2012-07-31 07:30:00 CEST
2012-07-31 07:30:59 CEST
REGULATED INFORMATION
Incap - Interim report (Q1 and Q3)
Incap group interim report january-june 2012: revenue on previous year's level, turn for the better in profitability
Incap Corporation Stock Exchange Release 31 July 2012 at 8:30 a.m.
INCAP GROUP INTERIM REPORT JANUARY-JUNE 2012: REVENUE ON PREVIOUS YEAR'S LEVEL,
TURN FOR THE BETTER IN PROFITABILITY
* Revenue in January-June was EUR 33.9 million, up 1% on the same period the
previous year (Jan-Jun 2011: EUR 33.7 million)
* January-June operating profit (EBIT) January-June was EUR -0.3 million (EUR
-1.0 million)
* Operating profit (EBIT) and net profit for the second quarter were positive
* January-June earnings per share in January-June were EUR -0.02 (EUR -0.11).
* A successful comprehensive solution was achieved in financing negotiations
* Incap amends its profit forecast and estimates that its operating profit
(EBIT) for the second half of the year will be positive. Previously, the
full-year operating profit (EBIT) was estimated to 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 for 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: "We have made progress in
implementing the company's strategic changes. The transfer of the Helsinki
plant's production to the company's other plants, which was decided in the
beginning of the year, has proceeded as scheduled and will have a positive
impact on the Group's profitability already during the latter half of the year.""The demand for energy efficiency sector's products continues to stay on a
pleasing level. Thanks to this, the capacity usage of our Vaasa factory is good
and in addition to in-house personnel, we employ there approximately 20 persons
via a staffing agency. Also the growth of the Indian operations has been rapid
this year and the profitability has improved remarkably.""The comprehensive financing solution which was negotiated during spring
stabilises our financing structure, and we can thus be very satisfied with the
final result of the negotiations. In order to redeem the convertible bond, we
will implement a share issue towards the end of the year, and I am confident
that the issue will be a success."
Revenue and profitability April-June 2012
Revenue for the second quarter amounted to EUR 18.4 million, up approximately
18% on the first quarter and up 4% year-on-year. The growth was mainly due to
brisk demand for electric power products, which is expected to continue at a
good level during the latter half of the year as well.
The operating result (EBIT) for April-June was approximately EUR 13 thousand
positive. The sales margin improved clearly year-on-year as the result of
increases in customer prices and a proportional decrease in material expenses
and other variable costs. Net profit for the second quarter was positive,
approximately EUR 0.4 million.
Quarterly comparison 4-6/ 1-3/ 10-12/ 7-9/ 4-6/ 1-3/
(EUR thousands) 2012 2012 2011 2011 2011 2011
-----------------------------------------------------------------------
Revenue 18,378 15,564 16,906 18,286 17,694 16,005
Operating profit/loss (EBIT) 13 -345 -609 35 -623 -423
Net profit/loss 352 -711 -1,288 -576 -1,182 -951
Earnings per share, EUR 0.02 -0.04 - 0.07 -0.03 -0.06 -0.05
Revenue and profitability January-June 2012
Revenue for the first half of 2012 amounted to EUR 33.9 million, up
approximately 1 % year-on-year. Revenue increased at a steady rate in all months
of the period, although the trend varied greatly between different customers.
Deliveries to customers in the energy efficiency sector remained at a good
level, and especially the demand for products manufactured at the Indian plant
clearly picked up.
The operating result for January-June was EUR -0.3 million, which is slightly
over EUR 0.7 million better than the corresponding period for the previous year.
Long-term measures aiming to improve profitability began to show in the result.
Financial performance was particularly burdened by expenses related to the
closure of the Helsinki plant.
