2011-10-26 08:00:00 CEST
2011-10-26 08:00:06 CEST
REGULATED INFORMATION
Revenio Group Oyj - Interim report (Q1 and Q3)
REVENIO GROUP CORPORATION INTERIM REPORT 1 January-30 September 2011
-Very strong performance continues
Helsinki, 2011-10-26 08:00 CEST (GLOBE NEWSWIRE) -- Revenio Group Corporation
Stock Exchange Release October 26, 2011 at 9:00 a.m.
REVENIO GROUP CORPORATION INTERIM REPORT 1 January-30 September 2011: Very
strong performance continues
1-9/2011
- Consolidated net sales grew by 43.9% to EUR 26.6 million (EUR 19.6 million)
with continuing operations representing EUR 24.5 million (EUR 17.0 million)
- Consolidated operating profit EUR 5.1 million (EUR 0.2 million) with
continuing operations representing EUR 3.4 million (EUR 0.1 million), or 14.0
(0.4)% of net sales
- Pre-tax profit, continuing and discontinued operations, EUR 5.0 million (EUR
0.1 million)
- Diluted and undiluted earnings per share EUR 0.054 (0.004)
- Cash flow from operating activities EUR 1.8 million (EUR 0.8 million)
- Net sales and operating profit in the Health Care segment showed sustained
strong growth
- The Systems and Safety segments improved their performance considerably
- Midas Touch's result turned positive during the period and operations
stabilized
- Done Information was sold during the period and a non-recurring capital gain
of EUR 1.6 million was recorded in the third quarter result
- Financial guidance for 2011 remains unaffected: Net sales for 2011 are
forecast to grow in comparison to 2010 figures, and consolidated operating
profit/loss (EBIT) without non-recurring items is expected to be positive, with
significant improvement seen on 2010's figures.
7-9/2011
- Consolidated net sales from continuing operations came to EUR 8.2 million
(EUR 5.7 million), up 43.2%
- Consolidated operating profit (EBIT) EUR 1.3 million (EUR 0.8 million), or
15.8 (13.2)% of net sales
Statement by President and CEO Olli-Pekka Salovaara:
“The Revenio Group has continued its exceptional performance: All segments made
a profit during the period and several companies recorded excellent results.
Our strongest performer is Icare Finland, which has been able to successfully
build its sales worldwide and has gained a stronger position in its product
niche.
The projects that Done Logistics won in summer 2010 have represented a
challenge in terms of size and technical scope to a company that is renowned
for its unrivalled competence. The projects have now reached their installation
stage, and it has been a pleasure to see the company repeat its familiar
pattern of excellent financial and operational performance in demanding
deliveries.
Midas Touch improved its performance significantly. In the first half, the
company was able to turn heavy losses into a profit and has been stabilizing
its operations since. In addition to bringing its operations to a healthier
level, the company shows good development potential and a competitive edge in
the selected customer segments and business operations.
For Boomeranger Boats, the period was successful as the development efforts
made in the past few years produced results and the company reached a good
profitability level. At the same time, however, we are concerned with the
purchasing power of the customer base consisting of public sector entities, as
national economies will be under tight financial regimes in the foreseeable
future.
For FLS Finland, the first half was disappointing but net sales and operating
profit improved further into the reporting period. Active measures are being
taken to develop the company to make it better equipped to achieve higher
business volumes and a better operating result.
The performance of Done Software Solutions was stable throughout the period.
Thanks to its efficient operations, the company has been able to retain its
healthy profit level.
Long-term group company Done Information was sold in July to the Swedish
Semantix group as part of Revenio Group's structural streamlining process. The
capital gain from the divestment will enable further development measures in
the future.
Based on the financial performance of group companies during the period, we can
be satisfied with the group's financial standing and the improvements in
operational efficiency.”
MARKET SITUATION
On the whole, the market situation in the segments in which the Group operates
was better than it was a year earlier, even though there is increased
uncertainty over future economic cycle developments.
More centralized service production and a complete overhaul of production
technology in Midas Touch operating in the Services segment has allowed for
more efficient use of capacity and has improved the company's operating
conditions, particularly in the inbound markets, which are considered to be
less vulnerable to business cycle risks than the outbound markets and to offer
moderate growth potential.
For the Health Care segment, the market situation is positive. The segment has
several growing export markets and its products are highly competitive. Price
competition in the markets is fierce from other equipment manufacturers
providing technologies for intraocular pressure measurement.
In the Safety segment, several invitations to tender have been requested in
both traditional and new markets. Impressive international references given to
the company's boats and their notable exposure have further boosted interest in
the segment. In the short term, the market situation is adversely affected by
the uncertain outlook for the national economies in the traditional European
market areas and the resulting potential cuts in defense equipment
acquisitions.
