2009-08-11 08:00:00 CEST
2009-08-11 08:02:39 CEST
REGULATED INFORMATION
Aldata Solution Oyj - Interim report (Q1 and Q3)
ALDATA SOLUTION INTERIM REPORT JANUARY-JUNE 2009
Aldata Solution Oyj
STOCK EXCHANGE RELEASE
11 August 2009, at 9.00 a.m. (EET)
ALDATA SOLUTION INTERIM REPORT JANUARY-JUNE 2009
Slow Market Conditions Continue, Prudent Provisions, Green Shoots
* Market conditions continue to be challenging
* Operating results excluding exceptional charges close to
breakeven
* Actions on restructuring and risk management produce one off
charge
* New contracts for G.O.L.D. and Apollo realize benefits of cross
selling
* High customer ratings for quality and reliability of latest
G.O.L.D. release
* Loyalty products win global comparison study by leading US
industry analysts
* Full year revenue outlook revised to be flat or slightly below
the 2008 level, there is no change to operating profit, (EBIT)
outlook
Aldata in Q2 2009 (compared to Q2 2008)
* Net sales decreased by 10.4% to EUR 16.1 million (EUR 18.0
million).
* Gross profit decreased by 3.6% to EUR 14.9 million (EUR 15.4
million).
* Operating profit, EBIT, decreased to EUR -6.7 million (EUR 1.2
million).
* Operating costs in the second quarter include EUR 6,1 million of
non-recurring items related to the previously announced
restructuring program and to adopting a much tougher line on
receivables from customers in emerging markets that have been
most impacted by the current crisis. The operating loss, EBIT,
excluding non-recurring items was EUR 0.6 million
* Profit before taxes was EUR -7.1 million (EUR 1.2 million).
* Net profit was EUR -7.2 million (EUR 1.1 million) and earnings
per share, EPS, were -0.104 EUR (0.016 EUR).
* Cash flow from operating activities was EUR -2.8 million (EUR 5.5
million).
* Cash, cash equivalents and marketable securities amounted to EUR
11.9 million (EUR 13.6 million) and the Group had
interest-bearing debt EUR 15.2 million (EUR 3.5 million).
Aldata in January - June 2009 (compared to January - June 2008)
* Net sales were EUR 33.0 million (EUR 37.1 million).
* Gross profit was EUR 30.3 million (EUR 32.5 million).
* Operating profit, EBIT, was EUR -6.9 million (EUR 2.3 million)
and profit before taxes was EUR -7.1 million (EUR 1.8 million).
* Net profit was EUR -7.4 million (EUR 1.6 million) and earnings
per share, EPS, were -0.107 EUR (0.023 EUR).
Message from Bertrand Sciard, President and CEO
The nervous economic climate experienced in Q1 2009 continued in Q2
as predicted in our Q1 outlook and the operating environment still
remains challenging. The actions taken to reduce our costs in France
proved well timed. Cautious customer decisions together with the
impact of the elongated legal process of the restructuring in France
resulted in a small loss on underlying operations for the quarter.
The green shoots of economic recovery are appearing and our pipeline
promises increased activity in the months ahead as our investments in
G.O.L.D. 5.08, Apollo, and Loyalty are beginning to bear fruit as
planned.
We must however take a very prudent approach to costs and liabilities
in the present market. We have therefore taken in Q2 the full costs
of the previously announced restructuring in France, the resolution
of a long term legal liability with Groupe GrandVision, a much
tougher line on receivables from customers in emerging markets, and a
more risk averse approach to some long standing customer projects.
These produce a combined one off negative charge of EUR 5.4 million
resulting in an EBIT of EUR -6.0 million for the quarter.
New customer contracts in Q2 came from all major geographies and
included; Russian toy retailer Mir Detstva, German restaurant chain
Cucina, French postal service operator Neolog, Swiss chemical giant
Syngenta. The benefits of cross selling the newly acquired Apollo
products into our existing G.O.L.D. customers were realized with
deals such as those with Delhaize Belgium, one of Europe's largest
retail groups.