Comparison by report period 1-6/2012 1-6/2011 Change % 1-12/2011
(EUR thousands)
--------------------------------------------------------------------------
33,942 33,699 1 68,890
Revenue
Operating profit/loss (EBIT) -332 -1,045 -68 -1,619
Net profit/loss -358 - 2,133 -83 -3,997
Earnings per share, EUR -0.02 -0.11 -82 -0.21
Net financial expenses decreased to EUR 26 thousand (EUR 1.1 million) year-on-
year, with approximately EUR 1.1 million of financing income recognised in June
as the result of the dilution of the convertible bond. Depreciation stood at EUR
0.9 million (EUR 1.1 million). The loss for the period was EUR 0.4 million (2.1
million).
The return on investment was 8.2% (-6.8%) and return on equity was -48.3% (-
96.1%). Earnings per share were EUR -0.02 (EUR -0.11).
The value of inventories amounted to EUR 11.3 million (EUR 13.3 million) at the
end of the period. At the end of 2011, the value of inventories was EUR 11.4
million and at the end of the first quarter EUR 12.5 million. The decrease in
the value of inventories was mainly due to the use of components procured for
the ramp-down of the Helsinki plant for production.
The expansion of Incap's production plant in Kuressaare was completed in June,
and the new facilities will be fully in production use at the beginning of
August. In connection with the optimisation of the production facilities,
materials processing will be developed, for example. The expansion of the
facilities will make production significantly more efficient by bringing all
operations under a single roof and making it possible to give up separately
leased premises. The Helsinki plant's production activity will end in August.
All of Incap's functions are covered by a uniform quality and environmental
system after Det Norske Veritas granted the Indian subsidiary the same quality
and environmental certificates as the other units.
In order to improve the Group's cost structure, Group Services were reorganised
and tasks related to sales, quality management and test design in support of
production were centralised in the company's branch in Tallinn, Estonia.
Balance sheet
The Group's balance sheet total was EUR 38.9 million (EUR 42.7 million).
The Group's equity at the close of the period was EUR 1.7 million (EUR 3.3
million). Debt totalled EUR 37.2 million (EUR 39.4 million), of which interest-
bearing debt came to EUR 23.2 million (EUR 24.9 million). EUR 2.9 million of the
non-current debt is made up by the new convertible bond. The parent company's
equity totalled EUR 12.5 million, representing 61% of the share capital (EUR
13.9 million, 68%). This exceeds the minimum equity limit pursuant to the
Limited Liability Companies Act by approx. EUR 2.3 million.
The Group's equity ratio decreased to 4.3% (7.6%). Interest-bearing net
liabilities were EUR 22.7 million (24.1 million), and the gearing ratio was
1,373% (739%).
The Group's cash and cash equivalents amounted to EUR 0.5 million (EUR 0.8
million) on 30 June 2012.
Financing and cash flow
The Group's quick ratio was 0.5 (0.4) and the current ratio 0.8 (0.8). Cash flow
from operating activities was EUR 0.1 million (EUR -2.7 million) and the change
in cash and cash equivalents showed an increase of EUR 0.04 million (an increase
of EUR 0.23 million).
Incap successfully completed the negotiations on expiring financing agreements
in May. The company's domestic financier banks renewed the company's financing
agreements and granted new loans totalling EUR 2.5 million for the company. Of
the loan, EUR 1 million was withdrawn after the report period in July and EUR
1.5 million can be withdrawn once the 2007 convertible loan has been redeemed in
full and the bank has approved the targeted level of net IBD/EBITDA on 30 June
2012.
The risks related to the Group's cash flow and liquidity are described in more
detail under "Short-term risks and factors of uncertainty concerning
operations."
Refinancing of the 2007 convertible bond
The EUR 6.75 million convertible bond issued by Incap Corporation in 2007
expired on 25 May 2012. As part of the financing package negotiated by the
company, the re-financing of the convertible bond was arranged so that some of
the convertible bond holders converted the loan to a new convertible bond, while
the company redeems the loan share of the remaining holders.
