2011-04-27 08:00:00 CEST
2011-04-27 08:00:03 CEST
REGULATED INFORMATION
Revenio Group Oyj - Interim report (Q1 and Q3)
REVENIO GROUP CORPORATION INTERIM REPORT Q1/2011
Strong growth on both Net sales and Ebit on 1st Quarter
Helsinki, 2011-04-27 08:00 CEST (GLOBE NEWSWIRE) -- Revenio Group Corporation
Stock Exchange Release April 27, 2011 at 9.00 a.m.
REVENIO GROUP CORPORATION INTERIM REPORT Q1/2011
Strong growth on both Net sales and Ebit on 1st Quarter
- Consolidated net sales came to EUR 8.8 million (EUR 6.6 million), up 33.0%
- Consolidated operating profit/loss (EBIT) EUR 1.0 million (EUR -0.3 million),
or 11.7 (-4.4)% of net sales
- Pre-tax profit EUR 0.9 million (EUR -0.3 million)
- Diluted and undiluted earnings per share EUR 0.009 (-0.003)
- Cash flow from operating activities EUR 2.4 million (EUR 0.5 million)
- The Health Care segment continued its vigorous development
- Midas Touch Oy's result turned positive
- The AGM of March 31, 2011 decided on the distribution of a per-share dividend
of EUR 0.02 (0.01)
- Net sales for 2011 are forecast to grow in comparison to the 2010 figures.
Consolidated operating profit/loss (EBIT) without non-recurring items is
expected to be positive, showing a significant improvement on 2010.
Statement by President and CEO Olli-Pekka Salovaara:
”The beginning of the year was highly positive for Revenio Group as a whole,
with our operating profit/loss clearly in the black. We were delighted in
particular to see Icare Finland continue its robust business development and
Midas Touch turn positive after a long, challenging period. While, with its
current size and operating model, Midas Touch still has a short history, we
expect it to become established within its chosen business area and customer
relationships. The part of its operations based on fixed monthly fee should
account for a greater share of net sales. Reforms conducted to date within the
company give us reason to believe in its capabilities to achieve long-term
profitability.
The year also began favorably in project-based operations. In the forthcoming
quarters, Done Logistics' projects in Norway will progress to the installation
and delivery phases, during which time the company should register its most
marked impact on net sales and profit. Boomeranger Boats improved its
productivity, markedly raising the company's profit. Done Software continued
its operations as planned, maintaining its profitability level, as did Done
Information. Finnish Led-Signs, on the contrary, had a less than successful
first quarter, with fewer orders and installations, due to e.g. the strict
winter conditions.
This business development was also reflected in our key figures: the Group's
gearing turned negative while its financial position and equity ratio further
improved.”
MARKET SITUATION
In the period under review, the market situation within the Group's segments
was slightly better than at the year-end for the previous year.
In the Services segment, the centralization of contact center services has
enabled more efficient utilization of capacity. Market demand is thought to be
sufficiently high for the company to utilize its capacity efficiently. Modest
growth opportunities can be seen in the inbound services market.
Also within the Services segment, demand for translation services has somewhat
improved year-on-year. This is due to growth trends in customer industries and
large individual customer projects.
For the Health Care segment, the market situation is positive. The segment has
several growing export markets and its products are highly competitive.
For the Safety segment, several invitations to tender are arising in both
traditional and new markets. Impressive international references and the
accompanying exposure have been raising interest in the company's boats.
In Technology, the market situation is expected to improve during the year. In
view of the events in Japan, the company has attempted to secure component
availability by expediting its component procurement.
Within the Systems segment, changes in the market situation are slow at the
current point of the business cycle. This segment's companies have achieved
their strongest market position with their traditional customer base, which has
been showing signs of activation in the form of new invitations to tender.
For segments operating on a project basis, the continuation of these financial
trends in 2012 will require major additional orders during 2011.
NET SALES, PROFITABILITY AND PROFIT
Revenio Group's consolidated net sales during Q1/2011 totaled EUR 8.8 million
(EUR 6.6 million), representing an increase of 33.0%. Earnings before interest,
taxes, depreciation and amortization (EBITDA) amounted to EUR 1.2 million (EUR
-0.0 million), or 14.0 (-0.4)% of net sales. The consolidated operating
profit/loss (EBIT) was EUR 1.0 million (EUR -0.3 million), representing 11.7
(-4.2)% of net sales. The pre-tax result amounted to EUR 0.9 million (EUR -0.3
million), or 10.7 (-4.9)% of net sales. Net profit for the period was EUR 0.7
million (EUR -0.2 million), representing 7.9 (-3.6)% of net sales. Both
undiluted and diluted earnings per share totaled EUR 0.009 (-0.003). Equity per
share was EUR 0.20 (0.20).
