2012-05-03 07:30:00 CEST
2012-05-03 07:31:08 CEST
REGLAMENTUOJAMA INFORMACIJA
Incap - Interim report (Q1 and Q3)
Incap Group Interim Report January-March 2012: Revenue on a par with the previous year, profitability improved
Incap Corporation Stock Exchange Release 3 May 2012 at 8:30 a.m.
INCAP GROUP INTERIM REPORT JANUARY-MARCH 2012: REVENUE ON A PAR WITH THE
PREVIOUS YEAR, PROFITABILITY IMPROVED
* Revenue in January-March was EUR 15.6 million (Jan-Mar 2011: EUR 16.0
million)
* Operating profit (EBIT) was EUR -0.3 million (EUR -0.4 million)
* Earnings per share were EUR -0.04 (EUR -0.05).
* The company reiterates its previous profit forecast, estimating that full-
year revenue for 2012 will be higher than for 2011 and that operating profit
(EBIT) will be positive
This interim report has been prepared in accordance with international financial
reporting standards (IFRS) - IAS 34 Interim Financial Reporting standard. The
accounting principles of the interim report are the same as those used in the
preparation of the 2011 financial statements. Unless otherwise stated, the
comparison figures refer to the same period in the previous year. This interim
report is unaudited.
Sami Mykkänen, President and CEO of Incap Group: "Revenue for January-March was
lower than for the fourth quarter of 2011, as was expected. Demand especially
for the products for energy efficiency segment was good both in Europe and in
India. Transferring the products from the Helsinki plant to our other plants is
proceeding according to plans in close collaboration with our customers, and the
manufacturing activity will end at the Helsinki plant in July. We are now about
to finalise the change in production structure, which aims at creating a solid
basis for profitable operations.""Our aim for 2012 is to increase revenue moderately and profitably. Demand in
the company's strategic customer segments is expected to develop stably,
although the market outlook is typically very short-term. According to estimates
received from the customers, demand for energy-efficient equipment and equipment
related to renewable sources of energy is, in particular, expected to remain
high. We will continue our efforts to improve profitability. We will especially
pursue savings in material costs, aiming at increased margins and improved
competitiveness."
Revenue and net profit January-March 2012
Revenue for the first quarter of 2012 amounted to EUR 15.6 million, down 3%
year-on-year. Typical of the industry, the first quarter of the year is slower
than the others, and revenue for January-March 2012 decreased by approximately
8% compared to the previous quarter. Demand was strong in products for the
energy industry in particular, and the full-year outlook is positive for them.
The operating result for January-March was EUR -0.3 million, which is
approximately EUR 0.1 million better than the corresponding period the previous
year. Low revenue level and extra costs for the closure of the Helsinki factory
affected the result. In addition, fixed costs were exceptionally high during the
review period due to the service and maintenance work carried out.
Quarterly comparison 1-3/ 10-12/ 7-9/ 4-6/ 1-3/
(EUR thousands) 2012 2011 2011 2011 2011
------------------------------------------------------------------
Revenue 15,564 16,906 18,286 17,694 16,005
Operating profit/loss (EBIT)
-345 -609 35 -623 -423
Net profit/loss
-711 -1,288 -576 - 1,182 -951
Earnings per share, EUR -0.04 - 0.07 -0.03 -0.06 -0.05
Net financial expenses decreased to EUR 0.4 million (EUR 0.5 million) due to
exchange rate fluctuations. Depreciation stood at EUR 0.4 million (EUR 0.5
million). The loss for the period was EUR 0.7 million (1.0 million).
The return on investment was -1.5% (-4.3%) and return on equity was -297.7% (-
75.2%). Earnings per share were EUR -0.04 (EUR -0.05).
The value of inventories amounted to EUR 12.5 million at the end of the period,
compared to EUR 11.4 million at the end of 2011. The increase in the value of
inventories was mainly due to components obtained for the ramp-down of the
Helsinki plant.
A cooperation agreement was concluded with Naps Systems Oy on manufacturing
solar-powered street and area lighting fixtures. The products are of the latest
technology and their production started in Incap's Kuressaare factory in March.
The expansion of the plant property in Kuressaare, Estonia, advanced on
schedule. Once the premises are complete, the production machinery will be
arranged according to the new plant layout, and the new premises will be fully
operational in June. The transfer of the Helsinki plant's production to the
company's other plants in Vaasa and Kuressaare is proceeding as planned. Incap's
Indian operations were audited on the basis of the Group's uniform quality and
environment system by Det Norske Veritas.
