2011-08-08 08:00:00 CEST
2011-08-08 08:00:24 CEST
REGULATED INFORMATION
Revenio Group Oyj - Interim report (Q1 and Q3)
REVENIO GROUP CORPORATION INTERIM REPORT Q1-Q2/2011
Significant growth in operating profit and cash flow from operating activities
Helsinki, 2011-08-08 08:00 CEST (GLOBE NEWSWIRE) --
Revenio Group Corporation
Stock Exchange Release August 8, 2011 at 9.00 a.m.
REVENIO GROUP CORPORATION INTERIM REPORT Q1-Q2/2011
- Significant growth in operating profit and cash flow from operating activities
Q1-Q2/2011
- Consolidated net sales came to EUR 18.3 million (EUR 13.0 million), up 40.6%
- Consolidated operating profit/loss (EBIT) EUR 2.3 million
(EUR -0.6 million), or 12.4 (-4,8)% of net sales
- Pre-tax profit EUR 2.1 million (EUR -0.6 million)
- Diluted and undiluted earnings per share EUR 0.021 (-0.006)
- Cash flow from operating activities EUR 2.1 million (EUR 0.4 million)
- The AGM decided on the distribution of a per-share dividend of EUR 0.02
(0.01)
- The Health Care segment developed robustly, almost doubling its operating
profit from the previous year
- The Systems and Safety segments also saw strong profit improvement on the
reference period
- Midas Touch's result turned distinctly positive during the period
-Done Information was classified in assets available-for-sale, and was sold
later after the reporting period, with a non-recurring capital gain of
approximately EUR 1,5 million to be recorded in third qurter result
- Financial guidance for 2011 unaffected: Net sales for 2011 are forecast to
grow in comparison to 2010 figures, and consolidated operating profit/loss
(EBIT) without non-recurring items is expected to be positive, with significant
improvement seen from 2010.
Q2/2011
- Consolidated net sales came to EUR 9.5 million (EUR 6.4 million), up 48.4%
- Consolidated operating profit/loss (EBIT) EUR 1.3 million
(EUR -0.4 million), or 13.2 (-5.5)% of net sales
Statement by President and CEO Olli-Pekka Salovaara:
“The first half of the year proved to be highly successful for Revenio Group.
We attained a profitable operating profit/loss (EBIT) clearly in the black in
all of our business areas, with many operations achieving notable profit
improvements. Of our companies, Icare Finland developed particularly
positively, almost doubling its operating profit year-on-year. Midas Touch's
result turned positive during the period, as a result of operational
restructuring carried out late last year, and it is showing promising
development within its chosen customer segments and operations.
Done Logistics' projects in Norway are going through intense installation
phases, which translated into clear growth of the company's net sales and
profitability. For Boomeranger Boats, the first half of the year was one of the
best ever.
For FLS Finland, while the early part of the year was poor, demand recovered
towards the middle of the year. Done Software Solutions developed evenly,
maintaining its sound profit level.
During the period in question, Done Information was classified as a
available-for-sale- operation and it was sold in July to Swedish conglomerate
Semantix Corporation. During the period, Done Information had improved its
profit performance over the previous year.
The improvement in business was clearly reflected in all of our key figures.
Our high equity ratio and low gearing create a sound basis for further
development of business.”
MARKET SITUATION
In the period under review, the market situation within the Group's segments
was better than in the reference period in the previous year.
In Midas Touch, within the Services segment, the centralization of service
provision has enabled more efficient utilization of capacity. Market demand is
thought to be sufficiently high for the company to utilize its capacityefficiently and profitably. Modest growth opportunities can be seen in the
inbound services market.
The Health Care segment enjoys a positive market situation. The segment has
several growing export markets and its products are highly competitive. In the
market, we are facing intense price competition from other equipment
manufacturers representing technologies for measuring intraocular pressure.
For the Safety segment, several invitations to tender are arising in both
traditional and new markets. Impressive international references and the
accompanying exposure have been raising interest in the boats manufactured by
the company. The prevalent uncertain outlook in traditional European markets is
bringing uncertainty to the market situation.
The Technology segment's market situation improved as the period wore on, and a
similar trend is expected to continue. Demand, however, remains at a low level.
For the Systems segment, no changes in the market situation is in sight,
although the companies' traditional clientele are issuing slightly more
invitations to tender than last year.
For segments operating on a project basis, continuing this period's financial
performance into 2012 will require major additional orders throughout the
remainder of 2011.
NET SALES, PROFITABILITY AND PROFIT
Done Information, in services segment, was classified in
available-for-sale-operations .This report presents net sales and profit
information separately for continuing and available-for-sale-operations in
accordance with IFRS 5.
Consolidated net sales of Revenio Group's continuing operations during
Q1-Q2/2011 totaled EUR 16.3 million (EUR 11.2 million), representing an
increase of 44.6%. For Q2, consolidated net sales of continuing operations came
to EUR 8.5 million (EUR 5.5 million), up 54.3%.