Demand in the Technology segment continues to be sluggish, as customers are not
currently implementing any extensive investment programs.
The market situation for the Systems segment remained unchanged, although the
companies' traditional customers are issuing slightly more invitations to
tender than a year earlier. This segment is extremely sensitive to general
economic fluctuations.
NET SALES, PROFITABILITY AND PROFIT
Done Information operating in the Services segment was sold during the period.
This report presents net sales and profit information separately for continuing
and divested (discontinued) operations in accordance with IFRS 5.
Consolidated net sales of Revenio Group's continuing operations for the period
from January 1 to September 30, 2011 were EUR 24.5 million (EUR 17.0 million),
showing an increase of 43.9%. For Q3, consolidated net sales of continuing
operations came to EUR 8.2 million (EUR 5.7 million), an increase of 43.2%.
In Q1-Q3, earnings before interest, taxes, depreciation and amortization
(EBITDA) of continuing operations amounted to EUR 4.0 million (EUR 0.9
million), or 15.0 (5.1)% of net sales. Consolidated operating profit (EBIT) of
continuing operations was EUR 3.4 million (EUR 0.1 million), representing 14.0
(0.4)% of net sales. Pre-tax profit of continuing operations was EUR 3.3
million (EUR -0.0 million), or 13.5 (-0.1)% of net sales. For continuing
operations, net profit for Q1-Q3/2011 was EUR 2.4 million (EUR 0.2 million) and
EUR 1.0 million (EUR 0.7 million) for Q3/2011, representing 11.8 (12.0)% of net
sales. The capital gain of EUR 0.6 million from selling the real estate of Done
Logistics is icluded in the figures of 2010 comparison period.
For divested (discontinued) operations, Q1-Q3/2011 net profit was EUR 1.7
million (EUR 0.1 million). The divested operations are included in the
consolidated results until June 30, 2011.
In Q1-Q3/2011, undiluted and diluted earnings per share came to EUR 0.032
(0.004) for continuing operations and EUR 0.022 (0.001) for divested
(discontinued) operations. Equity per share was EUR 0.22 (EUR 0.20).
Net sales of the Group's continuing operations grew from the comparison period
a year earlier. Growth was mainly driven by the Health Care, Systems and Safety
segments. The significant improvement in the Group's profitability could be
largely attributed to the favorable net sales and profit development in Health
Care and Systems, as well as enhanced operations in Midas Touch, which was able
to considerably lower its cost level from the reference period.
BALANCE SHEET, FINANCIAL POSITION AND INVESTMENTS
The consolidated balance sheet total on September 30, 2011 was EUR 24.7 million
(EUR 25.7 million). Shareholders' equity came to EUR 17.0 million (EUR 15.3
million). At the end of the period, interest-bearing net liabilities amounted
to EUR -0.9 million (EUR 0.6 million) and gearing stood at -5.1 (3.7)%. The
consolidated equity ratio was 69.0 (64.9)%. The Group's liquid assets were EUR
2.6 million (EUR 2.7 million) at the end of the period.
The Group's financial position remained stable in the period under review. In
addition to its liquid assets, the Group has a EUR 2.0 million credit facility,
from which no funds had been withdrawn at the end of the review period.
Cash flow from operating activities came to EUR 1.8 million (EUR 0.8 million)
in Q1-Q3/2011 and EUR -0.3 million (EUR -0.4 million) in Q3/2011. In Q3, cash
flow was reduced due to the working capital intensive stage of the Norwegian
projects.
The Group's purchases of PPE and intangible assets totaled EUR 0.5 million (EUR
0.6 million).
OPERATIONS BY BUSINESS SEGMENT
Revenio Group Corporation's business operations are organized into five
segments: Services (Midas Touch Oy), Systems (Done Logistics Oy and Done
Software Solutions Oy), Health Care (Icare Finland Oy), Safety (Boomeranger
Boats Oy), and Technology (FLS Finland). This structure is in line with the
Group's organization and internal reporting.
Services
The Service segment's net sales in Q1-Q3 totaled EUR 3.6 million (EUR 5.3
million), down by 31.2 percent. The segment's profit margin was EUR 0.2 million
(EUR -1.0 million). For Q3, net sales amounted to EUR 1.2 million (EUR 1.5
million), while the profit margin was EUR 0.1 (-0.6) million.
