2011-05-10 15:45:00 CEST
2011-05-10 15:45:13 CEST
REGULATED INFORMATION
Cencorp - Interim report (Q1 and Q3)
CORRECTION: Cencorp Corporation Interim Report 9 May 2011 at 14.40
Cencorp Corporation Stock Exchange Release 10 May 2011 at 16.45
The condensed financial statements in the English version of the Interim Report
published by Cencorp Corporation on 9 May 2011 were incorrectly in Finnish.
Cencorp Corporation Interim Report 9 May 2011 at 14.40
Cencorp Corporation's Interim Report 1 January-31 March 2011
NET SALES UP, OPERATING PROFIT DOWN
SUMMARY
January-March 2011
- The Face (Telecom) business result and balance sheet were consolidated in all
Cencorp's consolidated figures starting on 1 December 2010.
- Cencorp Group's net sales increased by 200 percent to EUR 5.7 million (EUR
1.9 million) during the first quarter of the year.
- The order book at the end of March stood at EUR 7.4 million (EUR 1.5 million).
- Operating result was EUR -2.3 million (EUR -0.9 million).
- Result before taxes amounted to EUR -3.0 million (EUR -0.8 million).
- Earnings per share were EUR -0.01 (EUR -0.01).
- The equity ratio at the end of March was 54.1 percent (18.3%).
- In the rights issue that ended in March, 84 percent of the total number of
shares offered were subscribed to.
Outlook for 2011 unchanged
- Cencorp expects net sales for 2011 to amount to approximately EUR 35-39
million, provided that no essential change takes place in the current economic
landscape.
- The 12-month result from operations is expected to improve from 2010.
GENERAL
The comparison period is the corresponding period of the previous year, unless
otherwise is stated. When comparing the figures, it should be noted that the
Face (Telecom) figures are included in the year 2011 figures, but in the 2010
figures only as of December 2010. The interim report has been drawn up in
compliance with the IAS 34 Interim Financial Reporting standard and in
compliance with the same accounting principles as in the financial statements.
The interim report has not been audited.
More information on events that have taken place during the reporting period
can be found in the stock exchange releases published on Cencorp's website at
www.cencorp.com. At the same address, you can also find the disclosure flagging
notifications concerning changes in ownership according to the Securities
Markets Act.
Cencorp is part of the Finnish Savcor Group. Savcor Group Oy owns 34.8 percent
and Savcor Group Limited 39.0 percent of Cencorp.
SEGMENT-BASED REPORTING
The Face (Telecom) corporate transaction was completed on 30 November 2010, and
Cencorp's reporting structure was altered as of 1 December 2010. The Face
(Telecom) business result and balance sheet were consolidated in Cencorp's
consolidated figures starting on 1 December 2010, and Cencorp's reporting has
been based on two business segments since 2010. The business segments are Laser
and Automation Applications, and Special Components. The Laser and Automation
Applications segment comprises Cencorp's former business and the Special
Components segment the business acquired through the Face transaction.
PRESIDENT AND CEO MATS ERIKSSON
“A good market situation and our own sales efforts increased Cencorp Group's
net sales substantially during the first quarter of the year. We managed to
increase the sales of laser and automation applications. Our net sales were
also increased by the integration of the Face business into Cencorp.
The impacts of the earthquake and subsequent tsunami in Japan on the
electronics industry have delayed some of our component deliveries, but these
events have had no significant impact on our operations so far. Studies to find
replacement components are underway.
Despite the increase in net sales, our profitability weakened clearly.
Particularly in the Special Components segment, net sales development and
operating profit were weakened by the dependence on a few major customer
projects with unfavorable sales development. In addition to that, the Chinese
New Year and the piling up of stocks at the turn of the year substantially
slowed down demand for Cencorp's components in Asia, particularly in the mobile
phone sector. Demand declined faster than expected especially for components in
the high-end price category. As a result of the rapid decline in sales volumes,
we were not able to reduce our fixed costs to correspond to our previous
volumes, which further weighed down our profitability.
