2009-10-28 08:00:00 CET
2009-10-28 08:00:01 CET
REGULATED INFORMATION
Revenio Group Oyj - Interim report (Q1 and Q3)
REVENIO GROUP CORPORATION INTERIM REPORT Q1-Q3/2009 - Profitable Third Quarter
REVENIO GROUP CORPORATION Stock Exchange Release
October 28, 2009 at 9:00 a.m.
REVENIO GROUP CORPORATION INTERIM REPORT Q1-Q3/2009 - Profitable Third Quarter
7-9/2009
-Consolidated net sales EUR 6.8 million (EUR 10.6 million), down by 36 percent
-Consolidated operating profit EUR 0.2 million (EUR 1.1 million), down by 78
percent
1-9/2009
- Consolidated net sales EUR 23.0 million (EUR 35.1 million), down by 35
percent
- Consolidated operating profit EUR -0.5 million (EUR 3.6 million), or -2.3 percent of net sales (10.3% of net sales)
- Pre-tax profit EUR -0.7 million (EUR 3.4 million)
- Diluted and undiluted earnings per share EUR -0.007 (EUR 0.033)
- Cash flow from operating activities EUR 0.7 million (EUR 1.1 million)
- Despite the increase in profitability in the third quarter, the operating
profit for the financial year is estimated to remain slightly negative
In connection with the release of this interim report's figures, Olli-Pekka
Salovaara, President and CEO, noted the following:
“In the third quarter we managed to adjust and redirect our operations to
achieve a mildly positive result for the quarter.
We have upgraded the service selection of the Services segment to a level
matching current demand. The segment's companies carried out the necessary
adjustments and competitiveness improved significantly.
The Systems segment survived radically plummeting business volumes with
relatively limited financial damage, thanks to continuous adjustment measures.
Some customers have ordered the planning of sizeable projects, but the final
buying decisions are subject to restrictions.
In the Health Care segment, net sales and profitability continued to develop
favorably. The product selection has grown thanks to extensive product
development and testing activities. New products introduced during the period
are expected to increase sales, first in Europe and later in North America and
the Far East.
The Safety segment is being negatively affected by a lack of short-term orders,
although there are long-term orders well into the future. Positive developments
are taking place in the customer base, however, and we are confident about the
future.
The Technology segment's year has continued to be weaker than the previous
year, in terms of both sales and profits. The relative profitability of the
segment remains good. A significant development for the segment was the first
foreign sale of its parking assistance system in the third quarter.
For the Group as a whole the third quarter was an improvement on the beginning
of the year, but the situation will remain challenging while the global economy
stabilizes and investment demand remains low.”
NET SALES, PROFITABILITY AND PROFIT
Revenio Group Corporation's consolidated net sales in Q1-Q3 2009 totaled EUR
23.0 million (EUR 35.1 million). This represents a 35 percent reduction on the
corresponding period last year.
Consolidated operating profit was EUR -0.5 million (EUR 3.6 million). Pre-tax
profit was EUR -0.7 million (EUR 3.4 million). Net profit was EUR -0.5 million
(EUR 2.5 million).
Both undiluted and diluted earnings per share totaled EUR -0.007 (EUR 0.033).
The decrease in net sales and profitability in Q1-Q3 was mainly due to the
substantially reduced demand for the Services and Systems segments' main
products and services. Profitability was also weaker than last year in the
Technology and Safety segments. The Health Care segment significantly improved
its net sales and profitability.
Consolidated net sales for Q3 was EUR 6.8 million (EUR 10.6 million), and
operating profit was EUR 0.2 million (EUR 1.0 million) or 3.4 percent of net
sales (10.0 percent). Profitability improved from the first quarter,
particularly thanks to cost savings in the Services and Systems segments and to
the favorable development of the Health Care segment.
