2010-05-06 08:00:00 CEST
2010-05-06 08:01:18 CEST
BIRTINGARSKYLDAR UPPLÝSNINGAR
Aldata Solution Oyj - Interim report (Q1 and Q3)
ALDATA SOLUTION OYJ'S FINANCIAL STATEMENT RELEASE JANUARY-MARCH 2010 (UNAUDITED)
Aldata Solution Oyj
STOCK EXCHANGE RELEASE
6 May 2010, at 9.00 a.m. (EET)
ALDATA SOLUTION OYJ'S FINANCIAL STATEMENT RELEASE JANUARY-MARCH 2010 (UNAUDITED)
Aldata delivers year on year revenue growth and profitable operating results
* Software licenses grew year on year for the second quarter in a row
* Total revenue grew year on year for the third quarter in a row generating a
profitable operating result (EBIT), and a positive cash flow with all
products and regions performing as expected and contributing to the solid Q1
results
* No change to full year outlook of slight revenue growth compared to 2009
levels and operationally profitable (EBIT), for the full year
Aldata in Q1 2010 (compared to Q1 2009)
* Net sales were EUR 18.3 million (EUR 16.8 million).
* Gross profit was EUR 15.5 million (EUR 15.4 million).
* Operating profit, EBIT, was EUR 0.7 million (EUR -0.2 million).
* Profit before taxes was EUR 0.8 million (EUR 0.6 million).
* Net profit was EUR 0.4 million (EUR -0.2 million) and earnings per share,
EPS, were 0.005 euros (-0.003 euros).
* Cash flow from operating activities was EUR 1.2 million (EUR -0.2 million).
* Cash, cash equivalents and marketable securities amounted to EUR 6.4 million
(EUR 14.9 million) and the Group had interest-bearing loans EUR 10.1 million
(EUR 15.2 million).
Bertrand Sciard, President and CEO
The first quarter of 2010 started well for Aldata. Revenues, profit, and
business pipeline increased year on year, and many new deals were signed across
all territories and product lines. We still view the market with caution
following the challenges in 2009 but our customers are investing steadily in our
solutions.
The Apollo business unit performed particularly well in Q1 demonstrating the
high level of integration achieved since acquisition at the end of 2008. Notable
new business wins in the USA included, retailer Northgate Markets, nutritional
products supplier Natrol, and services provider Acosta. In Europe, Baltic ferry
operator Tallink, French yoghurt maker Yoplait, and confectionery producer CFP
Brands, (famous for Fisherman's Friends and Chupa Chubs candy), all chose Aldata
Apollo to manage their retail space.
New customers for our Digital Loyalty solutions included Motonet, a Finnish
automotive aftermarket retailer, Carlson department stores, and Halonen fashion
stores, adding to what is now a well established Nordic base.
Existing Aldata customers expanded their investment in our Supply Chain and
Retail Operations solutions in Finland, Russia and France with Auchan investing
for its Simply Market chain. Totally new supply chain customers included Italy's
second largest retailer, a major supermarket chain in Slovakia, and Telemarket,
France's leading online grocery retailer. Aldata also closed a large software
contract for its supply chain products with Symphony Services, a US based global
provider of software engineering services.
The successful implementation at CHU Strasbourg (hospital distribution center)
led to the signing of a contract with CHU Nantes, these are two of over fifty
CHU's in France. The interest in our Voice Directed solutions continues to grow
and we expanded our team in the US to meet this demand.
Aldata's Channel partners contributed an increasing percentage of sales this
quarter across mainly the Supply Chain and Apollo business units, and this is an
area where Aldata is looking to further improve its performance in the future.
The second Annual Retail CIO Survey, which Aldata and IBM sponsor, was released
at the National Retail Forum in New York in January. Over one hundred retail
CIO's were interviewed. The results showed a planned increase in retail IT
spending in 2010 over 2009 with highest investment areas highlighted as the
optimization of replenishment, assortments and promotions. The full report is
available from the Aldata website.