The increase in consolidated net sales and profitability year-on-year was
mainly due to business growth in the Health Care segment and the positive turn
in Midas Touch's results. In parallel, Systems and Safety improved their
respective net sales and net profit. While the Technology segment grew its net
sales year-on-year, its operating profit/loss (EBIT) remained negative.
BALANCE SHEET, FINANCIAL POSITION AND INVESTMENTS
The consolidated balance sheet total on March 31, 2011 was EUR 25.5 million
(EUR 27.0 million). Shareholders' equity came to EUR 15.2 million (EUR 15.5
million). At the end of the period, interest-bearing net liabilities amounted
to EUR -1.5 million (EUR 0.7 million) and gearing stood at -9.7 (4.6)%. The
consolidated equity ratio was 64.1 (59.0)%. The Group's liquid assets were EUR
3.9 million (EUR 2.9 million) at the end of the period.
The Group's financial position improved during the period. In addition to its
liquid assets, the Group has a EUR 2.0 million credit facility, from which no
funds had been withdrawn at the end of the review period.
Cash flow from business operations came to EUR 2.4 million (EUR 0.5 million).
The Group's purchases of PPE and intangible assets totaled EUR 0.2 million (EUR
0.1 million).
OPERATIONS BY BUSINESS SEGMENT
Revenio Group Corporation's business operations are organized into five
segments: Services (Done Information Oy and Midas Touch Oy), Systems (Done
Logistics Oy and Done Software Solutions Oy), Health Care (Icare Finland Oy),
Safety (Boomeranger Boats Oy) and Technology (Finnish Led-Signs Oy). This
structure is in line with the Group's organization and internal reporting.
Services
Included in the Services segment, Done Information Oy is one of Finland's
biggest translation and content creation companies, while Midas Touch Oy is a
Finnish company providing outsourced call centre services and serving many
companies and the public sector.
The Services segment's net sales in Q1/2011 totaled EUR 2.2 million (EUR 2.8
million), down -21.2%. The segment's profit margin was EUR 0.1 million (EUR
-0.4 million).
Done Information Oy's net sales and operating profit/loss (EBIT) grew from the
previous year, mainly due to higher demand for translation services.
Midas Touch Oy's net sales decreased from the previous year, but its operating
profit/loss (EBIT) improved markedly, turning positive. Underlying this profit
performance are the adjustment and restructuring measures conducted in the fall
of 2010, as well as a slightly improved market situation. Alongside this, the
company has been able to reduce the share of its business operations based on
telemarketing campaigns with high-risk yield expectations.
Systems
The Systems segment comprises Done Logistics Oy, which provides companies with
materials-handling systems associated with their internal logistics, and Done
Software Solutions Oy, providing information systems for internal logistics and
inventory management, as well as the related services. As of May 1, 2010, Done
Software Solutions Oy has been operating as an independent company, due to the
partial demerger of Done Logistics Oy. The reference information in this
Interim Report is presented as if this arrangement had been effective
throughout the period described by the reference information.
In Q1/2011, the Systems segment's net sales amounted to EUR 2.6 million (EUR
1.2 million), up 115.1%. The segment's margin was EUR 0.1 million (EUR -0.1
million). Done Logistics Oy improved its net sales and profitability
year-on-year. The most important driver of this trend was orders received from
Norway in 2010. During the period, the company also landed some other minor
orders for 2011.
Done Software Solutions Oy too was able to increase both its net sales and
operating profit/loss (EBIT) during the period. Thanks to high cost-efficiency,
its operations as an independent company were also clearly profitable in a
challenging market situation.
Health Care
The Health Care segment consists of Icare Finland, which specializes in the
development, manufacture and sale of tonometers measuring intraocular pressure.
In Q1/2011, the Health Care segment's net sales amounted to EUR 2.3 million
(EUR 1.7 million), up 34.9%. The segment's margin amounted to EUR 1.0 million
(EUR 0.6 million), representing 44.1 (33.4)% of net sales.