BALANCE SHEET, FINANCIAL POSITION AND INVESTMENTS
At the end of the review period on 9/30/2009, the Group's balance sheet totaled
EUR 26.2 million (EUR 32.5 million). Shareholders' equity came to EUR 16.1
million (EUR 17.7 million). Interest-bearing liabilities amounted to EUR 2.1
million (EUR 2.9 million) and gearing stood at 12.8 percent (16.1 percent). The
equity ratio was 63.8 percent (54.5 percent). Cash and cash equivalents were
EUR 2.1 million (EUR 2.1 million).
Cash flow from operating activities in Q1-Q3 amounted to EUR 0.7 million (EUR
1.1 million).
The Group's purchases of PPE and intangible assets totaled EUR 0.3 million (EUR
0.3 million)
OPERATIONS BY BUSINESS SEGMENT
Revenio Group Corporation has divided its business operations into five
business segments in accordance with IFRS standards: Services (Done Information
and Midas Touch), Systems (Done Logistics), Health Care (Icare Finland), Safety
(Boomeranger Boats) and Technology (Finnish Led-Signs). The segmented structure
corresponds to the Corporation's organization and internal income reporting
structure.
Services
Of the Services segment companies, Done Information Oy is one of Finland's
biggest translation and documentation service companies, and Midas Touch Oy is
a leading Finnish Contact Center company.
The Service segment's net sales in Q1-Q3 totaled EUR 10.9 million (EUR 16.2
million), down by 33 percent. Its profit came to EUR -1.35 million (EUR 0.80
million). During the review period, the net sales of the Services segment
totaled EUR 2.9 million (EUR 5.3 million) and operating profit was EUR -0.27
million (EUR 0.15 million). Profitability improved in the third quarter
compared to the previous quarter, mainly thanks to cost-saving measures.
The net sales and profitability of Done Information were at a lower level than
in the corresponding period last year due to a fall in the price level and
weakened demand. The current economic situation has reduced order volumes from
machinery and equipment manufacturers, which constitute a significant part of
the company's customer base.
Demand for products and services marketed through contact centers developed
unfavorably in the quarter, especially in household sales. This reduced the net
sales and profitability of Midas Touch. Thanks to adjustment measures in the
company and the stabilization of the fall in demand, Midas Touch improved its
profit in the third quarter, although it was still loss-making.
In January-September, Midas Touch restructured its operations and this incurred
non-recurring costs of approximately EUR 0.12 million.
According to a goodwill test conducted in mid-October 2009, the goodwill
recorded for Midas Touch in the consolidated balance sheet does not need to be
reduced, despite the company's lower-than-expected profitability. A write-down
of goodwill may be necessary in future if the upturn in profitability observed
in Q3 does not continue or if the company does not return to profitability in
2010.
Systems
The Systems segment consists of Done Logistics, which provides companies with
material handling systems and the supporting information systems for internal
logistics.
The net sales of the Systems segment totaled EUR 3.8 million (EUR 10.9 million)
for the review period, representing a reduction of 66 percent. The segment's
profit was EUR -0.07 million (EUR 1.70 million). In the third quarter, net
sales for the segment totaled EUR 1.1 million (EUR 2.6 million) and profit was
EUR 0.11 million (EUR 0.45 million).
Net sales and profitability were affected by the economic downturn, which has
reduced investments made by customer companies, impeded the acquisition of new
customers and piled pressure on pricing. Some customers have notified the
company of delays in investment decisions already made, and decision processes
are taking more time. Although, customers continued to order smaller-scale
maintenance and modernization services, toward the end of the period, even the
rate of smaller orders slowed down. The market situation is expected to remain
difficult.
Health Care
The Health Care segment consists of Icare Finland, which specializes in the
development, manufacture and sale of tonometers measuring intra ocular
pressure.
The net sales of the Health Care segment totaled EUR 4.3 million (EUR 3.0
million) for the period, up by 42 percent. The segment's profit was EUR 1.53
million (EUR 1.04 million), up by 47 percent. In the third quarter, the net
sales of the segment totaled EUR 1.5 million (EUR 1.0 million) and profit was
EUR 0.54 million (EUR 0.35 million).
