2011-08-15 10:45:00 CEST
2011-08-15 10:45:58 CEST
REGULATED INFORMATION
Cencorp - Interim report (Q1 and Q3)
Cencorp Corporation's Interim Report 1 January-30 June 2011
Cencorp Corporation Interim Report 15 August 2011 at 11.45 Finnish time
Cencorp Corporation's Interim Report 1 January-30 June 2011
SUBSTANTIAL INCREASE IN NET SALES, OPERATING RESULT STILL IN THE RED
SUMMARY
April-June 2011
- The result and balance sheet of the Face (Telecom) business, i.e. the current
Special Components segment, have been consolidated in all of Cencorp's
consolidated figures starting on 1 December 2010, which means that there are no
comparison figures for this segment for the first half of 2010.
- The figures in brackets are comparison figures for the corresponding period
in 2010.
- Cencorp Group's net sales increased 192 percent to EUR 7.8 million (EUR 2.7
million) during the second quarter of the year.
- Operating result was EUR -1.4 million (EUR -1.1 million).
- The Laser and Automation Applications segment doubled its net sales to EUR
5.4 million (EUR 2.7 million) and substantially improved its operating profit,
which nevertheless still remained slightly negative at EUR -0.1 million (EUR
-1.1 million).
- The Special Components segment's net sales were EUR 2.4 million, but its
operating profit stood at EUR -1.3 million, mainly owing to a drop in the
market share of its main customer.
- The Group's result before taxes amounted to EUR -1.8 million (EUR -1.0
million).
- Earnings per share were EUR -0.01 (EUR -0.01).
January-June 2011
- Cencorp Group's net sales increased 195 percent to EUR 13.5 million (EUR 4.6
million). - The order book at the end of June stood at EUR 4.2 million (EUR 2.3 million).
- Operating result was EUR -3.7 million (EUR -2.0 million).
- Result before taxes amounted to EUR -4.8 million (EUR -1.8 million).
- Earnings per share were EUR -0.01 (EUR -0.01).
- The equity ratio at the end of June was 54.5 percent (6.5%).
Outlook for 2011 unchanged
- Cencorp expects net sales for 2011 to amount to approximately EUR 35-39
million, provided that no essential change takes place in the current economic
landscape.
- The 12-month result from operations is expected to improve from 2010.
PRESIDENT AND CEO MATS ERIKSSON
“Our net sales almost tripled during the second quarter of the year. I am
particularly satisfied with the sales of the former Cencorp, i.e. laser and
automation applications, which doubled thanks to a good market situation and
our own sales efforts. The Group's net sales were also increased by the
integration of the Face business, i.e. the special components manufacturing
operations in China, into Cencorp.
In spite of the growth in net sales and the improvement in the result for the
former Cencorp, the Group's overall profitability declined markedly in
April-June. The Special Components segment continued to face problems,
particularly in product groups related to the mobile phone sector. The changes
that are currently taking place in the competitive landscape for mobile phones
have negatively affected the demand for our special components. The segment's
net sales development and profitability weakened, in particular, as a result of
a drop in the market share of one of its major customers.
The Special Components segment does not show an acceptable level of growth and
profitability, and we have stepped up the measures that were launched already
during the first quarter. Among other things, we have started concentrating
manufacturing on two plants instead of the previous three. We will weigh the
opportunities for each of the segment's product groups to achieve profitable
growth and make our decisions during the next few weeks. There are particularly
positive outlooks for the manufacture of new types of flexible circuits for new
electronics applications and renewable energy applications, among others. I
believe that these measures will put the segment's net sales and profitability
back on growth track.
In the Laser and Automation Applications segment, doubling net sales and
reorganizing and streamlining operations clearly improved profitability, even
though operating profit still remained slightly negative. Owing to the long
delivery times for projects, the contracts concluded in the beginning of the
year on new deliveries with better margins are expected to substantially
improve the segment's profitability during the remainder of the year.”
GENERAL
The comparison period is the corresponding period of the previous year, unless
otherwise stated. When comparing the figures, it should be noted that the Face
(Telecom) business is included in the year 2011 figures, but in the 2010
figures only as of December 2010.
