2009-11-05 08:00:00 CET
2009-11-05 08:07:24 CET
REGULATED INFORMATION
Aldata Solution Oyj - Interim report (Q1 and Q3)
ALDATA SOLUTION INTERIM REPORT JANUARY-SEPTEMBER 2009
Slow Market Conditions Continue
* Market conditions remain subdued but major new contracts achieved
* Profitable operating results in a traditionally quiet quarter
* Annual customer conferences stimulate cross selling opportunities
* New business contracts across all company divisions
* Full year revenue outlook expected to be slightly below the 2008
level, which is at lower end of previously provided guidance,
there is no change to the operating profit, (EBIT) outlook
Aldata in Q3 2009 (compared to Q3 2008)
* Net sales increased by 6.6% to EUR 16.7 million (EUR 15.7
million).
* Gross profit increased by 6.0% to EUR 14.8 million (EUR 14.0
million).
* Operating profit, EBIT, increased to EUR 0.4 million (EUR 0.1
million).
* Profit before taxes was EUR -0.1 million (EUR 0.6 million).
* Net profit was EUR 0.0 million (EUR 0.5 million) and earnings per
share, EPS, were 0.000 EUR (0.007 EUR).
* Cash flow from operating activities was EUR -0.2 million (EUR
-2.1 million).
* Cash, cash equivalents and marketable securities amounted to EUR
11.4 million (EUR 8.8 million) and the Group had interest-bearing
debt EUR 15.6 million (EUR 2.2 million).
Aldata in January - September 2009 (compared to January - September
2008)
* Net sales were EUR 49.7 million (EUR 52.8 million).
* Gross profit was EUR 45.1 million (EUR 46.5 million).
* Operating profit, EBIT, was EUR -6.5 million (EUR 2.5 million)
and profit before taxes was EUR -7.2 million (EUR 2.4 million).
* Net profit was EUR -7.4 million (EUR 2.1 million) and earnings
per share, EPS, were -0.107 EUR (0.030 EUR).
Message from Bertrand Sciard, President and CEO
Market conditions remained subdued in Q3 2009. However continuing
tight control of operational costs together with successful new
customer contract wins provided a positive result for the quarter.
We continue to view the economic situation with caution and are
working closely with our present and future customers to fully
understand and forecast their future demand and plan our business
accordingly.
Notable events in Q3 included positive annual customer conferences in
Europe and America, and important competitive wins at TransGourmet, a
major French food distributor, and Delhaize Belgium.
Delhaize is one of the largest food retailers in the world with 2008
revenues of EUR 19.0 billion, and approximately 141,000 employees.
Aldata was selected over all major software providers for the
management of their central merchandising and supply chain operations
across all of their European operations.
In addition, all of Aldata's businesses achieved new customer
signings in what is traditionally a quiet quarter. These included
Poundstretcher, a discount chain in the UK, Hugo Boss stores in
Finland, and Retail Brokers in the USA.
Our annual customer conferences, in Paris and Phoenix, attracted over
300 attendees who participated in an interactive exchange of
retailing and logistics best practices. The Aldata team shared our
Business and Product plans, both were well received by the audiences.
The conferences also included presentations from Casino, Nash Finch
and other customers, plus industry insights from retail specialists
at McKinseys, GS1, Logica, and IBM. Both conferences stimulated
serious interest in the Apollo and Loyalty product lines which were
presented and demonstrated alongside the G.O.L.D. product line.
The actions taken earlier in the year in response to the downturn in
the general economic situation were formally completed in Q3. All of
the expenses incurred in those actions were taken in Q2. Our current
resource levels and lower cost base allow us to continue to service
our existing customers efficiently and be able to take advantage of
any upturn in the economy as and when that occurs.
Aldata in the third quarter of 2009
July - September 2009 financial performance
The Group's net sales were EUR 16.7 million (EUR 15.7 million), which
represents an increase of EUR 1.0 million compared to third quarter
net sales in the previous year. Product sales, which include licences
for standard products, licences for customer specific developments,
and maintenance revenues, accounted for 55% (54%) of total net sales.
Consulting services accounted for 36% (42%), and third party licences
and hardware accounted for 9% (4%).
