|
|||
2010-02-18 08:00:58 CET 2010-02-18 08:17:26 CET REGULATED INFORMATION Aldata Solution Oyj - Financial Statement ReleaseALDATA SOLUTION OYJ'S FINANCIAL STATEMENT RELEASE JANUARY-DECEMBER 2009 (UNAUDITED)Aldata Solution Oyj STOCK EXCHANGE RELEASE 18 February 2010, at 9.00 a.m. (EET) ALDATA SOLUTION OYJ'S FINANCIAL STATEMENT RELEASE JANUARY-DECEMBER 2009 (UNAUDITED) Aldata bucks the trend to report year on year license growth * 40% growth in software licenses, bucks industry trend * Profitable operational result excluding exceptional items * Strategic new competitive wins at Delhaize and Waitrose * Positive contribution from 2008 acquisitions * IBM partnership delivering results Aldata in 2009 (compared to 2008) * Net sales were EUR 67.5 million (EUR 70.0 million). * Gross profit was EUR 61.4 million (EUR 63.4 million). * Operating profit, EBIT, decreased to EUR -4.7 million (3.7 million). Operating costs include EUR 6.1 million costs incurred in Q2 2009 caused by a restructuring program and a much tougher approach taken on customers receivables and ongoing projects, partly offset by EUR 1.2 million release in Q4 2009 of a provision which was created in Q4 2007 for empty office space that has now been sublet. * Operating profit, EBIT, excluding non-recurring items was EUR 0.2 million * Profit before taxes was EUR -5.4 million (EUR 2.8 million). * Net profit was EUR -4.0 million (EUR 2.1 million) and earnings per share, EPS, were -0.057 euros (0.031 euros). * Cash flow from operating activities in 2009 was EUR -3.7 million (EUR 5.7 million). * Cash, cash equivalents and marketable securities amounted to EUR 5.6 million (EUR 15.4 million) and the Group had interest-bearing loan EUR 10.0 million (EUR 15.0 million). Aldata in Q4 2009 (compared to Q4 2008) * Net sales were EUR 17.9 million (EUR 17.2 million). * Gross profit was EUR 16.3 million (EUR 16.5 million). * Operating profit, EBIT, was EUR 1.8 million (EUR 1.3 million). Operating profit included EUR 1.2 million release in Q4 2009 of a provision which was created in Q4 2007 for empty office space that has now been sublet. * The operating profit, EBIT, excluding non-recurring items was EUR 0.6 million. * Profit before taxes was EUR 1.8 million (EUR 0.4 million). * Net profit was EUR 3.4 million (EUR 0.1 million) and earnings per share, EPS, were 0.050 euros (0.001 euros). Bertrand Sciard, President and CEO Aldata weathered the global economic storm of 2009, grew software license sales year on year by 40%, completed the successful integration of its two 2008 acquisitions, and delivered profitable operating results for the full year (excluding exceptional items). As stated in our 2008 results Aldata's focus on the food and grocery sectors reduced the impact of the recession on our business. In Q1 2009 however lower retail consumer spending forecasts caused some customers to postpone their services contracts. We moved quickly to adjust our resources to meet this change in demand. This resulted in an exceptional one-off charge in Q2 that included the settlement of long term liabilities, a tougher line on receivables, and the adoption of a more risk adverse approach to long term contracts. In addition we reduced some fixed costs by re-negotiating outsourced software production charges. We were also able to sublet some underutilized office space, which resulted in a one-off cost benefit in Q4 2009 and lower cash outgoing for the remainder of the lease. In the second half of 2009 confidence slowly returned to our markets and we gained major new customer commitments, increased investment from existing customers, and