2010-02-18 08:00:58 CET
2010-02-18 08:17:26 CET
REGULATED INFORMATION
Aldata Solution Oyj - Financial Statement Release
ALDATA SOLUTION OYJ'S FINANCIAL STATEMENT RELEASE JANUARY-DECEMBER 2009 (UNAUDITED)
Aldata Solution Oyj
STOCK EXCHANGE RELEASE
18 February 2010, at 9.00 a.m. (EET)
ALDATA SOLUTION OYJ'S FINANCIAL STATEMENT RELEASE JANUARY-DECEMBER 2009
(UNAUDITED)
Aldata bucks the trend to report year on year license growth
* 40% growth in software licenses, bucks industry trend
* Profitable operational result excluding exceptional items
* Strategic new competitive wins at Delhaize and Waitrose
* Positive contribution from 2008 acquisitions
* IBM partnership delivering results
Aldata in 2009 (compared to 2008)
* Net sales were EUR 67.5 million (EUR 70.0 million).
* Gross profit was EUR 61.4 million (EUR 63.4 million).
* Operating profit, EBIT, decreased to EUR -4.7 million (3.7
million). Operating costs include EUR 6.1 million costs incurred in Q2
2009 caused by a restructuring program and a much tougher approach taken on
customers receivables and ongoing projects, partly offset by EUR 1.2 million
release in Q4 2009 of a provision which was created in Q4 2007 for empty
office space that has now been sublet.
* Operating profit, EBIT, excluding non-recurring items was EUR 0.2 million
* Profit before taxes was EUR -5.4 million (EUR 2.8 million).
* Net profit was EUR -4.0 million (EUR 2.1 million) and earnings per share,
EPS, were -0.057 euros (0.031 euros).
* Cash flow from operating activities in 2009 was EUR -3.7 million (EUR 5.7
million).
* Cash, cash equivalents and marketable securities amounted to EUR 5.6 million
(EUR 15.4 million) and the Group had interest-bearing loan EUR 10.0 million
(EUR 15.0 million).
Aldata in Q4 2009 (compared to Q4 2008)
* Net sales were EUR 17.9 million (EUR 17.2 million).
* Gross profit was EUR 16.3 million (EUR 16.5 million).
* Operating profit, EBIT, was EUR 1.8 million (EUR 1.3 million). Operating
profit included EUR 1.2 million release in Q4 2009 of a provision which was
created in Q4 2007 for empty office space that has now been sublet.
* The operating profit, EBIT, excluding non-recurring items was EUR 0.6
million.
* Profit before taxes was EUR 1.8 million (EUR 0.4 million).
* Net profit was EUR 3.4 million (EUR 0.1 million) and earnings per share,
EPS, were 0.050 euros (0.001 euros).
Bertrand Sciard, President and CEO
Aldata weathered the global economic storm of 2009, grew software license sales
year on year by 40%, completed the successful integration of its two 2008
acquisitions, and delivered profitable operating results for the full year
(excluding exceptional items).
As stated in our 2008 results Aldata's focus on the food and grocery sectors
reduced the impact of the recession on our business. In Q1 2009 however lower
retail consumer spending forecasts caused some customers to postpone their
services contracts. We moved quickly to adjust our resources to meet this change
in demand. This resulted in an exceptional one-off charge in Q2 that included
the settlement of long term liabilities, a tougher line on receivables, and the
adoption of a more risk adverse approach to long term contracts.
In addition we reduced some fixed costs by re-negotiating outsourced software
production charges. We were also able to sublet some underutilized office space,
which resulted in a one-off cost benefit in Q4 2009 and lower cash outgoing for
the remainder of the lease.
In the second half of 2009 confidence slowly returned to our markets and we
gained major new customer commitments, increased investment from existing
customers, and saw a gradual reinstatement of services contracts. The longer
term effects of the recession emerged as changes in shopper demand,
consolidation across the sector, and greater operational efficiency
requirements. These are all areas where Aldata can help our customers succeed in
2010 and beyond.
Our core Supply Chain business achieved more than 60 new project wins in 2009
with over 70 new projects going live at customer sites. The global spread of
contracts continued to grow with new deals in Belgium, Germany, Finland, France,
Ireland, Russia Sweden, Tunisia, UK, USA, and Vietnam. In Q4 alone large new
contracts were signed with the Delhaize Group (a top 30 global retailer),
Waitrose (the UK's fastest growing grocer), Nash Finch (the leading US
wholesaler), and Transgourmet (France's main provider of food services).
