola, Christer
Sumelius and Timo Toivila. Lauri Ratia was Chairman of the Board and Carl-Johan
Numelin Vice Chairman.
On 31 December 2006 Tecnomens Management Board had four (4) members: Jarmo
Niemi, President and CEO, Tuomas Wegelius, CFO (from 14 August 2006), Eero
Mertano, VP Charging, and Miika Reinikka, VP Messaging (from 1 October 2006).
Until 30 September 2006 the following were also members of the Tecnomen
Management Board: Riitta Järnstedt, Director, Risk Management and Internal
Audit, Vesa Kemppainen, COO, and Timo Nykänen, VP Ventures.
Tecnomen Corporations auditor was KPMG Oy Ab and the principal auditor was CPA
Sixten Nyman.
RISK MANAGEMENT
The greatest risks in Tecnomens operations are related to major customer and
partner relationships, to agreements made with these, and to the correct timing
and success of its product development. The risks relating to project
deliveries are from the costs and from keeping to agreed schedules.
The objective of the hedging policy is to hedge at most the currency
denominated net position for a maximum period of 12 months. The change in the
fair value of currency hedging is recognised in the income statement.
Liquid funds are invested, avoiding credit and liquidity risks, in money-market
deposits and short-term interest funds with a good credit rating.
The payment record of customers is continually monitored. The credit rating of
customers and the situation concerning receivables from projects previously
supplied to the customer are examined as part of the sales process.
EVENTS AFTER THE END OF THE PERIOD
From the beginning of 2007 Tecnomen will report its Charging and Messaging
businesses as its primary segments. This is based on the change in the
companys organisation that came into effect on 1 October 2006. In 2006,
Tecnomen reports the entire company as its primary segment.
PROSPECTS
Net sales and operating result in 2007 are expected to be at the same level as
in 2006. The variations between the different quarters are expected to be
considerable and similar to those in the previous years. The largest orders are
expected later in 2007 than in the previous year so the second half of the year
will make a greater contribution to net sales and operating result.
DIVIDEND PROPOSAL
Teconmens Board of Directors proposes to the Annual General Meeting to be held
on 14 March 2007 that no dividend be paid for the financial year ended 31
December 2006 and that the parent companys loss for the year of EUR
2,893,771.93 be transferred to retained earnings.
PROPOSAL TO DISTRIBUTE FUNDS FROM UNRESTRICTED EQUITY FUND
The Board of Directors proposes to the Annual General Meeting that EUR 0.10 per
share is distributed from the unrestricted equity fund to the Companys
shareholders in proportion to their current shareholdings. Funds shall be paid
to a shareholder who is registered in the register of shareholders maintained
by the Finnish Central Securities Depository Ltd on the record date 19 March
2007. The Board of Directors proposes to the Annual General Meeting that the
funds be paid on 26 March 2007.
In connection with the distribution of funds, the Board of Directors proposes
that the subscription price of the shares to be subscribed by virtue of the
option rights based on the 2002 and 2006 Option Schemes shall be reduced by EUR
0.10 per each option right as of the record date of the fund distribution.
FINANCIAL INFORMATION
Tecnomen is holding a conference to announce its fiscal 2006 results at 10.45
am on 14 February 2007 in the Tapiola conference room at the Scandic Hotel
Simonkenttä, Helsinki. The material presented at the press conference will be
available at www.tecnomen.com.
