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2009-02-19 08:00:00 CET 2009-02-19 08:11:16 CET REGULATED INFORMATION Aldata Solution Oyj - Financial Statement ReleaseALDATA SOLUTION OYJ'S FINANCIAL STATEMENT RELEASE JANUARY-DECEMBER 2008 (UNAUDITED)Aldata Solution Oyj STOCK EXCHANGE RELEASE 19 February 2009, at 9.00 a.m. (EET) ALDATA SOLUTION OYJ'S FINANCIAL STATEMENT RELEASE JANUARY-DECEMBER 2008 (UNAUDITED) Aldata in 2008 (compared 2007) * Net sales were EUR 70.0 million (EUR 74.7 million). * Gross profit was EUR 63.4 million (EUR 62.3 million). * Operating profit, EBIT, increased to EUR 3.7 million (-11.1 million). * Profit before taxes was EUR 2.8 million (EUR -11.7 million). * Net profit was EUR 2.1 million (EUR -11.7 million) and earnings per share, EPS, were * 0.031 euros (-0.171 euros). * Cash flow from operating activities in 2008 was EUR 5.7 million (EUR -0.4 million). * Cash, cash equivalents and marketable securities amounted to EUR 15.4 million (EUR 9.1 million) and the Group had interest-bearing debt EUR 15.0 million (EUR 5.0 million). Aldata in Q4 2008 (compared to Q4 2007) * Net sales were EUR 17.2 million (EUR 20.6 million). * Gross profit was EUR 16.5 million (EUR 17.8 million). * Operating profit, EBIT, was EUR 1.3 million (EUR -5.8 million). * Profit before taxes was EUR 0.4 million (EUR -6.1 million). * Net profit was EUR 0.1 million (EUR -6.0 million) and earnings per share, EPS, were 0.001 euros (-0,088 euros). Message from Bertrand Sciard, President and CEO Aldata delivered on its promise in 2008. In a year of great economic change we produced four consecutive profitable quarters, a full year profitable result, and retained a healthy balance sheet and cash position. The general economic downturn overshadowed all other factors during the last quarter of the year and is now impacting all markets, companies and individuals. Our main focus on the food and grocery retail sector is a great strength. Aldata customers and future customers are widely acknowledged to be suffering less than non-food retail and other business sectors. They do need to become more efficient in their operations, reduce costs, and retain customers; Aldata can help them in all of these areas. The global balance of our business improved during 2008 with substantial new customer wins in North America, including Price Chopper and Nash Finch, and the acquisition of the Apollo business. Apollo doubles the size of our customer base and also brings a new category of customers to Aldata, companies who supply retailers. These include the world's largest consumer brands that need retail process expertise to sell their products. In Europe our new business spread widened with companies in emerging retail markets featuring alongside our established territories and core supermarket customers. The Middle East and Balkans were of particular note. Our strength in goods tracking, or traceability, led to more success in the healthcare products and drugs sectors with organizations such as Medicins Sans Frontieres, Syngenta, Nelt and hospital groups. In the Nordic region we continue to innovate and explore new retail opportunities. The acquisition of Terraventum, a Finnish Loyalty specialist, extends our reach into retail marketing functions for existing customers. It also provides a new entry point into the leisure and hospitality retail sectors. We also grew our specialist solutions business for high-service retailers with new business wins in opticians and telecoms chains. Our investment in off-shoring sections of our development processes in India continued during 2008. This will provide us with fully trained resources for quality control enhancement during our 2009 development cycle. The Apollo business already uses Indian resources for development functions and our combined teams will ensure efficient integration of the two product sets during 2009. In 2009 our sales, marketing, and services teams will focus on opportunities where we can bring faster benefits to our customers, so that they can justify investments in