The company issued a new convertible bond with a nominal value of EUR 2,916,000
for some of the holders. The new convertible bond falls due in one instalment on
25 May 2017 and it carries an annual coupon rate of 7%. It was agreed with the
other holders of the convertible bond that Incap will redeem or purchase their
loan shares at a total price of EUR 2,751,840 during the year 2012. The loan
shares to be redeemed represent a total of EUR 3,834,000 of the principal of the
2007 convertible bond. Incap will arrange a share issue by the end of 2012 and
use the raised capital for redeeming the convertible bond.
Private placement in April 2012
On 11 April 2012, the Board 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. The issue was subscribed for in full at a price of
EUR 0.35 per share. The subscription price, amounting to approximately EUR 759
thousand, was recognised in the reserve for invested non-restricted equity. The
new shares were entered in the Trade Register after the close of the review
period on 18 July 2012, after which the total number of shares in the company
increased to 20,848,980 shares. The new shares are expected to become available
for public trading at the Helsinki Stock Exchange by the end of August, and the
company will publish a prospectus for this purpose.
Capital expenditure
Investments amounted to EUR 0.1 million (EUR 0.2 million positive) during the
period.
Personnel and management
At the close of the period, Incap Group had a payroll of 714 employees (759),
while at the beginning of the year the company had 735 employees.
Proportionally, the number of employees decreased the most in Group Services,
which underwent restructuring through the transfer of operations to Estonia. Of
the personnel, 50% worked in India, 30% in Estonia and 20% in Finland.
Annual General Meeting
Incap Corporation's Annual General Meeting was held in Helsinki on Wednesday,
11 April 2012. A total of 14 shareholders attended the meeting, representing a
total of 40.7% of the shares and votes in the company.
The AGM adopted the 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 discharged the members of the Board of Directors and the President and
CEO from liability. Raimo Helasmäki, Kalevi Laurila, Susanna Miekk-oja and Lassi
Noponen were re-elected as Board members, and Matti Jaakola was elected as a new
member. All of the Board members are independent of the company, and four of
them are independent of the major shareholders. 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. The Board of Directors
has not exercised the authorisation.
Shares and shareholders
Incap Corporation has one series of shares and the number of shares at the end
of the period was 18,680,880. During the period, the share price varied between
EUR 0.28 and EUR 0.65 (EUR 0.46 and 0.63). The closing price for the period was
EUR 0.31 (EUR 0.58). The trading volume was 6.7% of outstanding shares (2.1%).
At the end of the period, the company had 1,091 shareholders (1,076). Foreign or
nominee-registered owners held 0.5% (0.6%) of all shares. The company's market
capitalisation on 30 June 2012 was EUR 5.8 million (EUR 10.8 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
Once the new shares subscribed for in the April private placement are
registered, Kalevi Laurila's holding of Incap's shares will exceed the 5%
threshold.
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 and the success of the planned share
issue, the equity ratio and the achievement of targets related to profitability
and inventories.
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 30 June 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 estimated targets for profitability and for the turn of
inventory values are met and that the share issue planned to take place towards
the end of the year succeed according to targets.
Outlook for 2012
Incap's estimates for future business development are based on its customers'
forecasts and the company's own assessments. The demand for energy efficiency
sector products, which are manufactured in Vaasa and India, is expected to
remain good and even pick up towards the end of the year. Revenue from well-
being technology products is expected to fall short of the previous year because
not all of the products formerly manufactured at the Helsinki plant will be
transferred to the company's other plants to the expected extent.
The closure of the Helsinki plant is the final stage in the company's strategic
restructuring of production, which has formed a basis for profitable growth.
Transferring the plant's production to other units and making operations more
efficient will improve the company's profitability during the latter half of
2012.
Incap reiterates its previous forecast published on 19 June 2012 in terms of
revenue and estimates that the Group's revenue in 2012 will be lower than the
EUR 68.9 million achieved in 2011.
Incap amends its previous guidance concerning EBIT and estimates that the
operating profit (EBIT) for the latter half of the year will be positive and
full-year operating profit will be clearly better than in 2011, at which time it
amounted to EUR -1.6 million. Previously, on 19 June 2012, Incap estimated that
its full-year operating result would be positive and clearly higher than in
2011.
