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MarketScreener Homepage  >  Equities  >  NASDAQ OMX HELSINKI LTD.  >  Verkkokauppa.com Oyj    VERK   FI4000049812

VERKKOKAUPPA.COM OYJ

(VERK)
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Verkkokauppa.com Oyj : IFRS comparative information

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02/12/2019 | 02:06am EDT

Verkkokauppa.com Oyj COMPANY RELEASE 12 February 2018 at 9:05

Verkkokauppa.com Oyj (the "Company") announced on 12 December 2018 in its company release that it will prepare its financial statements release and annual financial statements in accordance with the International Financial Reporting Standards (IFRS) for the period ended 31, December 2018. Previously the Company has prepared its financial statements, including interim reports, in accordance with the Finnish Accounting Standards (FAS).

The financial information in this release is based on IFRS standards effective as at 31, December 2018, however so that IFRS 16 Leases has been applied early.
Verkkokauppa.com Oyj has adopted IFRS 16 fully retrospectively. IFRS 1 -standard (First-time Adoption of International Financial Reporting Standards) has been applied in the transition. Verkkokauppa.com Oyj has not applied any of the exemptions allowed by IFRS 1 in the transition.

Key differences to the Finnish Accounting Standards resulting from the transition to IFRS are described in accompanying notes to this company release.
Additional information on the historical financial information prepared in accordance with FAS, is available in the audited historical financial statements and the unaudited interim financial information of the Company on the Company's website at www.verkkokauppa.com.

The financial information presented in this release is unaudited except for the income statement and statement of financial position prepared in accordance with FAS for the period ended 31, December 2017 and for the statement of financial position prepared in accordance with FAS for the period ended 31 December 2016.

Financial information

Verkkokauppa.com Oyj has prepared the following unaudited IFRS financial information to provide its investors comparative information on Verkkokauppa.com Oyj's income statement, financial position and key figures for the year ended 31 December 2017, for the interim periods in 2017 and 2018 and the financial position as at the IFRS transition date 1 January 2017.

Income statement 1 July-30 September 2018 and 1 January-30 September 2018

  1 Jul- 30 Effect of 1 Jul- 1 Jan- Effect of 1 Jan- Sept  IFRS 30 Sept 30 Sept IFRS 30 Sept 2018 adjustments, 2018 2018 adjustments, 2018 EUR thousand Reference FAS total IFRS   FAS total IFRS

Revenue 1a) 116,772 102 116,874   321,499 482 321,981 -------------------------------------------------------- -------------------------------

-------------------------------------------------------- ------------------------------- Other
operating
income   121 - 121   214 - 214 -------------------------------------------------------- ------------------------------- Materials
and services 4b) -99,397 -119 -99,517   -273,173 279 -272,894 -------------------------------------------------------- ------------------------------- Employee
benefit
expenses 1b) -6,769 -274 -7,043   -21,147 -800 -21,947 -------------------------------------------------------- ------------------------------- Depreciation
and
amortisation 2) -306 -955 -1,261   -962 -2,869 -3,831 -------------------------------------------------------- ------------------------------- Other
operating
expenses 1a), 1b), 2) -7,024 1,550 -5,474   -20,626 4,481 -16,145 -------------------------------------------------------- -------------------------------

-------------------------------------------------------- ------------------------------- Operating
profit   3,397 304 3,702   5,804 1,573 7,377 -------------------------------------------------------- -------------------------------

-------------------------------------------------------- ------------------------------- Finance
income   1 - 1   7 - 7 -------------------------------------------------------- ------------------------------- Finance
costs 2) -47 -362 -410   -73 -1,198 -1,271 -------------------------------------------------------- -------------------------------

-------------------------------------------------------- ------------------------------- Profit
before
income taxes   3,351 -58 3,293   5,738 375 6,112 -------------------------------------------------------- -------------------------------

-------------------------------------------------------- ------------------------------- Income taxes 5) -700 21 -678   -1,167 -55 -1,222 -------------------------------------------------------- -------------------------------

-------------------------------------------------------- ------------------------------- Profit for
the period   2,652 -37 2,615   4,571 320 4,891 -------------------------------------------------------- -------------------------------

-------------------------------------------------------- ------------------------------- Profit for
the period
attributable
to
-------------------------------------------------------- ------------------------------- Equity
holders of
the company   2,652   2,615   4,571   4,891 -------------------------------------------------------- -------------------------------

-------------------------------------------------------- ------------------------------- Earnings per
share
calculated
from the
profit
attributable
to
equity
holders
-------------------------------------------------------- ------------------------------- Earnings per
share, basic
and
diluted
(EUR)   0.06   0.06   0.10   0.11 -------------------------------------------------------- -------------------------------

Statement of other comprehensive income 1 July-30 September 2018 and 1 January- 30 September 2018

  1 Jul 1 Jul   1 - 2018 - 1 Jan- Jan- 30 Effect of 30 30 Effect of 30 Sept IFRS Sept Sept IFRS Sept 2018 adjustments, 2018 2018 adjustments, 2018 EUR thousand Reference FAS total IFRS   FAS total IFRS -------- Profit for
the period   2,652   2,615   4,571   4,891 ---------------------------------------------------- --------------------------

---------------------------------------------------- -------------------------- Items that will not be
reclassified to profit
or loss
---------------------------- -------------------------- Changes in
fair values
of equity
investments 3b)   -23 -23     -23 -23 ---------------------------------------------------- -------------------------- Other comprehensive
income after taxes,
total   -23 -23     -23 -23 ---------------------------------------------------- -------------------------- Comprehensive income
for the period 2,652 -23 2,592   4,571 -23 4,868 ---------------------------------------------------- --------------------------

---------------------------------------------------- -------------------------- Comprehensive income
for the period
---------------------------------------------------- -------------------------- Equity
holders of
the company   2,652   2,592   4,571   4,868 ---------------------------------------------------- -------------------------- Statement of financial position 30 September 2018

    30 Sept 2018 30 Sept 2018 Effect of IFRS EUR thousand Reference FAS adjustments IFRS

Non-current assets
------------------------------------------------------------------------------- Intangible assets   909 - 909 ------------------------------------------------------------------------------- Property, plant
and equipment   2,066 - 2,066 ------------------------------------------------------------------------------- Right-of-use
assets 2) - 22,670 22,670 ------------------------------------------------------------------------------- Equity investments 3b) 275 - 275 ------------------------------------------------------------------------------- Deferred tax
assets 5) - 1,131 1,131 ------------------------------------------------------------------------------- Trade receivables 3a) 1,707 - 1,707 ------------------------------------------------------------------------------- Other non-current
receivables   437 - 437 ------------------------------------------------------------------------------- Non-current
assets, total   5,394 23,801 29,194 -------------------------------------------------------------------------------

------------------------------------------------------------------------------- Current assets
------------------------------------------------------------------------------- Inventories 4b) 52,258 -398 51,861 ------------------------------------------------------------------------------- Trade receivables 3a) 13,746 - 13,746 ------------------------------------------------------------------------------- Other receivables   927 - 927 ------------------------------------------------------------------------------- Income tax
receivables 1c)   778 778 ------------------------------------------------------------------------------- Accrued income 1c) 7,391 -778 6,613 ------------------------------------------------------------------------------- Cash and cash
equivalents   25,975 - 25,975 ------------------------------------------------------------------------------- Current assets,
total   100,297 -398 99,900 -------------------------------------------------------------------------------

------------------------------------------------------------------------------- Total assets   105,691 23,403 129,094 -------------------------------------------------------------------------------

------------------------------------------------------------------------------- Equity
------------------------------------------------------------------------------- Share capital   100 - 100 ------------------------------------------------------------------------------- Treasury shares 1d) - -502 -502 ------------------------------------------------------------------------------- Fair value reserve 3c) - -33 -33 ------------------------------------------------------------------------------- Invested non-
restricted equity
fund   25,554 - 25,554 ------------------------------------------------------------------------------- Retained earnings 1), 2), 3), 4), 5) 8,678 -3,509 5,169 ------------------------------------------------------------------------------- Profit for the
period   4,571 320 4,891 ------------------------------------------------------------------------------- Total equity   38,902 -3,724 35,179 -------------------------------------------------------------------------------

------------------------------------------------------------------------------- Non-current
liabilities
------------------------------------------------------------------------------- Lease liabilities 2) - 23,616 23,616 ------------------------------------------------------------------------------- Deferred tax
liabilities 5) - 9 9 ------------------------------------------------------------------------------- Depreciation
difference 4a) 47 -47 - ------------------------------------------------------------------------------- Provisions   675 - 675 ------------------------------------------------------------------------------- Non-current
liabilities, total   722 23,578 24,300 -------------------------------------------------------------------------------

------------------------------------------------------------------------------- Current
liabilities
------------------------------------------------------------------------------- Lease liabilities 2) - 3,698 3,698 ------------------------------------------------------------------------------- Advance payments
received   2,664 - 2,664 ------------------------------------------------------------------------------- Trade payables   48,173 - 48,173 ------------------------------------------------------------------------------- Other current
liabilities   4,900 - 4,900 ------------------------------------------------------------------------------- Accrued
liabilities  2) 10,330 -149 10,181 ------------------------------------------------------------------------------- Current
liabilities, total   66,067 3,549 69,615 -------------------------------------------------------------------------------