The newly acquired Apollo (Space Optimization) and Terraventum (Digital
Marketing & Loyalty) businesses were smoothly integrated in 2009 and both
contributed positively to our results via their shorter sales cycle and rapid
ROI. Over 40 new contracts were signed including leading brands such as Dr
Pepper (Space) and Hugo Boss (Loyalty) plus cross-selling opportunities brought
new deals such as from the Delhaize Group.
Our strategic partnership with the IBM Corporation developed further in 2009
with Aldata's global certification for IBM's Websphere and Retail Integration
Framework. These accreditations mean that IBM customers worldwide are assured of
compatibility between Aldata and IBM products. We are also co-operating with IBM
on global marketing, sales, and services activities.
Aldata and IBM jointly invested, researched and published the world's first
Annual Retail CIO Survey in 2009. This has been rapidly adopted as an annual
bellwether of retail IT needs and provides Aldata with detailed visibility into
the future demands of the sector.
In 2009 our license revenues grew, in contrast to our competitors, because of
our dedication to, and understanding of, the retail and wholesale business. In
2010 we will build on this success with further innovation in products and
services using the unique insights we gain from our continuous, 100% focus, on
the retail industry.
Aldata in the fourth quarter of 2009
October - December 2009 Financial performance
The Group's net sales were EUR 17.9 million (EUR 17.2 million), which represents
an increase of EUR 0.6 million compared to the previous year. Product sales,
which include licenses for standard products, licenses for customer specific
developments and maintenance revenues, accounted for 65% (54%) of total net
sales. Consulting services accounted for 32% (40%) and third party licenses and
hardware accounted for 3% (6%).
The Group's gross profit was EUR 16.3 million (EUR 16.5 million), which
represents a 91% (96%) gross margin. Operating profit, EBIT, totaled EUR 1.8
million (EUR 1.3 million) and operating profit excluding expenses for option
plans was EUR 1.9 million (EUR 1.4 million).
Operating profit includes a EUR 1.2 million release in Q4 2009 of a provision
which was created in Q4 2007 for empty office space that has now been sublet.
The operating profit, EBIT, excluding non-recurring items was EUR 0.6 million.
Pre-tax profit was EUR 1.8 million (EUR 0.4 million), net profit was EUR 3.4
million (EUR 0.1 million) and earnings per share, EPS, were 0.050 euros (0.001
euros).
Research and development costs in the fourth quarter totaled EUR 2.3 million
(EUR 1.9 million), of which EUR 0.1 million (EUR 0.5 million), or 3.1% (26.4%),
were capitalized. EUR 0.1 million (EUR 0.1 million) of capitalized development
costs were amortized.
Business units in fourth quarter of 2009
Net sales of the Supply Chain Management (SCM) Software business unit were EUR
13.2 million (EUR 13.7 million). The gross profit was EUR 12.2 million (EUR
13.4 million) and the operating profit, EBIT, was EUR 2.2 million (EUR 0.4
million).
Net sales of the In-Store Software business unit were EUR 4.7 million (EUR 3.5
million). The gross profit was EUR 4.2 million (EUR 3.1 million) and the
operating profit, EBIT, was EUR 0.9 million (EUR 0.7 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 1.3 million (EUR 0.2 million).
Finance and investments
Cash flow from operating activities in the fourth quarter was EUR -0.5 million
(EUR 1.3 million) and net cash flow was EUR -5.9 million (EUR 6.6 million).
The Group's capital expenditure on hardware and software purchases amounted to
EUR 1.1 million (EUR 7.4 million) in fourth quarter of the year.
Financial impact of none recurring items
In Q4 2007 Aldata took some tough actions to improve its profitability and one
of these was to reduce its utilized office space in a number of countries. Given
the outlook at the time of being able to find a sub-tenant, the full costs of
the empty offices for the remaining term of the leases was provided for in Q4
2007.
In Q4 2009 Aldata signed a contract to sublet all of its empty space in France
and in accordance with IFRS guidelines it therefore reduced the balance of the
provision at the end of December 2009 to the value of the net cost to Aldata for
the remainder of the lease period.
The impact of this is a one off none recurring cost reduction in Q4 2009 of 1.2
million.
Research and Development
In the fourth quarter Aldata's research and development costs were EUR 2.3
million (EUR 1.9 million) and made up 13.2% (11%) of net sales. A total of EUR
0.1 million (EUR 0.5 million) of development costs were capitalized during the
quarter. EUR 0.1 million (EUR 0.1 million) of capitalized development costs were
amortized in the quarter.
