2013-08-06 08:00:02 CEST
2013-08-06 08:00:08 CEST
REGULATED INFORMATION
Ixonos - Interim report (Q1 and Q3)
Q2 Profitability recovering according to plan, despite revenue decline
Helsinki, Finland, 2013-08-06 08:00 CEST (GLOBE NEWSWIRE) --
Ixonos Plc Interim report
6 August 2013, 9.00
Interim report for the period 1 January - 30 June 2013
Q2/2013 in brief: (last year's reference figures inside brackets)
- Turnover for the second quarter was EUR 10.1 million (2012: EUR 16.4
million), a change of -38.4 per cent.
- Earnings before interest, taxes, depreciation and amortisation (EBITDA) was
-0.1 MEUR, -1,4 percent of turnover, (2012: -0.2 MEUR, -0.9 percent of
turnover).
- Operating profit was EUR -0.9 million, -8.5 percent of turnover (2012: EUR
-1.3 million, -8.1 percent of turnover), -8.5 per cent of turnover.
- Net profit was EUR -0.9 million, -9.2 per cent of turnover (2012: EUR -1.1
million, -6.6 percent of turnover),
- Earnings per share were EUR -0.03 (2012: EUR -0.05).
Review period in brief:
- Turnover for the review period was EUR 20.9 million (2012: EUR 34.1 million),
a change of -38.7 per cent.
- Earnings before interest, taxes, depreciation and amortisation (EBITDA) was
-1.3 MEUR, -6,3 percent of turnover, (2012: -0.3 MEUR, -0.9 percent of
turnover).Operating profit was EUR -2.8 million, -13.3 per cent of turnover
(2012: EUR -11.8 million including goodwill impairment of EUR 9.2 million,
-34.6 percent of turnover)
- Net profit was EUR -2.6 million, -12.3 per cent of turnover. (2012: EUR -11.3
million, -33.2 percent of turnover),
- Earnings per share were EUR -0.08 (2012: EUR -0.51).
- Net cash flow from operating activities was EUR -4.7 million (2012: EUR 1.8
million).
Future prospects in brief:
Ixonos keeps its guidance for 2013 unchanged: Estimated turnover for 2013 to be
in the range of EUR 40 - 50 million. EBITDA for the entire year is expected to
be positive. EBIT in the second half-year is estimated to be better than in the
first half.
Esa Harju, President and CEO:"Our change process towards profitability recovery and positive cash flow has
continued during the second quarter of the year. Whilst our turnover has
decreased, as expected, we have been able to improve our profitability both in
comparison to the respective quarter last year and the first quarter this year.
We have been able to slow down revenue decline almost completely during the
second quarter, and this was in fact the first quarter for quite some time with
improved year-on-year profitability.
We have been successful in reducing our costs in many areas, in line with our
plans. In Finland we implemented personnel savings via cooperation
negotiations, which impacted the whole personnel. These savings have started to
have impact on our costs towards the end of the second quarter. We have also
concluded the ramp-down of our software production sites in China and Estonia.
Despite these savings, our cash position remains challenging, and we have taken
measures to structure our financing, as announced on 22 July 2013.
We recruited two new members to Ixonos Group Management Team during the second
quarter, and are now moving forward with the renewed leadership team &
governance.
We have also taken measures to strengthen our Sales organization and processes
during the spring, in order to be able to grow our customer base and to
stabilize our turnover. The market environment in Finland and globally has
clearly developed to a more challenging direction during the past months, as
many customers have been cutting down their investments, and this is
necessitating even more focus on sales.
Our Dream, Design, Deliver customer promise is clearly proving its value both
for our established as well as new customers. We have been able to demonstrate
in many customer projects our ability to deliver unique customer solutions, by
combining our world-class Design capabilities with professional solution
implementation skills.
Although our business has been loss-making during the first half of the year,
we are expecting our profitability to continue to improve during the rest of
the year. We will be facing a challenging market environment during the second
half of the year, but we strongly believe that we are on the right path in
developing our business and operations forward."
OPERATIONS
Ixonos is a creative mobile solutions company. We develop technologies,
software and solutions for mobile devices and services. Together with our
corporate customers, we design products and services that provide superior user
experiences. We also improve the competitiveness of our client organizations by
shortening the time to market for their devices and services. Our strategy is
to position ourselves as a strategic partner to the leading innovators in the
mobile and online industry.
We have offices in Finland, Denmark, Estonia, Germany, Great Britain, Slovakia,
South Korea and the United States.