In order to improve the group's cost structure, Group Services were reorganised
after the conclusion of the statutory employer-employee negotiations, and, among
others, tasks related to sales, quality management and test design supporting
production were centralised in Tallinn, Estonia.
Balance sheet
The Group's balance sheet total was EUR 38.7 million (EUR 40.8 million).
The Group's equity at the close of the period was EUR 0.6 million (EUR 4.5
million). Debt totalled EUR 38.1 million (EUR 36.3 million), of which interest-
bearing debt made up EUR 25.0 million (EUR 22.5 million). Current liabilities
constituted EUR 38.0 million (28.7 million) of all liabilities, because the
company's convertible bond, which matures in May 2012, was transferred to
current liabilities on the balance sheet. The parent company's equity totalled
EUR 11.6 million, representing 57% of the share capital (EUR 14.7 million,
72%). This exceeds the minimum equity limit pursuant to the Limited Liability
Companies Act by approx. EUR 1.4 million.
The Group's equity ratio decreased to 1.6% (11.0%). Interest-bearing net
liabilities were EUR 24.6 million (21.9 million), and the gearing ratio was
4,103% (487%).
The Group's cash and cash equivalents amounted to EUR 0.4 million (EUR 0.7
million) on 31 March 2012.
Financing and cash flow
The Group's quick ratio was 0.4 (0.5) and the current ratio 0.7 (1.0). Cash flow
from operating activities was EUR -0.2 million (EUR -0.5 million) and the change
in cash and cash equivalents showed an increase of EUR 0.1 million (an increase
of EUR 0.1 million).
The Group's cash flow and liquidity situation is challenging and the related
risks have been described more in detail below under title "Short-term risks and
factors of uncertainty concerning operations". The company is currently
undergoing negotiations to renew the company's convertible bond and other loans
maturing in May 2012 and to ensure sufficient additional funding for business
operations.
Capital expenditure
Investments amounted to EUR 0.03 million (EUR 0.1 million positive) during the
period.
Personnel and management
At the beginning of 2012, the Incap Group had a payroll of 735 employees. At the
end of the period, it had 725 employees (31 March 2011: 721 employees).
Director Jari Koppelo assumed responsibility for both Incap Group's business
units - Energy efficiency and Well-being solutions - as of 1 March 2012. Jari
Koppelo was previously in charge of the operations of the Energy efficiency
unit.
Sami Kyllönen, previously Incap's operations services manager, was appointed as
Director in charge of production in Europe and member of the group management
team. Mikko Hirvinen, previously in charge of production in Europe, was
appointed as project director.
Responsibility for project activity related to launching the production of new
products and maintenance of product documentation was transferred to design
manager Marko Tapaninaho as of 1 March 2012.
In addition to the actual group management team, Incap Group's management system
includes an extended management team, and Marko Tapaninaho (Engineering
Services) and Siret Kegel (Quality and Environment) were appointed as new
members during the period.
Events after the end of the review period
On 11 April 2012, the Board of directors of Incap exercised its authorisation
granted by the 2011 Annual General Meeting and issued a total of 2,168,100 new
shares to the major shareholders of the company. All of the new shares were
subscribed for at a price of EUR 0.35 and the amount to be paid - approx. EUR
750,000 - will be recognised in full in the reserve for invested non-restricted
equity.
Annual General Meeting 2012
Incap Corporation's Annual General Meeting was held in Helsinki on 11 April
2012, after the review period. The AGM adopted the consolidated financial
statements for the financial year that ended on 31 December 2011. In accordance
with the proposal of the Board of Directors, the AGM decided that no dividend be
distributed and that the loss for the financial year (EUR 2,372,981.70) be
recognised in equity.
The AGM re-elected Raimo Helasmäki, Kalevi Laurila, Susanna Miekk-oja and Lassi
Noponen as Board members and elected Matti Jaakola as a new Board member.
Authorised Public Accountant Ernst & Young Oy was again elected as the company
auditor.
The AGM authorised the Board of Directors to decide on issuing a maximum of
9,300,000 new shares either for consideration or without consideration within
one year of the AGM. A maximum of 300,000 of the new shares can be used for
option rights as part of the company's incentive scheme.
