2017-08-23 07:00:16 CEST
2017-08-23 07:00:16 CEST
REGULATED INFORMATION
Incap - Half Year financial report
Incap Group half-year financial report for January-June 2017: Revenue and operating profit improved, the company upgrades its full-year estimate of revenue
Incap Corporation
Half-year financial report 23 August 2017 at 8.00 a.m. (EEST)
INCAP GROUP HALF-YEAR FINANCIAL REPORT FOR JANUARY-JUNE 2017 (UNAUDITED):
REVENUE AND OPERATING PROFIT IMPROVED, THE COMPANY UPGRADES ITS FULL-YEAR
ESTIMATE OF REVENUE
Key figures in January-June 2017
* The Group's revenue in January-June 2017 increased by 33% on corresponding
period last year and amounted to EUR 23.8 million (1-6/2016: EUR 17.9
million).
* The Group's operating profit (EBIT) increased on corresponding period and
amounted to EUR 2.3 million, being 10% out of revenue (EUR 2.2 million or
12% out of revenue).
* Net profit for the report period improved year-on-year and amounted to EUR
1.6 million (EUR 1.3 million).
* The company estimates that the full-year revenue in 2017 is approximately
EUR 45-50 million and the operating profit (EBIT) is somewhat higher than in
2016, provided that there are no major changes in exchange rates. In 2016
the full-year revenue was EUR 38.6 million and the operating profit (EBIT)
EUR 4.4 million.
Key figures in April-June 2017
* The revenue of the second quarter amounted to EUR 12.8 million, showing an
increase of 39% compared with the corresponding period last year (4-6/2016:
EUR 9.2 million) and up 16% compared with the first quarter of the year (1-
3/2017: EUR 11.0 million).
* Operating profit (EBIT) for the second quarter was EUR 1.3 million, i.e.
approximately 24% higher than in the corresponding period last year (4-
6/2016: EUR 1.0 million) and in the first quarter (1-3/2017: EUR 1.0
million).
The accounting principles for the half-year report
This half-year report has been prepared in accordance with international
financial reporting standards (IFRS) - IAS 34 Interim Financial Reporting
standard. When preparing the release, the same principles have been used as in
the 2016 financial statement. Unless otherwise stated, the comparison figures
refer to the same period in the previous year. The information in this half-year
financial report is unaudited.
Ville Vuori, President and CEO of Incap Group:
"Our business grew in the first half of the year according to our expectations
and especially the second quarter of the year was excellent both in terms of
revenue and the operating profit. Equity keeps improving, though it was not yet
visible in equity ratio as inventory and receivables were peaking at the
measuring point due to the growing business. The financing position of the
company is good.
In India the new Goods and Services Tax was introduced as from 1 July 2017. The
implementation required some additional effort from us and caused some delays in
transactions between companies. The transfer went finally relatively smoothly.
We prepared for the change and eventual delays by increasing the inventory
volumes towards the end of June.
Performance in the Indian operations continued strong. This year the business
unit in Tumkur has been a part of the Incap Group since 10 years and it has had
a significant role in the internationalization and development of Incap's
operations. The extension of the factory was taken successfully into use and the
increased capacity enables the acquisition of new customers and production of
new products.
Operations of the factory in Estonia have stabilized being on the track of
profitable growth. As an act of development the company has updated its
operations to meet with the latest Medical manufacturing ISO 13485/2016
certificate that is needed in the manufacture of medical devices.
Currency fluctuations have had no significant effect on the revenue or
profitability.
The pressure from customers on the price reduction and the increased costs for
raw-materials at the same time are challenging us also in future. I trust that
we can with our efficient and lean operational model grow our business further
while at the same time keeping the profitability at the present good level. The
market outlook is good at the moment and I trust that our active operations
aimed at realizing organic growth will produce successful results."
Incap Group's revenue and earnings in January-June 2017
Revenue for January-June amounted to EUR 23.8 million, showing an increase of
33% year-on-year (1-6/2016: EUR 17.9 million) and being 15% higher than in the
latter half of the year 2016 (7-12/2016: EUR 20.8 million). The growth was
mainly caused by the increased manufacturing volumes in the Estonian factory.
The operating profit (EBIT) for January-June amounted to EUR 2.3 million,
improving slightly when compared with the corresponding period last year (EUR
2.2 million) and the second half of 2016 (EUR 2.2 million). The operating profit
margin for the report period amounted to 10%, which is generally considered to
be a good level in the business of electronics manufacturing services.