The Group's gross profit was EUR 14.8 million (EUR 14.0 million),
which represents an 89% (89%) gross margin. Operating profit, EBIT,
totaled EUR 0.4 million (EUR 0.1 million) and operating profit
excluding expenses for option plans was EUR 0.5 million (EUR 0.3
million).
Pre-tax profit was EUR -0.1 million (EUR 0.6 million), net profit was
EUR 0.0 million (EUR 0.5 million) and earnings per share, EPS, were
0.000 EUR (0.007 EUR).
Research and development costs in the third quarter totaled EUR 2.1
million (EUR 1.7 million), of which EUR 0.1 million (EUR 0.3 million)
or 5.7% 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 September 2009, the order
backlog was EUR 22.5 million (EUR 19.8 million at the end of
September 2008 and EUR 22.5 million at the end of June 2009).
Business units in Q3 2009
Net sales of the Supply Chain Management (SCM) Software business unit
were EUR 12.6 million (EUR 12.7 million). The gross profit was EUR
11.4 million (EUR 11.9 million) and the operating profit, EBIT, was
EUR 1.2 million (EUR -0.2 million).
Net sales of the In-Store Software business unit were EUR 4.1 million
(EUR 3.0 million). The gross profit was EUR 3.5 million (EUR 2.6
million) and the operating profit, EBIT, was EUR 1.1 (EUR 1.2)
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 2.0 million (EUR 0.9 million).
Finance and investments
Cash flow from operating activities in the third quarter was EUR -0.2
million (EUR -2.1 million) and net cash flow was EUR -0.5 million
(EUR -4.8 million).
The Group's capital expenditure on hardware and software purchases
amounted to EUR 0.6 million (EUR 1.7 million) in third quarter of the
year.
Research and development
In the third quarter Aldata's research and development costs were EUR
2.1 million (EUR 1.7 million). A total of EUR 0.1 million (EUR 0.3
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.
Aldata in January-September of 2009
January-September 2009 financial performance
The Group's net sales were EUR 49.7 million (EUR 52.8 million), which
represents a decline of EUR 3.1 million compared to first three
quarters net sales in the previous year. Product sales, which include
licences for standard products, licences for customer specific
developments and maintenance revenues, accounted for 58% (48%) of
total net sales. Consulting services accounted for 37% (45%) and
third party licences and hardware accounted for 5% (7%).
The Group's gross profit was EUR 45.1 million (EUR 46.5 million),
which represents a 91% (88%) gross margin. Operating profit, EBIT,
totaled EUR -6.5 million (EUR 2.5 million) and operating profit
excluding expenses for option plans was EUR -6.2 million (EUR 2.9
million).
Pre-tax profit was EUR -7.2 million (EUR 2.4 million), net profit was
EUR -7.4 million (EUR 2.1 million) and earnings per share, EPS, were
-0.107 EUR (0.030 EUR).
Research and development costs in the financial period totaled EUR
7.0 million (EUR 5.8 million), of which EUR 0.4 million (EUR 0.8
million) or 5.3% were capitalized. EUR 0.4 million (EUR 0.4 million)
of capitalized development costs were amortized.
Taxes for the period were EUR 0.2 million (EUR 0.2 million).
Business Units in January-September 2009
Net sales of the Supply Chain Management (SCM) Software business unit
were EUR 36.4 million (EUR 42.5 million). The gross profit was EUR
34.2 million (EUR 38.5 million) and the operating profit, EBIT, was
EUR -1.9 million (EUR 1.2 million).
Net sales of the In-Store Software business unit were EUR 13.3
million (EUR 10.3 million). The gross profit was EUR 11.4 million
(EUR 8.5 million) and the operating profit, EBIT, was EUR 3.1 (EUR
3.4) 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 7.8 million (EUR 2.1 million).
Finance and investments
Cash flow from operating activities in the first three quarters of
the year was EUR -3.2 million (EUR 4.4 million) and net cash flow was
EUR -4.0 million (EUR -0.3 million).
At the end of September 2009, Aldata Group's cash, cash equivalents
and marketable securities amounted to EUR 11.4 million (EUR 8.8
million) and total assets were EUR 58.2 million (EUR 50.7 million).