Our Connected Devices service area comprises of products and services for
R&D of mobile devices. This includes professional services in software
development, testing and system integration for mobile devices and embedded
systems, as well as a broad range of device design and consultancy services for
consumer electronics appliances and industrial equipment. The clientele
comprises wireless technology suppliers, mobile device manufacturers,
telecommunications companies, companies in various industries and entertainment
electronics manufacturers operating on the international market. Customers
include Cargotec, Huawei, Intel, Nokia, Qualcomm and Vodafone.
The Online Solutions service area encompasses products and services for the
development of cloud services and mobile applications, as well as system
integration and professional services for online service development. In
Finland, the offering is accompanied by online solutions for e-commerce,
e-government and service operations. The clientele consists of companies in the
publishing, communications, telecommunications and service sectors and also
includes Finnish public administration organizations. Customers include Al
Jazeera, BBC, eZ Systems, Fonecta, Kone and Finnish Ministry of Finance.
Our Design (former User Experience Design) service area includes design
services and products for comprehensive user experiences. The services
encompass brand-supporting design strategy consultation and concept
development, innovation design and implementation as well as comprehensive
design of wireless devices including industrial design, functionalities, user
interface and applications. The customers include Marcopolo, MBC, National
Geographic, Samsung, Sony and Warner Brothers.
SEGMENT REPORTING
Ixonos reports its operations as a single segment that comprises the three
service areas described above: Connected Devices, Online Solutions and Design.
The product and service offering of the service areas make up the company's
core business, which focuses on wireless devices, online services and
mobile-application R&D.
TURNOVER
The company's turnover in the second quarter was EUR 10.1 million (2012: EUR
16.4 million), which is 38.4 per cent less than in the previous year.
Consolidated turnover for the review period was EUR 20.9 million (2012: EUR
34.1 million), which is 38.7 per cent less than in the previous year. The main
reason for the decrease in turnover was a change in strategy of the company's
single biggest customer during 2011 and 2012. During the review period, no
single customer held a dominating share of the turnover and none brought in
more than one fourth of the turnover.
FINANCIAL RESULT
The operating result for the second quarter was EUR -0.9 million (2012: EUR
-1.3 million) and the result before taxes was EUR -1.1 million (2012: EUR -1.5
million). The result for the second quarter was EUR -0.9 million (2012: EUR
-1.1 million). Second-quarter earnings per share was EUR -0.03 (2012: EUR
-0.05). Cash flow per share from operating activities in the second quarter was
EUR -0.04 (2012: EUR 0.06).
The company's consolidated operating profit was EUR -2.8 million (2012: EUR
-11.8 million including goodwill impairment of EUR 9.2 million) and profit
before tax was EUR -3.1 million (2012: EUR -12.0 million). Profit for the
period was EUR -2.6 million (2012: EUR -11.3 million). Earnings per share was
EUR -0.08 (2012: EUR -0.51). Cash flow per share from operating activities was
EUR -0.14 (2012: EUR 0.08).
RETURN ON CAPITAL
Consolidated return on equity (ROE) was -62.4 per cent (2012: -95.2 per cent)
and return on investment (ROI) was -24.3 per cent (2012: -69.7 per cent).
INVESTMENTS
Investments during the period totalled EUR 0.2 million (2012: EUR 1.2 million).
BALANCE SHEET AND FINANCING
The balance sheet total was EUR 31.0 million (2012: EUR 41.1 million).
Shareholders' equity was EUR 9.0 million (2012: EUR 18.1 million). The equity
ratio was 28.8 per cent (2012: 44.2 per cent). The Group's liquid assets at the
end of the review period amounted to EUR 0.8 million (2012: EUR 1.2 million).
At the end of the review period, the balance sheet showed EUR 12.2 million
(2012: EUR 7.4 million) in bank loans. This amount includes overdraft in use.
The bank loans have covenants attached to them. These covenants are based on
the equity ratio and on the proportion of interest-bearing bank loans to the
12-month rolling operating profit.
At 30 June 2013, the company did not meet the terms of the covenants. The
company's non-current borrowings are therefore presented as current
liabilities, in accordance with IFRS. However, the company has received waivers
from its lenders for the second half of the year.
GOODWILL
On 30 June 2013, the consolidated balance sheet included EUR 12.4 million in
goodwill. This is EUR 2.0 million less than at the end of the review period in
2012. The amount of goodwill has been reduced due to impairment recognised in
December 2012.
CASH FLOW
Consolidated cash flow from operating activities during the period was EUR -4.7
million (2012: EUR 1.8 million). By 30 June 2013, the company had sold EUR 3.2
million (2012: EUR 3.9 million) in accounts receivable so as to reduce their
turnaround time.