Year-on-year, demand for tonometers grew markedly. Demand was strong in all
major export markets.
Safety
The Safety segment consists of Boomeranger Boats, which designs, manufactures,
and sells Rigid Inflatable Boats (RIBs) of the highest quality, primarily for
navy rescue units, authorities and security forces of various countries.
In Q1/2011, the Safety segment's net sales amounted to EUR 1.4 million (EUR 0.7
million), up 89.6%. The profit margin for the segment was EUR 0.2 million (EUR
0.0 million).
During Q1, several new boat orders were manufactured within a short delivery
time, with high productivity. This translated into much improved profitability.
In order to secure more even demand, systematic efforts have been made to
further expand the customer base into new export markets. During the period,
the company received a major new order, involving the supply of boats to be
used in the support operations of the Volvo Ocean Race.
Technology
Finnish Led-Signs, which constitutes the Technology segment, is the largest
supplier of LED price displays in the Nordic region and is Finland's leading
manufacturer of LED information displays and parking guidance systems.
The net sales of the Technology segment in Q1 totaled EUR 0.43 million (EUR
0.25 million), up 70.8%. The segment's margin was EUR -0.06 million (EUR -0.11
million).
While year-on-year the segment grew its net sales, their overall level remained
low. The period's most important customer delivery was the expansion of the
parking guidance system at Helsinki Airport. During the period, the company
also concluded a new 3-year delivery agreement for LED price displays, with
Neste Oil.
Net sales and segment margins for Q1/2011 and Q1/2010, excluding non-recurring
items:
Net Segment Profit Margin
Sales
1-3/201 1-3/201 1-3/201 1-3/201
1 0 1 0
MEUR Share% MEUR Share% MEUR % MEUR %
Services total 2,2 25 2,8 42 0,10 4 -0,38 -14
-Done Information 1 11 0,8 13 0,06 6 0,02 2
-Midas Touch 1,2 14 1,9 29 0,03 3 -0,4 -21
Systems total 2,6 29 1,2 18 0,10 4 -0,09 -8
-Done Logistics 2,2 25 0,9 14 0,04 2 -0,12 -12
-Done Software 0,3 4 0,2 4 0,06 19 0,03 11
Solutions
Health Care 2,3 26 1,7 25 1,0 44 0,56 33
Safety 1,4 16 0,7 11 0,19 14 0,02 3
Technology 0,4 5 0,3 4 -0,06 -13 -0,11 -42
Total 8,8 100 6,6 1,34 15 0,01 0
Paren Company Expenses -0,31 -0,28
Operating 1,03 12 -0,27 -4
Profit/Loss
The Groups's Net sales, margin and profit by segment and quarter, excluding
non-recurring
items, were as follows:
MEUR Q1/11 Q4/10 Q3/10 Q2/10 Q1/10
Net Sales
Services total 2,2 2,5 2,3 2,8 2,8
-Done Information 1,0 1,1 0,8 1 0,8
-Midas Touch 1,2 1,4 1,5 1,8 1,9
Systems total 2,6 3,1 1,7 0,8 1,2
-Done Logistics 2,2 2,8 1,4 0,5 0,9
-Done Software Solutions 0,3 0,3 0,3 0,3 0,3
Helath Care 2,3 2,2 1,6 1,5 1,7
Safety 1,4 1,2 0,6 0,9 0,7
Technology 0,4 0,8 0,4 0,4 0,4
Total 8,8 9,9 6,5 6,4 6,6
Segment profit margin Q1/11 Q4/10 Q3/10 Q2/10 Q1/10
Services total 0,10 -0,18 -0,17 -0,33 -0,38
-Done Information 0,06 0,14 0,04 0,04 0,02
-Midas Touch 0,03 -0,32 -0,21 -0,37 -0,40
Systems total 0,10 0,27 0,03 -0,18 -0,09
-Done Logistics 0,04 0,22 -0,01 -0,21 -0,12
-Done Software Solutions 0,06 0,05 0,04 0,03 0,03
Health Care 1,00 1,10 0,83 0,45 0,56
Safety 0,19 0,25 -0,13 0,04 0,02
Technology -0,06 0,07 0,02 -0,03 -0,11
Total 1,34 1,50 0,57 -0,05 0,01
Parent company expenses -0,31 -0,33 -0,27 -0,30 -0,28
Operating profit/loss 1,03 1,16 0,30 -0,35 -0,27
Operating profit/loss% 11,7 11,8 4,6 -5,5 -4,2
HUMAN RESOURCES
During the period, the number of personnel employed by the Group averaged 276
(471). At the end of the period, the number of employees was 273 (468).
