2009-05-06 08:00:00 CEST
2009-05-06 08:05:07 CEST
REGULATED INFORMATION
Aldata Solution Oyj - Interim report (Q1 and Q3)
ALDATA SOLUTION INTERIM REPORT JANUARY - MARCH 2009
Aldata Solution Oyj
STOCK EXCHANGE RELEASE
6 May 2009 at 9.00 a.m. (EET)
Aldata in Q1 2009 (compared to Q1 2008)
* Net sales decreased by 12.0% to EUR 16.8 million (EUR 19.1
million).
* Gross profit decreased by 9.7% to EUR 15.4 million (EUR 17.1
million).
* Operating profit, EBIT, decreased to EUR -0.2 million (EUR 1.1
million).
* Profit before taxes was EUR 0.0 million (EUR 0.6 million).
* Net profit was EUR -0.2 million (EUR 0.5 million) and earnings
per share, EPS, were
-0.003 EUR (0.007 EUR).
Message from CEO Bertrand Sciard
Aldata continued to win new business and accomplish more high quality
customer implementations during the first quarter of 2009. Our new
Apollo business unit exceeded expectations and we see great potential
in cross selling Apollo products into our existing customer base. A
local change in demand for customer services in France impacted our
first quarter earnings negatively.
The nervous economic climate affected all businesses in Q1 and the
retail sector was no exception. However Aldata's core food and
grocery sector is showing good resilience and customers continue to
invest in areas that can help them reduce inventory costs and
increase consumer sales.
Helping retailers to reduce costs resulted in new deals for our
Aldata G.O.L.D. business units that will eventually support over 4000
retail stores worldwide. They included in Europe; the German
supermarket chain Netto-Marken Discount, part of the Edeka Group,
Systeme U in France, Supreme in Italy, Hendersons in Northern
Ireland, and Dixie in Russia. In the USA Heinens Fine Foods of
Cleveland chose Aldata for all its stores and warehouses and MCA
Logistics expanded its commitment to G.O.L.D. as did Fucom in Kuwait,
and Groupe Mobrouke in Tunisia.
Initiatives to help increase sales for both retailers and consumer
goods producers drove new business for our Apollo and Loyalty
business units. The Apollo division contributed positively with new
contracts at Cumberland Farms (over 1000 convenience stores), and
Constellation Wines (the largest wine producer in the USA). And our
combined Loyalty and E-marketing solution brought five new name
customers to Aldata in Q1 including one global luxury brand.
Other milestones in Q1 included the completion of global
certification with IBM for its Websphere and Retail Integration
Framework. This allows standards based integration of Aldata and IBM
products. Plus the receipt of the prestigious 2008 Frost & Sullivan
Award for Product Line Strategy in Retail Software.
During Q1 our forecasting process highlighted a reduction in demand
for some of our services in the French marketplace. We moved quickly
to address this situation and announced a restructuring program in
France in early February. This temporary overcapacity during Q1
impacted our earnings producing a positive EBITDA performance and a
slightly negative EBIT. This restructuring program will be finalized
during Q2 2009. The result will be lower fixed cost overheads more
appropriate to servicing present market requirements.
January - March 2009 financial performance
The Group's net sales were EUR 16.8 million (EUR 19.1 million), which
represents a decline of EUR 2.3 million compared to first quarter net
sales in the previous year. Product sales, which include licences for
standard products, licences for customer specific developments, and
maintenance revenues, accounted for 62% (43%) of total net sales.
Consulting services accounted for 36% (47%), and third party licences
and hardware accounted for 2% (10%).
The Group's gross profit was EUR 15.4 million (EUR 17.1 million),
which represents an 92% (89%) gross margin. Operating profit, EBIT,
totaled EUR -0.2 million (EUR 1.1 million) and operating profit
excluding expenses for option plans was EUR -0.1 million (EUR 1.2
million).
Pre-tax profit was EUR 0.0 million (EUR 0.6 million), net profit was
EUR -0.2 million (EUR 0.5 million) and earnings per share, EPS, were
-0.003 EUR (0.007 EUR).
Research and development costs in the first quarter totaled EUR 2.7
million (EUR 2.1 million), of which EUR 0.2 million (EUR 0.3 million)
or 5.8% were capitalized. EUR 0.1 million (EUR 0.1 million) of
capitalized development costs were amortized.