On July 19, 2011, the company sold the share capital of its subsidiary Done
Information, previously part of the Services segment, to Semantix Lingua
Nordica Oy, part of the Swedish Semantix group, for EUR 2.5 million. Of the
sale price, EUR 0.3 million will be paid out once the earn out conditions are
met in 2012. Revenio Group received a capital gain of EUR 1.6 million from the
divestment, which was recorded in full in the third quarter's result as a
non-recurring item. Following the transaction, the Services segment consists of
Midas Touch, a provider of contact center services.
Midas Touch Oy's net sales decreased from the previous year. However, as its
costs simultaneously decreased, the company's EBIT improved significantly and
turned positive. The cost reduction and better profit performance were driven
by the adjustment and restructuring measures conducted in the fall of 2010,
involving the centralization of operations into two offices and targeting its
offering to more profitable customers and operations. The market situation also
improved slightly. Furthermore, the company has been able to reduce the share
of its business operations based on telemarketing campaigns with high-risk
yield expectations.
Systems
The Systems segment comprises Done Logistics, which provides companies with
materials handling systems associated with their internal logistics, and Done
Software Solutions Oy, which provides information systems for internal
logistics and inventory management, as well as the related services. Done
Software Solutions Oy launched operations as an independent company on May 1,
2010, as a result of the partial demerger of Done Logistics. The reference
information in this Interim Report is presented as if this arrangement had been
effective throughout the period described by the reference information.
In Q1-Q3/2011, the Systems segment's net sales amounted to EUR 9.6 million (EUR
3.7 million), up by 161.7%. The segment's profit margin was EUR 1.1 million
(EUR -0.2 million). For Q3, net sales amounted to EUR 3.9 million (EUR 1.7
million), while profit margin was EUR 0.7 (0.0) million.
Done Logistics was able to clearly improve its net sales and profitability
year-on-year. The most important driver of this trend was orders received from
Norway in 2010. The installation of the projects and financial aspects have
developed as planned. During the period, the company also landed some other
minor orders for 2011.
Done Software Solutions grew both its net sales and operating profit (EBIT)
during the period. Thanks to sound cost-efficiency, its operations as an
independent company were also clearly profitable in a challenging market
situation. Invitations to tender are currently available in the segment for
projects in which the company is considered competitive.
Health Care
The Health Care segment comprises Icare Finland, which specializes in the
development, manufacture and sale of tonometers measuring intraocular pressure.
In Q1-Q3/2011, the Health Care segment's net sales amounted to EUR 6.3 million
(EUR 4.8 million), an increase of 30.9%. The segment's profit margin was EUR
2.8 million (EUR 1.8 million). For Q3, net sales amounted to EUR 1.9 million
(EUR 1.6 million), while profit margin was EUR 0.8 (0.8) million.
Demand for Icare Finland's tonometers grew year-on-year and its market position
improved compared with the same period a year earlier. Demand was strong in all
major export markets and was mainly based on first-generation products. Efforts
continue to obtain sales licenses for new products in the US markets, primarily
for the Icare One self-tonometry device. Progress with the license process has
been slower than anticipated due to amended regulations concerning the product
area.
Safety
The Safety segment consists of Boomeranger Boats, which designs, manufactures,
and sells Rigid Inflatable Boats (RIBs) of the highest quality, primarily for
navy rescue units, authorities and defense forces of various countries.
In Q1-Q3/2011, the Safety segment's net sales amounted to EUR 3.2 million (EUR
2.2 million), an increase of 45.5%. The segment's profit margin was EUR 0.5
million (EUR -0.1 million). For Q3, net sales amounted to EUR 0.6 million (EUR
0.6 million), while the profit margin was EUR 0.1 (-0.1) million.
During the period, several new boat orders with relatively short delivery times
were undertaken. Productivity in short production series was higher than
before, which translated into notably higher profitability. Systematic efforts
continued to further expand the customer base into new export markets. In new
markets, it takes longer for projects to reach the order stage than in the
traditional market areas. Boats ordered for use in the support operations of
the Volvo Ocean Race have been successfully delivered to the customer and they
will be shown to potential customers during the race tour.
Technology
Representing the Technology segment, FLS Finland (previously Finnish Led-Signs)
is the largest supplier of LED price displays in the Nordic region and is
Finland's leading manufacturer of LED information displays and parking guidance
systems.
The Technology segment's net sales grew by 63.6% in Q1-Q3/2011 to EUR 1.8
million (EUR 1.1 million). The segment's profit margin was EUR 0.2 million (EUR
-0.1 million). Net sales for Q3/2011 amounted to EUR 0.7 million (0.4), while
the margin was EUR 0.1 (0.0) million.