Weakening of the Indian Rupee in relation to Euro lowered the revenue by
approximately EUR 0.6 million and the operating profit by approximately EUR
0.06 million.
Personnel expenses in the report period increased in line with the growing
business volumes and amounted to approximately EUR 2.0 million (EUR 1.7
million). The value of inventories increased to EUR 8.0 million based on the
growth of business volumes and the renewed taxation in India (EUR 5.9 million).
In the most significant post-independence reform of Indian taxation various
indirect taxes are integrated into a single Goods and Services Tax. The reform
will improve the local business environment of enterprises.
Net financial expenses amounted to EUR 0.3 million (EUR 0.3 million).
Depreciation amounted to EUR 0.2 million (EUR 0.2 million).
Net profit for the period was EUR 1.6 million (EUR 1.3 million). Earnings per
share were EUR 0.36 (EUR 0.29).
COMPARISON 1-6/2017 1-6/2016 7-12/2016 1-12/2015
BY REPORT PERIOD (1,000 euros)
Revenue 23,779 17,872 20,754 38,626
Operating profit/loss (EBIT) 2,251 2,202 2,184 4,386
1,550 1,265 1,476 2,742
Profit/loss for the period
Earnings per share, EUR 0.36 0.29 0.34 0.63
Investments
Investments in the report period totalled EUR 0.7 million (EUR 0.6 million), and
they were connected mainly with the modernisation of the manufacturing equipment
in the factory extension in India.
Balance sheet, financing and cash flow
The balance sheet total on 30 June 2017 stood at EUR 25.8 million (EUR 19.0
million). The Group's equity at the close of the report period was EUR 9.8
million (EUR 6.7 million). The equity ratio improved from the comparison period
and was 37.9% (25.0 %).
Liabilities increased on the comparison period to EUR 16.0 million (EUR 12.4
million), out of which EUR 7.4 million (EUR 7.0 million) were interest-bearing.
Net debt decreased to EUR 3.4 million (EUR 3.6 million). Net gearing improved
and was 39% (87%).
The covenants of the company's loans include among others equity ratio and the
Group's interest-bearing debt in relation to EBITDA, and their status is
reviewed every six months. In the review on 30 June 2017 the target level of
interest-bearing debt in relation to EBITDA was below 2.5 and the equity ratio
25.0%. The company met these covenants and the actual interest-bearing
debt/EBITDA on the review date was 1.5 and the equity ratio 37.9%.
The Group's non-current interest-bearing liabilities amounted to EUR 3.3 million
(EUR 3.7 million) while the current interest-bearing liabilities were EUR 4.2
million (EUR 3.3 million). Approximately EUR 2.1 million of liabilities concern
the Indian subsidiary (EUR 2.6 million). Other liabilities include EUR 3.3
million of bank loans and limits granted by the company's Finnish bank and EUR
2.1 million of factoring financing used in Estonia.
As to the loans granted by the Indian bank the company has committed to follow
ordinary covenants and the bank's general loan conditions.
The Group's cash position during the report period was good. The Group's quick
ratio was 1.0 (0.9), and the current ratio was 1.6 (1.6).
Cash flow from operations was EUR 2.5 million (EUR 0.4 million). On 30 June
2017, the Group's cash and cash equivalents totalled EUR 3.7 million (EUR 1.2
million). The change in cash and cash equivalents showed an increase of EUR 1.5
million (decrease of EUR 0.8 million).
Aspects related to the Group's financing and liquidity are also described in the
section "Short-term risks and factors of uncertainty concerning operations".
Personnel
At the end of report period, Incap Group had a payroll of 517 employees (520).
83% (89%) of the personnel worked in India, 16% (11%) in Estonia and 0.6% (0.4%)
in Finland. The average number of personnel during the report period was 513
(489).
Annual General Meeting 2017
The Annual General Meeting of Incap Corporation was held on 18 April 2017 in
Helsinki. A total of 27 shareholders participated in the meeting, representing
approximately 53.3% of all shares and votes of the company. The Annual General
Meeting adopted the financial statements for the financial period ended 31
December 2016 and decided, in accordance with the proposal of the Board of
Directors, that no dividend be distributed for the financial period and that the
profit for the financial period, EUR 464,201.93, be recognised in equity. The
Annual General Meeting resolved to discharge the members of the Board of
Directors and the President and CEO from liability.
