2007-08-07 08:00:28 CEST
2007-08-07 08:00:28 CEST
REGULATED INFORMATION
Aldata Solution Oyj - Quarterly report
ALDATA SOLUTION INTERIM REPORT JANUARY - JUNE 2007
Aldata Solution Oyj
STOCK EXCHANGE
RELEASE
7 August 2007 at 9.00 a.m. (EET)
ALDATA SOLUTION INTERIM REPORT JANUARY - JUNE 2007
(unaudited)
Aldata in Q2 2007 (compared to Q2 2006)
The quarterly figures are prepared in accordance with to the
principles of the International Financial Reporting Standards (IFRS).
- Net sales decreased by 9.8 % to EUR 19.1 million (EUR 21.2
million).
- Gross profit decreased by 13.4% to EUR 15.5 million (EUR 17.9
million).
- Operating profit, EBIT, decreased to EUR -1.5 million (EUR 1.4
million) and operating profit excluding option expenses was EUR -1.4
million (EUR 1.5 million). Operating costs include EUR 0.5 million in
non-recurring costs relating to the tender offer for the company.
- Profit before taxes was EUR -1.5 million (EUR 1.3 million).
- Net profit was EUR -1.7 million (EUR 0.5 million) and earnings per
share, EPS; were
-0.026 euros (0.008 EUR).
General overview
The general long-term trend towards standardized software in the
retail sector remains unchanged, but large, corporate wide projects
have not materialized to the extent expected. The competitive
pressure from large software generalists entering the retail software
space has been increasing. However, Aldata has in the first half of
the year won new projects with leading retailers, both in the grocery
and in non-food sectors.
In addition to the increased competition Aldata's business was in the
second quarter negatively affected by the proposed takeover of the
company, as customers and prospects await the outcome of the tender
offer. This has resulted in prolonged sales-cycles, especially for
large transactions.
In general, feedback about the acquisition by Symphony Technologies
Group of a large stake in the company in April 2007 has been
positive, and customers have welcomed the change in ownership
structure.
April - June 2007 financial performance
The Group's net sales were EUR 19.1 million (EUR 21.2 million), which
represents a decline of 2.1 million euros 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 45% (51%) of total net sales.
Consulting services accounted for 46% (41%), and third party licences
and hardware accounted for 9% (8%).
The Group's gross profit was EUR 15.5 million (EUR 17.9 million),
which represents an 81% (84%) gross margin. Operating profit, EBIT,
totalled EUR -1.5 million (EUR 1.4 million) and operating profit
excluding expenses for option plans was EUR -1.4 million (EUR 1.5
million).
The operating costs include EUR 0.5 million non-recurring costs
relating to the tender offer for the company. These costs include
fees to the company's legal and financial advisors.
Pre-tax profit was EUR -1.5 million (EUR 1.3 million), net profit was
EUR -1.7 million (EUR 0.5 million) and earnings per share, EPS, were
-0.026 euros (0.008 euros).
Research and development costs in the second quarter totalled EUR 2.8
million (EUR 3.4 million), of which EUR 0.1 million (EUR 0.3 million)
or 5 % were capitalized. EUR 0.1 million (EUR 0.0 million) of
capitalized development costs were amortized.
Taxes for the second quarter were EUR 0.2 million (EUR 0.8 million).
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 2007, the order backlog
was EUR 17.9 million (EUR 22.2 million at the end of June 2006 and
EUR 17.9 million at the end of March 2007).
Business units
Net sales of the Supply Chain Management (SCM) Software business unit
were EUR 15.2 million (EUR 18.2 million). The gross profit was EUR
12.7 million (EUR 15.6 million) and the operating profit, EBIT, was
EUR -1.0 million (EUR 1.7 million).
Net sales of the In-Store Software business unit were EUR 4.0 million
(EUR 3.0 million). The gross profit was EUR 2.8 million (EUR 2.3
million) and the operating profit, EBIT, was EUR 0.1 (EUR 0.2)
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 0.6 million (EUR 0.5 million).
January - June 2007 financial performance
The Group's net sales were EUR 37.5 million (EUR 43.6 million), which
represents a decline of EUR 6.1 million compared to first half net
sales in the previous year. Product sales, which include licences for
standard products, licences for customer specific developments and
maintenance revenues, accounted for 43% (48%) of total net sales.
Consulting services accounted for 48% (44%) and third party licences
and hardware accounted for 9% (8%).
