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TELEPERFORMANCE: TELEPERFORMANCE : 2008 Results
PARIS--(Marketwire - March 11, 2009) - Teleperformance - Annual Results 2008
- Growth Rate and Profitability Ratios maintained in a challenging economic environment
- Revenues +12%
- Net Operating Profit +12%
- Net Profit - Group Share +18.9%
- Achievements in line with objectives announced
Paris, March 11, 2009 - The Teleperformance Supervisory Board met on March 10, 2009 and was submitted the consolidated financial statements for the year 2008.
Key data in the income statement
+-------------------------+------------+------------+---------+ |Selected Consolidated | 31/12/2008| 31/12/2007| Changes| |Data | | | | +-------------------------+------------+------------+---------+ |(in millions of euros) | | | | +-------------------------+------------+------------+---------+ |Revenues | 1,784.7| 1,593.8| +12%| +-------------------------+------------+------------+---------+ |EBITDA | 250.7| 225.3| | +-------------------------+------------+------------+---------+ |EBITDA rate | 14%| 14%| | +-------------------------+------------+------------+---------+ |Net Operating Profit | 177.9| 158.6| +12%| +-------------------------+------------+------------+---------+ |Operating Margin Rate | 10%| 10%| | +-------------------------+------------+------------+---------+ |Net Financial Result | -1.9| -0.3| | +-------------------------+------------+------------+---------+ |Income Tax | -56.4| -57.3| | +-------------------------+------------+------------+---------+ |Net Profit | 119.5| 101.0| | +-------------------------+------------+------------+---------+ |Net Profit - Group Share | 116.4| 97.9| +18.9%| +-------------------------+------------+------------+---------+ |Diluted earnings per | 2.09| 1.74| +20%| |share (in EUR ) | | | | +-------------------------+------------+------------+---------+
The Group's financial structure
+-------------------------+----------+----------+ |Consolidated Financial | 31/12/08| 31/12/07| |Structure - Summary (in | | | |millions of euros) | | | +-------------------------+----------+----------+ |Cash Flow | 166.6| 180.8| +-------------------------+----------+----------+ |Change in Working Capital| -68.4| -3.8| |Requirements | | | +-------------------------+----------+----------+ |Net Cash Flow from | 98.2| 177.0| |operating activities | | | +-------------------------+----------+----------+ |Capex (net) | -68.8| -63.6| +-------------------------+----------+----------+ |Free Cash Flow | 29.4| 113.4| +-------------------------+----------+----------+ |Net Financial Investments| -141.4| -222.9| |(investments in | | | |subsidiaries and | | | |affiliates) | | | +-------------------------+----------+----------+ |Total Equity | 1,053.7| 965.3| +-------------------------+----------+----------+ |Equity, Group Share | 1,041.8| 952.3| +-------------------------+----------+----------+ |Financial liabilities* | -262.9| -236.9| +-------------------------+----------+----------+ |Including current | -216.1| -101.0| |financial liabilities | | | +-------------------------+----------+----------+ |Cash Assets & Cash | +280.6| +369.3| |Equivalents | | | +-------------------------+----------+----------+ |Net Cash Surplus | +17.7| +132.4| +-------------------------+----------+----------+
* including minority interest purchase commitments in subsidiaries 28.1 (31/12/08) 56.4 (31/12/07)
Teleperformance's detailed 2008 financial statements are presented in the Appendix to the press release.
Business Activity
Based on published data, the Group's revenues amounted to EUR 1,784.7 million versus EUR 1,593.8 million at December 31, 2007, increasing by 12%. On a comparable basis (excluding foreign exchange and scope of consolidation effects), the revenues increased by 8%, as follows:
- Europe +13.9%
- NAFTA +9.8%
- R.O.W. -29.8%
The Group's business activity in Europe remained stable throughout 2008 and was particularly strong in Southern Europe and in the UK.
In the NAFTA region however, a turndown in business activity was noticed in the second semester as a result of our main clients' decreasing business volumes, as well as of a negative base effect.
The ROW segment was impacted by the termination of the Brazil Telecom contract at the end of November 2007.