The poor profitability of the Special Components segment is unacceptable, and
we are currently increasing the efficiency of its operations and mapping out
focus areas for the segment to identify the product groups with the best growth
and profitability prospects.
The operating result of the Laser and Automation Applications segment remained
at last year's level. In this segment, delivery times for projects are long, at
about 3-6 months, and the contracts signed at the beginning of the year for
new, better margin deliveries are expected to significantly improve the
segment's profitability during the remainder of the year. Due to the segment's
seasonal nature, the profitability of Special Components is also expected to
improve as the year goes on. Demand for special components was already at its
normal level at the end of the first quarter.”
FINANCIAL DEVELOPMENT IN JANUARY-MARCH 2011
Operating environment
Cencorp operates in industries applying electronics and energy technology. Its
main geographical market areas are Europe, North America, South America and
Asia. The global electronics industry, including the manufacture of mobile
phones, is mostly concentrated in Asia, the domestic market area for the
special components manufactured by Cencorp.
Demand for laser and automation applications continued to increase during the
first quarter of the year, and the increase is expected to continue as the
rallying economy results in investments being started up. Rising labor costs,
especially in China, are also contributing to the increasing need for
production process automation and thus demand for automation products. Cencorp
views the energy industry, and renewable energy applications in particular, as
a new interesting market.
Demand for special components remained normal, even though the seasonal
character of the business generally slows down demand during the first quarter
of the year. The outlook is also bright for special components, as markets
develop in line with the general economic situation, and with the
telecommunications industry in particular. The growth outlook for other markets
important for Cencorp, such as RFID transmitters and receivers and flexible
circuits, is also positive.
Net sales and result
Net sales increased by 200 percent to EUR 5.7 million (EUR 1.9 million). The
increase in net sales was due to the integration of the Face (Telecom) business
into Cencorp and growing demand for laser automation and other automation
equipment.
The operating result was EUR -2.3 million (EUR -0.9 million). The Group's
operating result was particularly weighed down by the poor profitability of the
Special Components segment. The operating result of the Laser and Automation
Applications segment remained at last year's level.
The Group's result before taxes amounted to EUR -3.0 million (EUR -0.8
million). The result for the reporting period was EUR -3.0 million (EUR -0.8
million).
Earnings per share were EUR -0.01 (EUR -0.01) and diluted earnings per share
EUR -0.01 (EUR -0.01).
Significant orders received during the reporting period
In January, Cencorp announced that it had signed an agreement on the delivery
of a production line to a European company operating in the electronics
industry. The value of the deal is approximately EUR 0.6 million. In March,
Cencorp announced that it had signed an agreement on the delivery of another
production line to the same company. The value of this deal is also
approximately EUR 0.6 million.
In February, Cencorp announced that it had signed an agreement on the delivery
of odd-form assembly machinery to a European company operating in the
electronics industry. The value of the deal is over EUR 1.7 million and the
machinery will be delivered during the spring and early summer.
Financing
Cash flow from business operations before investments was EUR 1.5 million (EUR
-0.6 million). Trade receivables at the end of the reporting period were EUR
5.8 million (EUR 2.0 million). Net financial items amounted to EUR 0.7 (EUR 0.1
million of net financial income).
The equity ratio at the end of March stood at 54.1 (18.3) percent.
Equity per share was EUR 0.06 (EUR 0.01). At the end of the reporting period,
the Group's liquid assets totaled EUR 3.3 (0.2) million, and unused export
credit limits and factoring loans amounted to EUR 1.5 million.
The rapid increase in net sales will tighten the working capital situation in
the second quarter. According to the Board's view, improved operative cash flow
will remedy the situation during the remainder of the year.
In the share issue organized in March 2011, Cencorp's biggest shareholder
Savcor Group converted all of its liabilities maturing during the next 12
months into shares in the Company. Cencorp's Board of Directors expects its
financing resources to be sufficient to meet the financing needs during the
next 12 months.