Although the segment's net sales grew year-on-year, order volumes remained
small. The period's most important customer delivery was the expansion of the
parking guidance system at Helsinki Airport. During the period, the company
signed a two-year framework agreement for LED price displays with British
Petroleum (BP) as an extension to the existing BP framework agreement, and a
three-year delivery agreement with Neste Oil.
Net sales and segment
margins for Q3/2011 and
Q3/2010, excluding
non-recurring
items:
Net Segment
Sales profit
margin
1-9/20 %- 1-9/20 %- 1-9/20 1-9/20
11 10 11 10
MEUR Share MEUR Share MEUR % MEUR %
Services 3,6 15 5,3 31 0,15 4 -0,99 -19
Systems total 9,6 39 3,7 22 1,14 12 -0,24 -7
-Done Logistics 8,7 36 2,9 17 0,99 11 -0,34 -12
-Done Software Solutions 0,9 3 0,8 5 0,15 18 0,10 13
Health Care 6,3 26 4,8 28 2,70 43 1,84 38
Safety 3,2 13 2,2 13 0,49 16 -0,07 -3
Technology 1,8 7 1,1 6 0,09 5 -0,12 -11
Total 24,5 100 17,0 100 4,58 19 0,42 2
Parent company expenses -1,15 -0,85
Operating profit / Loss 3,43 14 -0,43 -2
Net sales, margin and profit by segment and by quarter for the Group's
continuing operations were as follows:
MEUR Q3/11 Q2/11 Q1/11 Q4/10 Q3/10 Q2/10 Q1/10
Net Sales:
Services 1,2 1,2 1,2 1,4 1,5 1,8 1,9
Systems total 3,9 3,2 2,6 3,1 1,7 0,8 1,2
-Done Logistics 3,6 2,9 2,2 2,8 1,4 0,5 0,9
-Done Software Solutions 0,3 0,3 0,3 0,3 0,3 0,3 0,3
Health Care 1,9 2,2 2,3 2,2 1,6 1,5 1,7
Safety 0,6 1,2 1,4 1,2 0,6 0,9 0,7
Technology 0,7 0,7 0,4 0,8 0,4 0,4 0,3
Total 8,2 8,5 7,8 8,7 5,8 5,4 5,8
Segment profit margin: Q3/11 Q2/11 Q1/11 Q4/10 Q3/10 Q2/10 Q1/10
Services 0,06 0,06 0,03 -0,32 -0,21 -0,37 -0,4
Systems total 0,68 0,34 0,11 0,27 0,03 -0,18 -0,09
-Done Logistics 0,64 0,30 0,04 0,22 -0,01 -0,21 -0,12
-Done Software Solutions 0,05 0,04 0,06 0,05 0,04 0,03 0,03
Health care 0,79 0,90 1,0 1,1 0,83 0,45 0,56
Safety 0,13 0,17 0,19 0,25 -0,13 0,04 0,02
Technology 0,07 0,06 -0,06 0,07 0,02 -0,03 -0,11
Total 1,76 1,54 1,28 1,37 0,54 -0,09 -0,02
Parent company expenses -0,47 -0,37 -0,31 -0,33 -0,27 -0,3 -0,28
Operating profit 1,29 1,17 0,97 1,04 0,27 -0,39 -0,3
Operating profit-% 15,8 13,8 12,4 12,0 4,7 -7,2 -5,2
HUMAN RESOURCES
During the period, the number of personnel employed by the Group averaged 244
(308) in continuing operations. At the end of the period, the number of
employees was 242 (307) in continuing operations.
Average number of personnel employed by the Group in continuing operations
during the period by segment:
30.9.2011 30.9.2010 Change
Services 135 213 -78
Systems 60 45 15
Health Care 12 10 2
Safety 23 24 -1
Technology 10 12 -2
Parent company 4 4 0
Total 244 308 -64
Wages, salaries and other remuneration paid in continuing operations during the
period totaled EUR 6.3 million (EUR 7.0 million).
SHARES, SHARE CAPITAL AND MANAGEMENT HOLDINGS
On September 30, 2011, Revenio Group Corporation's fully paid share capital
registered in the Trade Register was EUR 5,314,918.72 and the number of shares
outstanding totaled 76,889,730. The company has one series of shares. All
shares confer the same voting rights and an equal right to dividends and the
company's funds.
The number of shares was increased on July 20, 2011 by 50,000 as a result of
share subscriptions made under 2007B options. Proceeds from the share
subscription were booked in their entirety in invested unrestricted equity
reserve.
On September 30, 2011, the Board of Directors and the President and CEO held
1.6% of the company's shares, totaling 1,202,600 shares, and 18.6% of the
option rights, for a total of 684,365 options.