The favorable development in the Health Care segment's net sales and
profitability was primarily due to the successful reorganization of
distribution operations in the U.S. and higher sales that followed as a result.
The products have good market potential, and this will increase further thanks
to new product launches in September 2009. Customer deliveries of the new Icare
One product will begin during 2009, while deliveries of the new Icare Pro will
begin in 2010. This is expected to increase sales, first in Europe and later,
after the necessary licenses have been granted, also in North America and the
Far East.
Safety
The Safety segment comprises Boomeranger Boats, which designs, manufactures and
sells Rigid Inflatable Boats of the highest quality, primarily for navy rescue
units, authorities and security forces in various countries.
The net sales of the Safety segment totaled EUR 1.9 million (EUR 2.1 million)
for the period, representing a reduction of 13 percent. Profit for the segment
totaled EUR -0.00 million (EUR 0.17 million). In the third quarter, net sales
for the segment totaled EUR 0.5 million (EUR 0.8 million) and profit was EUR
-0.06 million (EUR 0.11 million).
The Safety segment was troubled by a lack of short-term orders, particularly
toward the end of the review period, although there were long-term orders well
into the future. Boomeranger Boats made deals worth EUR 1.7 and 1.2 million
respectively in March and July 2009, whose deliveries are scheduled for
2010-2012.
Technology
Finnish Led-Signs, which makes up the Technology segment, is the largest
supplier of LED price displays in Scandinavia and Finland's leading
manufacturer of LED information displays and parking guide systems.
The net sales of the Technology segment totaled EUR 2.1 million (EUR 2.9
million) for the period, representing a reduction of 29 percent. The segment's
profit was EUR 0.2 million (EUR 0.6 million), down by 61 percent. In the third
quarter, net sales for the segment totaled EUR 0.8 million (EUR 1.0 million)
and profit was EUR 0.12 million (EUR 0.20 million).
In contrast with the record year achieved in 2008, demand for the segment's
products fell in its established market areas. Demand is being affected by the
general cyclical downturn in industrial investments. During the review period,
distribution arrangements were made for new market areas in Europe.
Net sales and profitability improved toward the end of the period. In the third
quarter the company received and completed the first foreign customer order for
its proprietary parking control system. During the reporting period, it had
delivered the system to customers including Finavia (at Helsinki-Vantaa
Airport).
Net sales Net sales Segment profit
1-9/2009 1-9/2008 1-9/2009 1-9/2008
MEUR share MEUR share MEUR % MEUR %
Services total 10.9 47% 16.2 45% -1.35 -13 0.80 5
-Done Information 2.6 11% 4.1 12% -0.29 -1 0.27 7
-Midas Touch 8.3 36% 12.1 33% -1.06 -15 0.53 4
Systems 3.8 17% 10.9 34% -0.07 -2 1.70 16
Health Care 4.3 19% 3.0 9% 1.53 35 1.04 34
Safety 1.9 8% 2.1 6% -0.00 -0 0.17 8
Technology 2.1 9% 2.9 7% 0.23 11 0.61 21
Total 23.0 100% 35.1 100% 0.35 1 4.32 12
Parent company costs -0.87 -4 -0.71 -2
Operating profit -0.53 -2 3.61 10
Consolidated net sales and profit by segment and quarter:
MEUR Q3/09 Q2/09 Q1/09 Q4/08 Q3/08 Q2/08 Q1/08
Net sales:
Services total 2.9 3.6 4.4 4.8 5.3 5.4 5.5
-Done Information 0.7 0.8 1.1 1.2 1.2 1.6 1.3
-Midas Touch 2.2 2.8 3.3 3.6 4.1 3.8 4.2
Systems 1.1 1.1 1.6 1.8 2.6 4.3 4.0
Health Care 1.5 1.4 1.4 1.3 1.0 1.0 1.0
Safety 0.5 0.4 1.0 0.9 0.8 0.5 0.8