PERSONNEL
The number of personnel averaged 542 (2012: 974) during the review period. At
the end of the period, the company had 502 (2012: 894) employees. Staff
decreased in Finland as well as abroad. At the end of the period, the Group had
371 employees (2012: 503) in Finnish companies, while Group companies in other
countries employed 131 (2012: 391). During the review period, the number of
employees decreased by 108.
SHARES AND SHARE CAPITAL
Share turnover and price
During the review period, the highest price of the company's share was EUR 0.68
(2012: EUR 1.20) and the lowest price was EUR 0.22 (2012: EUR 0.79). The
closing price on 30 June 2013 was EUR 0.28 (2012: EUR 0.87). The average price
over the review period was EUR 0.35 (2012: EUR 0.95). The number of shares
traded during the review period was 8,941,212 (2012: 2,294,521), which
corresponds to 25.4 per cent (2012: 15.2 per cent) of the total number of
shares at the end of the period. According to the closing price on 30 June
2013, the market value of the company's shares was EUR 9,866,956 (2012: EUR
13,139,161).
During the review period Ixonos completed a share issue directed to its present
shareholders. All of the issued 20,136,645 shares, totalling EUR 4.23 million,
were subscribed.
Share capital
At the beginning of the review period, the company's registered share capital
was EUR 585,394.16 and the number of shares was 15,102,484. At the end of the
review period, the company's registered share capital was EUR 585,394.16 and
the number of shares was 35,239,129.
Option plan 2011
The Board of Directors of Ixonos Plc decided on 30 November 2011 to grant new
options. This decision was based on the authorisation given by the Annual
General Meeting on 29 March 2011.
The options were issued by 31 December 2011, free of charge, to a subsidiary
wholly owned by Ixonos Plc. This subsidiary will distribute the options, as the
Board decides, to employees of Ixonos Plc and other companies in the Ixonos
Group, to increase their commitment and motivation. Options will not be issued
to members of the Board of Directors of Ixonos Plc or to the Ixonos Group's
senior management (Ixonos Management Invest Oy shareholders).
The options will be marked IV/A, IV/B and IV/C. A total of 600,000 options will
be issued. According to the terms of the options, the Board of Directors
decides how the options will be divided between option series and, if needed,
how undistributed options will be converted from one series to another.
Each option entitles its holder to subscribe for one new or treasury share in
Ixonos Plc. The shares that can be subscribed for with options comprise 3.82
per cent of all Ixonos Plc shares and votes on a fully diluted basis.
The exercise period for the IV/A options will begin on 1 October 2014, for the
IV/B options on 1 October 2015 and for the IV/C options on 1 October 2016. The
exercise periods for all options will end on 31 December 2018. The exercise
price for each option series is a trade volume weighted average price at NASDAQ
OMX Helsinki. The exercise prices will be reduced by the amount of dividends,
and they can also be adjusted under other circumstances specified in the option
terms.
The stock option program comprises 230,000 shares that are unallocated or have
been returned to the company. Allocating these will be decided by the Board of
Directors according to the schedule of series IV/C.
Shareholders
On 30 June 2013, the company had 3,456 shareholders (2012: 3,060). Private
persons owned 53.2 per cent (2012: 55.5 per cent) and institutions 46.8 per
cent (2012: 44.5 per cent) of the shares. Foreign ownership was 8.8 per cent
(2012: 7.3 per cent) of all shares.
OTHER EVENTS DURING THE REVIEW PERIOD
Market events in the first half of 2013
At the beginning of 2013, Ixonos announced new accounts, including National
Geographic Society and Firstbeat Technologies. Ixonos and Sharp Europe reported
that they would collaborate to create mobile devices for mutual customers.
Ixonos also announced that Samsung Electronics had chosen the company as its
innovation partner, to focus particularly on developing the Android user
experience. In the end of March, Ixonos reported that it was set to deliver the
user experience design and software of the infotainment solution for the luxury
coaches of Brazilian bus manufacturer Marcopolo. The solution is based on
Ixonos IVI Connect ™ infotainment solution. In May Ixonos announced it had
signed a new multi-million Euro contract expansion with an existing operator
customer in Asia. The contract involves the user experience implementation for
several device categories on a variety of operating systems. The expanded
design and consulting service operations will continue into 2014.
A new product Ixonos Media Spark™ was launched in January 2013. In February,
technology components for embedded systems, was launched. These components
include a modern embedded Linux solution as well as a fast HD video streaming
solution suitable e.g. for closed circuit TV. In May Ixonos brought out a
unique service package for testing of smart electronic devices. The testing
package includes support for R&D and type approvals which makes it the
first of its kind launched in Northern Europe.