Breakdown of the Group's revenues by region:
+------------------+----------+----------+---------+ | Revenues % | 31/12/08| 31/12/07| Changes| +------------------+----------+----------+---------+ | Europe | 54.5| 52.0| +2.5%| +------------------+----------+----------+---------+ | Including France| 20.5| 21.4| -0.9%| +------------------+----------+----------+---------+ | NAFTA(*) | 39.2| 37.6| +1.6%| +------------------+----------+----------+---------+ | R.O.W. (**) | 6.3| 10.4| -4.1%| +------------------+----------+----------+---------+ | Total | 100.0| 100.0| | +------------------+----------+----------+---------+ +------------------+----------+----------+---------+
(*) North America Free Trade Agreement
(**) Rest of the World
- Foreign exchange effect
Excluding the foreign exchange effect, the Group's consolidated revenues increased by 16.4%.
The negative impact of foreign exchange effects mainly resulted from the rise of the Euro against the US Dollar and the Pound Sterling. This impact amounted to EUR 71.7 million in 2008 and may be split up as follows:
- NAFTA - EUR 49.0 million
- Europe - EUR 17.6 million
- R.O.W. - EUR 5.1 million
- Scope of consolidation effect
In 2008, the scope of consolidation effect represented a net positive impact of EUR 124.4 million, which may be split as follows:
- Europe +EUR 40.4 million
- NAFTA +EUR 84.0 million
This positive impact mainly resulted from external growth transactions which were completed in 2007:
- In Europe during the first half of the year:
Acquisition of a 100% interest in the German group twenty4help Knowledge Service AG, which was consolidated as of April 1, 2007.
Acquisition of a 62% interest in the French company The Phone House Services Telecom, which was consolidated as of May 1, 2007.
- In the NAFTA region during the second half of the year:
Acquisition of the US company AllianceOne, which was consolidated as of August 1, 2007.
Acquisition of the Mexican company Hispanic Teleservices, which was consolidated as of December 1, 2007.
Transactions completed in 2008 and which impacted the scope of consolidation in 2008 were mainly carried out in Europe:
- Acquisition of a 67% interest in GN Research, which was consolidated as of July 1, 2008.
- Disposal of ISM and IDCC, specialized in training activities, deconsolidated as of January 1, 2008. By completing this transaction, Teleperformance sold its remaining interest in Marketing Services operations.
The US company The Answer Group, specializing in high level technical support, which acquisition was completed on December 19, 2008, was consolidated as December 31, 2008. Therefore it has not been included in the consolidated revenues for 2008.
Profitability
- The Group's Net Operating Profit amounted to EUR 177.9 million, versus EUR 158.6 million in 2007, an increase of nearly 12% in line with the growth rate in revenues.
At this stage, the operating margin rate was 10% of the Group's revenues.
Net Operating Profit includes the following items:
- An expense of EUR 5.8 million equal to the value of benefits acquired by employees under stock option and bonus share plans;
- The Brazilian operations' goodwill was tested for impairment and partially depreciated (up to EUR 1.5 million ) during the 2008 first half year ;
- A EUR 3 million amortization expense recognized in 2008 for intangible assets (trademarks and customer relationships which were valued at EUR 38 million) identified during the purchase price allocation process of HTC and AllianceOne, two companies acquired by Teleperformance in 2007. The corresponding expense, adjusted in the 2007 financial statements, was EUR 0.7 million. The impact of such adjustment on the 2007 financial statements is described in the Appendix to the press release.
- A net income of EUR 7.8 million gained from the sale of investments in subsidiaries and affiliates, and the sale of investment property in 2008.
- EBITDA amounted to EUR 250.7 million, or 14.0% of the Group's revenues.
- The financial result showed a net expense of EUR 1.9 million versus EUR 0.3 million in 2007.
This decline in the financial result was mainly due to a lower level of "cash and cash equivalent" following the financing of the acquisitions completed in the second half of 2007 and in 2008, as well as to decrease of the deposit investment rates in the second half of 2008.
- Income tax expense amounted to EUR 56.4 million versus EUR 57.3 in 2007. The tax rate was 32% versus 36.2% at December 31, 2007.
The tax rate was higher in 2007 largely as a result of consolidation adjustments. These were related to our recognition under IFRS of the employee bonus share plan granted in August 2006, which only impacted the 2008 income statement for seven months.
- To be noted that no result on sale of discontinued operations was recognized in 2008 and 2007.
- The Group' Net Profit amounted to EUR 119.5 million, versus EUR 101 million in 2007.
Net Profit, Group Share, amounted to EUR 116.4 million, versus EUR 97.9 million in 2007, representing an increase of 18.9%.
