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2007-02-27 10:00:30 CET 2007-02-27 10:00:30 CET REGULATED INFORMATION Cencorp - Financial Statement ReleaseCencorp Corporation Financial Statements for 1 January-31 December 2006Year 2006 for Cencorp Corporation Net sales dropped by 43% to EUR 20.0 million (EUR 35.3 million). Net loss for the period was EUR -4.9 (1.9) million. Operating loss (EBIT) totalled EUR -3.3 (0.8) million. Equity ratio was 12.7% (27.7%). Cash flow after investments was negative and amounted to EUR -2.6 (0.5) million. Research and development investments accounted for 2.6% of net sales, amounting to EUR 0.5 million (6.2%, or EUR 2.2 million). (The figures given for comparison are those for the corresponding period in the previous year unless otherwise stated.) -------------------------------------------------------------------------------- | (unaudited figures) | | | | | -------------------------------------------------------------------------------- | Eur 1 000 | 1-12/2006 | 1-12/2005 | Q4/2006 | Q4/2005 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | 19 974 | 35 308 | 4 218 | 8 138 | -------------------------------------------------------------------------------- | Profit/loss before | -2 039 | 1 941 | -845 | -1 070 | | depreciations (EBITDA) | | | | | -------------------------------------------------------------------------------- | % of net sales | -10.2 % | 5.5 % | -20.0 % | -13.1 % | -------------------------------------------------------------------------------- | Operating profit/loss | -3 348 | 760 | -1 270 | -1 512 | | (EBIT) | | | | | -------------------------------------------------------------------------------- | % of net sales | -16.8 % | 2 % | -30.1 % | -19 % | -------------------------------------------------------------------------------- | Financial income and | -1 526 | -471 | -626 | -45 | | expenses | | | | | -------------------------------------------------------------------------------- | Profit/loss before | -4 874 | 289 | -1 896 | -1 557 | | taxes (EBT) | | | | | -------------------------------------------------------------------------------- | % of net sales | -24.4 % | 1 % | -45.0 % | -19 % | -------------------------------------------------------------------------------- | Net result for the | -4 899 | 1 891 | -1 901 | 67 | | period | | | | | -------------------------------------------------------------------------------- | R&D expenditure | 512 | 2 201 | 83 | 697 | -------------------------------------------------------------------------------- | % of net sales | 2.0 % | 6 % | 2.6 % | 9 % | -------------------------------------------------------------------------------- | Equity ratio, % | 12.7 % | 27.7 % | 12.7 % | 27.7 % | -------------------------------------------------------------------------------- | Net debt | 13 673 | 11 736 | 13 673 | 11 736 | -------------------------------------------------------------------------------- | Equity per share | 0.08 | 0.22 | 0.08 | 0.22 | -------------------------------------------------------------------------------- | Personnel, average | 185 | 214 | 187 | 215 | -------------------------------------------------------------------------------- | Personnel, at end of | 156 | 205 | 156 | 205 | | period | | | | | -------------------------------------------------------------------------------- | Earnings per share | -0.14 | 0.06 | -0.06 | 0.00 | | (diluted), EUR | | | | | -------------------------------------------------------------------------------- | Earnings per share | -0.15 | 0.06 | -0.06 | 0.00 | | (undiluted), EUR | | | | | -------------------------------------------------------------------------------- Net sales and earnings performance January-December 2006 Cencorp's net sales and profitability decreased considerably in the period. The main reasons for the decrease in net sales were the delayed of new product launches, sales losses caused by a tougher than expected market situation and technical challenges related to product development in the laser business. The Group's profitability fell clearly short of expectations. The EUR 3.5 million cost savings achieved from the centralisation of production and administration in the period had a partial impact in the second half of the period and will reach full impact in the financial year 2007. Net sales were down 43% on the previous year, totalling EUR 20.0 (35.3 ) million, and operating loss (EBIT) was EUR -3.3 (0.8) million. The Group's net financial items totalled EUR -1.5 (-0.5) million. Profit before taxes amounted to EUR -4.9 (0.3) million, Net loss for the period was EUR -4.9 (1.9) million, while diluted earnings per share were EUR -0.14 (0.06). Investments in the laser business weakened the result by approximately 0.5 EUR million. Poor profitability weakened the company's financial position significantly in the period. To secure its financial position, the company issued a EUR 5.7 million convertible subordinated loan, which provided EUR 2.6 million of new equity. The rest was converted from the company's existing subordinated loan and other current loans. Cencorp's products saw steady demand in the first two quarters. Demand was low in the second half of the year, mainly due to stiffer competition and the seasonal fluctuation typical of the business. Cencorp Corporation's net sales came from one business segment: the automation and testing business. The laser business, which has been moved to Cencorp Corporation's subsidiary Singulase Corporation, did not generate any revenue in 2006, as the company still concentrated on product development. Product development has been delayed by nearly one year due to factors outside the Group's control. The operating loss of the automation and testing business amounted to EUR -3.0 (1.2) million, while earnings before taxes stood at EUR -4.6 (0.5) million and the net loss for the period at EUR -4.6 (2.1) million. Singulase Corporation, which started operations in May 2005, recorded an operating profit, profit before taxes and net loss for the period of EUR -0.3 (-0.4) million. The geographical split of Cencorp's net sales for 2006 was as follows: Europe 40% (65 %), the Americas 33% (16 %), and Asia and Australia 27% (19%). October-December 2006 The net income for October-December 2006 fell short of expectations due to weaker than expected net sales development in the automation and testing business. The postponement of orders and deliveries, typical of the business, also contributed to the drop in net sales. In addition, fourth-quarter performance was affected by one-off expenses related to the centralisation of production. Cencorp's net sales in October-December totalled EUR 4.2 (8.1) million. Operating loss (EBIT) was EUR -1.3 (-1.5) million. Profit for the period was EUR -1.9 (0.1) million. Balance sheet and financing The balance sheet total at the end of the review period was EUR 21.1 (25.1) million. The company's cash flow after investments was EUR -2.6 million, while interest-bearing net liabilities at the end of the period totalled EUR 13.7 (11.7) million. Accounts receivable decreased to EUR 5.6 (8.1) million, and inventories to EUR 5.2 (5.7) million. Non-interest-bearing liabilities amounted to EUR 4.8 (5.6) million and interest-bearing liabilities to EUR 14.6 (12.1) million. The equity ratio was 12.7% (27.7%). Gross investments totalled EUR 0.4 (1.8) million, or 2.2 % (5.0 %) of the period's net sales, and mainly targeted product development. The Corporation's debt structure was reorganised during the period, and a significant portion of current liabilities were converted into non-current liabilities. The EUR 1.5 million factoring limit received after the financial period will mature on 30 April 2007, calling for reorganisation. Singulase Ltd has a subordinated loan of EUR 0.8 million from the parent company. Its repayment depends on the success of laser business. Events in the financial period Details about events in the financial period are available in Cencorp Corporation's stock exchange releases on Cencorp's website at www.cencorp.com. Decisions by the Annual General Meeting The Annual General Meeting held on 23 March 2006 adopted the financial statements for 2005. In accordance with the Board of Director's proposal, it decided not to pay a dividend for 1 January-31 December 2005. A decision was also made to enter the net result for the review period ended on 31 December 2005 in retained earnings. The parent company's Board members and CEOs employed over the period were discharged from liability for the financial year 1 January-31 December 2005. The AGM passed a resolution to elect four members to the Group's Board of Directors, re-electing Jorma Kielenniva, Markku Jokela and Petri Väinölä. Sauli Kiuru, M.Sc. (Econ.), was elected as a new member. Kiuru is the Managing Director of Barona, a recruitment organisation. The Board's organisation meeting held after the General Meeting elected Jorma Kielenniva, LL.M. with court training, as Chairman and Markku Jokela, B.Sc. (Eng.) as Deputy Chairman. Ville Parpola, Cencorp Corporation's Vice President, Legal Affairs, was elected as Board Secretary. Jorma Kielenniva and Markku Jokela were elected as members of the Board's Compensation and Nomination Committee, the former as its Chairman. Tuokko Auditing Ltd was appointed as the company's auditor, with Authorised Public Accountant Timo Tuokko as the main auditor. Decisions made by the Extraordinary General Meeting The Extraordinary General Meeting held on 8 September 2006 authorised the Board of Directors to decide on a stock option issue or an issue of other share-entitling rights in one or more lots. A maximum of 10,000,000 shares can be issued in this way. The authorisation is effective until further notice, but for no longer than five years from the Extraordinary General Meeting's decision. The exercise of the authorisation requires a unanimous decision by the Board of Directors. The Extraordinary General Meeting decided to grant stock options to Cencorp Corporation's key employees and to Cencorp Corporation's fully owned subsidiary. The stock options are part of the incentive and commitment system targeting key employees, and entitle the holders to subscribe for the company's new shares. Board of Directors decided on taking out a convertible subordinated loan On 11 October 2006 Cencorp Corporation's Board of Directors decided to take out a convertible subordinated loan based on the authorisation granted by the Extraordinary General Meeting on 8 September 2006. The loan was offered for subscription to a group of professional investors. The maximum loan amount is EUR 7,000,000. A fixed annual interest rate of 6.75% will be paid on the loan capital, and the loan term is five years. The loan can also be paid using the receivables from the company's EUR 3 million subordinated loan from 2003. The convertible subordinated loan includes the right to subscription for a maximum of 10,000,000 new company shares. The share price, EUR 0.70, will be recorded as a share capital increase within the limits of the maximum capital determined in the Articles of Association. The collected assets will be used to strengthen the company's equity structure and growth opportunities, as well as to expand the company's investor base. On 13 October 2006 Cencorp Corporation's Board of Directors approved subscriptions for the 2006 convertible subordinated loan with a total nominal amount of EUR 5,739,007.40. The subscribed loan shares include the right to exchange