New registration document
On 21 January 2013, Ixonos published its registration document, which the
Financial Supervisory Authority had approved on 17 January 2013, as provided in
the Securities Market Act (746/2012). The registration document contains
information about the company, its operations and its financial position. It is
valid for 12 months from the date of approval. The new registration document
includes a working capital statement noting that the company's present working
capital will not be sufficient for the company's needs over the next twelve
months, but that the company's working capital will be sufficient for the
company's needs over the next twelve months if the company's cash flow develops
as forecasted and planned and if the share issue is completed in its entirety.
However, there is no guarantee that the company will be able to fulfil its
financial covenants under all circumstances. If the company cannot comply with
its covenants, the financiers are entitled to e.g. call in the loans or
renegotiate the terms of the loans. If required, the company negotiates with
its financiers on additional financing. The management of the company trusts
that should the working capital requirements cause a need for additional
financing, the company will be able to meet that need.
Share issue
Ixonos Plc's rights issue ended on 7 February 2013. All 20,136,645 shares
offered were subscribed for. The number of shares after the issue is
35,239,129. A total of 19,052,212 shares were subscribed for with subscription
rights. This amount corresponds to approximately 94.6 per cent of the shares
offered. In the secondary subscription, 5,358,879 shares were subscribed for
without subscription rights, and subscriptions for 1,084,433 shares were
accepted. The subscriptions thus correspond to approximately 121.2 per cent of
the shares offered. Ixonos raised approximately EUR 4.23 million gross through
the issue. As all offered shares were subscribed for, the underwriting
commitments that had been provided were not used.
On 16 January 2013, because of the rights issue, Ixonos' Board of Directors
adjusted the subscription ratio and exercise price associated with the option
rights in the 2011 option plan, in accordance with the terms of the options.
The adjustment was made to ensure equal treatment of option holders and
shareholders. It was announced in a stock exchange release on 13 February 2013.
Changes in the Management Team
During the review period the following changes have taken place:
-- Esa Harju took up his duties as President and CEO on 1 January 2013.
-- CFO Timo Leinonen left the company on 22 January 2013.
-- New CFO Teppo Talvinko took up his duties on 1 February 2013.
-- Vice President Pasi Iljin left the company on 11 April 2013.
-- Bo Lönnqvist was appointed as the new head of Connect Devices business
unit, as of 1 July 2013.
-- Satu Roininen was appointed head of Human Resources, as of 8 July 2013.
EVENTS AFTER THE REVIEW PERIOD
Two new members joined the Group's Management Team. Bo Lönnqvist joined Ixonos
and took up the duties of the head of Connect Devices business unit on 1 July
2013. Satu Roininen joined Ixonos as head of Human Resources on 8 July 2013.
On 22 July 2013 Ixonos announced that its financiers had renewed the waiver for
premature payback of covenant-bearing loans until 31.12.2013 and that it had
secured a loan agreement for short term debt with Oy Turret Ab. The loan
agreement enables, if necessary, additional financing for a maximum of 2.5
million Euros until the end of 2013.
RISK MANAGEMENT AND NEAR-FUTURE UNCERTAINTY FACTORS
Ixonos Plc's risk management aims to ensure undisturbed continuity and
development of the company's operations, support attainment of the commercial
targets set by the company and promote increasing company value. Details on the
risk management organisation and process as well as on recognised risks are
presented on the company's website at www.ixonos.com.
Changes in key customer accounts may have adverse effects on Ixonos'
operations, earning power and financial position. Should a major customer
switch its purchases from Ixonos to its competitors or make forceful changes to
its own operating model, Ixonos would have limited ability to acquire, in the
short term, new customer volume to compensate for such changes.
The reduction and rationalisation of the company's operations cause one-time
expenses, such as redundancy payments in various countries. This increases the
company's need for short-term financing. The company manages this need by
creating, together with financiers, adequate buffers to ensure sufficient funds
as well as by facilitating the circulation of working capital.
The company's balance sheet also includes a significant amount of goodwill,
which may still be impaired should internal or external factors reduce the
profit expectations of the company or any of its cash generating units.
Goodwill is tested during the final quarter of each year and, if necessary, at
other times.
The company's financial agreements have covenants attached to them. A covenant
breach may increase the company's financial expenses or lead to a call for
swift partial or full repayment of non-equity loans. The main risks related to
covenant breaches are associated with operating profit fluctuation due to the
market situation and with a potential need to increase the company's working
capital through non-equity funding. The company manages these risks by
negotiating with financiers and by maintaining readiness for various financing
methods.