Aldata in 2009
Financial performance
The Group's net sales were EUR 67.5 million (EUR 70.0 million), which represents
a decline of EUR 2.5 million compared to the previous year. Product sales, which
include licenses for standard products, licenses for customer specific
developments and maintenance revenues, accounted for 60% (49%) of total net
sales. Consulting services accounted for 36% (44%) and third party licenses and
hardware accounted for 4% (7%).
The Group's gross profit was EUR 61.4 million (EUR 63.4 million), which
represents a 91% (91%) gross margin. Operating profit, EBIT, totaled EUR -4.7
million (EUR 3.7 million) and operating profit excluding expenses for option
plans was EUR -4.3 million (EUR 4.3 million).
Pre-tax profit was EUR -5.4 million (EUR 2.8 million), net profit was EUR -4.0
million (EUR 2.1 million) and earnings per share, EPS, were -0.057 euros (0.031
euros).
Research and development costs totaled EUR 9.7 million (EUR 7.7 million), of
which EUR 0.4 million (EUR 1.4 million), or 4.6% (17.6%), were capitalized. EUR
0.5 million (EUR 0.5 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 December 2009, the order backlog was EUR 21.6 million (EUR 23.7 million
at the end of December 2008 and EUR 22.5 million at the end of September 2009).
Taxes for the period were EUR -1.4 million (EUR 0.6 million).
Business units in 2009
Net sales of the Supply Chain Management (SCM) Software business unit were EUR
49.6 million (EUR 56.2 million). The gross profit was EUR 46.5 million (EUR
51.9 million) and the operating profit, EBIT, was EUR 0.2 million (EUR 1.5
million).
Net sales of the In-Store Software business unit were EUR 18.0 million (EUR
13.8 million). The gross profit was EUR 15.6 million (EUR 11.6 million) and the
operating profit, EBIT, was EUR
4.1 million (EUR 4.1) 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 9.0 million (EUR 1.9 million).
Finance
Cash flow from operating activities in 2009 was EUR -3.7 million (EUR 5.7
million) and net cash flow was EUR -10.0 million (EUR 6.3 million).
At the end of December 2009, Aldata Group's cash, cash equivalents and
marketable securities amounted to EUR 5.6 million (EUR 15.4 million) and total
assets were EUR 52.3 million (EUR 64.8 million). The Group had interest-bearing
loan EUR 10.0 million (EUR 15.0 million) and interest-bearing net liabilities
totaled EUR 4.9 million (EUR 0.4 million). Short term receivables totaled EUR
20.7 million (EUR 25.6 million). The Group's solvency ratio was 37.4% (36.3%),
gearing was 25.2% (1.9%), and shareholders' equity per share was EUR 0.280 (EUR
0.332).
In 2009 the Group's capital expenditure on intangible and tangible assets
amounted to EUR 2.2 million (EUR 9.1 million).
Research and Development
In 2009 Aldata's research and development costs were EUR 9.7 million (EUR 7.7
million) and made up 14% (11%) of net sales. A total of EUR 0.4 million (EUR
1.4 million) of development costs were capitalized during the year. EUR 0.5
million (EUR 0.5 million) of capitalized development costs were amortized in
2009.
At the end of December 2009 132 (150) employees and 86 (28) contracted offshore
resources were involved in R&D activities. This represents 25% (26%) of the
Group's total personnel. Aldata's R&D centers are located in Paris, France, in
Vantaa, Finland and in Bangalore, India.
Personnel
Aldata Group employed 526 (570) persons at the end of December 2009, and on
average had 538 (540) employees during the period.
31 December 2009 31 December 2008 (revised with
Apollo)
By business unit Persons % Persons %
SCM Software 384 73 435 76
In-Store Software 127 24 120 21
Group Administration 15 3 15 3
Total 526 100 570 100
Approximately 48% of personnel were employed by Aldata companies in France, 14%
in Finland, 12% in the US, 11% in Germany, 6% in Sweden, 4% in Slovenia, 3% in
the UK and 2% in Russia.
Share performance and ownership
The highest price of the Aldata Solution Oyj share during January - December
2009 was EUR 0.62 and the lowest price EUR 0.30. The average price was EUR 0.42
and the closing price EUR 0.46. The trading volume on the Helsinki Stock
Exchange was EUR 18.1 million and altogether 43.3 million shares were traded,
which represents 63% of the shares. Aldata Solution Oyj has 68.7 million shares
outstanding. The number of shares outstanding has been unchanged during the
financial year.