TECNOMEN CORPORATION
Board of Directors
FURTHER INFORMATION
Mr Jarmo Niemi, President and CEO, tel. +358 (0)9 8047 8799
Mr Tuomas Wegelius, CFO, tel. +358 (0)9 8047 8650
DISTRIBUTION
Helsinki Exchanges
Main media
CONSOLIDATED INCOME STATEMENT, 2006 2005
MEUR
NET SALES 71.8 69.0
Other operating income 0.3
Materials and services -18.8 -13.9
Employee benefit expenses -25.6 -23.3
Depreciation -3.0 -2.2
Other operating expenses -19.8 -20.1
OPERATING RESULT 4.9 9.6
Financial income 2.1 1.9
Financial expenses -1.7 -1.1
RESULT BEFORE TAXES 5.2 10.3
Income taxes -2.0 -1.5
RESULT FOR THE PERIOD 3.2 8.8
Earnings per share, basic, EUR 0.06 0.15
Earnings per share, diluted, EUR 0.05 0.15
Equity per share, EUR 1.27 1.33
CONSOLIDATED BALANCE SHEET, 31.12.2006 31.12.2005
MEUR
Long-term assets
Fixed assets 20.1 14.7
Other long-term assets 0.5 0.6
Current assets
Inventories 1.9 2.3
Account receivables 26.2 22.1
Other financial assets 19.7 17.5
Financial securities 9.4 22.3
Cash and bank balances 11.1 10.9
ASSETS 88.8 90.4
Shareholders equity 74.6 77.3
Long-term liabilities
Interest-bearing liabilities 0.0 0.4
Non-interest bearing
liabilities 0.0 0.3
Deferred tax liabilities 2.6 1.5
Current liabilities
Non-interest bearing
liabilities 11.5 10.9
EQUITY AND LIABILITIES 88.8 90.4
CHANGE IN SHAREHOLDERS EQUITY, MEUR
MEUR Share Share Other Own Translatio Investe Retai Total
capita premiu reserve share n d non- ned
l m fund s s difference restric earni
ted ngs
equity
reserve
Shareholders 4.6 66.2 0.3 -0.1 0.2 6.0 77.3
equity
1 Jan. 2006
Change in -0.0 -0.0
translation
difference
Recognised 0.4 0.4
directly in
retained
earnings
Transfer of -60.3 60.3 0.0
share
premium fund
to fund in
non-
restricted
equity
Other -0.2 -0.2
adjustment
Result for 3.2 3.2
the period
Dividend -1.2 -1.2
declared
Options 0.1 0.8 0.1 1.0
exercised
Capital -5.9 -5.9
repayment
Shareholders 4.7 0.8 60.6 -0.1 0.2 0.1 8.3 74.6
equity
31 Dec. 2006
MEUR Share Share Other Own Translation Retained Total
capital premiu reserve shares difference earnings
m fund s
Shareholders 4.6 66.0 0.3 -0.3 0.0 -3.3 67.5
equity
1 Jan. 2005
Change in 0.2 0.2
translation
difference
Recognised -0.1 0.4 0.3
directly in
retained
earnings
Other 0.2 0.2
adjustment
Share options 0.2 0.2
exercised
Disposal of 0.2 0.2
own shares
Result for 8.8 8.8
the period
Shareholders 4.6 66.2 0.3 -0.1 0.2 6.0 77.3
equity
31 Dec. 2005
CONSOLIDATED CASH FLOW STATEMENT, MEUR 2006 2005
Cash flow from operating activities
Result for the period 3.2 8.8
Adjustments 2.5 2.3
Interest income -0.8 -1.3
Interest expense 1.4 0.4
Income taxes 2.0 1.5
Other adjustments -0.3 0.1
Changes in working capital -5.4 -3.3
Interest paid -0.4 -0.4
Interest received 0.5 0.5
Income taxes paid -0.7 -0.3
Net cash flow from operating activities 2.0 8.3
Cash flow from investments
Investments in intangible assets -6.0 -3.9
Investments in tangible assets -2.4 -1.9
Net cash flow from investments -8.3 -5.7
Cash flow from financing activities
Shares subscribed 1.0
Repayment of current loans -0.1 -0.1
Repayment of non-current loans -0.4 -0.0
Divident declared -1.0
Capital repayment -5.9
Net cash flow from financing -6.4 -0.1
Increase (+) and decrease (-) in liquid -12.8 2.5
funds
Liquid funds on 1 Jan. 33.2 30.8
Impact of changes in exchange rates 0.0 0.2
Change in fair value of investments 0.0 -0.2
Liquid funds on 31 December 20.4 33.2
Change -12.8 2.5
GEOGRAPHICAL SEGMENTS (secondary 2006 2005
segment information), NET SALES,
MEUR
Americas 42.5 38.8
EMEA 22.5 24.8
APAC 6.8 5.3
TOTAL 71.8 69.0
CONSOLIDATED KEY FINANCIAL FIGURES, 2006 2005