Our Loyalty products continue to gain customers and market
recognition. They scored highest in a comprehensive study of the
world's major suppliers by the leading US industry analyst group.
Aldata Loyalty was the closest to delivering all of capabilities
desired by customers scoring positive in 29 out of the 30
requirements.
The latest release of our flagship G.O.L.D. product line, Version
5.08, brought plaudits from customers based on the advances made in
ease of implementation, quality, and reliability. This follows an
intensive period of investment, new practices, and innovative use of
offshore resources by our development and QA teams. This important
work enables us to serve our customers better today and win more
business as the market regains its confidence.
Aldata in the second quarter of 2009
April - June 2009 financial performance
The Group's net sales were EUR 16.1 million (EUR 18.0 million), which
represents a decline of EUR 1.9 million compared to second 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 57% (47%) of total net sales.
Consulting services accounted for 39% (46%), and third party licences
and hardware accounted for 4% (7%).
The Group's gross profit was EUR 14.9 million (EUR 15.4 million),
which represents a 92% (86%) gross margin. Operating profit, EBIT,
totaled EUR -6.7 million (EUR 1.2 million). Operating profit
excluding non-recurring items was EUR -0.6 and excluding expenses for
option plans EUR -0.4 million (EUR 1.3 million).
Pre-tax profit was EUR -7.1 million (EUR 1.2 million), net profit was
EUR -7.2 million (EUR 1.1 million) and earnings per share, EPS, were
-0.104 EUR (0.016 EUR).
Research and development costs in the second quarter totaled EUR 2.2
million (EUR 2.0 million), of which EUR 0.1 million (EUR 0.3 million)
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 June 2009, the order backlog
was EUR 22.5 million (EUR 20.0 million at the end of June 2008 and
EUR 23.7 million at the end of year 2008).
Business units in Q2 2009
Net sales of the Supply Chain Management (SCM) Software business unit
were EUR 11.5 million (EUR 14.7 million). The gross profit was EUR
11.0 million (EUR 12.9 million) and the operating profit, EBIT, was
EUR -4.0 million (EUR 0.6 million).
Net sales of the In-Store Software business unit were EUR 4.6 million
(EUR 3.3 million). The gross profit was EUR 3.9 million (EUR 2.7
million) and the operating profit, EBIT, was EUR 0.9 (EUR 1.0)
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 -3.6 million (EUR 0.3
million).
Finance and investments
Cash flow from operating activities in the second quarter was EUR
-2.8 million (EUR 5.5 million) and net cash flow was EUR -3.0 million
(EUR 5.0 million).
The Group's capital expenditure on hardware and software purchases
amounted to EUR 0.3 million (EUR 0.3 million) in second quarter of
the year.
Research and development
In the second quarter Aldata's research and development costs were
EUR 2.2 million (EUR 2.0 million). A total of EUR 0.1 million (EUR
0.3 million) of development costs were capitalized during the
quarter. EUR 0.1 million (EUR 0.2 million) of capitalized development
costs were amortized in the quarter.
Aldata in the first half of 2009
January-June 2009 financial performance
The Group's net sales were EUR 33.0 million (EUR 37.1 million), which
represents a decline of EUR 4.2 million compared to first two
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 60% (45%) of
total net sales. Consulting services accounted for 37% (46%) and
third party licences and hardware accounted for 3% (9%).
The Group's gross profit was EUR 30.3 million (EUR 32.5 million),
which represents a 92% (88%) gross margin. Operating profit, EBIT,
totaled EUR -6.9 million (EUR 2.3 million). Operating profit
excluding non-recurring items was EUR -0.8 million and excluding
expenses for option plans was EUR -0.6 million (EUR 2.5 million).
Pre-tax profit was EUR -7.1 million (EUR 1.8 million), net profit was
EUR -7.4 million (EUR 1.6 million) and earnings per share, EPS, were
-0.107 EUR (0.023 EUR).
Research and development costs in the financial period totaled EUR
5.0 million (EUR 4.1 million), of which EUR 0.3 million (EUR 0.5
million) capitalized. EUR 0.2 million (EUR 0.3 million) of
capitalized development costs were amortized.