Aldata in the first quarter of 2010
January - March 2010 Financial performance
The Group's net sales were EUR 18.3 million (EUR 16.8 million), which represents
an increase of EUR 1.5 million compared to the previous year. Product sales,
which include licenses for standard products, licenses for customer specific
developments and maintenance revenues, accounted for 59% (62%) of total net
sales. Consulting services accounted for 33% (36%) and third party licenses and
hardware accounted for 9% (2%).
The Group's gross profit was EUR 15.5 million (EUR 15.4 million), which
represents a 85% (92%) gross margin due to a change in revenue mix. Operating
profit, EBIT, totaled EUR 0.7 million (EUR -0.2 million) and operating profit
excluding expenses for option plans was EUR 0.7 million (EUR -0.1 million).
Pre-tax profit was EUR 0.8 million (EUR 0.0 million), net profit was EUR 0.4
million (EUR -0.2 million) and earnings per share, EPS, were 0.005 euros (-0.003
euros).
Research and development costs in the first quarter totaled EUR 2.1 million (EUR
2.7 million), of which EUR 0.1 million (EUR 0.2 million), or 3.7% (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 2010, the order backlog was EUR 23.1 million (EUR 22.2 million at
the end of March 2009 and EUR 21.6 million at the end of year 2009).
Business units in first quarter of 2010
Net sales of the Supply Chain Management (SCM) Software business unit were EUR
13.3 million (EUR 12.2 million). The gross profit was EUR 11.6 million (EUR
11.5 million) and the operating profit, EBIT, was EUR 0.8 million (EUR 0.8
million).
Net sales of the In-Store Software business unit were EUR 5.0 million (EUR 4.6
million). The gross profit was EUR 3.9 million (EUR 4.0 million) and the
operating profit, EBIT, was EUR 0.9 million (EUR 1.2 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 1.0 million (EUR 2.2 million).
Finance and investments
Cash flow from operating activities in the first quarter was EUR 1.2 million
(EUR -0.2 million) and net cash flow was EUR 0.8 million (EUR -0.6 million).
The Group's capital expenditure on hardware and software purchases amounted to
EUR 0.2 million (EUR 0.2 million) in first quarter of the year.
At the end of March 2010, Aldata Group's cash, cash equivalents and marketable
securities amounted to EUR 6.4 million (EUR 14.9 million) and total assets were
EUR 54.5 million (EUR 67.8 million). The Group had interest-bearing loan EUR
10.1 million (EUR 15.2 million) and interest-bearing net liabilities totaled EUR
4.0 million (EUR 0.7 million). Short term receivables totaled EUR 25.0 million
(EUR 28.5 million). The Group's solvency ratio was 36.4% (33.4%), gearing was
20.2% (3.3%), and shareholders' equity per share was EUR 0.284 (EUR 0.327).
Research and Development
In the first quarter Aldata's research and development costs were EUR 2.1
million (EUR 2.7 million) and made up 11% (16%) of net sales. A total of EUR
0.1 million (EUR 0.2 million) of development costs were capitalized during the
quarter. EUR 0.1 million (EUR 0.1 million) of capitalized development costs were
amortized in the quarter.
At the end of March 2010 there were 131 (143) employees and 103 (41) contracted
offshore resources involved in R&D activities. This represents 26% (26%) of the
Group's total personnel. Aldata's R&D centers are located in Paris, France, in
Vantaa, Finland and in Bangalore, India.
Personnel
Aldata Group employed 520 (558) persons at the end of March 2010, and on average
had 516 (559) employees during the period.
31 March 2010 31 March 2009
By business unit Persons % Persons %
SCM Software 376 72 419 75
In-Store Software 128 25 123 22
Group Administration 16 3 16 3
Total 520 100 558 100
Approximately 48% of personnel were employed by Aldata companies in France, 14%
in Finland, 12% in the US, 11% in Germany, 6% in Sweden, 4% in Slovenia, 3% in
the UK and 2% in Russia.