MEUR
Return on investment, % 9.1 15.7
Return on equity, % 4.3 12.1
Equity ratio, % 84.3 86.9
Debt/equity ratio (gearing), % -27.4 -42.4
Investments 2.4 2.0
% of net sales 3.4 3.0
Research and development 13.2 13.4
% of net sales 18.4 19.5
Order book 15.0 27.9
Personnel, average 387 355
Personnel, at end of period 374 373
CONSOLIDATED KEY FIGURES PER SHARE, 2006 2005
MEUR
Earnings per share, basic, EUR 0.06 0.15
Earnings per share, diluted, EUR 0.05 0.15
Equity per share, EUR 1.27 1.33
Number of shares at end of period, x 59,006 58,309
1,000
Number of shares on average, x 1,000 58,673 58,147
Share price, EUR
Average price 2.01 1.86
Lowest price 1.38 1.28
Highest price 3.06 2.60
Share price at end of period 1.68 2.45
Market capitalisation of issued stock 99.1 142.9
at end of period, MEUR
Share turnover, million shares 59.8 42.8
Share turnover, % of total 101.4 73.4
Share turnover, MEUR 122.1 79.3
CONSOLIDATED CONTINGENT LIABILITIES, 2006 2005
MEUR
Pledges given 0.6 0.7
For own debts
Mortgages 0.0 0.7
For other own commitments
Mortgages 0.6 1.3
Chattel mortgages 0.0 0.2
Other own liabilities 2.5 3.3
DERIVATIVE FINANCIAL INSTRUMENTS, MEUR
Currency forward contracts
Fair value 13.0 11.4
Value of underlying instruments 12.6 10.9
KEY FIGURES PER QUARTER, MEUR 4Q/06 3Q/06 2Q/06 1Q/06 4Q/05 3Q/05
Net sales, MEUR 20.1 16.9 19.6 15.2 17.9 19.5
Net sales, change % 12.5 -13.2 2.9 20.9 44.7 66.9
Operating result, MEUR 0.6 0.9 3.0 0.4 3.2 4.2
% of net sales 3.0 5.3 15.2 2.6 17.9 21.4
Result before taxes, MEUR 0.5 1.7 2.8 0.3 3.2 4.2
Personnel at end of period 374 395 393 387 373 356
Earnings per share, basic, EUR -0.01 0.02 0.01 -0.00 0.05 0.06
Earnings per share, diluted, -0.01 0.02 0.01 -0.00 0.05 0.06
EUR
Equity per share, EUR 1.27 1.27 1.35 1.30 1.33 1.28
Net interest-bearing -20.4 -23.5 -27.5 -27.3 -32.8 -30.1
liabilities, MEUR
Order book, MEUR 15.0 18.5 16.0 21.3 27.9 19.1
The financial figures in the income statement, the balance sheet and key
indicators have been rounded up or down to the nearest million euro. The
figures shown here have been calculated using exact values.
SHAREHOLDERS
The companys ten largest shareholders, excluding nominee registrations, on 31
December 2006:
No. of shares %
Sampo Life Insurance Co. Ltd 3,083,400 5.23
Hammaren Lars-Olof 2,164,300 3.67
Sumelius Henning 2,022,300 3.43
FIM Fenno Fund 1,466,600 2.49
Suupohja Cooperative Bank 1,419,300 2.41
Kaleva Mutual Insurance Company 1,300,000 2.20
Sumelius Johanna Maria 1,122,400 1.90
Varma, Mutual Employee Pension 1,069,000
Insurance Company 1.81
Investsum Oy 947,500 1.61
Estate of Suutarinen Helena 901,200 1.53
TOTAL 15,496,000 26.28
Ownership of Tecnomen shares, 31 December 2006
Shares Holders % Shares and votes %
1-500 2,835 42.94 653,803 1.11
501-1,000 1,182 17.90 968,460 1.64
1,001-5,000 1,708 25.87 4,313,677 7.31
5,001-10,000 414 6.27 3,212,586 5.44
10,001-50,000 328 4.97 7,607,721 12.89
50,001-100,000 51 0.77 3,757,308 6.37
100,001-500,000 63 0.96 13,173,053 22.33
500,001< 21 0.32 25,281,370 42.85
Joint account 37,600 0.06
Total 6,602 100.00 59,005,578 100.00
Ownership structure by sector, 31 December 2006
No. of shares %
Companies 6,301,763 10.68
Finance houses and insurance companies 14,066,351 23.84
Public sector 1,264,800 2.15
Non-profit making associations 2,740,390 4.64
Households and private persons 32,723,822 55.46
Foreign holders 1,870,852 3.17
TOTAL 58,967,978 99.94
Joint account 37,600 0.06
Share capital 59,005,578 100.00
Nominee registrations 4,497,662 7.62
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