|
|||
2009-05-06 08:00:00 CEST 2009-05-06 08:05:07 CEST REGULATED INFORMATION Aldata Solution Oyj - Interim report (Q1 and Q3)ALDATA SOLUTION INTERIM REPORT JANUARY - MARCH 2009Aldata Solution Oyj STOCK EXCHANGE RELEASE 6 May 2009 at 9.00 a.m. (EET) Aldata in Q1 2009 (compared to Q1 2008) * Net sales decreased by 12.0% to EUR 16.8 million (EUR 19.1 million). * Gross profit decreased by 9.7% to EUR 15.4 million (EUR 17.1 million). * Operating profit, EBIT, decreased to EUR -0.2 million (EUR 1.1 million). * Profit before taxes was EUR 0.0 million (EUR 0.6 million). * Net profit was EUR -0.2 million (EUR 0.5 million) and earnings per share, EPS, were -0.003 EUR (0.007 EUR). Message from CEO Bertrand Sciard Aldata continued to win new business and accomplish more high quality customer implementations during the first quarter of 2009. Our new Apollo business unit exceeded expectations and we see great potential in cross selling Apollo products into our existing customer base. A local change in demand for customer services in France impacted our first quarter earnings negatively. The nervous economic climate affected all businesses in Q1 and the retail sector was no exception. However Aldata's core food and grocery sector is showing good resilience and customers continue to invest in areas that can help them reduce inventory costs and increase consumer sales. Helping retailers to reduce costs resulted in new deals for our Aldata G.O.L.D. business units that will eventually support over 4000 retail stores worldwide. They included in Europe; the German supermarket chain Netto-Marken Discount, part of the Edeka Group, Systeme U in France, Supreme in Italy, Hendersons in Northern Ireland, and Dixie in Russia. In the USA Heinens Fine Foods of Cleveland chose Aldata for all its stores and warehouses and MCA Logistics expanded its commitment to G.O.L.D. as did Fucom in Kuwait, and Groupe Mobrouke in Tunisia. Initiatives to help increase sales for both retailers and consumer goods producers drove new business for our Apollo and Loyalty business units. The Apollo division contributed positively with new contracts at Cumberland Farms (over 1000 convenience stores), and Constellation Wines (the largest wine producer in the USA). And our combined Loyalty and E-marketing solution brought five new name customers to Aldata in Q1 including one global luxury brand. Other milestones in Q1 included the completion of global certification with IBM for its Websphere and Retail Integration Framework. This allows standards based integration of Aldata and IBM products. Plus the receipt of the prestigious 2008 Frost & Sullivan Award for Product Line Strategy in Retail Software. During Q1 our forecasting process highlighted a reduction in demand for some of our services in the French marketplace. We moved quickly to address this situation and announced a restructuring program in France in early February. This temporary overcapacity during Q1 impacted our earnings producing a positive EBITDA performance and a slightly negative EBIT. This restructuring program will be finalized during Q2 2009. The result will be lower fixed cost overheads more appropriate to servicing present market requirements. January - March 2009 financial performance The Group's net sales were EUR 16.8 million (EUR 19.1 million), which represents a decline of EUR 2.3 million compared to first 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 62% (43%) of total net sales. Consulting services accounted for 36% (47%), and third party licences and hardware accounted for 2% (10%). The Group's gross profit was EUR 15.4 million (EUR 17.1 million), which represents an 92% (89%) gross