The interim report has been drawn up in compliance with the IAS 34 Interim
Financial Reporting standard and in compliance with the same accounting
principles as in the financial statements. The interim report has not been
audited.
More information on events that have taken place during the reporting period
can be found in the stock exchange releases published on Cencorp's website at
www.cencorp.com. At the same address, you can also find the flagging
notifications concerning changes in ownership according to the Securities
Markets Act.
Cencorp is part of the Finnish Savcor Group. Savcor Group Oy owns 34.8 percent
and Savcor Group Limited 39.0 percent of Cencorp.
SEGMENT-BASED REPORTING
The Face (Telecom) corporate transaction was completed on November 30, 2010,
and Cencorp's reporting structure was altered as of December 1, 2010. The Face
(Telecom) business result and balance sheet were consolidated in Cencorp's
consolidated figures starting on December 1, 2010, and Cencorp's reporting has
been based on two business segments since 2010. The business segments are Laser
and Automation Applications, and Special Components. The Laser and Automation
Applications segment comprises Cencorp's former business and the Special
Components segment the business acquired through the Face transaction. This
segment includes, among other things, interference shielding solutions for
mobile phones, cameras, laptop computers and other electronic devices;
antennas, flexible connectors and wires for mobile phones; various decorations,
i.e. chemical and laser-based etchings of metal parts, and radio-frequency
identification (RFID).
FINANCIAL DEVELOPMENT IN APRIL-JUNE
Net sales increased 192 percent to EUR 7.8 million (EUR 2.7 million). The
increase in net sales was due to the growing demand for laser automation and
other automation equipment and the integration of the Face (Telecom) business
into Cencorp Group.
EBITDA were EUR -0.5 million (EUR -0.9 million). The Group's depreciation has
significantly increased since the integration of the Face (Telecom) business in
China, i.e. the current Special Components segment, into Cencorp in December
2010.
The operating result was EUR -1.4 million (EUR -1.1 million). The Group's
operating result was particularly weighed down by the poor profitability of the
Special Components segment. The Laser and Automation Applications segment's
operating profit markedly improved from the previous year, although it still
remained negative.
The Group's result before taxes amounted to EUR -1.8 million (EUR -1.0
million). The result for the reporting period was EUR -1.9 million (EUR -1.0
million).
Earnings per share were EUR -0.01 (-0.01) and diluted earnings per share EUR
-0.01 (-0.01).
FINANCIAL DEVELOPMENT IN JANUARY-JUNE 2011
Operating environment
Cencorp operates in industries applying electronics and energy technology. Its
main geographical market areas are Europe, North America, South America and
Asia. The global electronics industry, including the manufacture of mobile
phones, is mostly concentrated in Asia, the domestic market area for the
special components manufactured by Cencorp.
Demand for laser and automation applications continued to grow during the first
half of the year. The risk of a slow-down in the growth of the world economy
might affect investment decisions and thus the demand for laser and automation
applications. However, rising labor costs, especially in China, will contribute
to the increasing need for production process automation and thus demand for
automation products on a longer term. Cencorp views the energy industry, and
renewable energy applications in particular, as a new interesting market.
The seasonal character of the business generally slows down demand for special
components during the first quarter of the year, but during the second quarter,
demand nearly rose to its normal level again. The changes that are currently
shaping the competitive landscape in the mobile phone markets and the
operators' market shares are making forecasting more difficult and will
potentially alter the demand situation. However, depending on the development
of the world economy, the outlook is positive, as market development goes hand
in hand with the general economic development and the latest forecasts expect
the mobile phone markets to grow nearly 10 percent during 2011. The growth
outlook for other markets important for Cencorp, such as RFID transmitters and
receivers and flexible circuits, is also positive.
Net sales and result
Net sales increased 195 percent to EUR 13.5 million (EUR 4.6 million). The
increase in net sales was due to the integration of the Face (Telecom) business
into Cencorp and growing demand for laser automation and other automation
equipment.
EBITDA were EUR -1.9 million (EUR -1.6 million).