CHANGES IN SHAREHOLDING
There were no significant changes in ownership to report during the review
period.
CURRENT OPTION RIGHTS
On the basis of the share issue authorization approved by the Annual General
Meeting on April 3, 2007, the Board of Revenio Group Corporation decided, on
November 23, 2007, on a new corporate option plan, comprising a maximum of
3,684,365 option rights. Each option right entitles the holder to subscribe to
one Revenio Group Corporation share. Against the total number of the company's
shares on September 30, 2011, the proportion of shares to be subscribed to on
the basis of the option rights issued represents a maximum of 2.5% of the
company's shares and votes, once all new shares subscribed for with these
option rights have been registered. Share subscriptions via the option program
entitle the holder to a dividend from the subscription year onwards.
The option rights have been divided into three series: Series A (1,684,365
shares), Series B (1,000,000) and Series C (1,000,000). The subscription
periods for options are as follows: for Series A, May 1, 2009-May 1, 2013; for
Series B, November 1, 2010-November 1, 2014; and for Series C, May 1, 2012-May
1, 2016. The share subscription price will be the trade-weighted average price
over the periods November 1-30, 2007 (EUR 0.64, Series A); April 1-30, 2009
(EUR 0.31, Series B); and November 1-30, 2010 (EUR 0.28, Series C).
A total of 148,122 Series 2007B option rights and 1,000,000 Series 2007C option
rights were issued to personnel during the period. The Board of Directors
decided to amend the incentive plan for the company's President and CEO
Olli-Pekka Salovaara, so that a total of 228,122 Series 2007A options held by
the President and CEO were to be returned to the company and that,
correspondingly, a total of 73,122 Series 2007B options and 155,000 Series
2007C options were to be allocated to the President and CEO. At the end of the
period, the company's key personnel held a total of 1,081,243 Series 2007A
options, 908,122 Series 2007B options and 1,000,000 Series 2007C options.
On March 23, 2011, the company decided to apply for listing of its Series 2007B
options on NASDAQ OMX Helsinki. As a result, a total of 1,000,000 option rights
have been available for trading since March 30, 2011. During the period, no
trading took place with these option rights.
TRADING ON THE NASDAQ OMX HELSINKI
During Q1-Q3/2011, Revenio Group Corporation's turnover on the NASDAQ OMX
Helsinki exchange totaled EUR 12.8 million (EUR 5.2 million), representing 29.9
(15.3) million shares or 38.9 (20.0)% of shares outstanding. The trading high
was EUR 0.62 (0.38) and the low EUR 0.30 (0.28). At the end of the review
period, the closing price was EUR 0.47 (EUR 0.32), and the average share price
was EUR 0.43 (EUR 0.34). Revenio Group Corporation's market value on September
30, 2011, was EUR 36.1 million (EUR 24.6 million).
ANNUAL GENERAL MEETING AND BOARD AUTHORIZATIONS IN EFFECT
The Annual General Meeting (AGM) held on March 31, 2011 approved the company's
financial statements and discharged the members of the Board of Directors and
the President and CEO from liability for the financial year January 1-December
31, 2010.
The AGM selected the following persons as members of the Board of Directors:
Timo Mänty, Pekka Tammela, Rolf Fryckman, Julia Ormio and Matti Hyytiäinen. The
AGM decided that the Chairman of the Board should be entitled to an annual
emolument of EUR 60,000 and the other Board members to an annual emolument of
EUR 36,000, with the exception that any member who holds a stake of at least
five percent in Revenio Group Corporation, either directly or through a company
in which he or she has a minimum holding of 50%, should not be entitled to a
separate emolument. In total, 40% of Board members' emoluments will be settled
in the form of shares in the company, while 60% will consist of monetary
payment.
The AGM re-elected PricewaterhouseCoopers Oy, Authorized Public Accountants, as
the company's auditors with Juha Tuomala, Authorized Public Accountant, acting
as the principal auditor. The AGM decided to compensate the auditors upon the
presentation of an approved invoice.
The AGM decided to accept the Board's proposal on profit distribution,
according to which the profit for the financial period, EUR 243,391.03, will be
added to retained earnings, and a dividend of EUR 0.02 per share will be paid,
totaling EUR 1,536,794.60.
The AGM rescinded its earlier authorization to buy back 7,683,973 of the
company's own shares and authorized the Board to make the decision to buy back
a maximum of 7,683,973 of the company's own shares, in one or more
installments, using the company's unrestricted equity, in which case any
buyback will reduce the amount of company distributable earnings.
