|
|||
2007-08-21 11:30:01 CEST 2007-08-21 11:30:01 CEST REGULATED INFORMATION Cencorp - Quarterly reportCencorp Corporation Interim Report for 1 January - 30 June 2007April-June 2007 Net sales amounted to EUR 4.1 (6.8) million Operating profit (EBIT) totalled EUR -0.6 (0.1) million Profit before taxes was EUR -1.0 (-0.2) million Equity ratio stood at 1.9% (20.7%). The figures given for comparison are those for the corresponding period in the previous year unless otherwise stated. The Interim Report has been prepared in accordance with IAS 34 Interim Financial Reporting. Group's key figures -------------------------------------------------------------------------------- | (unaudited) | | | | | | -------------------------------------------------------------------------------- | EUR 1,000 | 4-6/2007 | 4-6/2006 | 1-6/2007 | 1-6/2006 | 1-12/200 | | | | | | | 6 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 4 077 | 6 817 | 7 897 | 12 760 | 19 974 | -------------------------------------------------------------------------------- | Operating profit/loss | -636 | 141 | -1 654 | -1 101 | -3 348 | | (EBIT) | | | | | | -------------------------------------------------------------------------------- | % of net sales | -16 % | 2 % | -21 % | -9 % | -17 % | -------------------------------------------------------------------------------- | Profit/loss before | -970 | -191 | -2 305 | -1 630 | -4 874 | | taxes (EBT) | | | | | | -------------------------------------------------------------------------------- | % of net sales | -24 % | -3 % | -29 % | -13 % | -24 % | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Research and | 263 | 67 | 466 | 254 | 512 | | development costs | | | | | | -------------------------------------------------------------------------------- | % of net sales | 7 % | 1 % | 6 % | 2 % | 2 % | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity ratio, % | 2 % | 21 % | 2 % | 21 % | 13 % | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Personnel on average | 129 | 192 | 135 | 199 | 185 | -------------------------------------------------------------------------------- | Personnel at the end | 132 | 187 | 132 | 187 | 156 | | of period | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Profit/share | -0.04 | -0.01 | -0.09 | -0.05 | -0.14 | | (diluted), EUR | | | | | | -------------------------------------------------------------------------------- Net sales and earnings performance April-June 2007 Net sales in April-June 2007 totalled EUR 4.1 million (EUR 6.8 million) while operating profit (EBIT) amounted to EUR -0.6 million (EUR 0.1 million). The Group's net financial items were EUR -0.3 (-0.3) million. Profit before taxes totalled EUR -1.0 (-0.2) million. Earnings per share were EUR -0.04 (-0.01). January-June 2007 Cencorp's net sales amounted to EUR 7.9 (12.8) million. Operating profit was EUR -1.7 (-1.1) million. The Group's net financial items for the review period were EUR -0.6 (-0.5) million. Profit before taxes totalled EUR -2.3 (-1.6) million. The net profit for the period was EUR -2.3 (-1.6) million. Diluted earnings per share were EUR -0.09 (-0.05). Measures launched in the previous financial year to improve business efficiency affect as planned and the group's fixed costs were EUR 1.8 million less than in the previous year. Cencorp Corporation's net sales came from one business segment: the automation and testing business. The laser business, which has been moved to Cencorp Corporation's subsidiary Singulase Corporation, did not generate any revenue in the review period, as the company still concentrated on product development. Product development has been delayed by more than one year due to factors outside the Group's control. The operating loss of the automation and testing business amounted to EUR -1.5 (-1.0) million, while earnings before taxes stood at EUR -2.2 (-1.5) million and the net loss for the period at EUR -2.2 (-1.5) million. Singulase Corporation recorded an operating profit, profit before taxes and net loss for the period of EUR -0.1 (-0.1) million. Balance sheet and financing The balance sheet figures at 30 June 2007 are compared to those at 31 December 2006. At the end of the review period, the balance sheet total was EUR 18.3 (21.1) million. The company's cash flow after investments was EUR 0.6 (-2.6) million, while interest-bearing net debts at the end of the review period amounted to EUR 13.2 (13.7) million. Accounts receivables decreased to EUR 3.8 (5.6) million, and inventories decreased to EUR 4.8 (5.2) million. Non-interest-bearing liabilities amounted to EUR 4.4 (4.8) million and interest bearing liabilities to EUR 14.2 (14.6) million. The equity ratio was 1.9% (12.7%). Gross investments in January-June totalled EUR 0.04 (0.4) million, or 1.0% (2.2%) of the period's net sales, and mainly came from product