loan shares to 8,198,582 new company shares. Of the subscribed loan shares EUR 3,134,250.00 will be paid by converting previous loan receivables from the company into the new subordinated loan. Subscription of Cencorp Corporation's shares with 2003 stock options and increase in share capital Sampo Bank plc used 2003 stock options to subscribe for 3,000,000 new Cencorp Corporation shares. The subscription price, in compliance with the stock option agreement, was EUR 0.35 per share. As a result of the subscriptions Cencorp Corporation's share capital increased by EUR 300,000 to EUR 3,425,059.10. Liquidity providing for Cencorp Corporation's share by FIM Securities Ltd On 2 January 2006, Cencorp Corporation and FIM Securities Ltd signed a market-making agreement that meets the requirements of Liquidity Providing (LP) on the Helsinki Stock Exchange. Statutory employer-employee negotiations Cencorp Corporation carried out two statutory employer-employee negotiations in the review period. As a result of the negotiations, the staff at the company's offices in Finland was reduced by 44 employees. This was mainly carried out through lay-offs. The negotiations also resulted in the decision to centralise the manufacture and administration of production automation equipment to Lohja. The site in Salo will now focus on the product development of testing equipment and on the manufacture of customised test adapters. Production was closed down in the USA, and sales and service operations were transferred from Colorado to McAllen in Texas. This led to the staff in the USA being reduced by 18 employees. The streamlining measures carried out in 2006 will bring the company annual savings in fixed costs totalling some EUR 3.5 million. Their positive effect on results started in the second half of 2006 and will reach full impact in the first half of 2007. New CEO for Cencorp Corporation Mr Petri Väinölä, Cencorp Corporation's CEO and member of the company's Board, transferred to the employment of an electronics industry contract manufacturer in Hong Kong on 1 October 2006. Cencorp Corporation's Board of Directors appointed Mr Jouni Suutarinen (38), M.Sc (Eng), previously Cencorp's Vice President R&D, as the company's CEO from 21 November 2006. In its election decision the Board emphasised profound insight into the business and sales-supporting background in R&D. Mr Pekka Kettunen, M.Sc. (Eng), was elected new Vice President, R&D. Markku Jokela appointed to Cencorp Corporation's management team Mr Markku Jokela, Cencorp Corporation's founder and biggest shareholder, was appointed Vice President, sales and marketing, and member of the management team on 19 October 2006. Mr Jokela will also continue on Cencorp Corporation's Board of Directors. New CFO Mr Jarmo Kanervo (52), M.Sc. (Econ), was appointed Cencorp Corporation's CFO and member of the management team on 8 June 2006. Philips Lighting and Cencorp signed a cooperation agreement on lead-free laser soldering On 20 April 2006 Philips Lighting BV and Cencorp Corporation signed a cooperation agreement whereby the companies will work together to further develop Cencorp's lead-free laser soldering process. It is a new laser-based method for placing and soldering odd-form components onto a PCB. The method makes use of soldering applications that are based on fibre laser and designed especially for lead-free soldering. New products Four new products were launched in the second quarter to support the production processes of existing customers and pave the way for new customer acquisitions in Cencorp's market areas. The new products are a volume router, laser marking device, ML 4 multi-level tester and screwing robot cell. New market areas Cencorp Corporation expanded its operations to Russia and Turkey in the review period. The company has not previously engaged in sales and marketing in these market areas. Cencorp Corporation signed cooperation agreements with the objective to acquire new customers among Russian and Turkish OEM equipment manufacturers and electronics contract manufacturers. Both market areas will be important to Cencorp in the future since Turkish and Russian electronics manufacturers are increasing the level of automation at their plants. Cencorp acquired the share capital of TMD On 21 November 2006 Cencorp Corporation acquired the share capital of TMD Test Mechanic & Design Oy, a company based in Salo, Finland, that specialises in the product development of electronics testing equipment and the manufacture of product prototypes. The seller in the deal was TMD's personnel. The trade price consisted of a cash portion of EUR 120,000 and a possible additional portion tied to the development of net sales and performance of Cencorp Corporation's testing business. The additional portion will be paid in Cencorp Corporation's shares in 2009. The maximum amount of the additional portion is 1,000,000 of Cencorp Corporation's new shares. The acquisition boosted Cencorp Corporation's testing equipment competence and enabled end customer-oriented, flexible and rapid product development of testing solutions. TMD's CEO Hannu Seppälä was appointed member of Cencorp Corporation's management team, responsible for the company's testing business. Changes in group structure Cencorp test solutions Oy merged with its parent company, Cencorp Corporation, on 1 January 2006. Kiinteistö Oy Salon Ratakatu 10, a real estate company owned by Cencorp Corporation, sold its factory hall and the related land lease agreement. The trade price was EUR 0.7 million. The released assets (EUR 0.7 million) will be used to improve Cencorp Corporation's financial position. Since the real estate company's sole purpose was to administer the property traded, the company will be