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2011-05-12 08:00:00 CEST 2011-05-12 08:01:12 CEST REGULATED INFORMATION Aldata Solution Oyj - Interim report (Q1 and Q3)ALDATA SOLUTION OYJ'S INTERIM REPORT JANUARY-MARCH 2011 (UNAUDITED)Aldata delivers a profitable operating result and generates a strong cash inflow despite a decline in revenue * As per the previous company outlook, business conditions for retail systems remain difficult which is reflected in a decline in total revenue compared to Q1 2010 * However, Aldata was able to generate a profitable operating result, (EBIT), and a good positive cash flow due to improved collections * No change to full year outlook of same level of net sales and a clear improvement in operating profit (EBIT) compared to the 2010 level Aldata in Q1 2011 (compared to Q1 2010) * Net sales decreased by 4.9% to EUR 17.4 million (EUR 18.3 million) * Gross profit increased by 1.1% to EUR 15.7 million (EUR 15.5 million) * Operating profit, EBIT, was EUR 0.1 million (EUR 0.7 million) * Profit before taxes was EUR -0.5 million (EUR 0.8 million) * Net profit was EUR -0.7 million (EUR 0.4 million) and earnings per share, EPS, were -0.011 euros (0.005 euros) * Cash flow from operating activities was EUR 6.1 million (EUR 1.2 million) * Cash, cash equivalents and marketable securities amounted to EUR 8.4 million (EUR 6.4 million) and the Group had interest-bearing loans EUR 10.5 million (EUR 10.1 million) Bertrand Sciard, President and CEO - Q1 2011 After delivering six quarters in a row of year on year revenue growth starting from Q3 2009, we have to report a decline in total revenue for Q1 2011 compared to Q1 2010. In the last guidance provided, we stated that we expected the business environment to remain challenging and our Q1 performance has shown this, although we are still confident in being able to deliver our full year outlook which remains unchanged. With specific reference to Q1 2010 we were able to close a large deal for USD 1.5 million that gave last year's results a boost and we were unable to reproduce that boost this year. We are experiencing a reasonable demand for our service offerings across most business lines and geographies and have been able to close contracts with both new business and existing customers across all sectors. We have been able to win sufficient new orders to ensure that our order backlog has remained stable at EUR 27.6 million compared to the year end. Although we are able to report a positive EBIT, net result is negative due to tax charges and the impact of unrealized foreign exchange losses arising from the net intercompany balance with Aldata's US based subsidiaries. Despite the net result, we were able to generate a strong cash flow from operating activities of EUR 6.1 million in Q1. With the acquisition of Apollo in December 2008, Aldata started on a new path to provide both its customers and new sales opportunities with a range of optimization products that are independent of underlying core systems and that allow the buyer to get more from his existing investments. The impacts of the economic crisis both on Aldata and its customers delayed our ability to exploit this opportunity, however with the acquisition of Cosmic in May 2010, together with the release of some internally developed new modules, Aldata has been able to increase the number of optimization products it has available over the last 12 months. The size of the optimization business is now sufficient that, during Q1 we decided to modify our organization to leverage these offerings more effectively, and we have now combined Apollo and Cosmic into one business line. The combined team gives us an increased pool of sales, services, support and development resources to serve both the existing and potential new customers better. Due to this change, Aldata has decided to increase its segmental reporting to include three segments, the historically reported ones of Supply Chain and Instore, plus a newly created Category Optimization segment, which was previously reported within the Instore segment. In Q1 we introduced our offering for the Microsoft AX-platform and started our sales efforts initially to Finnish and Swedish customers. Based on the results in coming quarters we will evaluate