development. Events in the review period Details about events in the review period are available in Cencorp Corporation's stock exchange releases on Cencorp's website at www.cencorp.com. New Vice President, Sales and Marketing M.Sc. Mr. Kimmo Akiander (B. 1969) has been nominated as Vice President, Sales and Marketing of Cencorp Corporation starting on April 10, 2007. Mr. Akiander reports to CEO Jouni Suutarinen. Mr. Kimmo Akiander has previously worked as Sales and Marketing Director in Business Unit Systems of Efore Oyj. Before Efore Oyj he worked as a Key account manager for Motorola in Ascom Energy Systems GmbH. Decisions of The Annual General Meeting of Cencorp Corporation held on April 17, 2007 The financial statements for the fiscal year 2006 were approved. In accordance with the Board's proposal, it was resolved that no dividend shall be paid for the fiscal year January 1 - December 31, 2006. Likewise, it was resolved that the net loss of the fiscal year 2006 will be entered in the retained earnings account. Release from liability for the fiscal year January 1 - December 31, 2006 was granted to the members of the parent company's Board and the CEOs employed by the company during the fiscal year. The Annual General Meeting passed a resolution to elect three members to the Board. The previous members elected to the Board were Mr. Jorma Kielenniva, Mr. Markku Jokela and Mr. Sauli Kiuru. At the Board's organization meeting that was held after the Annual General Meeting, Jorma Kielenniva was elected Chairman of the Board and Markku Jokela Vice Chairman of the Board. Cencorp´s Vice President, Legal Affairs Mr. Ville Parpola continues as the secretary of the board. Jorma Kielenniva and Markku Jokela were elected as members of the Nomination and Compensation Committee. Mr Jorma Kielenniva was elected as the Chairman of the Nomination and Compensation Committee. Tilintarkastus Tuokko Oy was elected as the Company's auditor, with Authorised Public Accountant Timo Tuokko to be the primarily responsible auditor. In accordance with the Board's proposal, it was resolved that Articles of Association of the company will be changed as follows: - Sections 3, 4 and 13 concerning share capital of the company, number of shares and voting rights attached to the shares were wholly or partly removed as redundant. - Sections 8 and 9 concerning the right to sign for the company were amended to correspond to the wording of the Companies Act. - Section 11 concerning the notice of a General Meeting was amended to the effect that the notices can be delivered not earlier than three months prior to the General Meeting instead of the current two months. - The list of matters to be considered at the Annual General Meeting of Shareholders was amended to correspond to the amended legislation. - The reference concerning the date of registration in section regarding the Book-entry System was removed as redundant. - Section concerning record date procedure was removed as redundant. - The numbering of the sections in the Articles of Association was amended correspondingly due to the above amendments. In accordance with the Board's proposal, it was resolved that the Board of Directors of the company is authorized to resolve on the issuance of shares and stock options and other special rights entitling to shares subject to chapter 10, section 1 of the Companies Act as follows. The aggregate number of shares issued on the basis of the authorization may not exceed 10,000,000 shares. The Board of Directors is authorized to resolve on all the terms and conditions concerning the issue of shares and stock options and other special rights entitling to shares. Issuance of shares and other special rights entitling to shares can be carried out as a directed issue. Authorization is valid until further notice, however not more than five years from the decision by the Annual General Meeting of Shareholders. Cencorp Corporation's interim financial statements based on companies act 20:23 Cencorp Corporation published on June 29, 2007 interim financial statements January 1, 2007 - March 31, 2007 and report of the Board based on companies act 20:23§. Documents are available at the Company's web site at www.cencorp.com CHANGES IN GROUP STRUCTURE Kiinteistö Oy Salon Ratakatu 10, a real estate company owned by Cencorp Corporation, sold its factory hall and the related land lease agreement in December 2006. Since the real estate company's sole purpose was to administer the property traded, the company was decided to be dissolved through liquidation, which has been started by liquidator Attorney-at-Law Mr. Mikko Tuononen. Liquidation procedure will be finished before end of financial year 2007. NOTIFICATIONS PURSUANT TO CHAPTER 2, SECTION 9, OF THE SECURITIES MARKET ACT No notifications pursuant to chapter 2, section 9, of the