a slower economy. We will bring new products to market with rapid implementation times and use our strategic relationships with IBM and Oracle to bring more customers to our business. Aldata in the fourth quarter of 2008 October - December 2008 Financial performance The Group's net sales were EUR 17.2 million (EUR 20.6 million), which represents a decline of EUR 3.4 million compared to the previous year. Product sales, which include licenses for standard products, licenses for customer specific developments and maintenance revenues, accounted for 54% (44%) of total net sales. Consulting services accounted for 40% (46%) and third party licenses and hardware accounted for 6% (10%). The Group's gross profit was EUR 16.5 million (EUR 17.8 million), which represents a 96% (86%) gross margin. Operating profit, EBIT, totaled EUR 1.3 million (EUR -5.8 million) and operating profit excluding expenses for option plans was EUR 1.4 million (EUR -5.7 million). Pre-tax profit was EUR 0.4 million (EUR -6.1 million), net profit was EUR 0.1 million (EUR -6.0 million) and earnings per share, EPS, were 0.001 euros (-0.088 euros). Research and development costs in the fourth quarter totaled EUR 1.9 million (EUR 7.6 million), of which EUR 0.5 million (EUR 0.6 million), or 26.4% (7.9%), were capitalized. EUR 0.1 million (EUR 0.1 million) of capitalized development costs were amortized. Business units in fourth quarter of 2008 Net sales of the Supply Chain Management (SCM) Software business unit were EUR 13.7 million (EUR 15.6 million). The gross profit was EUR 13.4 million (EUR 14.3 million) and the operating profit, EBIT, was EUR 0.4 million (EUR -3.9 million). Net sales of the In-Store Software business unit were EUR 3.5 million (EUR 5.1 million). The gross profit was EUR 3.1 million (EUR 3.7 million) and the operating profit, EBIT, was EUR 0.7 million (EUR -0.3 million). There were no internal sales between the Group's business segments. Unallocated costs, the Group's shared items netted, increased the Group's operating profit, EBIT, by EUR 0.2 million (decrease EUR 1.6 million). Finance and investments Cash flow from operating activities in the fourth quarter was EUR 1.3 million (EUR 0.5 million) and net cash flow was EUR 6.6 million (EUR 1.4 million). The Group's capital expenditure on hardware and software purchases amounted to EUR 7.4 million (EUR 0.6 million) in fourth quarter of the year. Research and Development In the fourth quarter Aldata's research and development costs were EUR 1.9 million (EUR 7.6 million) and made up 11% (37%) of net sales. A total of EUR 0.5 million (EUR 0.6 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. Aldata in 2008 Financial performance The Group's net sales were EUR 70.0 million (EUR 74.7 million), which represents a decline of EUR 4.7 million compared to the previous year. Product sales, which include licenses for standard products, licenses for customer specific developments and maintenance revenues, accounted for 49% (42%) of total net sales. Consulting services accounted for 44% (46%) and third party licenses and hardware accounted for 7% (12%). The Group's gross profit was EUR 63.4 million (EUR 62.3 million), which represents a 91% (83%) gross margin. Operating profit, EBIT, totaled EUR 3.7 million (EUR -11.1 million) and operating profit excluding expenses for option plans was EUR 4.3 million (EUR -10.7 million). Pre-tax profit was EUR 2.8 million (EUR -11.7 million), net profit was EUR 2.1 million (EUR -11.7 million) and earnings per share, EPS, were 0.031 euros (-0.171 euros). Research and development costs totaled EUR 7.7 million (EUR 15.5 million), of which EUR 1.4 million (EUR 1.2 million), or 17.6% (7.7%), were capitalized. EUR 0.5 million (EUR 0.4 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 December 2008, the order backlog was EUR 23.7 million (EUR 18.5 million at the end of December 2007 and EUR 19.8 million at the end of September 2008). The December 2008 figure includes EUR 3.6 million backlog from the acquired Apollo business. Taxes for the