margin. Operating profit, EBIT, totaled EUR -0.2 million (EUR 1.1 million) and operating profit excluding expenses for option plans was EUR -0.1 million (EUR 1.2 million). Pre-tax profit was EUR 0.0 million (EUR 0.6 million), net profit was EUR -0.2 million (EUR 0.5 million) and earnings per share, EPS, were -0.003 EUR (0.007 EUR). Research and development costs in the first quarter totaled EUR 2.7 million (EUR 2.1 million), of which EUR 0.2 million (EUR 0.3 million) or 5.8% were capitalized. EUR 0.1 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 2009, the order backlog was EUR 22.2 million (EUR 20.1 million at the end of March 2008 and EUR 23.7 million at the end of year 2008). Business units in Q1 Net sales of the Supply Chain Management (SCM) Software business unit were EUR 12.2 million (EUR 15.2 million). The gross profit was EUR 11.5 million (EUR 13.3 million) and the operating profit, EBIT, was EUR 0.8 million (EUR 0.9 million). Net sales of the In-Store Software business unit were EUR 4.6 million (EUR 3.9 million). The gross profit was EUR 4.0 million (EUR 3.1 million) and the operating profit, EBIT, was EUR 1.2 (EUR 0.8) 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 2.2 million (EUR 0.6 million). The increase in unallocated costs is due to a change in internal accounting practices as a result of organizational changes in the Company. In the group as a whole, there have been no significant increase in actual costs incurred. Finance and investments Cash flow from operating activities in the first three months of the year was EUR -0.2 million (EUR 1.0 million) and net cash flow was EUR -0.6 million (EUR -0.6 million). At the end of March 2009, Aldata Group's cash, cash equivalents and marketable securities amounted to EUR 14.9 million (EUR 8.6 million) and total assets were EUR 67.8 million (EUR 56.1 million). The Group had interest-bearing debt EUR 15.2 million (EUR 3.5 million) and interest-bearing net liabilities totaled EUR 0.7 million (EUR -4.2 million). Short term receivables totaled EUR 28.5 million (EUR 32.4 million). The Group's solvency ratio was 33.4% (37.6%), gearing was 3.3% (-20.4%), and shareholders' equity per share was 0.327 EUR (EUR 0.300). The Group's capital expenditure on hardware and software purchases amounted to EUR 0.2 million (EUR 0.4 million) in the first three months of the year. A total of EUR 0.2 million (EUR 0.3 million) of development costs were capitalized during the period. Research and Development Aldata's research and development costs were EUR 2.7 million (EUR 2.1 million) and made up 16% (11%) of net sales. A total of EUR 0.2 million (EUR 0.3 million) of development costs were capitalized during the period. EUR 0.1 million (EUR 0.1 million) of capitalized development costs were amortized. At the end of the review period 143 (156) Aldata employees and 41 (0) contracted offshore resources were involved in R&D activities. These employees represent 26% (29%) of the Group's total personnel. Aldata's R&D centres are located in Paris, France and in Vantaa, Finland. Personnel Aldata Group employed 558 (538) persons at the end of March 2009, and on average had 559 (546) employees during the period. 