The number of shareholders was 4766 and the free float was 100% of the share
capital at the end of December 2009. A total of 32.3% of Aldata Solution Oyj's
shares were owned by nominee registered shareholders at the end of the period.
Aldata Solution Oyj has one share series. All the company's shares carry equal
voting and dividend rights.
Risks and uncertainty factors
Near term risks and uncertainties
Near team risks and uncertainties are considered by Aldata as those that may
materialize in the next two quarters.
Aldata's 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 licenses 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 increased the number of companies who face
financial problems and could be seen as a factor in the increased time taken to
settle invoices. This 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.
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
2009.
In other respects, no significant changes have taken place in Aldata's
short-term risks and uncertainties during the financial period.
Long term risks and uncertainties
Risks and uncertainty factors associated with Aldata's business are mainly
related to general economic development and more specifically on the retail
software market. The recession affected Aldata's operations during the last 12
months and whilst there are continuing signs of a recovery, if the anticipated
recovery doesn't happen or 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 has been 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 countries unit will need to
be impaired.
The Board of Directors and CEO
The Annual General Meeting on 31st March, 2009 elected the following members to
the Board of Directors: Mr William Chisholm, Mr Bertrand Sciard, Mr Aarne Aktan,
Mr Tommy Karlsson and Mr Thomas Peterson. Mr William Chisholm was elected as the
Chairman of the Board and Mr Bertrand Sciard as the Vice Chairman of the Board.
Management Team and Management Council
The members of Aldata's Corporate Management Team (CMT) at the end of year 2009
were Bertrand Sciard, President and CEO; Allan Davies, CMO; Graham Howell, CFO
and Marie Claude Chazot, VP Group Human Resources. The members of the CMT report
to the CEO.
The members of Management Council (MC) includes the CMT members and Patrick
Buellet, Corporate Accounts; Dominique Chambas, G.O.L.D General Business; Henrik
Lindström, Megadisc; Jorma Tukia, Instore and Loyalty; Shaun Bossons, Apollo;
Reddy Karri, G.O.L.D. Software and Delivery; Brendan Lowe, G.O.L.D. Professional
Services; Jean-Francois Le Garrec, Logistics France and Rolf Wochner, Industry
Germany.
On February 12th 2010 Aldata announced changes to its Corporate Management Team
(CMT) and Management Council (MC). Patrick Buellet joined the CMT in the role of
Chief Strategy Officer and Reddy Karri joined the CMT in the role of Chief
Technology Officer with the responsibility for Software and Delivery for the
G.O.L.D., Logistics and Apollo business units.
Auditors
Ernst & Young Oy acted as Aldata group's auditor, under the supervision of
principal auditor Anne Vuorio, APA.
Group structure, changes and business transactions during the period
There have been no changes to the Group structure during 2009.
However, due to the Apollo acquisition in December 2008, Aldata established a
branch office of Aldata Solution UK Limited, located in Milan, Italy, in order
to carry out commercial activities in Italy and to be able to employe local
staff.
At the end of 2009 the following Aldata Group's subsidiaries operated:
* Aldata Apollo, Inc. (100%) in the US
* Aldata Retail Solutions GmbH (100%) in Germany
* Aldata Solution AB (100%) in Sweden
* Aldata Solution Co., Ltd. (100%) in Thailand
* Aldata Solution d.o.o. (81.2%) in Slovenia
* Aldata Solution Finland Oy (100%) in Finland
* Aldata Solution Inc. (100%) in the US
* Aldata Solution LLC (100%) in Russia
* Aldata Solution S.A.S. (100%) in France
* Aldata Solution UK Ltd. (100%) in the UK
Outlook
Aldata still expects the operating environment for 2010 to be challenging. More
and more signs of an economic recovery are appearing, coming from both the media
and our own experiences, but at the same time there are also concerns and
comments that suggest the recovery is still very fragile.
Against this environment Aldata has been able to close some larger projects
during the second half of 2009 and this trend has continued into Q1 2010, and in
addition our pipeline promises increased activity across all areas of our
business in 2010 compared to the same time in 2009. However we still see that
the customers' decision making process includes a thorough vendor selection
phase, where a proven ability to deliver is becoming a key requirement, and a
close scrutiny of the supporting ROI projection, and so they remain long and
difficult to predict. It therefore remains hard to assess the impact that they
will have on our 2010 results.
Based on the current backlog, sales, services activity and pipeline, Aldata
expects net sales for 2010 to grow slightly on 2009 levels and generate a
profitable operative result (EBIT) for the full-year.
