2014-04-30 08:00:03 CEST
2014-04-30 08:00:13 CEST
REGULATED INFORMATION
Digia Oyj - Interim report (Q1 and Q3)
DIGIA PLC Q1/2014: NET SALES GREW AND THE RESULT IMPROVED SLIGHTLY
Helsinki, 2014-04-30 08:00 CEST (GLOBE NEWSWIRE) -- DIGIA PLC INTERIM REPORT 30
APRIL 2014, 09:00 A.M.
DIGIA PLC Q1/2014: NET SALES GREW AND THE RESULT IMPROVED SLIGHTLY
SUMMARY
January-March
- Consolidated net sales: EUR 24.0 (23.5) million, up 1.9 per cent
- Operating profit: EUR -0.3 (-0.5) million
- Profitability (EBIT%): −1.2 (-2.0) per cent
- Product business accounted for 40.6 (37.5) per cent
- Earnings per share: EUR −0.02 (-0.02)
The consolidated net sales and the result for the period improved slightly from
the previous year's comparison figures.
The growth in net sales was due to the Qt business, whose net sales increased
by 20.8 per cent compared to the same period in the previous year. As expected,
however, the Qt business made a loss during the period; this was due to
significant, target-oriented investments aimed at developing the business.
Net sales from domestic operations fell slightly from the comparison period.
The profitability of the operations was also lower than hoped for. The domestic
business also saw investments aiming to increase sales in the future, which had
a negative impact on the review period's net sales and profitability.
The company expects demand to remain generally good in all domestic business
areas, and that income from operations and operational profitability will
improve as the year progresses.
The company estimates that net sales from the Qt business will grow markedly in
2014 compared to 2013. Significant investments will continue in developing the
Qt business and Qt technology, while the company will reinforce its sales
network, especially in Asia. Investments aimed at securing growth will continue
to burden profitability.
Overall, the company predicts its consolidated net sales for 2014 to grow
organically at a rate exceeding that of the general market. Further investments
in growing the Qt business will continue to hold back the whole company's
profitability.
GROUP KEY FIGURES AND RATIOS
Q1/2014 Q1/2013 Change,%
-----------------------------------------------------------------------
Net sales 23,958 23,513 1.9%
-----------------------------------------------------------------------
Operating profit before extraordinary items -280 -473 40.7%
-----------------------------------------------------------------------
- % of net sales -1.2% -2.0%
-----------------------------------------------------------------------
Operating profit -280 -473 40.7%
-----------------------------------------------------------------------
- % of net sales -1.2% -2.0%
-----------------------------------------------------------------------
Net profit -331 -472 29.9%
-----------------------------------------------------------------------
- % of net sales -1.4% -2.0%
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Return on equity, % -3.8% -9.8%
-----------------------------------------------------------------------
Return on capital invested, % -1.6% -2.7%
-----------------------------------------------------------------------
Interest-bearing liabilities 16,873 19,114 -11.7%
-----------------------------------------------------------------------
Cash and cash equivalents 2,652 6,617 -59.9%
-----------------------------------------------------------------------
Net gearing 42.4% 31.3%
-----------------------------------------------------------------------
Equity ratio (%) 48.7% 50.3%
-----------------------------------------------------------------------
-----------------------------------------------------------------------
Earnings per share, undiluted, EUR -0.02 -0.02
-----------------------------------------------------------------------
Earnings per share, diluted, EUR -0.02 -0.02
-----------------------------------------------------------------------
MARKETS AND DIGIA'S BUSINESS OPERATIONS
Domestic Segment
There was a strong focus on growth in the business comprising integration,
analytics and workforce management. Demand for services was good in the period,
but the profitability of the business was negatively affected by growth
investments and, to some extent, increasing price competition.
Demand for ERP systems was also good in the review period, although there were
significant sector-specific differences. Sales cycles remained long, but the
order book and bid volumes were healthy.
Market uncertainty was most clearly reflected in the business for tailored
solutions and services, where the cost pressure endured by customers
significantly hamper the profitability of the business. However, demand for
services has remained relatively good, even though customers' decision-making
processes have lengthened and many projects have been broken down into smaller
orders. Again, there were clear sector-specific differences in demand.
Qt Segment
The Qt business progressed well and its like-for-like net sales grew strongly
compared to the same period in the previous year. Demand and bid volumes were
both good. There were no individual deals with a significant impact on net
sales in the period.
The Qt business made a loss during the period; this was due to significant,
target-oriented investments aimed at developing the business.
The focus of Qt operations was primarily on licence sales, which meant that the
product business accounted for significantly more than the target level of 75
per cent of net sales.