saw a gradual reinstatement of services contracts. The longer term effects of the recession emerged as changes in shopper demand, consolidation across the sector, and greater operational efficiency requirements. These are all areas where Aldata can help our customers succeed in 2010 and beyond. Our core Supply Chain business achieved more than 60 new project wins in 2009 with over 70 new projects going live at customer sites. The global spread of contracts continued to grow with new deals in Belgium, Germany, Finland, France, Ireland, Russia Sweden, Tunisia, UK, USA, and Vietnam. In Q4 alone large new contracts were signed with the Delhaize Group (a top 30 global retailer), Waitrose (the UK's fastest growing grocer), Nash Finch (the leading US wholesaler), and Transgourmet (France's main provider of food services). The newly acquired Apollo (Space Optimization) and Terraventum (Digital Marketing & Loyalty) businesses were smoothly integrated in 2009 and both contributed positively to our results via their shorter sales cycle and rapid ROI. Over 40 new contracts were signed including leading brands such as Dr Pepper (Space) and Hugo Boss (Loyalty) plus cross-selling opportunities brought new deals such as from the Delhaize Group. Our strategic partnership with the IBM Corporation developed further in 2009 with Aldata's global certification for IBM's Websphere and Retail Integration Framework. These accreditations mean that IBM customers worldwide are assured of compatibility between Aldata and IBM products. We are also co-operating with IBM on global marketing, sales, and services activities. Aldata and IBM jointly invested, researched and published the world's first Annual Retail CIO Survey in 2009. This has been rapidly adopted as an annual bellwether of retail IT needs and provides Aldata with detailed visibility into the future demands of the sector. In 2009 our license revenues grew, in contrast to our competitors, because of our dedication to, and understanding of, the retail and wholesale business. In 2010 we will build on this success with further innovation in products and services using the unique insights we gain from our continuous, 100% focus, on the retail industry. Aldata in the fourth quarter of 2009 October - December 2009 Financial performance The Group's net sales were EUR 17.9 million (EUR 17.2 million), which represents an increase of EUR 0.6 million compared to the previous year. Product sales, which include licenses for standard products, licenses for customer specific developments and maintenance revenues, accounted for 65% (54%) of total net sales. Consulting services accounted for 32% (40%) and third party licenses and hardware accounted for 3% (6%). The Group's gross profit was EUR 16.3 million (EUR 16.5 million), which represents a 91% (96%) gross margin. Operating profit, EBIT, totaled EUR 1.8 million (EUR 1.3 million) and operating profit excluding expenses for option plans was EUR 1.9 million (EUR 1.4 million). Operating profit includes a EUR 1.2 million release in Q4 2009 of a provision which was created in Q4 2007 for empty office space that has now been sublet. The operating profit, EBIT, excluding non-recurring items was EUR 0.6 million. Pre-tax profit was EUR 1.8 million (EUR 0.4 million), net profit was EUR 3.4 million (EUR 0.1 million) and earnings per share, EPS, were 0.050 euros (0.001 euros). Research and development costs in the fourth quarter totaled EUR 2.3 million (EUR 1.9 million), of which EUR 0.1 million (EUR 0.5 million), or 3.1% (26.4%), were capitalized. EUR 0.1 million (EUR 0.1 million) of capitalized development