2010-11-03 08:00:00 CET
2010-11-03 08:00:52 CET
REGULATED INFORMATION
Aldata Solution Oyj - Interim report (Q1 and Q3)
ALDATA SOLUTION OYJ'S INTERIM REPORT JANUARY-SEPTEMBER 2010 (UNAUDITED)
Aldata Solution Oyj
STOCK EXCHANGE RELEASE
3 November 2010, at 9.00 a.m. (EET)
ALDATA SOLUTION OYJ'S INTERIM REPORT JANUARY-SEPTEMBER 2010 (UNAUDITED)
Aldata continues to deliver year on year revenue growth and profitable operating
results in slow market conditions
* Software license sales, excluding third party products, grew on a year on
year comparison for the fifth quarter in a row
* Total revenue grew on a year on year comparison for the fifth quarter in a
row generating a profitable operating result (EBIT)
* No change to full year outlook of slight revenue growth compared to 2009
levels and operationally profitable (EBIT), for the full year
Aldata in Q3 2010 (compared to Q3 2009)
* Net sales increased by 2.2% to EUR 17.1 million (EUR 16.7 million).
* Gross profit increased by 7.8% to EUR 16.0 million (EUR 14.8 million).
* Operating profit, EBIT, decreased to EUR 0.1 million (EUR 0.4 million).
* Profit before taxes was EUR -1.1 million (EUR -0.1 million).
* Net profit was EUR -1.2 million (EUR 0.0 million) and earnings per share,
EPS, were
-0.018 EUR (0.000 EUR).
* Cash flow from operating activities was EUR -0.8 million (EUR -0.2 million).
* Cash, cash equivalents and marketable securities amounted to EUR 4.3 million
(EUR 11.4 million) and the Group had interest-bearing debt EUR 11.2 million
(EUR 15.6 million).
Aldata in January - September 2010 (compared to January - September 2009)
* Net sales were EUR 54.0 million (EUR 49.7 million).
* Gross profit was EUR 49.0 million (EUR 45.1 million).
* Operating profit, EBIT, was EUR 1.0 million (EUR -6.5 million) and profit
before taxes was EUR 0.9 million (EUR -7.2 million).
* Net profit was EUR 0.1 million (EUR -7.4 million) and earnings per share,
EPS, were 0.002 EUR (0.107 EUR).
Bertrand Sciard, President and CEO
In Q3 2010, a traditionally quiet quarter for European business, Aldata has
continued the positive growth directions set in the previous quarters of 2010
with a year on year increase in sales revenues and continued pipeline
development.
The retail and distribution market, like many others, still remains challenging
with both existing and potential customers deliberating long and hard over all
new investments. Our customers base their investments on their own customers
spending trends and in the current macro-economic environment these are very
difficult to predict. Our deal flow predictability mirrors this uncertainty and
the conservative view we have adopted on forecasting new business and revenue
recognition is proving prudent in managing our resources and investment.
Against this backdrop of continuously tough business conditions I am pleased
that we have been able to deliver year on year revenue growth, which is a key
indicator for us. However, our profitability in Q3 did not meet our longer term
objectives. Q3 is traditionally our lowest operating profit quarter due
primarily to the impact of European summer holidays on services revenue. In
addition, we have again chosen to maintain a slightly higher level of resources
than our current demand requires, allowing us the flexibility to quickly react
to some anticipated increased customer demand across the variety of geographies
that we cover. A number of one off, infrastructure related projects have also
contributed to the lower operating profits reported to date during 2010, but
these will provide us with operational efficiencies in the future.
The Cosmic Solutions acquisition made in Q2 2010 is integrating well with
complimentary deals emerging from the planned product synergies between business
units and the geographical synergies for the business unit outside of their UK
home market.
The Apollo acquisition made in Q4 2008 continues to expand its own customer base
with new wins around the globe and successful roll outs such as those presented
by the Delhaize Group at our European customer conference in Amsterdam during
September and by Kroger in our USA customer conference in October. Both of these
globally important retailers demonstrated substantial value delivery from their
long term use of Aldata solutions.