Adjustment measures in Midas Touch Oy in the fall of 2010 were the most
important factor affecting the number of employees.
The number of personnel employed by the Group during the period, by segment,
averaged:
31.3.2011 31.3.2010 Change
Services 168 379 -211
Systems 58 47 11
Health care 12 11 1
Safety 23 19 4
Technology 12 11 1
Parent company 4 4 0
Total 276 471 -195
Wages, salaries and other remuneration paid during the period totaled EUR 2.5
million (EUR 3.0 million).
SHARES, SHARE CAPITAL AND MANAGEMENT HOLDINGS
On March 31, 2011, Revenio Group Corporation's fully paid share capital
registered in the Trade Register was EUR 5,314,918.72 and the number of shares
outstanding totaled 76,839,730. The company has one series of shares. All
shares confer the same voting rights and an equal right to dividends and the
company's funds.
On March 31, 2011, the Board of Directors and the President and CEO held 1.4%
of the company's shares, totaling 1,076,210 shares, and 18.6% of the option
rights, for a total of 684,365 options.
CHANGES IN SHAREHOLDINGS
There were no significant changes in ownership to report during the review
period.
OPTION RIGHTS
On the basis of the share issue authorization approved by the Annual General
Meeting on April 3, 2007, the Board of Revenio Group Corporation decided, on
November 23, 2007, on a new corporate option plan, comprising a maximum of
3,684,365 option rights. Each option right entitles the holder to subscribe for
one Revenio Group Corporation share. Against the total number of the company's
shares on March 31, 2011, the proportion of shares to be subscribed for on thebasis of the option rights issued represents a maximum of 2.5% of the company's
shares and votes, once all new shares subscribed for with these option rights
have been registered.
Share subscriptions via the option program entitle the holder to a dividend
from the subscription year onwards.
The option rights have been divided into three series: Series A (1,684,365
shares), Series B (1,000,000) and Series C (1,000,000). The subscription
periods for options are as follows: for Series A, May 1, 2009 - May 1, 2013;
for Series B, November 1, 2010 - November 1, 2014; and for Series C, May 1,
2012 - May 1, 2016. The share subscription price will be the trade-weighted
average price over the periods November 1-30, 2007 (EUR 0.64, Series A); April
1-30, 2009 (EUR 0.31, Series B); and November 1-30, 2010 (EUR 0.28, Series C).
A total of 75,000 Series 2007B option rights were issued to personnel during
the period. At the end of the period, the company's key personnel held a total
of 1,159,365 Series 2007A options and a total of 835,000 Series 2007B options.
On March 23, 2011, the company decided to apply for listing of its Series 2007B
options on NASDAQ OMX Helsinki. As a consequence, a total of 1,000,000 option
rights have been subject to trading since March 30, 2011. During the period, no
trading took place with these option rights.
TRADING ON THE NASDAQ OMX HELSINKI
During Q1/2011, Revenio Group Corporation's turnover on the NASDAQ OMX Helsinki
exchange totaled EUR 4.8 million (EUR 2.2 million), representing 13.8 (6.2)
million shares or 17.9 (8.1)% of shares outstanding. The trading high was EUR
0.44 (0.38) and the low EUR 0.30 (0.33). At the end of the review period, the
closing price was EUR 0.43 (0.37), and the average share price EUR 0.35 (0.36).
Revenio Group Corporation's market value on March 31, 2011, was EUR 33.0
million (EUR 28.4 million).
ANNUAL GENERAL MEETING AND BOARD AUTHORIZATIONS IN EFFECT
The Annual General Meeting (AGM) held on March 31, 2011 approved the company's
financial statements and discharged the members of the Board of Directors and
the President and CEO from liability for the financial year January 1 -
December 31, 2010.