Product development
The Group's product development expenses in January-March amounted to EUR 0.5
(0.2) million or 8.0 (12.4) percent of net sales.
Investments
Investments in January-March amounted to EUR 0.5 (0.1) million. The largest
investments were EUR 0.2 million in machinery and equipment and EUR 0.1 million
in development costs.
Segment information
Laser and Automation Applications
The Laser and Automation Applications segment's net sales increased by 75
percent to EUR 3.4 million (EUR 1.9 million) during the first quarter of the
year. The increase in net sales was due to the growing demand for laser
automation and other automation equipment as a result of the upswing in the
economic cycle as well as the boosting of our own sales efforts and the
significant strengthening of the sales organization. The segment accounted for
58 percent of the Group's net sales.
The operating result of the Laser and Automation Applications segment in the
first quarter of the year was EUR -0.9 (-0.9) million. Due to the project
nature of the business, most of the new deals made at the end of the last year
and in the beginning of this year will only be recognized as revenues in the
subsequent quarters, which is expected to significantly improve the segment's
profitability.
Special Components
The Face (Telecom) business result and balance sheet have been consolidated in
Cencorp's consolidated figures starting on 1 December 2010. Net sales of the
Special Components segment in the first quarter of the year were EUR 2.4
million. The segment accounted for 42 percent of the Group's net sales. The
operating result totaled EUR -1.4 million.
Net sales development and profitability were weakened by, among other things,
the dependence on a few major customer projects with unfavorable sales
development. In addition, sales in this segment are focused on Asia, where the
Chinese New Year and the piling up of stocks at the turn of the year slowed
down demand more than expected, particularly for components in the high-end
price category. Fixed costs could not be adapted to the rapid decline in demand
at the Chinese plants, which further weakened profitability.
Due to the seasonal nature of the business, the first quarter of the year is
usually the quietest period in the sales of Cencorp's special components.
Demand picked up at the end of the quarter and the same development is expected
to continue as the year goes on. Other measures have also been implemented to
improve the efficiency of the operations and the profitability of the Special
Components segment. These include, among other things, mapping out growing and
profitable product groups, cutting fixed costs and further optimizing
production between plants.
PERSONNEL
During January-March, the Group employed an average of 354 (77) people, 63 of
whom worked in Finland, 279 in China and 12 in other countries. During the
reporting period, salaries and fees totaled EUR 1.7 (1.0) million.
Päivi Lehtovaara was appointed the Group's CFO and Management Team member as of
1 March 2011. The former CFO Iikka Savisalo continues as a member of Cencorp's
Board of Directors. Simo Hietaniemi, Vice President, Project Business, will
leave the Company on 31 July 2011. Hietaniemi resigned from Cencorp's
Management Team, effective 1 February 2011. The recruitment process for a new
person is underway.
SHARES AND SHAREHOLDERS
The new shares subscribed to in the share issue carried out in March 2011 are
not included in the figures below, because the shares were only entered into
the trade register and admitted to trading on the NASDAQ OMX Helsinki Ltd after
the end of the reporting period. Cencorp's share capital amounts to EUR
3,425,059.10 and the number of shares following the share issue carried out in
March 2011 is 342,161,270 shares. The Company has one series of shares, which
confer equal rights in the company. Cencorp did not own any of its own shares
at the end of the reporting period.
The Company had a total of 4,426 shareholders at the end of March, and 48.7
percent of the shares were under foreign ownership. The ten largest
shareholders held 90.5 percent of the Company's shares and voting rights on 31
March 2011.