Technology 0.8 0.7 0.6 1.2 1.0 1.0 0.9
Total 6.8 7.1 9.1 10.0 10.6 12.3 12.2
Segment profit: Q3/09 Q2/09 Q1/09 Q4/08 Q3/08 Q2/08 Q1/08
Services total -0.27 -0.56 -0.52 - 0.51 0.15 0.18 0.47
-Done Information -0.10 -0.16 -0.04 -0.03 0.03 0.17 0.07
-Midas Touch -0.17 -0.40 -0.48 -0.48 0.12 0.01 0.40
Systems 0.11 -0.14 -0.04 -0.07 0.45 0.63 0.61
Health Care 0.54 0.49 0.50 0.32 0.35 0.29 0.41
Safety -0.06 -0.06 0.12 0.23 0.11 0.03 0.04
Technology 0.12 0.08 0.03 0.30 0.20 0.32 0.08
Total 0.44 -0.20 0.09 0.27 1.26 1.45 1.61
Parent company costs-0.21 -0.36 -0.29 -0.22 -0.20 -0.29 0.21
Operating profit 0.23 -0.56 -0.20 0.05 1.06 1.16 1.39
Operating profit, % 3.4% -7.9% -2.3% 0.5% 10.0% 9.4% 11.4%
HUMAN RESOURCES
The number of personnel employed by the Group in the review period averaged 590
(762). The number of employees at the end of the period was 518 (695).
As a result of the employer-employee negotiations ending April 1, 2009, Midas
Touch decided to lay off a maximum of 102 employees and terminate the
employment of two employees. The company conducted new employer-employee
negotiations between August 17 and October 14, 2009, resulting in 36 employees
being dismissed or transferred to part-time employment. Most dismissals
concerned personnel who were already laid off. In addition, the companies
belonging to the Midas Touch subgroup are prepared to lay off their salaried
employees for a maximum of two weeks in the last quarter of 2009.
Statutory employer-employee negotiations were conducted earlier in the review
period by Done Logistics and Done Information.
At Done Logistics, the negotiations ended on June 25, 2009. As a result, the
company was granted the right to decide by the end of June 2010 on possible
lay-offs, part-timing, termination of employment, and other necessary
adjustments. At the end of the review period, 22 employees were on temporary
lay-offs.
At Done Information, the negotiations ended on August 4, 2009. As a result,
four employees were dismissed and nine were laid off. The company has the right
to lay off a further 11 employees. These measures are expected to improve
profitability from the last quarter on.
At the end of Q3, the company's personnel were distributed as follows:
9/30/2009 9/30/2008 Change
Services 429 573 -144
Systems 44 68 -27
Health Care 7 8 -1
Safety 21 25 -4
Technology 13 17 -4
Parent company 4 4 0
Total 518 695 -177
CHANGES IN MANAGEMENT IN SUBSIDIARIES
After Elina Karjalainen, Managing Director of Done Information, announced that
she would resign from her post and enter the service of another employer, Tarja
Salonen, M.Sc. (Eng.), previously Sales Director at the company, was named
Acting Managing Director as of March 6, 2009. The Board of Revenio Group
Corporation appointed Salonen as the company's Managing Director on September
21, 2009.
Similarly, Timo Peränkylä, Managing Director of Boomerang Boats, announced on
March 11, 2009 that he would resign from his position. As a result, Naval
Architect Jussi Mannerberg, who had previously served as the company's
Technical Director, took the helm of the company as Acting Managing Director.
The Board of Revenio Group Corporation appointed Mannerberg as the company's
Managing Director on September 21, 2009.
SHARES, SHARE CAPITAL AND MANAGEMENT OWNERSHIP
On 9/30/2009, Revenio Group Corporation's share capital came to EUR
5,314,918.72 and the number of shares outstanding totaled 76,839,730.
On this date, the Board of Directors and the President and CEO held 20.75
percent of the shares, totaling 15,940,705 shares, and also 18.57 percent of
option rights, totaling 684,365 options.