The AGM selected as members of the Board of Directors the following persons:
Timo Mänty, Pekka Tammela, Rolf Fryckman, Julia Ormio and Matti Hyytiäinen. The
AGM decided that the Chairman of the Board should be entitled to an annual
emolument of EUR 60,000 and the other Board members to an annual emolument of
EUR 36,000, with the exception that any member who holds a stake of at least
five percent in Revenio Group Corporation, either directly or through a company
in which he or she has a minimum holding of 50%, should not be entitled to a
separate emolument. In total, 40% of Board members' emoluments will be settled
in the form of shares in the company, while 60% will consist of monetary
payment.
The AGM re-elected PricewaterhouseCoopers Oy, Authorized Public Accountant, as
the company's auditors, with Juha Tuomala, Authorized Public Accountant, acting
as the principal auditor. The AGM decided to compensate the auditors upon the
presentation of an approved invoice.
The AGM decided to accept the Board's proposal on profit distribution,
according to which the profit for the financial period, EUR 243,391.03, will be
added to retained earnings, and a dividend of 0.02 EUR per share will be paid,
totaling EUR 1,536,794.60.
The AGM rescinded its earlier authorization to buy back 7,683,973 of the
company's own shares and authorized the Board to make the decision to buy back
a maximum of 7,683,973 of the company's own shares, in one or more
installments, using the company's unrestricted equity, in which case any
buyback will reduce the amount of company distributable earnings.
The AGM decided to rescind the Board's valid unexercised share-issue
authorizations. The AGM authorized the Board of Directors to decide to issue a
maximum of 30,000,000 shares or to grant special rights (including stock
options) entitling to shares, as referred to in chapter 10(1) of the Limited
Liability Companies Act, in one or several tranches.
This authorization was granted to be used to finance and implement any
prospective corporate acquisitions or other transactions, to implement the
company's share-based incentive plans, or for other purposes determined by the
Board.
It was decided that the authorization also grants the Board the right to decide
on all terms and conditions governing said share issue and the granting of
special rights, including the subscribers or the grantees of said special
rights and the payable consideration. Moreover, the authorization also includes
the right to waive shareholders' pre-emption rights, thus enabling private
placement of shares. The Board's authorization covers both the issue of new
shares and the transfer of any treasury shares possibly held by the company.
This authorization will be valid until April 30, 2012.
BOARD OF DIRECTORS AND AUDITORS
Since March 31, 2011, Revenio Group Corporation's Board of Directors has
included Timo Mänty, M.Econ, Managing Director of Onninen Oy (Chairman of the
Board), Pekka Tammela, M.Econ, Authorized Public Accountant, partner in Pajamaa
Partners Oy and Rolf Fryckman, Chairman of Eyemaker's Finland Oy; and as new
members, Julia Ormio, qualified under an EEA aptitude test in law, Senior Legal
Counsel at Outotec Oyj and Matti Hyytiäinen, Managing Director of Etteplan Oyj.
Until March 31, 2011, the members of the Board were Jyri Merivirta, Pekka
Tammela, Rolf Fryckman and Timo Mänty.
PricewaterhouseCoopers Oy, Authorized Public Accountants, serves as the
company's auditor, with Juha Tuomala, Authorized Public Accountant, as the
principal auditor.
MAJOR BUSINESS RISKS AND UNCERTAINTIES
The Group issued a notification to the stock exchange of its major business
risks and uncertainties in its financial statements bulletin of February 16,
2011. No changes in said risks have occurred since the bulletin's release.
MAJOR EVENTS AFTER THE PERIOD
There have been no major events since the period ended.
OUTLOOK FOR 2011
Net sales for 2011 are forecast to grow in comparison to 2010 figures.
Consolidated operating profit/loss (EBIT) without non-recurring items is
expected to be positive, with significant improvement seen from 2010.
The goal of Revenio Group Corporation is to continue growing by means of both
corporate restructuring and expansion of current business operations.
STATEMENT OF ACCOUNTING POLICIES
The recognition and valuation principles underlying the financial information
presented in this Interim Report comply with the principles of the
International Financial Reporting Standards (IFRS). The report does not comply
with all the requirements of IAS 34, Interim Financial Reporting. The figures
are unaudited.