Owners by owner group, 31 March 2011:
------------------------------------------------------------------------
------------------------------------------------------------------------
Shares/voting rights %
------------------------------------------------------------------------
1. SAVCOR GROUP LIMITED 133,333,333 42.4
------------------------------------------------------------------------
2. SAVCOR GROUP OY 99,785,539 31.7
------------------------------------------------------------------------
3. AC INVEST BV 15,833,333 5.0
------------------------------------------------------------------------
4. ETERA MUTUAL PENSION INSURANCE COMPANY 14,833,333 4.7
------------------------------------------------------------------------
5. TILITOIMISTO CAPITAL OY 10,450,000 3.3
------------------------------------------------------------------------
6. PAASILA MATTI 2,777,777 0.9
------------------------------------------------------------------------
7. JOKELA MARKKU 2,287,519 0.7
------------------------------------------------------------------------
8. TIMMERBACKA HANNU 2,222,222 0.7
------------------------------------------------------------------------
9. TUOHI & PAALU OY 1,854,737 0.6
------------------------------------------------------------------------
10. FT CAPITAL OY 1,707,140 0.5
------------------------------------------------------------------------
OTHERS 29,309,451 9.5
------------------------------------------------------------------------
TOTAL 314,394,384 100.0
------------------------------------------------------------------------
The members of the Board of Directors and the CEO, either directly or through
companies under their control, held a total of 235,896,649 shares in the
Company on 31 March 2011, representing about 75 percent of all shares and
voting rights. The Company's President and CEO Mats Eriksson did not hold any
shares in the Company at the end of March.
The price of Cencorp's share varied between EUR 0.12 and 0.20 during
January-March. The average price was EUR 0.15, and the closing price at the end
of March EUR 0.14. A total of 7.3 million Cencorp shares were traded in
January-March at a value of EUR 1.1 million. The Company's market
capitalization at the end of March stood at EUR 47.9 million.
No share options were granted to the Company's management during the period 1
January-31 March 2011. On 31 March 2011, the Company had valid share options in
three different series as follows:
- 250,000 2006B options, the subscription period for which ended on 30 April
2011. The Company's former management and Savcor Group Oy hold the options.
- 1,801,400 2007A options, the subscription period for which ends on 30
September 2011. Sampo Bank Plc holds the options.
- 8,931,000 2007A options connected to bond I/2010, the subscription period for
which ends on 25 May 2015. Savcor Group Oy holds the options connected to bond
I/2010.
No 2006C series options have been allocated and Cencorp Group continues to hold
them. The subscription period for 2006A series options ended on 30 April 2010.
SHARE ISSUE
On 18 February 2011, Cencorp Corporation's Board of Directors decided, based on
the authorization of the Extraordinary General Meeting of 12 October 2010, to
organize a share issue where the Company offered a maximum of 33,094,145 new
shares in Cencorp to be subscribed to by the shareholders based on the
shareholders' preemptive rights.
A total of 27,766,886 shares, ie. 84 percent of the total number of shares
offered, were subscribed to in the rights issue based on primary and secondary
subscriptions. Through the rights issue, Cencorp raised a total of EUR
3,332,026 in new equity. This amount also includes the decrease in the
Company's liabilities by a total of EUR 2,333,945 as Savcor Group Oy offset the
subscription price of the shares it subscribed to in the rights issue against
its capital and interest receivables from the Company related to
interest-bearing loans. A total of 2,058 subscribers participated in the share
issue.
Following the rights issue, the number of the Company's shares increased by
27,766,886 shares to 342,161,270 shares. The subscription price, EUR 3,332,026,
is recognized in full in the Company's distributable non-restricted equity
fund. The rights issue has no impact on the Company's registered share capital.
The new shares have been entered into the trade register and admitted to
trading on the NASDAQ OMX Helsinki Ltd.
DECISIONS BY THE ANNUAL GENERAL MEETING
The Annual General Meeting held on 28 April 2011 confirmed the financial
statements for the financial year 2010. According to the proposal of the Board
of Directors, it was decided that no dividend be paid for the financial year 1
January-31 December 2010. It was also decided that the loss for the financial
year ended on 31 December 2010 be entered in retained earnings. The persons who
were working on the Company's Board during the financial year and the President
and CEOs who acted during the financial year were discharged from their
liabilities for the financial year 1 January-31 December 2010.