Diluted earnings per share amounted to EUR 2.09, versus EUR 1.74 in 2007, increasing by 20%.
Financial Structure
- At December 31, 2008, the Teleperformance Group's financial structure was particularly strong :
- Shareholders' equity amounted to EUR 1,053.7 million, including EUR 1,041.8 million, Group Share.
- Cash available amounted to EUR 280.6 million.
- Financial liabilities amounted to EUR 262.9 million, including EUR 28 million financial liabilities related to minority interest purchase commitments in subsidiaries (versus EUR 56.4 million in 2007). Such reduction in minority interests resulted from the policy initiated by the Group in the second half of 2008 to purchase minority interests in some subsidiaries. This policy is expected to continue in the same track throughout 2009.
- The positive net cash flow amounted to EUR 17.7 million.
- Internally generated funds from operations before tax amounted to EUR 250.6 million, versus EUR 226.5 million in 2007, increasing by 10.5%.
- Income tax paid out in 2008 amounted to EUR 83.9 million, versus EUR 45.6 million in 2007.
Such steep rise may be explained in particular by the income tax installments paid in the first half of 2008 on deferred income recorded in 2007 arising out of the buy-out transaction.
- Working capital requirements increased by EUR 68.4 million, including EUR 27 million standing for deferred income recognized at December 31, 2007 and materialized in 2008. After deduction, working capital requirements amounted to EUR 41.5 millions in 2008, versus EUR 30.8 millions in 2007.
- The Group's cash flow generated by operating activities amounted to EUR 98.2 million, versus EUR 177 million in 2007.
- Capex, excluding finance leases, represented a net amount of EUR 68.8 million (i.e., 3.9% of revenues) in 2008, versus EUR 63.6 million in 2007. This figure includes the income gained from the sale of investment property, i.e., EUR 0.5 million.
- Free cash flow ended up at EUR 29.4 million, versus EUR 113.4 million at December 31, 2007.
- The net cash outflow amounting to EUR 149.4 million in 2008 was related to external growth transactions mainly completed in the NAFTA region (The Answer Group) and to the purchase from managers of their minority interests in some subsidiaries of the Teleperformance network.
The sale of investments in subsidiaries and in affiliates generated a net cash flow of EUR 8 million, mainly with the sale of ISM and IDCC at the beginning of 2008, two companies specializing in training activities.
Other investment transactions involved a net cash outflow of EUR 0.6 million.
- Cash flows from financing activities were translated into a net cash inflow of EUR 37.6 million, including:
-EUR 26.3 million for the payment of dividends,
+EUR 4.8 million from a cash increase in capital,
+EUR 59.1 million corresponding to the net increase in financial liabilities (including the EUR 110 million drawdown from the revolving credit facility).
- Finally, after considering all these transactions, net cash flows generated in 2008, excluding foreign exchange and scope of consolidation effects, declined by EUR 73.8 million.
In 2008 net cash surplus developed as follows:
+-------------------------+--------+ |Net Cash Assets at | +132.4| |January 1, 2008 - in | | |millions of euros | | +-------------------------+--------+ |Free Cash Flow | 29.4| +-------------------------+--------+ |Net impact of changes in | -141.4| |the scope of | | |consolidation | | +-------------------------+--------+ |Dividends paid | -26.3| +-------------------------+--------+ |Capital Increase | +7.0| +-------------------------+--------+ |Cancellation of treasury | -2.2| |shares | | +-------------------------+--------+ |Finance leases | -9.8| +-------------------------+--------+ |Minority interest | +27.2| |purchase commitments | | +-------------------------+--------+ |Translation differences | -| +-------------------------+--------+ |Other | +1.4| +-------------------------+--------+ |Net Cash Assets at | +17.7| |December 31, 2008 - in | | |millions of euros | | +-------------------------+--------+
Dividends 2008
During the Shareholders' General Meeting which will be held on May 29, 2009, the Board of Directors will suggest to maintain the dividend amount at EUR 0.44 per share.
Outlook
In an unsteady economic environment faced with many uncertainties and events impacting our clients' business, as well as our clients' customers' daily life, it is particularly difficult to have a crystal clear vision of the Group's short-term outlook.
The first weeks' business trends in 2009 did not have a major impact on our activities.
The objectives announced in November 2008 will be fine-tuned, like every year, during our next financial meeting on May 26, 2009, based on the first quarter 2009 achievements and market trends.