------------------------------------------------------------------------------- Total liabilities   66,789 27,127 93,916 -------------------------------------------------------------------------------

------------------------------------------------------------------------------- Total equity and
liabilities   105,691 23,403 129,094 -------------------------------------------------------------------------------

Income statement 1 April-30 June 2018 and 1 January-30 June 2018

    1 Jan - 1 Apr - Effect of 1 Apr - 1 Jan - Effect of 30 30 June IFRS 30 June 30 June IFRS June 2018 adjustments, 2018 2018 adjustments, 2018 EUR thousand Reference FAS total IFRS   FAS total IFRS

Revenue 1a) 102,214 200 102,414   204,727 380 205,107 -------------------------------------------------------- -------------------------------

-------------------------------------------------------- ------------------------------- Other
operating
income   73 - 73   93 - 93 -------------------------------------------------------- ------------------------------- Materials
and services 4b) -87,593 204 -87,390   -173,776 399 -173,377 -------------------------------------------------------- ------------------------------- Employee
benefit
expenses 1b) -7,292 -253 -7,545   -14,379 -526 -14,904 -------------------------------------------------------- ------------------------------- Depreciation
and
amortisation 2) -325 -955 -1,279   -656 -1,914 -2,571 -------------------------------------------------------- ------------------------------- Other
operating
expenses 1a), 1b), 2) -6,702 1,443 -5,260   -13,602 2,930 -10,671 -------------------------------------------------------- -------------------------------

-------------------------------------------------------- ------------------------------- Operating
profit   374 639 1,012   2,407 1,269 3,676 -------------------------------------------------------- -------------------------------

-------------------------------------------------------- ------------------------------- Finance
income   2 - 2   5 - 5 -------------------------------------------------------- ------------------------------- Finance
costs 2) -13 -413 -426   -26 -836 -862 -------------------------------------------------------- -------------------------------

-------------------------------------------------------- ------------------------------- Profit
before
income taxes   363 225 588   2,387 433 2,819 -------------------------------------------------------- -------------------------------

-------------------------------------------------------- ------------------------------- Income taxes 5) -77 -49 -125   -467 -76 -543 -------------------------------------------------------- -------------------------------

-------------------------------------------------------- ------------------------------- Profit for
the period   286 177 462   1,919 357 2,276 -------------------------------------------------------- -------------------------------

-------------------------------------------------------- ------------------------------- Profit for
the period
attributable
to
-------------------------------------------------------- ------------------------------- Equity
holders of
the
company   286   462   1,919   2,276 -------------------------------------------------------- -------------------------------

-------------------------------------------------------- ------------------------------- Earnings per
share
calculated
from the
profit
attributable
to equity
holders
-------------------------------------------------------- ------------------------------- Earnings per
share, basic
and diluted
(EUR)   0.01   0.01   0.04   0.05 -------------------------------------------------------- -------------------------------

Statement of other comprehensive income 1 April-30 June 2018 and 1 January-30 June 2018

  1 Apr 1 Apr   1 Jan 1 Jan - 30 Effect of - 30 - 30 Effect of - 30 June IFRS June June IFRS June EUR 2018 adjustments, 2018 2018 adjustments, 2018 thousand Reference FAS total IFRS   FAS total IFRS

Profit for the
period 286   462   1,919   2,276 -------------------------------------------------- ----------------------------

-------------------------------------------------- ---------------------------- Comprehensive income
for the period 286 - 462   1,919 - 2,276 -------------------------------------------------- ----------------------------

-------------------------------------------------- ---------------------------- Comprehensive income
for the period
-------------------------------------------------- ---------------------------- Equity
holders
of the
company   286   462   1,919   2,276 -------------------------------------------------- ----------------------------

Statement of financial position 30 June 2018

30 June 30 June
    2018 2018 Effect of IFRS EUR thousand Reference FAS adjustments IFRS

Non-current assets
------------------------------------------------------------------------------- Intangible assets   884 - 884 ------------------------------------------------------------------------------- Property, plant and
equipment   2,146 - 2,146 ------------------------------------------------------------------------------- Right-of-use assets 2) - 23,537 23,537 ------------------------------------------------------------------------------- Equity investments 3b) 316 -23 294 ------------------------------------------------------------------------------- Deferred tax assets 5) - 1,106 1,106 ------------------------------------------------------------------------------- Trade receivables 3a) 1,528 - 1,528 ------------------------------------------------------------------------------- Other non-current
receivables   437 - 437 ------------------------------------------------------------------------------- Non-current assets, total   5,312 24,620 29,932 -------------------------------------------------------------------------------

------------------------------------------------------------------------------- Current assets
------------------------------------------------------------------------------- Inventories 4b) 53,556 -278 53,278 ------------------------------------------------------------------------------- Trade receivables 3a) 11,481 - 11,481 ------------------------------------------------------------------------------- Other receivables   724 - 724 ------------------------------------------------------------------------------- Income tax receivables 1c)   755 755 ------------------------------------------------------------------------------- Accrued income 1c) 6,283 -755 5,528 ------------------------------------------------------------------------------- Cash and cash equivalents   21,302 - 21,302 ------------------------------------------------------------------------------- Current assets, total   93,346 -278 93,068 -------------------------------------------------------------------------------

------------------------------------------------------------------------------- Total assets   98,657 24,342 122,999 -------------------------------------------------------------------------------

------------------------------------------------------------------------------- Equity
------------------------------------------------------------------------------- Share capital   100 - 100 ------------------------------------------------------------------------------- Treasury shares 1d) - -502 -502 ------------------------------------------------------------------------------- Fair value reserve 3c) - -18 -18 ------------------------------------------------------------------------------- Invested non-restricted
equity fund   25,493 - 25,493 ------------------------------------------------------------------------------- Retained earnings 1), 2), 3), 4), 5) 10,747 -3,535 7,212 ------------------------------------------------------------------------------- Profit for the period   1,919 357 2,276 ------------------------------------------------------------------------------- Total equity   38,259 -3,699 34,560 -------------------------------------------------------------------------------

------------------------------------------------------------------------------- Non-current liabilities
------------------------------------------------------------------------------- Lease liabilities 2) - 24,444 24,444 ------------------------------------------------------------------------------- Deferred tax liabilities 5) - 9 9 ------------------------------------------------------------------------------- Depreciation difference 4a) 47 -47 - ------------------------------------------------------------------------------- Provisions   588 - 588 ------------------------------------------------------------------------------- Non-current liabilities,
total   635 24,406 25,041 -------------------------------------------------------------------------------

------------------------------------------------------------------------------- Current liabilities
------------------------------------------------------------------------------- Lease liabilities 2) - 3,772 3,772 ------------------------------------------------------------------------------- Advance payments received   2,365 - 2,365 ------------------------------------------------------------------------------- Trade payables   41,868 - 41,868 ------------------------------------------------------------------------------- Other current liabilities   4,318 - 4,318 ------------------------------------------------------------------------------- Accrued liabilities  2) 11,212 -138 11,075 ------------------------------------------------------------------------------- Current liabilities, total   59,764 3,634 63,398 -------------------------------------------------------------------------------

------------------------------------------------------------------------------- Total liabilities   60,399 28,041 88,440 -------------------------------------------------------------------------------

------------------------------------------------------------------------------- Total equity and liabilities   98,657 24,342 122,999 -------------------------------------------------------------------------------

Income statement 1 January-31 March 2018

  1 Jan - 31 Effect of IFRS 1 Jan - 31 March adjustments, March EUR thousand Reference 2018 FAS total 2018 IFRS

Revenue 1a) 102,513 180 102,693 -------------------------------------------------------------------------------

------------------------------------------------------------------------------- Other operating income   20 - 20 ------------------------------------------------------------------------------- Materials and services 4b) -86,183 195 -85,987 ------------------------------------------------------------------------------- Employee benefit expenses 1b) -7,086 -273 -7,359 ------------------------------------------------------------------------------- Depreciation and
amortisation 2) -332 -960 -1,291 ------------------------------------------------------------------------------- Other operating expenses 1a), 1b), 2) -6,899 1,488 -5,412 -------------------------------------------------------------------------------

------------------------------------------------------------------------------- Operating profit   2,033 630 2,663 -------------------------------------------------------------------------------

------------------------------------------------------------------------------- Finance income   4 - 4 ------------------------------------------------------------------------------- Finance costs 2) -13 -423 -436 -------------------------------------------------------------------------------

------------------------------------------------------------------------------- Profit before income taxes   2,024 208 2,232 -------------------------------------------------------------------------------

------------------------------------------------------------------------------- Income taxes 5) -391 -27 -418 -------------------------------------------------------------------------------

------------------------------------------------------------------------------- Profit for the period   1,633 180 1,813 -------------------------------------------------------------------------------

------------------------------------------------------------------------------- Profit for the period
attributable to
------------------------------------------------------------------------------- Equity holders of the
company   1,633   1,813 -------------------------------------------------------------------------------