our geographical expansion in this business. The 2011 Aldata Annual Retail CIO Survey, now in its third year, was released at the National Retail Forum in New York in January. Over 130 retail CIO's were interviewed. The results showed a planned increase in spending on customer behavior analysis and a focus on demand forecasting and supply optimization to reduce the impact of higher food and fuel costs. The full report is available from the Aldata website. Aldata in first quarter of 2011 January - March 2011 financial performance The Group's net sales were EUR 17.4 million (EUR 18.3 million), which represents a decrease of EUR 0.9 million compared to the previous year. Product sales, which include licenses for standard products, licenses for customer specific developments and maintenance revenues, accounted for 60% (59%) of total net sales. Consulting services accounted for 36% (33%) and third party licenses and hardware accounted for 4% (9%). The Group's gross profit was EUR 15.7 million (EUR 15.5 million), which represents a 90% (85%) gross margin due to a change in revenue mix. Operating profit, EBIT, totaled EUR 0.1 million (EUR 0.7 million) and EBIT excluding expenses for option plans and restricted share units (RSU) was EUR 0.2 million (EUR 0.7 million). Pre-tax profit was EUR -0.5 million (EUR 0.8 million), net profit was EUR -0.7 million (EUR 0.4 million) and earnings per share, EPS, were -0.011 euros (0.005 euros). Research and development costs in the first quarter totaled EUR 2.6 million (EUR 2.1 million), of which EUR 0.1 million (EUR 0.1 million), or 2.4% (3.7%), were capitalized. EUR 0.2 million (EUR 0.1 million) of capitalized development costs were amortized. Aldata's reported order backlog includes product and third party product sales that will be recognized as revenues during the following twelve months. At the end of March 2011, the order backlog was EUR 27.6 million (EUR 23.1 million at the end of March 2010 and EUR 27.6 million at the end of year 2010). Business units in first quarter of 2011 Net sales of the Supply Chain Management (SCM) Software business unit were EUR 12.0 million (EUR 13.3 million). The gross profit was EUR 11.3 million (EUR 11.6 million) and the operating profit, EBIT, was EUR 0.6 million (EUR 0.8 million). Net sales of the Category Optimization business unit were EUR 2.2 million (EUR 2.0 million). The gross profit was EUR 2.2 million (EUR 1.8 million) and the operating profit, EBIT, was EUR 0.0 million (EUR 0.5 million). Net sales of the Mid-Size Market business unit were EUR 3.2 million (EUR 3.0 million). The gross profit was EUR 2.2 million (EUR 2.1 million) and the operating profit, EBIT, was EUR -0.1 million (EUR 0.4 million). There were no internal sales between the Group's business segments. Unallocated costs, the Group's shared items netted, decreased the Group's operating profit, EBIT, by EUR 0.5 million (EUR 1.0 million). Finance and investments Cash flow from operating activities in the first quarter was EUR 6.1 million (EUR 1.2 million) and net cash flow was EUR 5.1 million (EUR 0.8 million) due to improved collections. The Group's capital expenditure on hardware and software purchases amounted to EUR 0.5 million (EUR 0.2 million) in first quarter of the year. At the end of March 2011 Group's cash, cash equivalents and marketable securities amounted to EUR 8.4 million (EUR 6.4 million) and total assets were EUR 61.4 million (EUR 54.5 million). The Group had interest-bearing loans EUR 10.5 million (EUR 10.1 million) and interest-bearing net liabilities totaled EUR 2.3 million (EUR 4.0 million). Short-term receivables totaled EUR 24.3 million (EUR 25.0 million). The Group's solvency ratio was 32.1% (36.4%), gearing was 11.8% (20.2%), and shareholders' equity per share was EUR 0.285 (EUR 0.284). Part of the acquisition price for Cosmic was based on the achievement of annual revenue targets. At the date of the acquisition a revenue forecast for the three years ending April 30, 2013 was produced and used to calculate the amount of deferred consideration and earn out that was expected to be paid. This was used to calculate the cost of the acquisition. A new forecast has been produced at the end of Q1 2011, as we have 11 months of actual results and a revised