Taxes for the period were EUR 0.3 million (EUR 0.2 million).
Business Units in H1 2009
Net sales of the Supply Chain Management (SCM) Software business unit
were EUR 23.8 million (EUR 29.9 million). The gross profit was EUR
22.4 million (EUR 26.6 million) and the operating profit, EBIT, was
EUR -3.1 million (EUR 1.4 million).
Net sales of the In-Store Software business unit were EUR 9.2 million
(EUR 7.2 million). The gross profit was EUR 7.9 million (EUR 5.9
million) and the operating profit, EBIT, was EUR 2.0 (EUR 2.1)
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 -5.8 million (EUR 1.2
million).
Finance and investments
Cash flow from operating activities in the first half of the year was
EUR -3.0 million (EUR 6.5 million) and net cash flow was EUR -3.6
million (EUR 4.4 million).
At the end of June 2009, Aldata Group's cash, cash equivalents and
marketable securities amounted to EUR 11.9 million (EUR 13.6 million)
and total assets were EUR 60.9 million (EUR 55.8 million). The Group
had interest-bearing debt EUR 15.2 million (EUR 3.5 million) and
interest-bearing net liabilities totaled EUR 3.6 million (EUR -9.3
million). Short term receivables totaled EUR 25.2 million (EUR 27.1
million). The Group's solvency ratio was 25.3% (40.3 %), gearing was
23.7% (-42.4%), and shareholders' equity per share was 0.222 EUR (EUR
0.319).
The Group's capital expenditure on hardware and software purchases
amounted to EUR 0.5 million (EUR 0.9 million) during the first half
of the year.
Financial impact of none recurring items
As previously reported, and following a long process as defined by
French legislation and involving consultation with the French Works
Council, the process investigating different options for
restructuring the French subsidiary's operations were concluded in
May 2009. The outcome of this investigation resulted in 35 employees
leaving Aldata in Q2. The resulting lower fixed costs are more
appropriate to servicing present and anticipated market requirements.
As a reaction to the challenging economic climate, Aldata chose to
adopt a more risk adverse view of some of its ongoing customer
relations which focused on reviewing ongoing projects in countries
that have been severely impacted by the current business environment
In Q2 Aldata was able to resolve to the satisfaction of both parties
a long term legal liability with Groupe GrandVision.
The total impact of the above actions represents non-recurring costs
of EUR 5.4 million in Q2.
Research and Development
In the first half of the year Aldata's research and development costs
were EUR 5.0 million (EUR 4.1 million) and made up 15% (11%) of net
sales. A total of EUR 0.3 million (EUR 0.5 million) of development
costs were capitalized during the period. EUR 0.2 million (EUR 0.3
million) of capitalized development costs were amortized.
At the end of the review period 139 (158) Aldata employees and 57 (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 531 (543) persons at the end of June 2009, and
on average had 554 (543) employees during the period.
30 June 2009 30 June 2008
By business unit Persons % Persons %
SCM Software 398 75 450 83
In-Store Software 121 23 84 15
Group Administration 12 2 9 2
Total 531 100 543 100
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 -
June 2009 was EUR 0.62 and the lowest price EUR 0.30. The average
price was EUR 0.39 and the closing price EUR 0.45. The trading volume
on the Helsinki Stock Exchange was EUR 8.5 million and altogether
21.5 million shares were traded, which represents 31% of the shares.
Aldata Solution Oyj has 67.8 million shares outstanding. The number
of shares outstanding has been unchanged during the period.
The number of shareholders was 4.526 and the free float was 100% of
the share capital at the end of June 2009. A total of 33.5% of Aldata
Solution Oyj's shares were owned by foreign investors at the end of
the period.
Events after the review period
On 14th July 2009 Aldata announced that the Company has appointed
Group Controller Graham Howell as the Company's new Chief Financial
Officer and as a member of the Executive Management Team.
On 21st July 2009 Aldata Solution S.A.S. and Groupe GrandVision
announced that relations between the two companies have been fully
restored following a contractual dispute that originated in 2002.