The Group's gross profit was EUR 30.4 million (EUR 35.1 million),
which represents an 81% (80%) gross margin. Operating profit, EBIT,
totalled EUR -3.5 million (EUR 2.8 million) and operating profit
excluding expenses for option plans was EUR -3.2 million (EUR 3.2
million).
The operating costs include EUR 0.5 million non-recurring costs
relating to the tender offer for the company. These costs include
fees to the company's legal and financial advisors.
Pre-tax profit was EUR -3.6 million (EUR 2.7 million), net profit was
EUR -3.8 million (EUR 1.3 million) and earnings per share, EPS, were
-0.057 euros (0.019 euros).
Research and development costs in the financial period totalled EUR
5.5 million (EUR 6.7 million), of which EUR 0.3 million (EUR 0.4
million) or 5 % were capitalized. EUR 0.2 million (EUR 0.1 million)
of capitalized development costs were amortized.
Taxes for the period were EUR 0.2 million (EUR 1.3 million).
Finance and investments
Cash flow from operating activities in the first half of the year was
EUR -1.2 million (EUR 0.7 million) and net cash flow was EUR -1.4
million (EUR -0.2 million).
At the end of June 2007, Aldata Group's cash, cash equivalents and
marketable securities amounted to EUR 4.3 million (EUR 9.2 million)
and total assets were EUR 50.1 million (EUR 50.4 million). The Group
had no interest-bearing debt (EUR 0.0 million) and interest-bearing
net liabilities totalled EUR -3.6 million (EUR -8.6 million). Short
term receivables totalled EUR 31.3 million (EUR 28.2 million). The
Group's solvency ratio was 54.7 % (55.4%), gearing was -13.2 %
(-31.8%), and shareholders' equity per share was EUR 0.396 (EUR
0.397).
The Group's capital expenditure on hardware and software purchases
amounted to EUR 1.0 million (EUR 0.9 million) in the first half of
the year. A total of EUR 0.3 million (EUR 0.4 million) of development
costs were capitalized during the period.
Research and Development
Aldata's research and development costs were EUR 5.5 million (EUR 6.7
million) and made up 14.7% (15.4%) of net sales. A total of EUR 0.3
million (EUR 0.4 million) of development costs were capitalized
during the period. EUR 0.2 million (EUR 0.1 million) of capitalized
development costs were amortized.
At the end of the review period 182 (220) employees were involved in
R&D activities. This represents 29% (36%) of the Group's total
personnel. Aldata's R&D centres are located in Paris, France and in
Vantaa, Finland.
Personnel
Aldata Group employed 632 (611) persons at the end of June 2007, and
on average had 634 (603) employees during the period. The number of
personnel grew 1% (18%) in the Supply Chain Management Software
business unit and 18% (2%) in the In-Store Software business unit.
30 June 2007 30 June 2006
By business unit Persons % Persons %
SCM Software 505 80 502 82
In-Store Software 116 18 98 16
Group Administration 11 2 11 2
Total 632 100 611 100
Approximately 53% of personnel were employed by Aldata companies in
France, 15% in Finland, 11% in Germany, 7% in Sweden, 5% in the US,
4% in Slovenia, 4% in the UK and 1% in Russia.
Share performance
The highest price of the Aldata Solution Oyj share during January -
June 2007 was EUR 1.90 and the lowest price EUR 1.33. The average
price was EUR 1.66 and the closing price EUR 1.81. The trading volume
on the Helsinki Stock Exchange was EUR 38.2 million and altogether
23.1 million shares were traded, which represents 34% of the shares.
Aldata Solution Oyj has 68.6 million shares outstanding. The number
of shares outstanding has increased by 457.900 shares during the
period.
The number of shareholders was 5 011 and the free float was 99.8 % of
the share capital at the end of June 2007. A total of 53.4 % of
Aldata Solution Oyj's shares were owned by foreign investors at the
end of the period.
More information concerning the ongoing public tender offer and
changes in ownership can be found on the company web page.
Outlook for 2007
As the outcome of the ongoing tender offer is still unclear it is
very challenging for the company to make estimates for financial
performance in the second half of the year. However, a clearer
ownership structure of the company is expected to have a positive
impact on business activities.
The company's estimate is that full-year 2007 net sales will be at
the same level as in 2006 and operating profit (EBIT) will be below
last year's level.
Helsinki, August 6, 2007
Aldata Solution Oyj
Board of Directors
Further information:
Aldata Solution Oyj, René Homeyer, President and CEO, tel. +33 683
810 888
Aldata Solution Oyj, Thomas Hoyer, CFO, tel. +358 45 670 0491
Aldata will hold a press conference for the media and financial
analysts in Helsinki on 7 August, at 12.00 (EET) at the Scandic Hotel
Simonkenttä (Simonkatu 9) in the Espa cabinet on the ground floor.