There is a risk that the company's working capital will not be sufficient to
fund the company's operations over the next twelve months. Although the company
considers that it will be able to cover its need for working capital over the
next twelve months through various means, there is no guarantee that the
company will be able to ensure sufficient working capital under all
circumstances. A shortage of working capital may have a substantial adverse
effect on the company's operations, result and financial position.
LONG-TERM GOALS AND STRATEGY
In the long term, Ixonos aims to achieve an operating profit of at least 10 per
cent. To reach its long-term goals, Ixonos focuses its strategy on deepening
the company's product, solution and service operations as well as on new
accounts in selected industries.
Our value proposition - Dream, Design, Deliver - works best for customers for
whom a short time to market and a well thought-through user experience are
crucial. Our ability to combine design skills, productised solutions, advanced
online services and device deliveries is at top level globally.
FUTURE PROSPECTS
In accordance with its strategy, Ixonos continues to strengthen and expand its
customer base by focusing on offering products, solutions and services for
technology suppliers, mobile device manufacturers, consumer electronics
manufacturers, different industry segments and other customers in Finland as
well as internationally.
By continuously rationalising its operations, Ixonos aims to restore positive
cash flow and profitability.
Ixonos keeps its guidance for 2013 unchanged: Estimated turnover for 2013 to be
in the range of EUR 40-50 million. EBITDA for the entire year is predicted to
be positive. EBIT in the second half is estimated to be better than in the
first half.
NEXT REPORTS
The interim reportfor the period 1 January - 30 September 2013 will be
published on 25 October 2013.
IXONOS PLC
Board of Directors
For more information, please contact:
Ixonos Plc
- Esa Harju, President and CEO, tel. +358 40 844 3367, esa.harju@ixonos.com
- Teppo Talvinko, CFO, tel. +358 40 715 3660, teppo.talvinko@ixonos.com
Distribution:
NASDAQ OMX Helsinki
Main media
THE IXONOS GROUP
ABBREVIATED FINANCIAL STATEMENTS 1 January - 30 June 2013
Accounting policies
This financial statement bulletin has been prepared in accordance with IAS 34
(Interim Financial Reporting) and the accounting policies for the annual
financial statement of 31 December 2012. The IFRS amendments and
interpretations that entered into force on 1 January 2013 have not affected the
consolidated financial statements.
Preparing the financial statements in accordance with IFRS requires Ixonos'
management to make estimates and assumptions that affect the amounts of assets
and liabilities on the balance sheet date as well as the amounts of income and
expenses for the review period. In addition, judgment must be used in applying
the accounting policies. As the estimates and assumptions are based on views
prevailing at the time of releasing the interim report, they involve risks and
uncertainty factors. Actual results may differ from estimates and assumptions.
The figures in the income statement and balance sheet are consolidated. The
consolidated balance sheet includes all group companies as well as Ixonos
Management Invest Oy, a company owned by members of Ixonos' management. The
original interim report is in Finnish. The interim report in English is atranslation of the original report.
As the figures in the report have been rounded, sums of individual figures may
differ from the sums presented. The interim report is unaudited.
CONSOLIDATED INCOME STATEMENT, EUR 1,000
1.1.-30.6.2 1.1.-30.6.2 Change 1.1.-31.12.