The validity of our integrated retail process optimization strategy that was the
foundation for our acquisitions of both the Apollo and Cosmic businesses is
being demonstrated by deals such as Alko, Finland's state owned alcohol
distributor. This existing customer purchased additional Supply Chain modules
along with new software for Space Optimization in one combined contract, with
the additional option to purchase the Assortment Optimization products acquired
with Cosmic Solutions.
Our new Microsoft Dynamics® AX based retail applications development is
progressing to plan. We are already receiving enquiries from Microsoft resellers
around the globe and will launch the first set of products for Fashion, DIY,
Home Electronics, and Restaurant customers, in conjunction with Microsoft, at
the NRF Show in New York in January 2011.
The newly established logistics sales unit in the USA is establishing a growing
pipeline for our unique Voice Directed Warehousing product line in cooperation
with major industry partners including IBM, Motorola, and LXE. Another US
partner initiative that is promising good returns is our expanded services
agreement with HP to address large retailer business process improvement
opportunities.
As we are starting the final quarter of 2010 I believe that Aldata has managed
to hold a steady business course during a tough year and by astute acquisitions
grown both our market presence and reputation in the retail and distribution
sector during a period of very slow economic growth.
Aldata in the third quarter of 2010
July - September 2010 Financial performance
The Group's net sales were EUR 17.1 million (EUR 16.7 million), which represents
an increase of EUR 0.4 million compared to third quarter net sales in the
previous year. Product sales, which include licenses for standard products,
licenses for customer specific developments and maintenance revenues, accounted
for 63% (55%) of total net sales. Consulting services accounted for 35% (36%),
and third party licenses and hardware accounted for 2% (9%).
The Group's gross profit was EUR 16.0 million (EUR 14.8 million), which
represents a 94% (89%) gross margin. Operating profit, EBIT, totalled EUR 0.1
million (EUR 0.4 million) and operating profit excluding expenses for option
plans and restricted share units (RSU) was EUR 0.2 million (EUR 0.5 million).
Pre-tax profit was EUR -1.1 million (EUR -0.1 million), net profit was EUR -1.2
million (EUR 0.0 million) and earnings per share, EPS, were -0.018 EUR (0.000
EUR).
Research and development costs in the third quarter totalled EUR 2.3 million
(EUR 2.1 million), of which EUR 0.1 million (EUR 0.1 million) or 2.9 % were
capitalized. EUR 0.1 million (EUR 0.2 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 September 2010, the order backlog was EUR 24.9 million (EUR 22.9 million
at the end of September 2009 and EUR 21.6 million at the end of year 2009).
Business units in Q3 2010
Net sales of the Supply Chain Management (SCM) Software business unit were EUR
12.1 million (EUR 12.6 million). The gross profit was EUR 11.2 million (EUR
11.4 million) and the operating profit, EBIT, was EUR 0.6 million (EUR 1.2
million).
Net sales of the In-Store Software business unit were EUR 5.0 million (EUR 4.1
million). The gross profit was EUR 4.8 million (EUR 3.5 million) and the
operating profit, EBIT, was EUR 0.1 million (EUR 1.1 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 0.6 million (EUR 2.0 million). The method of allocating the
unallocated costs has changed in 2010, resulting in a lower unallocated cost
remaining at the group level.
Finance and investments
Cash flow from operating activities in the third quarter was EUR -0.8 million
(EUR -0.2 million) and net cash flow was EUR -0.6 million (EUR -0.5 million).
The Group's capital expenditure on hardware and software purchases amounted to
EUR 0.2 million (EUR 0.6 million) in third quarter of the year.
Research and Development
In the third quarter Aldata's research and development costs were EUR 2.3
million (EUR 2.1 million). A total of EUR 0.1 million (EUR 0.1 million) of
development costs were capitalized during the quarter. EUR 0.1 million (EUR 0.2
million) of capitalized development costs were amortized in the quarter.
Aldata in January-September of 2010
January-September 2010 financial performance
The Group's net sales were EUR 54.0 million (EUR 49.7 million), which represents
an increase of EUR 4.3 million compared to first three quarters net sales in
the previous year. Product sales, which include licenses for standard products,
licenses for customer specific developments and maintenance revenues, accounted
for 60% (58%) of total net sales. Consulting services accounted for 36% (37%)
and third party licenses and hardware accounted for 4% (5%).