31 March 2009 31 March 2008 By business unit Persons % Persons % SCM Software 419 75 447 83 In-Store Software 124 22 82 15 Group Administration 16 3 9 2 Total 558 100 538 100 Approximately 51% of personnel were employed by Aldata companies in France, 14% in Finland, 11% in Germany, 10% in the US, 5% 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 - March 2009 was EUR 0.41 and the lowest price EUR 0.30. The average price was EUR 0.36 and the closing price EUR 0.38. The trading volume on the Helsinki Stock Exchange was EUR 5.4 million and altogether 15.1 million shares were traded, which represents 22% of the shares. Aldata Solution Oyj has 68.7 million shares outstanding. The number of shares outstanding has been unchanged during the period. The number of shareholders was 4.571 and the free float was 100% of the share capital at the end of March 2009. A total of 34.5% of Aldata Solution Oyj's shares were owned by foreign investors at the end of the period. Annual General Meeting 2009 The Annual General Meeting of Aldata Solution Oyj was held in Vantaa, Finland on 31 March 2009. The meeting approved the parent Company's financial statements and the consolidated financial statements for the year 2008 and decided according to the Board's proposal that no dividend will be distributed on the year 2008. The result for the year will be carried forward to the retained earnings account. The Board members and the Managing Director were discharged from liability for the fiscal year 2008. The 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. * Amending the Terms and Conditions of the Stock Options 2008A - 2008F; and * Amending the Company's Articles of Association. The Annual General Meeting re-elected the following persons as the members of the Board of Directors: Mr. William Chisholm, Mr. Bertrand Sciard, Mr. Thomas Peterson, Mr. Tommy Karlsson and Mr. Aarne Aktan. The Board convened after the Annual General Meeting. In the meeting Mr. William Chisholm was elected as the Chairman of the Board and Mr. Bertrand Sciard as the Vice Chairman of the Board. The Board resolved not to establish Board Committees. Ernst & Young Oy was re-appointed to be the company's auditor, under the supervision of principal auditor Anne Vuorio (APA). 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 has affected and will affect Aldata's operations. Aldata has responded quickly to the new economic environment in order to limit the risks associated with a further weakening global economy. A further worsening of the economic situation would result in delays of large projects and investment decisions. Due to overcapacity in the French G.O.L.D. business unit, Aldata has started personnel negotiations with the aim to significantly reduce the cost base. 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 2009 operating environment to remain challenging. The 2009 second quarter results will include significant non-recurring restructuring costs related to a reorganization and a reduction of the cost base in the French G.O.L.D. business unit. When the process is finished, the Company will announce the economic effects of the restructuring process. Based on the current backlog, sales and services activity and pipeline, the Company expects to generate in 2009 growth in net sales compared to 2008 and for the full-year a profitable operative result (EBIT), excluding restructuring costs related to the French reorganization program. Helsinki, May 6, 2009 Aldata Solution Oyj Board of Directors Further information: Bertrand Sciard, President and CEO, tel. +358 10 820 8000 / Aldata Solution Oyj. Thomas Hoyer, CFO, tel. +358 10 820 8010 Aldata will hold a teleconference for the media and financial analysts on 6 May, at 12.00 (EET). 