013 012 % 2012
--------------------------------------------------------------------------------
Turnover 20,911 34,089 -38.7 56,852
--------------------------------------------------------------------------------
Operating expenses -23,688 -36,694 -35.4 -69,969
--------------------------------------------------------------------------------
OPERATING PROFIT BEFORE GOODWILL -2,777 -2,605 6.6 -13,117
IMPAIRMENT
--------------------------------------------------------------------------------
Goodwill impairment 0 -9,200 -11,200
--------------------------------------------------------------------------------
OPERATING PROFIT -2,777 -11,805 -76.5 -24,317
--------------------------------------------------------------------------------
Financial income and expenses -356 -209 70.2 -700
--------------------------------------------------------------------------------
Profit before tax -3,132 -12,014 -73.9 -25,018
--------------------------------------------------------------------------------
Income tax 570 690 -17.5 3,043
--------------------------------------------------------------------------------
PROFIT FOR THE PERIOD -2,563 -11,323 -77.4 -21,975
--------------------------------------------------------------------------------
Attributable to:
--------------------------------------------------------------------------------
Equity holders of the parent -2,641 -11,308 -76.6 -21,948
--------------------------------------------------------------------------------
Non-controlling interests 78 -15 -608.6 -27
--------------------------------------------------------------------------------
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME, EUR 1,000
Profit for the period -2,563 -11,323 -21,975
-------------------------------------------------------------
Other comprehensive income
-------------------------------------------------------------
Change in translation difference 61 14 -11
-------------------------------------------------------------
COMPREHENSIVE INCOME FOR THE PERIOD -2,502 -11,309 -21,987
-------------------------------------------------------------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION, EUR 1,000
ASSETS 30.6.2013 30.6.2012 31.12.2012
--------------------------------------------------------------------------------
NON-CURRENT ASSETS
--------------------------------------------------------------------------------
Goodwill 12,447 14,447 12,447
--------------------------------------------------------------------------------
Other intangible assets 2,078 4,625 2,646
--------------------------------------------------------------------------------
Property, plant and equipment 2,735 4,051 3,410
--------------------------------------------------------------------------------
Deferred tax assets 3,383 713 2,780
--------------------------------------------------------------------------------
Available-for-sale investments 14 110 19
--------------------------------------------------------------------------------
TOTAL NON-CURRENT ASSETS 20,656 23,946 21,303
--------------------------------------------------------------------------------
CURRENT ASSETS
--------------------------------------------------------------------------------
Trade and other receivables 9,495 15,951 11,551
--------------------------------------------------------------------------------
Cash and cash equivalents 840 1,227 477
--------------------------------------------------------------------------------
TOTAL CURRENT ASSETS 10,334 17,178 12,028
--------------------------------------------------------------------------------
TOTAL ASSETS 30,991 41,124 33,331
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
EQUITY AND LIABILITIES 30.6.2013 30.6.2012 31.12.2012
--------------------------------------------------------------------------------
SHAREHOLDERS' EQUITY
--------------------------------------------------------------------------------
Share capital 585 585 585
--------------------------------------------------------------------------------
Share premium reserve 219 219 219
--------------------------------------------------------------------------------
Invested non-restricted equity fund 24,171 20,277 20,247
--------------------------------------------------------------------------------
Retained earnings -14,574 8,192 8,214
--------------------------------------------------------------------------------
Profit for the period -2,641 -11,308 -21,948
--------------------------------------------------------------------------------
Equity attributable to equity holders of the 8,703 17,965 7,317
parent
--------------------------------------------------------------------------------
Non-controlling interests 250 184 172
--------------------------------------------------------------------------------
TOTAL SHAREHOLDERS' EQUITY 8,953 18,150 7,489
--------------------------------------------------------------------------------
LIABILITIES
--------------------------------------------------------------------------------
Non-current liabilities 1,033 2,906 1,521
--------------------------------------------------------------------------------
Current liabilities 21,004 20,067 24,320
--------------------------------------------------------------------------------
TOTAL LIABILITIES 22,038 22,974 25,841
--------------------------------------------------------------------------------
TOTAL EQUITY AND LIABILITIES 30,991 41,124 33,331
--------------------------------------------------------------------------------
STATEMENT OF CHANGES IN CONSOLIDATED SHAREHOLDERS' EQUITY, EUR 1,000
A: Share Capital
B: Share premium reserve
C: Share issue
D: Invested non-restricted equity fund
E: Translation dirrerence
F: Retained earnings
G: Total equity attributable to equity holders of the parent
H: Non-controlling interests
I: Total equity
A B C D E F G H I
--------------------------------------------------------------------------------
Shareholders' equity at 1 585 219 0 20,313 86 8,045 29,248 200 29,448
January 2012
--------------------------------------------------------------------------------