dissolved through liquidation, beginning on 1 March 2007. Research and development Product development focused on expanding product applications for existing platforms and on developing the cost effectiveness of production processes. Cost-effectiveness was sought from cheaper components, more efficient production processes and more economical production technology. This work will continue in 2007. Cencorp continued to develop the deployment of laser technology in different products. A joint development project with one of Philips Lighting's units started in the summer. Verification of the new “in-hole” process for legged components, based on lead-free laser soldering, is nearly finished. The process aims to improve the soldering quality, capacity and evenness of PCB base compared to traditional soldering methods. The development of Singulase products continued, and especially the launch of fibre laser technology was considerably more time-consuming than expected. To secure the market launch of products, the company also initiated development cooperation with other laser manufacturers and a Finnish research institution. In 2006 Cencorp's research and development expenses were 2.6 % of net sales, or EUR 0.5 million (EUR 2.2 million, or 6.2%). Board, management and personnel At the end of the period, Cencorp Corporation's Board of Directors consisted of Mr Jorma Kielenniva, Chairman, LL.M. with court training, Mr Markku Jokela, Deputy Chairman, B.Sc. (Eng) and Sauli Kiuru, member, M.Sc. (Econ). The company's management team comprised Jouni Suutarinen (CEO), Jarmo Kanervo (finance and administration), Ville Parpola (legal affairs and personnel), Markku Jokela (sales and marketing), Juha Kantola (production), Hannu Seppälä (testing business) and Pekka Kettunen (product development). Cencorp employed an average of 185 (214) people in 2006. The payroll at the end of the period totalled 157 (205) employees: 114 (160), or 72% (78%), in Finland and 43 (45), or 28% (22%), abroad. The staff in the USA numbered 28 at the end of the review period. After production was centralised the number of employees dropped to 15 in January. Share performance and changes in ownership On 31 December 2006, the share capital of Cencorp Corporation was EUR 3,425,059.10 and the number of shares 34,250,591. The nominal book value of the shares is EUR 0.10. A total of 25,765,595 of the company's shares were traded on the Helsinki Stock Exchange during the review period, amounting to a value of EUR 20,9 million (2005: 29,948,868 and EUR 39.5 million). The highest share price in the period was EUR 1.33 and the lowest EUR 0.42. The period's average share price was EUR 0.81 and the price on the last trading day of the period (29 December 2006) was EUR 0.44. The market value of the company's share capital was EUR 15,070,260 at the end of the year. The company had a total of 6,299 shareholders at the end of the period. The ten biggest shareholders held a total of 50.1 per cent of the company's shares and votes on 31 December 2006. The company's largest shareholder is Markku Jokela, the founder of the company, former CEO and current Deputy Chairman of the Board, who holds 25.1 per cent of the company's shares and voting rights. The members of the company's Board of Directors held, either directly or through companies controlled by them, a total of 9,691,614 shares on 31 December 2006, representing 28.3 per cent of the company's shares and voting rights. CEO Jouni Suutarinen owned 300 shares at the end of the year. Shares owned by foreign shareholders on 31 December 2006 totalled 419,751, representing 1.23 per cent of all shares and voting rights. Cencorp Corporation did not own any of its own shares at the end of the year. Notifications pursuant to chapter 2, section 9, of the securities market act Notifications pursuant to chapter 2, section 9, of the Securities Market Act are available in Cencorp Corporation's stock exchange releases on the Cencorp website at www.cencorp.com. Events after the review period Details about events after the review period are available in Cencorp Corporation's stock exchange releases on Cencorp's website at www.cencorp.com. Cencorp Corporation's Board of Directors decided on financial arrangements and the distribution of stock options Cencorp Corporation and Sampo Bank plc agreed on a financial arrangement totalling EUR 1,500,000. As part of the arrangement Cencorp Corporation's Board of Directors decided to grant 1,801,400 stock options to Sampo Bank plc based on the authorisation by the Extraordinary General Meeting on 8 September 2006. The stock options will be identified as 2007A and they entitle the holder to subscribe for 1,801,400 new company shares at a price of EUR 0.40 per share. Share subscription will end on 30 September 2011. Cencorp Corporation's Board of Directors also decided on the stock option issue authorised by the General Meeting on 8 September 2006 to the Group's key employees and fully owned subsidiary, PMJ testline Oy. A total of 350,000 stock options 2006A were distributed to Cencorp Corporation's key employees. The rest of the stock options were given to PMJ testline Oy for later distribution to the Group's current or future key employees. The 2006 stock options entitle to the subscription of 1,500,000 of Cencorp Corporation's new shares. The share subscription period for stock options 2006A is 1 April 2008—30 April 2010, for stock options 2006B 1 April 2009—30 April 2011 and for stock options 2006C 1 April 2010—30 April 2012. The subscription price for stock options 2006A is EUR 0.56, which corresponds to the average price of Cencorp Corporation's share weighted with trading volume at the Helsinki Stock Exchange in the period 1 September—30 September 2006. For