costs were amortized. Business units in fourth quarter of 2009 Net sales of the Supply Chain Management (SCM) Software business unit were EUR 13.2 million (EUR 13.7 million). The gross profit was EUR 12.2 million (EUR 13.4 million) and the operating profit, EBIT, was EUR 2.2 million (EUR 0.4 million). Net sales of the In-Store Software business unit were EUR 4.7 million (EUR 3.5 million). The gross profit was EUR 4.2 million (EUR 3.1 million) and the operating profit, EBIT, was EUR 0.9 million (EUR 0.7 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 1.3 million (EUR 0.2 million). Finance and investments Cash flow from operating activities in the fourth quarter was EUR -0.5 million (EUR 1.3 million) and net cash flow was EUR -5.9 million (EUR 6.6 million). The Group's capital expenditure on hardware and software purchases amounted to EUR 1.1 million (EUR 7.4 million) in fourth quarter of the year. Financial impact of none recurring items In Q4 2007 Aldata took some tough actions to improve its profitability and one of these was to reduce its utilized office space in a number of countries. Given the outlook at the time of being able to find a sub-tenant, the full costs of the empty offices for the remaining term of the leases was provided for in Q4 2007. In Q4 2009 Aldata signed a contract to sublet all of its empty space in France and in accordance with IFRS guidelines it therefore reduced the balance of the provision at the end of December 2009 to the value of the net cost to Aldata for the remainder of the lease period. The impact of this is a one off none recurring cost reduction in Q4 2009 of 1.2 million. Research and Development In the fourth quarter Aldata's research and development costs were EUR 2.3 million (EUR 1.9 million) and made up 13.2% (11%) of net sales. A total of EUR 0.1 million (EUR 0.5 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 2009 Financial performance The Group's net sales were EUR 67.5 million (EUR 70.0 million), which represents a decline of EUR 2.5 million compared to the previous year. Product sales, which include licenses for standard products, licenses for customer specific developments and maintenance revenues, accounted for 60% (49%) of total net sales. Consulting services accounted for 36% (44%) and third party licenses and hardware accounted for 4% (7%). The Group's gross profit was EUR 61.4 million (EUR 63.4 million), which represents a 91% (91%) gross margin. Operating profit, EBIT, totaled EUR -4.7 million (EUR 3.7 million) and operating profit excluding expenses for option plans was EUR -4.3 million (EUR 4.3 million). Pre-tax profit was EUR -5.4 million (EUR 2.8 million), net profit was EUR -4.0 million (EUR 2.1 million) and earnings per share, EPS, were -0.057 euros (0.031 euros). Research and development costs totaled EUR 9.7 million (EUR 7.7 million), of which EUR 0.4 million (EUR 1.4 million), or 4.6% (17.6%), were capitalized. EUR 0.5 million (EUR 0.5 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 2009, the order backlog was EUR 21.6 million (EUR 23.7 million at the end of December 2008 and EUR 22.5 million at the end of September 2009). Taxes for the period were EUR -1.4 million (EUR 0.6 million). Business units in 2009 Net sales of the Supply Chain Management (SCM) Software business unit were EUR 49.6 million (EUR 56.2 million). The gross profit was EUR 46.5 million (EUR 51.9 million) and the operating profit, EBIT, was EUR 0.2 million (EUR 1.5 million). Net sales of the In-Store Software business unit were EUR 18.0 million (EUR 13.8 million). The gross profit was EUR 15.6 million (EUR 11.6 