The Annual General Meeting authorised the Board of Directors to decide to issue
new shares either against payment or without payment. The authorization was
given to a maximum of 436,516 new shares. The Board has not exercised the
authorisation, which is valid until 18 April 2018.
Board of Directors and Auditor
In the Annual General Meeting held on 18 April 2017 Carl-Gustaf von Troil was
re-elected and Per Kristiansson, Vesa Mäkelä and Johan Ålander were elected as
new members to the Board of Directors. From among its members, the Board elected
Johan Ålander to the Chairman of the Board.
The firm of independent accountants Ernst & Young Oy was re-elected as the
company's auditor, with Bengt Nyholm, Authorised Public Accountant, acting as
the principal auditor.
Shares and shareholders
Incap Corporation has one series of shares, and the number of shares at the end
of the period was 4,365,168 (30 June 2016: 4,365,168).
During the report period, the share price varied between EUR 5.25 and 6.10 (EUR
5.60 and 8.65). The closing price for the period was EUR 5.81 (EUR 6.02). The
trading volume during the report period was 1,329,377 shares (39,553,856
shares). The market capitalisation on 30 June 2017 was EUR 25.4 million (EUR
26.3 million). At the end of report period, the company had 2,711 shareholders
(2,925). Nominee-registered or foreign owners held 36.6% (40.5%) of all shares.
The company does not hold any of its own shares.
LARGEST SHAREHOLDERS Shares, Holding, %
on 30 June 2017 pcs
Nordea Bank AB (publ), Finnish branch (nominee-reg.) 637,406 14.6
Skandinaviska Enskilda Banken AB (publ.) Helsinki branch 635,076 14.5
(nominee-reg.)
OY Etra Invest AB 538,000 12.3
Ilmarinen Mutual Pension Insurance Company 332,308 7.6
Danske Bank Oyj (nominee-reg.) 296,886 6.8
Nordea Life Insurance Suomi Oy 188,388 4.3
Laurila Kalevi Henrik 89,419 2.0
Penan Raudoitus Oy 76,762 1.8
Onvest Oy 66,047 1.5
OY Kontino Invest AB 56,440 1.3
10 largest in total 2,916,732 66.8
Announcements in accordance with Section 10 of Chapter 9 of the Securities
Market Act on a change in holdings
The company had during the report period no announcements according to Section
10 of Chapter 9 of the Securities market Act.
Events after the end of the report period
The company announced after the end of the report period on 17 July 2017 that
Ville Vuori, President and CEO of the company, has resigned and informed that he
will pursue his career in the service of another company. The search for a
successor has already been initiated and the target is to fill the position as
soon as possible. In order to ensure a smooth transition period Ville Vuori will
continue in his position until his replacement has been selected.
Short-term risks and factors of uncertainty concerning operations
General risks related to the company's business operations and sector include
the development of customer demand, price competition in contract manufacturing,
successful acquisition of new customers, availability and price development of
raw material and components, sufficiency of funding, liquidity and exchange rate
fluctuations.
The company's financial position is good and the sufficiency of financing and
working capital are posing no remarkable risk. Based on the cash flow
calculation prepared in connection with the half-year financial report the
company estimates that the working capital of the company will meet with the
demand for the forthcoming 12 months.
In the definition of internal transactions the actual value added and the so-
called "arm's length" principle are considered. After the cumulative losses in
India were covered during the latter half of 2015, it is possible to repatriate
profits of the Indian subsidiary also through distribution of dividends.
The value of the shares in subsidiaries in the parent group has a significant
impact on the parent company's equity and therefore on, for example, equity
ratio. Based on the value calculations in connection with the financial
statements for 2016 there is no need to decrease the value of the shares in
subsidiaries. However, the company estimates that there is a risk connected with
the valuation of the shares of the Estonian subsidiary because of the previous
unprofitable operations of the subsidiary. There is no similar risk connected
with the valuation of the business of the subsidiary in India.
Demand for Incap's services and the company's financial position are effected by
global economic trends and the fluctuation among Incap's customer industries.
Even though the business environment in 2017 is evaluated to continue
challenging, the general financial development is estimated to have no
remarkable negative effect on the demand or the solvency of the company's
customers. The customer relationship management is of utmost importance in a
challenging market situation and the management is paying special attention to
it.