------------------------------------------------------------------------------- Earnings per share
calculated from the
profit attributable to
equity holders
------------------------------------------------------------------------------- Earnings per share, basic and diluted (EUR) 0.04   0.04 -------------------------------------------------------------------------------

Statement of other comprehensive income 1 January-31 March 2018

  1 Jan - 31 Effect of IFRS 1 Jan - 31 March adjustments, March EUR thousand Reference 2018 FAS total 2018 IFRS

Profit for the period 1,633   1,813 -----------------------------------------------------------------------------

----------------------------------------------------------------------------- Comprehensive income for the period 1,633 - 1,813 -----------------------------------------------------------------------------

----------------------------------------------------------------------------- Comprehensive income for the period ----------------------------------------------------------------------------- Equity holders of the company   1,633   1,813 -----------------------------------------------------------------------------

Statement of financial position 31 March 2018

31 March 31 March
    2018 2018 Effect of IFRS EUR thousand Reference FAS adjustments IFRS

Non-current assets
------------------------------------------------------------------------------- Intangible assets   868 - 868 ------------------------------------------------------------------------------- Property, plant and
equipment   2,284 - 2,284 ------------------------------------------------------------------------------- Right-of-use assets 2) - 24,377 24,377 ------------------------------------------------------------------------------- Equity investments 3b) 316 -23 294 ------------------------------------------------------------------------------- Deferred tax assets 5) - 1,154 1,154 ------------------------------------------------------------------------------- Trade receivables 3a) 1,475 - 1,475 ------------------------------------------------------------------------------- Other non-current
receivables   437 - 437 ------------------------------------------------------------------------------- Non-current assets, total   5,380 25,509 30,889 -------------------------------------------------------------------------------

------------------------------------------------------------------------------- Current assets
------------------------------------------------------------------------------- Inventories 4b) 49,663 -482 49,181 ------------------------------------------------------------------------------- Trade receivables 3a) 10,832   10,832 ------------------------------------------------------------------------------- Other receivables   1,146 - 1,146 ------------------------------------------------------------------------------- Income tax receivables 1c) - 220 220 ------------------------------------------------------------------------------- Accrued income 1c) 4,873 -220 4,652 ------------------------------------------------------------------------------- Cash and cash equivalents   27,985 - 27,985 ------------------------------------------------------------------------------- Current assets, total   94,500 -482 94,018 -------------------------------------------------------------------------------

------------------------------------------------------------------------------- Total assets   99,880 25,027 124,907 -------------------------------------------------------------------------------

------------------------------------------------------------------------------- Equity
------------------------------------------------------------------------------- Share capital   100 - 100 ------------------------------------------------------------------------------- Fair value reserve 3c) - -18 -18 ------------------------------------------------------------------------------- Invested non-restricted
equity fund   25,493 - 25,493 ------------------------------------------------------------------------------- Retained earnings 1), 2), 3), 4), 5) 13,274 -4,034 9,239 ------------------------------------------------------------------------------- Profit for the period   1,633 180 1,813 ------------------------------------------------------------------------------- Total equity   40,500 -3,873 36,627 -------------------------------------------------------------------------------

------------------------------------------------------------------------------- Non-current liabilities
------------------------------------------------------------------------------- Lease liabilities 2) - 25,241 25,241 ------------------------------------------------------------------------------- Deferred tax liabilities 5) - 9 9 ------------------------------------------------------------------------------- Depreciation difference 4a) 47 -47 - ------------------------------------------------------------------------------- Provisions   567   567 ------------------------------------------------------------------------------- Non-current liabilities,
total   614 25,203 25,817 -------------------------------------------------------------------------------

------------------------------------------------------------------------------- Current liabilities
------------------------------------------------------------------------------- Lease liabilities 2) - 3,842 3,842 ------------------------------------------------------------------------------- Advance payments received   2,303 - 2,303 ------------------------------------------------------------------------------- Trade payables   42,627 - 42,627 ------------------------------------------------------------------------------- Other current liabilities   2,639 - 2,639 ------------------------------------------------------------------------------- Accrued liabilities  2) 11,197 -145 11,052 ------------------------------------------------------------------------------- Current liabilities, total   58,766 3,696 62,462 -------------------------------------------------------------------------------

------------------------------------------------------------------------------- Total liabilities   59,380 28,899 88,280 -------------------------------------------------------------------------------

------------------------------------------------------------------------------- Total equity and
liabilities   99,880 25,027 124,907 -------------------------------------------------------------------------------

Income statement 1 October-31 December 2017 and 1 January-31 December 2017

  Effect of   Effect of 1 Oct-31 IFRS 1 Oct-31 1 Jan-31 IFRS 1 Jan-31 Dec 2017 adjustments, Dec 2017 Dec 2017 adjustments, Dec 2017 EUR thousand Reference FAS total IFRS   FAS total IFRS

Revenue 1a) 127,398 12 127,410   431,804 66 431,870 ------------------------------------------------------------ -------------------------------

------------------------------------------------------------ ------------------------------- Other
operating
income   19 - 19   81 - 81 ------------------------------------------------------------ ------------------------------- Materials and
services 4b) -107,064 -257 -107,321   -369,485 65 -369,420 ------------------------------------------------------------ ------------------------------- Employee
benefit
expenses 1b) -7,263 -289 -7,552   -25,042 -1,042 -26,084 ------------------------------------------------------------ ------------------------------- Depreciation
and
amortisation 2) -366 -915 -1,281   -1,352 -3,232 -4,584 ------------------------------------------------------------ ------------------------------- Other
operating
expenses 1a), 1b), 2) -7,156 1,651 -5,505   -24,305 5,902 -18,403 ------------------------------------------------------------ -------------------------------

------------------------------------------------------------ ------------------------------- Operating
profit   5,568 203 5,770   11,701 1,759 13,460 ------------------------------------------------------------ -------------------------------

------------------------------------------------------------ ------------------------------- Finance income   342 -312 30   434 -312 123 ------------------------------------------------------------ ------------------------------- Finance costs 2) -9 -423 -431   -51 -1,720 -1,771 ------------------------------------------------------------ -------------------------------

------------------------------------------------------------ ------------------------------- Profit before
income taxes   5,901 -532 5,369   12,084 -272 11,812 ------------------------------------------------------------ -------------------------------

------------------------------------------------------------ ------------------------------- Appropriations 4a) 28 -28 -   28 -28 - ------------------------------------------------------------ ------------------------------- Income taxes 5) -881 19 -862   -2,330 -33 -2,363 ------------------------------------------------------------ -------------------------------

------------------------------------------------------------ ------------------------------- Profit for the
period   5,048 -541 4,508   9,782 -333 9,449 ------------------------------------------------------------ -------------------------------

------------------------------------------------------------ ------------------------------- Profit for the
period
attributable
to
------------------------------------------------------------ ------------------------------- Equity holders
of the
company   5,048   4,508   9,782   9,449 ------------------------------------------------------------ -------------------------------

------------------------------------------------------------ ------------------------------- Earnings per
share
calculated
from the
profit
attributable
to
equity holders
------------------------------------------------------------ ------------------------------- Earnings per
share,
basic and
diluted (EUR)   0.11   0.10   0.22   0.21 ------------------------------------------------------------ -------------------------------

Statement of other comprehensive income 1 October-31 December 2017 and 1 January-31 December 2017

    1 1 1 Oct- 1 Oct- Jan- Jan- 31 Effect of 31 31 Effect of 30 Dec IFRS Dec Dec IFRS Sept 2017 adjustments, 2017 2017 adjustments, 2017 EUR thousand Reference FAS total IFRS   FAS total IFRS

Profit for the period 5,048   4,508   9,782   9,449 ----------------------------------------------------- -------------------------

----------------------------------------------------- ------------------------- Items that
will not be
reclassified
to profit or
loss
----------------------------------------------------- ------------------------- Realized
changes in
fair
values of
equity
investments 3)   308 308     308 308 ----------------------------------------------------- ------------------------- Changes in
fair values
of equity
investments 3b)   -19 -19     -19 -19 ----------------------------------------------------- ------------------------- Other
comprehensive
income after
taxes,
total     289 289     289 289 ----------------------------------------------------- ------------------------- Comprehensive income for
the
period 5,048 289 4,796   9,782 289 9,738 ----------------------------------------------------- -------------------------

----------------------------------------------------- ------------------------- Comprehensive income for
the
period
----------------------------------------------------- ------------------------- Equity holders
of the
company   5,048   4,796   9,782   9,738 ----------------------------------------------------- -------------------------

Statement of financial position 31 December 2017

    31 Dec 2017 31 Dec 2017 Effect of IFRS EUR thousand Reference FAS adjustments IFRS

Non-current assets
------------------------------------------------------------------------------- Intangible assets   970 - 970 ------------------------------------------------------------------------------- Property, plant and
equipment   1,976 - 1,976 ------------------------------------------------------------------------------- Right-of-use assets 2) - 24,589 24,589 ------------------------------------------------------------------------------- Equity investments 3b) 316 -23 294 ------------------------------------------------------------------------------- Deferred tax assets 5) - 1,182 1,182 ------------------------------------------------------------------------------- Trade receivables 3a) 1,039 - 1,039 ------------------------------------------------------------------------------- Other non-current
receivables   437 - 437 ------------------------------------------------------------------------------- Non-current assets,
total   4,739 25,748 30,487 -------------------------------------------------------------------------------