The Board of Directors' dividend proposal
The Board of Directors has decided to propose to the Annual General Meeting, on
8 April 2010, that no dividend shall be distributed for the financial year 2009.
Events after the review period
On 19th January 2010 Aldata announced that Symphony Services Corporation had
signed a contract to purchase Aldata's G.O.L.D. suite of products for USD 1.5
million.
On 12th February 2010 Aldata announced a change into its Corporate Management
Team, (CMT), with Mr Patrick Buellet joining the CMT as Chief Strategy Office
and Reddy Karri joining the CMT as Chief Technical Officer with the
responsibility for Software and Delivery for the G.O.L.D., Logistics and Apollo
business units.
Helsinki, February 18, 2010
Aldata Solution Oyj
Board of Directors
Further information:
Bertrand Sciard, 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 18 February, at 12.00 (EET) at Hotel Palace Gourmet (Eteläranta
10, 10th floor) in the Merikabinetti 3.
The presentation material will be published on the Group's website at
www.aldata-solution.com <http://www.aldata-solution.com/>
The Annual Report for 2009 will be published in Finnish and English on the
company's website at www.aldata-solution.com on Wednesday 17 March 2010.
Aldata 100% Retail-Wholesale
At Aldata 100% of our business is dedicated to retail and wholesale business
improvement. We provide our customers with modern, flexible and integrated
software solutions specifically designed to increase productivity, performance
and profitability. With over 24,000 successful installations across 52
countries, from convenience store to hypermarket, 480+ live warehouses and
customers with 5 to 5,000 outlets, we consistently deliver the goods for retail
and wholesale business improvement. Aldata Solution is a public company quoted
on NASDAQ OMX Helsinki Ltd with the identifier ALD1V. More information at:
www.aldata-solution.com <http://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 2008 financial statements but the report does
not comply with all requirements of IAS 34, Interim Financial Reporting.
As of January 1, 2009, Company has applied the following new and revised
standards: IFRS 8 Operating Segments and IAS 1 Presentation of financial
statements. IFRS 8 has not affected the reported segments. IAS 1 has affected
the presentation of the income statement and statement of changes in
shareholders' equity. The interim report is unaudited.
CONSOLIDATED INCOME STATEMENT
MEUR MEUR Change
2009 2008 %
Net sales 67,5 70,0 -3,6 %
Other operating income 0,7 2,1 -67,9 %
Material and services -6,8 -8,7 22,5 %
Personnel expenses -46,5 -42,6 -9,4 %
Depreciations and impairments -1,7 -1,4 -14,9 %
Other operating expenses -17,9 -15,7 -14,3 %
Operating profit -4,7 3,7 -225,9 %
Financial items -0,7 -1,0 27,8 %
Profit before taxes -5,4 2,8 -295,3 %
Income taxes 1,4 -0,6 344,6 %
Minority interest 0,0 0,0 175,8 %
Profit for the year -4,0 2,1 -284,0 %
Earnings per share, EUR -0,057 0,031
Earnings per share, EUR (EPS), adjusted for dilution
effect -0,057 0,031
Attributable to:
Equity holders of the Company -4,0 2,1
Minority interest 0,0 0,0
Statement of comprehensive income:
Net profit for the period -4,0 2,1
Other comprehensive income:
Translation differences 0 0,4
Total comprehensive income -4,0 2,5
Total comprehensive income attributable to:
Equity holders of the Company -4,0 2,5
Minority interest 0,0 0,0
CONSOLIDATED BALANCE SHEET MEUR MEUR