amount of deferred consideration and earn out has been estimated. The new sales forecast is lower, meaning that as required under IFRS standards we have released EUR 312,000 of the provision made at the date of acquisition to the income statement, against direct costs, during Q1 2011. Research and Development In the first quarter Aldata's research and development costs were EUR 2.6 million (EUR 2.1 million) and made up 14.8% (11%) of net sales. A total of EUR 0.1 million (EUR 0.1 million) of development costs were capitalized during the quarter. EUR 0.2 million (EUR 0.1 million) of capitalized development costs were amortized in the quarter. At the end of March 2011 there were 103 (131) employees and 103 (103) contracted offshore resources involved in R&D activities. This represents 19% (26%) of the Group's total personnel. Aldata's R&D centers are located in Paris, France, in Espoo, Finland and in Bangalore, India. Personnel Aldata Group employed 534 (520) persons at the end of March 2011, and on average had 535 (516) employees during the period. 31 March 2011 31 March 2010 By business unit Persons % Persons % SCM Software 362 68 376 72 Category Optimization 68 12 39 8 Mid-Size Market 89 17 89 17 Group Administration 15 3 16 3 Total 534 100 520 100 Approximately 45% of personnel were employed by Aldata companies in France, 14% in Finland, 12% in the US, 11% in Germany, 8% in the UK, 5% in Sweden, 4% in Slovenia and 1% in Russia. Change in Management Team On January 6, 2011 Mr. Patrick Buellet stepped down from the position of Chief Strategy Officer and member of the Corporate Management Team (CMT) and joined the Management Council (MC) as part of his new operational leadership role as the Executive Vice President (EVP) of Aldata's Supply Chain Management (SCM) Business Unit. On March 4, 2011 Aldata Solution Oyj announced the resignation of Reddy Karri from his position of Chief Technology Officer (CTO) as of end of March 2011. Share performance and ownership The highest price of the Aldata Solution Oyj share during January - March 2011 was EUR 0.57 and the lowest price EUR 0.45. The average price was EUR 0.53 and the closing price EUR 0.50. The trading volume on the Helsinki Stock Exchange was EUR 5.5 million and altogether 10.4 million shares were traded, which represents 15% of the shares. Aldata Solution Oyj has 68.7 million shares outstanding. The number of shares outstanding has been unchanged during the first quarter. The number of shareholders was 4,769 and the free float was 100% of the share capital at the end of March 2011. A total of 37.4% of Aldata Solution Oyj's shares were owned by nominee registered shareholders at the end of the period. Aldata Solution Oyj has one share series. All the company's shares carry equal voting and dividend rights. Risks and uncertainty factors Near term risks and uncertainties Near term risks and uncertainties are considered by Aldata as those that may materialize in the next two quarters. Aldata accounts for its revenue in accordance with IFRS guidelines, meaning license revenue is typically booked on contract signature whereas services and maintenance revenue is booked over the life of the project. This means that software licenses revenue is more risky and harder to forecast. The management team complete regular reviews and assessments of the software pipeline to mitigate this risk, although it is not possible to remove the risk completely. The economic environment has increased the number of companies who face financial problems and could be seen as a factor in the increased time taken to settle invoices. This might increase Aldata's risk to be able to collect payment for its services provided. Aldata looks to mitigate this risk by using business standard credit assessment and credit control policies to ensure any potential risks are highlighted at an early stage and any necessary action to reduce the risk is taken. A large proportion of Aldata's services revenue is done on a time and materials basis. If there was a weakening in demand, as we saw at the start of 2009, this would lead to lower utilization and pressure on margins if Aldata was unable to adjust its cost base fast enough. However, Aldata foresees that the risks of further large-scale deterioration of the