During the period, the company continued fulfilling previously reported plans
related to Qt product development and areas of focus. The network of
distributors expanded to Korea during the period, and efforts were made to
strengthen sales to the large enterprises customer segment and European sales.
NET SALES
Digia's consolidated net sales for the reporting period were EUR 24.0 (23.5)
million, up 1.9 per cent on the same period in 2013.
Net sales from the domestic segment for the review period totalled EUR 19.2
(19.6) million, which was down 1.9 per cent.Net sales from the Qt segment for
the review period totalled EUR 4.8 (4.0) million, up 20.8 per cent.
The consolidated net sales for the period improved slightly from the previous
year's comparison figures.The rise was due to growth in the Qt business.The
slight decline in domestic net sales was partly due to the lack of income from
local operations in Russia, which were shut down in 2013.The domestic business
also saw investments that aimed to increase sales in the future, which had a
negative impact on the billing rate and consequently the net sales.
During the reporting period, the product business accounted for EUR 9.7
(Q1/2013: 8.8) million or 40.6 (37.5) per cent of consolidated net sales.
International operations accounted for EUR 4.8 (Q1/2013: 4.4) million or 19.9
(18.6) per cent of consolidated net sales.
PROFIT PERFORMANCE AND PROFITABILITY
Digia's consolidated operating profit for the reporting period was EUR −0.3
(-0.5) million. Profitability (EBIT%) was -1.2 (-2.0) per cent.
Operating profit from domestic operations for the reporting period totalled EUR
0.6 (0.4) million, up 44.5 per cent, and the segment's profitability (EBIT%)
was 3.4 (2.3) per cent.
Operating profit from Qt operations for the reporting period was EUR -0.9
(-0.9) million. The segment's profitability (EBIT%) was -19.4 (-23.3) per cent.
The domestic operating profit fell short of targets during the period. It was
negatively affected by investments aimed at future growth.
In the Qt business growth investments affected operational profitability, as
predicted.
Consolidated earnings before tax for the period totalled EUR -0.4 (-0.7)
million, and net profit was EUR -0.3 (-0.5) million.
Earnings per share were EUR -0.02 (-0.02).
The Group's net financial expenses were EUR 0.2 (0.3) million.
FINANCIAL POSITION AND EXPENDITURE
At the end of the reporting period, the Digia Group's consolidated balance
sheet total stood at EUR 79.6 million (12/2013: EUR 83.3 million), and the
equity ratio was 48.7 (12/2013: 49.9) per cent. Net gearing was 42.4 (12/2013:
28.9) per cent. Period-end cash and cash equivalents totalled EUR 2.7 (12/2013:
6.5) million.
Interest-bearing liabilities amounted to EUR 16.9 (12/2013: 16.9) million at
the period end. These consisted of EUR 15.0 million in loans from financial
institutions, EUR 0.6 in a used overdraft facility and EUR 1.3 million in
financial leasing liabilities.
Consolidated net cash flow from operating activities was negative by EUR 1.7
million during the period (Q1/2013: positive by EUR 0.9 million). Cash flow
from investments for the review period was negative by EUR 0.3 (0.0) million.
Cash flow from finance for the review period was negative by EUR 1.7 (2.6)
million. Cash flow from finance was negatively affected by a repayment of
capital totalling EUR 1.8 million and by the repayment of loans totalling EUR
0.5 million during the reporting period.
The Group's investments in fixed assets during the review period totalled EUR
0.3 (0.0) million.
Return on investment (ROI) for the period was -1.6 (-2.7) per cent, and return
on equity (ROE) was -3.8 (-9.8) per cent.
The Group carries out quarterly impairment testing on goodwill and intangible
assets with an indefinite useful life.The tables below shows the distribution
of goodwill and values subject to testing at the end of the reporting period:
EUR 1,000 Specified Amortisations Goodwi Other Total value
intangible during the ll items subject to
assets reporting period testing
--------------------------------------------------------------------------------
Digia, 1,191 122 37,987 5,746 44,925
domestic
operations
--------------------------------------------------------------------------------
EUR 1,000 Specified Amortisations during Goodwi Other Total value
intangible the reporting period ll items subject to
assets testing
--------------------------------------------------------------------------------
Digia, Qt 6,625 218 6,562 1,891 15,079
business
--------------------------------------------------------------------------------
EUR Specified Amortisations during Goodwi Other Total value
1,000 intangible the reporting period ll items subject to
assets testing
--------------------------------------------------------------------------------
Group 7,816 341 44,550 7,637 60,003
total
--------------------------------------------------------------------------------
Present values for domestic operations were calculated for the five-year
forecast period based on the following assumptions: Net sales and operating
profit for the first quarter of the forecast period according to the confirmed
figures for the latest quarter, and for the following three quarters according
to budget; after this, annual growth in net sales of 3.0 per cent and in
operating profit of 8.0 per cent, and a pre-tax discount rate of 8.9 per cent.