The operating result was EUR -3.7 million (EUR -2.0 million). The Group's
operating result was particularly weighed down by the poor profitability of the
Special Components segment. The operating result of the Laser and Automation
Applications segment improved from last year's corresponding period.
The Group's result before taxes amounted to EUR -4.8 million (EUR -1.8
million). The result for the reporting period was EUR -4.8 million (EUR -1.8
million).
Earnings per share were EUR -0.01 (-0.01) and diluted earnings per share EUR
-0.01 (-0.01).
Financing
Cash flow from business operations before investments was EUR -2.5 million (EUR
-0.3 million). Trade receivables at the end of the reporting period were EUR
5.7 million (EUR 1.7 million). Net financial items amounted to EUR 1.0 (EUR 0.2
million of net financial income).
At the end of June, the equity ratio was EUR 54.5 (6.5) percent and equity per
share was EUR 0.06 (EUR 0.005). At the end of the reporting period, the Group's
liquid assets totaled EUR 1.0 (0.4) million, and unused export credit limits,
bank guarantee limits and factoring loans amounted to EUR 1.1 million (EUR 1.3
million).
In order to secure its delivery ability to meet the order book, Cencorp agreed,
in the beginning of June, on a short-term loan of EUR one million with AC
Finance BV, a subsidiary of Ahlström Capital Oy. AC Invest BV, another
subsidiary of Ahlström Capital Oy, holds some 5.1% of Cencorp's shares. The
loan period started on 1 June 2011 and ends on 31 December 2011. Furthermore,
the lender has the right to terminate the loan prematurely in situations
defined in greater detail in the loan agreement, and Cencorp has the right to
repay the loan in full at any time. The annual interest on the loan capital is
9.5%.
In addition, Savcor Group Oy, which holds 34.8% of Cencorp's shares, and
Cencorp agreed on extending the due date of a loan of some EUR 1.4 million,
granted by Savcor Group Oy in 2009 to Cencorp and converted into a convertible
bond on 25 May 2010, from the end of June 2011 to the end of 2011. The other
loan terms and conditions remained unchanged. On the publishing date of the
interim report, the loan amounts to approximately EUR 1.2 million. Based on the above-mentioned measures and the improvement in the operational
cash flow, the Board of Directors expects the financing resources available to
the Company to be sufficient to meet the financing needs over the next 12
months.
Product development
The Group's product development expenses in January-June were EUR 0.9 (0.3)
million or 6.6 (6.5) percent of net sales.
Investments
Investments in January-June amounted to EUR 0.8 (0.4) million. The largest
investments were EUR 0.4 million in machinery and equipment and EUR 0.3 million
in development costs.
Segment information
Laser and Automation Applications
The Laser and Automation Applications segment's net sales doubled to EUR 5.4
million (EUR 2.7 million) in April-June. The increase in net sales was due to
the growing demand for laser automation and other automation equipment as a
result of the upswing in the economic cycle as well as the boosting of internal
sales efforts and the significant strengthening of the sales organization. In
January-June, net sales increased 92 percent to EUR 8.8 million (EUR 4.6
million). The segment accounted for 65 percent of the Group's net sales.
The segment's EBITDA were EUR 0.2 million (EUR -0.9 million) in April-June and
EUR -0.4 million (EUR -1.6 million) in January-June.
The operating result of the Laser and Automation Applications segment in
April-June was EUR -0.1 (-1.1) million. In addition to the growth in net sales,
profitability improved thanks to the reorganization and streamlining of
operations. The segment's operating result in January-June improved to EUR -1.0
(-2.0) million.
Special Components
The Face (Telecom) business's, i.e. the current Special Components segment's
result and balance sheet have been consolidated in Cencorp's consolidated
figures as of 1 December 2010. Net sales of the Special Components segment were
EUR 2.4 million in April-June and EUR 4.8 million in January-June. The segment
accounted for 35 percent of the Group's net sales.
The segment's EBITDA were EUR -0.7 million in April-June and EUR -1.5 million
in January-June.