Hannu Savisalo, Matti Paasila, Ismo Rautiainen and Iikka Savisalo were elected
to the Company's Board of Directors. At the constitutive meeting of the Board
of Directors, held after the Annual General Meeting, Hannu Savisalo was elected
as Chairman of the Board of Directors and Matti Paasila as Vice-Chairman.
The Annual General Meeting decided that an annual remuneration of EUR 40,000 be
paid to both the Chairman and the Vice-Chairman of the Board of Directors and
an annual remuneration of EUR 30,000 be paid to the Board members.
Ernst & Young Oy was elected as the Company's auditor, with Mikko Rytilahti,
Authorized Public Accountant, acting as the principal auditor.
The General Meeting decided to amend Article 8 of the Company's Articles of
Association to read as follows: “The invitation to the General Meeting shall be
published, through a stock exchange release and on the Company's website, at
the earliest three calendar months prior to the record date of the General
Meeting and at the latest three weeks prior to the General Meeting, however,
always at least nine days prior to the record date of the General Meeting. When
the Board of Directors so decides, the invitation to the meeting can also be
published in a national newspaper determined by the Board of Directors.”
SHARE ISSUE AUTHORIZATIONS IN FORCE
Under the authorization given by the Extraordinary General Meeting on 12
October 2010 on issuing 160,000,000 new shares for the share issue directed at
Savcor Group Limited, 133,333,333 shares were used in connection with the
payment of the consideration for the Face (Telecom) corporate transaction. A
total of 26,666,667 shares remain under the authorization.
Under another authorization given by the Extraordinary General Meeting on 12
October 2010 on issuing 80,000,000 new shares, 46,499,999 shares were used for
the share issue directed to Etera Mutual Pension Insurance Company, AC Invest
B.V. and Savcor Group Oy. Additionally, 27,766,886 shares were used subject to
the authorization based on the share subscriptions made in the rights issue
organized between 8 March 2011 and 24 March 2011. After this, a total of
5,733,115 shares remain under the authorization.
1,069,000 shares remain under the authorization given by Cencorp's Annual
General Meeting on 28 April 2009 to issue 10,000,000 new shares in Cencorp.
RISK MANAGEMENT, RISKS AND UNCERTAINTIES
Cencorp's Board of Directors is responsible for the appropriate control of the
Company's accounts and finances. The Board is responsible for internal control,
while the President and CEO handles the practical arrangement and monitors the
efficiency of internal control. Business management and control are taken care
of using a Group-wide reporting and forecasting system.
The purpose of risk management is to ensure that any significant business risks
are identified and monitored appropriately. The Company's business and
financial risks are managed centrally by the Group's financial department, and
reports on risks are presented to the Board of Directors as necessary.
Due to the small size of the company and the limited scope of its business
operations, Cencorp does not have an internal auditing organization or an audit
committee.
As it is difficult to make forecasts in an industry that is dependent on
economic cycles, the biggest risks are related to fluctuations in the demand
for products and to the adjustment of operations to meet demand.
In terms of profitability, the most essential risks are related to the
achievement of a sufficient invoicing volume in both business segments and the
success achieved with the programs underway at Cencorp to improve
profitability, such as improvements in productivity and business flexibility
through outsourcing production.
In terms of operations, the biggest risks are related to outsourcing in-house
equipment production to contract manufacturers, in particular to whether the
production chain efficiency targets are achieved as planned.
The Company's financing and sufficiency of working capital involve risks which
have been dealt with point concerning financing in this interim report.
Other risks connected to Cencorp have been presented in more detail in the
Annual Report for 2010 and in the base prospectus and its securities notes
published on 25 October 2010.
OUTLOOK FOR 2011
Cencorp maintains its market prospects unchanged as follows: Cencorp expects
net sales for 2011 to amount to approximately EUR 35-39 million, provided that
no essential change takes place in the current economic landscape. The 12-month
result from operations is expected to improve from 2010.
Cencorp's order book at the end of March stood at around EUR 7.4 (1.5) million
and at around EUR 6.5 million on the publishing date of this interim report.