Post-forecast-period cash flows were extrapolated using the same assumptions as
for the forecast period.
According to a completed sensitivity analysis, the goodwill related to domestic
operations requires either net sales to remain at the current level with
profitability of 4.6 per cent, or a 3.0 per cent growth in net sales with
profitability of 2.6 per cent. The management sees no risk of goodwill
impairment associated with domestic operations.
Present values for the Qt business were calculated for the five-year forecast
period based on the following assumptions: Net sales and operating profit for
the first quarter of the forecast period according to the confirmed figures for
the latest quarter, and for the following three quarters according to budget;
after this, annual growth in net sales of 6.5 per cent and in operating profit
of 5.3 per cent, and a pre-tax discount rate of 8.9 per cent.
Post-forecast-period cash flows were extrapolated using the same assumptions as
for the forecast period.
According to a completed sensitivity analysis, the goodwill of the Qt business
requires either net sales to remain at the current level with profitability of
4.2 per cent, or a 5.0 per cent growth in net sales with profitability of 1.2
per cent. The management sees no risk of goodwill impairment associated with Qt
operations.
PERSONNEL, MANAGEMENT AND ADMINISTRATION
At the end of the period, the total number of Group personnel was 938, which
was the same as at the end of 2013 (938). The average number of personnel
during the review period was 934, which was 5 persons of 0.5 per cent less than
the average for the 2013 fiscal year (939).
Employees by function at the end of the period
Domestic Operations 75%
----------------------------------
Qt Operations 20%
----------------------------------
Administration and management 5%
----------------------------------
As of the end of the period, 154 (12/2013: 170) employees were working abroad.
The Digia Plc Annual General Meeting of 11 March 2014 re-elected Päivi
Hokkanen, Robert Ingman, Kari Karvinen, Pertti Kyttälä, Seppo Ruotsalainen,
Leena Saarinen and Tommi Uhari as members of the Board.At the organisation
meeting of the Board, Pertti Kyttälä was elected Chairman of the Board and
Robert Ingman, Vice Chairman.
Juha Varelius has been Digia Plc's President and CEO since 1 January 2008.
Ernst & Young Oy, Authorised Public Accountants, are the Group's auditors, with
Authorised Public Accountant Heikki Ilkka as the principal auditor.
RISKS AND UNCERTAINTIES
The company's short-term business risks and uncertainties were described in the
2013 Financial Statements. These are unchanged.
Risks and their management are described on the company's website at
http://www.digia.com/en/Company/Investors/Corporate-Governance/Internal-Control-
and-Risk-Management/.
FUTURE PROSPECTS
The objective for the company's domestic operations is to raise profitability
to a good level, and to achieve organic growth at least equivalent to general
market development. Besides organic growth, the company will actively pursue
opportunities to make carefully considered business acquisitions that support
its strategy.
Within the Qt business, the emphasis is clearly on creating the necessary
conditions for growth. Besides investing in growth, the company will pay
attention to improving profitability. The aim is that the income from the Qt
business should cover its expenses.
The company expects the Finnish IT market to remain at roughly the previous
year's level in 2014.
Efforts will continue in order to develop the company's customer understanding
and sales and service portfolio, to ensure that it can offer increasingly
competitive services and solutions for boosting its customers' business
efficiency. On the other hand, there will also be an emphasis on improving
operational efficiency.
The company expects demand to remain generally good in all domestic business
areas, and that income from operations and operational profitability will
improve as the year progresses. The general market uncertainty may, however, be
reflected in the company's order book and bid volumes.
The Qt order book is healthy, considering the time of year and general market
situation, and the company expects demand to continue growing even in the large
customer segment. Contract lead times are very long in this market, however -
typically 6-18 months - which can cause significant fluctuations between
quarters in terms of net sales and, particularly, profitability.
The company estimates that net sales from the Qt business will grow markedly in
2014 compared to 2013. Significant investments will continue in developing the
Qt business and Qt technology, while the company will reinforce its sales
network, especially in Asia. Investments aimed at securing growth will continue
to burden profitability.
Overall, the company predicts its consolidated net sales for 2014 to grow
organically at a rate exceeding that of the general market. Further investments
in growing the Qt business will continue to hold back the whole company's
profitability.