period were EUR 0.6 million (EUR 0.0 million). Business units Net sales of the Supply Chain Management (SCM) Software business unit were EUR 56.2 million (EUR 58.2 million). The gross profit was EUR 51.9 million (EUR 50.8 million) and the operating profit, EBIT, was EUR 1.5 million (EUR -8.1 million). Net sales of the In-Store Software business unit were EUR 13.8 million (EUR 16.6 million). The gross profit was EUR 11.6 million (EUR 11.7 million) and the operating profit, EBIT, was EUR 4.1 million (EUR -0.3) 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 1.9 million (EUR 2.8 million). Finance Cash flow from operating activities in 2008 was EUR 5.7 million (EUR -0.4 million) and net cash flow was EUR 6.3 million (EUR 3.5 million). At the end of December 2008, Aldata Group's cash, cash equivalents and marketable securities amounted to EUR 15.4 million (EUR 9.1 million) and total assets were EUR 64.8 million (EUR 51.3 million). The Group had interest-bearing debt EUR 15.0 million (EUR 5.0 million) and interest-bearing net liabilities totaled EUR 0.4 million (EUR -3.3 million). Short term receivables totaled EUR 25.6 million (EUR 26.7 million). The Group's solvency ratio was 36.3% (38.6%), gearing was 1.9% (-16.6%), and shareholders' equity per share was EUR 0.332 (EUR 0.286). In 2008 the Group's capital expenditure on hardware and software purchases amounted to EUR 9.1 million (EUR 2.5 million). Research and Development In 2008 Aldata's research and development costs were EUR 7.7 million (EUR 15.5 million) and made up 11% (21%) of net sales. A total of EUR 1.4 million (EUR 1.2 million) of development costs were capitalized during the year. EUR 0.5 million (EUR 0.4 million) of capitalized development costs were amortized in 2008. At the end of December 2008 150 (166) employees were involved in R&D activities. This represents 26% (28%) of the Group's total personnel. Aldata's R&D centers are located in Paris, France and in Vantaa, Finland. Personnel Aldata Group employed 570 (586) persons at the end of December 2008, and on average had 540 (625) employees during the period. The figures include 38 employees who joined Aldata in the Apollo business acquisition in December 2008. 31 December 2008 31 December 2007 By business unit Persons % Persons % SCM Software 473 82 485 83 In-Store Software 82 14 91 15 Group Administration 15 3 10 2 Total 570 100 586 100 Approximately 51% of personnel were employed by Aldata companies in France, 13% in Finland, 11% in the US, 10% in Germany, 5% in Sweden, 4% in Slovenia, 4% in the UK and 2% in Russia. Share performance and ownership The highest price of the Aldata Solution Oyj share during January - December 2008 was EUR 1.25 and the lowest price EUR 0.34. The average price was EUR 0.86 and the closing price EUR 0.35. The trading volume on the Helsinki Stock Exchange was EUR 32.8 million and altogether 38.0 million shares were traded, which represents 55% of the shares. Aldata Solution Oyj has 68.7 million shares outstanding. The number of shares outstanding has increased by 154.600 shares which have been subscribed with Aldata Solution Oyj's option rights in May 2008. The number of shareholders was 4347 and the free float was 100.0% of the share capital at the end of December 2008. A total of 37.9% of Aldata Solution Oyj's shares were owned by foreign investors 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 Risks and uncertainty factors associated with Aldata's business are mainly related to general economic development and more specifically on the retail software market and competitive situation. The global economy has been hit by a sudden slowdown and this has affected and will affect Aldata's operations. Aldata has acted to the new economic environment in order to limit the risks associated with a further weakening global economy. A further worsening of the economic situation would effect in delays of large projects and investment decisions. Aldata is with its flexible business model and strong balance sheet prepared to take new actions, if the situation