31 Dec 31 Dec
2009 2008
ASSETS
Non-current assets
Goodwill 16,2 15,0
Capitalized development cost 2,8 2,9
Intangible assets 1,4 1,8
Tangible assets 1,3 1,4
Investments 0,1 0,1
Other long-term assets 0,4 0,1
Deferred tax assets 1,0 1,9
Non-current assets total 23,1 23,3
Current assets
Inventories 0,5 0,2
Account receivable 15,6 15,3
Prepayments and accrued income 4,9 8,8
Income tax receivables 2,4 0,2
Other short-term receivables 0,2 1,5
Cash and cash equivalents 5,6 15,4
Current assets total 29,2 41,5
Assets total 52,3 64,8
SHAREHOLDERS' EQUITY AND LIABILITIES
Shareholders' equity
Share capital 0,7 0,7
Share Premium Fund 19,2 19,2
Translation difference 0,7 0,7
Retained earnings -1,3 2,2
Equity holders of the parent company 19,2 22,8
Minority interest 0,1 0,1
Shareholders' equity total 19,3 22,9
Non-current liabilities
Long-term loans 0,3 0,5
Deferred tax liability 1,1 0,2
Other provisions 1,5 2,8
Other long-term loans 0,1 0,2
Non-current liabilities total 3,0 3,7
Current liabilities
Short-term loans 10,1 15,4
Advances received 0,6 1,6
Account payable 3,0 3,3
Accrued expenses and prepayments 11,9 11,3
Other provisions 0,4 1,0
Other short-term loans 3,9 5,6
Current liabilities total 30,0 38,2
Liabilities total 33,0 41,9
Equity and liabilities total 52,3 64,8
1000
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY EUR
Equity
holders
Share of Own
Share premium Translation Retained parent Minority equity
TEUR capital fund difference earnings company interest total
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
EQUITY
1.1.2008 686 18 996 363 -426 19 619 82 19 701
Share based
payments
recognised
against equity 0 0 0 525 525 0 525
Exercise of
options 1 158 0 0 159 0 159
Comprehensive
income 0 0 345 2 145 2 490 36 2 526
--------------------------------------------------------------------------------
EQUITY
31.12.2008 687 19 154 708 2 244 22 793 117 22 911
Share based
payments
recognised
against equity 0 0 0 384 384 0 384
Comprehensive
income 0 0 -14 -3 948 -3 962 -28 -3 990
--------------------------------------------------------------------------------
EQUITY
31.12.2009 687 19 154 694 -1 320 19 215 89 19 305
CONSOLIDATED CASH FLOW STATEMENT
MEUR MEUR
2009 2008
Cash flow from operating activities
Operating result -4,7 3,7
Adjustment to operating result -0,3 -0,1
Change in working capital 2,5 1,6
Interest received and other financial income 0,3 0,6
Interest paid and other financial expenses -1,3 -0,6
Taxes paid -0,1 0,5
Net cash from operating activities -3,7 5,7
Cash flow from investing activities
Group companies acquired 0,0 -7,9
Investments in tangible and intangible assets -1,0 -1,9
Net cash used in investing activities -1,0 -9,8
Cash flow before financing activities -4,6 -4,1
Cash flow from financing activities
Short-term loans, received 0,0 13,9
Short-term loans, repayments -5,1 -3,5
Leasing liability, payments -0,2 -0,2
Share issue 0,0 0,2
Net cash used in financing activities -5,3 10,4
Net cash flow, total -10,0 6,3
Change in cash and cash equivalents -10,0 6,3
Cash and cash equivalents 1 Jan. 15,4 9,1
Net foreign exchange difference 0,1 0,0
Cash and cash equivalents 31 Dec. 5,6 15,4
COMMITMENTS AND CONTINGENCIES MEUR MEUR
2009 2008
Loans from financial institutions 10,0 15,0
Mortgages 5,4 5,4
Leasing liabilities 8,7 11,4
Guarantees on behalf of group company debt 0,1 0,1
IFRS IFRS IFRS IFRS IFRS
KEY FIGURES, MEUR 2009*) 2008*) 2007 2006 2005
--------------------------------------------------------------------------------