IT market situation have returned to normal levels. In other respects, no significant changes have taken place in Aldata's short- term risks and uncertainties during the financial period. Long-term risks and uncertainties Risks and uncertainty factors associated with Aldata's business are mainly related to general economic development and more specifically on the retail software market. The recession affected Aldata's operations during the last 12 months and whilst there are continuing signs of a recovery, if the anticipated recovery doesn't happen or there is a deterioration of the economic situation, this may result in delays to both ongoing or new large projects and investment decisions. Aldata feels that its flexible business model will enable it to react quickly to both any expected upturns or downturns in the future. Business risk management is a key target of the operational management. Through it the Company aims to ensure that the key risks to which business operations are exposed are identified and monitored for preventative action. Business risks are monitored within the Company by the President and CEO, the Corporate Management Team and the Management Council. The company's risk level is regularly observed by the Corporate Management Team through a weekly phone conference call, through formal written reporting by the Management Council twice a month and through regular in person meetings of the Corporate Management Team and the Management Council during the year. In addition to this, risks are charted when deemed necessary and specific ad hoc teams will be built to address any clearly identified potential risks. With the increased importance of the US market to Aldata, the group will become more exposed to currency risk resulting from the movement between the Euro and the US dollar. Aldata is currently exposed to two types of exchange rate risk; one impacting its operating result based on the valuation of its US based revenues and costs; and one impacting its financial result, due to exchange gains or losses on Euro denominated loans and intercompany balances owed to or from Aldata's US subsidiaries. Aldata currently chooses not to hedge against either of these risks. It believes there is a natural hedge built into the operating result risk due to the US based cost structure that it carries, which materially offsets its US based revenues. This means that whilst the risk to Aldata's operating profit is reduced to a level that Aldata feels is acceptable, there is a risk to the level of revenue that Aldata reports that is directly affected by the exchange rate. Aldata is currently reviewing its strategy around whether to hedge against these intercompany loans as a way to mitigate the risk in the future. Goodwill has been tested during the last quarter of 2010 and in accordance with the results of testing for impairment, no depreciation of goodwill was made. The impairment testing is based on projected future cash flows and if the respective country's projected cash flows do not occur as planned in the medium term, it is possible that the goodwill allocated to one of the country's unit will need to be impaired. No new impairment tests have been completed at the end of Q1 2011 for France, Germany and Apollo as the businesses are on or close to their projected future cash flows. For Cosmic, the growth rate of 5% used for impairment testing remains below the growth rate used in the forecast to estimate the revised earn out element of the acquisition cost and therefore no impairment adjustment is necessary. Aldata's growth strategy includes expansion via making suitable company purchases. If the current business environment remains challenging, the opportunity to fulfil this strategy may decrease in case no suitable purchase targets are found or the business profits due to already materialized company purchases do not fulfil the expectations. Aldata's inability to fulfil its desire to make company purchases may have a negative impact on Aldata's business and its financial status and outcome may weaken. Annual General Meeting 2011 The Annual General Meeting of Aldata Solution Oyj was held in Espoo, Finland, on April 7, 2011. The meeting approved the parent company's financial statements and consolidated