OTHER EVENTS DURING THE REVIEW PERIOD
Convening on 11 March 2014, Digia Plc's Annual General Meeting (AGM) adopted
the financial statements for 2013, released the Board members and the CEO from
liability, determined Board emoluments, resolved to raise the number of Board
members to seven (7), and elected the company's Board of Directors for a new
term.
With regard to profit distribution for 2013, the AGM approved the Board's
proposal to make a repayment of capital of EUR 0.10 per share to all
shareholders listed on the shareholder list maintained by Euroclear Finland Ltd
on the reconciliation date of 14 March 2014. The date for the repayment of
capital was set as 21 March 2014.
The AGM granted the following authorisations to the Board
Authorisation for the Board of Directors to decide on buying back own shares
and/or accepting them as collateral
The AGM authorised the Board to decide on the buyback and/or acceptance as
collateral of a maximum of 2,000,000 shares in the company. This buyback can
only be executed by means of the company's unrestricted equity. The Board shall
decide on how these shares are to be bought. Own shares may be bought back in
disproportion to the holdings of the shareholders. The authorisation also
includes acquisition of shares through public trading organised by NASDAQ OMX
Helsinki Oy in accordance with the rules and instructions of NASDAQ OMX
Helsinki and Euroclear Finland Ltd, or through offers made to shareholders.
Shares may be acquired in order to improve the company's capital structure, to
fund acquisitions or other business transactions, for offering share-based
incentive schemes, to sell on, or to be annulled. The shares must be acquired
at the market price in public trading. This authorisation supersedes that
granted by the AGM of 12 March 2013 and is valid for 18 months - i.e. until 11
September 2015.
Authorisation for the Board of Directors to decide on a share issue and
granting of special rights
The AGM authorised the Board to decide on an ordinary or bonus issue of shares
and the granting of special rights (as defined in Section 1, Chapter 10 of the
Limited Liability Companies Act) in one or more instalments, as follows. The
issue may total a maximum of 4,000,000 shares. The authorisation applies both
to new shares and to treasury shares held by the company. By virtue of the
authorisation, the Board has the right to decide on share issues and the
granting of special rights, in deviation from the pre-emptive subscription
rights of the shareholders (a directed issue). The authorisation may be used to
fund or complete acquisitions or other business transactions, for offering
share-based incentive schemes, to develop the company's capital structure, or
for other purposes. The Board was authorised to decide on all terms related to
the share issue or special rights, including the subscription price, its
payment in cash or (partly or wholly) in capital contributed in kind or its
being written off against the subscriber's receivables, and its recognition in
the company's balance sheet. This authorisation supersedes that granted by the
AGM of 12 March 2013 and is valid for 18 months - i.e. until 11 September 2015.
SHARE CAPITAL AND SHARES
On 31 March 2014, the number of Digia Plc shares totalled 20,875,645.
At the end of the period, according to Finnish Central Securities Depository
Ltd, Digia had 4,886 shareholders.
The 10 biggest shareholders were
Shareholder Shares and votes
--------------------------------------------------------------
Ingman Group Oy Ab 20.1%
--------------------------------------------------------------
Ilmarinen Mutual Pension Insurance Company 11.5%
--------------------------------------------------------------
Jyrki Hallikainen 10.2%
--------------------------------------------------------------
Kari Karvinen 6.0%
--------------------------------------------------------------
Matti Savolainen 5.8%
--------------------------------------------------------------
Varma Mutual Pension Insurance Company 4.6%
--------------------------------------------------------------
Evli Finnish Small Cap investment fund 1.5%
--------------------------------------------------------------
Nordea Finnish Small Cap investment fund 1.4%
--------------------------------------------------------------
Nordea Bank Finland Plc (nominee-registered) 1.3%
--------------------------------------------------------------
Etola 1.0%
--------------------------------------------------------------
Distribution of holdings by number of shares held on 31 March 2014
Number of shares Shareholders Shares and votes
-----------------------------------------------------
1 - 100 23.5% 0.4%
-----------------------------------------------------
101 - 1,000 58.6% 6.1%
-----------------------------------------------------
1,001 - 10,000 16.2% 10.2%
-----------------------------------------------------
10,001 - 100,000 1.3% 9.8%
-----------------------------------------------------
100,001 - 1,000,000 0.4% 19.8%
-----------------------------------------------------
1,000,001 - 4,000,000 0.1% 53.8%
-----------------------------------------------------
Shareholding by sector on 31 March 2014
Shareholders Shares
--------------------------------------------------------------------
Non-financial corporations 4.3% 25.1%
--------------------------------------------------------------------
Financial and insurance corporations 0.2% 4.9%
--------------------------------------------------------------------
General government 0.1% 16.2%
--------------------------------------------------------------------
Not-for-profit institutions serving households 0.3% 1.2%
--------------------------------------------------------------------
Households 94.6% 50.1%
--------------------------------------------------------------------
Rest of the world 0.5% 2.6%
--------------------------------------------------------------------
Adjusted for share issues, the weighted average number of shares during the
reporting period totalled 20,795,340. The number of outstanding shares came to
20,775,273 in total at the end of the review period.