The Group's gross profit was EUR 49.0 million (EUR 45.1 million), which
represents a 91% (91%) gross margin. Operating profit, EBIT, totalled EUR 1.0
million (EUR -6.5 million) and operating profit excluding expenses for option
plans and RSU's was EUR 1.3 million (EUR -6.2 million).
Pre-tax profit was EUR 0.9 million (EUR -7.2 million), net profit was EUR 0.1
million (EUR -7.4 million) and earnings per share, EPS, were 0.002 EUR (-0.107
EUR).
Research and development costs in the financial period totalled EUR 7.2 million
(EUR 7.0 million), of which EUR 0.2 million (EUR 0.4 million) or 3.0% were
capitalized. EUR 0.4 million (EUR 0.4 million) of capitalized development costs
were amortized.
Taxes for the period were EUR 0.7 million (EUR 0.2 million).
Business Units in January-September 2010
Net sales of the Supply Chain Management (SCM) Software business unit were EUR
37.9 million (EUR 36.4 million). The gross profit was EUR 34.8 million (EUR
34.2 million) and the operating profit, EBIT, was EUR 1.1 million (EUR -1.9
million).
Net sales of the In-Store Software business unit were EUR 16.1 million (EUR
13.3 million). The gross profit was EUR 14.1 million (EUR 11.4 million) and the
operating profit, EBIT, was EUR 1.4 million (EUR 3.1 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 1.6 million (EUR 7.8 million). The method of allocating the
unallocated costs has changed in 2010, resulting in a lower unallocated cost
remaining at the Group level.
Finance and investments
Cash flow from operating activities in January-September 2010 was EUR 0.7
million (EUR -3.2 million) and net cash flow was EUR -1.3 million (EUR -4.0
million).
At the end of September 2010, Aldata Group's cash, cash equivalents and
marketable securities amounted to EUR 4.3 million (EUR 11.4 million) and total
assets were EUR 54.4 million (EUR 58.2 million). The Group had interest-bearing
debt EUR 11.2 million (EUR 15.6 million) and interest-bearing net liabilities
totalled EUR 6.9 million (EUR 4.2 million). Short term receivables totalled EUR
23.0 million (EUR 22.6 million). The Group's solvency ratio was 36.4 % (27.4%)
gearing was 30.7 % (26.5%), and shareholders' equity per share was 0.286 EUR
(EUR 0.231).
The Group's capital expenditure on tangible and intangible assets amounted to
EUR 3.3 million (EUR 1.1 million) during the first three quarters. A total of
EUR 0.4 million (EUR 0.4 million) of development costs were capitalized during
the period.
Research and Development
Aldata's research and development costs in January-September 2010 were EUR 7.2
million (EUR 7.0 million) and made up 13.3% (14.2%) of net sales. A total of EUR
0.2 million (EUR 0.4 million) of development costs were capitalized during the
period. EUR 0.4 million (EUR 0.4 million) of capitalized development costs were
amortized.
At the end of the review period 129 (138) employees were involved in R&D
activities which represents 24% (26%) of the Group's total employed personnel.
In addition Aldata had 100 (72) contracted offshore resources involved in R&D
activities. These resources are located in Paris, France, in Vantaa, Finland and
in Bangalore, India.
Personnel
Aldata Group employed 540 (520) persons at the end of September 2010, and on
average had 528 (543) employees during the period.
30 September 2010 30 September 2009
By business unit Persons % Persons %
SCM Software 367 68 378 73
In-Store Software 157 29 127 24
Group Administration 16 3 14 13
Total 540 100 520 100
Approximately 46% of personnel were employed by Aldata companies in France, 14%
in Finland, 12% in the US, 10% in Germany, 8% in the UK, 5% in Sweden, 4% in
Slovenia and 1% in Russia.
New Long-Term Incentive Scheme
Aldata Solution Oyj's Board of Directors has decided to adopt a new equity based
long term incentive scheme for Aldata's President and CEO Mr. Bertrand Sciard.
The scheme supplements, and partly replaces, existing schemes and includes
1,200,000 restricted share units ("RSU") issued by Aldata to Mr Sciard. The
potential payment shall be made in 2013 subject to Mr Sciard being employed by
Aldata or its group companies. Aldata may choose to disburse the reward as
either shares, cash or a combination of shares and cash settlement. The scheme
includes customary provisions regarding due payment of incentives upon change of
control.