As far as we are concerned, we remain fairly confident in the strengths of our Group to face up to the very challenging economic situation.
Key dates
Financial Results - 1st Quarter 2009: Publication on May 5, 2009 before market opening.
ABOUT TELEPERFORMANCE
Teleperformance (NYSE Euronext Paris: FR 0000051807), the world's leading provider of outsourced CRM and contact center services, has been serving companies around the world rolling out customer acquisition, customer care, technical support and debt collection programs on their behalf. In 2008, the Teleperformance Group achieved EUR 1.784 billion revenues (US$2.6 billion - average exchange rate at December 31, 2008: EUR 1 < > = US$1.46).
The Group operates about 79,800 computerized workstations, with more than 88,000 employees (Full-Time Equivalents) across 248 contact centers in 46 countries and conducts programs in more than 66 different languages and dialects on behalf of major international companies operating in various industries.
CONTACTS
Teleperformance
Michel Peschard, Finance Managing Director, Board Member
+33-1 55 76 40 80
LT Value - Investors Relations and Corporate Communication
Nancy Levain / Maryline Jarnoux-Sorin
[ maryline.jarnoux-sorin@ltvalue.com ]
+33-1 44 50 39 30 - +33-6 72 28 91 44
Balance Sheet - in thousands of euros
+-------------------------+--+------------+------------+ |ASSETS | | 31.12.2008| 31.12.2007| +-------------------------+--+------------+------------+ |Non-current assets | | | | +-------------------------+--+------------+------------+ |Goodwill | | 591,928| 510,034| +-------------------------+--+------------+------------+ |Other intangible assets | | 47,213| 50,172| +-------------------------+--+------------+------------+ |Property, plant and | | 184,898| 166,245| |equipment | | | | +-------------------------+--+------------+------------+ |Financial assets | | 13,826| 9,718| +-------------------------+--+------------+------------+ |Deferred tax assets | | 7,535| 24,063| +-------------------------+--+------------+------------+ |Total non-current assets | | 845,400| 760,232| +-------------------------+--+------------+------------+ |Current assets | | | | +-------------------------+--+------------+------------+ |Inventory | | 520| 641| +-------------------------+--+------------+------------+ |Current income tax | | 37,108| 10,189| |receivable | | | | +-------------------------+--+------------+------------+ |Accounts receivable - | | 433,890| 390,393| |Trade | | | | +-------------------------+--+------------+------------+ |Other current assets | | 62,790| 56,921| +-------------------------+--+------------+------------+ |Other financial assets | | 10,518| 9,507| +-------------------------+--+------------+------------+ |Cash Assets and Cash | | 280,642| 369,342| |Equivalents | | | | +-------------------------+--+------------+------------+ |Assets classified as held| | 0| 5,380| |for sale | | | | +-------------------------+--+------------+------------+ |Total current assets | | 825,468| 842,374| +-------------------------+--+------------+------------+ |TOTAL ASSETS | | 1,670,868| 1,602,606| +-------------------------+--+------------+------------+ |LIABILITIES | | 31.12.2008| 31.12.2007| +-------------------------+--+------------+------------+ |Shareholders' equity | | | | +-------------------------+--+------------+------------+ |Attributable to equity | | 1,041,806| 952,336| |holders of the parent | | | | +-------------------------+--+------------+------------+ |Attributable to minority | | 11,877| 12,916| |interests | | | | +-------------------------+--+------------+------------+ |Total shareholders' | | 1,053,683| 965,252| |equity | | | | +-------------------------+--+------------+------------+ |Non-current liabilities | | | | +-------------------------+--+------------+------------+ |Provisions | | 5,792| 5,486| +-------------------------+--+------------+------------+ |Financial liabilities | | 46,822| 135,907| +-------------------------+--+------------+------------+ |Deferred tax liabilities | | 17,128| 14,089| +-------------------------+--+------------+------------+ |Total non-current | | 69,742| 155,482| |liabilities | | | | +-------------------------+--+------------+------------+ |Current liabilities | | | | +-------------------------+--+------------+------------+ |Provisions | | 13,782| 7,289| +-------------------------+--+------------+------------+ |Current income tax | | 20,294| 42,347| +-------------------------+--+------------+------------+ |Accounts payable - Trade | | 77,217| 75,309| +-------------------------+--+------------+------------+ |Other current liabilities| | 220,057| 253,230| +-------------------------+--+------------+------------+ |Other financial | | 216,093| 101,019| |liabilities | | | | +-------------------------+--+------------+------------+ |Liabilities classified as| | | 2,677| |held for sale | | | | +-------------------------+--+------------+------------+ |Total current liabilities| | 547,443| 481,871| +-------------------------+--+------------+------------+ |TOTAL LIABILITIES | | 1,670,868| 1,602,606| +-------------------------+--+------------+------------+