------------------------------------------------------------------------------- Current assets
------------------------------------------------------------------------------- Inventories 4b) 47,689 -677 47,012 ------------------------------------------------------------------------------- Trade receivables 3a) 11,396 - 11,396 ------------------------------------------------------------------------------- Other receivables   1,242 - 1,242 ------------------------------------------------------------------------------- Income tax
receivables 1c)   115 115 ------------------------------------------------------------------------------- Accrued income 1c) 6,933 -115 6,818 ------------------------------------------------------------------------------- Cash and cash
equivalents   51,878 - 51,878 ------------------------------------------------------------------------------- Current assets,
total   119,138 -677 118,461 -------------------------------------------------------------------------------

------------------------------------------------------------------------------- Total assets   123,877 25,071 148,948 -------------------------------------------------------------------------------

------------------------------------------------------------------------------- Equity
------------------------------------------------------------------------------- Share capital   100 - 100 ------------------------------------------------------------------------------- Fair value reserve 3c) - -18 -18 ------------------------------------------------------------------------------- Invested non-
restricted equity
fund   25,493 - 25,493 ------------------------------------------------------------------------------- Retained earnings 1), 2), 3), 4), 5) 5,475 -3,702 1,773 ------------------------------------------------------------------------------- Profit for the
period   9,782 -333 9,449 ------------------------------------------------------------------------------- Total equity   40,850 -4,053 36,797 -------------------------------------------------------------------------------

------------------------------------------------------------------------------- Non-current
liabilities
------------------------------------------------------------------------------- Lease liabilities 2) - 25,507 25,507 ------------------------------------------------------------------------------- Deferred tax
liabilities 5) - 9 9 ------------------------------------------------------------------------------- Depreciation
difference 4a) 47 -47 - ------------------------------------------------------------------------------- Provisions   637 - 637 ------------------------------------------------------------------------------- Non-current
liabilities, total   684 25,469 26,154 -------------------------------------------------------------------------------

------------------------------------------------------------------------------- Current liabilities
------------------------------------------------------------------------------- Lease liabilities 2) - 3,808 3,808 ------------------------------------------------------------------------------- Advance payments
received   2,558 - 2,558 ------------------------------------------------------------------------------- Trade payables   63,149 - 63,149 ------------------------------------------------------------------------------- Other current
liabilities   4,626 - 4,626 ------------------------------------------------------------------------------- Accrued liabilities  2) 12,009 -153 11,856 ------------------------------------------------------------------------------- Current liabilities,
total   82,343 3,654 85,997 -------------------------------------------------------------------------------

------------------------------------------------------------------------------- Total liabilities   83,027 29,124 112,151 -------------------------------------------------------------------------------

------------------------------------------------------------------------------- Total equity and
liabilities   123,877 25,071 148,948 ------------------------------------------------------------------------------- Income statement 1 July-30 September 2017 and 1 January-30 September 2017

  1 Jul- Effect of 1 Jul-   1 Jan- Effect of 1 Jan- 30 Sept IFRS 30 Sept 30 Sept IFRS 30 Sept 2017 adjustments, 2017 2017 adjustments, 2017 EUR thousand Reference FAS total IFRS   FAS total IFRS

Revenue 1a) 105,420 16 105,436   304,406 55 304,460 -------------------------------------------------------- -------------------------------

-------------------------------------------------------- ------------------------------- Other
operating
income   23 - 23   62 - 62 -------------------------------------------------------- ------------------------------- Materials
and services 4b) -91,547 -155 -91,702   -262,421 322 -262,099 -------------------------------------------------------- ------------------------------- Employee
benefit
expenses 1b) -5,695 -278 -5,973   -17,779 -753 -18,532 -------------------------------------------------------- ------------------------------- Depreciation
and
amortisation 2) -356 -812 -1,168   -985 -2,317 -3,303 -------------------------------------------------------- ------------------------------- Other
operating
expenses 1a), 1b), 2) -6,113 1,496 -4,617   -17,149 4,251 -12,898 -------------------------------------------------------- -------------------------------

-------------------------------------------------------- ------------------------------- Operating
profit   1,731 267 1,998   6,133 1,557 7,690 -------------------------------------------------------- -------------------------------

-------------------------------------------------------- ------------------------------- Finance
income   31 - 31   92 - 92 -------------------------------------------------------- ------------------------------- Finance
costs 2) -23 -427 -450   -43 -1,297 -1,340 -------------------------------------------------------- -------------------------------

-------------------------------------------------------- ------------------------------- Profit
before
income taxes   1,739 -160 1,579   6,183 260 6,442 -------------------------------------------------------- -------------------------------

-------------------------------------------------------- ------------------------------- Income taxes 5) -353 32 -321   -1,449 -52 -1,501 -------------------------------------------------------- -------------------------------

-------------------------------------------------------- ------------------------------- Profit for
the period   1,386 -128 1,258   4,734 208 4,941 -------------------------------------------------------- -------------------------------

-------------------------------------------------------- ------------------------------- Profit for
the period
attributable
to
-------------------------------------------------------- ------------------------------- Equity
holders of
the company   1,386   1,258   4,734   4,941 -------------------------------------------------------- -------------------------------

-------------------------------------------------------- ------------------------------- Earnings per
share
calculated
from the
profit
attributable
to equity
holders
-------------------------------------------------------- ------------------------------- Earnings per
share, basic
and
diluted
(EUR)   0.03   0.03   0.11   0.11 -------------------------------------------------------- -------------------------------

Statement of other comprehensive income 1 July-30 September 2017 and 1 January- 30 September 2017

  1 Jul- 1 Jul-   1 Jan- 1 Jan- 30 Effect of 30 30 Effect of 30 Sept IFRS Sept Sept IFRS Sept EUR 2017 adjustments, 2017 2017 adjustments, 2017 thousand Reference FAS total IFRS   FAS total IFRS

Profit for the
period 1,386   1,258   4,734   4,941 -------------------------------------------------- ----------------------------

-------------------------------------------------- ---------------------------- Comprehensive income
for the period 1,386 - 1,258   4,734 - 4,941 -------------------------------------------------- ----------------------------

-------------------------------------------------- ---------------------------- Comprehensive income
for the period
-------------------------------------------------- ---------------------------- Equity
holders of
the
company   1,386   1,258   4,734   4,941 -------------------------------------------------- ----------------------------

Statement of financial position 30 September 2017

30 Sept 30 Sept
    2017 2017 Effect of IFRS EUR thousand Reference FAS adjustments IFRS

Non-current assets
------------------------------------------------------------------------------- Intangible assets   1,036 - 1,036 ------------------------------------------------------------------------------- Property, plant and
equipment   1,767 - 1,767 ------------------------------------------------------------------------------- Right-of-use assets 2) - 23,185 23,185 ------------------------------------------------------------------------------- Equity investments 3b) 282 1 283 ------------------------------------------------------------------------------- Deferred tax assets 5) - 1,168 1,168 ------------------------------------------------------------------------------- Trade receivables 3a) 771 - 771 ------------------------------------------------------------------------------- Other non-current
receivables   438 - 438 ------------------------------------------------------------------------------- Non-current assets, total   4,294 24,354 28,648 -------------------------------------------------------------------------------

------------------------------------------------------------------------------- Current assets
------------------------------------------------------------------------------- Inventories 4b) 46,954 -420 46,534 ------------------------------------------------------------------------------- Trade receivables 3a) 10,273 -32 10,241 ------------------------------------------------------------------------------- Other receivables   664 - 664 ------------------------------------------------------------------------------- Income tax receivables 1c)   116 116 ------------------------------------------------------------------------------- Accrued income 1c) 5,116 -116 5,000 ------------------------------------------------------------------------------- Cash and cash equivalents   29,860 - 29,860 ------------------------------------------------------------------------------- Current assets, total   92,867 -452 92,415 -------------------------------------------------------------------------------

------------------------------------------------------------------------------- Total assets   97,160 23,902 121,063 -------------------------------------------------------------------------------

------------------------------------------------------------------------------- Equity
------------------------------------------------------------------------------- Share capital   100 - 100 ------------------------------------------------------------------------------- Fair value reserve 3c) - 1 1 ------------------------------------------------------------------------------- Invested non-restricted
equity fund   25,493 - 25,493 ------------------------------------------------------------------------------- Retained earnings 1), 2), 3), 4), 5) 7,413 -4,009 3,404 ------------------------------------------------------------------------------- Profit for the period   4,734 208 4,941 ------------------------------------------------------------------------------- Total equity   37,739 -3,801 33,939 -------------------------------------------------------------------------------