Profit for the period -11,30 -11,30 -15 -11,32
8 8 3
--------------------------------------------------------------------------------
Other comprehensive
income:
--------------------------------------------------------------------------------
Change in translation 14 14 14
difference
--------------------------------------------------------------------------------
Transactions with
shareholders:
--------------------------------------------------------------------------------
Expenses for equity -36 -36 -36
procurement
--------------------------------------------------------------------------------
Share-based remuneration 47 47 47
--------------------------------------------------------------------------------
Shareholders' equity at 585 219 0 20,277 101 -3,126 17,965 184 18,150
30 June 2012
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Shareholders' equity at 1 585 219 0 20,247 75 -13,81 7,317 172 7,489
January 2013 0
--------------------------------------------------------------------------------
Profit for the period -2,641 -2,641 78 -2,563
--------------------------------------------------------------------------------
Other comprehensive
income:
--------------------------------------------------------------------------------
Change in translation 61 61 61
difference
--------------------------------------------------------------------------------
Transactions with
shareholders:
--------------------------------------------------------------------------------
Shareissue 4,229 4,229 4,229
--------------------------------------------------------------------------------
Expenses for equity -305 -305 -305
procurement
--------------------------------------------------------------------------------
Share-based remuneration 42 42 42
--------------------------------------------------------------------------------
Shareholders' equity at 585 219 0 24,171 136 -16,40 8,703 250 8,953
30 June 2013 9
--------------------------------------------------------------------------------
CONSOLIDATED CASH FLOW STATEMENT, EUR 1,000
1.1.-30.6.2013 1.1.-30.6.2012 1.1.-31.12.2012
--------------------------------------------------------------------------------
Cash flow from operating
activities
--------------------------------------------------------------------------------
Profit for the period -2,563 -11,323 -21,975
--------------------------------------------------------------------------------
Adjustments to cash flow from
operating activities
--------------------------------------------------------------------------------
Income tax -570 -690 -3,043
--------------------------------------------------------------------------------
Depreciation and impairment 1,455 11,511 16,823
--------------------------------------------------------------------------------
Financial income and expenses 356 209 700
--------------------------------------------------------------------------------
Other adjustments -19 46 -13
--------------------------------------------------------------------------------
Change in provisions -855 0 1,066
--------------------------------------------------------------------------------
Cash flow from operating -2,196 -247 -6,441
activities before change in
working capital
--------------------------------------------------------------------------------
Change in working capital -2,329 2,598 6,491
--------------------------------------------------------------------------------
Interest received 131 75 79
--------------------------------------------------------------------------------
Interest paid -445 -309 -796
--------------------------------------------------------------------------------
Tax paid 160 -275 -372
--------------------------------------------------------------------------------
Net cash flow from operating -4,680 1,840 -1,039
activities
--------------------------------------------------------------------------------
Cash flow from investing
activities
--------------------------------------------------------------------------------
Investments in tangible and 46 -1,223 -1,275
intangible assets
--------------------------------------------------------------------------------
Dividends received 0 0 4
--------------------------------------------------------------------------------
Net cash flow from investing 46 -1,223 -1,271
activities
--------------------------------------------------------------------------------
Net cash flow before financing -4,634 617 -2,310
--------------------------------------------------------------------------------
Cash flow from financing
activities
--------------------------------------------------------------------------------
Increase in long-term 0 0 4,415
borrowings
--------------------------------------------------------------------------------
Repayment of long-term -400 -1,413 -1,920
borrowings
--------------------------------------------------------------------------------
Increase in short-term 2,203 1,500 588
borrowings
--------------------------------------------------------------------------------
Repayment of short-term -733 -935 -1,740
borrowings
--------------------------------------------------------------------------------
Proceeds from share issue 4,229 0 0
--------------------------------------------------------------------------------
Expenses for equity procurement -305 -36 -18
--------------------------------------------------------------------------------
Net cash flow from financing 4,994 -884 1,325
activities
--------------------------------------------------------------------------------
Change in cash and cash 363 -267 -989
equivalents
--------------------------------------------------------------------------------
Liquid assets at the beginning 477 1,466 1,466
of the period
--------------------------------------------------------------------------------
Liquid assets at the end of the 840 1,227 477
period
--------------------------------------------------------------------------------
CONSOLIDATED INCOME STATEMENT, QUARTERLY, EUR 1,000
Q2/2013 Q1/2013 Q4/2012 Q3/2012 Q2/2012
1.4.-30. 1.1.-31. 1.10.-31.1 1.7.-30. 1.4.-30.