The theoretical market value of the scheme is EUR 660.000,00, calculated as
1.200.000 shares valued at 0.55 per share, being the closing price on Friday,
August 13, 2010.
Share performance and ownership
The highest price of the Aldata Solution Oyj share during January - September
2010 was EUR 0.77 and the lowest price EUR 0.45. The average price was EUR 0.60
and the closing price EUR 0.57. The trading volume on the Helsinki Stock
Exchange was EUR 17.0 million and altogether 28.3 million shares were traded,
which represents 41% of the shares. Aldata Solution Oyj has 68.7 million shares
outstanding. The number of shares outstanding has remained unchanged during the
period.
The number of shareholders was 5034 and the free float was 100% of the share
capital at the end of September 2010. A total of 34.2% of Aldata Solution Oyj's
shares were owned by foreign investors at the end of the period.
Aldata Solution Oyj has one share series and all the company's shares carry
equal voting and dividend rights.
Risks and uncertainty factors
Near term risks and uncertainties
Near term risks and uncertainties are considered by Aldata as those that may
materialize in the next two quarters.
Aldata 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 license 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 been very challenging for approximately two years
and this has increased the number of companies who face financial problems,
which could be seen as a factor in the increased time taken to settle invoices.
Aldata does business in most areas of the world and some areas are able to
withstand the current business environment better than others. There are also
different cultures towards the prompt payment of invoices that Aldata is exposed
to, due to these business areas. These factors, either singularly or combined,
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. It is however not possible to remove this risk completely from Aldata's
day to day operations.
Aldata's net cash position is lower than our normal level which is mainly due to
the seasonality of our maintenance invoicing and the quiet Q3 period. Whilst the
management do not see this as a specific short term risk, the current low level
of net cash places an increased importance on our cash collection.
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
the start of 2009.
Aldata's US subsidiaries currently have large amounts of intercompany loans
outstanding that are denominated in euro. The recent volatility in the US dollar
to Euro exchange rate has caused significant gains and losses in Q2 and Q3
respectively. As these loans are not due to mature in the short term, Aldata's
net profit will continue to be at risk to significant movement in this exchange
rate. As there is no impact to operating profit (EBIT) or actual cash flow,
Aldata currently chooses not to try and mitigate this risk.
Long term risks and uncertainties
Long term risks and uncertainty factors associated with Aldata's business are
mainly related to general economic development and more specifically on the
retail software market. Global economic uncertainty remains and this continues
to affect Aldata's operations. Whilst there have been some signs of a recovery,
it has not yet started, and if the anticipated recovery doesn't happen, is
significantly delayed, or even 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 was 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 country's units will need to
be impaired. No new impairment tests have been completed at the end of Q3 2010
as most businesses and territories were either on or close to their projected
future cash flows.
Outlook
Aldata expects net sales for 2010 to grow slightly on 2009 levels and to
generate a profitable operative result (EBIT) for the full-year.
Events after the review period
There were no remarkable events after the review period.
Helsinki, November 3, 2010
Aldata Solution Oyj
Board of Directors
Further information:
Bertrand Sciard, the 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 3 November, at 12.00 (EET) at Hotel Palace Gourmet (Eteläranta
10, 10th floor, Merikabinetti).
The presentation material will be published on the Group's website at
www.aldata-solution.com
About Aldata
Aldata is a global leader in supplier to consumer business optimization. We help
reduce costs, time, and waste, for retailers, distributors, and manufacturers,
while improving availability, service, and customer retention. Founded in 1988,
Aldata has an unparalleled track record of delivering successful projects for
the world's largest retail and consumer brands, wholesale and distribution
organizations, and specialist store chains. Aldata Solution is a public company
quoted on NASDAQ OMX Helsinki Ltd with the identifier ALD1V. More information
at: www.aldata-solution.com.
Distribution:
NASDAQ OMX Helsinki Ltd
Media
TABLE PART
Calculation methods
This interim report has been prepared in accordance with IFRS standards and the
same accounting principles as in 2009 financial statements but the report does
not comply with all requirements of IAS 34, Interim Financial Reporting. Key
figure calculations remain unchanged and have been presented in 2009 Financial
Statements.