Aldata's reported order backlog includes product and third party
product sales that will be recognized as revenues during the
following twelve months. At the end of March 2009, the order backlog
was EUR 22.2 million (EUR 20.1 million at the end of March 2008 and
EUR 23.7 million at the end of year 2008).
Business units in Q1
Net sales of the Supply Chain Management (SCM) Software business unit
were EUR 12.2 million (EUR 15.2 million). The gross profit was EUR
11.5 million (EUR 13.3 million) and the operating profit, EBIT, was
EUR 0.8 million (EUR 0.9 million).
Net sales of the In-Store Software business unit were EUR 4.6 million
(EUR 3.9 million). The gross profit was EUR 4.0 million (EUR 3.1
million) and the operating profit, EBIT, was EUR 1.2 (EUR 0.8)
million.
There were no internal sales between the Group's business segments.
Unallocated costs, the Group's shared items netted, decreased the
Group's operating profit, EBIT, by EUR 2.2 million (EUR 0.6 million).
The increase in unallocated costs is due to a change in internal
accounting practices as a result of organizational changes in the
Company. In the group as a whole, there have been no significant
increase in actual costs incurred.
Finance and investments
Cash flow from operating activities in the first three months of the
year was EUR -0.2 million (EUR 1.0 million) and net cash flow was EUR
-0.6 million (EUR -0.6 million).
At the end of March 2009, Aldata Group's cash, cash equivalents and
marketable securities amounted to EUR 14.9 million (EUR 8.6 million)
and total assets were EUR 67.8 million (EUR 56.1 million). The Group
had interest-bearing debt EUR 15.2 million (EUR 3.5 million) and
interest-bearing net liabilities totaled EUR 0.7 million (EUR -4.2
million). Short term receivables totaled EUR 28.5 million (EUR 32.4
million). The Group's solvency ratio was 33.4% (37.6%), gearing was
3.3% (-20.4%), and shareholders' equity per share was 0.327 EUR (EUR
0.300).
The Group's capital expenditure on hardware and software purchases
amounted to EUR 0.2 million (EUR 0.4 million) in the first three
months of the year. A total of EUR 0.2 million (EUR 0.3 million) of
development costs were capitalized during the period.
Research and Development
Aldata's research and development costs were EUR 2.7 million (EUR 2.1
million) and made up 16% (11%) of net sales. A total of EUR 0.2
million (EUR 0.3 million) of development costs were capitalized
during the period. EUR 0.1 million (EUR 0.1 million) of capitalized
development costs were amortized.
At the end of the review period 143 (156) Aldata employees and 41 (0)
contracted offshore resources were involved in R&D activities. These
employees represent 26% (29%) of the Group's total personnel.
Aldata's R&D centres are located in Paris, France and in Vantaa,
Finland.
Personnel
Aldata Group employed 558 (538) persons at the end of March 2009, and
on average had 559 (546) employees during the period.
31 March 2009 31 March 2008
By business unit Persons % Persons %
SCM Software 419 75 447 83
In-Store Software 124 22 82 15
Group Administration 16 3 9 2
Total 558 100 538 100
Approximately 51% of personnel were employed by Aldata companies in
France, 14% in Finland, 11% in Germany, 10% in the US, 5% in Sweden,
4% in Slovenia, 3% in the UK and 2% in Russia.
Share performance
The highest price of the Aldata Solution Oyj share during January -
March 2009 was EUR 0.41 and the lowest price EUR 0.30. The average
price was EUR 0.36 and the closing price EUR 0.38. The trading volume
on the Helsinki Stock Exchange was EUR 5.4 million and altogether
15.1 million shares were traded, which represents 22% of the shares.
Aldata Solution Oyj has 68.7 million shares outstanding. The number
of shares outstanding has been unchanged during the period.
The number of shareholders was 4.571 and the free float was 100% of
the share capital at the end of March 2009. A total of 34.5% of
Aldata Solution Oyj's shares were owned by foreign investors at the
end of the period.
Annual General Meeting 2009
The Annual General Meeting of Aldata Solution Oyj was held in Vantaa,
Finland on 31 March 2009.