further worsens. Business risk management is a key target of the operational management. Through it, the company aims to ensure that the key risks to which business operations are exposed are identified and monitored for preventative action. Business risks are monitored within the company by the President and CEO, the Management Team and the business unit managers. The Board of Directors and CEO The Annual General Meeting on April 1, 2008 elected the following members to the Board of Directors: Mr William Chisholm, Mr Bertrand Sciard, Mr Aarne Aktan, Mr Tommy Karlsson and Mr Thomas Peterson. Mr William Chisholm was elected as the Chairman of the Board and Mr Bertrand Sciard as the Vice Chairman of the Board. Management Team and Management Council The members of Aldata's Corporate Management Team (CMT) at the end of year 2008 were Bertrand Sciard, President and CEO; Patrik Buellet, CTO; Dominique Chambas, Senior Vice President, International Sales; Allan Davies, CMO; and Thomas Hoyer, CFO. The members of the CMT report to the CEO. The members of Management Council (MC) were the CMT members but including also Albert Cherbit, Vice President, Consulting; Mark Croxton, Vice President, UK and Ireland; Ivan Guzelj, Vice President, southern Central Europe; Harald Göbel, Vice President, German speaking countries; Henrik Lindström, Vice President, Sweden, Norway and Denmark; Brendan Lowe, Vice President, USA and Canada; Thierry Seguin, Vice President, France and Jorma Tukia, Vice President, Finland, the Baltic Countries and Russia. On January 16th 2009 Aldata announced changes to its Corporate Management Team (CMT) and Management Council (MC). The new Aldata CMT consists of three members only; Bertrand Sciard, President and CEO, Thomas Hoyer, Chief Financial Officer, and Allan Davies, Chief Marketing Officer. Graham Howell will assist the CMT in his role as Group Financial Controller. The Aldata MC consists of the heads of Aldata's major business units: Dominique Chambas, G.O.L.D. General Business, Patrick Buellet, Corporate Accounts, Jorma Tukia, Instore & Loyalty, Henrik Lindstrom, Megadisc, and Shaun Bossons, Apollo. Auditors Ernst & Young Oy acted Aldata group's auditor, under the supervision of principal auditor Tomi Englund (APA). Group structure, changes and business transactions during the period Aldata Solution Oyj is Aldata Group's parent company. Following business transactions affecting the group structure took place in 2008: On September 24th, 2008, Aldata acquired all the shares of Terraventum Oy, a Finnish software company specializing in digital marketing solutions for the retail and hospitality markets. Aldata and Terraventum were already established business partners in Finland with several existing joint customers. In such customer engagements Aldata supplies its Aldata Loyalty solution to provide customer data analysis, management of loyal customer systems and marketing campaigns. Terraventum's Contentum product compliments the Aldata Loyalty with communication solutions enabled by its digital marketing platform. The new combined Aldata Loyalty solution will be mainly provided as a SaaS (Software as a Service) application based on Microsoft platforms and latest Web based services. On December 15th, 2008, Aldata acquired the Apollo Retail space planning business from IRI. In the deal Aldata acquired all of the assets of IRI's Apollo Retail Space and Assortment Planning business unit. Apollo Space Planning software is used by over 300 retail and CPG companies with over 8000 individual users worldwide and contains over 20 years of accumulated retail planning and optimization domain knowledge. Aldata acquired the assets and property used in or relating to the Apollo business. This covered the product IPR, employees, contracts, orders and tenders outstanding together with all fixtures and fittings and related office and computer equipment being used by the Apollo business. Trade debtors and prepayments at the date of closure are not being transferred to Aldata. Accounts receivable will be