million) and the operating profit, EBIT, was EUR 4.1 million (EUR 4.1) 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 9.0 million (EUR 1.9 million). Finance Cash flow from operating activities in 2009 was EUR -3.7 million (EUR 5.7 million) and net cash flow was EUR -10.0 million (EUR 6.3 million). At the end of December 2009, Aldata Group's cash, cash equivalents and marketable securities amounted to EUR 5.6 million (EUR 15.4 million) and total assets were EUR 52.3 million (EUR 64.8 million). The Group had interest-bearing loan EUR 10.0 million (EUR 15.0 million) and interest-bearing net liabilities totaled EUR 4.9 million (EUR 0.4 million). Short term receivables totaled EUR 20.7 million (EUR 25.6 million). The Group's solvency ratio was 37.4% (36.3%), gearing was 25.2% (1.9%), and shareholders' equity per share was EUR 0.280 (EUR 0.332). In 2009 the Group's capital expenditure on intangible and tangible assets amounted to EUR 2.2 million (EUR 9.1 million). Research and Development In 2009 Aldata's research and development costs were EUR 9.7 million (EUR 7.7 million) and made up 14% (11%) of net sales. A total of EUR 0.4 million (EUR 1.4 million) of development costs were capitalized during the year. EUR 0.5 million (EUR 0.5 million) of capitalized development costs were amortized in 2009. At the end of December 2009 132 (150) employees and 86 (28) contracted offshore resources were involved in R&D activities. This represents 25% (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 526 (570) persons at the end of December 2009, and on average had 538 (540) employees during the period. 31 December 2009 31 December 2008 (revised with Apollo) By business unit Persons % Persons % SCM Software 384 73 435 76 In-Store Software 127 24 120 21 Group Administration 15 3 15 3 Total 526 100 570 100 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. Share performance and ownership The highest price of the Aldata Solution Oyj share during January - December 2009 was EUR 0.62 and the lowest price EUR 0.30. The average price was EUR 0.42 and the closing price EUR 0.46. The trading volume on the Helsinki Stock Exchange was EUR 18.1 million and altogether 43.3 million shares were traded, which represents 63% of the shares. Aldata Solution Oyj has 68.7 million shares outstanding. The number of shares outstanding has been unchanged during the financial year. The number of shareholders was 4766 and the free float was 100% of the share capital at the end of December 2009. A total of 32.3% 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 team risks and uncertainties are considered by Aldata as those that may materialize in the next two quarters. Aldata's 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 licenses 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 financial 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 has been 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 countries unit will need to be impaired. The Board of Directors and CEO The Annual General Meeting on 31st March, 2009 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 2009 were Bertrand Sciard, President and CEO; Allan Davies, CMO; Graham Howell, CFO and Marie Claude Chazot, VP Group Human Resources. The members of the CMT report to the CEO. The members of Management Council (MC) includes the CMT members and Patrick Buellet, Corporate Accounts; Dominique Chambas, G.O.L.D General Business; Henrik Lindström, Megadisc; Jorma Tukia, Instore and Loyalty; Shaun Bossons, Apollo; Reddy Karri, G.O.L.D. Software and Delivery; Brendan Lowe, G.O.L.D. Professional Services; Jean-Francois