2015-05-05 15:00:00 CEST
2015-05-05 15:00:59 CEST
REGULATED INFORMATION
Asiakastieto Group Oyj - Company Announcement
Asiakastieto Group Oyj: ASIAKASTIETO GROUP PUBLISHES HISTORICAL FINANCIAL INFORMATION
Asiakastieto Group Plc, Stock Exchange Release 5 May 2015, 4.00 p.m. EET
ASIAKASTIETO GROUP PUBLISHES HISTORICAL FINANCIAL INFORMATION
Asiakastieto Group, one of the leading providers of business and consumer
information services in Finland, publishes the historical financial information
for the year 2014.
Historical financial information 1.1. - 31.12.2014
The following tables include the historical financial information for the
interim periods and the pro forma income statement information of Asiakastieto
Group Plc for the year 2014. The historical information mentioned above is also
found in PDF format as attachment to this release.
Helsinki, 5 May 2015
ASIAKASTIETO GROUP PLC
Board of Directors
Additional information
Jukka Ruuska, CEO, Asiakastieto Group Plc, tel. +358 10 270 7111
Distribution
NASDAQ OMX Helsinki Oy
Main media
investors.asiakastieto.fi
About Asiakastieto Group
Asiakastieto Group is one of the leading providers of business and consumer
information services in Finland. The Group's products and services are primarily
used for risk management, decision-making and sales and marketing purposes. The
Group also operates in the market for business and consumer information, as well
as the market for sales and marketing information services in Finland. The Group
has approximately 13 000 contract customers and its largest customers include
financial institutions, insurance companies, telecommunication operators and
wholesale and retail companies. In 2014, the Group's net sales totaled 41,4
million euros. At the end of 2014, the Group employed 148 people. For more
information about Asiakastieto Group, please visit www.asiakastieto.fi.
Asiakastieto Group Plc, appendix to the Stock Exchange Release 5 May 2015, 4.00
p.m. EET
HISTORICAL FINANCIAL INFORMATION 1.1. - 31.12.2014
The historical financial information for the interim periods and the pro forma
income statement information of Asiakastieto Group Plc (the "Company") presented
in this appendix are unaudited. The amounts presented in the appendix are
rounded, so the sum of individual figures may differ from the sum reported. The
amounts presented in the income statement and balance sheet are consolidated
figures.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
2014 2014 2014 2014 2014
EUR thousand Q1 Q2 Q3 Q4 Q1 - Q4
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Net sales 10 383 10 344 10 123 10 545 41 395
Other operating income 35 88 50 43 216
Materials and services -1 583 -1 652 -1 444 -1 587 -6 266
Personnel expenses -2 477 -2 661 -2 422 -2 218 -9 778
Other operating expenses -1 508 -1 624 -1 512 -2 307 -6 951
Work performed by the entity and
capitalised 329 297 134 277 1 037
Depreciation and amortisation -481 -517 -528 -499 -2 025
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Operating profit 4 696 4 276 4 402 4 254 17 629
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Finance income 8 12 5 5 30
Finance expenses -6 702 -6 791 -7 281 -8 124 -28 898
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Finance income and expenses -6 694 -6 779 -7 276 -8 119 -28 868
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Loss before income tax -1 997 -2 503 -2 874 -3 865 -11 239
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Income tax expenses(1) - - - 9 192 9 192
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Result for the period -1 997 -2 503 -2 874 5 327 -2 048
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Total comprehensive income for the period -1 997 -2 503 -2 874 5 327 -2 048
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Result attributable to:
Owners of the parent company -1 997 -2 503 -2 874 5 327 -2 048
Total comprehensive income attributable
to:
Owners of the parent company -1 997 -2 503 -2 874 5 327 -2 048
Earnings per share attributable to the
owners of the parent during the period:
Basic and diluted earnings per share(2) -0,13 -0,17 -0,19 0,36 -0,14
(_____________________________________________________________________)
(1 )Deferred income tax assets for tax loss carryforwards and non-deductible net
interest expenses amounting to EUR 9 million were recognised at the end of year
2014 due to the significant change in profitability as a result of new
financing. Prior to the change in capital structure and the refinancing of
indebtedness at the end of year 2014 it was unlikely that the Company could have
utilised its tax loss carryforwards. Further information for deferred tax assets
recognised is disclosed in note 22 of the financial statements for the year
2014.
