The management of Aldata had mainly been changed. The new Group management had deemed it necessary to develop and intensify the business monitoring systems. On 28 January 2004, Aldata disclosed a material change to previous estimates on the result for the financial year 2003. The change concerned write-downs on receivables and investments, nonrecurring expenses, additional provisions and the stricter principles applied to booking credit losses.
The Disciplinary Board noted that the information provided by the company concerning its profit development and outlook in the end of 2003 failed to meet the requirement for sufficient and correct information. Some of the nonrecurring items leading to a profit warning were such that the company should have taken action earlier. Aldata's monitoring, reporting and decision-making systems have not been at the level required from a listed company in all respects, nor complied with the needs based on the Group structure. Investors must be able to trust that the financial administration of a listed company functions in any circumstances, also when there are changes in the management. In addition, when publishing the 2003 financial statements bulletin, Aldata failed to simultaneously publish its cash flow statement.
According to the rules of the Helsinki Exchanges, the obligation to provide information is designed to ensure that all parties operating in the market simultaneously have at their disposal sufficient and correct information on the issuer of listed securities and the listed security, in order that the value of shares and other listed securities may be determined in a well-founded manner. Information submitted by the issuer shall form the basis for the formation of an assessment on a listed security by the investor. If, during the review period, the result of a listed company or its balance sheet or financial position deviate materially from the well-grounded estimate of the development of such matters which an investor is justified in making, the listed company must publish this information. The rules of the Helsinki Exchanges stipulate that matters subject to the obligation to provide information must be published without undue delay. In addition, the financial statement bulletin of a listed company must include a cash flow statement for the financial year.
The decision of the Disciplinary Board is based on the Rules of Helsinki Stock Exchange A4.111, A4.121, A 4.122, A4.124 and A5.223 as well as A5.431.