stock options 2006B the price is the average price weighted with Cencorp Corporation's trading volume at the Helsinki Stock Exchange in the period 1 July—31 August 2007 and for stock options 2006C the average price weighted with Cencorp Corporation's trading volume at the Helsinki Stock Exchange in the period 1 April—31 May 2008. The annual dividend will be deducted from the subscription price. The 2006 stock option plan includes a share ownership scheme. Key employees covered by the plan are required to purchase company shares at a price corresponding to 20% of the net benefits from exercised stock options. Key employees must own their shares as long as they have a valid employment relationship with the company. Business environment, customers and outlook for the future Cencorp operates in the global market for production automation for the electronics and semiconductor industries. The company supplies production automation systems and testing equipment to the semiconductor, telecommunications, industrial electronics and automotive electronics industries, as well as to electronics contract manufacturers. Its customers can be divided into a few main categories. OEM manufacturers look for global, harmonised production automation solutions that offer considerable benefits in production processes. The focus of contract manufacturing is on flexible and cost-effective solutions, price being the main purchase criteria. A new customer group consists of smaller contract manufacturers in search of automation for certain subprocesses to improve quality and cost-effectiveness. This is the main customer group for factory-reconditioned robots. The requirements set by lead-free soldering increased the demand for soldering equipment in the last quarter. Demand for products is expected to increase after the first quarter, and full-year net sales are predicted to rise from 2006 net sales. Operating profit (EBIT) is expected to be positive. The first commercial laser business applications will be on the market on the second half of the year. Board's proposal for the appropriation of profit Cencorp Corporation's Board of Directors proposes to the Annual General Meeting to be held on 17 April 2007 that the net loss for the review period ended on 31 December 2006 be entered in the retained earnings and that no dividend be paid. Annual general meeting Cencorp Corporation's Annual General Meeting will be held in the company's headquarters in Lohja on 17 April 2007 at 2:00 pm. A call to the meeting will be published later. Financial reporting in 2007 Cencorp will publish an electronic Annual Report in week 13 on the company's website at www.cencorp.com. The Annual Report will be published in both Finnish and English on the site. In 2007 Cencorp Corporation will publish its financial information in Finnish and English according to the following schedule: Interim Report Q1/2007, Thursday 10 May 2007 Interim Report Q2/2007, Thursday 21 August 2007 Interim Report Q3/2007, Thursday 6 November 2007 Invitation to Cencorp's financial statements release for analysts, investors and media Cencorp Corporation will present its financial statements 2006 to analysts, investors and the media on February 27th 2007 at 01.00 p.m. in the Restaurant Savoy at Eteläesplanadi 14, 00130 Helsinki Virkkala, Finland, 27 February 2007 Cencorp Corporation Board of Directors -------------------------------------------------------------------------------- | CONSOLIDATED INCOME STATEMENT | | | | | -------------------------------------------------------------------------------- | (unaudited | | | | | | | | figures) | | | | | | | -------------------------------------------------------------------------------- | EUR 1 000 | | | 10-12/2 | 10-12/20 | 1-12/200 | 1-12/200 | | | | | 006 | 05 | 6 | 5 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | | | 4 218 | 8 138 | 19 974 | 35 308 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other operating income | | 265 | 138 | 446 | 1 215 | -------------------------------------------------------------------------------- | Expenses, | | | -5 328 | -9 346 | -22 459 | -34 582 | | total | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Depreciations and | | -425 | -442 | -1 309 | -1 181 | | write-downs | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating | | | -1 270 | -1 512 | -3 348 | 760 | | result | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Financial income and | | -626 | -45 | -1 526 | -471 | | expenses | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Result before | | | -1 896 | -1 557 | -4 874 | 289 | | taxes | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Income taxes | | | -5 | 1 624 | -25 | 1 602 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Consolidated net result | | -1 901 | 67 | -4 899 | 1 891 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED BALANCE SHEET | | | | | -------------------------------------------------------------------------------- | (unaudited | | | | | | | | figures) | | | | | | | -------------------------------------------------------------------------------- | EUR 1 000 | | | | 31.12.20 | 31.12.2005 | | | | | | 06 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | ASSETS | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Long-term | | | | | | | | assets | | | | | | | -------------------------------------------------------------------------------- | Tangible | | | | 1 641 | 2 251 | | | assets | | | | | | | -------------------------------------------------------------------------------- | Investment | | | | 341 | 992 | | | property | | | | | | | -------------------------------------------------------------------------------- | Goodwill | | | | 2 028 | 1 902 | | -------------------------------------------------------------------------------- | Other