Le Garrec, Logistics France and Rolf Wochner, Industry Germany. On February 12th 2010 Aldata announced changes to its Corporate Management Team (CMT) and Management Council (MC). Patrick Buellet joined the CMT in the role of Chief Strategy Officer and Reddy Karri joined the CMT in the role of Chief Technology Officer with the responsibility for Software and Delivery for the G.O.L.D., Logistics and Apollo business units. Auditors Ernst & Young Oy acted as Aldata group's auditor, under the supervision of principal auditor Anne Vuorio, APA. Group structure, changes and business transactions during the period There have been no changes to the Group structure during 2009. However, due to the Apollo acquisition in December 2008, Aldata established a branch office of Aldata Solution UK Limited, located in Milan, Italy, in order to carry out commercial activities in Italy and to be able to employe local staff. At the end of 2009 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 still expects the operating environment for 2010 to be challenging. More and more signs of an economic recovery are appearing, coming from both the media and our own experiences, but at the same time there are also concerns and comments that suggest the recovery is still very fragile. Against this environment Aldata has been able to close some larger projects during the second half of 2009 and this trend has continued into Q1 2010, and in addition our pipeline promises increased activity across all areas of our business in 2010 compared to the same time in 2009. However we still see that the customers' decision making process includes a thorough vendor selection phase, where a proven ability to deliver is becoming a key requirement, and a close scrutiny of the supporting ROI projection, and so they remain long and difficult to predict. It therefore remains hard to assess the impact that they will have on our 2010 results. Based on the current backlog, sales, services activity and pipeline, Aldata expects net sales for 2010 to grow slightly on 2009 levels and generate 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 8 April 2010, that no dividend shall be distributed for the financial year 2009. Events after the review period On 19th January 2010 Aldata announced that Symphony Services Corporation had signed a contract to purchase Aldata's G.O.L.D. suite of products for USD 1.5 million. On 12th February 2010 Aldata announced a change into 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. Helsinki, February 18, 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 18 February, at 12.00 (EET) at Hotel Palace Gourmet (Eteläranta 10, 10th floor) in the Merikabinetti 3. The presentation material will be published on the Group's website at www.aldata-solution.com <http://www.aldata-solution.com/> The Annual Report for 2009 will be published in Finnish and English on the company's website at www.aldata-solution.com on Wednesday 17 March 2010. 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 <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 2008 financial statements but the report does not comply with all requirements of IAS 34, Interim Financial Reporting. As of January 1, 2009, Company has applied the following new and revised standards: IFRS 8 Operating Segments and IAS 1 Presentation of financial statements. IFRS 8 has not affected the reported segments. IAS 1 has affected the presentation of the income statement and statement of changes in shareholders' equity. The interim report is unaudited. CONSOLIDATED INCOME STATEMENT MEUR MEUR Change 2009 2008 % Net sales 67,5 70,0 -3,6 % Other operating income 0,7 2,1 -67,9 % Material and services -6,8 -8,7 22,5 % Personnel expenses -46,5 -42,6 -9,4 % Depreciations and impairments -1,7 -1,4 -14,9 % Other operating expenses -17,9 -15,7 -14,3 % Operating profit -4,7 3,7 -225,9 % Financial items -0,7 -1,0 27,8 % Profit before taxes -5,4 2,8 -295,3 % Income taxes 1,4 -0,6 344,6 % Minority interest 0,0 0,0 175,8 % Profit for the year -4,0 2,1 -284,0 % Earnings per share, EUR -0,057 0,031 Earnings per share, EUR (EPS), adjusted for dilution effect -0,057 0,031 Attributable to: Equity holders of the Company -4,0 2,1 Minority interest 0,0 0,0 Statement of comprehensive income: Net profit for the period -4,0 2,1 Other comprehensive income: Translation differences 0 0,4 Total comprehensive income -4,0 2,5 Total comprehensive income attributable to: Equity holders of the Company -4,0 2,5 Minority interest 0,0 0,0 CONSOLIDATED BALANCE SHEET MEUR MEUR 31 Dec 31 Dec 2009 2008 ASSETS Non-current assets Goodwill 16,2 15,0 Capitalized development cost 2,8 2,9 Intangible assets 1,4 1,8 Tangible assets 1,3 1,4 Investments 0,1 0,1 Other long-term assets 0,4 0,1 Deferred tax assets 1,0 1,9 Non-current assets total 23,1 23,3 Current assets Inventories 0,5 0,2 Account receivable 15,6 15,3 Prepayments and accrued income 4,9 8,8 Income tax receivables 2,4 0,2 Other short-term receivables 0,2 1,5 Cash and cash equivalents 5,6 15,4 Current assets total 29,2 41,5 Assets total 52,3 64,8 SHAREHOLDERS' EQUITY AND LIABILITIES Shareholders' equity Share capital 0,7 0,7 Share Premium Fund 19,2 19,2 Translation difference 0,7 0,7 Retained earnings -1,3 2,2 Equity holders of the parent company 19,2 22,8 Minority interest 0,1 0,1 Shareholders' equity total 19,3 22,9 Non-current liabilities Long-term loans 0,3 0,5 Deferred tax liability 1,1 0,2 Other provisions 1,5 2,8 Other long-term loans 0,1 0,2 Non-current liabilities total 3,0 3,7 Current liabilities Short-term loans 10,1 15,4 Advances received 0,6 1,6 Account payable 3,0 3,3 Accrued expenses and prepayments 11,9 11,3 Other provisions 0,4 1,0 Other short-term loans 3,9 5,6 Current liabilities total 30,0 38,2 Liabilities total 33,0 41,9 Equity and liabilities total 52,3 64,8 1000 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY EUR Equity holders Share of Own Share premium Translation Retained parent Minority equity TEUR capital fund difference earnings company interest total -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- EQUITY 1.1.2008 686 18 996 363 -426 19 619 82 19 701 Share based payments recognised against equity 0 0 0 525 525 0 525 Exercise of options 1 158 0 0 159 0 159 Comprehensive income 0 0 345 2 145 2 490 36 2 526 -------------------------------------------------------------------------------- EQUITY 31.12.2008 687 19 154 708 2 244 22 793 117 22 911 Share based payments recognised against equity 0 0 0 384 384 0 384 Comprehensive income 0 0 -14 -3 948 -3 962 -28 -3 990 -------------------------------------------------------------------------------- EQUITY 31.12.2009 687 19 154 694 -1 320 19 215 89 19 305 CONSOLIDATED CASH FLOW STATEMENT MEUR MEUR 2009 2008 Cash flow from operating activities Operating result -4,7 3,7 Adjustment to operating result -0,3 -0,1 Change in working capital 2,5 1,6 Interest received and other financial income 0,3 0,6 Interest paid and other financial expenses -1,3 -0,6 Taxes paid -0,1 0,5 Net cash from operating activities -3,7 5,7 Cash flow from investing activities Group companies acquired 0,0 -7,9 Investments in tangible and intangible assets -1,0 -1,9 Net cash used in investing activities -1,0 -9,8 Cash flow before