CONSOLIDATED INCOME STATEMENT MEUR MEUR Change % MEUR
Jan-Sep/ 2010 Jan-Sep/ 2009 Total 2009
Net sales 54,0 49,7 8,7 % 67,5
Other operating income 0,6 0,5 31,3 % 0,7
Operating expenses -52,5 -55,5 -5,4 % -71,3
Depreciations and impairments -1,3 -1,2 2,2 % -1,7
Operating profit 1,0 -6,5 -115,6 % -4,7
Financial items -0,1 -0,7 -79,3 % -0,7
Profit before taxes 0,9 -7,2 -112,2 % -5,4
Income taxes -0,7 -0,2 366,3 % 1,4
Minority interest 0,0 0,0 -168,6 % 0,0
Profit for the financial period 0,1 -7,4 -101,7 % -4,0
Earnings per share, EUR 0,002 -0,107 -0,057
Earnings per share, EUR (EPS),
adjusted for dilution effect 0,002 -0,107 -0,057
Attributable to:
Equity holders of the Company 0,1 -7,4 -4,0
Minority interest 0,0 0,0 0,0
Statement of comprehensive
income:
Net profit for the period 0,1 -7,3 -4,0
Other comprehensive income:
Translation differences 0,1 0,1 0,0
Total comprehensive income 0,2 -7,3 -4,0
Total comprehensive income
attributable to:
Equity holders of the Company 0,2 -7,3 -4,0
Minority interest 0,0 0,0 0,0
CONSOLIDATED BALANCE SHEET MEUR MEUR MEUR
30 Sep 2010 30 Sep 2009 31 Dec 2009
ASSETS
NON-CURRENT ASSETS
Goodwill 18,9 15,0 16,2
Capitalized development cost 2,8 2,9 2,8
Intangible assets 2,4 1,4 1,4
Tangible assets 1,3 1,3 1,3
Investments 0,1 0,1 0,1
Other long-term assets 0,4 0,4 0,4
Deferred tax assets 1,0 2,6 1,0
NON-CURRENT ASSETS TOTAL 26,9 23,7 23,1
CURRENT ASSETS
Inventories 0,2 0,2 0,5
Short-term receivables 23,0 22,6 20,7
Cash and cash equivalents 4,3 11,4 5,6
CURRENT ASSETS TOTAL 27,5 34,5 29,2
ASSETS TOTAL 54,4 58,2 52,3
SHAREHOLDERS' EQUITY AND LIABILITIES
Shareholders' equity 19,7 15,9 19,2
Minority interest 0,1 0,1 0,1
Long-term loans 4,2 4,2 3,0
Short-term loans 30,5 38,1 30,0
EQUITY AND LIABILITIES TOTAL 54,4 58,2 52,3
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 1000 EUR
Equity
holders
Share Trans- of Own
Share premium lation Retained parent Minority equity
TEUR capital fund difference earnings company interest total
--------------------------------------------------------------------------------
EQUITY
1.1.2009 687 19 154 708 2 244 22 793 117 22 911
Share based
payments
recognised
against
equity 0 0 0 301 301 0 301
Comprehensive
income 0 0 113 -7 353 -7 240 -23 -7264
--------------------------------------------------------------------------------
EQUITY
30.9.2009 687 19 154 821 -4 808 15 854 94 15 948
--------------------------------------------------------------------------------
EQUITY
1.1.2010 687 19 154 694 -1 320 19 215 89 19 305
Share based
payments
recognised
against
equity 0 0 0 267 267 0 267
Comprehensive
income 0 0 64 127 191 16 207
--------------------------------------------------------------------------------
EQUITY
30.9.2010 687 19 154 758 -926 19 673 105 19 779
CONSOLIDATED CASH FLOW STATEMENT
MEUR MEUR MEUR
Jan-Sep/ 2010 Jan-Sep/ 2009 Jan-Dec 2009
Cash flow from operating activities
Operating result 1,0 -6,5 -4,7