The meeting approved the parent Company's financial statements and
the consolidated financial statements for the year 2008 and decided
according to the Board's proposal that no dividend will be
distributed on the year 2008. The result for the year will be carried
forward to the retained earnings account.
The Board members and the Managing Director were discharged from
liability for the fiscal year 2008.
The Meeting resolved, in accordance with the Board's proposals, on
* Authorizing the Board to decide on a repurchase of the company's
own shares up to maximum of 6,800,000 shares;
* Authorizing the Board to decide on issuing and/or conveying new
shares and/or the Company's own shares and to decide on granting
the special rights referred to in Chapter 10, Section 1 of the
Companies Act. The Board of Directors is entitled to issue and/or
convey a maximum of 14,000,000 shares in the company.
* Amending the Terms and Conditions of the Stock Options 2008A -
2008F; and
* Amending the Company's Articles of Association.
The Annual General Meeting re-elected the following persons as the
members of the Board of Directors: Mr. William Chisholm, Mr. Bertrand
Sciard, Mr. Thomas Peterson, Mr. Tommy Karlsson and Mr. Aarne Aktan.
The Board convened after the Annual General Meeting. In the meeting
Mr. William Chisholm was elected as the Chairman of the Board and Mr.
Bertrand Sciard as the Vice Chairman of the Board. The Board resolved
not to establish Board Committees. Ernst & Young Oy was re-appointed
to be the company's auditor, under the supervision of principal
auditor Anne Vuorio (APA).
Risks and uncertainty factors
Risks and uncertainty factors associated with Aldata's business are
mainly related to general economic development and more specifically
on the retail software market. The recession has affected and will
affect Aldata's operations. Aldata has responded quickly to the new
economic environment in order to limit the risks associated with a
further weakening global economy. A further worsening of the economic
situation would result in delays of large projects and investment
decisions. Due to overcapacity in the French G.O.L.D. business unit,
Aldata has started personnel negotiations with the aim to
significantly reduce the cost base.
Business risk management is a key target of the operational
management. Through it, the company aims to ensure that the key risks
to which business operations are exposed are identified and monitored
for preventative action. Business risks are monitored within the
company by the President and CEO, the Management Team and the
business unit managers.
Outlook
Aldata expects the 2009 operating environment to remain challenging.
The 2009 second quarter results will include significant
non-recurring restructuring costs related to a reorganization and a
reduction of the cost base in the French G.O.L.D. business unit. When
the process is finished, the Company will announce the economic
effects of the restructuring process.
Based on the current backlog, sales and services activity and
pipeline, the Company expects to generate in 2009 growth in net sales
compared to 2008 and for the full-year a profitable operative result
(EBIT), excluding restructuring costs related to the French
reorganization program.
Helsinki, May 6, 2009
Aldata Solution Oyj
Board of Directors
Further information:
Bertrand Sciard, President and CEO, tel. +358 10 820 8000 / Aldata
Solution Oyj.
Thomas Hoyer, CFO, tel. +358 10 820 8010
Aldata will hold a teleconference for the media and financial
analysts on 6 May, at 12.00 (EET).
The presentation material will be published on the Group's website at
www.aldata-solution.com
Aldata 100% Retail-Wholesale
At Aldata 100% of our business is dedicated to retail and wholesale
business improvement. We provide our customers with modern, flexible
and integrated software solutions specifically designed to increase
productivity, performance and profitability. With over 24,000
successful installations across 52 countries, from convenience store
to hypermarket, 480+ live warehouses and customers with 5 to 5,000
outlets, we consistently deliver the goods for retail and wholesale
business improvement. Aldata Solution is a public company quoted on
NASDAQ OMX Helsinki Ltd with the identifier ALD1V. More information
at: www.aldata-solution.com.
Distribution:
NASDAQ OMX Helsinki Ltd
Media
TABLE PART
Calculation methods
This interim report has been prepared in accordance with IFRS
standards and the same accounting principles as in 2008 financial
statements but the report does not comply with all requirements of
IAS 34, Interim Financial Reporting.
As of January 1, 2009, Company has applied the following new and
revised standards: IFRS 8 Operating Segments and IAS 1 Presentation
of financial statements. IFRS 8 has not affected thereported
segments. IAS 1 has affected the presentation of the income statement
and statement of changes in shareholders' equity. The interim report
is unaudited.