Securities Market Act were published during the review period. EVENTS AFTER THE REVIEW PERIOD There were no published events after the review period Business environment and customers Cencorp operates in the global market of production automation for the electronics and semiconductor industries. The company supplies production automation systems and testing equipment to the semiconductor, telecommunications, consumer electronics, industrial electronics and automotive electronics industries as well as to the electronics contract manufacturers. The sales in the second quarter were emphasized quite evenly to all product groups. The prevailing boom in the metal industry in Finland caused challenges in purchasing components and machining parts. Thus, there were delays in deliveries of some customer projects and decrease in the margins. There was a major consolidation in the clientele as contract manufacturer Flextronics International announced to buy contract manufacturer Solectron Corporation. In order to respond better especially to the contract manufacturers' continuing improvement of operations and cost-level cutting, Cencorp will launch a new product platform in Productronica Fair 2007 which is more economical but efficient. Special attention in the designing of the new product platform has been paid to the amount and price-level of the parts needed in the production. The purpose has been to half the amount of parts and components needed in the production. During the review period Cencorp delivered as planned the first Cencorp MTL-4 testing equipments for software download application as well as the VIC 500 for vision testing equipment for quality control. Research and development The R&D expenses for April-June totalled 6.5% of net sales, or EUR 0.3 (0.1) million of which no significant amounts were capitalised in the balance sheet. Board, management and personnel At the end of the period, Cencorp Corporation's Board of Directors consisted of Mr. Jorma Kielenniva, Chairman, LL.M. with court training, Mr. Markku Jokela, Deputy Chairman, B.Sc. (Eng) and Mr. Sauli Kiuru, member, M.Sc. (Econ). The company's management team comprised of Mr. Jouni Suutarinen (CEO), Mr. Jarmo Kanervo (finance and administration), Mr. Ville Parpola (legal affairs and personnel), Mr. Kimmo Akiander (sales and marketing), Mr. Juha Kantola (production), Mr. Hannu Seppälä (testing business) and Mr. Pekka Kettunen (product development). Cencorp employed an average of 129 (192) people from April to June. The payroll at the end of the period totalled 132 (187) employees: 113 (146), or 86% (78%), in Finland and 19 (41), or 14% (22%), abroad. Share performance and changes in ownership The price of the company's share ranged from EUR 0.27 (4-6/2006: EUR 0.68) to EUR 0.43 (4-6/2006: EUR 1.07) over the review period, the average share price being EUR 0.36 (4-6/2006: EUR 0.89). A total of 4,073,649 (4-6/2006: 8,284,974) shares, or 11.9% (4-6/2006: 26.5%) of the company's entire share capital, were traded during the period. The company's market capitalisation at the end of the review period was EUR 14 million (6/2006: EUR 22 million). At the end of the review period, the company had 5,870 registered shareholders (6/2006: 6,724). A total of 310,529 shares were nominee registered (6/2006: 240,623), i.e., 0.91% (6/2006: 0.77 %). Cencorp had a total of 34,250,591 shares outstanding at the end of the review period (6/2006: 31,250,591), and one share series. Outlook for the future More and more customers are looking for production solutions that are easily transferable according to demand between factories and continents. For this purpose standardized production equipment are most suitable. This change in its customer base has been noticed by Cencorp in its own strategy and because of this, the company moves to a fully standardized automation equipment manufacturer and supplier in the future. Cencorp focuses on four product categories in its operations: odd-form component placement applications, PCB - sawing and routing products, test handlers of electronic products and laser applications. The first commercial solutions of the laser business are aimed to be brought on the market during the second half of the year 2007. The first commercial versions of the laser products are for PCB soldering and marking. Development version for PCB cutting will be launched simultaneously. Technology partner of Cencorp, Corelase Oy, which was sold to Rofin-Sinar Technologies Inc. in April 2007 has informed that it will publish the commercial version of the fibre laser (X-Lase) during the last quarter of year 2007. The Cencorp group's order backlog has developed positively. At the release moment the Cencorp group's order backlog was 6.4 million euros (2006: 2.2 million euros). The sales for the whole year are expected to increase from