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 and any further worsening of the economic
situation 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 2009 operating environment to remain challenging.
Whilst the green shoots of economic recovery are appearing and our
pipeline promises increased activity, it remains difficult to assess
the impact this will have on our Q3 and Q4 results.
Based on the current backlog, sales and services activity and
pipeline, the Company expects net sales in 2009 to be flat or
slightly down on 2008 levels and a profitable operative result
(EBIT), excluding none recurring costs for the full-year.
Helsinki, August 11, 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 11
August, at 13.00 (EET) in Palace Kämp Hotel (Eteläranta 10,
Helsinki).
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-Jun/ Jan-Jun/ Total
2009 2008 2008
Net sales 33,0 37,1 -11,2 % 70,0
Other operating income 0,4 0,4 -17,0 % 2,1
Operating expenses -39,5 -34,5 -14,5 % -67,0
Depreciations and
impairments -0,7 -0,7 0,6 % -1,4
Operating profit -6,9 2,3 -395,6 % 3,7
Financial items -0,2 -0,6 65,8 % -1,0
Profit before taxes -7,1 1,8 -499,3 % 2,8
Income taxes -0,3 -0,2 -59,0 % -0,6
Minority interest 0,0 0,0 195,2 % 0,0
Profit for the financial
period -7,4 1,6 -565,3 % 2,1
Earnings per share, EUR -0,097 0,023 0,031
Earnings per share, EUR(EPS), adjusted for
dilution effect -0,097 0,023 0,031
Attributable to:
Equity holders of the
Company -6,7 1,6 2,1
Minority interest 0,0 0,0 0,0
Statement of comprehensive
income:
Net profit for the period -6,7 1,6 2,1
Other comprehensive income:
Translation differences -0,3 0,4 0,4
Total comprehensive income -7,0 2,0 2,5
Total comprehensive income
attributable to:
Equity holders of the
Company -7,0 2,0 2,5
Minority interest 0,0 0,0 0,0
CONSOLIDATED BALANCE SHEET MEUR MEUR MEUR
30 Jun 30 Jun 31 Dec
2009 2008 2008
ASSETS
NON-CURRENT ASSETS
Goodwill 15,0 9,4 15,0
Capitalized development cost 3,0 2,4 2,9
Intangible assets 1,7 0,3 1,8
Tangible assets 1,4 1,4 1,4
Investments 0,1 0,1 0,1
Other long-term assets 0,1 0,1 0,1
Deferred tax assets 2,5 0,9 1,9
NON-CURRENT ASSETS TOTAL 23,7 14,7 23,3
CURRENT ASSETS
Inventories 0,0 0,3 0,2
Short-term receivables 25,2 27,1 25,6
Cash and cash equivalents 11,9 13,6 15,4
CURRENT ASSETS TOTAL 37,3 41,0 41,5
ASSETS TOTAL 60,9 55,8 64,8
SHAREHOLDERS' EQUITY AND
LIABILITIES
Shareholders' equity 15,3 21,9 22,8
Minority interest 0,1 0,1 0,1
Long-term loans 4,5 3,6 3,7
Short-term loans 41,0 30,2 38,2
EQUITY AND LIABILITIES TOTAL 60,9 55,8 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 0 201 201 0 201
Comprehensive
income 0 0 -334 -6 669 -7 003 -15 -7018
EQUITY
30.6.2009 687 19 154 374 -4 224 15 991 102 16 094
CONSOLIDATED CASH FLOW
STATEMENT
MEUR MEUR MEUR
Jan-Jun/ Jan-Jun/ Jan-Dec/
2009 2008 2008