Shares and shareholders
Incap Corporation has one series of shares and the number of shares at the end
of the period is 18,680,880. During the period, the share price varied between
EUR 0.40 and EUR 0.65 (EUR 0.49 and 0.63). The closing price for the period was
EUR 0.46 (EUR 0.52). The trading volume was 2% of outstanding shares (1%).
At the end of the period, the company had 1,069 shareholders (1,080). Nominee-
registered owners held 0.5% (0.6%) of all shares. The company's market
capitalisation on 31 March 2012 was EUR 8.6 million (EUR 9.7 million). The
company does not hold any of its own shares.
Announcements in accordance with Section 9 of Chapter 2 of the Securities Market
Act on changes in holdings
Incap Corporation's Board of Directors carried out a private placement to the
company's major shareholders after the end of the review period. Once the new
shares subscribed for in the placement are registered, Kalevi Laurila's holding
of Incap's shares will exceed the 5% threshold, totalling 9.97% of all the
shares and votes in the company.
Short-term risks and factors of uncertainty concerning operations
The risks and uncertainties related to Incap's operations are described in more
detail in the financial statements for 2011, available on the company's website.
Incap's most significant short-term risks are associated with the development of
customer demand, the sufficiency of funding, the equity ratio and the
realisation of targets related to profitability and inventories.
Incap has financing agreements of approximately EUR 3.8 million valid until 31
May 2012. The agreements include a EUR 1.5 million counter-cyclical guarantee
from Finnvera and long-term financing of EUR 2 million from a Finnish bank as
well as a short-term EUR 1 million factoring credit line. The long-term
financing was recognised in current liabilities, because covenants are tested at
an interval of 6 months. In addition, the Indian subsidiary has a loan agreement
with a local bank on a short-term credit of some EUR 0.8 million.
In accordance with the covenants included in the financing agreements, Incap's
equity ratio must be 10.9%, net IBD/EBITDA 5.6 and net investments EUR 1
million/12 months on 31 December 2011 and thereafter. When calculating the
covenants, the factoring credit line in use is not included. On 31 March 2012,
the equity ratio was 1.6% and net IBD/EBITDA was 44.5. Should the financer
require that the loans be repaid immediately based on the covenants, Incap would
not be able to perform these obligations.
The convertible bond of EUR 6.7 million issued by the company in 2007 will
mature on 25 May 2012. The company is negotiating with the holders of the
convertible bond on rearrangement of the bond.
Furthermore, the company's management is currently undergoing negotiations to
renew the company's loans maturing in May 2012 and to ensure sufficient
additional funding for business operations. The Group's management is confident
in succeeding in these negotiations.
Measures aimed at selling the Vuokatti factory building are continued. The price
estimate given by an external valuer on 23 January 2012 clearly exceeds the book
value of the property.
The deferred tax assets recognised in the consolidated balance sheet (EUR 4.1
million) are based on the Board of Directors' assessment of future earnings
development at Incap Corporation and the Indian subsidiary. On 31 March 2012,
confirmed tax losses for which no deferred tax asset was recognised amounted to
EUR 8.1 million. Future utilisation of deferred tax assets is uncertain and
should the future development not correspond to the Board's estimate, the
ensuing write-down of deferred tax assets in the consolidated balance sheet
would have a considerable impact on Incap Group's and the parent company's
equity ratio and, consequently, on their equity, among other things.
To assess its liquidity, Incap has prepared a 12-month cash flow projection for
the Group, based on its performance forecast for 2012 and the actual turnover of
its sales receivables, accounts payable and inventories. Based on the cash flow
projection, the company's working capital is sufficient for the next 12 months
provided that the company's negotiations on additional funding proceed according
to plan.
Outlook for 2012
Incap's estimates for future business development are based on its customers'
forecasts and the company's own assessments. Based on customers' estimates,
Incap expects favourable development particularly in the demand for equipment
related to energy efficiency in 2012.
The closure of the Helsinki plant is a part of the company's strategic
structural change creating prerequisites for the company's profitable growth.
The structural change in mechanics manufacturing and other actions for
enhancement of operations will increase the profitability already during the
latter half of 2012.
Incap reiterates its previous forecast and estimates that its revenue in 2012
will increase from the EUR 68.9 million achieved in 2011. The Group's full-year
operating result (EBIT) in 2012 is expected to be positive and, thus, clearly
higher than in 2011 (EUR -1.6 million).