SCOPE OF OPERATIONS
Net sales, MEUR 67,5 70,0 74,7 88,8 76,0
Average number of
personnel 538 540 625 614 547
Gross capital
expenditure, MEUR 2,2 9,1 2,5 2,7 1,9
Gross capital
expenditure, % of net
sales 3,2 13,0 3,3 3,1 2,6
PROFITABILITY
Operating profit , MEUR -4,7 3,7 -11,1 5,5 5,2
Operating profit, % of
net sales -7,0 5,3 -14,9 6,2 6,9
Profit before taxes and
minority interest, MEUR -5,4 2,8 -11,7 5,5 5,5
Profit before taxes and
minority interest, % of
net sales -8,0 3,9 -15,7 6,2 7,3
Return on equity, %
(ROE) -18,8 10,2 -47,4 9,2 14,9
Return on investment, %
(ROI) -11,2 17,3 -37,8 21,0 23,5
FINANCIAL STANDING
Quick ratio 0,9 1,1 1,3 1,7 1,7
Current ratio 0,9 1,1 1,3 1,7 1,7
Equity ratio, % 37,4 36,3 38,6 54,5 54,1
Interest-bearing net
debt, MEUR 4,9 0,4 -3,3 -5,1 -8,7
Gearing, % 25,2 1,9 -16,6 -16,9 -34,4
PER SHARE DATA 2009 2008 2007 2006 2005
--------------------------------------------------------------------------------
Earnings per share, EUR
(EPS) -0,057 0,031 -0,171 0,037 0,050
Earnings per share, EUR
(EPS), adjusted for
dilution effect -0,057 0,031 -0,170 0,037 0,050
Shareholders' equity
per share, EUR 0,280 0,332 0,286 0,437 0,372
Dividend/share, EUR 0,00 0,00 0,00 0,00 0,00
Dividend/earnings, % 0,0 0,0 0,0 0,0 0,0
Effective dividend
yield, % 0,0 0,0 0,0 0,0 0,0
Price/earnings ratio - - - 48 37
Share performance (EUR)
Share price on 31 Dec,
EUR 0,46 0,35 1,22 1,77 1,85
Share issue-adjusted
average share price,
EUR 0,42 0,86 1,56 1,99 1,56
Share issue-adjusted
lowest share price, EUR 0,30 0,34 1,13 1,53 1,07
Share issue-adjusted
highest share price,
EUR 0,60 1,25 1,90 2,83 2,07
Market capitalization,
MEUR 32 24 84 121 125
No. of shares traded
during the financial
period (during the
period of quotation in
1999) 43 266 170 38 018 049 50 289 310 28 577 161 44 229 797
% of the company's
average number of
shares 63 % 55 % 73 % 42 % 66 %
Number of shares 68 733 395 68 733 395 68 578 795 68 120 895 67 433 942
Share issue-adjusted
number of shares annual
average 68 733 395 68 695 645 68 426 162 67 712 256 67 433 942
Share issue-adjusted
number of shares at the
end of the financial
period 68 733 395 68 733 395 68 578 795 68 120 895 67 433 942
Share issue-adjusted
number of shares annual
average, adjusted for
dilution effect 68 733 395 68 695 645 68 808 497 68 695 585 67 800 791
Share issue-adjusted
number of shares at the
end of the financial
period, adjusted for
dilution effect 68 733 395 68 733 395 68 961 130 69 104 224 67 800 791
SEGMENT INFORMATION
2009 Supply Chain In-Store Elimina-tions Total
Net Sales to External Customers 49,5 18 0,0 67,5
Segment operating profit 0,2 4,1 0,0 4,3
Unallocated items -9,0
Operating profit -4,7
Financial income and expenses -0,7
Profit before taxes and minority
interest -5,4
Taxes 1,4
Minority interest 0,0
Profit for the Financial Period -4,0
Segment assets 25,8 8,8 0,0 34,6
Unallocated assets 17,7
Total 52,3
Segment liabilities 17,0 3,3 0,0 20,3
Unallocated liabilities 12,6
Total 33,0
Capital expenditures 0,4 1,7 0,0 2,2
Unallocated capital expenditures 0,0
Total 2,2
Depreciations 1,0 0,7 0,0 1,7
Unallocated depreciations 0,0
Total 1,7
2008 Supply Chain In-Store Elimina-tions Total
Net Sales to External Customers 56,2 13,9 0,0 70,0
Segment operating profit 0,3 2,1 0,0 2,4
Unallocated items 1,3
Operating profit 3,7
Financial income and expenses -1,0
Profit before taxes and minority
interest 2,7
Taxes -0,6
Minority interest 0,0