The presentation material will be published on the Group's website at
www.aldata-solution.com
Aldata in brief
Aldata Solution is one of the global leaders in supply chain software
for retail, wholesale and logistics companies. The company's
comprehensive range of Supply Chain Management and In-Store solutions
enable its more than 300 customers across 50 countries to enhance
productivity, profitability, performance and competitiveness. Aldata
develops and supports its software through more than 600 Aldata
professionals and a global partner network. Aldata is a public
company quoted on the Helsinki Stock Exchange with the identifier
ALD1V. More information at: www.aldata-solution.com
Distribution:
OMX Helsinki Stock Exchange
Media
APPENDICES
1 Income Statement
2 Balance Sheet
3 Statement of Changes in Equity
4 Cash Flow
5 Contingent Liabilities
6 Key Figures
7 Segment Information
8 Quarterly Income Statement and Balance Sheet
9 Quarterly Key Figures
APPENDIX 1
INCOME STATEMENT MEUR MEUR Change % MEUR
Jan-Jun
/2007 Jan-Jun/ 2006 Total 2006
Net sales 37,5 43,6 -14,0 88,8
Other operating income 0,2 0,3 -12,4 0,4
Operating expenses -40,6 -40,5 -0,2 -82,5
Depreciations and
impairments -0,6 -0,6 -11,7 -1,1
Operating profit -3,5 2,8 -225,1 5,5
Financial items -0,2 -0,1 -44,7 -0,1
Profit before taxes -3,6 2,7 -235,7 5,5
Income taxes -0,2 -1,3 84,7 -2,9
Minority interest 0,0 -0,1 108,8 0,0
Profit for the financial
period -3,8 1,3 -401,8 2,5
Earnings per share, EUR -0,057 0,019 0,037
Earnings per share, EUR
(EPS), adjusted for
dilution effect -0,055 0,019 0,037
APPENDIX 2
BALANCE SHEET MEUR MEUR MEUR
31 Jun 2007 30 Jun 2006 31 Dec 2006
ASSETS
NON-CURRENT ASSETS
Goodwill 9,4 8,5 9,4
Capitalized development cost 1,6 1,2 1,4
Intangible assets 0,3 0,1 0,2
Tangible assets 1,6 1,6 1,5
Investments 0,0 0,0 0,0
Other long-term assets 0,7 0,6 1,0
Deferred tax assets 0,3 0,4 0,5
NON-CURRENT ASSETS TOTAL 14,0 12,4 14,1
CURRENT ASSETS
Inventories 0,4 0,5 0,5
Short-term receivables 31,3 28,2 34,9
Cash and cash equivalents 4,3 9,2 5,7
CURRENT ASSETS TOTAL 36,0 38,0 41,2
ASSETS TOTAL 50,1 50,4 55,3
SHAREHOLDERS' EQUITY AND
LIABILITIES
Shareholders' equity 27,0 26,8 29,8
Minority interest 0,1 0,5 0,1
Long-term loans 1,7 1,9 1,7
Short-term loans 21,3 21,2 23,7
EQUITY AND LIABILITIES TOTAL 50,1 50,4 55,3
APPENDIX 3
STATEMENT OF CHANGES IN EQUITY
Share
Share premium Translation Retained
TEUR capital fund difference earnings Total
EQUITY 01.01.2005 674 17 002 126 3 559 21 361
Translation difference 0 0 -201 0 -201
Result of the financial
year 0 0 0 3 401 3 401
Total 0 0 -201 3 401 3 200
Share based payments
recognised against
equity 0 0 0 516 516
EQUITY 31.12.2005 674 17 002 -75 7 476 25 078
Issue of share capital 6 1 143 0 0 1 149
Exercise of options 1 146 0 0 147
Translation difference 0 0 42 0 42
Result of the financial
year 0 0 0 2 526 2 526
Total 7 1 289 42 2 526 3 864
Share based payments
recognised against
equity 0 0 0 860 860
EQUITY 31.12.2006 681 18 291 -33 10 862 29 802
Translation difference 0 0 26 0 26