Adjustment to operating result 1,1 1,4 -0,3
Change in working capital -1,4 2,1 2,5
Interest received and other financial
income 0,4 0,3 0,3
Interest paid and other financial
expenses -0,4 -0,4 -1,3
Taxes paid -0,1 -0,1 -0,1
Net cash from operating activities 0,7 -3,2 -3,7
Cash flow from investing activities
Group companies acquired -2,0 0,0 0,0
Investments in tangible and intangible
assets -0,7 -0,7 -1,0
Net cash used in investing activities -2,7 -0,7 -1,0
Cash flow before financing activities -2,0 -3,9 -4,6
Cash flow from financing activities
Short-term loans, received 0,8 0,0 0,0
Short-term loans, repayments 0,0 -0,1 -5,1
Leasing liability, payments 0,0 0,0 -0,2
Net cash used in financing activities 0,8 -0,1 -5,3
Net cash flow, total -1,3 -4,0 -10,0
Change in cash and cash equivalents -1,3 -4,0 -10,0
Cash and cash equivalents in the
beginning of the period 5,6 15,4 15,4
Net foreign exchange difference 0,0 0,0 0,1
Cash and cash equivalents at the end of
the period 4,3 11,4 5,6
NOTES TO THE INTERIM REPORT
COMMITMENTS AND CONTINGENCIES MEUR MEUR MEUR
30 Sep 2010 30 Sep 2009 31 Dec 2009
Loans from financial institutions 10,8 15,2 10,0
Mortgages 5,4 5,4 5,4
Leasing liabilities 6,7 8,6 8,7
Guarantees on behalf of company debt 0,1 0,1 0,1
KEY FIGURES, MEUR Jan-Sep /2010 Jan-Sep /2009 Total 2009
Scope of Operations
Net sales, MEUR 54,0 49,7 67,5
Average number of personnel 527 543 538
Profitability
Operating profit , MEUR 1,0 -6,5 -4,7
Operating profit, % of net sales 1,9 -13,2 -7,0
Profit before taxes and minority
interest, MEUR 0,9 -7,2 -5,4
Profit before taxes and minority
interest, % of net sales 1,6 -14,5 -8,0
Return on equity, % (ROE) 1,0 -50,6 -18,8
Return on investment, % (ROI) 13,7 -21,3 -11,2
Financial Standing
Quick ratio 0,8 0,9 0,9
Current ratio 0,9 0,9 0,9
Equity ratio, % 36,4 27,4 37,4
Interest-bearing net debt, MEUR 6,1 4,2 4,9
Gearing, % 30,7 26,5 25,2
Per Share Data
Earnings per share, EUR (EPS) 0,002 -0,107 -0,057
Earnings per share, EUR (EPS), adjusted
for dilution effect 0,002 -0,107 -0,057
Shareholders' equity per share, EUR 0,286 0,231 0,280
SEGMENT INFORMATION, MEUR
BUSINESS SEGMENTS Jan-Sep/2010 Jan-Sep/2009 Total 2009
Net sales to external customers
Supply Chain Management Software 37,9 36,4 49,5
In-Store Software 16,1 13,3 18,0
Total 54,0 49,7 67,5
Operating result, continuing operations
Supply Chain Management Software 1,1 -1,9 -6,0
In-Store Software 1,4 3,1 2,1
Total 2,5 1,2 -3,9
Unallocated items -1,6 -7,8 -0,8
Operating profit 1,0 -6,5 -4,7
Financial income and expenses -0,1 -0,7 -0,7
Result before taxes and minority interest 0,9 -7,2 -5,4
Taxes -0,7 -0,2 1,4
Minority interest 0,0 0,0 0,0
Result from continuing operations 0,1 -7,4 -4,0
Result for the financial period 0,1 -7,4 -4,0
INCOME STATEMENT MEUR MEUR MEUR MEUR MEUR
QUARTERLY FIGURES Q3/2010 Q2/2010 Q1/2010 Q4/2009 Q3/2009
Net sales 17,1 18,6 18,3 17,9 16,7