The AGM decided to rescind the Board's valid unexercised share-issue
authorizations. The AGM authorized the Board of Directors to decide to issue a
maximum of 30,000,000 shares or to grant special rights (including stock
options) entitling to shares, as referred to in Section 1 of Chapter 10 of the
Limited Liability Companies Act, in one or several tranches. This authorization
was granted to be used to finance and implement any prospective corporate
acquisitions or other transactions, to implement the company's share-based
incentive plans, or for other purposes determined by the Board. It was decided
that the authorization also grants the Board the right to decide on all terms
and conditions governing said share issue and the granting of special rights,
including the subscribers or the grantees of said special rights and the
payable consideration. Moreover, the authorization also includes the right to
waive shareholders' pre-emption rights, thus enabling the private placement of
shares. The Board's authorization covers both the issue of new shares and the
transfer of any treasury shares possibly held by the company. This
authorization will be valid until April 30, 2012.
BOARD OF DIRECTORS AND AUDITORS
Since March 31, 2011, Revenio Group Corporation's Board of Directors has
included Timo Mänty, M.Econ, Managing Director of Onninen Oy (Chairman of the
Board), Pekka Tammela, M.Econ, Authorized Public Accountant, partner in Pajamaa
Partners Oy and Rolf Fryckman, Chairman of Eyemaker's Finland Oy; and as new
members, Julia Ormio, qualified under an EEA aptitude test in law, Senior Legal
Counsel at Outotec Oyj and Matti Hyytiäinen, Managing Director of Etteplan Oyj.
Until March 31, 2011, the members of the Board were Jyri Merivirta, Pekka
Tammela, Rolf Fryckman and Timo Mänty.
PricewaterhouseCoopers Oy, Authorized Public Accountants, serves as the
company's auditor, with Juha Tuomala, Authorized Public Accountant, as the
principal auditor.
MAJOR BUSINESS RISKS AND UNCERTAINTIES
The Group's major business risks and uncertainties are presented in its
financial statements bulletin of February 16, 2011. At the time this interim
report is published, the company's risks are estimated to be the same as those
identified in the bulletin except that the economic cycle risk is estimated to
be higher due to the current situation in the financial markets and the threat
of a recession.
MAJOR EVENTS AFTER THE PERIOD
There have been no major events since the period ended.
OUTLOOK FOR 2011
Net sales for 2011 are forecast to grow in comparison to 2010 figures.
Consolidated operating profit/loss (EBIT) without non-recurring items is
forecast to be positive, with significant improvement seen from 2010.
The goal of Revenio Group Corporation is to continue growing by means of both
corporate restructuring and expansion of current business operations.
The figures are unaudited.
GROUP KEY FIGURES AND RATIOS (MEUR)
1-9/2011 1-9/2010 1-12/2010
Net Sales, continued operations 24,5 17,0 25,8
Ebitda, continued operations 4,0 0,9 2,2
Ebitda-%, continued operations 15,0 5,1 8,5
Operating profit, continued operations 3,4 0,1 -0,9
Operating profit-%, continued operations 14,0 0,4 -3,3
Pre-tax profit, continued operations 3,3 -0,0 -0,9
Pre-tax profit-%, continued operations 13,5 -0,0 -3,4
Profit from discontinued operations 1,7 0,1 0,2
Net profit, continued operations 2,4 0,2 -0,7
Net profit-%, continued operations 9,9 1,1 -2,8
Gross capital expenditure 0,5 0,6 0,7
Gross capital expenditure-% 2,1 3,2 2,4