On January 23, 2009, the Board of Revenio Group Corporation decided on a
private placement directed at former Finnish Led-Signs Oy shareholders Mia
Järvinen and Olli-Pekka Salovaara. This share issue was based on the
share-issue authorization provided by the Annual General Meeting of Revenio
Group Corporation on April 2, 2008. The share issue constituted the final
payment for the purchase price of Finnish Led-Sign Oy, as set in a share swap
agreement signed in September 2007. A total of 1,724,138 Revenio Group
Corporation shares were offered for subscription in the private placement. The
subscription price was recognized in full under the invested unrestricted
equity fund, and the increase in the number of shares was recorded in the Trade
Register on February 16, 2009.
In the period January 1 - September 30, 2009, Revenio Group Corporation's
turnover on NASDAQ OMX HELSINKI totaled EUR 3.4 (9.9) million, representing
11.1 (17.9) million shares or 14.5 (23.6) percent of shares outstanding. The
trading high was EUR 0.36 (0.78) and the low EUR 0.26 (0.33). The closing price
at the end of the review period was EUR 0.33 (0.36), and the average share
price was EUR 0.31 (0.55). The Group's market value on 9/30/2009 was EUR 25.4
million (EUR 27.4 million).
OPTION RIGHTS
Based on the share-issue authorization approved by the Annual General Meeting
of April 3, 2007, the Board of Revenio Group Corporation decided, on November
23, 2007, on a new corporate option scheme, comprising a maximum of 3,684,365
option rights. Each option right entitles the holder to one Revenio Group
Corporation share. The proportion of shares to be subscribed based on the
option rights to be issued totaled a maximum of 5.4 percent of the company's
share capital and voting rights once the new shares to be subscribed via the
option rights have been registered. Shares subscribed via the option scheme
entitle the holder to a dividend from the subscription year onwards.
During the review period, personnel were issued 75,000 series A option rights,
and 150,000 series A options were returned to the company.
VALID AUTHORIZATIONS OF THE BOARD
The AGM of April 15, 2009 authorized the Board to decide to issue a maximum of
30,000,000 shares or to grant special rights (including stock options)
entitling to shares, under Section 1 of Chapter 10 of the Companies Act, in one
or several tranches. This authorization was granted for use in financing and
implementing any prospective corporate acquisitions or other transactions, for
implementing the company's share-based incentive plans or for other purposes
determined by the Board. This authorization is valid until April 30, 2010.
The AGM of April 15, 2009 also authorized the Board to decide to buy back a
maximum of 7,683,973 own shares using the company's unrestricted equity, in
which case any buyback will reduce the amount of distributable earnings. The
company may buy back shares in order to develop its capital structure, finance
and implement any corporate acquisitions or other transactions, implement
share-based incentive plans, or otherwise dispose of or cancel them.
PURCHASE AND CANCELLATION OF OWN SHARES
During the reporting period, Revenio Group Corporation acquired 220,262 company
shares based on the decisions made by the Board of Directors on November 11,
2008, March 26, 2009 and April 28, 2009.
On March 5, 2009, the Board of Revenio Group Corporation decided on the
cancellation of 1,000,000 own shares, or 1.28 percent of the company's votes
and shares. The cancellation did not have an impact on share capital, or a
significant impact on the distribution of ownership or voting rights within the
company.
On April 28, 2009, the Board of Revenio Group Corporation decided to begin
purchasing own shares based on the authorization provided by the AGM of April
15, 2009. The acquisition of shares began on May 6, 2009 and will end no later
than April 30, 2010. By the end of the review period, the company had bought
90,260 of its own shares. These were used to pay part of the remuneration to
Board members in shares as decided by the AGM of April 15, 2009.
CHANGES IN OWNERSHIP
There were no significant changes in ownership to report during the review
period.
MAJOR BUSINESS RISKS AND UNCERTAINTIES
The Group gave notification of its major business risks and uncertainties in
its financial statements bulletin of March 5, 2009. No changes in said risks
have occurred since the bulletin's release.