Exercise of options 5 705 0 0 710
Result of the financial
period 0 0 0 -3 832 -3 832
Total 5 705 26 -3 832 -3 096
Share based payments
recognised against equity 0 0 0 248 248
EQUITY 30.6.2007 686 18 996 -7 7 278 26 953
APPENDIX 4
CASH FLOW STATEMENT MEUR MEUR MEUR
Jan-Jun 2007 Jan-Jun 2006 Jan-Dec 2006
Cash flow from operating
activities
Operating result -3,5 2,8 5,5
Adjustment to operating result 0,7 1,1 1,7
Change in working capital 2,3 -1,2 -6,3
Interest received and other
financial income 0,1 0,1 0,2
Interest paid and other
financial expenses -0,2 0,0 -0,1
Taxes paid -0,7 -2,1 -3,2
Net cash from operating
activities -1,2 0,7 -2,2
Cash flow from investing
activities
Group companies acquired 0,0 0,0 -0,1
Investments in tangible and
intangible assets -0,9 -0,8 -1,3
Loans granted 0,0 0,0 -0,2
Net cash used in investing
activities -0,9 -0,8 -1,6
Cash flow before financing
activities -2,1 -0,1 -3,8
Cash flow from financing
activities
Long-term loans, repayments 0,0 -0,1 -0,1
Share issue 0,7 0,0 0,1
Net cash used in financing
activities 0,7 -0,1 0,1
Net cash flow, total -1,4 -0,2 -3,7
Change in cash and cash
equivalents -1,4 -0,2 -3,7
Cash and cash equivalents at
the beginning of period 5,7 9,4 9,4
Cash and cash equivalents at
the end of period 4,3 9,2 5,7
APPENDIX 5
COMMITMENTS AND CONTINGENCIES MEUR MEUR MEUR
30 Jun 2007 30 Jun 2006 31 Dec 2006
Mortages 5,4 5,4 5,4
Leasing liabilities 15,6 13,9 16,1
Guarantees on behalf of company
debt 0,1 0,2 0,2
APPENDIX 6
KEY FIGURES, MEUR Jan-Jun /2007 Jan-Jun /2006 Total 2006
Scope of Operations
Net sales, MEUR 37,5 43,6 88,8
Average number of personnel 634 603 614
Profitability
Operating profit , MEUR -3,5 2,8 5,5
Operating profit, % of net
sales -9,3 6,4 6,2
Profit before taxes and
minority interest, MEUR -3,6 2,7 5,5
Profit before taxes and
minority interest, % of net
sales -9,7 6,2 6,2
Return on equity, % (ROE) -27,0 10,3 9,2
Return on investment, % (ROI) -22,0 22,1 21,0
Financial Standing
Quick ratio 1,7 1,8 1,7
Current ratio 1,7 1,8 1,7
Equity ratio, % 54,7 55,4 54,5
Interest-bearing net debt,
MEUR -3,6 -8,6 -5,1
Gearing, % -13,2 -31,8 -16,9
Per Share Data
Earnings per share, EUR (EPS) -0,057 0,019 0,037
Earnings per share, EUR (EPS),
adjusted for dilution effect -0,055 0,019 0,037
Shareholders' equity per
share, EUR 0,396 0,397 0,372
APPENDIX 7
SEGMENT INFORMATION, MEUR
BUSINESS SEGMENTS Jan-Jun/2007 Jan-Jun/2006 Jan-Dec/2006
Net sales to external
customers
Supply Chain Management
Software 30,2 37,1 74,2
In-Store Software 7,3 6,5 14,6
Total 37,5 43,6 88,8
Operating result, continuing
operations
Supply Chain Management
Software -2,8 3,1 5,1
In-Store Software -0,2 0,6 2,6
Total -3,0 3,7 7,7
Unallocated items -0,5 -0,9 -2,1
Operating profit -3,5 2,8 5,5
Financial income and expenses -0,1 -0,1 0,0
Result before taxes and
minority interest -3,6 2,7 5,5
Taxes -0,2 -1,3 -2,9
Minority interest 0,0 -0,1 0,0
Result from continuing
operations -3,8 1,3 2,5
Result for the financial
period -3,8 1,3 2,5
APPENDIX 8