The company held a total of 100,372 treasury shares at the end of the reporting
period. The accounting counter value of these treasury shares is EUR 0.10 per
share. The company held about 0.5 per cent of the capital stock as of 31 March
2014.
REPORTED SHARE PERFORMANCE ON THE HELSINKI STOCK EXCHANGE
Digia Plc shares are listed on the NASDAQ OMX Nordic Exchange under IT, IT
Consulting & Other Services. The company's short name is DIG1V. The lowest
reported share quotation was EUR 3.90 and the highest was EUR 4.59. The share
officially closed at EUR 4.06 on the last trading day. The trade-weighted
average was EUR 4.19. The Group's market capitalisation totalled EUR 84,755,119
at the end of the period.
The company received the following flagging notifications during the reporting
period
- Ilmarinen Mutual Pension Insurance Company announced on 18 February 2014
that its holding in the company had risen above the 10% flagging threshold to
10.05% of all shares and votes in the company.
- The Ingman Group announced on 25 March 2014 that its holding in the
company had risen above the 20% flagging threshold to 20.12% of all shares and
votes.
STOCK OPTION SCHEMES
Digia Plc had no outstanding options.
Helsinki, 30 April 2014
Digia Plc
Board of Directors
BRIEFING
Digia will hold a briefing on its Interim Report for analysts on Wednesday 30
April 2014 at 11 am, in the Tapiola cabinet of Hotel Scandic Simonkenttä,
Simonkatu 9, 00100 Helsinki, Finland. All are welcome.
FURTHER INFORMATION
Juha Varelius, President and CEO, mobile: +358 400 855 849, email:
juha.varelius@digia.com
The Interim Report and the CEO's presentation will be available on
www.digia.com, in the ‘Investors' section, from 11 am on 30 April 2014.
DISTRIBUTION
NASDAQ OMX Helsinki
Key media
ABBREVIATED FINANCIAL STATEMENTS AND ATTACHMENTS
Consolidated Income Statement
Consolidated Balance Sheet
Consolidated Cash Flow Statement
Changes in Shareholders' Equity
Notes to the Accounts
The interim report has been prepared in compliance with IFRS and the IAS 34
standard.
This interim report is based on unaudited figures.
CONSOLIDATED INCOME STATEMENT, EUR 1,000
EUR 1,000 Q1/2014 Q1/20 Change 2013
13 ,%
--------------------------------------------------------------------------------
NET SALES 23,957. 23,51 1.9% 99,740.5
9 2.9
--------------------------------------------------------------------------------
Other operating income 400.8 291.7 37.4% 1,542.7
--------------------------------------------------------------------------------
Materials and services -2,378. -2,31 2.9% -11,989.
0 1.8 4
--------------------------------------------------------------------------------
Depreciation, amortisation and impairment -702.8 -731. -3.9% -9,977.0
5
--------------------------------------------------------------------------------
Other operating expenses -21,558 -21,2 1.5% -82,138.
