2009-08-11 08:00:00 CEST
2009-08-11 08:00:04 CEST
REGULATED INFORMATION
Revenio Group Oyj - Interim report (Q1 and Q3)
REVENIO GROUP CORPORATION INTERIM REPORT Q2/2009
REVENIO GROUP CORPORATION
Stock exchange release August 11, 2009 at 9.00 a.m.
REVENIO GROUP CORPORATION INTERIM REPORT Q2/2009
1-6/2009
- Consolidated net sales EUR 16.2 million (EUR 24.5 million), down by 34
percent
- Consolidated operating profit EUR -0.8 million (EUR 2.6 million), or -4.7
percent of net
sales (10.4 of net sales)
- Pre-tax profit EUR -0.8 million (EUR 2.5 million)
- Diluted and undiluted earnings per share EUR -0.008 (EUR 0.024)
- Cash flow from operating activities EUR 1.3 million (EUR 1.3 million)
- Net Sales and profitability in Healthcare segment showed a significant growth
- Revenio Group's profitability was substantially weaker, especially in the
Services and
Systems segments due to a market situation marked by lower demand
- The AGM of April 15, 2009 decided on the distribution of a dividend of EUR
0.02 per share
(EUR 0.04 per share)
- On April 20, 2009, Done Solutions Corporation changed its name to Revenio
Group Corporation
- The company changes its guidance as follows: Full-year operating profit is
expected to be slightly negative
4-6/2009
- Consolidated net sales EUR 7.1 million (EUR 12.3 million), down by 43 percent
- Consolidated operating profit EUR -0.6 million (EUR 1.2 million), down by 148
percent
In connection with the release of this interim report's figures, Olli-Pekka
Salovaara, President and CEO, noted the following: "The present economic situation was reflected by adjustment measures throughout
Revenio Group during the review period. The business segments most strongly
affected by these were Systems and Services. Demand in the Services segment
shrunk due to the customer companies' own sales problems and changes in
consumers' buying behavior. Part of said measures were already undertaken last
year, but the changes in demand exceeded expectations and we are currently
faced with a situation that forces us to continue adjustments until our
operations reach a profitable level.
Business volumes in the Systems segment have plummeted radically, but thanks to
continuous adjustments the financial damage has remained limited. Some
customers have in fact ordered the planning of sizeable projects. However, the
final buying decisions are subject to restrictions. The perspective for smaller
projects is considerably better, and a steady flow of orders has led to a
stabilization of our situation at an adequate level.
The Health Care segment posted good results in terms both of sales and
profitability. Following large-scale product development and testing, the
segment's product portfolio will be substantially renewed and diversified in
late 2009 and early 2010. We expect this to lead to a further increase of sales
and profitability in this segment. Determined marketing endeavors in North
America have resulted in a functioning distribution strategy, which has turned
the US into the segment's biggest single market.
The Safety segment landed several significant new orders in the first half of
the year, which bears testimony to the company's and its products' strong
position in the field.
The Technology segment reported markedly lower sales and profit figures for Q1
and Q2 than for last year, the reason being customers' hesitation regarding new
investments. The review period saw the first large-scale domestic sales of the
new parking assistance system developed by the segment, laying down a
cornerstone for its future.
The first half of the year was challenging in financial terms and difficult for
the staff, since the adjustment and restructuring procedures carried out by the
Group were painfully comprehensive in relation to the size of our companies. On
the other hand, we expect the implemented and forthcoming adjustments to result
in sustainable profitability for the Group by the end of the year, given no
drastic decline in the general economic situation."
NET SALES, PROFITABILITY AND PROFIT
Revenio Group Corporation's consolidated net sales in Q1-Q2 totaled EUR 16.2
million (EUR 24.5 million). This represents a 34.0% reduction on the
corresponding period last year.
Consolidated operating profit was EUR -0.8 million (EUR 2.6 million), down by
-130 percent. Pre-tax profit was EUR -0.8 million (EUR 2.5 million). Net profit
was EUR -0.6 million (EUR 1.8 million).