Publication of the interim report for January-September 2012
Incap Group's interim report for January-September will be published on
Wednesday, 31 October 2012.
INCAP CORPORATION
Board of Directors
Additional information:
Sami Mykkänen, President and CEO, tel. +358 40 559 9047
Kirsti Parvi, CFO, tel. +358 50 517 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 31 July
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
715 people. Incap's share is listed on the NASDAQ OMX Helsinki. Additional
information: www.incap.fi.
Annex 1
CONSOLIDATED INCOME
STATEMENT (IFRS)
(EUR thousand, 1-3/ 4-6/ 1-3/ 4-6/ 1-6/ 1-6/ 1-12/
unaudited) 2012 2012 2011 2011 2012 2011 Change % 2011
-------------------------------------------------------------------------------
REVENUE 15,564 18,378 16,005 17,694 33,942 33,699 1 68,890
Work performed by
the enterprise and 0 0 0 0 0 0 0
capitalised
Change in
inventories of 176 -327 34 4 -150 38 -498 -363
finished goods and
work in progress
Other operating 85 134 38 40 219 78 182 145
income
Raw materials and 10,801 12,568 11,270 12,812 23,369 24,082 -3 48,631
consumables used
Personnel expenses 3,011 3,119 2,916 3,075 6,130 5,991 2 12,016
Depreciation and 415 435 552 542 850 1,094 -22 2,047
amortisation
Other operating 1,944 2,051 1,762 1,931 3,994 3,693 8 7,597
expenses
-------------------------------------------------------------------------------
OPERATING -345 13 -423 -623 -332 -1,045 -68 -1,619
PROFIT/LOSS
Financing income -366 339 -528 -559 -26 -1,088 -98 -2,378
and expenses
-------------------------------------------------------------------------------
PROFIT/LOSS BEFORE -711 352 -951 -1,182 -358 -2,133 -83 -3,997
TAX
Income tax expense 0 0 0 0 0 0 0
-------------------------------------------------------------------------------
PROFIT/LOSS FOR THE -711 352 -951 -1,182 -358 -2,133 -83 -3,997
PERIOD
Earnings per share -0.04 0.02 -0.05 -0.06 -0.02 -0.11 -82 -0.21
Options have no
dilutive effect
in accounting
periods 2011 and
2012
OTHER COMPREHENSIVE 1-3/ 4-6/ 1-3/ 4-6/ 1-6/ 1-6/ Change % 1-12/
INCOME 2012 2012 2011 2011 2012 2011 2011
-------------------------------------------------------------------------------
PROFIT/LOSS FOR THE -711 352 -951 -1,182 -358 -2,133 -83 -3,997
PERIOD
OTHER COMPREHENSIVE
INCOME:
Translation
differences from -2 -50 -185 -57 -51 -242 -79 -316
foreign units
-------------------------------------------------------------------------------
Other comprehensive -2 -50 -185 -57 -51 -242 -79 -316
income, net
TOTAL COMPREHENSIVE -712 302 -1,136 -1,239 -410 -2,375 -83 -4,313
INCOME
Attributable to:
Shareholders of the -712 302 -1,136 -1,239 -410 -2,375 -83 -4,313
parent company
Non-controlling 0 0 0 0 0 0 0
interest
Annex 2
CONSOLIDATED BALANCE SHEET (IFRS)
(EUR thousand, unaudited) 30.6.2012 30.6.2011 Change % 31.12.2011
-------------------------------------------------------------------------------
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment 3,160 4,961 -36 4,007
Goodwill 949 996 -5 964
Other intangible assets 212 501 -58 341
Other financial assets 311 314 -1 314
Deferred tax assets 4,061 4,137 -2 4,085
-------------------------------------------------------------------------------
TOTAL NON-CURRENT ASSETS 8,693 10,908 -20 9,710
CURRENT ASSETS
Inventories 11,338 13,316 -15 11,423