------------------------------------------------------------------------------- Non-current liabilities
------------------------------------------------------------------------------- Lease liabilities 2) - 24,584 24,584 ------------------------------------------------------------------------------- Deferred tax liabilities 5) - 15 15 ------------------------------------------------------------------------------- Depreciation difference 4a) 75 -75 - ------------------------------------------------------------------------------- Provisions   810 - 810 ------------------------------------------------------------------------------- Non-current liabilities,
total   885 24,524 25,409 -------------------------------------------------------------------------------

------------------------------------------------------------------------------- Current liabilities
------------------------------------------------------------------------------- Lease liabilities 2) - 3,250 3,250 ------------------------------------------------------------------------------- Advance payments received   2,700 - 2,700 ------------------------------------------------------------------------------- Trade payables   39,895 - 39,895 ------------------------------------------------------------------------------- Other current liabilities   3,823 - 3,823 ------------------------------------------------------------------------------- Accrued liabilities  2) 12,118 -71 12,047 ------------------------------------------------------------------------------- Income tax liabilities   - ------------------------------------------------------------------------------- Current liabilities, total   58,536 3,179 61,715 -------------------------------------------------------------------------------

------------------------------------------------------------------------------- Total liabilities   59,421 27,703 87,124 -------------------------------------------------------------------------------

------------------------------------------------------------------------------- Total equity and liabilities   97,160 23,902 121,063 -------------------------------------------------------------------------------

Income statement 1 April-30 June 2017 and 1 January-30 June 2017

  1 Apr- 1 Apr- Effect of 30 1 Jan- Effect of 1 Jan- 30 June IFRS June 30 June IFRS 30 June 2017 adjustments, 2017 2017 adjustments, 2017 EUR thousand Reference FAS total IFRS   FAS total IFRS

Revenue 1a) 99,014 22 99,036   198,986 38 199,024 -------------------------------------------------------- -------------------------------

-------------------------------------------------------- ------------------------------- Other
operating
income   19 - 19   39 - 39 -------------------------------------------------------- ------------------------------- Materials
and services 4b) -84,652 92 -84,560   -170,874 477 -170,397 -------------------------------------------------------- ------------------------------- Employee
benefit
expenses 1b) -5,979 -245 -6,224   -12,084 -475 -12,559 -------------------------------------------------------- ------------------------------- Depreciation
and
amortisation 2) -328 -797 -1,125   -630 -1,506 -2,135 -------------------------------------------------------- ------------------------------- Other
operating
expenses 1a), 1b), 2) -5,822 1,341 -4,481   -11,036 2,755 -8,281 -------------------------------------------------------- -------------------------------

-------------------------------------------------------- ------------------------------- Operating
profit   2,253 411 2,664   4,402 1,290 5,691 -------------------------------------------------------- -------------------------------

-------------------------------------------------------- ------------------------------- Finance
income   30 - 30   61 - 61 -------------------------------------------------------- ------------------------------- Finance
costs 2) -12 -434 -446   -20 -870 -889 -------------------------------------------------------- -------------------------------

-------------------------------------------------------- ------------------------------- Profit
before
income taxes   2,271 -23 2,248   4,443 420 4,863 -------------------------------------------------------- -------------------------------

-------------------------------------------------------- ------------------------------- Income taxes 5) -473 5 -468   -1,096 -84 -1,180 -------------------------------------------------------- -------------------------------

-------------------------------------------------------- ------------------------------- Profit for
the period   1,799 -19 1,780   3,347 336 3,683 -------------------------------------------------------- -------------------------------

-------------------------------------------------------- ------------------------------- Profit for
the period
attributable
to
-------------------------------------------------------- ------------------------------- Equity
holders of
the
company   1,799   1,780   3,347   3,683 -------------------------------------------------------- -------------------------------

-------------------------------------------------------- ------------------------------- Earnings per
share
calculated
from the
profit
attributable
to equity
holders
-------------------------------------------------------- ------------------------------- Earnings per
share, basic
and
diluted
(EUR)   0.04   0.04   0.07   0.08 -------------------------------------------------------- -------------------------------

Statement of other comprehensive income 1 April-30 June 2017 and 1 January-30 June 2017

  1 Apr- 1 Apr-   1 Jan- 1 Jan- 30 Effect of 30 30 Effect of 30 June IFRS June June IFRS June EUR 2017 adjustments, 2017 2017 adjustments, 2017 thousand Reference FAS total IFRS   FAS total IFRS

Profit for the period 1,799   1,780   3,347   3,683 --------------------------------------------------- ---------------------------

--------------------------------------------------- --------------------------- Comprehensive income
for the period 1,799 - 1,780   3,347 - 3,683 --------------------------------------------------- ---------------------------

--------------------------------------------------- --------------------------- Comprehensive income
for the period
--------------------------------------------------- --------------------------- Equity
holders of
the
company   1,799   1,780   3,347   3,683 --------------------------------------------------- ---------------------------

Statement of financial position 30 June 2017

30 June 30 June
    2017 2017 Effect of IFRS EUR thousand Reference FAS adjustments IFRS

Non-current assets
------------------------------------------------------------------------------- Intangible assets   1,144 - 1,144 ------------------------------------------------------------------------------- Property, plant and
equipment   1,771 - 1,771 ------------------------------------------------------------------------------- Right-of-use assets 2) - 23,997 23,997 ------------------------------------------------------------------------------- Equity investments 3b) 282 1 283 ------------------------------------------------------------------------------- Deferred tax assets 5) - 1,136 1,136 ------------------------------------------------------------------------------- Trade receivables 3a) 282 - 282 ------------------------------------------------------------------------------- Other non-current
receivables   219 - 219 ------------------------------------------------------------------------------- Non-current assets, total   3,697 25,134 28,831 -------------------------------------------------------------------------------

------------------------------------------------------------------------------- Current assets
------------------------------------------------------------------------------- Inventories 4b) 47,677 -265 47,412 ------------------------------------------------------------------------------- Trade receivables 3a) 7,484 -32 7,452 ------------------------------------------------------------------------------- Other receivables   848 - 848 ------------------------------------------------------------------------------- Accrued income   6,556 - 6,556 ------------------------------------------------------------------------------- Cash and cash equivalents   21,929 - 21,929 ------------------------------------------------------------------------------- Current assets, total   84,494 -297 84,197 -------------------------------------------------------------------------------

------------------------------------------------------------------------------- Total assets   88,192 24,837 113,028 -------------------------------------------------------------------------------

------------------------------------------------------------------------------- Equity
------------------------------------------------------------------------------- Share capital   100 - 100 ------------------------------------------------------------------------------- Fair value reserve 3c) - 1 1 ------------------------------------------------------------------------------- Invested non-restricted
equity fund   25,493 - 25,493 ------------------------------------------------------------------------------- Retained earnings 1), 2), 3), 4), 5) 9,305 -4,009 5,296 ------------------------------------------------------------------------------- Profit for the period   3,347 336 3,683 ------------------------------------------------------------------------------- Total equity   38,246 -3,673 34,573 -------------------------------------------------------------------------------

------------------------------------------------------------------------------- Non-current liabilities
------------------------------------------------------------------------------- Lease liabilities 2) - 25,393 25,393 ------------------------------------------------------------------------------- Deferred tax liabilities 5) - 15 15 ------------------------------------------------------------------------------- Depreciation difference 4a) 75 -75 - ------------------------------------------------------------------------------- Provisions   810 - 810 ------------------------------------------------------------------------------- Non-current liabilities,
total   885 25,333 26,219 -------------------------------------------------------------------------------

------------------------------------------------------------------------------- Current liabilities
------------------------------------------------------------------------------- Lease liabilities 2) - 3,251 3,251 ------------------------------------------------------------------------------- Advance payments received   2,252 - 2,252 ------------------------------------------------------------------------------- Trade payables   31,082 - 31,082 ------------------------------------------------------------------------------- Other current liabilities   2,583 - 2,583 ------------------------------------------------------------------------------- Accrued liabilities 1c), 2) 13,144 -486 12,658 ------------------------------------------------------------------------------- Income tax liabilities 1c) - 411 411 ------------------------------------------------------------------------------- Current liabilities, total   49,061 3,176 52,237 -------------------------------------------------------------------------------

------------------------------------------------------------------------------- Total liabilities   49,946 28,509 78,455 -------------------------------------------------------------------------------

------------------------------------------------------------------------------- Total equity and liabilities   88,192 24,837 113,028 -------------------------------------------------------------------------------

Income statement 1 January-March 31 2017

  1 Jan-31 Effect of IFRS 1 Jan-31 March 2017 adjustments, March 2017 EUR thousand Reference FAS total IFRS

Revenue 1a) 99,971 17 99,988 -------------------------------------------------------------------------------

------------------------------------------------------------------------------- Other operating income   19 - 19 ------------------------------------------------------------------------------- Materials and services 4b) -86,222 385 -85,837 ------------------------------------------------------------------------------- Employee benefit expenses 1b) -6,105 -230 -6,335 ------------------------------------------------------------------------------- Depreciation and
amortisation 2) -302 -708 -1,010 ------------------------------------------------------------------------------- Other operating expenses 1a), 1b), 2) -5,214 1,415 -3,799 -------------------------------------------------------------------------------