Both undiluted and diluted earnings per share totaled EUR -0.008 (EUR 0.024)
The decrease in profitability was mainly due to the substantially reduced
demand for the Services and Systems segments' main products and services, which
in both cases resulted in a negative profit. In addition, the net sales and
profitability of the Technology segment fell markedly short of last year.
BALANCE SHEET, FINANCIAL POSITION AND INVESTMENTS
At the end of the review period on 6/30/2009, the Group's balance sheet totaled
EUR 27.2 million (EUR 31.0 million). Shareholders' equity came to EUR 16.0
million (EUR 17.0 million). Interest-bearing net liabilities amounted to EUR
1.4 million (EUR 2.6 million) and gearing stood at 8.3 percent (15.2 percent).
The equity ratio was 59.7 percent (55.1 percent). Cash and cash equivalents
were EUR 3.2 million (EUR 0.8 million).
During the review period, the Group took out a EUR 2.0 million pension fund
loan. In addition, the Group had a EUR 2.0 million checking account limit, from
which no funds had been withdrawn at the end of the review period.
Cash flow from operating activities amounted to EUR 1.3 million (EUR 1.3
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 primary
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).
Services
Of the Services segment companies, Done Information is one of Finland's biggest
translation and documentation services companies, and Midas Touch is a leading
Finnish Contact Center company.
The Service segment's net sales in Q1-Q2 totaled EUR 8.0 million (EUR 10.9
million), down by 27 percent. Its profit came to EUR -1.1 million (EUR 0.6
million), down by 267 percent.
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 took another downward plunge towards the
end of the review period. Since the adjustment measures initiated in late 2008
turned out to be insufficient in the light of the continuing downward trend, a
new round of employer-employee negotiations was announced in June. Its effects
on profitability are expected to feed through from Q4 on.
Demand for products and services marketed through contact centers developed
unfavorably early this year, especially in household sales. This reduced Midas
Touch's sales-based commissions considerably, and therefore also profitability.
In January-June, Midas Touch restructured its operations and this incurred
non-recurring costs of EUR 0.12 million.
According to yhe impairment test carried out August 2009, the test shows no
need to impair the goodwill assigned to Midas Touch Oy in Revenio Group's
balance sheet. An impairment may, hovewer, actualize if the company will not
show a remarkable increase in profitability compared to its current
profitability level.
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 Services segment in Q1 totaled EUR 2.7 million (EUR 8.4
million), representing a reduction of 68 percent. The segment's profit was EUR
-0.2 million (EUR 1.2 million), down by 115 percent.
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 of delays
in investment decisions already made, and decision processes are taking more
time. The market situation is expected to remain difficult. Nevertheless,
customers continue to order smaller-scale maintenance and modernization
services.
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 in Q1 totaled EUR 2.8 million (EUR 2.0
million), up by 38 percent. The segment's profit was EUR 1.0 million (EUR 0.7
million), up by 43 percent.
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' high marketing potential will be further boosted by the new
product launches scheduled for the remainder of 2009 as well as 2010.
Preparations for these have facilitated above-average product development costs
during the review period.
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 in Q1 totaled EUR 1.4 million (EUR 1.3
million), up by 9 percent. The segment's profit was EUR 0.1 million (EUR 0.1
million), down by 3 percent.
Net sales and profitability for the Safety segment were almost at the same
level as during the corresponding period of last year.
Boomeranger Boats won two key new orders during the review period: new RIB
boats with a total value of EUR 1.7 million and of EUR 1.2 million. The
deliveries of these orders will take place in 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 in Q1 totaled EUR 1.3 million (EUR 1.9
million), a reduction of -31 percent. The segment's profit was EUR 0.1 million
(EUR 0.4 million), down by -72 percent.
In contrast to the record year achieved in 2008, demand for the segment's
products fell in its established market areas. Demand has been further eroded
by the general cyclical downturn in industrial investments. During the review
period, distribution arrangements were made for new market areas in Europe.
Sales of the parking guidance system developed by the company continue. The
next installation of the system has been ordered by Finavia for Helsinki-Vantaa
airport.