The company's sales are spread over several customer sectors balancing out the
impact of the economic fluctuation in different industrial sectors. In 2016,
there were three customers in the Group with a revenue exceeding 10% of the
total revenue of the Group. The combined revenue of these customers was 73% of
the Group's revenue.
The company's operating segment, electronics manufacturing services, is highly
competitive and there are major pressures on cost level management. The company
has succeeded in increasing the efficiency of its operations and in lowering the
costs remarkably. Furthermore, the company's production is located in countries
with competitive levels of wage and general costs.
The most significant exchange rate risk of the company is related to the Indian
subsidiary. A remarkable part of the Group's operations is located in India. The
fluctuation in the exchange rates between Indian Rupee and Euro may have a
remarkable effect on revenue and result.
The Indian subsidiary of the company had a tax audit in 2016, and based on that
the tax authorities do not approve the depreciations made on the capitalized
customer contracts during accounting periods 2008/2009-2012/2013 and the
transfer costs during the accounting period 2011/2012. The estimated tax effect
with eventual increases is amounting to a total of EUR 0.4 million. The company
has raised a complaint on these tax issues and is presenting the tax debt in the
off balance sheet liabilities in the balance sheet.
Strategy and targets
The positive development of profitability has enabled the strong development of
the company aiming at ensuring the future growth. The operational model of the
company has been adjusted to great efficiency enabling fast decision-making and
operational flexibility. In 2017 the company is targeting at growing the volume
of business further and at creating prerequisites for the expansion of
operations also by mergers and acquisitions.
Outlook for 2017
Incap's estimates for future business development are based both on its
customers' forecasts and on the company's own assessments.
The company estimates that the Group's revenue in 2017 will be approximately EUR
45-50 million and that the operating profit (EBIT) in 2017 is somewhat higher
than in 2016, provided that there are no major changes in exchange rates. The
Group's revenue in 2016 was EUR 38.6 million and the operating profit (EBIT) EUR
4.4 million.
Previously on 16 May 2017 the company estimated that the revenue in 2017 would
be higher than in 2016 and the operating profit (EBIT) somewhat higher than in
2016.
Incap will publish a financial business report for January-September 2017 on
Tuesday, 14 November 2017.
In Helsinki, 23 August 2017
INCAP CORPORATION
Board of Directors
For additional information, please contact:
Ville Vuori, President and CEO, tel. +358 400 369 438
Distribution:
Nasdaq Helsinki Ltd
Principal media
The company's home page www.incapcorp.com
ANNEXES
1 Consolidated Statement of Comprehensive Income
2 Consolidated Balance Sheet
3 Consolidated Cash Flow Statement
4 Consolidated Statement of Changes in Equity
5 Group Key Figures and Contingent Liabilities
6 Calculations of Key Figures
INCAP IN BRIEF
Incap Corporation is an international contract manufacturer. Incap's customers
are leading suppliers of high-technology equipment in their own business
segments, and Incap increases their competitiveness as a strategic partner.
Incap has operations in Finland, Estonia, India and China, and the company
currently employs approximately 520 people. Incap's share is listed on the
Nasdaq Helsinki Ltd. as from 1997. Additional information: www.incapcorp.com.