financial statements for the year 2010 and decided unanimously according to the Board's proposal that no dividend will be distributed for the year 2010. The result for the year will be carried forward to the retained earnings account. The Board members and the CEO were unanimously discharged from liability for the fiscal year 2010. The Annual General Meeting resolved, in accordance with the Board's proposals, on * Authorizing the Board to decide on a repurchase of the Company's own shares up to maximum of 6,800,000 shares; * Authorizing the Board to decide on issuing and/or conveying new shares and/or the Company's own shares and to decide on granting the special rights referred to in Chapter 10, Section 1 of the Companies Act. The Board of Directors is entitled to issue and/or convey a maximum of 14,000,000 shares in the Company. The Annual General Meeting unanimously resolved to elect six Board Members. The following persons were re-elected as the members of the Board of Directors: Mr. William Chisholm, Mr. Bertrand Sciard, Mr. Tommy Karlsson, Mr. Aarne Aktan and Mr. Pertti Ervi. Ms. Michele Fitzpatrick was elected as a new member of the Board of Directors. The Board convened after the Annual General Meeting. In the meeting Mr. William Chisholm was re-elected as the Chairman of the Board. Mr. Pertti Ervi was elected as the Vice Chairman of the Board. The Board resolved to establish an Audit Committee consisting of Mr. Aarne Aktan (Chairman), Mr. William Chisholm and Mr. Tommy Karlsson. The Board resolved not to establish other Board Committees at this point in time. Ernst & Young Oy was re-appointed to be the Company's auditor, under the supervision of principal auditor Anne Vuorio (APA). Outlook Aldata still expects the operating environment for retail systems for 2011 to be challenging and extremely difficult to predict. This is shown in the revenue performance for Q1 2011. Aldata expects the year 2011 net sales to remain at the same level as in 2010 and the year 2011 EBIT to be clearly improved from 2010 by closely managing the cost structure given the business environment in which it operates. Events after review period On 7(th) April 2011 Aldata held its Annual General Meeting at its offices in Espoo, Finland. The decisions of the AGM are outlined in the relevant section above. There were no other significant events after the review period. Helsinki, May 12, 2011 Aldata Solution Oyj Board of Directors Further information: Bertrand Sciard, President and CEO, tel. +358 10 820 8000 / Aldata Solution Oyj Graham Howell, CFO, tel. +33 633 057 620 Aldata will hold a press conference for the media and financial analysts in Helsinki on 12 May, at 12.00 (EET) at Hotel Palace Gourmet (Eteläranta 10, 10(th) floor, Merikabinetti). The presentation material will be published on the Group's website at www.aldata-solution.com About Aldata Aldata is a global leader in supplier to consumer business optimization. We help reduce costs, time, and waste, for retailers, distributors, and manufacturers, while improving availability, service, and customer retention. Founded in 1988, Aldata has an unparalleled track record of delivering successful projects for the world's largest retail and consumer brands, wholesale and distribution organizations, and specialist store chains. Aldata Solution is a public company quoted on NASDAQ OMX Helsinki Ltd with the identifier ALD1V. More information at:www.aldata-solution.com. Distribution: NASDAQ OMX Helsinki Ltd Media TABLE PART Calculation methods This interim report has been prepared in accordance with IFRS standards and the same accounting principles as in 2010 financial statements. New or renewed standards and interpretations have been adopted since the beginning of 2011 according to the description in the annual report for 2010 but have not had any impact on the figures reported. The report does not comply with all requirements of IAS 34, Interim Financial Reporting. Key figure calculations remain unchanged and have been presented in 2010 Financial Statements. CONSOLIDATED INCOME STATEMENT MEUR MEUR Change % MEUR Jan-Mar/ Jan-Mar/ 2011 2010 Total 2010 Net sales 17,4 18,3 -4,9 % 73,1 Other operating income 0,2 0,2 0,0 % 0,7 Operating expenses -17,1 -17,5 -2,3 % -70,7 Depreciations and