------------------------------------------------------------------------------- Operating profit   2,149 878 3,027 -------------------------------------------------------------------------------

------------------------------------------------------------------------------- Finance income   31 - 31 ------------------------------------------------------------------------------- Finance costs 2) -8 -435 -443 -------------------------------------------------------------------------------

------------------------------------------------------------------------------- Profit before income taxes   2,172 443 2,615 -------------------------------------------------------------------------------

------------------------------------------------------------------------------- Income taxes 5) -623 -89 -712 -------------------------------------------------------------------------------

------------------------------------------------------------------------------- Profit for the period   1,549 354 1,903 -------------------------------------------------------------------------------

------------------------------------------------------------------------------- Profit for the period
attributable to
------------------------------------------------------------------------------- Equity holders of the
company   1,549   1,903 -------------------------------------------------------------------------------

------------------------------------------------------------------------------- Earnings per share
calculated from the profit
attributable to equity
holders
------------------------------------------------------------------------------- Earnings per share, basic
and diluted (EUR)   0.03   0.04 -------------------------------------------------------------------------------

Statement of other comprehensive income 1 January-March 31 2017

  1 Jan-31 1 Jan-31 March 2017 Effect of IFRS March 2017 EUR thousand Reference FAS adjustments, total IFRS

Profit for the period   1,549   1,903 -------------------------------------------------------------------------------

------------------------------------------------------------------------------- Comprehensive income
for the period   1,549 - 1,903 -------------------------------------------------------------------------------

------------------------------------------------------------------------------- Comprehensive income
for the period
------------------------------------------------------------------------------- Equity holders of the
company   1,549   1,903 -------------------------------------------------------------------------------

Statement of financial position 31 March 2017

31 March 31 March
    2017 2017 Effect of IFRS EUR thousand Reference FAS adjustments IFRS

Non-current assets
------------------------------------------------------------------------------- Intangible assets   1,173 - 1,173 ------------------------------------------------------------------------------- Property, plant and
equipment   1,309 - 1,309 ------------------------------------------------------------------------------- Right-of-use assets 2) - 21,365 21,365 ------------------------------------------------------------------------------- Equity investments 3b) 282 1 283 ------------------------------------------------------------------------------- Deferred tax assets 5) - 1,131 1,131 ------------------------------------------------------------------------------- Trade receivables 3a) 255 - 255 ------------------------------------------------------------------------------- Other non-current
receivables   219 - 219 ------------------------------------------------------------------------------- Non-current assets, total   3,238 22,497 25,735 -------------------------------------------------------------------------------

------------------------------------------------------------------------------- Current assets
------------------------------------------------------------------------------- Inventories 4b) 43,365 -357 43,008 ------------------------------------------------------------------------------- Trade receivables 3a) 6,609 -32 6,578 ------------------------------------------------------------------------------- Other receivables   1,230 - 1,230 ------------------------------------------------------------------------------- Accrued income   7,641 - 7,641 ------------------------------------------------------------------------------- Cash and cash equivalents   30,557 - 30,557 ------------------------------------------------------------------------------- Current assets, total   89,402 -389 89,013 -------------------------------------------------------------------------------

------------------------------------------------------------------------------- Total assets   92,639 22,109 114,748 -------------------------------------------------------------------------------

------------------------------------------------------------------------------- Equity
------------------------------------------------------------------------------- Share capital   100 - 100 ------------------------------------------------------------------------------- Fair value reserve 3c) - 1 1 ------------------------------------------------------------------------------- Invested non-restricted
equity fund   25,493 - 25,493 ------------------------------------------------------------------------------- Retained earnings 1), 2), 3), 4), 5) 12,054 -4,009 8,045 ------------------------------------------------------------------------------- Profit for the period   1,549 354 1,903 ------------------------------------------------------------------------------- Total equity   39,196 -3,654 35,542 -------------------------------------------------------------------------------

------------------------------------------------------------------------------- Non-current liabilities
------------------------------------------------------------------------------- Lease liabilities 2) - 23,473 23,473 ------------------------------------------------------------------------------- Deferred tax liabilities 5) - 15 15 ------------------------------------------------------------------------------- Depreciation difference 4a) 75 -75 ------------------------------------------------------------------------------- Provisions   810 - 810 ------------------------------------------------------------------------------- Non-current liabilities,
total   885 23,413 24,298 -------------------------------------------------------------------------------

------------------------------------------------------------------------------- Current liabilities
------------------------------------------------------------------------------- Lease liabilities 2) - 2,350 2,350 ------------------------------------------------------------------------------- Advance payments received   2,347 - 2,347 ------------------------------------------------------------------------------- Trade payables   36,443 - 36,443 ------------------------------------------------------------------------------- Other current liabilities   1,512 - 1,512 ------------------------------------------------------------------------------- Accrued liabilities 1c) 12,256 -281 11,975 ------------------------------------------------------------------------------- Income tax liabilities 1c) - 281 281 ------------------------------------------------------------------------------- Current liabilities, total   52,558 2,350 54,908 -------------------------------------------------------------------------------

------------------------------------------------------------------------------- Total liabilities   53,443 25,763 79,206 -------------------------------------------------------------------------------

------------------------------------------------------------------------------- Total equity and
liabilities   92,639 22,109 114,748 -------------------------------------------------------------------------------

Transition date statement of financial position 1 January 2017

    1 Jan 2017 1 Jan 2017 Effect of IFRS EUR thousand Reference FAS adjustments IFRS

Non-current assets
------------------------------------------------------------------------------- Intangible assets   1,222 - 1,222 ------------------------------------------------------------------------------- Property, plant and
equipment   1,397 - 1,397 ------------------------------------------------------------------------------- Right-of-use assets 2) - 22,023 22,023 ------------------------------------------------------------------------------- Equity investments 3b) 251 1 252 ------------------------------------------------------------------------------- Deferred tax assets 5) - 1,220 1,220 ------------------------------------------------------------------------------- Trade receivables 3a) 231 - 231 ------------------------------------------------------------------------------- Other non-current
receivables   121 - 121 ------------------------------------------------------------------------------- Non-current assets,
total   3,223 23,244 26,467 -------------------------------------------------------------------------------

------------------------------------------------------------------------------- Current assets
------------------------------------------------------------------------------- Inventories 4b) 44,044 -742 43,302 ------------------------------------------------------------------------------- Trade receivables 3a) 7,475 -32 7,443 ------------------------------------------------------------------------------- Other receivables   517 - 517 ------------------------------------------------------------------------------- Accrued income   4,937 - 4,937 ------------------------------------------------------------------------------- Cash and cash
equivalents   41,692 - 41,692 ------------------------------------------------------------------------------- Current assets, total   98,665 -774 97,892 -------------------------------------------------------------------------------

------------------------------------------------------------------------------- Total assets   101,888 22,470 124,358 -------------------------------------------------------------------------------

------------------------------------------------------------------------------- Equity
------------------------------------------------------------------------------- Share capital   100 - 100 ------------------------------------------------------------------------------- Fair value reserve 3c) - 1 1 ------------------------------------------------------------------------------- Invested non-
restricted equity fund   25,493 - 25,493 ------------------------------------------------------------------------------- Retained earnings 1), 2), 3), 4), 5) 13,857 -4,009 9,848 ------------------------------------------------------------------------------- Total equity   39,450 -4,008 35,441 -------------------------------------------------------------------------------

------------------------------------------------------------------------------- Non-current
liabilities
------------------------------------------------------------------------------- Lease liabilities 2) - 24,017 24,017 ------------------------------------------------------------------------------- Deferred tax
liabilities 5) - 15 15 ------------------------------------------------------------------------------- Depreciation
difference 4a) 75 -75 - ------------------------------------------------------------------------------- Provisions   810 - 810 ------------------------------------------------------------------------------- Non-current
liabilities, total   885 23,957 24,842 -------------------------------------------------------------------------------

------------------------------------------------------------------------------- Current liabilities
------------------------------------------------------------------------------- Lease liabilities 2) - 2,522 2,522 ------------------------------------------------------------------------------- Advance payments
received   3,065 - 3,065 ------------------------------------------------------------------------------- Trade payables   42,087 - 42,087 ------------------------------------------------------------------------------- Other current
liabilities   3,496 - 3,496 ------------------------------------------------------------------------------- Accrued liabilities 1c) 12,906 -1,073 11,833 ------------------------------------------------------------------------------- Income tax liabilities 1c) - 1,073 1,073 ------------------------------------------------------------------------------- Current liabilities,
total   61,553 2,522 64,075 -------------------------------------------------------------------------------

------------------------------------------------------------------------------- Total liabilities   62,438 26,479 88,917 -------------------------------------------------------------------------------

------------------------------------------------------------------------------- Total equity and
liabilities   101,888 22,470 124,358 -------------------------------------------------------------------------------

IFRS notes

Outlined below are the accounting policies that have had the most significant effects on the income statement, statement of financial position, and cash flow statement of Verkkokauppa.com Oyj due to the adoption of IFRS.