(2) Earnings per share is calculated by using the number of ordinary shares
outstanding after the balance sheet date of 31 December 2014 that includes the
shares issued without payment to the sole shareholder of the Company in February
2015.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
2014 2014 2014 2014 2014
EUR thousand Q1 Q2 Q3 Q4 Q1 - Q4
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ASSETS
Non-current assets
Goodwill 111 358 111 358 111 358 111 358 111 358
Other intangible assets 3 714 4 009 4 009 4 533 4 533
Property, plant and equipment 4 148 4 143 4 049 4 018 4 018
Deferred tax assets(1) - - - 9 192 9 192
Loan and other receivables 193 141 141 49 49
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Total non-current assets 119 413 119 651 119 557 129 150 129 150
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Current assets
Account and other receivables 5 464 5 619 5 951 4 987 4 987
Cash and cash equivalents 16 086 16 769 20 487 7 009 7 009
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Total current assets 21 549 22 388 26 438 11 997 11 997
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Total assets 140 962 142 039 145 995 141 147 141 147
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2014 2014 2014 2014 2014
EUR thousand Q1 Q2 Q3 Q4 Q1 - Q4
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EQUITY AND LIABILITIES
Equity attributable to owners of the
parent
Share capital 3 3 3 80 80
Invested unrestricted equity reserve 18 835 18 835 18 835 115 266 115 266
Accumulated losses -88 883 -88 883 -88 883 -48 129 -48 129
Result for the period -1 997 -4 500 -7 374 -2 048 -2 048
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Total equity -72 043 -74 546 -77 420 65 169 65 169
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Liabilities
Non-current liabilities
Interest-bearing liabilities 195 418 207 631 208 160 69 439 69 439
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Total non-current liabilities 195 418 207 631 208 160 69 439 69 439
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Current liabilities
Interest-bearing liabilities 4 038 2 091 2 091 - -
Advances received 2 900 2 359 1 796 1 614 1 614
Account and other payables 10 649 4 504 11 368 4 924 4 924
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Total current liabilities 17 588 8 954 15 255 6 539 6 539
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Total liabilities 213 006 216 585 223 415 75 978 75 978
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Total equity and liabilities 140 962 142 039 145 995 141 147 141 147
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(____________________________________________________________________)
(1 )Deferred income tax assets for tax loss carryforwards and non-deductible net
interest expenses amounting to EUR 9 million were recognised at the end of year
2014 due to the significant change in profitability as a result of new
financing. Prior to the change in capital structure and the refinancing of
indebtedness at the end of year 2014 it was unlikely that the Company could have
utilised its tax loss carryforwards. Further information for deferred tax assets
recognised is disclosed in note 22 of the financial statements for the year
2014.