financing activities -4,6 -4,1 Cash flow from financing activities Short-term loans, received 0,0 13,9 Short-term loans, repayments -5,1 -3,5 Leasing liability, payments -0,2 -0,2 Share issue 0,0 0,2 Net cash used in financing activities -5,3 10,4 Net cash flow, total -10,0 6,3 Change in cash and cash equivalents -10,0 6,3 Cash and cash equivalents 1 Jan. 15,4 9,1 Net foreign exchange difference 0,1 0,0 Cash and cash equivalents 31 Dec. 5,6 15,4 COMMITMENTS AND CONTINGENCIES MEUR MEUR 2009 2008 Loans from financial institutions 10,0 15,0 Mortgages 5,4 5,4 Leasing liabilities 8,7 11,4 Guarantees on behalf of group company debt 0,1 0,1 IFRS IFRS IFRS IFRS IFRS KEY FIGURES, MEUR 2009*) 2008*) 2007 2006 2005 -------------------------------------------------------------------------------- SCOPE OF OPERATIONS Net sales, MEUR 67,5 70,0 74,7 88,8 76,0 Average number of personnel 538 540 625 614 547 Gross capital expenditure, MEUR 2,2 9,1 2,5 2,7 1,9 Gross capital expenditure, % of net sales 3,2 13,0 3,3 3,1 2,6 PROFITABILITY Operating profit , MEUR -4,7 3,7 -11,1 5,5 5,2 Operating profit, % of net sales -7,0 5,3 -14,9 6,2 6,9 Profit before taxes and minority interest, MEUR -5,4 2,8 -11,7 5,5 5,5 Profit before taxes and minority interest, % of net sales -8,0 3,9 -15,7 6,2 7,3 Return on equity, % (ROE) -18,8 10,2 -47,4 9,2 14,9 Return on investment, % (ROI) -11,2 17,3 -37,8 21,0 23,5 FINANCIAL STANDING Quick ratio 0,9 1,1 1,3 1,7 1,7 Current ratio 0,9 1,1 1,3 1,7 1,7 Equity ratio, % 37,4 36,3 38,6 54,5 54,1 Interest-bearing net debt, MEUR 4,9 0,4 -3,3 -5,1 -8,7 Gearing, % 25,2 1,9 -16,6 -16,9 -34,4 PER SHARE DATA 2009 2008 2007 2006 2005 -------------------------------------------------------------------------------- Earnings per share, EUR (EPS) -0,057 0,031 -0,171 0,037 0,050 Earnings per share, EUR (EPS), adjusted for dilution effect -0,057 0,031 -0,170 0,037 0,050 Shareholders' equity per share, EUR 0,280 0,332 0,286 0,437 0,372 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 0,46 0,35 1,22 1,77 1,85 Share issue-adjusted average share price, EUR 0,42 0,86 1,56 1,99 1,56 Share issue-adjusted lowest share price, EUR 0,30 0,34 1,13 1,53 1,07 Share issue-adjusted highest share price, EUR 0,60 1,25 1,90 2,83 2,07 Market capitalization, MEUR 32 24 84 121 125 No. of shares traded during the financial period (during the period of quotation in 1999) 43 266 170 38 018 049 50 289 310 28 577 161 44 229 797 % of the company's average number of shares 63 % 55 % 73 % 42 % 66 % Number of shares 68 733 395 68 733 395 68 578 795 68 120 895 67 433 942 Share issue-adjusted number of shares annual average 68 733 395 68 695 645 68 426 162 67 712 256 67 433 942 Share issue-adjusted number of shares at the end of the financial period 68 733 395 68 733 395 68 578 795 68 120 895 67 433 942 Share issue-adjusted number of shares annual average, adjusted for dilution effect 68 733 395 68 695 645 68 808 497 68 695 585 67 800 791 Share issue-adjusted number of shares at the end of the financial period, adjusted for dilution effect 68 733 395 68 733 395 68 961 130 69 104 224 67 800 791 SEGMENT INFORMATION 2009 Supply Chain In-Store Elimina-tions Total Net Sales to External Customers 49,5 18 0,0 67,5 Segment operating profit 0,2 4,1 0,0 4,3 Unallocated items -9,0 Operating profit -4,7 Financial income and expenses -0,7 Profit before taxes and minority interest -5,4 Taxes 1,4 Minority interest 0,0 Profit for the Financial Period -4,0 Segment assets 25,8 8,8 0,0 34,6 Unallocated assets 17,7 Total 52,3 Segment liabilities 17,0 3,3 0,0 20,3 Unallocated liabilities 12,6 Total 33,0 Capital expenditures 