intangible assets | | | 1 155 | 1 569 | | -------------------------------------------------------------------------------- | Incomplete product development | | 1 199 | 1 334 | | | projects | | | | | -------------------------------------------------------------------------------- | Deferred tax | | | | 1 723 | 1 895 | | | asset | | | | | | | -------------------------------------------------------------------------------- | Available-for-sale | | | 17 | 21 | | | investments | | | | | | -------------------------------------------------------------------------------- | | | | | 8 104 | 9 964 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Short-term | | | | | | | | assets | | | | | | | -------------------------------------------------------------------------------- | Inventories | | | | 5 188 | 5 661 | | -------------------------------------------------------------------------------- | Accounts | | | | 5 589 | 8 051 | | | receivable | | | | | | | -------------------------------------------------------------------------------- | Other short-term assets | | | 1 323 | 1 119 | | -------------------------------------------------------------------------------- | Cash and bank | | | 937 | 319 | | | receivables | | | | | | -------------------------------------------------------------------------------- | | | | | 13 037 | 15 150 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total assets | | | | 21 141 | 25 114 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | LIABILITIES AND SHAREHOLDERS' EQUITY | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholders' | | | | | | | | equity | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Share capital | | | | 3 425 | 3 125 | | -------------------------------------------------------------------------------- | Other restricted equity | | | 4 432 | 4 158 | | -------------------------------------------------------------------------------- | Fair value | | | | | 441 | | | fund | | | | | | | -------------------------------------------------------------------------------- | Non-restricted | | | | -5 224 | -861 | | | equity | | | | | | | -------------------------------------------------------------------------------- | Total shareholders' | | | 2 633 | 6 863 | | | equity | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Long-term | | | | | | | | liabilities | | | | | | | -------------------------------------------------------------------------------- | Long-term | | | | 10 356 | 6 038 | | | loans | | | | | | | -------------------------------------------------------------------------------- | Deferred tax | | | | 361 | 40 | | | liability | | | | | | | -------------------------------------------------------------------------------- | Long-term | | | | | 46 | | | reserves | | | | | | | -------------------------------------------------------------------------------- | Total long-term | | | 10 717 | 6 124 | | | liabilities | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Short-term | | | | | | | | liabilities | | | | | | | -------------------------------------------------------------------------------- | Accounts payable and other | | 4 450 | 5 774 | | | liabilities | | | | | -------------------------------------------------------------------------------- | Short-term | | | | 1 394 | 4 482 | | | loans | | | | | | | -------------------------------------------------------------------------------- | Long-term loans | | | 1 824 | 1 535 | | | shortening | | | | | | -------------------------------------------------------------------------------- | Tax | | | | 25 | 40 | | | liabilities | | | | | | | -------------------------------------------------------------------------------- | Short-term | | | | 98 | 296 | | | reserves | | | | | | | -------------------------------------------------------------------------------- | Total short-term | | | 7 791 | 12 127 | | | reserves | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total | | | | 18 508 | 18 251 | | | liabilities | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total liabilities and | | 21 141 | 25 114 | | | shareholders' equity | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY 1.1. - 31.12.2006 | -------------------------------------------------------------------------------- | (unaudited | | | | | | | | figures) | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Share | Other | Transla | Retained | Total | | | | | | tion | | | | -------------------------------------------------------------------------------- | | capital | restri | differe | earnings | | | | | | cted | nce | | | | -------------------------------------------------------------------------------- | EUR 1 000 | | equity | | | | | -------------------------------------------------------------------------------- | Shareholders' | | | | | | | | equity | | | | | | | -------------------------------------------------------------------------------- | 31.12.2005 | 3 125 | 4 158 | -3 362 | 2 942 | 6 863 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | IAS40 | | 441 | | -441 | | | -------------------------------------------------------------------------------- | | | -167 | | | -167 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Translation | | | 200 | | 200 | | | difference | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Directed share | 300 | | | | 300 | | | issue | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | IAS12 | | | | -282 | -282 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | IAS39 | | | | 608 | 608 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net result | | | | -4 889 | -4 889 | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholders' | 3 425 | 4 432 | -3 162 | -2 062 | 2 633 | | | equity | | | | | | | -------------------------------------------------------------------------------- | 31.12.2006 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY 1.1. - 31.12.2005 | -------------------------------------------------------------------------------- | (unaudited | | | | | | | | figures) | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | | Share | Other | Transla | Retained | Fair | Total | | | | | tion | | Value | | -------------------------------------------------------------------------------- | | capital | restri | differe | earnings | Fund | | | | | cted | nce | | | | -------------------------------------------------------------------------------- | EUR 1 000 | | equity | | | | | -------------------------------------------------------------------------------- | Shareholders' | | | | | | | | equity | | | | | | | -------------------------------------------------------------------------------- | 31.12.2004 | 3 125 | 6 658 | -3 767 | -1 890 | | 4 126 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Transfer of the reserve | -2 500 | | 2 500 | | | | fund | | | | | | -------------------------------------------------------------------------------- | Fair value | | | | | 441 | 441 | | raise | | | | | | | -------------------------------------------------------------------------------- | Translation | | | 405 | | | 405 | | difference | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net result | | | | 1 891 | | 1 891 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Shareholders' | 3 125 | 4 158 | -3 362 | 2 501 | 441 | 6 863 | | equity | | | | | | | -------------------------------------------------------------------------------- | 31.12.2005 | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONSOLIDATED CASH FLOW STATEMENT | | | | -------------------------------------------------------------------------------- | (unaudited | | | | | | | | figures) | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR 1 000 | | | 1-12/20 | 1-12/200 | | | | | | | 06 | 5 | | | -------------------------------------------------------------------------------- | Cash flow from | | -2 908 | 1 634 | | | | operations | | | | | | -------------------------------------------------------------------------------- | Cash flow into and from | 332 | -1 168 | | | | investments | | | | | -------------------------------------------------------------------------------- | Financial cash | | | 3 187 | -2 301 | | | | flow | | | | | | | -------------------------------------------------------------------------------- | Increase(+)/ decrease(-) in | 611 | -1 835 | | | | financial assets | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | GROUP KEY FIGURES | | | | | | -------------------------------------------------------------------------------- | (unaudited | | | | | | | | figures) | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR 1 000 | | | 10-12/2 | 10-12/20 | 1-12/200 | 1-12/200 | | | | | 006 | 05 | 6 | 5 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Net sales | | | 4 218 | 8 138 | 19 974 | 35 308 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Operating | | | -1 270 | -1 512 | -3 348 | 760 | | result | | | | | | | -------------------------------------------------------------------------------- | % of net sales | | | -30.1 % | -18.6 % | -16.8 % | 2.2 % | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Result before extraordinary items | -1 896 | -1 741 | -4 874 | 105 | | and taxes | | | | | -------------------------------------------------------------------------------- | % of net sales | | | -45.0 % | -21.4 % | -24.4 % | 0.3 % | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Total assets | | | 21 141 | 25 114 | 21 141 | 25 114 | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Return on equity (ROE), | | - | - | -103.0 % | 34.4 % | | % | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Return on investment | | - | - | -18.7 % | 7.3 % | | (ROI), % | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Equity ratio, | | | 12.7 % | 27.7 % | 12.7 % | 27.7 % | | % | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Gearing ratio, | | | 467.9 % | 171.0 % | 467.9 % | 171.0 % | | % | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Gross | | | 203 | 336 | 436 | 1 767 | | investments | | | | | | | -------------------------------------------------------------------------------- | % of net sales | | | 4.8 % | 4.1 % | 2.2 % | 5.0 % | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | R&D | | | 83 | 697 | 512 | 2 201 | | expenditure | | | | | | | -------------------------------------------------------------------------------- | % of net sales | | | 2.0 % | 8.6 % | 2.6 % | 6.2 % | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Personnel, | | | 187 | 215 | 185 | 214 | | average | | | | | | | -------------------------------------------------------------------------------- | Personnel, at end of | | 156 | 205 | 156 | 205 | | period | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Non-interest bearing | | 4 835 | 5 613 | 4 835 | 5 613 | | liabilities | | | | | | -------------------------------------------------------------------------------- | Interest bearing | | 14 610 | 12 055 | 14 610 | 12 055 | | liabilities | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Per-share key figures: | | | | | | -------------------------------------------------------------------------------- | Number of shares at end of period | 34 250 | 31 250 | 34 250 | 31 250 | | | 591 | 591 | 591 | 591 | -------------------------------------------------------------------------------- | Average number of shares at end | 34 250 | 31 250 | 33 196 | 32 725 | | of period | 591 | 591 | 044 | 627 | -------------------------------------------------------------------------------- | Average number of shares