Trade and other receivables 16,444 15,692 5 15,834
Cash and cash equivalents 460 811 -43 369
-------------------------------------------------------------------------------
TOTAL CURRENT ASSETS 28,242 29,819 -5 27,625
Non-current assets held for sale 1,936 1,936 0 1,936
TOTAL ASSETS 38,871 42,663 -9 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 4,843 4,084 19 4,084
equity
Exchange differences -850 -690 23 -799
Retained earnings -22,869 -20,670 11 -22,506
-------------------------------------------------------------------------------
TOTAL EQUITY 1,655 3,255 -49 1,311
NON-CURRENT LIABILITIES
Deferred tax liabilities
Interest-bearing loans and borrowings 2,978 581 413 259
-------------------------------------------------------------------------------
NON-CURRENT LIABILITIES 2,978 581 413 259
CURRENT LIABILITIES
Trade and other payables 14,037 14,535 -3 13,109
Current interest-bearing loans and 20,030 23,780 -16 24,336
borrowings
-------------------------------------------------------------------------------
CURRENT LIABILITIES 34,067 38,315 -11 37,445
Liabilities relating to non-current 171 513 -67 256
assets held for sale
TOTAL EQUITY AND LIABILITIES 38,871 42,663 -9 39,271
Annex 3
CONSOLIDATED CASH FLOW STATEMENT
(EUR thousands, unaudited) 1-6/2012 1-6/2011 1-12/2011
-------------------------------------------------------------------------------
Cash flow from operating activities
Operating profit/loss -332 -1,045 -1,619
Adjustments to operating profit 584 718 2 157
Change in working capital 1,058 -1,383 -1,920
Interest and other payments made -1,189 -1,010 -1,793
Interest received 18 17 38
-------------------------------------------------------------------------------
Cash flow from operating activities 139 -2,703 -3,137
Cash flow from investing activities
Capital expenditure on tangible and intangible -86 -172 -280
assets
Proceeds from sale of tangible and intangible 100 62 148
assets
Other investments 0 0 -80
Loans granted -1 0 -6
Sold shares of subsidiary 0 0 0
Repayments of loan assets 3 46 0
-------------------------------------------------------------------------------
Cash flow from investing activities 16 -64 -218
Cash flow from financing activities
Proceeds from share issue 288 0 0
Drawdown of loans 1,224 3,740 4,946
Repayments of borrowings -1,258 -288 -1,118
Repayments of obligations under finance leases -370 -457 -843
-------------------------------------------------------------------------------
Cash flow from financing activities -116 2,995 2,985
Change in cash and cash equivalents 39 228 -371
Cash and cash equivalents at beginning of period 369 476 476
Effect of changes in exchange rates 67 131 288
Changes in fair value (cash and cash equivalents) -15 -24 -24
Cash and cash equivalents at end of period 460 811 369
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 4,084
January 2011 20,487 44 -483 -18,510 5,622
Issue premium 0 0 0 0 0 0
Transaction
costs for 0 0 0 0 0
equity 0
Change in
exchange 0
differences 0 0 -207 -34 -242
Options and
share-based 0
compensation 0 0 0 7 7
Other changes 0 0 0 0 0 0
-------------------------------------------------------------------------------
Net income and
losses
recognised 0 0 0 -207 -27 -234
directly in
equity
Net 0 0 0 0 -2,133 -2,133
profit/loss