Income Statement - in thousands of euros
+-------------------------+------------+------------+ | | 2008 | 2007 | +-------------------------+------------+------------+ |Revenues | 1,784,752| 1,593,795| +-------------------------+------------+------------+ |Other operating revenues | 29,997| 33,873| +-------------------------+------------+------------+ |Personnel | -1,246,090| -1,114,687| +-------------------------+------------+------------+ |External expenses | -299,920| -271,186| +-------------------------+------------+------------+ |Taxes other than income | -18,431| -15,723| |taxes | | | +-------------------------+------------+------------+ |Depreciation and | -68,412| -63,862| |amortization | | | +-------------------------+------------+------------+ |Acquisition-related | -2,984| -687| |depreciation & | | | |amortization of | | | |intangible assets | | | +-------------------------+------------+------------+ |Impairment loss on | -1,464| -2,217| |Goodwill | | | +-------------------------+------------+------------+ |Change in inventory | -137| 107| +-------------------------+------------+------------+ |Other operating income | 6,236| 7,028| +-------------------------+------------+------------+ |Other operating expenses | -5,695| -7,868| +-------------------------+------------+------------+ |Net Operating Profit | 177,853| 158,572| +-------------------------+------------+------------+ |Income from cash and cash| 12,018| 14,516| |equivalents | | | +-------------------------+------------+------------+ |Interest on financial | -14,219| -14,387| |liabilities | | | +-------------------------+------------+------------+ |Net financing costs | -2,200| 129| +-------------------------+------------+------------+ |Other financial income | 25,649| 14,103| +-------------------------+------------+------------+ |Other financial expenses | -25,394| -14,509| +-------------------------+------------+------------+ |Share of profit of | 0| -11| |associates | | | +-------------------------+------------+------------+ |Profit before tax | 175,908| 158,284| +-------------------------+------------+------------+ |Income tax | -56,424| -57,281| +-------------------------+------------+------------+ |Net Profit | 119,484| 101,003| +-------------------------+------------+------------+ |Attributable to minority | -3,126| -3,142| |interests | | | +-------------------------+------------+------------+ |Net Profit, attributable | 116,358| 97,861| |to equity holders of the | | | |parent | | | +-------------------------+------------+------------+ |Diluted earnings per | 2.09| 1.74| |share (in EUR ) | | | +-------------------------+------------+------------+
Cash Flow Statement - in thousands of euros
+-------------------------+----------+----------+ | | 2008 | 2007 | +-------------------------+----------+----------+ |Cash flows from operating| | | |activities | | | +-------------------------+----------+----------+ |Net profit - attributable| 116,358| 98,283| |to equity holders of the | | | |parent | | | +-------------------------+----------+----------+ |Net profit - attributable| 3,126| 3,142| |to minority interests | | | +-------------------------+----------+----------+ |Income tax expense | 56,338| 57,546| +-------------------------+----------+----------+ |Depreciation and | 71,392| 63,900| |amortization | | | +-------------------------+----------+----------+ |Impairment loss on | 1,464| 2,276| |goodwill | | | +-------------------------+----------+----------+ |Change in provisions | 4,836| 167| +-------------------------+----------+----------+ |Expense relating to | 5,836| 12,116| |share-based payments | | | +-------------------------+----------+----------+ |Unrealized gain and loss | -618| 2,336| |on financial instruments | | | +-------------------------+----------+----------+ |Gain/Loss on disposals, | -7,952| -12,982| |net of tax | | | +-------------------------+----------+----------+ |Income tax paid | -83,932| -45,612| +-------------------------+----------+----------+ |Other | -201| -314| +-------------------------+----------+----------+ |Internally generated | 166,647| 180,858| |funds from operations | | | +-------------------------+----------+----------+ |Change in Working Capital| -68,456| -3,845| |Requirements | | | +-------------------------+----------+----------+ |relating to operations | | | +-------------------------+----------+----------+ |Cash flows from operating| 98,191| 177,013| |activities | | | +-------------------------+----------+----------+ |Cash flows from