impairments -0,5 -0,4 25,0 % -1,8 Operating profit 0,1 0,7 -85,7 % 1,3 Financial items -0,6 0,1 -700,0 % -0,1 Profit before taxes -0,5 0,8 -162,5 % 1,2 Income taxes -0,2 -0,4 -50,0 % -1,2 Minority interest 0,0 0,0 0,0 % 0,0 Profit for the financial period -0,7 0,4 -275,0 % 0,0 Earnings per share, EUR -0,011 0,005 0,000 Earnings per share, EUR (EPS), adjusted for dilution effect -0,010 0,005 0,000 Attributable to: Equity holders of the Company -0,7 0,4 0,0 Minority interest 0,0 0,0 0,0 Statement of comprehensive income: Net profit for the period -0,7 0,4 0,0 Other comprehensive income: Translation differences 0,3 -0,1 0,0 Total comprehensive income -0,4 0,3 0,0 Total comprehensive income attributable to: Equity holders of the Company -0,4 0,3 0,0 Minority interest 0,0 0,0 0,0 CONSOLIDATED BALANCE SHEET MEUR MEUR MEUR 31 Mar 31 Mar 31 Dec 2011 2010 2010 ASSETS NON-CURRENT ASSETS Goodwill 19,0 16,2 19,0 Capitalized development cost 2,6 2,8 2,7 Intangible assets 2,1 1,3 2,3 Tangible assets 1,3 1,3 1,1 Investments 0,1 0,1 0,1 Other long-term assets 0,6 0,4 0,5 Deferred tax assets 0,8 0,9 0,8 NON-CURRENT ASSETS TOTAL 26,5 23,0 26,5 CURRENT ASSETS Inventories 0,3 0,0 0,3 Short-term receivables 26,1 25,0 26,0 Cash and cash equivalents 8,4 6,4 3,3 CURRENT ASSETS TOTAL 34,9 31,6 29,6 ASSETS TOTAL 61,4 54,5 56,1 SHAREHOLDERS' EQUITY AND LIABILITIES Shareholders' equity 19,5 19,5 19,8 Minority interest 0,1 0,1 0,1 Long-term loans 4,0 0,6 4,1 Short-term loans 37,8 34,4 32,1 EQUITY AND LIABILITIES TOTAL 61,4 54,5 56,1 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 1000 EUR Equity Share holders of Own Share premium Translation Retained parent Minority equity TEUR capital fund difference earnings company interest total -------------------------------------------------------------------------------- EQUITY 1.1.2010 687 19 154 694 -1 320 19 215 89 19 305 Share based payments recognized against equity 0 0 0 50 50 0 50 Comprehensive income 0 0 -96 369 273 4 277 -------------------------------------------------------------------------------- EQUITY 31.3.2010 687 19 154 598 -901 19 538 93 19 631 -------------------------------------------------------------------------------- EQUITY 1.1.2011 687 19 154 772 -869 19 745 123 19 868 Share based payments recognized against equity 0 0 0 124 124 0 124 Comprehensive income 0 0 329 -722 -393 19 -374 -------------------------------------------------------------------------------- EQUITY 31.3.2011 687 19 154 1 101 -1 467 19 475 143 19 618 CONSOLIDATED CASH FLOW STATEMENT MEUR MEUR MEUR Jan-Mar/ Jan-Mar/ Jan-Dec 2011 2010 2010 Cash flow from operatingactivities Operating result 0,1 0,7 1,3 Adjustment to operating result 0,4 0,4 1,9 Change in working capital 5,9 0,2 -3,2 Interest received and other financial income 0,1 0,0 0,3 Interest paid and other financial expenses -0,2 -0,2 -0,4 Taxes paid -0,2 -0,1 -0,1 Net cash from operating activities 6,1 1,2 -0,1 Cash flow from investing activities Group companies acquired 0,0 0,0 -2,1 Investments in tangible and intangible assets -0,5 -0,3 -0,8 Net cash used in investing activities -0,5 -0,3 -3,0 Cash flow before financing activities 5,7 0,8 -3,1 Cash flow from financing activities Short-term loans, received 0,0 0,0 1,0 Short-term loans, repayments -0,5 0,0 0,0 Leasing liability, payments 0,0 0,0 -0,2 Net cash used in financing activities -0,6 0,0 0,8 Net cash flow, total 5,1 0,8 -2,3 Change in cash and cash equivalents 5,1 0,8 -2,3 Cash and cash equivalents in the beginning of the period 3,3 5,6 5,6 Net foreign exchange difference 0,0 0,0 0,0 Cash and cash equivalents at the end of the period 8,4 6,4 3,3 NOTES TO THE INTERIM REPORT COMMITMENTS AND CONTINGENCIES MEUR MEUR MEUR 31 Mar 2011 31 Mar 2010 31 Dec 2010 Loans from financial institutions 10,5 10,1 11,0 Mortgages 5,4 5,4 5,4 Leasing liabilities 11,5 7,0 6,6 Guarantees on behalf of company debt 0,1 0,1 0,1 KEY FIGURES, MEUR Jan-Mar /2011 Jan-Mar /2010 Total 2010 Scope of Operations Net sales, MEUR 17,4 18,3 73,1 Average number of personnel 535 516 530 Gross capital expenditure, MEUR 0,5 0,2 5,2 Gross capital expenditure, % of net sales 2,6 1,1 7,1 Profitability Operating profit , MEUR 0,1 0,7 1,3 Operating profit, % of net sales 0,4 3,7 1,8 Profit before taxes and minority interest, MEUR -0,5 