The Group had interest-bearing debt EUR 15.6 million (EUR 2.2
million) and interest-bearing net liabilities totaled EUR 4.2 million
(EUR -6.7 million). Short term receivables totaled EUR 22.6 million
(EUR 26.4 million). The Group's solvency ratio was 27.4% (45.1%)
gearing was 26.5% (-29.8%), and shareholders' equity per share was
0.231 EUR (EUR 0.324).
The Group's capital expenditure on hardware and software purchases
amounted to EUR 1.1 million (EUR 1.7 million) in the first three
quarters of the year. A total of EUR 0.4 million (EUR 0.8 million) of
development costs were capitalized during the period.
Research and Development
Aldata's research and development costs were EUR 7.0 million (EUR 5.8
million) and made up 14.2% (10.9%) of net sales. A total of EUR 0.4
million (EUR 0.8 million) of development costs were capitalized
during the period. EUR 0.4 million (EUR 0.4 million) of capitalized
development costs were amortized.
At the end of the review period 138 (151) employees and 72 (26)
contracted offshore resources were involved in R&D activities. These
employees represent 27% (28%) of the Group's total personnel.
Aldata's R&D centres are located in Paris, France and in Vantaa,
Finland.
Personnel
Aldata Group employed 520 (540) persons at the end of September 2009,
and on average had 543 (539) employees during the period.
30 September 2009 30 September 2008
By business unit Persons % Persons %
SCM Software 378 73 446 83
In-Store Software 127 24 82 15
Group Administration 14 13 12 2
Total 520 100 540 100
Approximately 47% of personnel were employed by Aldata companies in
France, 14% in Finland, 12% in Germany, 12% in the US, 6% in Sweden,
4% in Slovenia, 3% in the UK and 2% in Russia.
Share performance
The highest price of the Aldata Solution Oyj share during January -
September 2009 was EUR 0.62 and the lowest price EUR 0.30. The
average price was EUR 0.41 and the closing price EUR 0.46. The
trading volume on the Helsinki Stock Exchange was EUR 16.0 million
and altogether 38.8 million shares were traded, which represents 56%
of the shares. Aldata Solution Oyj has 68.7 million shares
outstanding. The number of shares outstanding has remained unchanged
during the period.
The number of shareholders was 4.807 and the free float was 100% of
the share capital at the end of September 2009. A total of 32.3% of
Aldata Solution Oyj's shares were owned by foreign investors at the
end of the period.
Events after the review period
On 2nd October Aldata announced that it considers the previously
reported restructuring programme in France as complete.
On 12th October Aldata announced that Waitrose has selected Aldata to
be part of a major IT initiative aimed at optimising replenishment
and supplier ordering for its six warehouses across the UK.
On 20th October Aldata announced the appointment of Marie Claude
Chazot to the position of Senior Vice President Human Resources for
the company effective 16th November 2009.
Risks and uncertainty factors
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 worsening of the economic situation, this may result in
delays to both ongoing or new large projects and investment
decisions.
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 Management Team and the
business unit managers.
Outlook
Aldata expects the operating environment for the remainder of 2009
and the start of 2010 to stay challenging. Whilst there are more
signs of economic recovery appearing and we have been able to close
some larger projects and also our pipeline promises increased
activity, it is still difficult to assess the impact that these will
have on our Q4 results, as the customers' decision making process
remains long and difficult to predict.
Based on the current backlog, sales, services activity and pipeline,
the Company expects net sales in 2009 to be slightly down on 2008
levels and a profitable operative result (EBIT), excluding
non-recurring costs for the full-year.
Helsinki, November 5, 2009
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 meeting for the media and financial analysts on 5
November, at 12.00 (EET) in Hotel Kämp (Pohjoisesplanadi 29,
Helsinki) at Jean Sibelius cabinet.
The presentation material will be published on the Group's website at
www.aldata-solution.com
Aldata 100% Retail-Wholesale
At Aldata 100% of our business is dedicated to retail and wholesale
business improvement. We provide our customers with modern, flexible
and integrated software solutions specifically designed to increase
productivity, performance and profitability. With over 24,000
successful installations across 52 countries, from convenience store
to hypermarket, 480+ live warehouses and customers with 5 to 5,000
outlets, we consistently deliver the goods for retail and wholesale
business improvement. 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 2008 financial
statements but the report does not comply with all requirements of
IAS 34, Interim Financial Reporting.