investing| | | |activities | | | +-------------------------+----------+----------+ |Acquisition of Intangible| -70,712| -70,941| |assets and property, | | | |plant and equipment | | | +-------------------------+----------+----------+ |Acquisition of | -149,380| -233,880| |investments in | | | |subsidiaries and | | | |affiliates | | | +-------------------------+----------+----------+ |Other financial assets | -1,192| -6,090| |acquired | | | +-------------------------+----------+----------+ |Sale of Intangible assets| 1,925| 7,350| |and property, plant and | | | |equipment | | | +-------------------------+----------+----------+ |Sale of investments in | 7,977| 10,985| |subsidiaries and | | | |affiliates | | | +-------------------------+----------+----------+ |Other financial assets | 1,744| 7,366| |sold | | | +-------------------------+----------+----------+ |Cash flows from investing| -209,638| -285,210| |activities | | | +-------------------------+----------+----------+ |Cash flows from financing| | | |activities | | | +-------------------------+----------+----------+ |Increase in shareholders'| 6,930| 9,188| |equity | | | +-------------------------+----------+----------+ |Acquisition of treasury | -2,159| | |shares | | | +-------------------------+----------+----------+ |Dividends paid to parent | -24,316| -17,460| |company shareholders | | | +-------------------------+----------+----------+ |Dividends paid to | -2,032| -3,644| |minority shareholders | | | +-------------------------+----------+----------+ |Increase in financial | 134,215| -56,174| |liabilities | | | +-------------------------+----------+----------+ |Repayment of financial | -75,022| 64,609| |liabilities | | | +-------------------------+----------+----------+ |Cash flows from financing| 37,616| -3,481| |activities | | | +-------------------------+----------+----------+ |Change in cash and cash | -73,830| -111,678| |equivalents | | | +-------------------------+----------+----------+ |Effect of exchange rates | -7,489| -2,967| |on cash held | | | +-------------------------+----------+----------+ |CASH AND CASH EQUIVALENTS| 319,555| 434,200| |at January 1 | | | +-------------------------+----------+----------+ |CASH AND CASH EQUIVALENTS| 238,235| 319,555| |at December 31 | | | +-------------------------+----------+----------+
Impact of the final allocation of assets and liabilities related to acquisitions completed in 2007 on the 2007 financial statements
It should be pointed out that, after identifying intangible assets in 2008 during the process of measuring the assets and liabilities of companies acquired in 2007, and in accordance with IFRS 3, which allows the measurement of the assets and liabilities recognized at the consolidation date to be adjusted within a twelve-month period, the 2007 financial statements were restated for the recognition of such intangible assets identified in the financial statements of HTC and AllianceOne, two companies acquired in the second half of 2007. This amount was deducted from the goodwill carried at the end of 2007.
The accounts that were impacted by such adjustments are summarized below (in thousands of euros):
+-------------------------+-----------+-------------+----------+ | | Published| Adjustments| Restated| +-------------------------+-----------+-------------+----------+ | | 2007| | 2007| +-------------------------+-----------+-------------+----------+ |Balance Sheet | | | | +-------------------------+-----------+-------------+----------+ |Goodwill | 532,748| -22,714| 510,034| +-------------------------+-----------+-------------+----------+ |Other intangible assets* | 14,876| 35,296| 50,172| +-------------------------+-----------+-------------+----------+ |Deferred tax assets | 32,620| -8,557| 24,063| +-------------------------+-----------+-------------+----------+ |Total assets | 580,244| 4,025| 584,269| +-------------------------+-----------+-------------+----------+ |Shareholders' equity | 965,644| -392| 965,252| +-------------------------+-----------+-------------+----------+ |Deferred tax liabilities | 9,672| 4,417| 14,089| +-------------------------+-----------+-------------+----------+ |Total liabilities | 975,316| 4,025| 979,341| +-------------------------+-----------+-------------+----------+ |Income Statement | | 2007| | +-------------------------+-----------+-------------+----------+ |Acquisition-related | 0| -687| -687| |depreciation and | | | | |amortization of | | | | |intangible assets | | | | +-------------------------+-----------+-------------+----------+ |Income tax | -57,546| 265| -57,281| +-------------------------+-----------+-------------+----------+ |Net Profit | -57,546| -422| -57,968| +-------------------------+-----------+-------------+----------+
* mainly trademarks and customer relationships
This information is provided by HUGIN