diluted | 29 316 | 33 472 | 34 513 | 33 455 | | for stock options | 611 | 813 | 135 | 136 | -------------------------------------------------------------------------------- | Earnings per share, EUR/share | -0.06 | 0.00 | -0.14 | 0.06 | | (diluted) | | | | | -------------------------------------------------------------------------------- | Earnings per share, EUR/share | -0.06 | 0.00 | -0.15 | 0.06 | | (undiluted) | | | | | -------------------------------------------------------------------------------- | Equity per share, EUR | | 0.08 | 0.22 | 0.08 | 0.22 | -------------------------------------------------------------------------------- | P/E ratio, | | | -6.8 | 614.5 | -3.1 | 24 | | (diluted) | | | | | | | -------------------------------------------------------------------------------- | P/E ratio, | | | -7.7 | 573.7 | -3.1 | 23 | | (undiluted) | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Share price | | | | | | | | trend: | | | | | | | -------------------------------------------------------------------------------- | High, euros | | | 0.62 | 1.70 | 1.33 | 1.92 | -------------------------------------------------------------------------------- | Low, euros | | | 0.42 | 1.11 | 0.42 | 0.60 | -------------------------------------------------------------------------------- | Average, euros | | | 0.50 | 1.35 | 0.81 | 1.32 | -------------------------------------------------------------------------------- | Price at end of period, | | 0.44 | 1.23 | 0.44 | 1.23 | | euros | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Market capitalization at end of | 15 | 38 | 15 | 38 | | period, EUR millions | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Share turnover | | | | | | | | trend: | | | | | | | -------------------------------------------------------------------------------- | Share issue-adjusted | | - | - | 25 765 | 29 948 | | turnover | | | | 595 | 868 | -------------------------------------------------------------------------------- | Proportion of weighted average of | - | - | 77.6 % | 91.5 % | | shares | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | CONTINGENT LIABILITIES | | | | | | -------------------------------------------------------------------------------- | (unaudited | | | | | | | | figures) | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | EUR 1 000 | | 31.12. | 31.12.2 | | | | | | | 2006 | 005 | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Loans from financial | 13 069 | 7 539 | | | | | institutions | | | | | | -------------------------------------------------------------------------------- | Corporate mortgages | 12 687 | 12 452 | | | | | granted | | | | | | -------------------------------------------------------------------------------- | Real-estate mortgages | 0 | 168 | | | | | granted | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Other loans | | 1 541 | 1 815 | | | | -------------------------------------------------------------------------------- | Real-estate mortgages | 0 | 0 | | | | | granted | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Used bank guarantee | 151 | 330 | | | | | facility | | | | | | -------------------------------------------------------------------------------- | Real-estate mortgages | 0 | 0 | | | | | granted | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Given as | | | | | | | | collateral | | | | | | | -------------------------------------------------------------------------------- | Corporate mortgages | 12 687 | 12 452 | | | | | granted, total | | | | | | -------------------------------------------------------------------------------- | Real-estate mortgages | 0 | 168 | | | | | granted, total | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Leasing commitments | | | | | | -------------------------------------------------------------------------------- | falling due during the | 112 | 168 | | | | | next 12 months | | | | | | -------------------------------------------------------------------------------- | falling due | | 103 | 186 | | | | | later | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Rental | | | | | | | | liabilities | | | | | | | -------------------------------------------------------------------------------- | falling due during the | 59 | 150 | | | | | next 12 months | | | | | | -------------------------------------------------------------------------------- | falling due | | 59 | 117 | | | | | later | | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- | Liabilities due to derivative | | | | | | contracts | | | | | -------------------------------------------------------------------------------- | Forward exchange | 0 | 0 | | | | | contracts | | | | | | -------------------------------------------------------------------------------- | of which taken out to | | | | | | | hedge | | | | | | -------------------------------------------------------------------------------- | the parent company's | 0 | 0 | | | | | accounts receivable | | | | | | -------------------------------------------------------------------------------- | of which taken out to | | | | | | | hedge | | | | | | -------------------------------------------------------------------------------- | the parent company's | 0 | 0 | | | | | other receivables | | | | | | -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- For more information, please contact: Jouni Suutarinen President and CEO Tel. +358 (0)19 6610 100 Cencorp supplies the electronics and semiconductor industries with automation solutions that enhance productivity. DISTRIBUTION: Helsinki Stock Exchange and the media Neither this press release nor any copy of it may be taken, transmitted into or distributed in the United States of America or its territories or possessions. |
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