Change in Management Team
In February 2010 Aldata announced a change to its Corporate Management Team,
(CMT), with Mr Patrick Buellet joining the CMT as Chief Strategy Office and
Reddy Karri joining the CMT as Chief Technical Officer with the responsibility
for Software and Delivery for the G.O.L.D., Logistics and Apollo business units.
Share performance and ownership
The highest price of the Aldata Solution Oyj share during January - March 2010
was EUR 0.77 and the lowest price EUR 0.45 The average price was EUR 0.60 and
the closing price EUR 0.72. The trading volume on the Helsinki Stock Exchange
was EUR 7.3 million and altogether 12.1 million shares were traded, which
represents 18 % of the shares. Aldata Solution Oyj has 68.7 million shares
outstanding. The number of shares outstanding has been unchanged during the
first quarter.
The number of shareholders was 5.074 and the free float was 100% of the share
capital at the end of March 2010. A total of 31.6% of Aldata Solution Oyj's
shares were owned by nominee registered shareholders at the end of the period.
Aldata Solution Oyj has one share series. All the company's shares carry equal
voting and dividend rights.
Risks and uncertainty factors
Near term risks and uncertainties
Near term risks and uncertainties are considered by Aldata as those that may
materialize in the next two quarters.
Aldata accounts for its revenue in accordance with IFRS guidelines, meaning
license revenue is typically booked on contract signature whereas services and
maintenance revenue is booked over the life of the project. This means that
software license revenue is more risky and harder to forecast. The management
team complete regular reviews and assessments of the software pipeline to
mitigate this risk, although it is not possible to remove the risk completely.
The economic environment has increased the number of companies who face
financial problems and could be seen as a factor in the increased time taken to
settle invoices. This might increase Aldata's risk to be able to collect
payment for its services provided. Aldata looks to mitigate this risk by using
business standard credit assessment and credit control policies to ensure any
potential risks are highlighted at an early stage and any necessary action to
reduce the risk is taken.
A large proportion of Aldata's services revenue is done on a time and materials
basis. If there was a weakening in demand, as we saw at the start of 2009, this
would lead to lower utilization and pressure on margins if Aldata was unable to
adjust its cost base fast enough. However, Aldata foresees that the risks of
further large-scale deterioration of the IT market situation have declined from
2009.
In other respects, no significant changes have taken place in Aldata's
short-term risks and uncertainties during the reported period.
Long term risks and uncertainties
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 affected Aldata's operations during the last 12
months and whilst there are continuing signs of a recovery, if the anticipated
recovery doesn't happen or there is a worsening of the economic situation, this
may result in delays to both ongoing or new large projects and investment
decisions.
Business risk management is a key target of the operational management. Through
it, the Company aims to ensure that the key risks to which business operations
are exposed are identified and monitored for preventative action. Business risks
are monitored within the Company by the President and CEO, the Corporate
Management Team and the Management Council.
With the increased importance of the US market to Aldata, the group will become
more exposed to currency risk as the movement between the Euro and the US dollar
has been quite significant during the last 12 months. Aldata chooses not to
hedge against these movements as it believes there is a natural hedge built into
the business due to the US based cost structure that it carries. This means,
that whilst the risk to Aldata's operating profit is reduced to a level that
Aldata feels is acceptable, there is a risk to the level of revenue that Aldata
reports that is directly affected by the Euro to US dollar exchange rate
movement.
Goodwill was tested during the last quarter of 2009 and in accordance with the
results of testing for impairment, no depreciation of goodwill was made. The
impairment testing is based on projected future cash flows and if the respective
country's projected cash flows do not occur as planned in the medium term, it is
possible that the goodwill allocated to one of the country's units will need to
be impaired. No new impairment tests have been completed at the end of Q1 2010
as most businesses and territories were either on or close to their projected
future cash flows.