R&D costs 0,3 0,3 0,4
R&D costs-% 1,1 1,5 1,5
Gearing-% -5,1 3,7 4,7
Equity ratio-% 69,0 64,9 62,5
Return on investment-% (ROI) 38,7 1,5 -2,1
Return on equity-% (ROE) 34,9 2,5 -3,4
Undiluted earnings per share, continued operations 0,032 0,004 -0,009
Diluted earnings per share, continued operations 0,032 0,004 -0,009
Undiluted earnings per share, discontinued operations 0,022 0,001 0,003
Diluted earnings per share, discontinued operations 0,022 0,001 0,003
Equity per share EUR 0,22 0,20 0,19
Average no. of employees, continued operations 244 308 387
Cash flow from operating activities 1,8 0,8 1,3
Cash flow from investing activities 1,3 0,2 0,0
Cash flow from financing activities -2,6 -1,2 -2,1
Total cash flow 0,6 -0,2 -0,8
CONSOLIDATED COMPREHENSIVE INCOME (MEUR) 1-9/2011 1-9/2010 1-12/2010
NET SALES 24,5 19,6 25,8
OTHER Operating income 0,1 0,6 0,6
Materials and services -9,3 -5,8 -8,4
Employee benefits -7,5 -9,7 -11,5
Depreciation and amortization -0,6 -0,8 -3,0
Other operating expenses -3,8 -3,7 -4,3
OPERATING PROFIT 3,4 0,2 -0,9
Share of associates' results 0,0 0,0 0,0
Financial expenses (net) -0,1 -0,1 -0,1
PRE-TAX PROFIT 3,3 0,1 -0,9
Income tax expenses -0,9 0,2 0,2
Net profit from continued operations 2,4 0,3 -0,7
Net profit from discontinued operations 1,7 0,1 0,2
NET PROFIT 4,1 0,3 -0,5
Other comprehensive income items 0,0 0,0 0,0
Income tax expense for
comprehensive income 0,0 0,0 0,0
Other comprehensive income items
after taxes 0,0 0,0 0,0
TOTAL COMPREHENSIVE INCOME 4,1 0,3 -0,5
Net profit attributable to:
Parent company shareholders 4,1 0,3 -0,5
Minority interest 0,0 0,0 0,0
Total comprehensive income attributable to:
Parent company shareholders 4,1 0,3 -0,5
Minority interest 0,0 0,0 0,0
Undiluted earnings per share, continued 0,032 -0,007 -0,009
operations
Diluted earnings per share, continued operations 0,032 -0,007 -0,009
Undiluted earnings per share, discontinued 0,022 0,001 0,003
operations
Diluted earnings per share, discontinued 0,022 0,001 0,003
operations
CONSOLIDATED COMPREHENSIVE INCOME (MEUR) 7-9/2011 7-9/2010
NET SALES 8,2 5,8
Other operating income 0,1 0,5
Materials and services -3,2 -2,0
Employee benefits -2,4 -2,4
Depreciation and amortization -0,2 -0,3
Other operating expenses -1,2 -0,9
OPERATING PROFIT / LOSS 1,3 0,8
Share of associates' results 0,0 0,0
Financial expenses (net) 0,0 -0,1
PRE-TAX PROFIT 1,3 0,8
Income tax expenses -0,3 0,0
Net profit from continued operations 1,0 0,7
Net profit from discontinued operations 1,7 0,1
NET PROFIT 2,7 0,8
Other comprehensive income items 0,0 0,0
Tax expenses for other comprehensive
income items 0,0 0,0
Other comprehensive income items 0,0 0,0
after taxes 0,0 0,0
TOTAL COMPREHENSIVE INCOME 2,7 0,8
Total comprehensive income attributable to:
Parent company shareholders 2,7 0,8
Minority interest 0,0 0,0
CONSOLIDATED BALANCE SHEET (MEUR) 30.9.2011 30.9.2010 31.12.2010
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment 1,7 1,4 1,6
Goodwill 8,1 9,1 8,2
Intangible assets 1,1 2,5 1,3
Shares in associates 0,5 0,4 0,4
Receivables 0,0 0,3 0,0
Deferred tax receivables 1,9 3,2 2,8
TOTAL NON-CURRENT ASSETS 13,3 16,8 14,4
CURRENT ASSETS
Inventories 1,2 1,0 1,1
Trade and other receivables 7,6 5,2 5,6
Cash and equivalents 2,6 2,7 2,1
TOTAL CURRENT ASSETS 11,4 8,9 10,1
TOTAL ASSETS 24,7 25,7 24,5
SHAREHOLDERS' EQUITY AND LIABILITIES
SHAREHOLDERS' EQUITY
Share capital 5,3 5,3 5,3
Share premium 2,4 2,4 2,4
Fair value reserve 0,3 0,3 0,3
Invested unrestricted capital reserve 7,0 7,0 7,0
Retained earnings 1,9 0,2 -0,6