CONSOLIDATED INCOME
STATEMENT MEUR MEUR Change % MEUR
Jan- Total
Mar/ 2009 Jan-Mar/ 2008 2008
Net sales 16,8 19,1 -12,0 % 70,0
Other operating income 0,1 0,3 -56,4 % 2,1
Operating expenses -16,8 -17,9 6,2 % -67,0
Depreciations and
impairments -0,4 -0,3 -1,4 % -1,4
Operating profit -0,2 1,1 -118,8 % 3,7
Financial items 0,2 -0,6 132,9 % -1,0
Profit before taxes 0,0 0,6 -105,5 % 2,8
Income taxes -0,2 -0,1 -33,8 % -0,6
Minority interest 0,0 0,0 467,7 % 0,0
Profit for the financial
period -0,2 0,5 -140,8 % 2,1
Earnings per share, EUR -0,003 0,007 0,031
Earnings per share, EUR
(EPS), adjusted for
dilution effect -0,003 0,007 0,031
Attributable to:
Equity holders of the
Company -0,2 0,5 2,1
Minority interest 0,0 0,0 0,0
Statement of comprehensive
income:
Net profit for the period -0,2 0,5 2,1
Other comprehensive income:
Translation differences -0,2 0,4 0,4
Total comprehensive income -0,4 0,9 2,5
Total comprehensive income
attributable to:
Equity holders of the
Company -0,4 0,9 2,5
Minority interest 0,0 0,0 0,0
CONSOLIDATED BALANCE SHEET MEUR MEUR MEUR
31 Mar 31 Mar 31 Dec
2009 2008 2008
ASSETS
NON-CURRENT ASSETS
Goodwill 15,0 9,4 15,0
Capitalized development cost 3,0 2,3 2,9
Intangible assets 1,7 0,3 1,8
Tangible assets 1,4 1,5 1,4
Investments 0,1 0,1 0,1
Other long-term assets 0,1 0,1 0,1
Deferred tax assets 2,6 1,0 1,9
NON-CURRENT ASSETS TOTAL 23,9 14,8 23,3
CURRENT ASSETS
Inventories 0,4 0,3 0,2
Short-term receivables 28,5 32,4 25,6
Cash and cash equivalents 14,8 8,6 15,4
CURRENT ASSETS TOTAL 43,9 41,3 41,5
ASSETS TOTAL 67,8 56,1 64,8
SHAREHOLDERS' EQUITY AND
LIABILITIES
Shareholders' equity 22,5 20,6 22,8
Minority interest 0,1 0,1 0,1
Long-term loans 4,6 4,2 3,7
Short-term loans 40,6 31,2 38,2
EQUITY AND LIABILITIES TOTAL 67,8 56,1 64,8
CONSOLIDATED STATEMENT OF CHANGES IN 1000
EQUITY EUR
Equity
Holders
Share of Own
Share Premium Translation Retained parent Minority Equity
TEUR capital fund difference earnings company interest total
EQUITY
1.1.2008 686 18 996 363 -426 19 619 82 19 701
Share based
payments
recognized
against
equity 0 0 0 525 525 0 525
Exercise
of options 1 158 0 0 159 0 159
Comprehensive
income 0 0 345 2 145 2 490 36 2 526
EQUITY
31.12.2008 687 19 154 708 2 244 22 793 117 22 911
Share based
payments
recognized
against
equity 0 0 0 75 75 0 75
Comprehensive
income 0 0 -182 -190 -372 -14 -387
EQUITY
31.3.2009 687 19 154 526 2 129 22 496 103 22 599
CONSOLIDATED CASH FLOW
STATEMENT
MEUR MEUR MEUR
Jan-Mar/ Jan-Mar/ Jan-Dec
2009 2008 2008
Cash flow from operating
activities
Operating result -0,2 1,2 3,7
Adjustment to operating
result 0,0 -0,9 -0,1
Change in working capital -0,1 0,6 1,6
Interest received and other
financial income 0,2 0,1 0,6
Interest paid and other
financial expenses -0,1 -0,2 -0,6