Annex 1
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (IFRS), CONTINUING OPERATIONS
-------------------------------------------------------------------------------
1-6/2017 1-6/2016 Change, % 7-12/2016 1-12/2016
(1,000 euros, unaudited)
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REVENUE 23 779 17 872 33,0 % 20 754 38 626
Change in inventories of
finished goods 569 310 83,8 % 266 575
Other operating income 116 27 324,7 % 219 246
Raw materials and consumables
used 18 341 12 955 41,6 % 15 564 28 519
Personnel expenses 1 982 1 748 13,4 % 1 782 3 531
Depreciation, amortisation and
impairment losses 208 170 22,2 % 199 369
Other operating expenses 1 682 1 134 48,3 % 1 509 2 643
OPERATING PROFIT/LOSS 2 251 2 202 2,2 % 2 184 4 386
Financing income and expenses -256 -259 -1,5 % -294 -553
PROFIT/LOSS BEFORE TAX 1 995 1 942 2,7 % 1 890 3 833
Income tax expenses -445 -677 -34,2 % -414 -1 091
PROFIT/LOSS FOR THE PERIOD 1 550 1 265 22,5 % 1 476 2 742
Earnnings per share *) 0,36 0,29 22,5 % 0,34 0,63
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OTHER COMPREHENSIVE INCOME 1-6/2017 1-6/2016 Change, % 7-12/2016 1-12/2016
-------------------------------------------------------------------------------
PROFIT/LOSS FOR THE PERIOD 1 550 1 265 22,5 % 1 476 2 742
OTHER COMPREHENSIVE INCOME:
Items that may be recognized
in profit or loss at a later
date:
Translation differences from
foreign units -313 -249 25,9 % 407 158
Other comprehensive income,
net -313 -249 25,9 % 407 158
TOTAL COMPREHENSIVE INCOME 1 237 1 017 21,6 % 1 883 2 900
Attributable to:
Shareholders of the parent
company 1 237 1 017 21,6 % 1 883 2 900
Non-controlling interest 0 0 0 0
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Annex 2
CONSOLIDATED BALANCE SHEET (IFRS), CONTINUING OPERATIONS
-------------------------------------------------------------------------------
(EUR thousands, unaudited) 30 June 2017 30 June 2016 Change, % 31 Dec 2016
-------------------------------------------------------------------------------
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment 2 364 2 609 -9,4 % 2 883
Goodwill 929 922 0,7 % 944
Other intangible assets 985 48 1952,8 % 40
Other financial assets 4 6 -36,2 % 6
Other receivables 873 792 10,3 % 863
TOTAL NON-CURRENT ASSETS 5 155 4 377 17,8 % 4 736
CURRENT ASSETS
Inventories 8 015 5 888 36,1 % 6 280
Trade and other receivables 9 007 7 561 19,1 % 8 320
Cash and cash equivalents 3 660 1 189 207,7 % 2 347
TOTAL CURRENT ASSETS 20 683 14 639 41,3 % 16 947
TOTAL ASSETS 25 837 19 016 35,9 % 21 683
EQUITY ATTRIBUTABLE TO EQUITY
HOLDERS OF THE PARENT COMPANY
Share capital 1 000 20 487 -95,1 % 1 000
Share premium account 0 44 -100,0 % 0
Reserve for invested
unrestricted equity 11 028 19 464 -43,3 % 11 028
Exchange differences -828 -922 -10,2 % -515
Retained earnings -1 416 -32 410 -95,6 % -2 966
TOTAL EQUITY 9 784 6 664 46,8 % 8 547
NON-CURRENT LIABILITIES
Interest-bearing loans and
borrowings 3 215 3 697 -13,0 % 3 752
NON-CURRENT LIABILITIES 3 215 3 697 -13,0 % 3 752
CURRENT LIABILITIES
Trade and other payables 8 604 5 364 60,4 % 5 161
Current interest-bearing loans
and borrowings 4 235 2 941 28,7 % 4 223
CURRENT LIABILITIES 12 838 8 305 48,3 % 9 383
TOTAL EQUITY AND LIABILITIES 25 837 19 016 35,9 % 21 683
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Annex 3
CONSOLIDATED CASH FLOW STATEMENT (IFRS), CONTINUING OPERATIONS
-------------------------------------------------------------------------------
(EUR thousands, unaudited) 1-6/2017 1-6/2016 1-12/2016
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Cash flow from operating activities
Operating profit, continuing operations 2 251 2 202 4 386
Adjustments to operating profit 294 212 508
Change in working capital 210 -1 419 -1 775
Interest paid -218 -216 -512
Interest received 3 3 6
Paid tax and tax refund 1 -407 -1 486
Cash flow from operating activities 2 541 375 1 126
Cash flow from investing activities
Capital expenditure on tangible and intangible -982
assets -711 -612
Cash flow from investing activities -711 -612 -982
Cash flow from financing activities
Drawdown of loans 192 3 294 4 712
Repayments of borrowings -546 -3 887 -4 612
Cash flow from financing activities -354 -593 100
Change in cash and cash equivalents 1 476 -830 245
Cash and cash equivalents at beginning of period 2 347 2 068 2 068
Effect of changes in exchange rates -162 -48 35
Cash and cash equivalents at end of period 3 660 1 189 2 347
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Annex 4
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (IFRS), CONTINUING OPERATIONS
-------------------------------------------------------------------------------
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(EUR thousands, Share Share Reserve for Exchange Retained Total