0,4 1,7 0,0 2,2 Unallocated capital expenditures 0,0 Total 2,2 Depreciations 1,0 0,7 0,0 1,7 Unallocated depreciations 0,0 Total 1,7 2008 Supply Chain In-Store Elimina-tions Total Net Sales to External Customers 56,2 13,9 0,0 70,0 Segment operating profit 0,3 2,1 0,0 2,4 Unallocated items 1,3 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 40,4 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 1,4 7,7 0,0 9,0 Unallocated capital expenditures 0,0 (revised with Apollo) Total 9,1 Depreciations 0,9 0,5 0,0 1,4 Unallocated depreciations 0,0 Total 1,4 INCOME STATEMENT MEUR MEUR MEUR MEUR MEUR quarterly figures Q4/2009 Q3/2009 Q2/2009 Q1/2009 Q4/2008 Net sales 17,9 16,7 16,1 16,8 17,2 Other operating income 0,2 0,1 0,2 0,1 1,6 Operating expenses -15,8 -16,0 -22,7 -16,8 -17,1 Depreciations and impairments -0,4 -0,5 -0,3 -0,4 -0,4 Operating profit 1,8 0,4 -6,7 -0,2 1,3 Financial items 0,0 -0,5 -0,4 0,2 -0,9 Profit before taxes 1,8 -0,1 -7,1 0,0 0,4 Income taxes 1,6 0,1 -0,1 -0,2 -0,3 Minority interest 0,0 0,0 0,0 0,0 0,0 Profit for the financial period 3,4 0,0 -7,2 -0,2 0,1 INCOME STATEMENT MEUR MEUR MEUR MEUR MEUR cumulative 1-12/09 1-9/09 1-6/09 1-3/09 1-12/08 Net sales 67,5 49,7 33,0 16,8 70,0 Other operating income 0,7 0,5 0,4 0,1 2,1 Operating expenses -71,3 -55,5 -39,5 -16,8 -67,0 Depreciations and impairments -1,7 -1,2 -0,7 -0,4 -1,4 Operating profit -4,7 -6,5 -6,9 -0,2 3,7 Financial items -0,7 -0,7 -0,2 0,2 -1,0 Profit before taxes -5,4 -7,2 -7,1 0,0 2,8 Income taxes 1,4 -0,2 -0,3 -0,2 -0,6 Minority interest 0,0 0,0 0,0 0,0 0,0 Profit for the financial period -3,9 -7,4 -7,4 -0,2 2,1 BALANCE SHEET MEUR MEUR MEUR MEUR MEUR 31.12.09 30.9.09 30.6.09 31.3.09 31.12.08 ASSETS NON-CURRENT ASSETS Goodwill 16,2 15,0 15,0 15,0 15,0 Capitalized development cost 2,8 2,9 3,0 3,0 2,9 Intangible assets 1,4 1,4 1,7 1,7 1,8 Tangible assets 1,3 1,3 1,4 1,4 1,4 Investments 0,1 0,1 0,1 0,1 0,1 Other long-term assets 0,4 0,4 0,1 0,1 0,1 Deferred tax assets 1,0 2,6 2,5 2,6 1,9 NON-CURRENT ASSETS TOTAL 23,1 23,7 23,7 23,9 23,3 CURRENT ASSETS Inventories 0,5 0,2 0,0 0,4 0,2 Short-term receivables 20,7 22,6 25,2 28,5 25,6 Cash and cash equivalents 5,6 11,4 11,9 14,8 15,4 CURRENT ASSETS TOTAL 29,2 34,5 37,3 43,9 41,5 ASSETS TOTAL 52,3 58,2 60,9 67,8 64,8 SHAREHOLDERS' EQUITY AND LIABILITIES Shareholders' equity 19,2 15,9 15,3 22,5 22,8 Minority interest 0,1 0,1 0,1 0,1 0,1 Non-current liabilities 3,0 4,2 4,5 4,6 3,7 Current liabilities 30,0 38,1 41,0 40,6 38,2 Liabilities 33,0 42,3 45,6 45,2 41,8 EQUITY AND LIABILITIES TOTAL 52,3 58,2 60,9 67,8 64,8 KEY FIGURES, MEUR Q4/2009 Q3/2009 Q2/2009 Q1/2009 Q4/2008 quarterly figures Scope of Operations Net sales, MEUR 17,9 16,7 16,1 16,8 17,2 Average number of personnel, cumulative 538 543 554 559 540 Profitability Operating profit , MEUR 1,8 0,4 -6,7 -0,2 1,3 Operating profit, % of net sales 10,3 2,2 -41,5 -1,3 7,3 Profit before taxes and minority interest, MEUR 1,8 -0,1 -7,1 0,0 0,4 Profit before taxes and minority interest, % of net sales 10,2 -0,7 -43,8 -0,2 2,4 Return on equity, % (ROE) -18,8 -50,6 -77,2 -3,5 10,2 Return on investment, % (ROI) -11,2 -21,3 -34,1 6,7 17,3 Financial Standing Quick ratio 0,9 0,9 0,9 1,1 1,0 Current ratio 1,0 0,9 0,9 1,1 1,0 Equity ratio, % 37,4 27,4 25,3 33,4 36,3 Interest-bearing net debt, MEUR 4,9 4,2 3,6 0,7 0,4 Gearing, % 25,2 26,5 23,7 3,3 1,9 Per Share Data Earnings per share, EUR (EPS) 0,050 0,000 -0,104 -0,003 0,001 Earnings per share, EUR (EPS), adjusted for dilution effect 0,050 0,000 -0,104 -0,003 0,001 Shareholders' equity per share, EUR 0,280 0,231 0,222 0,327 0,332 [HUG#1385693] |
|||
|