Operating result was EUR -1.3 million in April-June and EUR -2.7 million in
January-June. The segment's net sales development and profitability during the
second quarter of the year weakened, in particular, as a result of a drop in
the market share of its main customer. The major changes that are currently
taking place in the competitive landscape for mobile phones and the operators'
market shares have negatively affected the demand for Cencorp's special
components. Measures to boost the growth and profitability of the segment have
been stepped up by, among other measures, concentrating manufacturing on two
plants instead of the previous three. Decisions concerning the product range of
the segment will be made during the next few weeks. The goal is to identify the
product groups with potential for growth and profitability, and the manufacture
of new types of flexible circuits for new electronics applications and
renewable energy applications, for example, have emerged as areas with bright
prospects.
PERSONNEL
During January-June, the Group employed an average of 350 (74) people, 63 of
whom worked in Finland, 274 in China and 13 in other countries. During the
reporting period, salaries and fees totaled EUR 3.3 (1.7) million.
SHARES AND SHAREHOLDERS
Cencorp's share capital amounts to EUR 3,425,059.10 and the number of shares is
342,161,270 shares. The Company has one series of shares, which confer equal
rights in the Company. Cencorp did not own any of its own shares at the end of
the reporting period.
The Company had a total of 4,443 shareholders at the end of June, and 45.2
percent of the shares were under foreign ownership. The ten largest
shareholders held 90.2 percent of the Company's shares and voting rights on 30
June 2011.
Largest owners on 30 June 2011:
Shares/voting rights %
----------------------------------------------------------------------
1. SAVCOR GROUP LIMITED 133,333,333 39.0
----------------------------------------------------------------------
2. SAVCOR GROUP OY 119,235,078 34.8
----------------------------------------------------------------------
3. AC INVEST BV 17,499,999 5.1
----------------------------------------------------------------------
4. ETERA MUTUAL PENSION INSURANCE COMPANY 16,394,735 4.8
----------------------------------------------------------------------
5. TILITOIMISTO CAPITAL OY 11,249,900 3.3
----------------------------------------------------------------------
6. PAASILA MATTI 2,777,777 0.8
----------------------------------------------------------------------
7. JOKELA MARKKU 2,287,519 0.7
----------------------------------------------------------------------
8. TIMMERBACKA HANNU 2,222,222 0.6
----------------------------------------------------------------------
9. TUOHI & PAALU OY 2,050,000 0.6
----------------------------------------------------------------------
10. FT CAPITAL OY 1,707,140 0.5
----------------------------------------------------------------------
OTHERS 33,403,567 9.8
----------------------------------------------------------------------
TOTAL 342,161,270 100.0
----------------------------------------------------------------------
----------------------------------------------------------------------
The members of the Board of Directors and the President and CEO, either
directly or through companies under their control, held a total of 255,346,188
shares in the Company on 30 June 2011, representing about 75 percent of the
Company's shares and voting rights. The Company's President and CEO Mats
Eriksson did not hold any shares in the Company at the end of June.
The price of Cencorp's share varied between EUR 0.11 and 0.20 in January-June.
The average price was EUR 0.14, and the closing price at the end of June EUR
0.12. A total of 10.1 million Cencorp shares were traded at a value of EUR 1.4
million in January-June. The Company's market capitalization at the end of June
stood at EUR 41.1 million.
No share options were granted to the Company's management during the period 1
January-30 June 2011.
A total of 27,766,886 shares, ie. 84 percent of the total number of shares
offered, were subscribed to in the rights issue carried out in February-March
based on primary and secondary subscriptions. Through the rights issue, Cencorp
raised a total of EUR 3,332,026 in new equity. This amount also includes the
decrease in the Company's liabilities by a total of EUR 2,333,945 as Savcor
Group Oy offset the subscription price of the shares it subscribed to in the
rights issue against its capital and interest receivables from the Company
related to interest-bearing loans. The subscription price, EUR 3,332,026, was
recognized in full in the Company's distributable non-restricted equity fund.
RISK MANAGEMENT, RISKS AND UNCERTAINTIES
Cencorp's Board of Directors is responsible for the appropriate control of the
Company's accounts and finances. The Board is responsible for internal control,
while the President and CEO handles the practical arrangement and monitors the
efficiency of internal control. Business management and control are taken care
of using a Group-wide reporting and forecasting system.