Annual General Meeting 2010
The Annual General Meeting of Aldata Solution Oyj was held in Vantaa, Finland on
8 April 2010.
The Meeting approved the parent Company's financial statements and the
consolidated financial statements for the year 2009 and decided according to the
Board's proposal that no dividend will be distributed on the year 2009. 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 2009.
The Annual General 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; and
* Amending the Company's Articles of Association.
The Annual General Meeting unanimously resolved to elect six Board Members. The
Meeting re-elected the following persons as the members of the Board of
Directors: Mr. William Chisholm, Mr. Bertrand Sciard, Mr. Tommy Karlsson and Mr.
Aarne Aktan. Mr. Pallab Chatterjee and Mr. Pertti Ervi were elected as new
members of the Board of Directors.
The Board convened after the Annual General Meeting. In the meeting Mr. William
Chisholm was re-elected as the Chairman of the Board and Mr. Bertrand Sciard as
the Vice Chairman of the Board. The Board resolved to establish an Audit
Committee consisting of Mr. Aarne Aktan (chairman), Mr. William Chisholm and Mr.
Tommy Karlsson. The Board resolved not to establish other Board Committees.
Ernst & Young Oy was re-appointed to be the Company's auditor, under the
supervision of principal auditor Mrs. Anne Vuorio (APA).
Outlook
Aldata expects net sales for 2010 to grow slightly on 2009 levels and to
generate a profitable operative result (EBIT) for the full-year.
Events after the review period
On 8th April 2010 Aldata held its Annual General Meeting at its offices in
Vantaa, Finland. The decisions of the AGM are outlined in the relevant section
above.
There were no other significant events after the review period.
Helsinki, May 6, 2010
Aldata Solution Oyj
Board of Directors
Further information:
Bertrand Sciard, President and CEO, tel. +358 10 820 8000 / Aldata Solution Oyj.
Graham Howell, CFO, tel. +33 633 057 620
Aldata will hold a press conference for the media and financial analysts in
Helsinki on 6 May, at 12.00 (EET) at Hotel Palace Gourmet (Eteläranta 10, 10th
floor, Merikabinetti).
The presentation material will be published on the Group's website at
www.aldata-solution.com <http://www.aldata-solution.com/>
Aldata 100% Retail-Wholesale
Aldata is a global leader in the supply of integrated business solutions to
organizations that serve the retail consumer and wholesale distribution markets.
Aldata has an unparalleled 20-year track record of delivering targeted software
projects that substantially improve our customers' businesses, from supplier to
shopper. Today, Aldata customers include 15 of the World's 30 largest retailers,
thousands of retail brands, and hundreds of national and regional chains. Aldata
Solution is a public company quoted on NASDAQ OMX Helsinki Ltd with the
identifier ALD1V. More at: www.aldata-solution.com<http://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 2009 financial statements but the report does
not comply with all requirements of IAS 34, Interim Financial Reporting. Key
figure calculations remain unchanged and have been presented in 2009 Financial
Statements.