Cash flow from operating
activities
Operating result -6,9 2,3 3,7
Adjustment to operating result 2,8 0,1 -0,1
Change in working capital 1,4 3,8 1,6
Interest received and other
financial income 0,1 0,2 0,6
Interest paid and other
financial expenses -0,4 -0,3 -0,6
Taxes paid 0,0 0,5 0,5
Net cash from operating
activities -3,0 6,5 5,7
Cash flow from investing
activities
Investments in tangible and
intangible assets -0,4 -0,7 -1,9
Net cash used in investing
activities -0,4 -0,7 -9,8
Cash flow before financing
activities -3,5 5,8 -4,1
Cash flow from financing
activities
Long-term loans, repayments -0,1 0,0 0,0
Short-term loans, received 0,0 0,2 13,9
Short-term loans, repayments 0,0 -1,7 -3,7
Share issue 0,0 0,2 0,2
Net cash used in financing
activities -0,1 -1,3 10,4
Net cash flow, total -3,6 4,4 6,3
Change in cash and cash
equivalents -3,6 4,4 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 11,9 13,6 15,4
NOTES TO THE INTERIM REPORT
COMMITMENTS AND CONTINGENCIES MEUR MEUR MEUR
30 Jun 2009 30 Jun 2008 31 Dec 2008
Loans from financial
institutions 15,2 3,5 15,2
Mortgages 5,4 5,4 5,4
Leasing liabilities 9,6 12,2 11,4
Guarantees on behalf of company
debt 0,1 0,1 0,1
Jan-Jun / Jan-Jun /
KEY FIGURES, MEUR 2009 2008 Total 2008
Scope of Operations
Net sales, MEUR 33,0 37,1 70,0
Average number of personnel 554 543 540
Profitability
Operating profit , MEUR -6,9 2,3 3,7
Operating profit, % of net sales -21,0 6,3 5,3
Profit before taxes and minority
interest, MEUR -7,1 1,8 2,8
Profit before taxes and minority
interest, % of net sales -21,5 4,8 3,9
Return on equity, % (ROE) -77,2 15,3 10,2
Return on investment, % (ROI) -34,1 21,4 17,3
Financial Standing
Quick ratio 0,9 1,3 1,1
Current ratio 0,9 1,4 1,1
Equity ratio, % 25,3 40,3 36,3
Interest-bearing net debt, MEUR 3,6 -9,3 0,4
Gearing, % 23,7 -42,4 1,9
Per Share Data
Earnings per share, EUR (EPS) -0,107 0,023 0,031
Earnings per share, EUR (EPS),
adjusted for dilution effect -0,107 0,023 0,031
Shareholders' equity per share,
EUR 0,222 0,319 0,332
SEGMENT INFORMATION, MEUR
Jan-Jun/ Jan-Jun/
BUSINESS SEGMENTS 2009 2008 Total 2008
Net sales to external customers
Supply Chain Management Software 23,8 29,9 56,2
In-Store Software 9,2 7,2 13,8
Total 33,0 37,1 70,0
Operating result, continuing
operations
Supply Chain Management Software -3,1 1,4 0,3
In-Store Software 2,0 2,1 2,1
Total -1,1 3,5 2,5
Unallocated items -5,8 -1,2 1,3
Operating profit -6,9 2,3 3,7
Financial income and expenses -0,2 -0,6 -1,0
Result before taxes and minority
interest -7,1 1,8 2,8
Taxes -0,3 -0,2 -0,6
Minority interest 0,0 0,0 0,0
Result from continuing operations -7,4 1,6 2,2
Result for the financial period -7,4 1,6 2,2
INCOME STATEMENT MEUR MEUR MEUR MEUR MEUR
QUARTERLY FIGURES Q2/2009 Q1/2009 Q4/2008 Q3/2008 Q2/2008
Net sales 16,1 16,8 17,2 15,7 18,0
Other operating income 0,2 0,1 1,6 0,2 0,1