CONSOLIDATED STATEMENT OF CASH FLOWS
2014 2014 2014 2014 2014
EUR thousand Q1 Q2 Q3 Q4 Q1 - Q4
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Cash flows from operating activities
Loss before income tax -1 997 -2 503 -2 874 -3 865 -11 239
Adjustments for
Depreciation and amortisation 481 517 528 499 2 025
Finance income and expenses 6 694 6 779 7 276 8 119 28 868
Profit (-) / loss (+) on disposal of
property, plant and equipment -30 -84 -43 -35 -193
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Cash flows before change in working
capital 5 148 4 709 4 886 4 717 19 460
Change in working capital:
Increase (-) / decrease (+) in account
and other receivables -842 -103 -348 925 -367
Increase (+) / decrease (-) in account
and other payables 2 076 -527 -120 -412 1 018
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Change in working capital 1 234 -629 -468 513 651
Interest and other finance expenses paid -371 -451 -368 -857 -2 047
Interest and other finance income
received 5 12 4 3 24
Income taxes paid -3 - - - -3
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Net cash from operating activities 6 013 3 641 4 055 4 377 18 085
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Cash flows from investing activities
Purchases of property, plant and
equipment -307 -318 -114 -158 -897
Purchases of intangible assets -556 -829 -288 -785 -2 458
Proceeds from sale of property, plant and
equipment 73 86 65 55 279
Loan repayments - 51 - 99 151
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Net cash used in investing activities -790 -1 011 -337 -787 -2 925
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Cash flows from financing activities
Proceeds from interest-bearing
liabilities - - - 70 000 70 000
Repayments of interest-bearing
liabilities - -1 947 - -87 067 -89 014
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Net cash used in financing activities - -1 947 - -17 067 -19 014
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Net increase / decrease in cash and cash
equivalents 5 222 683 3 718 -13 478 -3 854
Cash and cash equivalents at beginning of
the period 10 863 16 086 16 769 20 487 10 863
Cash and cash equivalents at end of the
period 16 086 16 769 20 487 7 009 7 009
PRO FORMA - CONSOLIDATED INCOME STATEMENT INFORMATION
2014 2014 2014 2014 2014
Q1 Q2 Q3 Q4 Q1 - Q4
EUR thousand Pro forma Pro forma Pro forma Pro forma Pro forma
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Net sales 10 383 10 344 10 123 10 545 41 395
Other operating income 35 88 50 43 216
Materials and services -1 583 -1 652 -1 444 -1 587 -6 266
Personnel expenses -2 477 -2 661 -2 422 -2 218 -9 778
Other operating expenses -1 508 -1 624 -1 512 -2 307 -6 951
Work performed by the entity
and capitalised 329 297 134 277 1 037
Depreciation and
amortisation -481 -517 -528 -499 -2 025
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Operating profit 4 696 4 276 4 402 4 254 17 629
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Finance income 8 12 5 5 30
Finance expenses -365 -369 -373 -373 -1 480
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Finance income and expenses -357 -357 -368 -369 -1 450
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Profit before income tax 4 340 3 919 4 034 3 886 16 179
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Basis for compilation of the pro forma income statement information
Asiakastieto Group Plc changed its capital structure and refinanced its
indebtedness in November and December 2014. The pro forma income statement
information is presented to illustrate the impact of the change in the Company's
capital structure and refinancing indebtedness on the Company's consolidated
finance expenses and result of operations before taxes assuming that the change
in capital structure and refinancing measures had been completed on 1 January
2014. After the change in the Company's capital structure and refinancing its
indebtedness the Company's consolidated finance expenses decreased, because the
loan amount and the interest rate of the new facilities are lower.
The unaudited pro forma income statement information is based on the financial
information in the audited consolidated financial statements for the year ended
31 December 2014. The pro forma financial information does not include a pro
forma statement of financial position as the impacts of change in the Company's
capital structure and refinancing of its indebtedness are fully accounted for in
the Company's consolidated statement of financial position as at 31 December
2014.
The finance expenses of EUR 28,9 million in the financial year 2014 related to
the former financing have been eliminated from the pro forma income statement
information for the interim periods. In addition, the pro forma financial
expenses amounting to EUR 1,5 million on an annual basis have been adjusted to
the pro forma income statement information for the interim periods to reflect
the finance expenses arising from the new facilities.
The pro forma financial information is presented for illustrative purposes only.
The pro forma adjustments are based on the impact of changes in capital
structure and refinancing the indebtedness and assumptions described in the
section "Pro forma financial information" of the Prospectus dated 13 March
2015.