Net sales Net sales Segment profit
1-6/2009 1-6/2008 1-6/2009 1-6/2008
MEUR share MEUR share MEUR % MEUR %
Services total 8.0 49% 10.9 45% -1.08 -14 0.65 6
-Done Information 1.9 12% 2.9 12% -0.20 -10 0.24 8
-Midas Touch 6.1 37% 8.0 33% -0.88 -15 0.41 5
Systems 2.7 17% 8.4 34% -0.18 -7 1.25 15
Health Care 2.8 17% 2.0 9% 0.99 35 0.69 34
Safety 1.4 9% 1.3 6% 0.06 4 0.06 5
Technology 1.3 8% 1.9 7% 0.11 9 0.41 22
Total 16.2 100% 24.5 100% -11 -1 3.06 13
Parent company costs -0.65 -4 -0.50 -2
Operating profit -0.76 -5 2.56 10
Net sales and profit by segment and quarter are as follows:
MEUR Q2/09 Q1/09 Q4/08 Q3/08 Q2/08 Q1/08
Net sales:
Services total 3.6 4.4 4.8 5.3 5.4 5.5
-Done Information 0.8 1.1 1.2 1.2 1.6 1.3
-Midas Touch 2.8 3.3 3.6 4.1 3.8 4.2
Systems 1.1 1.6 1.8 2.6 4.3 4.0
Health Care 1.4 1.4 1.3 1.0 1.0 1.0
Safety 0.4 1.0 0.9 0.8 0.5 0.8
Technology 0.7 0.6 1.2 1.0 1.0 0.9
Total 7.1 9.1 10.0 10.6 12.3 12.2
Segment profit: Q2/09 Q1/09 Q4/08 Q3/08 Q2/08 Q1/08
Services total -0.56 -0.52 -0.51 0.15 0.18 0.47
-Done Information -0.16 -0.04 -0.03 0.03 0.17 0.07
-Midas Touch -0.40 -0.48 -0.48 0.12 0.01 0.40
Systems -0.14 -0.04 -0.07 0.45 0.63 0.61
Health Care 0.49 0.50 0.32 0.30 0.29 0.41
Safety -0.06 0.12 0.23 0.11 0.03 0.04
Technology 0.08 0.03 0.30 0.20 0.32 0.08
Total -0.20 0.09 0.27 1.26 1.45 1.61
Parent company costs -0.36 -0.29 -0.22 -0.20 -0.29 0.21
Operating profit -0.56 -0.20 0.05 1.06 1.16 1.39
Operating profit, % -7.9% -2.3% 0.5% 10.0% 9.4% 11.4%
HUMAN RESOURCES
The number of personnel employed by the Group in Q1 averaged 614 (812). The
number of employees at the end of Q1 was 574 (884).
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.
Statutory employer-employee negotiations were conducted by Done Logistics and
Done Information as well.
At Done Logistics, the negotiations ended on 25 June, 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. The need for such adjustments will be continuously reviewed in the
light of order trends.
At Done Information, the negotiations ended on August 4, 2009. As a result, the
company was granted the right to decide by the end of June 2010 on gradually
lay-off of 20 employees as well as on lay-off or termination of employment of 5
employees.
At the end of Q2, the company's personnel were distributed as follows: 6/30/2009 6/30/2008 Change
Services 484 758 -274
Systems 43 74 -31
Health Care 8 9 -1
Safety 21 26 -5
Technology 14 14 0
Parent company 4 3 1
Total 574 884 -310
CHANGES IN MANAGEMENT IN SUBSIDIARIES
CEO Timo Juurakko of Service subsidiary Midas Touch resigned from his position
during the review period. Markku Pihlajaniemi, Vice President, was appointed as
his successor as of June 1, 2009.
CEO Elina Karjalainen of Service subsidiary Done Information left the company
to 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 Managing Director of Safety subsidiary Boomeranger Boats, Timo Peräkylä,
stepped down from his position as well. Naval Architect Jussi Mannerberg,
formerly the company's Technical Director, was appointed Acting Managing
Director as of April 1, 2009.
SHARES, SHARE CAPITAL AND MANAGEMENT OWNERSHIP
On 6/30/2009, 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 company's shares, totaling 15,940,705 shares, and also 18,57
percent of option rights, totaling 684.365 option rights.