Cencorp's goal is to grow through acquisitions and mergers based on strategic
choices, new products and new customer relationships, and by licensing products
and technologies to complement the company's own offering.
Alongside the electronics industry, Cencorp will actively target new emerging
markets, such as energy production and energy supply applications for mobile
equipment. In these selected areas, the company seeks a leading position as a
supplier of special technology in the long term.
In Mikkeli, 9 May 2011
Cencorp Corporation
BOARD OF DIRECTORS
Statement of Consolidated Comprehensive Income
(unaudited)
1 000 EUR 1-3/2011
1-3/2010 1-12/2010
--------------------------------------------------------------------------------
---------------------
Net sales 5 731
1 912 12 811
Cost of sales -6 248
-1 682 -10 349
-------------------------------------------------------------------------------
Gross profit -517
230 2 461
Other operating 49
28 278
income
Product development -460
-238 -761
expenses
Sales and marketing -499
-430 -2 031
expenses
Administrative -860
-507 -3 000
expenses
Other operating -2
-8 -76
expenses
Operating profit -2 288
-924 -3 128
Financial income 324
189 605
Financial expenses -990
-66 -973
Profit before taxes -2 954
-801 -3 496
Income taxes -5
8 12
Profit/loss for the -2 959
-793 -3 484
period
Profit/loss
attributable to:
Shareholders of the -2 959
-793 -3 484
parent company
Earnings/share -0,01
-0,01 -0,02
(basic), eur
Earnings/share -0,01
-0,01 -0,02
(diluted), eur
Other comprehensive
income
Translation -579
-122 -320
difference
Other comprehensive 0
0 0
income
Total comprehensive -3 538
-915 -3 805
income for the year
Total comprehensive
income attributable
to:
Shareholders of the -3 538
-915 -3 805
parent company
Consolidated Balance Sheet
(unaudited)
1 000 EUR 31.3.2011
31.3.2010 31.12.2010
--------------------------------------------------------------------------------
---------------------
ASSETS
Non-current assets
Property, plant and 16 080
717 17 332
equipment
Goodwill 2 967 2
967 2 967
Other intangible assets 3 406
902 3 537
Available-for-sale 10
10 10
investment
Total non-current assets 22 463 4
596 23 845
-------------------------------------------------------------------------
Current assets
Inventories 4 942 2
480 4 940
Trade and other 8 379 2
876 10 406
non-interest-bearing
receivables
Cash and cash equivalents 3 252
207 1 647
Total current assets 16 572 5
563 16 994
-------------------------------------------------------------------------
Total assets 39 035 10
159 40 839
EQUITY AND LIABILITIES
Equity attributable to shareholders of the parent company
Share capital 3 425 3
425 3 425
Other reserves 43 344 18
432 40 012
Translation difference -790
-12 -210
Retained earnings -25 091 -20
059 -22 082
Total equity 20 888 1
786 21 145
-------------------------------------------------------------------------
Non-current liabilities
Non-current loans 2 687 2
949 4 534
Deferred tax liabilities 61
100 70
Total non-current 2 748 3
049 4 604
liabilities
-------------------------------------------------------------------------
Current liabilities
Current interest-bearing 5 186 2
555 5 905
liabilities
Trande and other payables 10 109 2
721 9 136
Current provisions 104
47 49
Total current liabilities 15 399 5
324 15 090
-------------------------------------------------------------------------
Total liabilities 18 147 8
373 19 694
Equity and liabilities 39 035 10
159 40 839
total
Consolidated Cash Flow
Statement
(unaudited)
1 000 EUR 1-3/2011
1-3/2010 1-12/20
10
--------------------------------------------------------------------------------
---------------------
Cash flow from operating activities
Income statement profit/loss -2 959
-793 -3 484
Non-monetary items adjusted on income