CONSOLIDATED INCOME STATEMENT MEUR MEUR Change % MEUR
Jan-Mar/ 2010 Jan-Mar/ 2009 Total 2009
Net sales 18,3 16,8 8,8 % 67,5
Other operating income 0,2 0,1 42,1 % 0,7
Operating expenses -17,5 -16,8 -3,8 % -71,3
Depreciations and impairments -0,4 -0,4 -4,3 % -1,7
Operating profit 0,7 -0,2 412,6 % -4,7
Financial items 0,1 0,2 -24,1 % -0,7
Profit before taxes 0,8 0,0 2612,8 % -5,4
Income taxes -0,4 -0,2 -165,0 % 1,4
Minority interest 0,0 0,0 -121,4 % 0,0
Profit for the financial period 0,4 -0,2 293,9 % -4,0
Earnings per share, EUR 0,005 -0,003 -0,057
Earnings per share, EUR (EPS),
adjusted for dilution effect 0,005 -0,003 -0,057
Attributable to:
Equity holders of the Company 0,4 -0,2 -4,0
Minority interest 0,0 0,0 0,0
Statement of comprehensive
income:
Net profit for the period 0,4 -0,2 -4,0
Other comprehensive income:
Translation differences -0,1 -0,2 0,0
Total comprehensive income 0,3 -0,4 -4,0
Total comprehensive income
attributable to:
Equity holders of the Company 0,3 -0,4 -4,0
Minority interest 0,0 0,0 0,0
CONSOLIDATED BALANCE SHEET MEUR MEUR MEUR
31 Mar 2010 31 Mar 2009 31 Dec 2009
ASSETS
NON-CURRENT ASSETS
Goodwill 16,2 15,0 16,2
Capitalized development cost 2,8 3,0 2,8
Intangible assets 1,3 1,7 1,4
Tangible assets 1,3 1,4 1,3
Investments 0,1 0,1 0,1
Other long-term assets 0,4 0,1 0,4
Deferred tax assets 0,9 2,6 1,0
NON-CURRENT ASSETS TOTAL 23,0 23,9 23,1
CURRENT ASSETS
Inventories 0,0 0,4 0,5
Short-term receivables 25,0 28,5 20,7
Cash and cash equivalents 6,4 14,8 5,6
CURRENT ASSETS TOTAL 31,6 43,9 29,2
ASSETS TOTAL 54,5 67,8 52,3
SHAREHOLDERS' EQUITY AND LIABILITIES
Shareholders' equity 19,5 22,5 19,2
Minority interest 0,1 0,1 0,1
Long-term loans 0,6 4,6 3,0
Short-term loans 34,4 40,6 30,0
EQUITY AND LIABILITIES TOTAL 54,5 67,8 52,3
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 1000 EUR
Equity
holders
Share Trans- of Own
Share premium lation Retained parent Minority equity
TEUR capital fund difference earnings company interest total
--------------------------------------------------------------------------------
EQUITY
1.1.2009 687 19 154 708 2 244 22 793 117 22 911
Share based
payments
recognised
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
--------------------------------------------------------------------------------
EQUITY
1.1.2010 687 19 154 694 -1 320 19 215 89 19 305
Share based
payments
recognised
against equity 0 0 0 50 50 0 50
Comprehensive
income 0 0 -96 369 273 4 277
--------------------------------------------------------------------------------
EQUITY
31.3.2010 687 19 154 598 -901 19 538 93 19 631
CONSOLIDATED CASH FLOW STATEMENT
MEUR MEUR MEUR
Jan-Mar/ 2010 Jan-Mar/ 2009 Jan-Dec 2009
Cash flow from operating activities
Operating result 0,7 -0,2 -4,7
Adjustment to operating result 0,4 0,0 -0,3
Change in working capital 0,2 -0,1 2,5
Interest received and other financial