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. The placement was based on a share-issue
authorization provided by the Annual General Meeting of Revenio Group
Corporation on April 2, 2008. With this share issue, Revenio Group Corporation
fulfilled and ended its obligation, under a share swap agreement signed in
September 2007, to provide new Revenio Group Corporation shares to the sellers
as an additional share-based payment for the transaction.
A total of 1,724,138 Revenio Group Corporation shares were offered for
subscription in the private placement, which corresponds to 2.27 percent of the
company's shares and voting rights prior to the placement, and 2.21 percent
afterwards.
Waiving the shareholders' pre-emption rights, the shares were offered for
subscription based on a share swap agreement made with Finnish Led-Signs Oy in
2007. The subscription price is recorded in full in the invested unrestricted
capital reserve. The increase of capital stock was recorded in the Trade
Register on February 2, 2009.
In the period January 1 - June 30, 2009, Revenio Group Corporation's turnover
on NASDAQ OMX HELSINKI totaled EUR 2.3 (5.9) million, representing 7.6 (9.3)
million shares or 9.9 (12.2) percent of shares outstanding. The trading high
was EUR 0.35 (0.78) and the low EUR 0.26 (0.44). At the end of the review
period, the closing price was EUR 0.28 (0.56), and the average share price was
EUR 0.31 (0.64). The Group's market value on 6/30/2009 was EUR 21.5 (42.6)
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 for 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 for via
the option rights have been registered. Shares subscribed for 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.
PURCHASE AND CANCELLATION OF OWN SHARES
During the reporting period, the company acquired 220,262 company shares based
on the decisions made by the Board of Directors on November 11, 2008 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.
As a result of the cancellation, the number of company shares fell from
77,839,732 shares to 76,839,732 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 11/22/2008, Revenio Group Corporation began to purchase own shares based on
the decisions made by the Board of Directors on November 11, 2008, under the
authorization provided by the AGM of April 2, 2008. These shares, which were
acquired for the purpose of cancellation, were purchased on NASDAQ OMX HELSINKI
between November 21, 2008 and January 2, 2009. The purchases were funded from
the company's unrestricted equity to a total of EUR 284,000.
On March 26, 2009, the Board of Revenio Group Corporation decided on the
purchase of two (2) own shares. The purchase was made in order to accomplish a
share combination involving the division of company shares by five, in
accordance with Chapter 15:9 of the Limited Companies Act. The shares were
acquired on NASDAQ OMX Helsinki on April 3, 2009 and were cancelled on April 6,
2009. The cancellation was recorded in the Trade Register on April 9, 2009,
after which the number of company shares has been 76,839,730.
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
4/15/2009. 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 Annual General Meeting on April 15,
2009.
CHANGES IN OWNERSHIP
On February 16, 2009, Revenio Group Corporation received a notification, in
accordance with Chapter 2:9 of the Securities Markets Act, indicating that
Gateway Finland Oy's ownership of the company's shares and votes had fallen
below three-twentieths (3/20) subsequent to the increase in the total number of
shares recorded in the Trade Register on that day. Gateway Finland Oy's
ownership of company shares and votes on February 16, 2009 was 14.77 percent.
MAJOR BUSINESS RISKS AND UNCERTAINTIES
The Group issued a notification of its major business risks and uncertainties
in its financial statements bulletin of March 3, 2009. No changes in said risks
have occurred since the bulletin's release.
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 earlier in its interim report 28 April 2009 expected its operating
profit for the full-year period 2009 being slightly positive. The new outlook
for 2009 is that company's operating profit for the full-year period is
expected to be slightly negative, since demand has fallen short of expectations
more remarkably than formerly expected.
THE FINANCIAL STATEMENTS PRESENTED IN THIS RELEASE HAVE BEEN COMPILED IN
ACCORDANCE WITH THE IAS 34 STANDARD
The figures are unaudited.