EVENTS AFTER THE BALANCE SHEET DATE
Employer-employee negotiations were completed in the Service segment subsidiary
Midas Touch on October 14, 2009. These negotiations resulted in the dismissal
or transfer to part-time contracts of 36 employees. Most dismissals concerned
personnel who were already laid off. In addition, the companies belonging to
the Midas Touch subgroup are prepared to lay off their salaried employees for a
maximum of two weeks in the last quarter of 2009.
These measures are expected to generate savings of EUR 0.4 million per year.
However, they will produce a non-recurrent expense of approximately EUR 50,000
in the last quarter.
NEW COMPANY NAME
In line with the AGM decision, the company name has been Revenio Group
Corporation since April 20, 2009. The name was changed in order to better
reflect the company's current structure as a successful conglomerate.
OUTLOOK FOR 2009
The company estimates that its operating profit for 2009 will be slightly
negative.
COMPILATION PRINCIPLES OF THE INTERIM REPORT
The financial statements presented in this release have been compiled in
accordance with IFRS entry and valuation principles. These statements do not
comply with all IAS 34 Interim Reports standards. The figures are unaudited.
GROUP KEY FIGURES AND RATIOS (MEUR)
1-9/2009 1-9/2008 1-12/2008
Net sales 23.0 35.1 45.1
Operating profit -0.5 3.6 3.8
Operating profit, % -2.3 10.3 8.4
Pre-tax profit -0.7 3.4 3.6
Pre-tax profit, % -3.0 9.8 8.3
Net profit -0.5 2.5 2.7
Net profit, % -2.2 7.2 5.9
Gross capital expenditure 0.3 0.3 0.5
Gross capital expenditure, % 1.0 0.8 1.1
R&D costs 0.3 0.4 0.5
R&D costs, % 1.0 1.2 1.2
Gearing, % 12.8 16.1 7.8
Equity ratio, % 63.8 55.5 60.9
Return on investment (ROI), % -2.8 21.5 18.3
Return on equity (ROE), % -4.1 18.9 14.9
Undiluted earnings per share, EUR -0.007 0.033 0.035
Diluted earnings per share, EUR -0.007 0.033 0.035
Equity per share, EUR 0.21 0.23 0.23
Average no. of employees 590 762 747
Cash flow from operating activities 0.7 1.1 3.3
Cash flow from investing activities -0.2 -0.1 -0.3
Net cash used in financing activities -0.4 -2.2 -4.3
Total cash flow 0.1 -1.2 -1.3
CONSOLIDATED INCOME STATEMENT (MEUR) 1-9/2009 1-9/2008 1-12/2008
NET SALES 23.0 35.1 45.1
Other operating income 0.0 0.3 0.3
Materials and services -5.7 -11.0 -13.4
Employee benefits -12.6 -15.5 -21.0
Depreciation/amortization -0.8 -1.1 -1.4
Other operating expenses -4.4 -4.2 -5.9
OPERATING PROFIT -0.5 3.6 3.8
Share of associates' results 0.0 0.0 0.0
Financial expenses (net) -0.2 -0.2 -0.1
PRE-TAX PROFIT -0.7 3.4 3.6
Income tax expense 0.2 -0.9 -1.0
NET PROFIT -0.5 2.5 2.7
Other comprehensive income items 0.0 0.0 0.0
Income tax expense from comprehensive
income items 0.0 0.0 0.0
Other comprehensive income items
after taxes 0.0 0.0 0.0
TOTAL COMPREHENSIVE INCOME -0.5 2.5 2.7
Net profit attributable to:
Parent company shareholders -0.5 2.5 2.7
Minority interest 0.0 0.0 0.0