income 0,0 0,2 0,3
Interest paid and other financial
expenses -0,2 -0,1 -1,3
Taxes paid -0,1 0,0 -0,1
Net cash from operating activities 1,2 -0,2 -3,7
Cash flow from investing activities
Investments in tangible and intangible
assets -0,3 -0,3 -1,0
Net cash used in investing activities -0,3 -0,3 -1,0
Cash flow before financing activities 0,8 -0,5 -4,6
Cash flow from financing activities
Long-term loans, repayments 0,0 0,0 0,0
Short-term loans, received 0,0 0,0 0,0
Short-term loans, repayments 0,0 -0,1 -5,1
Leasing liability, payments 0,0 0,0 -0,2
Share issue 0,0 0,0 0,0
Net cash used in financing activities 0,0 -0,1 -5,3
Net cash flow, total 0,8 -0,6 -10,0
Change in cash and cash equivalents 0,8 -0,6 -10,0
Cash and cash equivalents in the
beginning of the period 5,6 15,4 15,4
Net foreign exchange difference 0,0 0,0 0,1
Cash and cash equivalents at the end of
the period 6,4 14,9 5,6
NOTES TO THE INTERIM REPORT
COMMITMENTS AND CONTINGENCIES MEUR MEUR MEUR
31 Mar 2010 31 Mar 2009 31 Dec 2009
Loans from financial institutions 10,1 15,2 10,0
Mortgages 5,4 5,4 5,4
Leasing liabilities 7,0 10,4 8,7
Guarantees on behalf of company debt 0,1 0,1 0,1
KEY FIGURES, MEUR Jan-Mar /2010 Jan-Mar /2009 Total 2009
Scope of Operations
Net sales, MEUR 18,3 16,8 67,5
Average number of personnel 516 559 538
Profitability
Operating profit , MEUR 0,7 -0,2 -4,7
Operating profit, % of net sales 3,7 -1,3 -7,0
Profit before taxes and minority
interest, MEUR 0,8 0,0 -5,4
Profit before taxes and minority
interest, % of net sales 4,4 -0,2 -8,0
Return on equity, % (ROE) 7,6 -3,5 -18,8
Return on investment, % (ROI) 14,9 6,7 -11,2
Financial Standing
Quick ratio 0,9 1,1 0,9
Current ratio 0,9 1,1 0,9
Equity ratio, % 36,4 33,4 37,4
Interest-bearing net debt, MEUR 4,0 0,7 4,9
Gearing, % 20,2 3,3 25,2
Per Share Data
Earnings per share, EUR (EPS) 0,005 -0,003 -0,057
Earnings per share, EUR (EPS), adjusted
for dilution effect 0,005 -0,003 -0,057
Shareholders' equity per share, EUR 0,284 0,327 0,280
SEGMENT INFORMATION, MEUR
BUSINESS SEGMENTS Jan-Mar/2010 Jan-Mar/2009 Total 2009
Net sales to external customers
Supply Chain Management Software 13,3 12,2 49,5
In-Store Software 5,0 4,6 18,0
Total 18,3 16,8 67,5
Operating result, continuing operations
Supply Chain Management Software 0,8 0,8 -6,0
In-Store Software 0,9 1,2 2,1
Total 1,7 2,0 -3,9
Unallocated items -1,0 -2,2 -0,8
Operating profit 0,7 -0,2 -4,7
Financial income and expenses 0,1 0,2 -0,7
Result before taxes and minority interest 0,8 0,0 -5,4
Taxes -0,4 -0,2 1,4
Minority interest 0,0 0,0 0,0
Result from continuing operations 0,4 -0,2 -4,0
Result for the financial period 0,4 -0,2 -4,0
INCOME STATEMENT MEUR MEUR MEUR MEUR MEUR
QUARTERLY FIGURES Q1/2010 Q4/2009 Q3/2009 Q2/2009 Q1/2009
Net sales 18,3 17,9 16,7 16,1 16,8
Other operating income 0,2 0,2 0,1 0,2 0,1
Operating expenses -17,5 -15,8 -16,0 -22,7 -16,8