The purpose of risk management is to ensure that any significant business risks
are identified and monitored appropriately. The Company's business and
financial risks are managed centrally by the Group's financial department, and
reports on risks are presented to the Board of Directors as necessary.
Due to the small size of the Company and the limited scope of its business
operations, Cencorp does not have an internal auditing organization or an audit
committee.
As it is difficult to make forecasts in an industry that is dependent on
economic cycles, the biggest risks are related to fluctuations in the demand
for products and to the adjustment of operations to meet demand.
In terms of profitability, the most essential risks are related to the
achievement of a sufficient invoicing volume in both business segments and the
success achieved with the programs underway at Cencorp to improve
profitability, such as improvements in productivity and business flexibility
through outsourcing production.
In terms of operations, the biggest risks are related to outsourcing in-house
equipment production to contract manufacturers, in particular to whether the
production chain efficiency targets are achieved as planned.
The sufficiency of the company's financing and working capital involve risks
that are handled in more detail in the item Financing of this interim report.
Other risks connected to Cencorp have been presented in more detail in the
Annual Report for 2010 and in the base prospectus and its securities notes
published on 25 October 2010.
EVENTS AFTER THE REPORTING PERIOD
The prosecutions that have come to Cencorp's knowledge
According to the information received by Cencorp in July, the District
Prosecutor has decided to prosecute some of the Company's former employees, CEO
and Board Members for a securities markets information offence and/or insider
trading. The prosecution for the suspected securities markets information
offence concerns the period of time from August 2005 to August 2006. All of the
suspected persons have denied the criminal allegations made against them. The
suspected persons are not currently employed by Cencorp or members in its
administrative bodies.
Cencorp is not an involved party in the matter. According to the understanding
of Cencorp's Board of Directors, the above-mentioned prosecutions do not have
substantial impact on the financial position of Cencorp or on the Company's
operatios.
OUTLOOK FOR 2011
Cencorp's market prospects remain unchanged, as follows: Cencorp expects net
sales for 2011 to amount to approximately EUR 35-39 million, provided that no
essential change takes place in the current economic landscape. The 12-month
result from operations is expected to improve from 2010.
In spite of the problems caused by the Special Components segment during the
early part of the year, net sales and profitability are expected to develop
favorably during the remainder of the year. Measures have been started in the
Special Components segment to set up a more profitable product range and to
boost operations, and the profitability of the Laser and Automation
Applications segment will improve as the year goes on as projects with better
margins will be recognized as revenues during the latter half of the year. The
possible slow-down in the world economy will, however, bring uncertainties and
could potentially reduce demand in markets that are important to the Company.
Cencorp's order book at the end of June stood at around EUR 4.2 million (EUR
2.3 million) and at around EUR 2.9 million on the publishing date of this
interim report.
Cencorp's goal is to grow through acquisitions and mergers based on strategic
choices, new products and new customer relationships, and by licensing products
and technologies to complement the Company's own offering.
Alongside the electronics industry, Cencorp will actively target new emerging
markets, such as energy production and energy supply applications for mobile
equipment. In these selected areas, the Company seeks a leading position as a
supplier of special technology in the long term.