collected by IRI and payments from collected receivables will be made to Aldata in order to cover for all financial liabilities, like some employee related liabilities, that are transferred to Aldata in the deal. The seller has guaranteed to cover all such financial liabilities. The acquired unit had in total 38 employees, of which 26 were based in the US and 12 were in Europe. The Apollo business generated in 2008 approximately USD 10.6 million in net sales and EBITDA of USD 2.3 million. The total purchase price for the Apollo business and the assets was USD 10.5 million (EUR 7.8 million calc. rate 1.346), which consists of following items: USD 9.25 million (EUR 6.9 million) paid at signing, USD 0.5 million (EUR 0.4 million) paid at signing into an Escrow Account designated by the Parties until 30th April 2010 as security for any claims that the Purchaser may have presented against the Seller under the asset purchase agreement and a maximum of MUSD 0.75 (EUR 0.6 million) as additional purchase price based on the units 2009 financial performance and which will be paid after 2009 financial audit has taken place. The main owner of IRI, the seller, is Symphony Technology Group (STG), which through direct and indirect holdings of shares controls over 25% of the shares and votes in Aldata. Therefore only those members of the Board of Directors, who during the negotiations or at signing of the transaction did not have any engagements with the seller or its main owner participated in the preparation and decision-making in relation to the transaction. For the decision making process, Aldata received a Fairness Opinion from Thomas Weisel Partners Group, an independent investment bank. At the end of 2008 the following Aldata Group's subsidiaries operated: * Aldata Apollo, Inc. (100%) in the US * Aldata Retail Solutions GmbH (100%) in Germany * Aldata Solution AB (100%) in Sweden * Aldata Solution Co., Ltd. (100%) in Thailand * Aldata Solution d.o.o. (81.2%) in Slovenia * Aldata Solution Finland Oy (100%) in Finland * Aldata Solution Inc. (100%) in the US * Aldata Solution LLC (100%) in Russia * Aldata Solution S.A.S. (100%) in France * Aldata Solution UK Ltd. (100%) in the UK Outlook Aldata expects the 2009 operating environment to remain challenging. The 2009 first-half results will be a challenging comparison to the results reported in the first half of 2008, which was prior to the economic crisis that disrupted the global markets in the third quarter of 2008. The Company will continue with its cost saving measures and will take further steps to reduce expenses. Aldata will continue to maintain tight cost controls on all variable expenses; including third-party related costs, as well as capital expenditures. Due to the continued uncertainty surrounding the economic and business environment, Aldata will not provide a specific outlook for financial results for the full-year 2009. Based on the current backlog, sales and services activity and pipeline, the Company expects to generate in 2009 growth in net sales compared to 2008 and a profitable operative result (EBIT) for the full-year. The Board of Directors' dividend proposal The Board of Directors has decided to propose to the Annual General Meeting on 31st March 2009 that no dividend shall be distributed for the financial year 2008. Events after the review period On January 16th, 2009 Aldata announced changes to its management organization to better serve the demands of different customer groups, increase market responsiveness to those demands, and optimize its financial and administration efficiency. On February 10th, 2009, Aldata informed that it has started taking measures to adjust its operative functions and costs in order to meet the structural changes in the global market situation caused by the financial crisis. Aldata initiated statutory joint negotiations with the French Works Council with the purpose of investigating different options for restructuring the French subsidiary's operations to meet the changes in market situation. Helsinki, February 