Verkkokauppa.com Oyj has control of, and owns all shares in, the Estonian company Arctecho Oü. Said company has not had any business activities for more than five years and the company does not have receivables from or liabilities to Verkkokauppa.com Oyj. Thus, Verkkokauppa.com Oyj will not prepare consolidated financial statements based on materiality. Therefore, Verkkokauppa.com Oyj will prepare separate financial statements according to IFRS.

Verkkokauppa.com Oyj has not applied any optional exemptions allowed by IFRS 1 -standard in the transition. Verkkokauppa.com Oyj has recognized all its lease agreements fully retrospectively and has not applied any exceptions allowed by IFRS 1.

1. Changes in classification
a) Changes in classification of revenue recognition

According to FAS, the Company has presented the income of third-party financed Apuraha consumer financing service less credit losses in the revenue. According to IFRS, the Company presents the gross revenue because it is the principal in the transaction in respect to the customer. Thus, the credit losses deducted from revenue according to FAS are transferred to other operating costs in IFRS.

b) Voluntary personnel costs

According to FAS, the Company has presented all the voluntary personnel costs in other operating costs. In the IFRS financial statements, all personnel costs belonging to employee benefits are presented as part of personnel costs.

c) Income tax receivables and liabilities

According to FAS, the income tax receivables and liabilities based on the taxable profit of the year are presented as part of accrued income and accrued liabilities. In the transition to IFRS, these have been transferred to their respective line items in the balance sheet.

d) Treasury shares

In FAS financial statements, treasury shares have been presented as part of retained earnings in the primary financial statements. For the sake of clarity, the Company presents the treasury shares on a separe line in the IFRS primary financial statements.

2. Leases
According to FAS, the Company has recognized lease expenses on a time apportionment basis in other operating costs in the income statement. At financial year-end, the lease obligations have been presented as off-balance sheet items as part of contingent liabilities. According to IFRS, for all leases, the Company must recognize the asset and liability corresponding to the present value of minimum lease payments in the balance sheet at the commencement date of the lease. The standard contains practical expedients, under which low- value leases and short-term leases (under 12 months) can be exempted from recognition. Verkkokauppa.com Oyj has decided to apply both of the expedients.
The right-of-use asset and the lease liability, which are based on a right to control an asset and the lease liability, are calculated by discounting the future minimum lease payments. With the accounting treatment based on IFRS, the lease expenses presented in FAS are replaced with the depreciation of the right- of-use asset. In addition, the interest costs of the lease liabilities, which are presented in the finance costs in the income statement, are recognized. If lease payments have been accrued, they have been transferred from accrued liabilities to lease liabilities.

c. Financial instruments
d. Impairment of financial assets and financial guarantees IFRS requires that the model of expected credit losses is applied in assessing and recognizing impairment of financial assets as well as financial guarantee contracts. According to IFRS, the Company has recognized the impairment losses in the opening balance based on the new model. In the FAS financial statements of 2017, the Company has recognized credit losses from receivables of the company-financed Apuraha consumer financing service according to the ageing of the receivable. In the transition to IFRS, the Company has developed impairment models also for other trade receivables as well as for financial guarantee contracts.

a. Classification of equity investments at fair value through other comprehensive income
IFRS requires financial assets classification based on business model. In the transition to IFRS, the Company has assessed the business model of equity investments and has irrevocably decided to classify said equity investments at fair value through other comprehensive income. According to FAS, the Company has accounted for the investments at historical cost. In the third quarter of 2018, an impairment was made for one of the investments and recognized as finance costs under FAS.  According to IFRS, changes in fair values will be recognized in other comprehensive income. On disposal of equity investments, any accumulated related balance within other comprehensive income is reclassified as retained earnings.

a. Fair value reserve for equity investments classified at fair value through other comprehensive income
Fair value changes in equity investments, which have been recognized through other comprehensive income, are accumulated in the fair value reserve. When such equity investments are derecognized, the accumulated amounts from this reserve is transferred to retained earnings. According to FAS, the disposals of these investments have been recognized as finance costs or income in the income statement. In the IFRS transition, the gains from disposal of the equity investment recognized according to FAS was therefore transferred to retained earnings.

d. Other adjustments
e. Depreciation difference
In the FAS financial statements, the Company had a depreciation difference that has been eliminated in the transition to IFRS to form part of retained earnings and deferred tax liabilities.

a. Annual inventory rebates
Under FAS, not all the annual rebates have been allocated in full to the inventory cost. IFRS requires that in defining the inventory purchase costs, the annual rebates have been deducted from it. Because of this, the Company has adjusted the carrying amount of the inventory and has recognized deferred taxes on the adjustment. The effect in the income statement is shown in the materials and services -item, in change of inventories and, in change of deferred taxes.

a. Share-based payments
In 2018, the Company's Board of Directors decided on establishing a share-based incentive plan for key management personnel. The first share-based incentive plan started in the end of June and covers a three-year commitment period (2018- 2020). The matching share plan based on share investment has a cash and equity settled part. The plan has been classified in the IFRS transition as an equity- settled transaction, because Verkkokauppa.com Oyj will deduct, on behalf of the employee, from the share award such number of shares which covers taxes and tax- like charges paid in cash. This equity- settled shared-based payment was measured at grant date fair value and recognized as an expense over the three- year period (2018-2020) and in retained earnings. In FAS, the share-based payment has been recognized as an expense and booked as accrued liability. The amount expensed during 2018 was not significant (54 thousand euros).

5. Deferred tax assets an liabilities The Company has not recognized deferred taxes in its FAS financial statements for taxable temporary differences. All deferred taxes booked in the IFRS transition relate to temporary differences arising from the adjustments. In the deferred tax assets, the most significant deferred tax asset is related to the lease agreements and adjustments made to inventory.

The effect of IFRS adoption on statement of cash flows

Transition to IFRS mainly affects the cash flow from operating activities and cash flow from financing activities in the statement of cash flows, as realized rent payments are allocated to cash flow from operating activities for the portion corresponding to finance costs and to cash flow from financing activities for the portion corresponding to part payment of debt.

Summary of effects of IFRS transition on equity and profit for the period 2018

EUR Thousand Reference 30.9.2018 30.6.2018 31.3.2018

Equity FAS   38,902 38,259 40,500 ------------------------------------------------------------------------

------------------------------------------------------------------------ IFRS adjustments:
------------------------------------------------------------------------ Leases 2) -3,611 -3,633 -3,648 ------------------------------------------------------------------------ Financial instruments 3) 23 -18 -18 ------------------------------------------------------------------------ Other adjustments 4) -135 -47 -206 ------------------------------------------------------------------------ Adjustments, total   -3,724 -3,699 -3,873 ------------------------------------------------------------------------

------------------------------------------------------------------------ Equity IFRS   35,179 34,560 36,627 ------------------------------------------------------------------------

1.1.-30.09. 1.7.-30.9. 1.1.-30.06. 1.4.-30.6. 1.1.-31.3.
EUR Thousand Reference 2018 2018 2018 2018 2018

Profit for
the period
FAS   4,571 2,652 1,919 286 1,633 --------------------------------------------------------------------------------

-------------------------------------------------------------------------------- IFRS
adjustments:
-------------------------------------------------------------------------------- Leases 2) 47 22 25 15 10 -------------------------------------------------------------------------------- Financial
instruments 3) 41 41 -------------------------------------------------------------------------------- Other
adjustments 4) 232 -100 332 162 170 -------------------------------------------------------------------------------- Adjustments,
total   320 -37 357 177 180 --------------------------------------------------------------------------------

-------------------------------------------------------------------------------- Profit for
the period
IFRS   4,891 2,615 2,276 462 1,813 --------------------------------------------------------------------------------

Summary of effects of IFRS transition on equity and profit for the period 2017

EUR Thousand Reference 31.12.2017 30.9.2017 30.6.2017 31.3.2017 1.1.2017

Equity FAS   40,850 37,739 38,246 39,196 39,450 -------------------------------------------------------------------------------

------------------------------------------------------------------------------- IFRS adjustments:
------------------------------------------------------------------------------- Leases 2) -3,658 -3,662 -3,658 -3,566 -3,612 ------------------------------------------------------------------------------- Financial
instruments 3) -18 -25 -25 -25 -25 ------------------------------------------------------------------------------- Other adjustments 4) -376 -114 10 -63 -371 ------------------------------------------------------------------------------- Adjustments, total   -4,053 -3,801 -3,673 -3,654 -4,008 -------------------------------------------------------------------------------

------------------------------------------------------------------------------- Equity IFRS   36,797 33,939 34,573 35,542 35,441 -------------------------------------------------------------------------------

1.1. - 1.10.-
EUR 31.12. 31.12. 1.1. - 1.7.- 1.1.- 1.4.- 1.1.- Thousand Reference 2017 2017 30.09.2017 30.9.2017 30.06.2017 30.6.2017 31.3.2017

Profit for
the period
FAS   9,782 5,048 4,734 1,386 3,347 1,799 1,549 -------------------------------------------------------------------------------------