year 2006 and the operating profit (EBIT) for the second half of the year is estimated to be positive. Because of the high economic cycle in the metal industry there was increase in the material costs in the second quarter and the margin level appeared below than anticipated. Thus, the company estimates the operating profit (EBIT) for the whole year will be negative. Future risks and uncertainty factors The most significant risks from Cencorp business perspective are related to the on-going tight financing situation as well as to the development of the sales. Cencorp's sales forecasts are based on the company's own views as well as the sales development estimates from customers and the distributor network. Interim Report Release Cencorp Corporation will present its interim report 1-6/2007 to analysts, investors and the media on Tuesday, 21 August 2007, at 2:00 pm in Restaurant Savoy, Eteläesplanadi 14, 00130 Helsinki. Virkkala 21.8.2007 Cencorp Corporation Board of Directors Tables can be found on the following pages. -------------------------------------------------------------------------------- | CONSOLIDATED INCOME STATEMENT | | | | | -------------------------------------------------------------------------------- | (unaudited | | | | | | | | figures) | | | | | | | -------------------------------------------------------------------------------- | EUR 1 000 | 4-6/200 | 4-6/200 | 1-6/200 | 1-6/200 | 1-12/200 | | | | 7 | 6 | 7 | 6 | 6 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 4 077 | 6 817 | 7 897 | 12 760 | 19 974 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other | 103 | 49 | 140 | 127 | 446 | | | operating | | | | | | | | income | | | | | | | -------------------------------------------------------------------------------- | Expenses, | -4 533 | -6 421 | -9 099 | -13 393 | -22 459 | | | total | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Depreciations | -283 | -304 | -592 | -595 | -1 309 | | | and | | | | | | | | write-downs | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating | -636 | 141 | -1 654 | -1 101 | -3 348 | | | result | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Financial | -334 | -332 | -651 | -529 | -1 526 | | | income and | | | | | | | | expenses | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Result before | -970 | -191 | -2 305 | -1 630 | -4 874 | | | taxes | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Income taxes | -13 | 14 | -12 | -13 | -25 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Consolidated | -983 | -177 | -2 317 | -1 643 | -4 899 | | | net result | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED BALANCE | | | | | | | SHEET | | | | | | -------------------------------------------------------------------------------- | (unaudited | | | | | | | | figures) | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR 1 000 | | | 30.06.2 | 30.6.20 | 1-12/200 | | | | | | 007 | 06 | 6 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | ASSETS | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Long-term | | | | | | | | assets | | | | | | | -------------------------------------------------------------------------------- | Tangible | | | 1 672 | 2 124 | 1 778 | | | assets | | | | | | | -------------------------------------------------------------------------------- | Investment | | | 337 | 977 | 343 | | | property | | | | | | | -------------------------------------------------------------------------------- | Goodwill | | | 2 028 | 1 902 | 2 028 | | -------------------------------------------------------------------------------- | Other | | | 587 | 1 404 | 1 016 | | | intangible | | | | | | | | assets | | | | | | | -------------------------------------------------------------------------------- | Incomplete product development | 1 273 | 1 231 | 1 199 | | | projects | | | | | -------------------------------------------------------------------------------- | Deferred tax | | | 1 725 | 1 803 | 1 723 | | | asset | | | | | | | -------------------------------------------------------------------------------- | Available-fos-sale | | 17 | 20 | 17 | | | investments | | | | | | -------------------------------------------------------------------------------- | | | | 7 639 | 9 461 | 8 104 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Short-term | | | | | | | | assets | | | | | | | -------------------------------------------------------------------------------- | Inventories | | | 4 782 | 4 863 | 5 188 | | -------------------------------------------------------------------------------- | Accounts | | | 3 837 | 8 250 | 5 589 | | | receivable | | | | | | | -------------------------------------------------------------------------------- | Other | | | 1 075 | 690 | 1 323 | | | short-term | | | | | | | | assets | | | | | | | -------------------------------------------------------------------------------- | Cash