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 thereported 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- Total Mar/ 2009 Jan-Mar/ 2008 2008 Net sales 16,8 19,1 -12,0 % 70,0 Other operating income 0,1 0,3 -56,4 % 2,1 Operating expenses -16,8 -17,9 6,2 % -67,0 Depreciations and impairments -0,4 -0,3 -1,4 % -1,4 Operating profit -0,2 1,1 -118,8 % 3,7 Financial items 0,2 -0,6 132,9 % -1,0 Profit before taxes 0,0 0,6 -105,5 % 2,8 Income taxes -0,2 -0,1 -33,8 % -0,6 Minority interest 0,0 0,0 467,7 % 0,0 Profit for the financial period -0,2 0,5 -140,8 % 2,1 Earnings per share, EUR -0,003 0,007 0,031 Earnings per share, EUR (EPS), adjusted for dilution effect -0,003 0,007 0,031 Attributable to: Equity holders of the Company -0,2 0,5 2,1 Minority interest 0,0 0,0 0,0 Statement of comprehensive income: Net profit for the period -0,2 0,5 2,1 Other comprehensive income: Translation differences -0,2 0,4 0,4 Total comprehensive income -0,4 0,9 2,5 Total comprehensive income attributable to: Equity holders of the Company -0,4 0,9 2,5 Minority interest 0,0 0,0 0,0 CONSOLIDATED BALANCE SHEET MEUR MEUR MEUR 31 Mar 31 Mar 31 Dec 2009 2008 2008 ASSETS NON-CURRENT ASSETS Goodwill 15,0 9,4 15,0 Capitalized development cost 3,0 2,3 2,9 Intangible assets 1,7 0,3 1,8 Tangible assets 1,4 1,5 1,4 Investments 0,1 0,1 0,1 Other long-term assets 0,1 0,1 0,1 Deferred tax assets 2,6 1,0 1,9 NON-CURRENT ASSETS TOTAL 23,9 14,8 23,3 CURRENT ASSETS Inventories 0,4 0,3 0,2 Short-term receivables 28,5 32,4 25,6 Cash and cash equivalents 14,8 8,6 15,4 CURRENT ASSETS TOTAL 43,9 41,3 41,5 ASSETS TOTAL 67,8 56,1 64,8 SHAREHOLDERS' EQUITY AND LIABILITIES Shareholders' equity 22,5 20,6 22,8 Minority interest 0,1 0,1 0,1 Long-term loans 4,6 4,2 3,7 Short-term loans 40,6 31,2 38,2 EQUITY AND LIABILITIES TOTAL 67,8 56,1 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 recognized 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 recognized against equity 0 0 0 75 75 0 75 Comprehensive income 0 0 -182 -190 -372 -14 -387 EQUITY 31.3.2009 687 19 154 526 2 129 22 496 103 22 599 CONSOLIDATED CASH FLOW STATEMENT MEUR MEUR MEUR Jan-Mar/ Jan-Mar/ Jan-Dec 2009 2008 2008 Cash flow from operating activities Operating result -0,2 1,2 3,7 Adjustment to operating result 0,0 -0,9 -0,1 Change in working capital -0,1 0,6 1,6 Interest received and other financial income 0,2 0,1 0,6 Interest paid and other financial expenses -0,1 -0,2 -0,6 Taxes paid 0,0 0,4 0,5 Net cash from operating activities -0,2 1,0 5,7 Cash flow from investing activities Investments in tangible and intangible assets -0,3 -0,3 -1,9 Net cash used in investing activities -0,3 -0,3 -9,8 Cash flow before financing activities -0,5 0,7 -4,1 Cash flow from financing activities Long-term loans, repayments 0,0 0,0 0,0 Short-term loans, received 0,0 0,2 13,9 Short-term loans, repayments -0,1 -1,5 -3,7 Share issue 0,0 0,1 0,2 Net cash used in financing activities -0,1 -1,3 10,4 Net cash flow, total -0,6 -0,6 6,3 Change in cash and cash equivalents -0,6 -0,6 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 14,9 8,6 15,4 NOTES TO THE INTERIM REPORT COMMITMENTS AND CONTINGENCIES MEUR MEUR MEUR 31 Mar 2009 31 Mar 2008 31 Dec 2008 Loans from financial institutions 15,2 3,5 15,2 Mortgages 5,4 5,4 5,4 Leasing liabilities 10,4 12,8 11,4 Guarantees on behalf of company debt 0,1 0,1 0,1 Jan-Mar Jan-Mar KEY FIGURES, MEUR /2009 /2008 Total 2008 Scope of Operations Net sales, MEUR 16,8 19,1 70,0 Average number of personnel 559 546 540 Profitability Operating profit , MEUR -0,2 1,1 3,7 Operating profit, % of net sales -1,3 6,0 5,3 Profit before taxes and minority interest, MEUR 0,0 0,6 2,8 Profit before taxes and minority interest, % of net sales -0,2 3,1 3,9 Return on equity, % (ROE) -3,5 9,2 10,2 Return on investment, % (ROI) 6,7 19,4 17,3 Financial Standing Quick ratio 1,1 1,3 1,1 Current ratio 1,1 1,3 1,1 Equity ratio, % 33,4 37,6 36,3 Interest-bearing net debt, MEUR 0,7 -4,2 0,4 Gearing, % 3,3 -20,4 1,9 Per Share Data Earnings per share, EUR (EPS) -0,003 0,007 0,031 Earnings per share, EUR (EPS), adjusted for dilution effect -0,003 0,007 0,031 Shareholders' equity per share, EUR 0,327 0,300 0,332 SEGMENT INFORMATION, MEUR BUSINESS SEGMENTS Jan-Mar/2009 Jan-Mar/2008 Total 2008 Net sales to external customers Supply Chain Management Software 12,2 15,2 56,2 In-Store Software 4,6 3,9 13,8 Total 16,8 19,1 70,0 Operating result, continuing operations Supply Chain Management Software 0,8 0,9 0,3 In-Store Software 1,2 0,8 2,1 Total 2,0 1,7 2,5 Unallocated items -2,2 -0,6 -1,3 Operating profit -0,2 1,1 3,7 Financial income and expenses 0,2 -0,6 -1,0 Result before taxes and minority interest 0,0 0,6 2,8 Taxes -0,2 -0,1 -0,6 Minority interest 0,0 0,0 0,0 Result from continuing operations -0,2 0,5 2,2 Result for the financial period -0,2 0,5 2,2 INCOME STATEMENT MEUR MEUR MEUR MEUR MEUR QUARTERLY FIGURES Q1/2009 Q4/2008 Q3/2008 Q2/2008 Q1/2008 Net sales 16,8 17,2 15,7 18,0 19,1 Other operating income 0,1 1,6 0,2 0,1 0,3 Operating expenses -16,8 -17,1 -15,4 -16,6 -17,9 Depreciations and impairments -0,4 -0,4 -0,4 -0,4 -0,3 Operating profit -0,2 1,3 0,1 1,2 1,1 Financial items 0,2 -0,9 0,4 0,0 -0,6 Profit before taxes 0,0 0,4 0,6 1,2 0,6 Income taxes -0,2 -0,3 -0,1 -0,1 -0,1 Minority interest 0,0 0,0 0,0 0,0 0,0 Profit for the financial period -0,2 0,1 0,5 1,1 0,5 INCOME STATEMENT MEUR MEUR MEUR MEUR MEUR CUMULATIVE 1-3/09 1-12/08 1-9/08 1-6/08 1-3/08 Net sales 16,8 70,0 52,8 37,1 19,1 Other operating income 0,1 2,1 0,6 0,4 0,3 Operating expenses -16,8 -67,0 -49,9 -34,5 -17,9 Depreciations and impairments -0,4 -1,4 -1,1 -0,7 -0,3 Operating profit -0,2 3,7 2,5 2,3 1,1 Financial items 0,2 -1,0 -0,1 -0,6 -0,6 Profit before taxes 0,0 2,8 2,4 1,8 0,6 Income taxes -0,2 -0,6 -0,2 -0,2 -0,1 Minority interest 0,0 0,0 0,0 0,0 0,0 Profit for the financial period -0,2 2,1 2,1 1,6 0,5 BALANCE SHEET MEUR MEUR MEUR MEUR MEUR 31.3.09 31.12.08 30.9.08 30.6.08 31.3.08 ASSETS NON-CURRENT ASSETS Goodwill 15,0 15,0 9,4 9,4 9,4 Capitalized development cost 3,0 2,9 2,6 2,4 2,3 Intangible assets 1,7 1,8 0,7 0,3 0,3 Tangible assets 1,4 1,4 1,3 1,4 1,5 Investments 0,1 0,1 0,1 0,1 0,1 Other long-term assets 0,1 0,1 0,1 0,1 0,1 Deferred tax assets 2,6 1,9 0,9 0,9 1,0 NON-CURRENT ASSETS TOTAL 23,9 23,3 15,2 14,7 14,8 CURRENT ASSETS Inventories 0,4 0,2 0,3 0,3 0,3 Short-term receivables 28,5 25,6 26,4 27,1 32,4 Cash and cash equivalents 14,8 15,4 8,8 13,6 8,6 CURRENT ASSETS TOTAL 43,9 41,5 35,5 41,0 41,3 ASSETS TOTAL 67,8 64,8 50,7 55,8 56,1 SHAREHOLDERS' EQUITY AND LIABILITIES Shareholders' equity 22,5 22,8 22,3 21,9 20,6 Minority interest 0,1 0,1 0,1 0,1 0,1 Non-current liabilities 4,6 3,7 2,0 3,6 4,2 Current liabilities 40,6 38,2 26,3 30,2 31,2 EQUITY AND LIABILITIES TOTAL 67,8 64,8 50,7 55,8 56,1 KEY FIGURES, MEUR Q1/2009 Q4/2008 Q3/2008 Q2/2008 Q1/2008 QUARTERLY FIGURES Scope of Operations Net sales, MEUR 16,8 17,2 15,7 18,0 19,1 Average number of personnel 559 540 539 543 546 Profitability Operating profit , MEUR -0,2 1,3 0,1 1,2 1,1 Operating profit, % of net sales -1,3 7,3 0,9 6,6 6,0 Profit before taxes and minority interest, MEUR 0,0 0,4 0,6 1,2 0,6 Profit before taxes and minority interest, % of net sales -0,2 2,4 3,7 6,6 3,1 Return on equity, % (ROE) -3,5 10,2 13,4 15,3 9,2 Return on investment, % (ROI) 6,7 17,3 18,7 21,4 19,4 Financial Standing Quick ratio 1,1 1,1 1,3 1,3 1,3 Current ratio 1,1 1,1 1,4 1,4 1,3 Equity ratio, % 33,4 36,3 45,1 40,3 37,6 Interest-bearing net debt, MEUR 0,7 0,4 -6,7 -9,3 -4,2 Gearing, % 3,3 1,9 -29,8 -42,4 -20,4 Per Share Data Earnings per share, EUR (EPS) -0,003 0,001 0,007 0,016 0,007 Earnings per share, EUR (EPS), adjusted for dilution effect -0,003 0,001 0,007 0,016 0,007 Shareholders' equity per share, EUR 0,327 0,332 0,324 0,319 0,300 |
|||
|