Other operating income 0,4 0,0 0,2 0,2 0,1
Operating expenses -17,0 -18,0 -17,5 -15,8 -16,0
Depreciations and impairments -0,5 -0,4 -0,4 -0,4 -0,5
Operating profit 0,1 0,3 0,7 1,8 0,4
Financial items -1,1 0,8 0,1 0,0 -0,5
Profit before taxes -1,1 1,1 0,8 1,8 -0,1
Income taxes -0,2 -0,1 -0,4 1,6 0,1
Minority interest 0,0 0,0 0,0 0,0 0,0
Profit for the financial period -1,2 1,0 0,4 3,4 0,0
INCOME STATEMENT MEUR MEUR MEUR MEUR MEUR
CUMULATIVE 1-9/10 1-6/10 1-3/10 1-12/09 1-9/09
Net sales 54,0 36,9 18,3 67,5 49,7
Other operating income 0,6 0,2 0,2 0,7 0,5
Operating expenses -52,5 -35,4 -17,5 -71,3 -55,5
Depreciations and impairments -1,3 -0,8 -0,4 -1,7 -1,2
Operating profit 1,0 1,0 0,7 -4,7 -6,5
Financial items -0,1 1,0 0,1 -0,7 -0,7
Profit before taxes 0,9 1,9 0,8 -5,4 -7,2
Income taxes -0,7 -0,6 -0,4 1,4 -0,2
Minority interest 0,0 0,0 0,0 0,0 0,0
Profit for the financial period 0,1 1,4 0,4 -3,9 -7,4
BALANCE SHEET MEUR MEUR MEUR MEUR MEUR
30.9.10 30.6.10 31.3.10 31.12.09 30.9.09
ASSETS
NON-CURRENT ASSETS
Goodwill 18,9 18,9 16,2 16,2 15,0
Capitalized development cost 2,8 2,9 2,8 2,8 2,9
Intangible assets 2,4 2,6 1,3 1,4 1,4
Tangible assets 1,3 1,4 1,3 1,3 1,3
Investments 0,1 0,1 0,1 0,1 0,1
Other long-term assets 0,4 0,4 0,4 0,4 0,4
Deferred tax assets 1,0 0,3 0,9 1,0 2,6
NON-CURRENT ASSETS TOTAL 26,9 26,6 23,0 23,1 23,7
CURRENT ASSETS
Inventories 0,2 0,0 0,0 0,5 0,2
Short-term receivables 23,0 24,2 25,0 20,7 22,6
Cash and cash equivalents 4,3 4,9 6,4 5,6 11,4
CURRENT ASSETS TOTAL 27,5 29,1 31,6 29,2 34,5
ASSETS TOTAL 54,4 55,7 54,5 52,3 58,2
SHAREHOLDERS' EQUITY AND LIABILITIES
Shareholders' equity 19,7 20,1 19,5 19,2 15,9
Minority interest 0,1 0,1 0,1 0,1 0,1
Non-current liabilities 4,2 3,4 0,6 3,0 4,2
Current liabilities 30,5 32,1 34,4 30,0 38,1
Liabilities 34,7 35,5 34,9 33,0 42,3
EQUITY AND LIABILITIES TOTAL 54,4 55,7 54,5 52,3 58,2
KEY FIGURES, MEUR Q3/2010 Q2/2010 Q1/2010 Q4/2009 Q3/2009
QUARTERLY FIGURES
Scope of Operations
Net sales, MEUR 17,1 18,6 18,3 17,9 16,7
Average number of personnel 527 522 516 538 543
Profitability
Operating profit , MEUR 0,1 0,3 0,7 1,8 0,4
Operating profit, % of net sales 0,3 1,6 3,7 10,3 2,2
Profit before taxes and minority
interest, MEUR -1,1 1,1 0,8 1,8 -0,1
Profit before taxes and minority
interest, % of net sales -6,2 6,1 4,4 10,2 -0,7
Return on equity, % (ROE) 1,0 14,0 7,6 -18,8 -50,6
Return on investment, % (ROI) 13,7 18,8 14,9 -11,2 -21,3
Financial Standing
Quick ratio 0,8 0,9 0,9 0,9 0,9
Current ratio 0,9 0,9 0,9 1,0 0,9
Equity ratio, % 34,8 36,3 36,4 37,4 27,4
Interest-bearing net debt, MEUR 6,1 5,5 4,0 4,9 4,2
Gearing, % 33,0 27,0 20,2 25,2 26,5
Per Share Data
Earnings per share, EUR (EPS) -0,018 0,014 0,005 0,050 0,000
Earnings per share, EUR (EPS), adjusted
for dilution effect -0,018 0,014 0,005 0,050 0,000
Shareholders' equity per share, EUR 0,286 0,292 0,284 0,280 0,231
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