and bank | | 923 | 292 | 937 | | | receivables | | | | | | -------------------------------------------------------------------------------- | | | | 10 617 | 14 095 | 13 037 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total assets | | | 18 256 | 23 556 | 21 141 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | LIABILITIES AND SHAREHOLDERS' | | | | | | EQUITY | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholders' | | | | | | | | equity | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Share capital | | | 3 425 | 3 125 | 3 425 | | -------------------------------------------------------------------------------- | Other | | | 4 432 | 4 158 | 4 432 | | | restricted | | | | | | | | equity | | | | | | | -------------------------------------------------------------------------------- | Fair value | | | | 441 | | | | fund | | | | | | | -------------------------------------------------------------------------------- | Non-restricted | | | -7 533 | -2 886 | -5 224 | | | equity | | | | | | | -------------------------------------------------------------------------------- | Total | | | 324 | 4 838 | 2 633 | | | shareholders' | | | | | | | | equity | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Long-term | | | | | | | | liabilities | | | | | | | -------------------------------------------------------------------------------- | Long-term | | | 10 426 | 5 484 | 10 356 | | | loans | | | | | | | -------------------------------------------------------------------------------- | Deferred tax | | | 332 | 333 | 361 | | | liability | | | | | | | -------------------------------------------------------------------------------- | Long-term | | | | 129 | | | | reserves | | | | | | | -------------------------------------------------------------------------------- | Total | | | 10 758 | 5 946 | 10 717 | | | long-term | | | | | | | | liabilities | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Short-term | | | | | | | | liabilities | | | | | | | -------------------------------------------------------------------------------- | Accounts payable and | | 4 599 | 6 282 | 4 450 | | | other liabilities | | | | | | -------------------------------------------------------------------------------- | Short-term | | | 1 298 | 5 190 | 1 394 | | | loans | | | | | | | -------------------------------------------------------------------------------- | Long-term loans | | 1 240 | 1 150 | 1 824 | | | shortening | | | | | | -------------------------------------------------------------------------------- | Tax | | | | 13 | 25 | | | liabilities | | | | | | | -------------------------------------------------------------------------------- | Short-term | | | 37 | 137 | 98 | | | reserves | | | | | | | -------------------------------------------------------------------------------- | Total | | | 7 174 | 12 772 | 7 791 | | | short-term | | | | | | | | reserves | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total | | | | | | | | liabilities | | | | | | | -------------------------------------------------------------------------------- | | | | 17 932 | 18 718 | 18 508 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total liabilities and | | 18 256 | 23 556 | 21 141 | | | shareholders' equity | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY 1.1. - | | | | 30.6.2006 | | | -------------------------------------------------------------------------------- | (unaudited figures) | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Share | Other | Transla | Retaine | Total | | | | | | tion | d | | | -------------------------------------------------------------------------------- | | capital | restric | differe | earning | | | | | | ted | nce | s | | | -------------------------------------------------------------------------------- | EUR 1 000 | | equity | | | | | -------------------------------------------------------------------------------- | Shareholders' equity | | | | | | -------------------------------------------------------------------------------- | 31.12.2005 | 3 125 | 4 158 | -3 621 | 3 201 | 6 863 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Translation | | | -70 | | -70 | | | difference | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net result | | | | -1 466 | -1 466 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholders' | | | | | | | | equity | | | | | | | -------------------------------------------------------------------------------- | 30.06.2006 | 3 125 | 4 158 | -3 691 | 1 735 | 5 327 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY 1.1. - | | | | 30.6.2007 | | | -------------------------------------------------------------------------------- | (unaudited | | | | | | | | figures) | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Share | Other | Transla | Retaine | Total | | | | | | tion | d | | | -------------------------------------------------------------------------------- | | capital | restric | differe | earning | | | | | | ted | nce | s | | | -------------------------------------------------------------------------------- | EUR 1 000 | | equity | | | | | -------------------------------------------------------------------------------- | Shareholders' | | | | | | | | equity | | | | | | | -------------------------------------------------------------------------------- | 31.12.2006 | 3 425 | 4 432 | -3 254 | -1 970 | 2 633 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Translation | | | -35 | | -35 | | | difference | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | IAS 12 | | | | 43 | 43 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net result | | | | -2 317 | -2 317 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholders' | | | | | | | | equity | | | | | | | -------------------------------------------------------------------------------- | 30.06.2007 | 3 425 | 4 432 | -3 289 | -4 244 | 324 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Accounting Principles for the | | | | | | Interim Report: | | | | | -------------------------------------------------------------------------------- | The same accounting policies and methods of | | | | computation are followed | | | -------------------------------------------------------------------------------- | in the interim financial statements as compared with | | | | the most recent | | | -------------------------------------------------------------------------------- | interim financial | | | | | | | statements. | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Explanatory comments about the seasonality or | | | | cyclicality of interim | | | -------------------------------------------------------------------------------- | operations: | | | | | | | -------------------------------------------------------------------------------- | The company operates in business areas which are | | | | subject to seasonal | | | -------------------------------------------------------------------------------- | fluctuations. | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED CASH FLOW STATEMENT | | | | | -------------------------------------------------------------------------------- | (unaudited | | | | | | | | figures) | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR 1 000 | | | 1-6/200 | 1-6/200 | 1-12/200 | | | | | | 7 | 6 | 6 | | -------------------------------------------------------------------------------- | Cash flow from | | 714 | -339 | -2 908 | | | operations | | | | | | -------------------------------------------------------------------------------- | Cash flow into and from | | -85 | -186 | 332 | | | investments | | | | | | -------------------------------------------------------------------------------- | Financial cash | | | -643 | 439 | 3 187 | | | flow | | | | | | | -------------------------------------------------------------------------------- | Increase(+)/ decrease(-) in | -14 | -86 | 611 | | | financial assets | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | GROUP KEY | | | | | | | | FIGURES | | | | | | | -------------------------------------------------------------------------------- | (unaudited | | | | | | | | figures) | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR 1 000 | | 4-6/200 | 4-6/200 | 1-6/200 | 1-6/2006 | 1-12/200 | | | | 7 | 6 | 7 | | 6 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | | 4 077 | 6 817 | 7 897 | 12 760 | 19 974 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating | | -636 | 141 | -1 654 | -1 101 | -3 348 | | result | | | | | | | -------------------------------------------------------------------------------- | % of net sales | | -15.6 % | 2.1 % | -20.9 % | -8.6 % | -16.8 % | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Result before | | -970 | -191 | -2 305 | -1 630 | -4 874 | | taxes | | | | | | | -------------------------------------------------------------------------------- | % of net sales | | -23.8 % | -2.8 % | -29.20 | -12.8 % | -24.4 % | | | | | | % | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total assets | | 18 256 | 23 556 | 18 256 | 23 556 | 21 141 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity ratio, | | 1.9 % | 20.7 % | 1.9 % | 20.7 % | 12.7 % | | % | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Gearing ratio, | | 4014.20 | 232.6 % | 4014.2 | 232.6 % | 467.9 % | | % | | % | | % | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Gross | | 40 | 69 | 85 | 186 | 436 | | investments | | | | | | | -------------------------------------------------------------------------------- | % of net sales | | 1.0 % | 1.0 % | 1.1 % | 1.5 % | 2.2 % | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | R&D | | 263 | 67 | 466 | 254 | 512 | | expenditure | | | | | | | -------------------------------------------------------------------------------- | % of net sales | | 6.5 % | 1.0 % | 5.9 % | 2.0 % | 2.6 % | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Personnel, | | 129 | 192 | 135 | 199 | 185 | | average | | | | | | | -------------------------------------------------------------------------------- | Personnel, at end of | 132 | 187 | 132 | 187 | 156 | | period | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Non-interest bearing | 4 371 | 6 790 | 4 371 | 6 790 | 4 835 | | liabilities | | | | | | -------------------------------------------------------------------------------- | Interest | | 14 157 | 11 530 | 14 157 | 11 530 | 14 610 | | bearing | | | | | | | | liabilities | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Per-share key | | | | | | | | figures | | | | | | | -------------------------------------------------------------------------------- | Equity per | | 0.01 | 0.15 | 0.01 | 0.15 | -0.14 | | share*, EUR | | | | | | | -------------------------------------------------------------------------------- | Earnings per share, | -0.04 | -0.01 | -0.09 | -0.05 | -0.15 | | EUR/share (diluted) | | | | | | | | | | | | | -------------------------------------------------------------------------------- | Earnings per share, | -0.03 | -0.01 | -0.07 | -0.05 | 0.08 | | EUR/share (undiluted) | | | | | | | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Share price | | | | | | | | trend | | | | | | | -------------------------------------------------------------------------------- | High, euros | | 0.43 | 1.07 | 0.45 | 1.29 | 1.33 | -------------------------------------------------------------------------------- | Low, euros | | 0.27 | 0.68 | 0.27 | 0.68 | 0.42 | -------------------------------------------------------------------------------- | Average, euros | | 0.36 | 0.89 | 0.37 | 0.99 | 0.81 | -------------------------------------------------------------------------------- | Price at end of period, | 0.40 | 0.71 | 0.40 | 0.71 | 0.44 | | euros | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Market capitalization at | 14 | 22 | 14 | 22 | 15 | | end of period, EUR | | | | | | | millions | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CALCULATION OF KEY | | | | | | | FIGURES | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity ratio, | | | | | | | | % | | | | | | | -------------------------------------------------------------------------------- | | Shareholders' equity + minority | | | | | interest x 100 | | | -------------------------------------------------------------------------------- | | Balance sheet total - | | | | | | advances received | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net gearing, % | | | | | | | -------------------------------------------------------------------------------- | | Interest-bearing liabilities - cash | | | | | and cash | | | -------------------------------------------------------------------------------- | | equivalents and marketable securities | | | | | x 100 | | | -------------------------------------------------------------------------------- | | Shareholders' equity + | | | | | | minority interest | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Earings per | | | | | | | | share (EPS) | | | | | | | -------------------------------------------------------------------------------- | | Profit before extraordinary items +/- | | | | | minority | | | -------------------------------------------------------------------------------- | | interest of profit/loss for the | | | | | period - taxes | | | -------------------------------------------------------------------------------- | | Number of shares adjusted for share | | | | | issue (average) | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity per | | | | | | | | share | | | | | | | -------------------------------------------------------------------------------- | | Shareholders' | | | | | | | equity | | | | | -------------------------------------------------------------------------------- | | Number of shares adjusted for share | | | | | issue | | | -------------------------------------------------------------------------------- | | at the end of the financial | | | | | | year | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONTINGENT LIABILITIES | | | | | | -------------------------------------------------------------------------------- | (unaudited | | | | | | | | figures) | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR 1 000 | | | 30.06.2 | 30.06.2 | 31.12.20 | | | | | | 007 | 006 | 06 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Loans from financial | | 12 712 | 7 439 | 13 069 | | | institutions | | | | | | -------------------------------------------------------------------------------- | Corporate mortgages | | 12 452 | 12 452 | 12 687 | | | granted | | | | | | -------------------------------------------------------------------------------- | Real-estate