statement
--------------------------------------------------------------------------------
---------------------
Depreciation and impairment + 921
190 1 085
Gains/losses on disposals of +/- 0
-4 24
non-current assets
Unrealized exchange rate gains +/- 395
-176 104
(-) and losses (+)
Other non-cash transactions +/- 0
-2 22
Financial income and expense + 270
53 264
Interest gains - 0
0 0
Taxes - 5
-8 -12
-------------------------------------------------------
Total cash flow before change in -1 367
-739 -1 998
working capital
----------------------------------------------
Change in working capital
Increase (-) / decrease (+) in -166
110 387
inventories
Increase (-) / decrease (+) in trade 1 763
-206 -95
and other receivables
Increase (+) / decrease (-) in 1 549
243 121
trade and other payables
-------------------------------------------------------
Change in working capital 3 146
147 413
----------------------------------------------
Adjustment of financial items and taxes to cash-based accounting
Interest paid - -88
-34 -314
Interest received + 1
0 47
Other financial items - -125
-9 15
Taxes paid - -83
0 0
--------------------------------------------------------------------------------
---------------------
Financial items and taxes -294
-43 -252
NET CASH FLOW FROM BUSINESS OPERATIONS 1 484
-635 -1 837
CASH FLOW FROM INVESTING ACTIVITIES
Investments in tangible and intangible - -536
-100 -1 201
assets
Proceeds on disposal of tangible and + 0
16 10
intangible assets
Repayment of loan receivables + 0
341 1 042
Acquisition of subsidiaries and other - 0
0 -2 504
business units
Disposal of subsidiaries and other + 0
0 0
business units
--------------------------------------------------------------------------------
---------------------
NET CASH FLOW FROM INVESTMENTS -536
257 -2 653
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from share issue + 998
0 5 268
Proceeds from non-current borrowings + 0
0 0
Repayment of non-current borrowings - 0
0 0
Proceeds from current borrowings + 2 388
3 377 14 052
Repayment of current borrowings - -2 616
-2 899 -13 289
Dividends paid - 0
0 0
--------------------------------------------------------------------------------
---------------------
NET CASH FLOW FROM FINANCING ACTIVITIES 770
478 6 030
INCREASE (+) OR DECREASE (-) IN CASH 1 718
99 1 540
FLOW
Statement of Changes in Equity
(unaudited
)
1 000 EUR Share Other Transla Distribu-table Retained
Total
capita reserves tion non-restricted earnings
l differe equity fund
nce
--------------------------------------------------------------------------------
---------------------
31.12.2010 3 425 4 908 -210 35 104 -22 082
21 145
Directed 3 332
3 332
issue
Decrease -41
-41
from
share
issue
Direct -10
-10
entries
in
retained
earnings
Translatio -579
-579
n
differenc
e,
comprehen
sive
income
Profit/los -2 959
-2 959
s for the
period
31.3.2011 3 425 4 908 -790 38 436 -25 091
20 888
1 000 EUR Share Other Transla Distribu-table Retained
Total
capita reserves tion non-restricted earnings
l differe equity fund
nce
--------------------------------------------------------------------------------
---------------------
31.12.2009 3 425 4 908 110 13 524 -19 266
2 701
Directed
0
issue
Translatio -122
-122
n
differenc
e,
comprehen
sive
income
Profit/los -793
-793
s for the
period
31.3.2010 3 425 4 908 -12 13 524 -20 059 1 786
Segment
information
(unaudited)
Face (Telecom) corporate transaction was completed on 30.11.2010, and Cencorp's
reporting structure
was altered. Cencorp's reporting for 2011 is based on two business segments.
The business segments
are Laser and Automation Applications, and Special Components. In 2010 Special
Components business
segment was consolidated in Cencorp's consolidated figures starting on 1
December 2010.