------------------------------------------------------------------------------------- IFRS
adjustments:
------------------------------------------------------------------------------------- Leases 2) -46 4 -50 -4 -46 -92 46 ------------------------------------------------------------------------------------- Financial
instruments 3) -282 -282
------------------------------------------------------------------------------------- Other
adjustments 4) -5 -263 258 -124 381 73 308 ------------------------------------------------------------------------------------- Adjustments,
total   -333 -541 208 -128 336 -19 354 -------------------------------------------------------------------------------------

------------------------------------------------------------------------------------- Profit for
the period
IFRS   9,449 4,508 4,941 1,258 3,683 1,780 1,903 -------------------------------------------------------------------------------------

Key ratios (IFRS)

1.1.-30.09. 1.7.-30.9. 1.1.-30.06. 1.4.-30.6. 1.1.-31.3.
  2018 2018 2018 2018 2018 ------------------------------------------------------------------------------- Revenue, thousand
euros 321,981 116,874 205,107 102,414 102,693 +------------------------------------------------------------------------------ |Gross profit,
|thousand euros 49,087 17,358 31,730 15,024 16,706 +------------------------------------------------------------------------------ Gross margin-% 15,2 % 14,9 % 15,5 % 14,7 % 16,3 % ------------------------------------------------------------------------------- EBITDA, thousand
euros 11,208 4,962 6,246 2,291 3,955 ------------------------------------------------------------------------------- EBITDA-% 3,5 % 4,2 % 3,0 % 2,2 % 3,9 % ------------------------------------------------------------------------------- Operating profit,
thousand euros 7,377 3,702 3,676 1,012 2,663 ------------------------------------------------------------------------------- Operating profit-% 2,3 % 3,2 % 1,8 % 1,0 % 2,6 % ------------------------------------------------------------------------------- Profit for the
period, thousand
euros 4,891 2,615 2,276 462 1,813 -------------------------------------------------------------------------------

------------------------------------------------------------------------------- Equity ratio, % 27,8 % 27,8 % 28,6 % 28,6 % 29,9 % ------------------------------------------------------------------------------- Gearing, % 3,8 % 3,8 % 20,0 % 20,0 % 3,0 % -------------------------------------------------------------------------------

------------------------------------------------------------------------------- Basic earnings per
share, euros 0.11 0.06 0.05 0.01 0.04 ------------------------------------------------------------------------------- Diluted earnings per
share, euros 0.11 0.06 0.05 0.01 0.04 ------------------------------------------------------------------------------- Number of issued
shares 45,065,130 45,065,130 45,065,130 45,065,130 45,065,130 ------------------------------------------------------------------------------- Number of treasury
shares 71,368 71,368 82,500 82,500 - ------------------------------------------------------------------------------- Weighted average
number of shares
outstanding 45,046,433 45,046,433 45,058,179 45,058,179 45,065,130 ------------------------------------------------------------------------------- Diluted weighted
average number of
shares outstanding 45,096,433 45,096,433 45,058,179 45,058,179 45,065,130 -------------------------------------------------------------------------------

1.10. - 1.1. -
1.1.-31.12. 31.12. 30.09. 1.7.-30.9. 1.1.-30.06. 1.4.-30.6. 1.1.-31.3.
  2017 2017 2017 2017 2017 2017 2017 ------------------------------------------------------------------------------------------- Revenue,
thousand
euros 431,870 127,410 304,460 105,436 199,024 99,036 99,988 +------------------------------------------------------------------------------------------ |Gross
|profit,
|thousand
|euros 62,450 20,089 42,361 13,734 28,627 14,476 14,151 +------------------------------------------------------------------------------------------ Gross
margin-% 14,5 % 15,8 % 13,9 % 13,0 % 14,4 % 14,6 % 14,2 % ------------------------------------------------------------------------------------------- EBITDA,
thousand
euros 18,044 7,051 10,993 3,166 7,826 3,790 4,037 ------------------------------------------------------------------------------------------- EBITDA-% 4,2 % 5,5 % 3,6 % 3,0 % 3,9 % 3,8 % 4,0 % ------------------------------------------------------------------------------------------- Operating
profit,
thousand
euros 13,460 5,770 7,690 1,998 5,691 2,664 3,027 ------------------------------------------------------------------------------------------- Operating
profit-% 3,1 % 4,5 % 2,5 % 1,9 % 2,9 % 2,7 % 3,0 % ------------------------------------------------------------------------------------------- Profit for
the period,
thousand
euros 9,449 4,508 4,941 1,258 3,683 1,780 1,903 -------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------- Equity
ratio, % 25,1 % 25,1 % 28,7 % 28,7 % 31,2 % 31,2 % 31,6 % ------------------------------------------------------------------------------------------- Gearing, % -61,3 % -61,3 % -6,0 % -6,0 % 19,4 % 19,4 % -13,3 % -------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------- Basic
earnings
per share,
euros 0.21 0.10 0.11 0.03 0.08 0.04 0.04 ------------------------------------------------------------------------------------------- Diluted
earnings
per share,
euros 0.21 0.10 0.11 0.03 0.08 0.04 0.04 ------------------------------------------------------------------------------------------- Number of
issued
shares 45,065,130 45,065,130 45,065,130 45,065,130 45,065,130 45,065,130 45,065,130 ------------------------------------------------------------------------------------------- Weighted
average
number of
shares
outstanding 45,065,130 45,065,130 45,065,130 45,065,130 45,065,130 45,065,130 45,065,130 ------------------------------------------------------------------------------------------- Diluted
weighted
average
number of
shares
outstanding 45,065,130 45,065,130 45,065,130 45,065,130 45,065,130 45,065,130 45,065,130 -------------------------------------------------------------------------------------------

Key ratios

In this release, Verkkokauppa.com Oyj presents certain key figures that are not accounting measures defined under IFRS and therefore are considered as Alternative Performance Measures (APM). Verkkokauppa.com Oyj applies in the reporting of alternative performance measures the guidelines issued by the European Securities and Market Authority (ESMA).

Verkkokauppa.com Oyj uses alternative performance measures to reflect the underlying business performance and to enhance comparability between financial periods. The Company's management believes that these key figures provide supplementing information on the statement of comprehensive income and financial position.

Alternative performance measures do not substitute the IFRS key ratios.

Formulas for key ratios

KEY RATIO DEFINITIONS   BASIS OF ALTERNATIVE PERFORMANCE MEASURES ADOPTED

GROSS PROFIT Revenue - materials and   Gross profit shows the services profitability of the sales

  (Revenue - materials Gross margin measures the GROSS MARGIN, % and services) x 100 profitability of the sales   Revenue of Verkkokauppa.com

Operating profit +   EBITDA shows the operational EBITDA depreciation + profitability amortization

  (Operating profit + EBITDA measures the EBITDA, % depreciation + x 100 operational profitability of   amortization) Verkkokauppa.com Revenue

  Result for the period   Operating profit shows OPERATING PROFIT before income taxes result   and net finance income generated by operating and costs activities

  Operating profit Operating margin measures OPERATING MARGIN, % Revenue x 100 operational efficiency of   Verkkokauppa.com

  Equity ratio measures   Total equity Verkkokauppa.com's solvency, EQUITY RATIO, % Balance sheet total - ability to bear losses and   advance payments ability received to meet commitments in the long run

Interest bearing Gearing measures the liabilities + lease relation   liabilities - cash and of equity and interest- GEARING, % cash equivalents - x 100 bearing   interest bearing net debt of Verkkokauppa.com receivables and shows the indebtness of Total equity the company

Profit for the period EARNINGS PER SHARE, attributable to equity BASIC holders of the company Weighted average number of shares outstanding

Profit for the period attributable to equity EARNINGS PER SHARE, holders of the company DILUTED Weighted average number of shares outstanding + dilutive potential shares

The Company will publish its financial reports in 2019 in accordance with IFRS according to the schedule of the financial reporting, announced on 4 October 2018.

For more information, please contact: Panu Porkka
CEO
panu.porkka@verkkokauppa.com
Tel. +358 10 309 5555

Jussi Tallgren
CFO
jussi.tallgren@verkkokauppa.com
Tel. +358 10 309 5555

Certified Adviser
Nordea Bank Abp
puhelinnumero +358 9 5300 6785

Distribution:

Nasdaq Helsinki Principal media
www.verkkokauppa.com

This announcement is distributed by West Corporation on behalf of West Corporation clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: Verkkokauppa.com Oyj via GlobeNewswire

© InPublic, source European Press Releases

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Financials (€)
Sales 2019 525 M
EBIT 2019 14,0 M
Net income 2019 10,0 M
Finance 2019 34,3 M
Yield 2019 5,18%
P/E ratio 2019 18,64
P/E ratio 2020 13,98
EV / Sales 2019 0,29x
EV / Sales 2020 0,25x
Capitalization 185 M
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Mean consensus OUTPERFORM
Number of Analysts 4
Average target price 5,10 €
Spread / Average Target 24%
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NameTitle
Panu Porkka Chief Executive Officer
Carl-Johan Christoffer Häggblom Chairman
Jussi Olavi Tallgren Chief Financial Officer
Henrik Torsten Weckström Chief Technology Officer
Sipi Samuli Seppälä Director
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