Profit for the Financial Period 2,1
Segment assets 40,4 7,1 0,0 47,6
Unallocated assets 17,2
Total 64,8
Segment liabilities 22,3 3,6 0,0 25,9
Unallocated liabilities 16,0
Total 41,9
Capital expenditures 1,4 7,7 0,0 9,0
Unallocated capital expenditures 0,0
(revised with Apollo)
Total 9,1
Depreciations 0,9 0,5 0,0 1,4
Unallocated depreciations 0,0
Total 1,4
INCOME STATEMENT MEUR MEUR MEUR MEUR MEUR
quarterly figures Q4/2009 Q3/2009 Q2/2009 Q1/2009 Q4/2008
Net sales 17,9 16,7 16,1 16,8 17,2
Other operating income 0,2 0,1 0,2 0,1 1,6
Operating expenses -15,8 -16,0 -22,7 -16,8 -17,1
Depreciations and impairments -0,4 -0,5 -0,3 -0,4 -0,4
Operating profit 1,8 0,4 -6,7 -0,2 1,3
Financial items 0,0 -0,5 -0,4 0,2 -0,9
Profit before taxes 1,8 -0,1 -7,1 0,0 0,4
Income taxes 1,6 0,1 -0,1 -0,2 -0,3
Minority interest 0,0 0,0 0,0 0,0 0,0
Profit for the financial period 3,4 0,0 -7,2 -0,2 0,1
INCOME STATEMENT MEUR MEUR MEUR MEUR MEUR
cumulative 1-12/09 1-9/09 1-6/09 1-3/09 1-12/08
Net sales 67,5 49,7 33,0 16,8 70,0
Other operating income 0,7 0,5 0,4 0,1 2,1
Operating expenses -71,3 -55,5 -39,5 -16,8 -67,0
Depreciations and impairments -1,7 -1,2 -0,7 -0,4 -1,4
Operating profit -4,7 -6,5 -6,9 -0,2 3,7
Financial items -0,7 -0,7 -0,2 0,2 -1,0
Profit before taxes -5,4 -7,2 -7,1 0,0 2,8
Income taxes 1,4 -0,2 -0,3 -0,2 -0,6
Minority interest 0,0 0,0 0,0 0,0 0,0
Profit for the financial period -3,9 -7,4 -7,4 -0,2 2,1
BALANCE SHEET MEUR MEUR MEUR MEUR MEUR
31.12.09 30.9.09 30.6.09 31.3.09 31.12.08
ASSETS
NON-CURRENT ASSETS
Goodwill 16,2 15,0 15,0 15,0 15,0
Capitalized development cost 2,8 2,9 3,0 3,0 2,9
Intangible assets 1,4 1,4 1,7 1,7 1,8
Tangible assets 1,3 1,3 1,4 1,4 1,4
Investments 0,1 0,1 0,1 0,1 0,1
Other long-term assets 0,4 0,4 0,1 0,1 0,1
Deferred tax assets 1,0 2,6 2,5 2,6 1,9
NON-CURRENT ASSETS TOTAL 23,1 23,7 23,7 23,9 23,3
CURRENT ASSETS
Inventories 0,5 0,2 0,0 0,4 0,2
Short-term receivables 20,7 22,6 25,2 28,5 25,6
Cash and cash equivalents 5,6 11,4 11,9 14,8 15,4
CURRENT ASSETS TOTAL 29,2 34,5 37,3 43,9 41,5
ASSETS TOTAL 52,3 58,2 60,9 67,8 64,8
SHAREHOLDERS' EQUITY AND
LIABILITIES
Shareholders' equity 19,2 15,9 15,3 22,5 22,8
Minority interest 0,1 0,1 0,1 0,1 0,1
Non-current liabilities 3,0 4,2 4,5 4,6 3,7
Current liabilities 30,0 38,1 41,0 40,6 38,2
Liabilities 33,0 42,3 45,6 45,2 41,8
EQUITY AND LIABILITIES TOTAL 52,3 58,2 60,9 67,8 64,8
KEY FIGURES, MEUR Q4/2009 Q3/2009 Q2/2009 Q1/2009 Q4/2008
quarterly figures
Scope of Operations
Net sales, MEUR 17,9 16,7 16,1 16,8 17,2
Average number of personnel,
cumulative 538 543 554 559 540
Profitability
Operating profit , MEUR 1,8 0,4 -6,7 -0,2 1,3
Operating profit, % of net sales 10,3 2,2 -41,5 -1,3 7,3
Profit before taxes and minority
interest, MEUR 1,8 -0,1 -7,1 0,0 0,4
Profit before taxes and minority
interest, % of net sales 10,2 -0,7 -43,8 -0,2 2,4
Return on equity, % (ROE) -18,8 -50,6 -77,2 -3,5 10,2
Return on investment, % (ROI) -11,2 -21,3 -34,1 6,7 17,3
Financial Standing
Quick ratio 0,9 0,9 0,9 1,1 1,0
Current ratio 1,0 0,9 0,9 1,1 1,0
Equity ratio, % 37,4 27,4 25,3 33,4 36,3
Interest-bearing net debt, MEUR 4,9 4,2 3,6 0,7 0,4
Gearing, % 25,2 26,5 23,7 3,3 1,9
Per Share Data
Earnings per share, EUR (EPS) 0,050 0,000 -0,104 -0,003 0,001
Earnings per share, EUR (EPS),
adjusted for dilution effect 0,050 0,000 -0,104 -0,003 0,001
Shareholders' equity per share, EUR 0,280 0,231 0,222 0,327 0,332
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