.3 34.0 8
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Operating profit -280.4 -472. 40.7% -2,822.0
8
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Financial expenses (net) -150.8 -267. -43.6% -784.0
5
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Earnings before tax -431.2 -740. 41.7% -3,605.9
2
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Income taxes 100.4 268.6 -62.6% -461.2
--------------------------------------------------------------------------------
NET PROFIT -330.8 -471. 29.9% -4,067.1
7
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Other comprehensive income:
--------------------------------------------------------------------------------
Items which may be reclassified subsequently
to profit or loss:
--------------------------------------------------------------------------------
Exchange differences on translation of foreign -44.1 -116. -62.1% -36.2
operations 4
--------------------------------------------------------------------------------
TOTAL COMPREHENSIVE INCOME -375.0 -588. 36.2% -4,103.3
1
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Distribution of net profit:
--------------------------------------------------------------------------------
Parent-company shareholders -330.8 -471. 29.9% -4,067.1
7
--------------------------------------------------------------------------------
Minority interest 0.0 0.0 0.0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Distribution of total comprehensive income:
--------------------------------------------------------------------------------
Parent-company shareholders -375.0 -588. 36.2% -4,103.3
1
--------------------------------------------------------------------------------
Minority interest 0.0 0.0 0.0
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
Earnings per share, EUR -0.02 -0.02 -0.02
-----------------------------------------------------------------------------
Earnings per share (diluted), EUR -0.02 -0.02 -0.02
-----------------------------------------------------------------------------
CONSOLIDATED BALANCE SHEET, EUR 1,000
Assets 31/3/2014 31/12/2013 Change, %
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Non-current assets
--------------------------------------------------------------------------------
Intangible assets 53,037.0 53,327.2 -0.5%
--------------------------------------------------------------------------------
Tangible assets 1,888.2 1,986.0 -4.9%
--------------------------------------------------------------------------------
Financial assets 627.0 627.0 0.0%
--------------------------------------------------------------------------------
Inventories 0.0 0.6 -100.0%
--------------------------------------------------------------------------------
Long-term receivables 64.6 64.6 0.0%
--------------------------------------------------------------------------------
Deferred tax assets 442.2 370.9 19.2%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total non-current assets 56,059.0 56,376.2 -0.6%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Current assets
--------------------------------------------------------------------------------
Current receivables 20,928.0 20,447.8 2.3%
--------------------------------------------------------------------------------
Available-for-sale financial assets 325.4 324.0 0.4%
--------------------------------------------------------------------------------
Cash and cash equivalents 2,326.8 6,129.8 -62.0%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total current assets 23,580.2 26,901.7 -12.3%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total assets 79,639.3 83,277.9 -4.4%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Shareholders' equity and liabilities 31/3/2014 31/12/2013 Change, %
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Share capital 2,087.6 2,087.6 0.0%
--------------------------------------------------------------------------------
Rights issue 0.0 0.0
--------------------------------------------------------------------------------
Issue premium fund 7,899.5 7,899.5 0.0%
--------------------------------------------------------------------------------
Other reserves 5,203.8 5,203.8 0.0%
--------------------------------------------------------------------------------
Unrestricted invested shareholders' equity 31,370.3 33,447.8 -6.2%
--------------------------------------------------------------------------------
Translation difference 473.5 517.6 -8.5%
--------------------------------------------------------------------------------
Retained earnings -13,181.2 -9,028.6 -46.0%
--------------------------------------------------------------------------------
Net profit -330.8 -4,067.1 91.9%
--------------------------------------------------------------------------------
Equity attributable to parent-company 33,522.5 36,060.6 -7.0%
shareholders
--------------------------------------------------------------------------------
Minority interest 0.0 0.0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total shareholders' equity 33,522.5 36,060.6 -7.0%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Liabilities
--------------------------------------------------------------------------------
Long-term interest-bearing liabilities 13,301.1 12,741.9 4.4%
--------------------------------------------------------------------------------
Received long-term advances 2,187.7 2,876.5 -23.9%
--------------------------------------------------------------------------------
Other long-term liabilities 0.0 0.0
--------------------------------------------------------------------------------
Deferred tax liabilities 396.3 461.0 -14.0%
--------------------------------------------------------------------------------
Total long-term liabilities 15,885.2 16,079.4 -1.2%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Short-term interest-bearing liabilities 3,571.7 4,140.9 -13.7%
--------------------------------------------------------------------------------
Other short-term liabilities 26,659.8 26,996.9 -1.2%
--------------------------------------------------------------------------------