In Mikkeli, on 15 August 2011
Cencorp Corporation
BOARD OF DIRECTORS
Statement of Consolidated Comprehensive Income
(unaudited)
1 000 EUR 4-6/2011 4-6/2010 1-6/201
1-6/2010 1-12/20 1
10
--------------------------------------------------------------------------------
---------
Net sales 7 809 2 672 13 540 4
584 12 811
Cost of sales -7 149 -2 214 -13 396 -3
896 -10 349
-------------------------------------------------------------------
Gross profit 660 457 143
687 2 461
Other operating 41 15 91
43 278
income
Product development -475 -81 -935
-319 -761
expenses
Sales and marketing -581 -482 -1 080
-912 -2 031
expenses
Administrative -1 088 -1 007 -1 948 -1
513 -3 000
expenses
Other operating -4 -9 -6
-17 -76
expenses
Operating profit -1 448 -1 107 -3 735 -2
031 -3 128
Financial income 476 200 800
389 605
Financial expenses -839 -131 -1 829
-196 -973
Profit before taxes -1 811 -1 038 -4 764 -1
838 -3 496
Income taxes -43 8 -49
17 12
Profit/loss for the -1 854 -1 029 -4 813 -1
822 -3 484
period
Profit/loss
attributable to:
Shareholders of the -1 854 -1 029 -4 813 -1
822 -3 484
parent company
Earnings/share -0,01 -0,01 -0,01
-0,01 -0,02
(basic), eur
Earnings/share -0,01 -0,01 -0,01
-0,01 -0,02
(diluted), eur
Other comprehensive
income
Translation -4 -113 -583
-235 -320
difference
Other comprehensive 0 0 0
0 0
income
Total comprehensive -1 858 -1 142 -5 396 -2
056 -3 805
income for the year
Total comprehensive
income attributable
to:
Shareholders of the -1 858 -1 142 -5 396 -2
056 -3 805
parent company
Consolidated Balance Sheet
(unaudited)
1 000 EUR 30.6.2011 30.6.2010
31.12.2010
--------------------------------------------------------------------------------
---------
ASSETS
Non-current assets
Property, plant and 15 558 584
17 332
equipment
Goodwill 2 967 2 967
2 967
Other intangible assets 3 271 1 123
3 537
Available-for-sale 10 10
10
investment
Total non-current assets 21 806 4 683
23 845
-------------------------------------------------------------
Current assets
Inventories 4 854 2 173
4 940
Trade and other 7 589 2 967
10 406
non-interest-bearing
receivables
Cash and cash equivalents 1 010 409
1 647
Total current assets 13 453 5 549
16 994
-------------------------------------------------------------
Total assets 35 258 10 232
40 839
EQUITY AND LIABILITIES
Equity attributable to shareholders of the
parent company
Share capital 3 425 3 425
3 425
Other reserves 43 344 18 432
40 012
Translation difference -793 -125
-210
Retained earnings -27 031 -21 088
-22 082
Total equity 18 944 645
21 145
-------------------------------------------------------------
Non-current liabilities
Non-current loans 2 676 2 949
4 534
Deferred tax liabilities 62 92
70
Total non-current 2 738 3 040
4 604
liabilities
-------------------------------------------------------------
Current liabilities
Current interest-bearing 6 017 2 730
5 905
liabilities
Trande and other payables 7 445 3 750
9 136
Current provisions 114 67
49
Total current liabilities 13 576 6 547
15 090
-------------------------------------------------------------
Total liabilities 16 314 9 588
19 694
Equity and liabilities 35 258 10 232
40 839
total
Consolidated Cash Flow
Statement
(unaudited)
1 000 EUR 1-6/2011 1-6/2010
1-12/2010
--------------------------------------------------------------------------------
---------
Cash flow from operating
activities
Income statement profit/loss -4 813 -1 822
-3 484
Non-monetary items adjusted on
income statement
--------------------------------------------------------------------------------
---------
Depreciation and + 1 825 384
1 085
impairment
Gains/losses on +/- 0 -4
24
disposals of
non-current assets
Unrealized exchange rate +/- 552 -323
104
gains (-) and losses
(+)
Other non-cash +/- 0 19
22
transactions
Financial income and + 477 130
264
expense
Interest gains - 0 0
0
Taxes - 49 -17
-12
----------------------------------------------