19, 2009 Aldata Solution Oyj Board of Directors Further information: Bertrand Sciard, President and CEO, tel. +358 10 820 8000 / Aldata Solution Oyj. Thomas Hoyer, CFO, tel. +358 10 820 8010 Aldata will hold a press conference for the media and financial analysts in Helsinki on 19 February, at 12.00 (EET) at Hotel Kämp (Pohjoisesplanadi 29) in the Paavo Nurmi Cabinet. The presentation material will be published on the Group's website at www.aldata-solution.com Aldata 100% Retail-Wholesale At Aldata 100% of our business is dedicated to retail and wholesale business improvement. We provide our customers with modern, flexible and integrated software solutions specifically designed to increase productivity, performance and profitability. With over 24,000 successful installations across 52 countries, from convenience store to hypermarket, 480+ live warehouses and customers with 5 to 5,000 outlets, we consistently deliver the goods for retail and wholesale business improvement. Aldata Solution is a public company quoted on NASDAQ OMX Helsinki Ltd with the identifier ALD1V. More information at: www.aldata-solution.com. Distribution: NASDAQ OMX Helsinki Ltd Media TABLE PART Calculation methods This report has been prepared in accordance with IFRS standards and the same accounting principles as in 2007 financial statements but the report does not comply with all requirements of IAS 34, Interim Financial Reporting. The report is unaudited. CONSOLIDATED INCOME STATEMENT MEUR MEUR Change *) unaudited 2008 *) 2007 % Net sales 70,0 74,7 -6,3 % Other operating income 2,1 0,4 490,3 % Material and services -8,7 -12,8 31,8 % Personnel expenses -42,6 -46,5 8,5 % Depreciations and impairments -1,4 -1,4 -4,1 % Other operating expenses -15,7 -25,5 38,4 % Operating profit 3,7 -11,1 133,6 % Financial items -1,0 -0,6 -51,3 % Profit before taxes 2,8 -11,7 123,6 % Income taxes -0,6 0,0 -7377,1 % Minority interest 0,0 0,0 -303,6 % Profit for the year 2,1 -11,7 118,3 % Attributable to: Equity holders of the Company 2,1 -11,7 Minority interest 0,0 0,0 Earnings per share 0,031 -0,171 Earnings per share diluted 0,031 -0,170 CONSOLIDATED BALANCE SHEET MEUR MEUR *) unaudited 31 Dec 31 Dec 2008 *) 2007 ASSETS Non-current assets Goodwill 15,0 9,4 Capitalized development cost 2,9 2,2 Intangible assets 1,8 0,3 Tangible assets 1,4 1,6 Investments 0,1 0,0 Other long-term assets 0,1 0,1 Deferred tax assets 1,9 0,9 Non-current assets total 23,3 14,6 Current assets Inventories 0,2 0,3 Account receivable 15,3 15,4 Loan receivable 0,0 0,0 Prepayments and accrued income 8,8 10,5 Income tax receivables 0,2 0,6 Other short-term receivables 1,5 0,8 Cash and cash equivalents 15,4 9,1 Current assets total 41,5 36,7 Assets total 64,8 51,3 SHAREHOLDERS' EQUITY AND LIABILITIES Shareholders' equity Share capital 0,7 0,7 Share Premium Fund 19,2 19,0 Translation difference 0,7 0,4 Retained earnings 2,2 -0,4 Equity holders of the parent company 22,8 19,6 Minority interest 0,1 0,1 Shareholders' equity total 22,9 19,7 Non-current liabilities Long-term loans 0,5 0,5 Deferred tax liability 0,2 0,1 Other provisions 2,8 3,6 Other long-term loans 0,2 0,0 Non-current liabilities total 3,7 4,2 Current liabilities Short-term loans 15,4 5,4 Advances received 1,6 0,3 Account payable 3,3 3,5 Accrued expenses and prepayments 11,3 13,2 Other provisions 1,0 1,5 Other short-term loans 5,7 3,5 Current liabilities total 38,2 27,3 Liabilities total 41,8 31,6 Equity and liabilities total 64,8 51,3 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Share Share premium Translation Retained TEUR capital fund difference earnings Total EQUITY 1.1.2007 681 18 291 -33 10 863 29 802 Translation difference 0 0 396 0 396 Result of the financial year 0 0 0 -11 729 -11 729 Total 0 0 396 -11 729 -11 333 Exercise of options 5 705 0 0 710 Share based payments recognised against equity 0 0 0 440 440 5 705 0 440 1 150 EQUITY 31.12.2007 686 18 996 363 -426 19 619 Translation difference 0 0 345 0 345 Result of the financial year 0 0 0 2 145 2 145 Total 0 0 345 2 145 2 490 Exercise of options 