unaudited) capital premium invested differences earnings
account unrestricted
equity
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Equity at 1
January 2017 1 000 0 11 028 -515 -2 966 8 547
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Total
comprehensive 0 0 0 0 1 550 1 550
income
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Currency 0 0 0 -313 0 -313
translation
differences
-------------------------------------------------------------------------------
Directed share 0 0 0 0 0 0
issue
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Other changes 0 0 0 0 0 0
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Equity at 30 1 000 0 11 028 -828 -1 416 9 784
June 2017
-------------------------------------------------------------------------------
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Equity at 1 20 487 44 19 464 -673 -33 675 5 647
January 2016
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Total 0 0 0 0 1 265
comprehensive 1 265
income
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Currency 0 0 0 -249 0 -249
translation
differences
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Other changes 0 0 0 0 0 0
-------------------------------------------------------------------------------
Equity at 30 20 487 44 19 464 -922 -32 410 6 664
June 2016
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Annex 5
GROUP KEY FIGURES AND CONTINGENT LIABILITIES (IFRS), CONTINUING OPERATIONS
-------------------------------------------------------------------------------
Jan-Jun 2017 Jan-Jun 2016 Jan-Dec 2016
(unaudited)
-------------------------------------------------------------------------------
Revenue, EUR million 23,8 17,9 38,6
Operating profit/loss, EUR million 2,3 2,2 4,4
% of revenue 9,5 12,3 11,0
Profit/loss before taxes, EUR million 2,0 1,9 3,8
% of revenue 8,4 10,9 10,0
Return on investment (ROI), % 27.0 32,9 29,6
Return on equity (ROE), % 33.8 41,1 38,6
Equity ratio, % 37,9 35,0 39,4
Net Gearing, % 38,7 87,0 65,8
Net debt, EUR million 3,4 5,8 5,6
Quick ratio 1,0 0,9 1,1
Current ratio 1,6 1,6 1,8
Average number of shares during the
report 4 365 168 4 365 168 4 365 168
period, adjusted for share issues
Earnings per share (EPS), EUR 0,36 0,29 0,63
Equity per share, EUR 2,24 1,53 1,96
P/E ratio 16,4 20.8 8,7
Trend in share price
Minimum price during the period, EUR 5,25 5.60 4,95
Maximum price during the period, EUR 6,10 8.65 8,65
Mean price during the period, EUR 5,68 7.04 6,43
Closing price at the end of the 5,81 6.02 5,46
period, EUR
Total market capitalisation, EUR 25,4 26.3 23,8
million
Trade volume, no. of shares 1 329 377 39 553 856 40 565 856
Trade volume, % 30 - -
Investments, EUR million 0,7 0,6 1,0
% of revenue 3,0 3,4 2,5
Average number of employees 513 498 511
Personnel at the end of period 517 520 514
CONTINGENT LIABILITIES, EUR million
FOR OWN LIABILITIES
Mortgages and pledges 14,4 16,3 14,6
Surrender liability of trade 2,0 0,8 2,2
receivables sold to finance company
Off balance sheet liabilities 1,6 1,6 3.0
Transactions with closely-related
parties
The company has no transactions with
closely-related parties
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Annex 6
CALCULATION OF KEY FIGURES
100 x (profit/loss for the period + financial
Return on investment, % expenses + taxes)
---------------------------------------------------
equity + interest-bearing financing loans
Return on equity, % 100 x profit/loss for the period
---------------------------------------------------
average equity during the financial period
Equity ratio, % 100 x equity
---------------------------------------------------
balance sheet total - advances received
Net gearing, % 100 x net debt
---------------------------------------------------
equity
Net debt interest-bearing debt - cash and cash equivalents
Quick ratio current assets
---------------------------------------------------
short-term liabilities - short-term advances
received
Current ratio current assets + inventories
---------------------------------------------------
short-term liabilities
Earnings per share net profit/loss for the period
---------------------------------------------------
average number of shares during the period,
adjusted for share issues
Equity per share equity
---------------------------------------------------
number of shares at the end of the period,
adjusted for share issues
VAT-exclusive working capital acquisitions,
Capital expenditure without deduction of investment subsidies
Average of personnel numbers calculated at the end
Average number of employees of each month
Closing price for the period x number of shares
Total market capitalisation available for public trading
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