GROUP KEY FIGURES AND RATIOS (MEUR) 1-3/2011 1-3/2010 1-12/2010
Net Sales 8,8 6,6 29,4
Ebitda 1,2 0 2,4
Ebitda% 14,0 -0,4 8,2
Operating profit 1,0 -0,3 -0,6
Operating profit % 11,7 -4,2 -2,2
Pre-tax profit 0,9 -0,3 -0,7
Pre-tax profit % 10,7 -4,9 -2,4
Net profit 0,7 -0,2 -0,5
Net profit % 7,9 -3,6 -1,7
Gross capital expenditure 0,2 0,1 0,6
Gross capital expenditure % 1,9 1,4 2
R&D costs 0,1 0,1 0,4
R&D costs % 1,2 1,7 1,5
Gearing % -9,7 4,6 4,7
Equity ratio % 64,1 59,0 62,5
Return on investment % (ROI) 23,6 -5,6 -2,1
Return on equity% (ROE) 18,7 -6,1 -3,4
Undiluted earnings per share EUR 0,009 -0,003 -0,007
Diluted earnings per share EUR 0,009 -0,003 -0,007
Equity per share EUR 0,20 0,20 0,19
Average no. of employees 276 471 423
Cash flow from operating activities 2,3 0,5 1,3
Cash flow from investing activities -0,1 -0,1 0,0
Net cash used in financing activities -0,4 -0,4 -2,1
Total cash flow 1,8 0,0 -0,8
CONSOLIDATED COMPREHENSIVE INCOME STATEMENT 1-3/2011 1-3/2010 1-12/2010
(MEUR)
NET SALES 8,8 6,6 29,4
Other operating income 0,0 0,0 0,5
Materials and services -3,2 -1,7 -9,7
Employee benefits -3,1 -3,6 -13,2
Depreciation/amortization -0,2 -0,3 -3,1
Other operating expenses -1,4 -1,3 -4,7
OPERATING PROFIT 1,0 -0,3 -0,6
Share of associates' results 0,0 0,0 0,0
Financial expenses (net) -0,1 0,0 -0,1
PRE-TAX PROFIT 0,9 -0,3 -0,7
Income tax expense -0,2 0,1 0,2
NET PROFIT 0,7 -0,2 -0,5
Other comprehensive income items 0,0 0,0 0,0
Income tax expense for comprehensive income 0,0 0,0 0,0
Other comprehensive income items
after taxes 0,0 0,0 0,0
TOTAL COMPREHENSIVE INCOME 0,7 -0,2 -0,5
Net profit attributable to:
Parent company shareholders 0,7 -0,2 -0,5
Minority interest 0,0 0,0 0,0
Total comprehensive income attributable to:
Parent company shareholders 0,7 -0,2 -0,5
Minority interest 0,0 0,0 0,0
Earnings per share, undiluted EUR 0,009 -0,003 -0,007
Earnings per share, diluted EUR 0,009 -0,003 -0,007
CONSOLIDATED BALANCE SHEET (MEUR)
ASSETS 31.3.2011 31.3.2010 31.12.2010
NON-CURRENT ASSETS
Property, plant and equipment 1,6 1,8 1,6
Goodwill 8,2 9,1 8,2
Intangible assets 1,2 2,5 1,3
Shares in associates 0,4 0,4 0,4
Available-for-sale-assets 0,0 0,3 0,0
Deferred tax assets 2,6 3,1 2,8
TOTAL NON-CURRENT ASSETS 14,1 17,3 14,4
CURRENT ASSETS
Inventories 1,1 2,0 1,1
Trade and other receivables 6,4 4,8 6,9
Cash and cash equivalents 3,9 2,9 2,1
TOTAL CURRENT ASSETS 11,4 9,8 10,1
TOTAL ASSETS 25,5 27 24,5
LIABILITIES AND SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY
Share capital 5,3 5,3 5,3
Share premium 2,4 2,4 2,4
Fair value reserve 0,3 0,3 0,3
Invested unrestricted capital reserve 7,0 7,0 7,0
Retained earnings/loss 0,1 0,4 -0,6
TOTAL EQUITY. attributable to holders of 15,2 15,5 14,5
parent company equity
TOTAL SHAREHOLDERS' EQUITY 15,2 15,5 14,5
LIABILITIES
NON-CURRENT LIABILITIES
Deferred tax liabilities 0,4 0,8 0,4
Provisions 0,1 0,1 0,1
Financial liabilities 1,1 2,3 1,5
Other liabilities 0,0 0,0 0,0
TOTAL LONG-TERM LIABILITIES 1,6 3,1 2,0
CURRENT LIABILITIES
Advance payments 1,8 0,7 1,3