As of January 1, 2009, Company has applied the following new and
revised standards: IFRS 8 Operating Segments and IAS 1 Presentation
of financial statements. IFRS 8 has not affected the reported
segments. IAS 1 has affected the presentation of the income statement
and statement of changes in shareholders' equity. The interim report
is unaudited.
CONSOLIDATED INCOME
STATEMENT MEUR MEUR Change % MEUR
Jan-Sep/ Jan-Sep/ Total
2009 2008 2008
Net sales 49,7 52,8 -5,9 % 70,0
Other operating income 0,5 0,6 -22,4 % 2,1
Operating expenses -55,5 -49,9 -11,3 % -67,0
Depreciations and
impairments -1,2 -1,1 -13,0 % -1,4
Operating profit -6,5 2,5 -364,7 % 3,7
Financial items -0,7 -0,1 -464,2 % -1,0
Profit before taxes -7,2 2,4 -406,5 % 2,8
Income taxes -0,2 -0,2 32,7 % -0,6
Minority interest 0,0 0,0 182,6 % 0,0
Profit for the financial
period -7,4 2,1 -452,1 % 2,1
Earnings per share, EUR -0,107 0,030 0,031
Earnings per share, EUR (EPS),
adjusted for dilution effect -0,107 0,030 0,031
Attributable to:
Equity holders of the Company -7,4 2,1 2,1
Minority interest 0,0 0,0 0,0
Statement of comprehensive
income:
Net profit for the period -7,3 2,1 2,1
Other comprehensive income:
Translation differences 0,1 0,0 0,4
Total comprehensive income -7,3 2,1 2,5
Total comprehensive income
attributable to:
Equity holders of the Company -7,3 2,1 2,5
Minority interest 0,0 0,0 0,0
CONSOLIDATED BALANCE SHEET MEUR MEUR MEUR
30 Sep 2009 30 Sep 2008 31 Dec 2008
ASSETS
NON-CURRENT ASSETS
Goodwill 15,0 9,4 15,0
Capitalized development costs 2,9 2,6 2,9
Intangible assets 1,4 0,7 1,8
Tangible assets 1,3 1,3 1,4
Investments 0,1 0,1 0,1
Other long-term assets 0,4 0,1 0,1
Deferred tax assets 2,6 0,9 1,9
NON-CURRENT ASSETS TOTAL 23,7 15,2 23,3
CURRENT ASSETS
Inventories 0,2 0,3 0,2
Short-term receivables 22,6 26,4 25,6
Cash and cash equivalents 11,4 8,8 15,4
CURRENT ASSETS TOTAL 34,5 35,5 41,5
ASSETS TOTAL 58,2 50,7 64,8
SHAREHOLDERS' EQUITY AND
LIABILITIES
Shareholders' equity 15,9 22,3 22,8
Minority interest 0,1 0,1 0,1
Long-term loans 4,2 2,0 3,7
Short-term loans 38,1 26,3 38,2
EQUITY AND LIABILITIES TOTAL 58,2 50,7 64,8
CONSOLIDATED STATEMENT OF CHANGES IN 1000
EQUITY EUR
Equity
holders
Share of Own
Share Premium Translation Retained parent Minority Equity
TEUR capital fund difference earnings company interest total
EQUITY
1.1.2008 686 18 996 363 -426 19 619 82 19 701
Share based
payments
recognised
against
equity 0 0 0 525 525 0 525
Exercise of
options 1 158 0 0 159 0 159
Comprehensive
income 0 0 345 2 145 2 490 36 2 526
EQUITY
31.12.2008 687 19 154 708 2 244 22 793 117 22 911
Share based
payments
recognised
against
equity 0 0 0 301 301 0 301
Comprehensive
income 0 0 113 -7 353 -7 240 -23 -7 264
EQUITY
30.9.2009 687 19 154 821 -4 808 15 854 94 15 948
CONSOLIDATED CASH FLOW
STATEMENT MEUR MEUR MEUR
Jan-Sep/ Jan-Sep/ Jan-
2009 2008 Dec/2008
Cash flow from operating activities