1 158 0 0 159 Share based payments recognised against equity 0 0 0 525 525 1 158 0 525 684 EQUITY 31.12.2008 687 19 154 708 2 244 22 793 CONSOLIDATED CASH FLOW STATEMENT MEUR MEUR 2008 2007 Cash flow from operating activities Operating result 3,7 -11,1 Adjustment to operating result -0,1 6,8 Change in working capital 1,6 4,8 Interest received and other financial income 0,6 0,2 Interest paid and other financial expenses -0,6 -0,2 Taxes paid 0,5 -0,8 Net cash from operating activities 5,7 -0,4 Cash flow from investing activities Group companies acquired -7,9 0,0 Investments in tangible and intangible assets -1,9 -1,8 Loans granted 0,0 0,0 Net cash used in investing activities -9,8 -1,8 Cash flow before financing activities -4,1 -2,2 Cash flow from financing activities Long-term loans, repayments 0,0 -0,1 Short-term loans, received 13,9 5,0 Short term loans, repayments -3,7 0,0 Share issue 0,2 0,7 Net cash used in financing activities 10,4 5,7 Net cash flow, total 6,3 3,5 Change in cash and cash equivalents 6,3 3,5 Cash and cash equivalents 1 Jan. 9,1 5,7 Cash and cash equivalents 31 Dec. 15,4 9,1 COMMITMENTS AND CONTINGENCIES MEUR MEUR 2008 2007 Loans from financial institutions 15,0 5,0 Mortgages 5,4 5,4 Leasing liabilities 11,4 10,7 Guarantees on behalf of group company debt 0,1 1,1 IFRS IFRS IFRS IFRS FAS KEY FIGURES, MEUR 2008*) 2007 2006 2005 2004 SCOPE OF OPERATIONS Net sales, MEUR 70,0 74,7 88,8 76,0 66,1 Average number of personnel 540 625 614 547 525 Gross capital expenditure, MEUR 9,1 2,5 1,8 1,9 1,4 Gross capital expenditure, % of net sales 13,0 3,3 2,0 2,6 2,2 PROFITABILITY Operating profit , MEUR 3,7 -11,1 5,5 5,2 -0,8 Operating profit, % of net sales 5,3 -14,9 6,2 6,9 -1,2 Profit before taxes and minority interest, MEUR 2,8 -11,7 5,5 5,5 -1,0 Profit before taxes and minority interest, % of net sales 3,9 -15,7 6,2 7,3 -1,4 Return on equity, % (ROE) 10,2 -47,4 9,2 14,9 -16,7 Return on investment, % (ROI) 17,3 -37,8 21,0 23,5 -1,2 FINANCIAL STANDING Quick ratio 1,1 1,3 1,7 1,7 1,6 Current ratio 1,1 1,3 1,7 1,7 1,7 Equity ratio, % 36,3 38,6 54,5 54,1 54,0 Interest-bearing net debt, MEUR 0,4 -3,3 -5,1 -8,7 -6,0 Gearing, % 1,9 -16,6 -16,9 -34,4 -27,6 PER SHARE DATA 2008 2007 2006 2005 2004 Earnings per share, EUR (EPS) 0,031 -0,171 0,037 0,050 -0,059 Earnings per share, EUR (EPS), adjusted for dilution effect 0,031 -0,170 0,037 0,050 -0,059 Shareholders' equity per share, EUR 0,332 0,286 0,372 0,372 0,317 Dividend/share, EUR 0,00 0,00 0,00 0,00 0,00 Dividend/earnings, % 0,0 0,0 0,0 0,0 0,0 Effective dividend yield, % 0,0 0,0 0,0 0,0 0,0 Price/earnings ratio - - 48 37 - Share performance (EUR) Share price on 31 Dec, EUR 0,35 1,22 1,77 1,85 1,11 Share issue-adjusted average share price, EUR 0,86 1,56 1,99 1,56 1,49 Share issue-adjusted lowest share price, EUR 0,34 1,13 1,53 1,07 1,00 Share issue-adjusted highest share price, EUR 1,25 1,90 2,83 2,07 2,24 Market capitalization, MEUR 24 84 121 125 71 No. of shares traded during the financial period, (during the period of quotation in 1999) 38 018 049 50 289 310 28 577 161 44 229 797 51 724 278 % of the company's average number of shares 55 % 73 % 42 % 66 % 77 % Number of shares 68 733 395 68 578 795 68 120 895 67 433 942 67 433 942 Share issue-adjusted number of shares annual average 68 695 645 68 426 162 68 120 895 67 433 942 66 490 002Share issue-adjusted number of shares at the end of the financial period 68 733 395 68 578 795 68 120 895 67 433 942 67 433 942 Share issue-adjusted number of shares annual average, adjusted for dilution effect 68 695 645 68 808 497 68 120 895 67 433 942 66 857 022 Share issue-adjusted number of shares at the end of the financial period, adjusted for dilution effect 68 733 395 68 961 130 68 120 895 67 433 942 67 436 122 SEGMENT INFORMATION 2008 Supply Chain In-Store Elimina-tions Total Net Sales to External Customers 56,2 13,8 0,0 70,0 Segment operating profit 1,5 4,1 0,0 5,6 Unallocated items -1,9 Operating profit 3,7 Financial income and expenses -1,0 Profit before taxes and minority interest 2,7 Taxes -0,6 