NET SALES BY PRODUCT AREA
2014 2014 2014 2014 2014
EUR thousand Q1 Q2 Q3 Q4 Q1 - Q4
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Business Information 6 024 6 155 5 902 6 248 24 330
Consumer Information 2 756 2 712 2 900 2 848 11 215
Customer Management 624 701 711 795 2 831
Certificates and Analyses 979 776 610 654 3 019
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Total 10 383 10 344 10 123 10 545 41 395
KEY FIGURES
Key income statement and cash flow figures 2014 2014 2014 2014 2014
EUR million Q1 Q2 Q3 Q4 Q1 - Q4
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Net sales 10,4 10,3 10,1 10,5 41,4
Growth of net sales, %(1) -2,9 -2,1 2,3 3,3 0,1
EBITDA 5,2 4,8 4,9 4,8 19,7
Operating profit (EBIT) 4,7 4,3 4,4 4,3 17,6
Adjusted EBITDA(2) 5,2 4,9 5,0 5,5 20,6
Adjusted EBITDA margin, %(2) 50,4 47,4 49,7 51,9 49,8
Adjusted EBIT(2) 4,8 4,4 4,5 5,0 18,6
Adjusted EBIT margin, %(2) 45,8 42,4 44,4 47,2 45,0
Net sales from new products and services 0,6 0,5 0,8 0,8 2,8
New products and services share of net sales, % 5,3 5,2 8,2 8,0 6,7
Net sales from value-added services 5,8 5,8 5,7 5,9 23,2
Value-added services share of net sales, % 55,8 56,5 56,1 56,0 56,1
Free cash flow 5,5 2,9 4,0 4,3 16,8
Cash conversion, % 106,6 61,2 81,5 90,2 85,3
Key balance sheet ratios 2014 2014 2014 2014 2014
EUR million Q1 Q2 Q3 Q4 Q1 - Q4
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Net debt to adjusted EBITDA, x(3) 8,8 9,8 9,4 2,9 3,0
Gearing, %(3) neg. neg. neg. 95,8 95,8
Equity ratio, %(3) -52,2 -53,4 -53,7 46,7 46,7
(__________________________________________________________________)
(1) Growth of net sales is calculated by comparing net sales in the quarters of
year 2014 to net sales in the equivalent quarters of year 2013.
(2 )Adjusted key figures are adjusted by non-recurring items. The non-recurring
items include management fees for advisory services paid to Investcorp, the
former owner of the Company, until the listing of the Company, costs related to
the listing, fees for legal and other advisory, redundancy payments and paid
compensations. The non-recurring items in the financial year 2014 totalled to
EUR -1,0 million (Q1 EUR -57,0 thousand, Q2 EUR -106,9 thousand, Q3 EUR -97,1
thousand and Q4 EUR -721,1 thousand).
(3) Key ratios in the Q1- Q3 quarters of year 2014 are not comparable to key
ratios in the equivalent quarters of year 2015 as a result of the change in
capital structure and the refinancing of indebtedness carried out by the Company
at the end of 2014.
Formulas for key
figures
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EBITDA Operating profit + Depreciation and amortisation
Adjusted EBITDA EBITDA + Non-recurring items
Adjusted EBIT EBIT + Non-recurring items
Net sales from new Net sales from products and services launched during the
products and services period and change in net sales from products and
services launched in the equivalent period of previous
year
Net sales from value- Net sales generated from value-added products and
added services services during the period
Free cash flow Cash flows before change in working capital +/- Change
in working capital - Capital expenditure on tangible
assets - Capital expenditure on intangible assets
Free cash flow
Cash conversion, % -----------------x 100
EBITDA
Net debt Interest-bearing liabilities - Cash and cash equivalents
Net debt to adjusted Net debt
EBITDA, x -----------------
Adjusted EBITDA
Interest-bearing liabilities - Cash and
Gearing, % cash equivalents x 100
---------------------------------------------
Total equity
Total equity
Equity ratio, % -------------------------------x 100
Total assets - Advances
received
[HUG#1918869]
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