GROUP KEY FIGURES AND RATIOS (MEUR) 1-6/2009 1-6/2008 1-12/2008
Net sales 16.2 24.5 45.1
Operating profit -0.8 2.6 3.8
Operating profit, % -4.7 10.4 8.4
Pre-tax profit -0.8 2.5 3.6
Pre-tax profit, % -5.1 10.0 8.3
Net profit -0.6 1.8 2.7
Net profit, % -3.8 7.4 5.9
Gross capital expenditure 0.3 0.3 0.5
Gross capital expenditure, % 2.0 1.4 1.1
R&D costs 0.2 0.3 0.5
R&D costs, % 1.2 1.1 1.2
Gearing, % 8.3 15.2 7.8
Equity ratio, % 59.7 55.1 60.9
Return on investment (ROI), % -6.5 24.4 18.3
Return on equity (ROE), % -7.3 20.9 14.9
Undiluted earnings per share, EUR -0.008 0.024 0.035
Diluted earnings per share, EUR -0.008 0.024 0.035
Equity per share, EUR 0.21 0.22 0.23
Average no. of employees 614 812 747
Cash flow from operating activities 1.3 1.3 3.3
Cash flow from investing activities -0.1 -0.1 -0.3
Net cash used in financing activities 0.1 -3.8 -4.3
Total cash flow 1.2 -2.6 -1.3
CONSOLIDATED INCOME STATEMENT (MEUR) 1-6/2009 1-6/2008 1-12/2008
NET SALES 16.2 24.5 45.1
Other operating income 0.0 0.1 0.3
Materials and services -3.9 -8.1 -13.4
Employee benefits -9.2 -10.3 -21.0
Depreciation/amortization -0.6 -0.7 -1.4
Other operating expenses -3.3 -2.9 -5.9
OPERATING PROFIT -0.8 2.6 3.8
Share of associates' results 0.0 0.0 0.0
Financial expenses (net) -0.1 -0.1 -0.1
PRE-TAX PROFIT -0.8 2.5 3.6
Income tax expense 0.2 -0.6 -1.0
NET PROFIT -0.6 1.8 2.7
Other comprehensive income items 0.0 0.0 0.0
Income tax expense for comprehensive income
items 0.0 0.0 0.0
Other comprehensive income items
after taxes 0.0 0.0 0.0
TOTAL COMPREHENSIVE INCOME -0.6 1.8 2.7
Net profit attributable to:
Parent company shareholders -0.6 1.8 2.7
Minority interest 0.0 0.0 0.0
Total comprehensive income attributable to:
Parent company shareholders -0.6 1.8 2.7
Minority interest 0.0 0.0 0.0
Earnings per share, undiluted EUR -0.008 0.024 0.035
Earnings per share, diluted EUR -0.008 0.024 0.035
CONSOLIDATED INCOME STATEMENT (MEUR) 4-6/2009 4-6/2008
NET SALES 7.1 12.3
Other operating income 0.0 0.0
Materials and services -1.6 -4.2
Employee benefits -4.2 -5.1
Depreciation/amortization -0.3 -0.4
Other operating expenses -1.6 -1.6
OPERATING PROFIT -0.6 1.2
Share of associates' results 0.0 -0.0
Financial expenses (net) 0.1 -0.1
PRE-TAX PROFIT -0.6 1.1
Income tax expense 0.2 -0.3
NET PROFIT -0.4 0.8
Other comprehensive income items 0.0 0.0
Income tax expense for comprehensive income
items 0.0 0.0
Other comprehensive income items
after taxes 0.0 0.0
TOTAL COMPREHENSIVE INCOME -0.4 0.8
Net profit attributable to:
Parent company shareholders -0.4 0.8
Minority interest 0.0 0.0
Total comprehensive income attributable to:
Parent company shareholders -0.4 0.8
Minority interest 0.0 0.0
CONSOLIDATED BALANCE SHEET (MEUR) 6/30/2009 6/30/2008 12/31/2008
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment 2.0 2.2 2.1
Goodwill 9.4 11.5 9.4
Intangible assets 2.9 3.6 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 3.6 3.2
TOTAL NON-CURRENT ASSETS 18.4 21.6 18.6
CURRENT ASSETS
Inventories 1.3 1.3 2.0
Trade and other receivables 4.2 7.3 6.3
Cash and cash equivalents 3.3 0.8 2.0
TOTAL CURRENT ASSETS 8.8 9.4 10.4