Total short-term liabilities 30,231.6 31,137.8 -2.9%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total liabilities 46,116.7 47,217.3 -2.3%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Shareholders' equity and liabilities 79,639.3 83,277.9 -4.4%
--------------------------------------------------------------------------------
CONSOLIDATED CASH FLOW STATEMENT, EUR 1,000
1/1/2014-31/3/2014 1/1/2013-31/3/2013
--------------------------------------------------------------------------------
Cash flow from operations:
--------------------------------------------------------------------------------
Net profit -331 -472
--------------------------------------------------------------------------------
Adjustments to net profit 166 179
--------------------------------------------------------------------------------
Change in working capital -1,328 1,402
--------------------------------------------------------------------------------
Interest paid -82 -141
--------------------------------------------------------------------------------
Interest income 0 0
--------------------------------------------------------------------------------
Taxes paid -168 -28
--------------------------------------------------------------------------------
Net cash flow from operations -1,742 941
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Cash flow from investments:
--------------------------------------------------------------------------------
Purchases of tangible and intangible -315 -25
assets
--------------------------------------------------------------------------------
Cash flow from investments -315 -25
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Cash flow from financing:
--------------------------------------------------------------------------------
Proceeds from share issue 0 0
--------------------------------------------------------------------------------
Acquisition of own shares 0 0
--------------------------------------------------------------------------------
Repayment of current loans -500 -500
--------------------------------------------------------------------------------
Repayments of non-current loans 0 0
--------------------------------------------------------------------------------
Withdrawals of current loans 0 0
--------------------------------------------------------------------------------
Withdrawals of non-current loans 560 0
--------------------------------------------------------------------------------
Dividends paid and other profit -1,804 -2,082
distribution
--------------------------------------------------------------------------------
Cash flow from financing -1,744 -2,582
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Change in liquid assets -3,802 -1,666
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Liquid assets at beginning of period 6,454 8,283
--------------------------------------------------------------------------------
Change in fair value
--------------------------------------------------------------------------------
Change in liquid assets -3,802 -1,666
--------------------------------------------------------------------------------
Liquid assets at end of period 2,652 6,617
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY, EUR 1,000
a b c d e f g h
--------------------------------------------------------------------------------
Shareholders' equity, 1 2,088 0 7,899 33,448 5,204 554 -7,129 42,063
January 2013
--------------------------------------------------------------------------------
Net profit -472 -472
--------------------------------------------------------------------------------
Other comprehensive income 116 116
--------------------------------------------------------------------------------
Dividends -2,082 -2,082
--------------------------------------------------------------------------------
Share-based payments 274 274
recognised against equity
--------------------------------------------------------------------------------
Other items
--------------------------------------------------------------------------------
Shareholders' equity, 31 2,088 0 7,899 33,448 5,204 670 -9,409 39,900
December 2013
--------------------------------------------------------------------------------
a b c d e f g h
--------------------------------------------------------------------------------
Shareholders' equity, 1 2,088 0 7,899 33,448 5,204 518 -13,09 36,061
January 2014 6
--------------------------------------------------------------------------------
Net profit -331 -331
--------------------------------------------------------------------------------
Other comprehensive income -44 -44
--------------------------------------------------------------------------------
Repayment of capital -2,078 -2,078
--------------------------------------------------------------------------------
Share-based payments -86 -86
recognised against equity
--------------------------------------------------------------------------------
Shareholders' equity, 31 2,088 0 7,899 31,370 5,204 473 -13,51 33,523
March 2013 2
--------------------------------------------------------------------------------
a = share capital
b = rights issue
c = share premium
d = unrestricted invested shareholders' equity
e = other reserves
f = currency translation differences
g = retained earnings
h = total shareholders' equity
NOTES TO THE ACCOUNTS
Accounting principles
The interim report has been drafted in line with IFRS. In other respects, the
same accounting principles have been applied as in the 2013 Financial
Statements. The accounting principles and formulas for the calculation of key
figures and ratios are unchanged and are presented in the 2013 Financial
Statements.
Seasonal nature of business
The Group's business is affected by the number of workdays each month, as well
as by holiday seasons.
Dividends paid
Dividends paid in the form of capital repayments during the reporting period
totalled EUR 2,081,827.30.
Related-party transactions
The Digia Group's related parties include the members of the Board of
Directors, the CEO and Group Management Team. Digia Group had no significant
transactions with related parties during the reporting period.
Segment information
Digia's business operations are divided into two main business segments:
Domestic and Qt.