6.13 3.13 2.12 9.12 6.12
--------------------------------------------------------------------------------
Turnover 10,112 10,799 12,786 9,977 16,428
--------------------------------------------------------------------------------
Operating expenses -10,973 -12,715 -16,060 -17,216 -17,766
--------------------------------------------------------------------------------
OPERATING PROFIT BEFORE -861 -1,916 -3,273 -7,239 -1,338
GOODWILL IMPAIRMENT
--------------------------------------------------------------------------------
Goodwill impairment 0 0 -2,000 0 0
--------------------------------------------------------------------------------
OPERATING PROFIT -861 -1,916 -5,273 -7,239 -1,338
--------------------------------------------------------------------------------
Financial income and -257 -99 -309 -183 -116
expenses
--------------------------------------------------------------------------------
Profit before tax -1,117 -2,015 -5,582 -7,422 -1,454
--------------------------------------------------------------------------------
Income tax 183 386 1,162 1,190 367
--------------------------------------------------------------------------------
PROFIT FOR THE PERIOD -934 -1,629 -4,420 -6,232 -1,087
--------------------------------------------------------------------------------
CHANGES IN FIXED ASSETS, EUR 1,000
Goodwi Intangible Property, plant Available-for-sa Total
ll assets and equipment le investments
--------------------------------------------------------------------------------
Carrying amount 23,647 5,138 3,391 110 32,286
at 1 January
2012
--------------------------------------------------------------------------------
Additions 878 1,579 2,457
--------------------------------------------------------------------------------
Changes in 2 7 9
exchange rates
--------------------------------------------------------------------------------
Disposals and -9 -9
transfers
--------------------------------------------------------------------------------
Impairment -9,200 -9,200
--------------------------------------------------------------------------------
Depreciation for -1,394 -917 -2,311
the period
--------------------------------------------------------------------------------
Carrying amount 14,447 4,625 4,051 110 23,233
at 30 June 2012
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Carrying amount 12,447 2,646 3,410 19 18,522
at 1 January
2013
--------------------------------------------------------------------------------
Additions 18 219 237
--------------------------------------------------------------------------------
Changes in -1 -1
exchange rates
--------------------------------------------------------------------------------
Disposals and -25 -5 -30
transfers
--------------------------------------------------------------------------------
Impairment 0
--------------------------------------------------------------------------------
Depreciation for -587 -868 -1,455
the period
--------------------------------------------------------------------------------
Carrying amount 12,447 2,078 2,735 14 17,273
at 30 June 2013
--------------------------------------------------------------------------------
FINANCIAL RATIOS
1.1.-30.6.201 1.1.-30.6.201 1.1.-31.12.2
3 2 012
--------------------------------------------------------------------------------
Earnings per share, diluted, EUR -0.08 -0.51 -1.00
--------------------------------------------------------------------------------
Earnings per share, EUR -0.08 -0.51 -1.00
--------------------------------------------------------------------------------
Equity per share, EUR 0.25 1.19 0.48
--------------------------------------------------------------------------------
Operating cash flow per share, -0.14 0.08 -0.04
diluted, EUR
--------------------------------------------------------------------------------
Return on investment, per cent -24.3 -69.7 -81.6
--------------------------------------------------------------------------------
Return on equity, per cent -62.4 -95.2 -119.0
--------------------------------------------------------------------------------
Operating profit ∕ turnover, per -13.3 -34.6 -42.8
cent
--------------------------------------------------------------------------------
Net gearing, per cent 146.0 47.9 161.95
--------------------------------------------------------------------------------
Equity ratio, per cent 28.8 44.2 22.5
--------------------------------------------------------------------------------
OTHER INFORMATION
1.1.- 1.1.- 1.1.-
30.6.2013 30.6.2012 31.12.2012
-------------------------------------------------------------------------------
PERSONNEL 542 974 824
Employees, average
-------------------------------------------------------------------------------
Employees, at the end of the period 502 894 610
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
COMMITMENTS, EUR 1,000 30.6.2013 30.6.2012 31.12.2012
-------------------------------------------------------------------------------
Collateral for own commitments
-------------------------------------------------------------------------------
Corporate mortgages 19,800 19,800 19,800
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Leasing and other rental commitments
-------------------------------------------------------------------------------
Falling due within 1 year 2,759 5,025 2,726
-------------------------------------------------------------------------------
Falling due within 1-5 years 4,775 1,546 3,408
-------------------------------------------------------------------------------
Falling due after 5 years 0 0 243
-------------------------------------------------------------------------------
Total 7,534 6,571 6,377
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Nominal value of interest rate swap agreement
-------------------------------------------------------------------------------
Falling due within 1 year 0 1,062 0
-------------------------------------------------------------------------------
Falling due within 1-5 years 5,270 1,221 5,270
-------------------------------------------------------------------------------
Falling due after 5 years 0 0 0
-------------------------------------------------------------------------------
Total 5,270 2,284 5,270
-------------------------------------------------------------------------------
Fair value -45 -29 -87
-------------------------------------------------------------------------------
CALCULATION OF KEY FIGURES
Diluted earnings per share = profit for the period ∕ number of shares, adjusted
for issues and dilution, average
Earnings per share = profit for the period ∕ number of shares, adjusted for
issues, average
Shareholders' equity per share = shareholders' equity ∕ number of shares,
undiluted, on the closing date
Cash flow from operating activities, per share, diluted = net cash flow from
operating activities ∕ number of shares, adjusted for issues and dilution,
average
Return on investment = (profit before taxes + interest expenses + other
financial expenses) ∕ (balance sheet total − non-interest-bearing liabilities,
average) × 100
Return on equity = net profit ∕ shareholders' equity, average × 100
Gearing = (interest-bearing liabilities - liquid assets) / shareholders' equity× 100
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