TOTAL EQUITY, attributable to shareholders 17,0 15,3 14,5
SHAREHOLDERS' EQUITY 17,0 15,3 14,5
LIABILITIES
NON-CURRENT LIABILITIES
Deferred tax liabilities 0,4 0,7 0,4
Provisions 0,1 0,2 0,1
Financial liabilities 0,6 1,7 1,5
Other liabilities 0,0 0,0 0,0
TOTAL LONG-TERM LIABILITIES 1,1 2,6 2,0
CURRENT LIABILITIES
Advance payments 0,1 2,2 1,3
Trade and other payables 5,4 4,1 5,4
Provisions 0,0 0,0 0,0
Financial liabilities 1,2 1,6 1,3
TOTAL SHORT-TERM LIABILITIES 6,7 7,9 8,0
TOTAL LIABILITIES 7,8 10,5 10,0
SHAREHOLDERS' EQUITY AND LIABILITIES TOTAL 24,7 25,7 24,5
CONSOLIDATED STATEMENT OF CHANGES Share Share Other Retain Minori TOTAL
IN SHAREHOLDERS' EQUITY(MEUR) ed ty
capita premiu reserv earnin intere
l m es gs st
Balance 1.1.2011 5,3 2,4 7,3 -0,6 0,0 14,5
Dividend payments 0,0 0,0 0,0 -1,5 0,0 -1,5
Options expense
adjustments 0,0 0,0 0,0 -0,0 0,0 0,0
Net profit 0,0 0,0 0,0 4,1 0,0 4,1
Balance 30.9.2011 5,3 2,4 7,3 2,0 0,0 17,0
Share Share Other Retain Minori TOTAL
ed ty
capita premiu reserv earnin intere
l m es gs st
Balance 1.1.2010 5,3 2,4 7,3 0,6 0,0 15,7
Dividend payments 0,0 0,0 0,0 -0,8 0,0 -0,8
Options expense
adjustments 0,0 0,0 0,0 0,0 0,0 0,0
Net profit 0,0 0,0 0,0 0,3 0,0 0,3
Balance 30.9.2010 5,3 2,4 7,3 0,2 0,0 15,3
CONSOLIDATED CASH FLOW 1-9/20 1-9/20 1-12/20
STATEMENT (MEUR) 11 10 10
Net profit 4,1 0,2 -0,5
Adjustments to net profit -0,1 0,3 3,0
Change in working capital -2,1 0,4 -1,1
Interests paid -0,1 0,0 -0,1
Taxes paid -0,0 0,0 0,0
CASH FLOW FROM OPERATING 1,8 0,8 1,3
ACTIVITIES
Plants sold 0,0 0,6 0,6
Purchase of PPE -0,0 0,0 -0,6
Purchase of intangible -0,3 -0,4 0,0
assets
Subsidiaries sold 1,7 0,0 0,0
CASH FLOW FROM INVESTING 1,4 0,2 0,0
ACTIVITIES
Dividends paid -1,5 -0,8 -0,8
Loans received 0,0 0,4 0,0
Loans re-paid -1,1 -1,0 -1,2
Finance lease principal 0,0 0,0 -0,1
payments
CASH FLOW FROM FINANCING -2,6 -1,2 -2,1
ACTIVITIES
Net change in cash and 0,5 -0,2 -0,8
equivalents
Cash and equivalents, 2,1 2,9 2,9
period-start
Cash and equivalents, 2,6 2,7 2,1
period-end
NET SALES AND OPERATING PROFIT PER
QUARTER, continued operations
MEUR Q3/11 Q2/11 Q1/11 Q4/10 Q3/10 Q2/10 Q1/10
Net Sales 8,2 8,5 7,8 8,8 5,7 5,5 5,8
Operating profit / loss 1,3 1,2 1,0 -0,8 0,7 -0,4 -0,3
Operating profit / loss-% 15,8 13,8 11,7 -10,0 12,1 -7,2 -5,1
MAIN SHAREHOLDERS 30.9.2011
No. of shares %
1. Merivirta Jyri 15.000.000 19,51
2. Eyemaker´s Finland Oy 7.817.214 10,17
3. Etera 3.500.000 4,55
4. Alpisalo Mia 2.948.153 3,83
5. Sijoitusrahasto Evli Suomi Osake 2.922.307 3,80
6. Mäkinen Markku 1.598.443 2,08
7. Nordea Pankki Suomi Oyj 1.222.339 1,59
8. The Nordic Advider Group Ltd 1.179.861 1,54
9. Sijoitusrahasto Garp 1.153.251 1,50
10. Kiesvaara Tuomo 1.134.692 1,48
Revenio Group Corporation
BOARD OF DIRECTORS
For further information, please contact:
Olli-Pekka Salovaara, President and CEO, mobile +358 (0)40 5675520
olli-pekka.salovaara@revenio.fi
http://www.reveniogroup.fi
DISTRIBUTION:
NASDAQ OMX Helsinki
Financial Supervisory Authority (FIN-FSA)
Key media
www.revenio.fi
Revenio Group Corporation, listed on the NASDAQ OMX Helsinki, is the parent
company of the Finnish conglomerate Revenio Group. Revenio Group Corporation's
subsidiaries share a focus on Finnish specialist expertise and export-based
operations.
Revenio Group consists of six independent subsidiaries in five business
segments. These subsidiaries are Done Logistics Oy, Done Software Solutions Oy,
Icare Finland Oy, Boomeranger Boats Oy, FLS Finland Oy and Midas Touch Oy.
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