Taxes paid 0,0 0,4 0,5
Net cash from operating
activities -0,2 1,0 5,7
Cash flow from investing
activities
Investments in tangible and
intangible assets -0,3 -0,3 -1,9
Net cash used in investing
activities -0,3 -0,3 -9,8
Cash flow before financing
activities -0,5 0,7 -4,1
Cash flow from financing
activities
Long-term loans, repayments 0,0 0,0 0,0
Short-term loans, received 0,0 0,2 13,9
Short-term loans, repayments -0,1 -1,5 -3,7
Share issue 0,0 0,1 0,2
Net cash used in financing
activities -0,1 -1,3 10,4
Net cash flow, total -0,6 -0,6 6,3
Change in cash and cash equivalents -0,6 -0,6 6,3
Cash and cash equivalents in
the beginning of the period 15,4 9,1 9,1
Cash and cash equivalents at
the end of the period 14,9 8,6 15,4
NOTES TO THE INTERIM REPORT
COMMITMENTS AND CONTINGENCIES MEUR MEUR MEUR
31 Mar 2009 31 Mar 2008 31 Dec 2008
Loans from financial
institutions 15,2 3,5 15,2
Mortgages 5,4 5,4 5,4
Leasing liabilities 10,4 12,8 11,4
Guarantees on behalf of company
debt 0,1 0,1 0,1 Jan-Mar Jan-Mar
KEY FIGURES, MEUR /2009 /2008 Total 2008
Scope of Operations
Net sales, MEUR 16,8 19,1 70,0
Average number of personnel 559 546 540
Profitability
Operating profit , MEUR -0,2 1,1 3,7
Operating profit, % of net sales -1,3 6,0 5,3
Profit before taxes and minority
interest, MEUR 0,0 0,6 2,8
Profit before taxes and minority
interest, % of net sales -0,2 3,1 3,9
Return on equity, % (ROE) -3,5 9,2 10,2
Return on investment, % (ROI) 6,7 19,4 17,3
Financial Standing
Quick ratio 1,1 1,3 1,1
Current ratio 1,1 1,3 1,1
Equity ratio, % 33,4 37,6 36,3
Interest-bearing net debt, MEUR 0,7 -4,2 0,4
Gearing, % 3,3 -20,4 1,9
Per Share Data
Earnings per share, EUR (EPS) -0,003 0,007 0,031
Earnings per share, EUR (EPS),
adjusted for dilution effect -0,003 0,007 0,031
Shareholders' equity per share,
EUR 0,327 0,300 0,332
SEGMENT INFORMATION, MEUR
BUSINESS SEGMENTS Jan-Mar/2009 Jan-Mar/2008 Total 2008
Net sales to external
customers
Supply Chain Management
Software 12,2 15,2 56,2
In-Store Software 4,6 3,9 13,8
Total 16,8 19,1 70,0
Operating result, continuing
operations
Supply Chain Management
Software 0,8 0,9 0,3
In-Store Software 1,2 0,8 2,1
Total 2,0 1,7 2,5
Unallocated items -2,2 -0,6 -1,3
Operating profit -0,2 1,1 3,7
Financial income and
expenses 0,2 -0,6 -1,0
Result before taxes and
minority
interest 0,0 0,6 2,8
Taxes -0,2 -0,1 -0,6
Minority interest 0,0 0,0 0,0
Result from continuing
operations -0,2 0,5 2,2
Result for the financial
period -0,2 0,5 2,2
INCOME STATEMENT MEUR MEUR MEUR MEUR MEUR
QUARTERLY FIGURES Q1/2009 Q4/2008 Q3/2008 Q2/2008 Q1/2008
Net sales 16,8 17,2 15,7 18,0 19,1
Other operating income 0,1 1,6 0,2 0,1 0,3
Operating expenses -16,8 -17,1 -15,4 -16,6 -17,9
Depreciations and
impairments -0,4 -0,4 -0,4 -0,4 -0,3