Publication of the interim report for January-June 2012
Incap Group's interim report for the first two quarters will be published on
Tuesday, 31 July 2012.
INCAP CORPORATION
Board of Directors
Additional information:
Sami Mykkänen, President and CEO, tel. +358 40 559 9047
Kirsti Parvi, CFO, tel. 050 517 4569
Hannele Pöllä, Director, Communications and Investor Relations, tel.
+358 40 504 8296
DISTRIBUTION
NASDAQ OMX Helsinki Ltd
Principal media
www.incap.fi
PRESS CONFERENCE
Incap will arrange a conference for the press and financial analysts on 3 May
2012 at 10:00 a.m. at the World Trade Center, Helsinki, in Meeting Room 4 on the
2nd floor at Aleksanterinkatu 17, FI-00100 Helsinki.
ANNEXES
1 Consolidated Income Statement
2 Consolidated Balance Sheet
3 Consolidated Cash Flow Statement
4 Consolidated Statement of Changes in Equity
5 Group Key Figures and Contingent Liabilities
6 Quarterly Key Figures
7 Calculation of Key Figures
INCAP IN BRIEF
Incap Corporation is an internationally operating contract manufacturer whose
comprehensive services cover the entire life-cycle of electromechanical products
from design and manufacture to maintenance services. Incap's customers include
leading equipment suppliers in energy-efficiency and well-being technologies,
for which the company produces competitiveness as a strategic partner. Incap has
operations in Finland, Estonia, India and China. The Group's revenue in 2011
amounted to EUR 68.9 million, and the company currently employs approximately
730 people. Incap's share is listed on the NASDAQ OMX Helsinki. Additional
information: www.incap.fi.
Annex 1
CONSOLIDATED INCOME STATEMENT (IFRS)
1-3/ 1-3/ 1-12/
(EUR thousand, unaudited) 2012 2011 Change % 2011
------------------------------------------------------------------------------
REVENUE 15,564 16,005 -3 68,890
Work performed by the enterprise and capitalised 0 0 0 0
Change in inventories of finished goods and
work in progress 176 34 423 -363
Other operating income 85 38 123 145
Raw materials and consumables used 10,801 11,270 -4 48,631
Personnel expenses 3,011 2,916 3 12,016
Depreciation and amortisation 415 552 -25 2,047
Other operating expenses 1,944 1,762 10 7,597
------------------------------------------------------------------------------
OPERATING PROFIT/LOSS -345 -423 -18 -1,619
Financing income and expenses -366 -528 -31 -2,378
------------------------------------------------------------------------------
PROFIT/LOSS BEFORE TAX -711 -951 -25 -3,997
Income tax expense 0 0 0 0
------------------------------------------------------------------------------
PROFIT/LOSS FOR THE PERIOD -711 -951 -25 -3,997
Earnings per share -0.04 -0.05 -20 -0.21
Options have no dilutive effect
in accounting periods 2010 and 2011
1-3/ 1-3/ 1-12/
OTHER COMPREHENSIVE INCOME 2012 2011 Change % 2011
----------------------------------------------------------------------
PROFIT/LOSS FOR THE PERIOD -711 -951 -25 -3,997
OTHER COMPREHENSIVE INCOME:
Translation differences from foreign units -2 -185 -99 -316
----------------------------------------------------------------------
Other comprehensive income, net -2 -185 -99 -316
TOTAL COMPREHENSIVE INCOME -712 -1,136 -37 -4,313
Attributable to:
Shareholders of the parent company -712 -1,136 -37 -4,313
Non-controlling interest 0 0 0 0
Annex 2
CONSOLIDATED BALANCE SHEET (IFRS)
(EUR thousand, unaudited) 31.3.2012 31.3.2011 Change % 31.12.2011
--------------------------------------------------------------------------------
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment 3,698 5,416 -32 4,007
Goodwill 968 1,009 -4 964
Other intangible assets 268 579 -54 341
Other financial assets 311 314 -1 314
Deferred tax assets 4,091 4,158 -2 4,085
--------------------------------------------------------------------------------
TOTAL NON-CURRENT ASSETS 9,336 11,476 -19 9,710
CURRENT ASSETS
Inventories 12,512 12,759 -2 11,423
Trade and other receivables 14,530 13,924 4 15,834