Operating result -6,5 2,5 3,7
Adjustment to operating result 1,4 -0,2 -0,1
Change in working capital 2,1 1,5 1,6
Interest received and other financial
income 0,3 0,3 0,6
Interest paid and other financial
expenses -0,4 -0,2 -0,6
Taxes paid -0,1 0,5 0,5
Net cash from operating activities -3,2 4,4 5,7
Cash flow from investing activities
Group companies acquired 0,0 -0,3 -7,9
Investments in tangible and intangible
assets -0,7 -1,1 -1,9
Net cash used in investing activities -0,7 -1,4 -9,8
Cash flow before financing activities -3,9 3,0 -4,1
Cash flow from financing activities
Short-term loans, received 0,0 0,2 13,9
Short-term loans, repayments -0,1 -3,7 -3,7
Share issue 0,0 0,2 0,2
Net cash used in financing activities -0,1 -3,3 10,4
Net cash flow, total -4,0 -0,3 6,3
Change in cash and cash equivalents -4,0 -0,3 6,3
Cash and cash equivalents in the
beginning of the period 15,4 9,1 9,1
Cash and cash equivalents at the end of
the period 11,4 8,8 15,4
NOTES TO THE INTERIM
REPORT
COMMITMENTS AND
CONTINGENCIES MEUR MEUR MEUR
30 Sep 2009 30 Sep 2008 31 Dec 2008
Loans from financial
institutions 15,2 1,5 15,2
Mortgages 5,4 5,4 5,4
Leasing liabilities 8,6 11,5 11,4
Guarantees on behalf of
company debt 0,1 0,1 0,1
Jan-Sep Jan-Sep
KEY FIGURES, MEUR /2009 /2008 Total 2008
Scope of Operations
Net sales, MEUR 49,7 52,8 70,0
Average number of personnel 543 539 540
Profitability
Operating profit , MEUR -6,5 2,5 3,7
Operating profit, % of net sales -13,2 4,7 5,3
Profit before taxes and
minority interest, MEUR -7,2 2,4 2,8
Profit before taxes and
minority interest, % of net sales -14,5 4,5 3,9
Return on equity, % (ROE) -50,6 13,4 10,2
Return on investment, % (ROI) -21,3 18,7 17,3
Financial Standing
Quick ratio 0,9 1,3 1,1
Current ratio 0,9 1,4 1,1
Equity ratio, % 27,4 45,1 36,3
Interest-bearing net debt, MEUR 4,2 -6,7 0,4
Gearing, % 26,5 -29,8 1,9
Per Share Data
Earnings per share, EUR (EPS) -0,107 0,030 0,031
Earnings per share, EUR (EPS),
adjusted for dilution effect -0,107 0,030 0,031
Shareholders' equity per share, EUR 0,231 0,324 0,332
SEGMENT INFORMATION, MEUR
BUSINESS SEGMENTS Jan-Sep/2009 Jan-Sep/2008 Total 2008
Net sales to external customers
Supply Chain Management Software 36,4 42,5 56,2
In-Store Software 13,3 10,3 13,8
Total 49,7 52,8 70,0
Operating result, continuing
operations
Supply Chain Management
Software -1,9 1,2 0,3
In-Store Software 3,1 3,4 2,1
Total 1,2 4,6 2,5
Unallocated items -7,8 -2,1 1,3
Operating profit -6,5 2,5 3,7
Financial income and expenses -0,7 -0,1 -1,0
Result before taxes and
minority interest -7,2 2,4 2,8
Taxes -0,2 -0,2 -0,6
Minority interest 0,0 0,0 0,0
Result from continuing
operations -7,4 2,1 2,2
Result for the financial period -7,4 2,1 2,2
INCOME STATEMENT MEUR MEUR MEUR MEUR MEUR
QUARTERLY FIGURES Q3/2009 Q2/2009 Q1/2009 Q4/2008 Q3/2008
Net sales 16,7 16,1 16,8 17,2 15,7
Other operating income 0,1 0,2 0,1 1,6 0,2