Total comprehensive income attributable to:
Parent company shareholders -0.5 2.5 2.7
Minority interest 0.0 0.0 0.0
Earnings per share, undiluted EUR -0.007 0.033 0.035
Earnings per share, diluted EUR -0.007 0.033 0.035
CONSOLIDATED INCOME STATEMENT (MEUR) 7-9/2009 7-9/2008
NET SALES 6.8 10.6
Other operating income 0.0 0.2
Materials and services -1.7 -2.9
Employee benefits -3.5 -5.1
Depreciation/amortization -0.3 -0.4
Other operating expenses -1.1 -1.3
OPERATING PROFIT 0.2 1.1
Share of associates' results 0.0 -0.0
Financial expenses (net) -0.1 -0.1
PRE-TAX PROFIT -0.1 1.0
Income tax expense -0.0 -0.2
NET PROFIT 0.1 0.7
Other comprehensive income items 0.0 0.0
Income tax expense from comprehensive
income item 0.0 0.0
Other comprehensive income items
after taxes 0.0 0.0
TOTAL COMPREHENSIVE INCOME 0.1 0.7
Net profit attributable to:
Parent company shareholders 0.1 0.7
Minority interest 0.0 0.0
Total comprehensive income attributable to:
Parent company shareholders 0.1 0.7
Minority interest 0.0 0.0
CONSOLIDATED BALANCE SHEET (MEUR) 9/30/2009 9/30/2008 12/31/2008
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment 2.0 2.2 2.1
Goodwill 9.4 11.4 9.4
Intangible assets 2.8 3.4 3.2
Shares in associates 0.4 0.5 0.4
Available-for-sale assets 0.0 0.0 0.0
Receivables 0.3 0.3 0.3
Deferred tax assets 3.3 3.3 3.2
TOTAL NON-CURRENT ASSETS 18.2 21.0 18.6
CURRENT ASSETS
Inventories 1.2 1.8 2.0
Trade and other receivables 4.0 7.6 6.3
Cash and cash equivalents 2.1 2.1 2.0
TOTAL CURRENT ASSETS 7.4 11.5 10.4
TOTAL ASSETS 25.6 32.5 29.0
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 6.5 6.5
Retained earnings/loss 1.0 3.2 3.3
Treasury shares 0.0 0.0 -0.3
TOTAL EQUITY, attributable to holders
of parent company equity 16.1 17.7 17.6
MINORITY INTEREST 0.0 0.0 0.0
TOTAL SHAREHOLDERS' EQUITY 16.1 17.7 17.6
LIABILITIES
NON-CURRENT LIABILITIES
Deferred tax liabilities 0.9 1.0 1.0
Provisions 0.1 0.1 0.0
Financial liabilities 2.9 2.4 2.2
Other liabilities 0.5 2.5 0.4
TOTAL LONG-TERM LIABILITIES 4.4 6.1 3.7
CURRENT LIABILITIES
Advance payments 0.4 0.0 0.0
Trade and other payables 3.9 6.1 6.4
Provisions 0.0 0.0 0.0
Financial liabilities 1.3 2.6 1.2
TOTAL SHORT-TERM LIABILITIES 5.2 8.7 7.6
TOTAL LIABILITIES 9.5 14.8 11.3
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY 25.6 32.5 29.0
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (MEUR)
Share Share Other Retained Minority Total
Capital premium reserves earnings interest equity
Balance
Jan 1,2008 5.3 2.4 3.8 6.5 0.0 18.1
Private
placements 0.0 0.0 0.1 0.0 0.0 0.1
Dividend
distrib. 0.0 0.0 0.0 -3.0 0.0 -3.0
Options
exercised
and paid
in shares 0.0 0.0 0.0 0.0 0.0 0.0
Net profit 0.0 0.0 0.0 2.5 0.0 2.5
Balance
Sep 30,
2008 5.3 2.4 3.8 7.0 0.0 17.7
Share Share Other Retained Minority Total
capital premium reserves earnings interest equity
Balance
Jan 1,
2009 5.3 2.4 3.6 6.2 0.0 17.6
Private
placements0.0 0.0 0.5 0.0 0.0 0.5
Dividend
distrib. 0.0 0.0 0.0 -1.5 0.0 0.0
Cancellation