1 000 EUR 1-3/2011 1-3/2010
1-12/2010
--------------------------------------------------------------------------------
---------------
Net sales
Laser and 3 352 1 912
11 089
Automation
Applications
Special 2 390 0
1 733
Components
Eliminations -12 0
-12
Total 5 731 1 912
12 811
Operating profit
Laser and -891 -924
-2 305
Automation
Applications
Special -1 421 0
-16
Components
Eliminations 23 0
-807
Total -2 288 -924
-3 128
Profit/loss for
the period
Laser and -1 148 -793
-2 888
Automation
Applications
Special -1 842 0
-367
Components
Eliminations 31 0
-229
Total -2 959 -793 -3 484
Assets
Laser and 31 578 10 159
31 678
Automation
Applications
Special 25 173 0
28 712
Components
Eliminations -17 716 0
-19 551
Total 39 035 10 159
40 839
Liabilities
Laser and 9 950 8 373
10 379
Automation
Applications
Special 13 180 0
14 161
Components
Eliminations -4 983 0
-4 845
Total 18 147 8 373
19 694
Investments
Laser and 206 100
1 675
Automation
Applications
Special 273 0
56
Components
Eliminations 58 0
-530
Total 536 100
1 201
Depreciation
Laser and 280 190
799
Automation
Applications
Special 641 0
226
Components
Eliminations 0 0
0
Total 921 190
1 024
Impairment
Laser and 0 0
61
Automation
Applications
Special 0 0
0
Components
Eliminations 0 0
0
Total 0 0
61
Key Figures
(unaudited)
1 000 EUR 1-3/2011 1-3/2010
1-12/2010
--------------------------------------------------------------------------------
-------------------
Net sales 5 731 1 912
12 811
Operating profit -2 288 -924
-3 128
% of net sales -39,9 -48,3
-24,4
Profit before taxes -2 954 -801
-3 496
% of net sales -51,5 -41,9
-27,3
Balance Sheet value 39 035 10 159
40 839
Equity ratio, % 54,1 18,3
52,2
Net gearing, % 22,1 257,4
41,6
Gross investments 497 100
1 806
% of net sales 8,7 5,2
14,1
Research and development 460 238
761
costs
% of net sales 8,0 12,4
5,9
Order book 7 356 1 535
6 013
Personnel on average 354 77
98
Personnel at the end of the 345 69
371
period
Non-interest-bearing 10 109 2 721
9 136
liabilities
Interest-bearing 7 873 5 504
10 440
liabilities
Share key indicators
Earnings/share (basic) -0,01 -0,01
-0,02
Earnings/share (diluted) -0,01 -0,01
-0,02
Equity/share 0,06 0,01
0,07
Highest price 0,20 0,19
0,19
Lowest price 0,12 0,14
0,10
Average price 0,15 0,17
0,14
Closing price 0,14 0,17
0,15
Market capitalisation, at 47,9 23,4
47,2
the end of the period,
MEUR
Calculation of Key Figures
Equity ratio, %: Total equity x 100
----------------------------------------------------------------------
Total assets - advances received
Net gearing, %: Interest-bearing liabilities - cash and cash
equivalents
and marketable securities x 100
----------------------------------------------------------------------
Shareholders' equity + minority interest
Earnings/share (EPS): Profit/loss for the period to the owner of the
parent company
----------------------------------------------------------------------
Average number of shares adjusted for share
issue at the end of the financial year
Equity/share: Equity attributable to shareholders of the
parent company
----------------------------------------------------------------------
Undiluted number of shares on the balance sheet
date
Commitments and contingent liabilities
(unaudited)
1 000 EUR 31.3.2011 31.3.2010
31.12.2010
--------------------------------------------------------------------------------
---------------------
Loans from financial institutions 5 281 943
5 424
Promissory notes secured by pledge 12 691 12 691
12 691
Mortgages on real estate 4 747 0
5 006
Deposits 537 0
567
Factoring loan and export credit 1 037 1 019
1 355
limit
Trade receivables 1 686 1 346
1 720
Promissory notes secured by pledge 12 691 12 691
12 691
Operating leases
Payable within one year 21 58
28
Payable over one year 3 24
5
Commitments
Payable within one year 741 211
783
Payable over one year 4 718 480
5 071
For more information:
President and CEO Mats Eriksson, tel. +358 400 358 982
Cencorp's interim report for January-June 2011 will be published on 15 August
2011.
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