Total cash flow before change in -1 910 -1 632
-1 998
working capital
-------------------------------------------
Change in working capital
Increase (-) / decrease -99 457
387
(+) in inventories
Increase (-) / decrease (+) in 1 048 -240
-95
trade and other receivables
Increase (+) / decrease -941 1 164
121
(-) in trade and other
payables
----------------------------------------------
Change in working capital 8 1 381
413
-------------------------------------------
Adjustment of financial items and taxes to cash-based
accounting
Interest paid - -244 -16
-314
Interest received + 2 0
47
Other financial items - -182 -44
15
Taxes paid - -126 0
0
--------------------------------------------------------------------------------
---------
Financial items and taxes -550 -60
-252
NET CASH FLOW FROM BUSINESS -2 452 -311
-1 837
OPERATIONS
CASH FLOW FROM INVESTING
ACTIVITIES
Investments in tangible and - -1 083 -380
-1 201
intangible assets
Proceeds on disposal of tangible + 0 16
10
and intangible assets
Repayment of loan receivables + 1 468 376
1 042
Acquisition of subsidiaries and - 0 0
-2 504
other business units
Disposal of subsidiaries and + 0 0
0
other business units
--------------------------------------------------------------------------------
---------
NET CASH FLOW FROM INVESTMENTS 385 12
-2 653
CASH FLOW FROM FINANCING
ACTIVITIES
Proceeds from share issue + 903 0
5 268
Proceeds from non-current + 0 0
0
borrowings
Repayment of non-current - 0 0
0
borrowings
Proceeds from current borrowings + 5 534 6 365
14 052
Repayment of current borrowings - -4 936 -5 712
-13 289
Dividends paid - -4 0
0
--------------------------------------------------------------------------------
---------
NET CASH FLOW FROM FINANCING 1 497 653
6 030
ACTIVITIES
INCREASE (+) OR DECREASE (-) IN -570 354
1 540
CASH FLOW
Statement of Changes in Equity
(unaudited
)
1 000 EUR Share Other Transla Distribu-t Retained
Total
capita reserves tion able earnings
l differe non-restri
nce cted
equity
fund
--------------------------------------------------------------------------------
---------
31.12.2010 3 425 4 908 -210 35 104 -22 082
21 145
Directed 3 332
3 332
issue
Decrease -136
-136
from
share
issue
Translatio -583
-583
n
differenc
e,
comprehen
sive
income
Profit/los -4 813
-4 813
s for the
period
30.6.2011 3 425 4 908 -793 38 436 -27 031
18 944
1 000 EUR Share Other Transla Distribu-t Retained
Total
capita reserves tion able earnings
l differe non-restri
nce cted
equity
fund
--------------------------------------------------------------------------------
---------
31.12.2009 3 425 4 908 110 13 524 -19 266
2 701
Directed
0
issue
Translatio -235
-235
n
differenc
e,
comprehen
sive
income
Profit/los -1 822
-1 822
s for the
period
30.6.2010 3 425 4 908 -125 13 524 -21 088
645
Segment
information
(unaudited)
Face (Telecom) corporate transaction was completed on 30.11.2010, and Cencorp's
reporting
structure was altered. Cencorp's reporting for 2011 is based on two business
segments.
The business segments are Laser and Automation Applications, and Special
Components. In
2010 Special Components business segment was consolidated in Cencorp's
consolidated
figures starting on 1 December 2010.
1 000 EUR 1-6/2011 1-6/2010
1-12/2010
--------------------------------------------------------------------------------
---
Net sales
Laser and 8 765 4 584
11 089
Automation
Applications
Special 4 835 0 1
733
Components
Eliminations -61 0
-12
Total 13 540 4 584 12
811
Operating profit
Laser and -1 021 -2 031
-2 305
Automation
Applications
Special -2 691 0
-16
Components
Eliminations -24 0
-807
Total -3 735 -2 031 -3
128
EBITDA
Laser and -420 -1 647
-1 445
Automation
Applications
Special -1 466 0
209
Components
Eliminations -24 0
-807
Total -1 910 -1 647 -2
043
Profit/loss for
the period
Laser and -1 561 -1 822
-2 888
Automation
Applications
Special -3 359 0
-367
Components
Eliminations 108 0