Minority interest 0,0 Profit for the Financial Period 2,1 Segment assets 40,5 7,1 0,0 47,6 Unallocated assets 17,2 Total 64,8 Segment liabilities 22,3 3,6 0,0 25,9 Unallocated liabilities 16,0 Total 41,9 Capital expenditures 8,1 0,9 0,0 9,0 Unallocated capital expenditures 0,0 Total 9,1 Depreciations 0,9 0,5 0,0 1,4 Unallocated depreciations 0,0 Total 1,4 2007 Supply Chain In-Store Elimina-tions Total Net Sales to External Customers 58,1 16,6 0,0 74,7 Segment operating profit -8,2 -0,2 0,0 -8,4 Unallocated items -2,7 Operating profit -11,1 Financial income and expenses -0,6 Profit before taxes and minority interest -11,7 Taxes 0,0 Minority interest 0,0 Profit for the Financial Period -11,7 Segment assets 35,2 5,5 0,0 40,7 Unallocated assets 10,6 Total 51,3 Segment liabilities 17,8 5,7 0,0 23,5 Unallocated liabilities 8,1 Total 31,6 Capital expenditures 1,2 1,3 0,0 2,5 Unallocated capital expenditures 0 Total 2,5 Depreciations 0,9 0,4 0,0 1,3 Unallocated depreciations 0 Total 1,3 INCOME STATEMENT MEUR MEUR MEUR MEUR MEUR quarterly figures Q4/2008 Q3/2008 Q2/2008 Q1/2008 Q4/2007 Net sales 17,2 15,7 18,0 19,1 20,6 Other operating income 1,6 0,2 0,1 0,3 0,0 Operating expenses -17,1 -15,4 -16,6 -17,9 -26,0 Depreciations and impairments -0,4 -0,4 -0,4 -0,3 -0,4 Operating profit 1,3 0,1 1,2 1,1 -5,8 Financial items -0,9 0,4 0,0 -0,6 -0,3 Profit before taxes 0,4 0,6 1,2 0,6 -6,1 Income taxes -0,3 -0,1 -0,1 -0,1 0,1 Minority interest 0,0 0,0 0,0 0,0 0,0 Profit for the financial period 0,1 0,5 1,1 0,5 -6,0 INCOME STATEMENT MEUR MEUR MEUR MEUR MEUR cumulative 1-12/08 1-9/08 1-6/08 1-3/08 1-12/07 Net sales 70,0 52,8 37,1 19,1 74,7 Other operating income 2,1 0,6 0,4 0,3 0,4 Operating expenses -67,0 -49,9 -34,5 -17,9 -84,8 Depreciations and impairments -1,4 -1,1 -0,7 -0,3 -1,4 Operating profit 3,7 2,5 2,3 1,1 -11,1 Financial items -1,0 -0,1 -0,6 -0,6 -0,6 Profit before taxes 2,8 2,4 1,8 0,6 -11,7 Income taxes -0,6 -0,2 -0,2 -0,1 0,0 Minority interest 0,0 0,0 0,0 0,0 0,0 Profit for the financial period 2,1 2,1 1,6 0,5 -11,7 BALANCE SHEET MEUR MEUR MEUR MEUR MEUR 31.12.08 30.9.08 30.6.08 31.3.08 31.12.07 ASSETS NON-CURRENT ASSETS Goodwill 15,0 9,4 9,4 9,4 9,4 Capitalized development cost 2,9 2,6 2,4 2,3 2,2 Intangible assets 1,8 0,7 0,3 0,3 0,3 Tangible assets 1,4 1,3 1,4 1,5 1,6 Investments 0,1 0,1 0,1 0,1 0,0 Other long-term assets 0,1 0,1 0,1 0,1 0,1 Deferred tax assets 1,9 0,9 0,9 1,0 0,9 NON-CURRENT ASSETS TOTAL 23,3 15,2 14,7 14,8 14,6 CURRENT ASSETS Inventories 0,2 0,3 0,3 0,3 0,3 Short-term receivables 25,6 26,4 27,1 32,4 26,7 Cash and cash equivalents 15,4 8,8 13,6 8,6 9,1 CURRENT ASSETS TOTAL 41,5 35,5 41,0 41,3 36,7 ASSETS TOTAL 64,8 50,7 55,8 56,1 51,3 SHAREHOLDERS' EQUITY AND LIABILITIES Shareholders' equity 22,8 22,3 21,9 20,6 19,6 Minority interest 0,1 0,1 0,1 0,1 0,1 Non-current liabilities 1,9 2,0 3,6 4,2 4,2 Current liabilities 39,9 26,3 30,2 31,2 27,3 Liabilities 41,8 28,3 33,7 35,4 31,6 EQUITY AND LIABILITIES TOTAL 64,8 50,7 55,8 56,1 51,3 KEY FIGURES, MEUR Q4/2008 Q3/2008 Q2/2008 Q1/2008 Q4/2007 quarterly figures Scope of Operations Net sales, MEUR 17,2 15,7 18,0 19,1 20,6 Average number of personnel, cumulative 540 539 543 546 625 Profitability Operating profit , MEUR 1,3 0,1 1,2 1,1 -5,8 Operating profit, % of net sales 7,3 0,9 6,6 6,0 -28,2 Profit before taxes and minority interest, MEUR 0,4 0,6 1,2 0,6 -6,1 Profit before taxes and minority interest, % of net sales 2,4 3,7 6,6 3,1 -29,7 Return on equity, % (ROE) 10,2 13,4 15,3 9,2 -47,4 Return on investment, % (ROI) 17,3 18,7 21,4 19,4 -37,8 Financial Standing Quick ratio 1,1 1,3 1,3 1,3 1,3 Current ratio 1,1 1,4 1,4 1,3 1,3 Equity ratio, % 36,3 45,1 40,3 37,6 38,6 Interest-bearing net debt, MEUR 0,4 -6,7 -9,3 -4,2 -3,3 Gearing, % 1,9 -29,8 -42,4 -20,4 -16,6 Per Share Data Earnings per share, EUR (EPS) 0,001 0,007 0,016 0,007 -0,088 Earnings per share, EUR (EPS), adjusted for dilution effect 0,001 0,007 0,016 0,007 -0,088 Shareholders' equity per share, EUR 0,332 0,324 0,319 0,300 -0,286 |
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