mortgages | | 12 687 | 168 | 0 | | | granted | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other loans | | | 1 445 | 1 758 | 1 541 | | -------------------------------------------------------------------------------- | Real-estate mortgages | | 0 | 0 | 0 | | | granted | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Used bank guarantee | | 0 | 0 | 151 | | | facility | | | | | | -------------------------------------------------------------------------------- | Real-estate mortgages | | 0 | 0 | 0 | | | granted | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Given as | | | | | | | | collateral | | | | | | | -------------------------------------------------------------------------------- | Corporate mortgages | | 12 687 | 12 687 | 12 687 | | | granted, total | | | | | | -------------------------------------------------------------------------------- | Real-estate mortgages | | 0 | 168 | 0 | | | granted, total | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Leasing | | | | | | | | commitments | | | | | | | -------------------------------------------------------------------------------- | falling due during the | | 89 | 118 | 112 | | | next 12 months | | | | | | -------------------------------------------------------------------------------- | falling due | | | 64 | 110 | 103 | | | later | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Rental | | | | | | | | liabilities | | | | | | | -------------------------------------------------------------------------------- | falling due during the | | 66 | 140 | 59 | | | next 12 months | | | | | | -------------------------------------------------------------------------------- | falling due | | | 70 | 156 | 59 | | | later | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Liabilities due to | | | | | | | derivative contracts | | | | | | -------------------------------------------------------------------------------- | Forward exchange | | 0 | 0 | 0 | | | contracts | | | | | | -------------------------------------------------------------------------------- | of which taken out to hedge the | 0 | 0 | 0 | | | parent company's accounts | | | | | | receivable | | | | | -------------------------------------------------------------------------------- | of which taken out to hedge the | 0 | 0 | 0 | | | parent company's other receivables | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | TRANSACTIONS WITH RELATED PARTIES | | | | | -------------------------------------------------------------------------------- | (unaudited | | | | | | | | figures) | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR 1 000 | | | 1-6/200 | 1-12/20 | | | | | | | 7 | 06 | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Sales of goods and | | | | | | | services | | | | | | -------------------------------------------------------------------------------- | Related party companies | | | | | | -------------------------------------------------------------------------------- | Photonium Oy | | | 282 | 357 | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Purchases of goods and | | | | | | | services | | | | | | -------------------------------------------------------------------------------- | Related party companies | | | | | | -------------------------------------------------------------------------------- | Photonium Oy | | | 369 | 1006 | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Fees paid on the basis of | | | | | | consultation agreements | | | | | -------------------------------------------------------------------------------- | Related party companies | | | | | | -------------------------------------------------------------------------------- | FT-Capital Oy | | | 13 | 25 | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Convertible subordinated loans | 650 | 650 | | | | from related parties | | | | | -------------------------------------------------------------------------------- | Accounts payable to | | 44 | 512 | | | | related parties | | | | | | -------------------------------------------------------------------------------- | Other receivables from | | 622 | 447 | | | | related parties | | | | | | -------------------------------------------------------------------------------- | Accounts receivables from related | 356 | 337 | | | | parties | | | | | -------------------------------------------------------------------------------- For more information, please contact: Jouni Suutarinen President and CEO Tel. +358 (0)19 6610 100 Cencorp supplies the electronics and semiconductor industries with automation solutions that enhance productivity. DISTRIBUTION: Helsinki Stock Exchange and the media Neither this press release nor any copy of it may be taken, transmitted into or distributed in the United States of America or its territories or possessions. |
|||
|