Operating profit -0,2 1,3 0,1 1,2 1,1
Financial items 0,2 -0,9 0,4 0,0 -0,6
Profit before taxes 0,0 0,4 0,6 1,2 0,6
Income taxes -0,2 -0,3 -0,1 -0,1 -0,1
Minority interest 0,0 0,0 0,0 0,0 0,0
Profit for the
financial
period -0,2 0,1 0,5 1,1 0,5
INCOME STATEMENT MEUR MEUR MEUR MEUR MEUR
CUMULATIVE 1-3/09 1-12/08 1-9/08 1-6/08 1-3/08
Net sales 16,8 70,0 52,8 37,1 19,1
Other operating income 0,1 2,1 0,6 0,4 0,3
Operating expenses -16,8 -67,0 -49,9 -34,5 -17,9
Depreciations and
impairments -0,4 -1,4 -1,1 -0,7 -0,3
Operating profit -0,2 3,7 2,5 2,3 1,1
Financial items 0,2 -1,0 -0,1 -0,6 -0,6
Profit before taxes 0,0 2,8 2,4 1,8 0,6
Income taxes -0,2 -0,6 -0,2 -0,2 -0,1
Minority interest 0,0 0,0 0,0 0,0 0,0
Profit for the
financial
period -0,2 2,1 2,1 1,6 0,5
BALANCE SHEET MEUR MEUR MEUR MEUR MEUR
31.3.09 31.12.08 30.9.08 30.6.08 31.3.08
ASSETS
NON-CURRENT ASSETS
Goodwill 15,0 15,0 9,4 9,4 9,4
Capitalized development
cost 3,0 2,9 2,6 2,4 2,3
Intangible assets 1,7 1,8 0,7 0,3 0,3
Tangible assets 1,4 1,4 1,3 1,4 1,5
Investments 0,1 0,1 0,1 0,1 0,1
Other long-term assets 0,1 0,1 0,1 0,1 0,1
Deferred tax assets 2,6 1,9 0,9 0,9 1,0
NON-CURRENT ASSETS TOTAL 23,9 23,3 15,2 14,7 14,8
CURRENT ASSETS
Inventories 0,4 0,2 0,3 0,3 0,3
Short-term receivables 28,5 25,6 26,4 27,1 32,4
Cash and cash equivalents 14,8 15,4 8,8 13,6 8,6
CURRENT ASSETS TOTAL 43,9 41,5 35,5 41,0 41,3
ASSETS TOTAL 67,8 64,8 50,7 55,8 56,1
SHAREHOLDERS' EQUITY AND
LIABILITIES
Shareholders' equity 22,5 22,8 22,3 21,9 20,6
Minority interest 0,1 0,1 0,1 0,1 0,1
Non-current liabilities 4,6 3,7 2,0 3,6 4,2
Current liabilities 40,6 38,2 26,3 30,2 31,2
EQUITY AND LIABILITIES
TOTAL 67,8 64,8 50,7 55,8 56,1
KEY FIGURES, MEUR Q1/2009 Q4/2008 Q3/2008 Q2/2008 Q1/2008
QUARTERLY FIGURES
Scope of Operations
Net sales, MEUR 16,8 17,2 15,7 18,0 19,1
Average number of
personnel 559 540 539 543 546
Profitability
Operating profit , MEUR -0,2 1,3 0,1 1,2 1,1
Operating profit, % of
net sales -1,3 7,3 0,9 6,6 6,0
Profit before taxes and
minority
interest, MEUR 0,0 0,4 0,6 1,2 0,6
Profit before taxes and
minority
interest, % of net sales -0,2 2,4 3,7 6,6 3,1
Return on equity, % (ROE) -3,5 10,2 13,4 15,3 9,2
Return on investment, %
(ROI) 6,7 17,3 18,7 21,4 19,4
Financial Standing
Quick ratio 1,1 1,1 1,3 1,3 1,3
Current ratio 1,1 1,1 1,4 1,4 1,3
Equity ratio, % 33,4 36,3 45,1 40,3 37,6
Interest-bearing net
debt, MEUR 0,7 0,4 -6,7 -9,3 -4,2
Gearing, % 3,3 1,9 -29,8 -42,4 -20,4
Per Share Data
Earnings per share, EUR
(EPS) -0,003 0,001 0,007 0,016 0,007
Earnings per share, EUR
(EPS),
adjusted for dilution
effect -0,003 0,001 0,007 0,016 0,007
Shareholders' equity per
share,
EUR 0,327 0,332 0,324 0,319 0,300
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