NET SALES, EUR 1,000 Q1/2014 Q1/2013 Change,% 2013
--------------------------------------------------------
Domestic Operations 19,181 19,557 -1.9% 79,850
--------------------------------------------------------
Qt Operations 4,777 3,955 20.8% 19,891
--------------------------------------------------------
Digia Group 23,958 23,513 1.9% 99,740
--------------------------------------------------------
OPERATING PROFIT BEFORE EXTRAORDINARY ITEMS, Q1/2014 Q1/2013 Change,% 2013
EUR 1,000
--------------------------------------------------------------------------------
Domestic Operations 646 447 44.5% 5,395
--------------------------------------------------------------------------------
Qt Operations -926 -920 -0.7% -846
--------------------------------------------------------------------------------
Digia Group -280 -473 40.7% 4,549
--------------------------------------------------------------------------------
OPERATING PROFIT, EUR 1,000 Q1/2014 Q1/2013 Change,% 2013
---------------------------------------------------------------
Domestic Operations 646 447 44.5% -1,976
---------------------------------------------------------------
Qt Operations -926 -920 -0.7% -846
---------------------------------------------------------------
Digia Group -280 -473 40.7% -2,822
---------------------------------------------------------------
ASSETS, EUR 1,000 31/3/2014 31/12/2013
------------------------------------------
Domestic Operations 51,064 53,336
------------------------------------------
Qt Operations 17,128 16,884
------------------------------------------
Unallocated 11,487 13,058
------------------------------------------
Digia Group 79,679 83,278
------------------------------------------
Consolidated income statement by quarter
EUR 1,000 Q1/2014 Q4/2013 Q3/2013 Q2/2013 Q1/2013
--------------------------------------------------------------------------------
Net sales 23,957.9 26,781.8 21,435.2 28,010. 23,512.9
6
--------------------------------------------------------------------------------
Other operating income 400.8 504.2 305.9 441.0 291.7
--------------------------------------------------------------------------------
Materials and services -2,378.0 -3,033.5 -1,871.3 -4,772. -2,311.8
7
--------------------------------------------------------------------------------
Depreciation, amortisation and -702.8 -7,761.9 -708.5 -775.0 -731.5
impairment
--------------------------------------------------------------------------------
Other operating expenses -21,558. -21,768. -18,163. -20,972 -21,234.
3 2 8 .8 0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Operating profit -280.4 -5,277.6 997.4 1,931.0 -472.8
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Financial expenses (net) -150.8 -247.3 -264.9 -4.3 -267.5
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Earnings before tax -431.2 -5,524.9 732.5 1,926.8 -740.2
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Income taxes 100.4 128.6 -278.2 -580.2 268.6
--------------------------------------------------------------------------------
Net profit -330.8 -5,396.3 454.3 1,346.5 -471.7
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Allocation:
--------------------------------------------------------------------------------
Parent-company shareholders -330.8 -5,396.3 454.3 1,346.5 -471.7
--------------------------------------------------------------------------------
Minority interest 0.0 0.0 0.0 0.0 0.0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Earnings per share, EUR -0.02 -0.26 0.02 0.04 -0.02
--------------------------------------------------------------------------------
Earnings per share (diluted), -0.02 -0.26 0.02 0.04 -0.02
EUR
--------------------------------------------------------------------------------
Group key figures and ratios
EUR 1,000 Q1/2014 Q1/2013
----------------------------------------------------------------------------
Extent of business:
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net sales 23,958 23,513
----------------------------------------------------------------------------
- change from previous year 1.9% -9.8%
----------------------------------------------------------------------------
Average capital invested 51,669 60,463
----------------------------------------------------------------------------
Personnel at period end 938 943
----------------------------------------------------------------------------
Average number of personnel 934 947
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Profitability:
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Operating profit before extraordinary items and impairment -280 -473
----------------------------------------------------------------------------
- % of net sales -1.2% -2.0%
----------------------------------------------------------------------------
Operating profit -280 -473
----------------------------------------------------------------------------
- % of net sales -1.2% -2.0%
----------------------------------------------------------------------------
Earnings before tax -431 -740
----------------------------------------------------------------------------
- % of net sales -1.8% -3.1%
----------------------------------------------------------------------------
Net profit -331 -472
----------------------------------------------------------------------------
- % of net sales -1.4% -2.0%
----------------------------------------------------------------------------
Return on equity, % -3.8% -9.8%
----------------------------------------------------------------------------
Return on investment, % -1.6% -2.7%
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Financing and financial standing:
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Interest-bearing liabilities 16,873 19,114
----------------------------------------------------------------------------
Short-term investments & cash and bank receivables 2,652 6,617
----------------------------------------------------------------------------
Net gearing 42.4% 31.3%
----------------------------------------------------------------------------
Equity ratio 48.7% 50.3%
----------------------------------------------------------------------------
Net cash flow from operations -1,742 941
----------------------------------------------------------------------------
Earnings per share, undiluted, EUR -0.02 -0.02
----------------------------------------------------------------------------
Earnings per share, diluted, EUR -0.02 -0.02
----------------------------------------------------------------------------
Equity/share, EUR 1.61 1.91
----------------------------------------------------------------------------
Lowest share trading price, EUR 3.90 2.65
----------------------------------------------------------------------------
Highest share trading price, EUR 4.59 3.18
----------------------------------------------------------------------------
Average share price, EUR 4.19 3.00
----------------------------------------------------------------------------
Market capitalisation 84,755 61,583
----------------------------------------------------------------------------
Formulae for key figures and ratios are presented in the 2013 financial
statements. These remained unchanged during the reporting period.
© 2024 Nasdaq, Inc. All Rights Reserved |