0,8 1,2 Profit before taxes and minority interest, % of net sales -3,1 4,4 1,7 Return on equity, % (ROE) -14,2 7,6 0,2 Return on investment, % (ROI) 1,4 14,9 13,6 Financial Standing Quick ratio 0,9 0,9 0,9 Current ratio 0,9 0,9 0,9 Equity ratio, % 32,1 36,4 35,6 Interest-bearing net debt, MEUR 2,3 4,0 8,0 Gearing, % 11,8 20,2 40,1 Per Share Data Earnings per share, EUR (EPS) -0,011 0,005 0,000 Earnings per share, EUR (EPS), adjusted for dilution effect -0,010 0,005 0,000 Shareholders' equity per share, EUR 0,285 0,284 0,287 BUSINESS SEGMENTS Jan-Mar/2011 Jan-Mar/2010 Total 2010 Net sales to external customers Supply Chain Management Software 12,0 13,3 50,9 Category Optimization 2,2 2,0 10,0 Mid-Size Market 3,2 3,0 12,2 Total 17,4 18,3 73,1 Operating result, continuing operations Supply Chain Management Software 0,6 0,8 2,1 Category Optimization 0,0 0,5 0,7 Mid-Size Market -0,1 0,3 0,8 Total 0,5 1,7 3,6 Unallocated items -0,5 -1,0 -2,3 Operating profit 0,1 0,7 1,3 Financial income and expenses -0,6 0,1 -0,1 Result before taxes and minority interest -0,5 0,8 1,1 Taxes -0,2 -0,4 -1,2 Minority interest 0,0 0,0 0,0 Result from continuing operations -0,7 0,4 0,0 Result for the financial period -0,7 0,4 0,0 INCOME STATEMENT MEUR MEUR MEUR MEUR MEUR QUARTERLY FIGURES Q1/2011 Q4/2010 Q3/2010 Q2/2010 Q1/2010 Net sales 17,4 19,0 17,1 18,6 18,3 Other operating income 0,2 0,1 0,4 0,0 0,2 Operating expenses -17,1 -18,3 -17,0 -18,0 -17,5 Depreciations and impairments -0,5 -0,5 -0,5 -0,4 -0,4 Operating profit 0,1 0,3 0,1 0,3 0,7 Financial items -0,6 0,0 -1,1 0,8 0,1 Profit before taxes -0,5 0,3 -1,1 1,1 0,8 Income taxes -0,2 -0,4 -0,2 -0,1 -0,4 Minority interest 0,0 0,0 0,0 0,0 0,0 Profit for the financial period -0,7 -0,1 -1,2 1,0 0,4 INCOME STATEMENT MEUR MEUR MEUR MEUR MEUR CUMULATIVE 1-3/11 1-12/10 1-9/10 1-6/10 1-3/10 Net sales 17,4 73,1 54,0 36,9 18,3 Other operating income 0,2 0,7 0,6 0,2 0,2 Operating expenses -17,1 -70,7 -52,5 -35,4 -17,5 Depreciations and impairments -0,5 -1,8 -1,3 -0,8 -0,4 Operating profit 0,1 1,3 1,0 1,0 0,7 Financial items -0,6 -0,1 -0,1 1,0 0,1 Profit before taxes -0,5 1,2 0,9 1,9 0,8 Income taxes -0,2 -1,2 -0,7 -0,6 -0,4 Minority interest 0,0 0,0 0,0 0,0 0,0 Profit for the financial period -0,7 0,0 0,1 1,4 0,4 BALANCE SHEET MEUR MEUR MEUR MEUR MEUR 31.3.11 31.12.10 30.9.10 30.6.10 31.3.10 ASSETS NON-CURRENT ASSETS Goodwill 19,0 19,0 18,9 18,9 16,2 Capitalized development cost 2,6 2,7 2,8 2,9 2,8 Intangible assets 2,1 2,3 2,4 2,6 1,3 Tangible assets 1,3 1,1 1,3 1,4 1,3Investments 0,1 0,1 0,1 0,1 0,1 Other long-term assets 0,6 0,5 0,4 0,4 0,4 Deferred tax assets 0,8 0,8 1,0 0,3 0,9 NON-CURRENT ASSETS TOTAL 26,5 26,5 26,9 26,6 23,0 CURRENT ASSETS Inventories 0,3 0,3 0,2 0,0 0,0 Short-term receivables 26,1 26,0 23,0 24,2 25,0 Cash and cash equivalents 8,4 3,3 4,3 4,9 6,4 CURRENT ASSETS TOTAL 34,9 29,6 27,5 29,1 31,6 ASSETS TOTAL 61,4 56,1 54,4 55,7 54,5 SHAREHOLDERS' EQUITY AND LIABILITIES Shareholders' equity 19,5 19,8 19,7 20,1 19,5 Minority interest 0,1 0,1 0,1 0,1 0,1 Non-current liabilities 4,0 4,1 4,2 3,4 0,6 Current liabilities 37,8 32,1 30,5 32,1 34,4 Liabilities 41,8 36,2 34,7 35,5 34,9 EQUITY AND LIABILITIES TOTAL 61,4 56,1 54,4 55,7 54,5 KEY FIGURES, MEUR Q1/2011 Q4/2010 Q3/2010 Q2/2010 Q1/2010 QUARTERLY FIGURES Scope of Operations Net sales, MEUR 17,4 19,0 17,1 18,6 18,3 Average number of personnel 535 530 527 522 516 Profitability Operating profit , MEUR 0,1 0,3 0,1 0,3 0,7 Operating profit, % of net sales 0,4 1,5 0,3 1,6 3,7 Profit before taxes and minority interest, MEUR -0,5 0,3 -1,1 1,1 0,8 Profit before taxes and minority interest, % of net sales -3,1 1,7 -6,2 6,1 4,4 Return on equity, % (ROE) -14,2 0,2 1,0 14,0 7,6 Return on investment, % (ROI) 1,4 13,6 13,7 18,8 14,9 Financial Standing Quick ratio 0,9 0,9 0,8 0,9 0,9 Current ratio 0,9 0,9 0,9 0,9 0,9 Equity ratio, % 32,1 35,6 34,8 36,3 36,4 Interest-bearing net debt, MEUR 2,3 8,0 6,1 5,5 4,0 Gearing, % 11,8 40,1 33,0 27,0 20,2 Per Share Data Earnings per share, EUR (EPS) -0,011 -0,002 -0,018 0,014 0,005 Earnings per share, EUR (EPS), adjusted for dilution effect -0,010 -0,002 -0,018 0,014 0,005 Shareholders' equity per share, EUR 0,285 0,287 0,286 0,292 0,284 [HUG#1514885] |
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