TOTAL ASSETS 27.2 31.0 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 0.9 2.4 3.3
Treasury shares 0.0 0.0 -0.3
TOTAL EQUITY, attributable to holders
of parent company equity 16.0 17.0 17.6
MINORITY INTEREST 0.0 0.0 0.0
TOTAL SHAREHOLDERS' EQUITY 16.0 17.0 17.6
LIABILITIES
NON-CURRENT LIABILITIES
Deferred tax liabilities 0.9 1.0 1.0
Provisions 0.1 0.0 0.1
Financial liabilities 3.3 2.5 2.2
Other liabilities 0.4 2.5 0.4
TOTAL LONG-TERM LIABILITIES 4.8 6.1 3.7
CURRENT LIABILITIES
Advance payments 0.5 0.2 0.0
Trade and other payables 4.6 6.8 6.4
Provisions 0.0 0.2 0.0
Financial liabilities 1.3 0.8 1.2
TOTAL SHORT-TERM LIABILITIES 6.5 7.9 7.6
TOTAL LIABILITIES 11.3 14.0 11.3
TOTAL LIABILITIES ANDSHAREHOLDERS' EQUITY 27.2 31.0 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 distribution 0.0 0.0 0.0 -3.0 0.0 -3.0
Acquisition of own
shares 0.0 0.0 -0.3 0.0 0.0 -0.3
Options expense
adjustment 0.0 0.0 0.0 0.0 0.0 0.0
Net profit 0.0 0.0 0.0 2.7 0.0 2.5
Balance Dec 31, 2008 5.3 2.4 3.6 6.2 0.0 17.6
Private placements 0.0 0.0 0.5 0.0 0.0 0.5
Dividend distribution 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 expense
adjustment 0.0 0.0 0.0 0.0 0.0 0.0
Net profit 0.0 0.0 0.0 -0.6 0.0 0.0
Balance Jun 30, 2009 5.3 2.4 4.5 3.8 0.0 16.0
CONSOLIDATED CASH FLOW STATEMENT (MEUR)1-6/2009 1-6/2008 1-12/2008
Net profit -0.6 1.8 2.7
Adjustments to net profit 0.5 1.4 1.4
Change in working capital 1.5 -1.9 -1.5
Interest paid -0.1 -0.3 -0.5
Interest received 0.0 0.3 0.4
Paid taxes 0.0 0.0 -0.0
CASH FLOW FROM OPERATING ACTIVITES 1.3 1.3 3.3
Acquisition of subsidiaries 0.0 0.0 0.0
Purchase of PPE -0.1 -0.0 -0.3
Purchase of intangible assets 0.0 -0.1 -0.0
NET CASH USED IN INVESTING ACTIVITIES -0.1 -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 0.0 0.0
Repayments of long-term borrowings -0.3 -0.7 -0.9
Finance lease principal payment -0.0 -0.0 -0.1
NET CASH USED IN FINANCING ACTIVITIES 0.2 -3.8 -4.3
Net change in cash and equivalents 1.2 -1.2 -1.4
Cash and equivalents, period-start 2.0 2.4 3.4
Cash and equivalents, period-end 3.3 1.2 -2.0
NET SALES AND OPERATING PROFIT BY QUARTER (MEUR)
MEUR Q2/09 Q1/09 Q4/08 Q3/08 Q2/08 Q1/08
Net sales 7.1 9.1 10.0 10.6 12.3 12.2
Operating profit -0.4 -0.2 0.1 1.1 1.2 1.4
Oper. profit, % -5.7 -2.3 1.0 10.0 9.4 11.4
APPENDICES TO THE INTERIM REPORT
COMPILATION PRINCIPLES OF THE INTERIM REPORT
The financial statements presented by Revenio Group Corporation in this release
have been compiled according to the same principles as the Group's Annual
Report for 2008. The changes to and interpretation of public accounting
standards as well as the new accounting standards, which have been valid since
January 1, 2009, were explained in detail in the Annual Report. Their
implementation has not changed the compilation principles for financial
statements in a way that would require retrospective changes to the comparative
data. The financial statements presented in this release have been compiled in
accordance with the IAS 34 standard.
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 the 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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