Trade and other payables 5,6 6,3 6,7
Provisions 0,0 0,0 0,0
Financial liabilities 1,3 1,3 1,3
TOTAL SHORT-TERM LIABILITIES 8,7 8,4 9,3
TOTAL LIABILITIES 10,3 11,5 10,0
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY 25,5 27,0 24,6
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (MEUR) Share Share Other Retained Minority Total
capital Premium Reserves Earnings Intrest Equity
Balance 1.1.2011 5,3 2,4 7,3 -0,6 0,0 14,5
Options expense
Adjustment 0,0 0,0 0,0 0,0 0,0 0,0
Net profit 0,0 0,0 0,0 0,7 0,0 0,7
Balance 31.3.2011 5,3 2,4 7,3 0,1 0,0 15,2
Share Share Other Retained Minority Total
capital Premium Reserves Earnings Intrest Equity
Balance 1.1.2010 5,3 2,4 7,3 0,6 0,0 15,7
Options expense
Adjustment 0,0 0,0 0,0 0,0 0,0 0,0
Net profit 0,0 0,0 0,0 -0,2 0,0 -0,2
Balance 31.3.2010 5,3 2,4 7,3 0,4 0,0 15,5
CONSOLIDATED CASH FLOW STATEMENT (MEUR) 1-3/2011 1-3/2010 1-12/2010
Net profit 0,7 -0,2 -0,5
Adjustments to net profit 0,5 0,3 3,0
Change in working capital 1,2 0,5 -1,1
Interest paid -0,1 0 -0,1
Taxes paid 0,0 0,0 0,0
CASH FLOW FROM OPERATING ACTIVITIES 2,3 0,5 1,3
Purchase of PPE -0,2 0,0 -0,6
Purchase of intangible assets 0,1 0,0 0,0
NET CASH USED IN INVESTING ACTIVITIES -0,1 -0,1 0,0
Paid dividends 0,0 0,0 -0,8
Long-term borrowings 0,0 0,0 0,0
Repayments of long-term borrowings -0,4 -0,5 -1,2
Finance lease principal payment 0,0 0,0 -0,1
NET CASH USED IN FINANCING ACTIVITIES -0,4 1,7 -2,1
Net change in cash and equivalents 1,8 0,0 -0,8
Cash and equivalents. period-start 2,1 2,9 2,9
Cash and equivalents. period-end 3,9 2,9 2,1
NET SALES AND OPERATING PROFIT BY QUARTER (MEUR)
MEUR Q1/11 Q4/10 Q3/10 Q2/10 Q1/10
Net sales 8,8 9,9 6,5 6,4 6,6
Oper. Profit 1,0 -0,7 0,8 -0,3 -0,3
Oper. profit. % 11,7 -7,5 12,1 -5,5 -4,2
MAIN SHAREHOLDERS 31.3.2011
Osakemäärä %
1. Merivirta Jyri 15 000 000 19,52
2. Eyemaker's Finland Oy 7 817 214 10,17
3. Etera 3 500 000 4,55
4. Alpisalo Mia 3 121 653 4,06
5. Sijoitusrahasto Evli Suomi Osake 1 830 616 2,38
6. Mäkinen Markku 1 584 235 2,06
7. Gateway Finland Oy 1 339 475 1,74
8. Kiesvaara Tuomo 1 259 332 1,64
9. The Nordic Adviser Group Oy 1 179 861 1,54
10. Sijoitusrahasto Garp 1 110 557 1,45
Revenio Group Corporation
Board of Directors
For further information, please contact:
Olli-Pekka Salovaara, President and CEO, mobile +358 (0) 40 5675520
olli-pekka.salovaara@revenio.fi
http://www.revenio.fi/
DISTRIBUTION:
NASDAQ OMX Helsinki
Financial Supervisory Authority (FIN-FSA)
Key media
www.revenio.fi
Revenio Group Corporation, listed on the NASDAQ OMX Helsinki, is the parent
company of the Finnish conglomerate Revenio Group. Revenio Group Corporation's
subsidiaries share a focus on Finnish specialist expertise and export-based
operations.
Revenio Group consists of seven independent subsidiaries in five business
areas. These subsidiaries are Done Information Oy, Done Logistics Oy, Done
Software Solutions Oy, Icare Finland Oy, Boomeranger Boats Oy, Finnish
Led-Signs Oy and Midas Touch Oy.
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