Operating expenses -16,0 -22,7 -16,8 -17,1 -15,4
Depreciations and
impairments -0,5 -0,3 -0,4 -0,4 -0,4
Operating profit 0,4 -6,7 -0,2 1,3 0,1
Financial items -0,5 -0,4 0,2 -0,9 0,4
Profit before taxes -0,1 -7,1 0,0 0,4 0,6
Income taxes 0,1 -0,1 -0,2 -0,3 -0,1
Minority interest 0,0 0,0 0,0 0,0 0,0
Profit for the financial
period 0,0 -7,2 -0,2 0,1 0,5
INCOME STATEMENT MEUR MEUR MEUR MEUR MEUR
CUMULATIVE 1-9/09 1-6/09 1-3/09 1-12/08 1-9/08
Net sales 49,7 33,0 16,8 70,0 52,8
Other operating income 0,5 0,4 0,1 2,1 0,6
Operating expenses -55,5 -39,5 -16,8 -67,0 -49,9
Depreciations and
impairments -1,2 -0,7 -0,4 -1,4 -1,1
Operating profit -6,5 -6,9 -0,2 3,7 2,5
Financial items -0,7 -0,2 0,2 -1,0 -0,1
Profit before taxes -7,2 -7,1 0,0 2,8 2,4
Income taxes -0,2 -0,3 -0,2 -0,6 -0,2
Minority interest 0,0 0,0 0,0 0,0 0,0
Profit for the financial
period -7,4 -7,4 -0,2 2,1 2,1
BALANCE SHEET MEUR MEUR MEUR MEUR MEUR
30.9.09 30.6.09 31.3.09 31.12.08 30.9.08
ASSETS
NON-CURRENT ASSETS
Goodwill 15,0 15,0 15,0 15,0 9,4
Capitalized development cost 2,9 3,0 3,0 2,9 2,6
Intangible assets 1,4 1,7 1,7 1,8 0,7
Tangible assets 1,3 1,4 1,4 1,4 1,3
Investments 0,1 0,1 0,1 0,1 0,1
Other long-term assets 0,4 0,1 0,1 0,1 0,1
Deferred tax assets 2,6 2,5 2,6 1,9 0,9
NON-CURRENT ASSETS TOTAL 23,7 23,7 23,9 23,3 15,2
CURRENT ASSETS
Inventories 0,2 0,0 0,4 0,2 0,3
Short-term receivables 22,6 25,2 28,5 25,6 26,4
Cash and cash equivalents 11,4 11,9 14,8 15,4 8,8
CURRENT ASSETS TOTAL 34,5 37,3 43,9 41,5 35,5
ASSETS TOTAL 58,2 60,9 67,8 64,8 50,7
SHAREHOLDERS' EQUITY AND
LIABILITIES
Shareholders' equity 15,9 15,3 22,5 22,8 22,3
Minority interest 0,1 0,1 0,1 0,1 0,1
Non-current liabilities 4,2 4,5 4,6 3,7 2,0
Current liabilities 38,1 41,0 40,6 38,2 26,3
EQUITY AND LIABILITIES TOTAL 58,2 60,9 67,8 64,8 50,7
KEY FIGURES, MEUR Q3/2009 Q2/2009 Q1/2009 Q4/2008 Q3/2008
QUARTERLY FIGURES
Scope of Operations
Net sales, MEUR 16,7 16,1 16,8 17,2 15,7
Average number of personnel 543 554 559 540 539
Profitability
Operating profit , MEUR 0,4 -6,7 -0,2 1,3 0,1
Operating profit, % of net
sales 2,2 -41,5 -1,3 7,3 0,9
Profit before taxes and
minority interest, MEUR -0,1 -7,1 0,0 0,4 0,6
Profit before taxes and
minority interest, % of net
sales -0,7 -43,8 -0,2 2,4 3,7
Return on equity, % (ROE) -50,6 -77,2 -3,5 10,2 13,4
Return on investment, % (ROI) -21,3 -34,1 6,7 17,3 18,7
Financial Standing
Quick ratio 0,9 0,9 1,1 1,1 1,3
Current ratio 0,9 0,9 1,1 1,1 1,4
Equity ratio, % 27,4 25,3 33,4 36,3 45,1
Interest-bearing net debt,
MEUR 4,2 3,6 0,7 0,4 -6,7
Gearing, % 26,5 23,7 3,3 1,9 -29,8
Per Share Data
Earnings per share, EUR (EPS) 0,000 -0,104 -0,003 0,001 0,007
Earnings per share, EUR
(EPS),
adjusted for dilution effect 0,000 -0,104 -0,003 0,001 0,007
Shareholders' equity per
share, EUR 0,231 0,222 0,327 0,332 0,324
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