-------------------------------------------------------------------------------
Total income 0
and losses 0 0 -207 -2,160 -2,367
Equity at 30 4,084
June 2011 20,487 44 -690 -20,670 3,255
Equity at 1 4,084
January 2012 20,487 44 -799 -22,506 3,255
Share issue 0 0 759 0 0 759
Transaction
costs for 0
equity 0 0 0 0 0
Change in
exchange 0
differences 0 0 -51 0 -51
Options and
share-based 0
compensation 0 0 0 -5 -5
Other changes 0 0 0 0 0 0
-------------------------------------------------------------------------------
Net income and
losses
recognised 0 0 759 -51 -5 703
directly in
equity
Net 0
profit/loss 0 0 0 -358 -358
-------------------------------------------------------------------------------
Total income 0 0 759 -51 -363 344
and losses
Equity at 30 20,487 44 4,843 -850 -22,869 1,655
June 2012
Annex 5
GROUP KEY FIGURES AND CONTINGENT LIABILITIES
(IFRS) 1-6/2012 1-6/2011 1-12/2011
-------------------------------------------------------------------------------
Revenue, EUR million 33.9 33.7 68.9
Operating profit, EUR million -0.3 -1.0 -1.6
% of revenue -1.0 -3.1 -2.4
Profit before taxes, EUR million -0.4 -2.1 -4.0
% of revenue -1.1 -6.3 -5.8
Return on investment (ROI), % 8.2 -6.8 -5.1
Return on equity (ROE), % -48.3 -96.1 -115.3
Equity ratio, % 4.3 7.6 3.3
Gearing, % 1,372.9 739.3 1,867.7
Net debt, EUR million 20.3 22.9 21.8
Net interest-bearing debt, EUR million 22.7 24.1 24.5
Average number of shares during the report 19,276,512 18,680,880 18,680,880
period, adjusted for share issues
Earnings per share (EPS), EUR -0.02 -0.11 -0.21
Equity per share, EUR 0.08 0.17 0.07
Investments, EUR million 0.1 0.2 0.3
% of revenue 0.3 0.5 0.4
Average number of employees 719 736 749
CONTINGENT LIABILITIES, EUR millions
FOR OWN LIABILITIES 13.3 13.4 13.3
Mortgages 2.2 2.0 1.8
Other liabilities
Nominal value of currency options, EUR 3,242.2 1,736.4 0.0
thousand
Fair values of currency options, EUR thousand 18.9 10.6 0.0
Annex 6
QUARTERLY KEY FIGURES (IFRS)
4-6/ 1-3/ 10-12/ 7-9/ 4-6/ 1-3/
2012 2012 2011 2011 2011 2011
-------------------------------------------------------------------------------
Revenue, EUR 18.4 15.6 16.9 18.3 17.7 16.0
million
Operating
profit, EUR 0.0 -0.3 -0.6 0.0 -0.6 -0.4
million
% of 0.1 -2.2 -3.6 0.2 -3.5 -2.6
revenue
Profit
before 0.4 -0.7 -1.3 -0.6 -1.2 -1.0
taxes, EUR
million
% of 1.9 -4.6 -7.6 -3.2 -6.7 -5.9
revenue
Return on
investment 17.8 -1.5 -7.6 1.1 -9.4 -4.3
(ROI), %
Return on
equity 95 -297.7 -148.7 -55.8 -106.5 -75.2
(ROE), %
Equity 4.3 1.6 3.3 6.3 7.6 11.0
ratio, %
Gearing, % 1,372.9 4,103.2 1,867.7 946.5 739.3 486.6
Net debt, 20.3 23.2 21.8 22.0 22.9 21.7
EUR million
Net
interest-
bearing 22.7 24.6 24.5 24.9 24.1 21.9
debt, EUR
million
Average
number of
share issue-
adjusted 19,276,512 18,680,880 18,680,880 18,680,880 18,680,880 18,680,880
shares
during the
financial
period
Earnings per
share (EPS), 0.02 -0.04 -0.07 -0.03 -0.06 -0.05
EUR
Equity per 0.08 0.03 0.07 0.14 0.17 0.2
share, EUR
Investments, 0.1 0.0 0.0 0.1 0.1 0.1
EUR million
% of 0.3 0.2 0.0 0.7 0.7 0.3
revenue
Average
number of 710 728 753 770 745 727
employees
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
Market value of share capital of shares available for public trading
[HUG#1630564]
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