of own
shares 0.0 0.0 0.3 -0.3 0.0 0.0
Options
exercised
and paid
in shares 0.0 0.0 0.0 0.0 0.0 0.0
Net
profit 0.0 0.0 0.0 -0.5 0.0 0.0
Balance
Sep 30,
2009 5.3 2.4 4.5 3.9 0.0 16.1
CONSOLIDATED CASH FLOW STATEMENT (MEUR)
1-9/2009 1-9/2008 1-12/2008
Net profit -0.5 2.5 2.7
Adjustments to net profit 0.7 2.1 1.4
Change in working capital 0.5 -3.4 -1.5
Interest paid -0.1 -0.4 -0.5
Interest received 0.0 0.4 0.4
Paid taxes 0.0 0.0 -0.0
CASH FLOW FROM OPERATING ACTIVITIES 0.7 1.1 3.3
Purchase of PPE -0.2 -0.1 -0.3
Purchase of intangible assets 0.0 -0.1 -0.0
NET CASH USED IN INVESTING ACTIVITIES -0.2 -0.1 -0.3
Purchase of own shares 0.0 0.0 -0.3
Paid dividends -1.5 -3.0 -3.0
Long-term borrowings 2.0 1.8 0.0
Repayments of long-term borrowings -0.8 -0.9 -0.9
Finance lease principal payment -0.0 -0.0 -0.1
NET CASH USED IN FINANCING ACTIVITIES -0.4 -2.2 -4.3
Net change in
cash and equivalents 0.1 -1.3 -1.4
Cash and equivalents, period-start 2.0 3.4 3.4
Cash and equivalents, period-end 2.1 2.1 -2.0
NET SALES AND OPERATING PROFIT BY QUARTER (MEUR)
MEUR Q3/09 Q2/09 Q1/09 Q4/08 Q3/08 Q2/08 Q1/08
Net sales 6.8 7.1 9.1 10.0 10.6 12.3 12.2
Operating
profit 0.2 -0.4 -0.2 0.1 1.1 1.2 1.4
Operating
profit, % 3.4 -5.7 -2.3 1.0 10.0 9.4 11.4
MAIN SHAREHOLDERS ON September 30, 2009
No. of shares %
1. Merivirta, Jyri 15,000,000 19.52
2. Gateway Finland Oy 11,500,000 14.97
3. Eyemaker's Finland Oy 7,817,214 10.17
4. Alpisalo, Mia Elisa 3,121,653 4.06
5. Juurakko, Timo Olavi 2,440,400 3.18
6. Mäkinen, Markku 1,702,013 2.22
7. Latva, Sami 1,596,104 2.08
8. Kiesvaara, Tuomo 1,320,502 1.72
9. The Nordic Adviser Grou Ltd 1,179,861 1.54
10. Salovaara, Olli-Pekka 828,945 1.08
11. Hietala, Matti Juhani 800,000 1.04
12. Leppänen, Vesa 761,200 0.99
13. Heikkinen, Esko Olavi 760,000 0.99
14. Darabont Corporations 646,600 0.84
15. Etera Mutual Pension Insurance
Company 500,000 0.65
16. Amlax Oy 416,530 0.54
17. Suonpää, Altti 385,000 0.50
18. Kotilainen, Veli-Matti 327,000 0.43
19. Suokas, Petri Kristian 250,750 0.33
20. KW-Invest Oy 250,734 0.33
Foreign countries and
nominee registered shareholders 2,560,809 3.33
REVENIO GROUP CORPORATION
Board of Directors
For further information, please contact:
Olli-Pekka Salovaara, President and CEO, GSM +358 (0)40 5675520
E-mail addresses follow the format firstname.lastname@revenio.fi
DISTRIBUTION:
NASDAQ OMX Helsinki
Financial Supervisory Authority (FIN-FSA)
Key media
www.revenio.fi
Revenio Group Corporation is the parent company of the Finnish conglomerate
Revenio Group. The Corporation is listed on NASDAQ OMX HELSINKI. Revenio's
subsidiaries share a focus on Finnish specialist expertise and export-based
operations.
Revenio Group consists of six independent subsidiaries in five business
segments. The subsidiaries are Done Information Oy, Done Logistics Oy, Icare
Finland Oy, Boomeranger Boats Oy, Finnish Led-Signs Oy and Midas Touch Oy.
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