-229
Total -4 813 -1 822 -3
484
Assets
Laser and 31 352 10 232
31 678
Automation
Applications
Special 23 609 0 28
712
Components
Eliminations -19 702 0 -19
551
Total 35 258 10 232 40
839
Liabilities
Laser and 10 110 9 588
10 379
Automation
Applications
Special 13 160 0 14
161
Components
Eliminations -6 956 0 -4
845
Total 16 314 9 588 19
694
Investments
Laser and 444 380
1 674
Automation
Applications
Special 372 0
259
Components
Eliminations 0 0
-127
Total 816 380 1
806
Depreciation
Laser and 601 384
799
Automation
Applications
Special 1 225 0
226
Components
Eliminations 0 0
0
Total 1 825 384 1
024
Impairment
Laser and 0 0
61
Automation
Applications
Special 0 0
0
Components
Eliminations 0 0
0
Total 0 0
61
Key Figures
(unaudited)
1 000 EUR 4-6/20 4-6/20 1-6/20 1-6/20 1-12/20
11 10 11 10 10
--------------------------------------------------------------------------------
Net sales 7 809 2 672 13 540 4 584 12 811
Operating profit -1 448 -1 107 -3 735 -2 031 -3 128
% of net sales -18,5 -41,4 -27,6 -44,3 -24,4
EBITDA -543 -914 -1 910 -1 647 -2 043
% of net sales -7,0 -34,2 -14,1 -35,9 -15,9
Profit before taxes -1 811 -1 038 -4 764 -1 838 -3 496
% of net sales -23,2 -38,8 -35,2 -40,1 -27,3
Balance Sheet value 35 258 10 232 35 258 10 232 40 839
Equity ratio, % 53,7 6,3 53,7 6,3 51,8
Net gearing, % 40,6 714,3 40,6 714,3 41,6
Gross investments 320 280 816 380 1 806
% of net sales 4,1 10,5 6,0 8,3 14,1
Research and development costs 475 81 935 319 761
% of net sales 6,1 3,0 6,9 7,0 5,9
Order book 4 228 2 348 4 228 2 348 6 013
Personnel on average 345 71 350 74 98
Personnel at the end of the period 343 70 343 70 371
Non-interest-bearing liabilities 7 445 3 750 7 445 3 750 9 136
Interest-bearing liabilities 8 693 5 678 8 693 5 678 10 440
Share key indicators
Earnings/share (basic) -0,01 -0,01 -0,01 -0,01 -0,02
Earnings/share (diluted) -0,01 -0,01 -0,01 -0,01 -0,02
Equity/share 0,06 0,005 0,06 0,00 0,07
Highest price 0,14 0,19 0,20 0,19 0,19
Lowest price 0,11 0,13 0,11 0,13 0,10
Average price 0,12 0,16 0,14 0,16 0,14
Closing price 0,12 0,14 0,12 0,14 0,15
Market capitalisation, at the end of 41,1 18,8 41,1 18,8 47,2
the period, MEUR
Calculation of Key Figures
EBITDA, % Operating profit for the period +
depreciation +
impairment
----------------------------------------
Net sales for the
period
Equity ratio, %: Total equity x
100
----------------------------------------
Total assets -
advances received
Net gearing, %: Interest-bearing liabilities - cash and
cash equivalents
and marketable
securities x 100
----------------------------------------
Shareholders' equity +
minority interest
Earnings/share (EPS): Profit/loss for the period to
the owner
of the parent company
----------------------------------------
Average number of shares adjusted for
share issue
at the end of the
financial year
Equity/share: Equity attributable to shareholders of
the parent company
----------------------------------------
Undiluted number of shares on the
balance sheet date
Commitments and contingent liabilities
(unaudited)
1 000 EUR 30.6.2011 30.6.2010 31.12.2010
--------------------------------------------------------------------------------
Loans from financial institutions 5 264 967 5 424
Promissory notes secured by pledge 12 691 12 691 12 691
Mortgages on real estate 4 727 0 5 006
Deposits 535 0 567
Factoring loan, export credit limit and bank 998 1 169 1 355
guarantee facility
Trade receivables 996 1 320 1 720
Promissory notes secured by pledge 12 691 12 691 12 691
Operating leases
Payable within one year 11 43 28
Payable over one year 3 14 5
Commitments
Payable within one year 750 246 783
Payable over one year 4 562 1 057 5 071
For more information:
President and CEO Mats Eriksson, tel. +358 400 358 982
Cencorp's interim report for January-September 2011 will be published on 7
November 2011.
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