INCOME STATEMENT MEUR MEUR MEUR MEUR MEUR
quarterly figures Q2/2007 Q1/2007 Q4/2006 Q3/2006 Q2/2006
Net sales 19,1 18,3 25,3 19,9 21,2
Other operating income 0,1 0,2 0,0 0,1 0,1
Operating expenses -20,4 -20,2 -23,8 -18,2 -19,6
Depreciations and
impairments -0,3 -0,3 -0,3 -0,3 -0,3
Operating profit -1,5 -2,0 1,3 1,5 1,4
Financial items 0,0 -0,1 0,0 0,1 -0,1
Profit before taxes -1,5 -2,1 1,2 1,6 1,3
Income taxes -0,2 0,0 -0,9 -0,7 -0,8
Minority interest 0,0 0,0 0,0 0,0 0,0
Profit for the financial
period -1,7 -2,1 0,3 0,9 0,5
INCOME STATEMENT MEUR MEUR MEUR MEUR MEUR
cumulative 1-6/07 1-3/07 1-12/06 1-9/06 1-6/06
Net sales 37,5 18,3 88,8 63,5 43,6
Other operating income 0,2 0,2 0,4 0,4 0,3
Operating expenses -40,6 -20,2 -82,5 -58,7 -40,5
Depreciations and
impairments -0,6 -0,3 -1,1 -0,8 -0,6
Operating profit -3,5 -2,0 5,5 4,3 2,8
Financial items -0,2 -0,1 -0,1 0,0 -0,1
Profit before taxes -3,6 -2,1 5,5 4,2 2,7
Income taxes -0,2 0,0 -2,9 -2,0 -1,3
Minority interest 0,0 0,0 0,0 0,0 -0,1
Profit for the financial
period -3,8 -2,1 2,5 2,2 1,3
BALANCE SHEET MEUR MEUR MEUR MEUR MEUR
30.6.07 31.3.07 31.12.06 30.9.06 30.6.06
ASSETS
NON-CURRENT ASSETS
Goodwill 9,4 9,4 9,4 9,4 8,5
Capitalized development
cost 1,6 1,4 1,4 1,3 1,2
Intangible assets 0,3 0,3 0,2 0,2 0,1
Tangible assets 1,6 1,5 1,5 1,5 1,6
Investments 0,0 0,0 0,0 0,0 0,0
Other long-term assets 0,7 0,8 1,0 0,6 0,6
Deferred tax assets 0,3 0,5 0,5 0,5 0,4
NON-CURRENT ASSETS TOTAL 14,0 14,0 14,1 13,6 12,4
CURRENT ASSETS
Inventories 0,4 0,6 0,5 0,3 0,5
Short-term receivables 31,3 34,0 35,0 31,2 28,2
Cash and cash equivalents 4,3 6,7 5,7 5,5 9,2
CURRENT ASSETS TOTAL 36,0 41,4 41,2 37,2 38,0
ASSETS TOTAL 50,1 55,3 55,3 50,8 50,4
SHAREHOLDERS' EQUITY AND
LIABILITIES
Shareholders' equity 27,0 27,9 29,8 29,2 26,8
Minority interest 0,1 0,1 0,1 0,1 0,5
Non-current liabilities 1,7 1,7 1,7 1,9 1,9
Current liabilities 21,3 25,6 23,7 19,6 21,2
EQUITY AND LIABILITIES
TOTAL 50,1 55,3 55,3 50,8 50,4
APPENDIX 9
KEY FIGURES, MEUR Q2/2007 Q1/2007 Q4/2006 Q3/2006 Q2/2006
quarterly figures
Scope of Operations
Net sales, MEUR 19,1 18,3 25,3 19,9 21,2
Average number of personnel 634 632 614 609 603
Profitability
Operating profit , MEUR -1,5 -2,0 1,3 1,5 1,4
Operating profit, % of net
sales -7,8 -10,9 4,9 7,5 6,6
Profit before taxes and
minority interest, MEUR -1,5 -2,1 1,2 1,6 1,3
Profit before taxes and
minority interest, % of net
sales -8,0 -11,5 4,8 7,9 6,3
Return on equity, % (ROE) -27,0 -28,8 9,2 10,9 10,3
Return on investment, %
(ROI) -22,0 -25,3 21,0 21,9 22,1
Financial Standing
Quick ratio 1,7 1,6 1,7 1,9 1,8
Current ratio 1,7 1,6 1,7 1,9 1,8
Equity ratio, % 54,7 51,3 54,5 58,5 55,4
Interest-bearing net debt,
MEUR -3,6 -6,0 -5,1 -4,9 -8,6
Gearing, % -13,2 -21,6 -16,9 -16,7 -31,8
Per Share Data
Earnings per share, EUR
(EPS) -0,057 -0,031 0,005 0,014 0,008
Earnings per share, EUR
(EPS), adjusted for
dilution effect -0,055 -0,030 0,005 0,014 0,008
Shareholders' equity per
share, EUR 0,396 0,409 0,437 0,428 0,397
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