Depreciations and impairments -0,4 -0,4 -0,5 -0,3 -0,4
Operating profit 0,7 1,8 0,4 -6,7 -0,2
Financial items 0,1 0,0 -0,5 -0,4 0,2
Profit before taxes 0,8 1,8 -0,1 -7,1 0,0
Income taxes -0,4 1,6 0,1 -0,1 -0,2
Minority interest 0,0 0,0 0,0 0,0 0,0
Profit for the financial period 0,4 3,4 0,0 -7,2 -0,2
INCOME STATEMENT MEUR MEUR MEUR MEUR MEUR
CUMULATIVE 1-3/10 1-12/09 1-9/09 1-6/09 1-3/09
Net sales 18,3 67,5 49,7 33,0 16,8
Other operating income 0,2 0,7 0,5 0,4 0,1
Operating expenses -17,5 -71,3 -55,5 -39,5 -16,8
Depreciations and impairments -0,4 -1,7 -1,2 -0,7 -0,4
Operating profit 0,7 -4,7 -6,5 -6,9 -0,2
Financial items 0,1 -0,7 -0,7 -0,2 0,2
Profit before taxes 0,8 -5,4 -7,2 -7,1 0,0
Income taxes -0,4 1,4 -0,2 -0,3 -0,2
Minority interest 0,0 0,0 0,0 0,0 0,0
Profit for the financial period 0,4 -3,9 -7,4 -7,4 -0,2
BALANCE SHEET MEUR MEUR MEUR MEUR MEUR
31.3.10 31.12.09 30.9.09 30.6.09 31.3.09
ASSETS
NON-CURRENT ASSETS
Goodwill 16,2 16,2 15,0 15,0 15,0
Capitalized development cost 2,8 2,8 2,9 3,0 3,0
Intangible assets 1,3 1,4 1,4 1,7 1,7
Tangible assets 1,3 1,3 1,3 1,4 1,4
Investments 0,1 0,1 0,1 0,1 0,1
Other long-term assets 0,4 0,4 0,4 0,1 0,1
Deferred tax assets 0,9 1,0 2,6 2,5 2,6
NON-CURRENT ASSETS TOTAL 23,0 23,1 23,7 23,7 23,9
CURRENT ASSETS
Inventories 0,0 0,5 0,2 0,0 0,4
Short-term receivables 25,0 20,7 22,6 25,2 28,5
Cash and cash equivalents 6,4 5,6 11,4 11,9 14,8
CURRENT ASSETS TOTAL 31,6 29,2 34,5 37,3 43,9
ASSETS TOTAL 54,5 52,3 58,2 60,9 67,8
SHAREHOLDERS' EQUITY AND LIABILITIES
Shareholders' equity 19,5 19,2 15,9 15,3 22,5
Minority interest 0,1 0,1 0,1 0,1 0,1
Non-current liabilities 0,6 3,0 4,2 4,5 4,6
Current liabilities 34,4 30,0 38,1 41,0 40,6
Liabilities 34,9 33,0 42,3 45,6 45,2
EQUITY AND LIABILITIES TOTAL 54,5 52,3 58,2 60,9 67,8
KEY FIGURES, MEUR Q1/2010 Q4/2009 Q3/2009 Q2/2009 Q1/2009
QUARTERLY FIGURES
Scope of Operations
Net sales, MEUR 18,3 17,9 16,7 16,1 16,8
Average number of personnel 516 538 543 554 559
Profitability
Operating profit , MEUR 0,7 1,8 0,4 -6,7 -0,2
Operating profit, % of net
sales 3,7 10,3 2,2 -41,5 -1,3
Profit before taxes and
minority interest, MEUR 0,8 1,8 -0,1 -7,1 0,0
Profit before taxes and
minority interest, % of net
sales 4,4 10,2 -0,7 -43,8 -0,2
Return on equity, % (ROE) 7,6 -18,8 -50,6 -77,2 -3,5
Return on investment, % (ROI) 14,9 -11,2 -21,3 -34,1 6,7
Financial Standing
Quick ratio 0,9 0,9 0,9 0,9 1,1
Current ratio 0,9 1,0 0,9 0,9 1,1
Equity ratio, % 36,4 37,4 27,4 25,3 33,4
Interest-bearing net debt,
MEUR 4,0 4,9 4,2 3,6 0,7
Gearing, % 20,2 25,2 26,5 23,7 3,3
Per Share Data
Earnings per share, EUR (EPS) 0,005 0,050 0,000 -0,104 -0,003
Earnings per share, EUR
(EPS), adjusted for dilution
effect 0,005 0,050 0,000 -0,104 -0,003
Shareholders' equity per
share, EUR 0,284 0,280 0,231 0,222 0,327
[HUG#1412251]
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