Cash and cash equivalents 431 680 -37 369
--------------------------------------------------------------------------------
TOTAL CURRENT ASSETS 27,473 27,363 0 27,625
Non-current assets held for sale 1,936 1,936 0 1,936
TOTAL ASSETS 38,744 40,774 -5 39,271
EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF
THE PARENT
COMPANY
Share capital 20,487 20,487 0 20,487
Share premium account 44 44 0 44
Reserve for invested unrestricted equity 4,084 4,084 0 4,084
Exchange differences -800 -633 26 -799
Retained earnings -23,216 -19,488 19 -22,506
--------------------------------------------------------------------------------
TOTAL EQUITY 599 4,494 -87 1,311
NON-CURRENT LIABILITIES
Deferred tax liabilities 0 0 0 0
Interest-bearing loans and borrowings 168 7,397 -98 259
--------------------------------------------------------------------------------
NON-CURRENT LIABILITIES 168 7,397 -98 259
CURRENT LIABILITIES
Trade and other payables 13,147 13,736 -4 13,109
Current interest-bearing loans and
borrowings 24,573 14,634 68 24,336
--------------------------------------------------------------------------------
CURRENT LIABILITIES 37,721 28,370 33 37,445
Liabilities relating to non-current
assets held for sale 256 513 -50 256
TOTAL EQUITY AND LIABILITIES 38,744 40,774 -5 39,271
Annex 3
CONSOLIDATED CASH FLOW STATEMENT
(EUR thousands, unaudited) 1-3/2012 1-3/2011 1-12/2011
--------------------------------------------------------------------------------
Cash flow from operating activities
Operating profit/loss -345 -423 -1,619
Adjustments to operating profit 334 219 2,157
Change in working capital 234 -95 -1,920
Interest and other payments made -380 -193 -1,793
Interest received 3 8 38
--------------------------------------------------------------------------------
Cash flow from operating activities -154 -484 -3 137
Cash flow from investing activities
Capital expenditure on tangible and intangible
assets -32 -54 -280
Proceeds from sale of tangible and intangible assets 38 15 148
Other investments 0 0 -80
Loans granted -5 0 -6
Sold shares of subsidiary 0 0 0
Repayments of loan assets 3 3 0
--------------------------------------------------------------------------------
Cash flow from investing activities 4 -37 -218
Cash flow from financing activities
Proceeds from share issue 0 0 0
Drawdown of loans 937 1,267 4,946
Repayments of borrowings -521 -429 -1,118
Repayments of obligations under finance leases -159 -226 -843
--------------------------------------------------------------------------------
Cash flow from financing activities 257 612 2,985
Change in cash and cash equivalents 107 91 -371
Cash and cash equivalents at beginning of period 369 476 476
Effect of changes in exchange rates -34 122 288
Changes in fair value (cash and cash equivalents) -11 -9 -24
Cash and cash equivalents at end of period 431 680 369
Annex 4
CONSOLIDATED STATEMENT
OF CHANGES IN EQUITY
(EUR thousand,
unaudited)
Reserve for
Share invested
Share premium unrestricted Exchange Retained
capital account equity differences earnings Total
--------------------------------------------------------------------------------
Equity at 1
January 2011 20,487 44 4,084 -483 -18,510 5,622
Share issue 0 0 0 0 0 0
Transaction
costs for equity 0 0 0 0 0 0
Change in
exchange
differences 0 0 0 -151 -34 -185
Options and
share-based
compensation 0 0 0 0 -7 7
Other changes 0 0 0 0 0 0
--------------------------------------------------------------------------------
Net income and
losses
recognised
directly in
equity 0 0 4,084 -151 -27 -178
Net profit/loss 0 0 0 0 -951 -951
--------------------------------------------------------------------------------
Total income and
losses 0 0 0 -151 -978 -1,129
Equity at 31
March 2011 20,487 44 4,084 -633 -19,488 4,494
Equity at 1
January 2012 20,487 44 4,084 -799 -22,506 1,311
Share issue 0 0 0 0 0 0
Transaction
costs for equity 0 0 0 0 0 0
Change in
exchange