Operating expenses -22,7 -16,8 -17,1 -15,4 -16,6
Depreciations and
impairments -0,3 -0,4 -0,4 -0,4 -0,4
Operating profit -6,7 -0,2 1,3 0,1 1,2
Financial items -0,4 0,2 -0,9 0,4 0,0
Profit before taxes -7,1 0,0 0,4 0,6 1,2
Income taxes -0,1 -0,2 -0,3 -0,1 -0,1
Minority interest 0,0 0,0 0,0 0,0 0,0
Profit for the financial
period -7,2 -0,2 0,1 0,5 1,1
INCOME STATEMENT MEUR MEUR MEUR MEUR MEUR
CUMULATIVE 1-6/09 1-3/09 1-12/08 1-9/08 1-6/08
Net sales 33,0 16,8 70,0 52,8 37,1
Other operating income 0,4 0,1 2,1 0,6 0,4
Operating expenses -39,5 -16,8 -67,0 -49,9 -34,5
Depreciations and
impairments -0,7 -0,4 -1,4 -1,1 -0,7
Operating profit -6,9 -0,2 3,7 2,5 2,3
Financial items -0,2 0,2 -1,0 -0,1 -0,6
Profit before taxes -7,1 0,0 2,8 2,4 1,8
Income taxes -0,3 -0,2 -0,6 -0,2 -0,2
Minority interest 0,0 0,0 0,0 0,0 0,0
Profit for the financial
period -7,4 -0,2 2,1 2,1 1,6
BALANCE SHEET MEUR MEUR MEUR MEUR MEUR
30.6.09 31.3.09 31.12.08 30.9.08 30.6.08
ASSETS
NON-CURRENT ASSETS
Goodwill 15,0 15,0 15,0 9,4 9,4
Capitalized development
cost 3,0 3,0 2,9 2,6 2,4
Intangible assets 1,7 1,7 1,8 0,7 0,3
Tangible assets 1,4 1,4 1,4 1,3 1,4
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 2,5 2,6 1,9 0,9 0,9
NON-CURRENT ASSETS TOTAL 23,7 23,9 23,3 15,2 14,7
CURRENT ASSETS
Inventories 0,0 0,4 0,2 0,3 0,3
Short-term receivables 25,2 28,5 25,6 26,4 27,1
Cash and cash equivalents 11,9 14,8 15,4 8,8 13,6
CURRENT ASSETS TOTAL 37,3 43,9 41,5 35,5 41,0
ASSETS TOTAL 60,9 67,8 64,8 50,7 55,8
SHAREHOLDERS' EQUITY AND
LIABILITIES
Shareholders' equity 15,3 22,5 22,8 22,3 21,9
Minority interest 0,1 0,1 0,1 0,1 0,1
Non-current liabilities 4,5 4,6 3,7 2,0 3,6
Current liabilities 41,0 40,6 38,2 26,3 30,2
EQUITY AND LIABILITIES
TOTAL 60,9 67,8 64,8 50,7 55,8
KEY FIGURES, MEUR Q2/2009 Q1/2009 Q4/2008 Q3/2008 Q2/2008
QUARTERLY FIGURES
Scope of Operations
Net sales, MEUR 16,1 16,8 17,2 15,7 18,0
Average number of personnel 554 559 540 539 543
Profitability
Operating profit , MEUR -6,7 -0,2 1,3 0,1 1,2
Operating profit, % of net
sales -41,5 -1,3 7,3 0,9 6,6
Profit before taxes and
minority
interest, MEUR -7,1 0,0 0,4 0,6 1,2
Profit before taxes and
minority
interest, % of net sales -43,8 -0,2 2,4 3,7 6,6
Return on equity, % (ROE) -77,2 -3,5 10,2 13,4 15,3
Return on investment, %
(ROI) -34,1 6,7 17,3 18,7 21,4
Financial Standing
Quick ratio 0,9 1,1 1,1 1,3 1,3
Current ratio 0,9 1,1 1,1 1,4 1,4
Equity ratio, % 25,3 33,4 36,3 45,1 40,3
Interest-bearing net debt,
MEUR 3,6 0,7 0,4 -6,7 -9,3
Gearing, % 23,7 3,3 1,9 -29,8 -42,4
Per Share Data
Earnings per share, EUR
(EPS) -0,104 -0,003 0,001 0,007 0,016
Earnings per share, EUR
(EPS),
adjusted for dilution effect -0,104 -0,003 0,001 0,007 0,016
Shareholders' equity per
share, EUR 0,222 0,327 0,332 0,324 0,319
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