differences 0 0 0 -2 0 -2
Options and
share-based
compensation 0 0 0 0 0 0
Other changes 0 0 0 0 0 0
--------------------------------------------------------------------------------
Net income and
losses
recognised
directly in
equity 0 0 0 -2 0 -2
Net profit/loss 0 0 0 0 -711 -711
--------------------------------------------------------------------------------
Total income and
losses 0 0 0 -2 -711 -712
Equity at 31
March 2012 20,487 44 4,084 -800 -23,216 599
Annex 5
GROUP KEY FIGURES AND CONTINGENT
LIABILITIES (IFRS) 31.3.2012 31.3.2011 31.12.2011
--------------------------------------------------------------------------------
Revenue, EUR million 15.6 16.0 68.9
Operating profit, EUR million -0.3 -0.4 -1.6
% of revenue -2.2 -2.6 -2.4
Profit before taxes, EUR million -0.7 -1,0 -4.0
% of revenue -4.6 -5.9 -5.8
Return on investment (ROI), % -1.5 -4.3 -5.1
Return on equity (ROE), % -297.7 -75.2 -115.3
Equity ratio, % 1.6 11.0 3.3
Gearing, % 4,103.2 486.6 1867.7
Net debt, EUR million 23.2 21.7 21.8
Net interest-bearing debt, EUR million 24.6 21.9 24.5
Average number of shares during the report
period, adjusted for share issues 18,680,880 18,680,880 18,680,880
Earnings per share (EPS), EUR -0.04 -0.05 -0.21
Equity per share, EUR 0.03 0.24 0.07
Investments, EUR million 0.0 0.1 0.3
% of revenue 0.2 0.3 0.4
Average number of employees 728 727 749
CONTINGENT LIABILITIES, EUR millions
FOR OWN LIABILITIES
Mortgages 13.3 11.4 13.3
Other liabilities 1.8 2.1 1.8
Nominal value of currency options, EUR thousand 0.0 1,778.9 0
Fair values of currency options, EUR thousand 0.0 -9.4 0
Annex 6
QUARTERLY KEY FIGURES (IFRS)
--------------------------------------------------------------------------------
1-3/ 10-12/ 7-9/ 4-6/ 1-3/
2012 2011 2011 2011 2011
--------------------------------------------------------------------------------
Revenue, EUR million 15.6 16.9 18.3 17.7 16.0
Operating profit, EUR
million -0.3 -0.6 0.0 -0.6 -0.4
% of revenue -2.2 -3.6 0.2 -3.5 -2.6
Profit before taxes, EUR
million -0.7 -1.3 -0.6 -1.2 -1.0
% of revenue -4.6 -7.6 -3.2 -6.7 -5.9
Return on investment
(ROI), % -1.5 -7.6 1.1 -9.4 -4.3
Return on equity (ROE), % -297.7 -148.7 -55.8 -106.5 -75.2
Equity ratio, % 1.6 3.3 6.3 7.6 11.0
Gearing, % 4,103.2 1,867.7 946.5 739.3 486.6
Net debt, EUR million 23.2 21.8 22.0 22.9 21.7
Net interest-bearing
debt, EUR million 24.6 24.5 24.9 24.1 21.9
Average number of shares
during the financial
period, adjusted for
share issues 18,680,880 18,680,880 18,680,880 18,680,880 18,680,880
Earnings per share (EPS),
EUR -0.04 0.07 -0.03 -0.06 -0.05
Equity per share, EUR 0.03 0.07 0.14 0.17 0.24
Investments, EUR million 0.0 0.0 0.1 0.1 0.1
% of revenue 0.2 0.0 0.7 0.7 0.3
Average number of
employees 728 753 770 745 727
Annex 7
CALCULATION OF KEY FIGURES
100 x (profit/loss for the period +
Return on investment, % financing costs)
-----------------------------------------
equity + interest-bearing financing
loans
Return on equity (ROE), %
100 x profit/loss for the period
-----------------------------------------
average equity during the accounting
period
Equity ratio, % 100 x equity
-----------------------------------------
balance sheet total - advances received
100 x interest-bearing net financing
Gearing, % loans
-----------------------------------------
equity
Net liabilities liabilities - current assets
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 share-issue adjusted
shares during the period
Equity per share equity
-----------------------------------------
number of share-issue adjusted shares at
the end of the period
VAT-exclusive working capital
acquisitions, without deduction of
Capital expenditure investment subsidies
average of personnel numbers calculated
Average number of employees at the end of each month
closing price for the period x number of
Market value of share capital shares available for public trading
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