In Q1-Q2, earnings before interest, taxes, depreciation and amortization
(EBITDA) of continuing operations amounted to EUR 2.5 million (EUR −0.2
million), or 15.4 (-1.4)% of net sales. Consolidated operating profit/loss
(EBIT) of continuing operations amounted to EUR 2.1 million (EUR -0.7 million),
or 13.1 (-6.1)% of net sales. Pre-tax profit of continuing operations was EUR
2.0 million (EUR -0.7 million), or 12.3 (-5.9)% of net sales. For continuing
operations, net profit was EUR 1.4 million (EUR -0.5 million) for Q1-Q2/2011
and EUR 0.8 million (EUR -0.4 million) for Q2/2011, representing 9.6 (-4.5)% of
net sales.
For available-for-sale-operations, net sales in Q1-Q2 came to EUR 2.0 (1.8)
million and net profit was EUR 0.1 million (EUR 0.1 million). In Q2, net sales
came to EUR 1.1 million (EUR 1.0 million) and net profit to EUR 0.1 million
(EUR 0.0 million)
In Q1-Q2/2011, undiluted and diluted earnings per share came to EUR 0.019
(-0.007) for continuing operations and EUR 0.002 (0.001) for discontinued
operations. Equity per share was EUR 0.19 (0.19).
The Group grew its net sales year-on-year. This growth was mainly driven by the
Health Care, Systems and Safety segments. The Group's profitability improved
markedly, particularly due to higher net sales in Health Care and Systems, as
well as enhanced operations in Midas Touch, which thus succeeded in the
lowering of its cost level significantly in comparison with the reference
period.
BALANCE SHEET, FINANCIAL POSITION AND INVESTMENTS
The consolidated balance sheet total on June 30, 2011 was EUR 25.2 million (EUR
24.8 million). Shareholders' equity came to EUR 14.6 million (EUR 14.5
million). At the end of the period, interest-bearing net liabilities amounted
to EUR 0.3 million (EUR 1.8 million) and gearing stood at 1.9 (12.3)%. The
consolidated equity ratio was 61.2 (60.4)%. The Group's liquid assets were EUR
1.9 million (EUR 1.8 million) at the end of the period.
The Group's financial position remained stable in the period under review. In
addition to its liquid assets, the Group has a EUR 2.0 million credit facility,
from which no funds had been withdrawn at the end of the review period.
Cash flow from operating activities amounted to EUR 2.1 million (EUR 0.4
million) in Q1-Q2/2011 and EUR -0.3 million (EUR 0.1 million) in Q2/2011.
The Group's purchases of PPE and intangible assets totaled EUR 0.3 million (EUR
0.2 million).
OPERATIONS BY BUSINESS SEGMENT
Revenio Group Corporation's business operations are organized into five
segments: Services (Midas Touch), Systems (Done Logistics and Done Software
Solutions), Health Care (Icare Finland), Safety (Boomeranger Boats) and
Technology (FLS Finland). This structure is in line with the Group's
organization and internal reporting.
Services
The Service segment's net sales in Q1-Q2 totaled EUR 2.4 million (EUR 3.8
million), down by 35.5%. The segment's profit margin was EUR 0.1 million (EUR
-0.8 million). For Q2, net sales amounted to EUR 1.2 million (EUR 1.8 million),
while the profit margin was EUR 0.1 million (EUR -0.4 million).
Midas Touch's net sales decreased in relation to the previous year. However, as
its costs simultaneously reduced, the company's EBIT improved markedly and
turned positive. This profit performance was driven by the adjustment and
restructuring measures conducted in the fall of 2010, involving the
centralization of operations into two offices and a slightly improved market
situation. Furthermore, the company has been able to reduce the share of its
business operations based on telemarketing campaigns with high-risk yield
expectations.
Systems
The Systems segment comprises Done Logistics, which provides companies with
materials-handling systems associated with their internal logistics, and Done
Software Solutions, providing information systems for internal logistics and
inventory management, as well as the related services. Done Software Solutions
launched operations as an independent company on May 1, 2010, as a result of
the partial demerger of Done Logistics. The reference information in this
Interim Report is presented as if this arrangement had been effective
throughout the period described by the reference information.
In Q1-Q2/2010, the Systems segment's net sales amounted to EUR 5.7 million (EUR
2.0 million), up 184.0%. The segment's profit margin was EUR 0.5 million (EUR
-0.3 million). For Q2, net sales amounted to EUR 3.2 million (EUR 0.8 million),
while profit margin was EUR 0.3 million (EUR -0.2 million).
Done Logistics markedly improved its net sales and profitability year-on-year.
The most important driver of this trend was orders received from Norway in
2010. During the period, the company also landed some other minor orders for
2011.
Done Software Solutions too was able to increase both its net sales and
operating profit/loss (EBIT) during the period. Thanks to sound
cost-efficiency, its operations as an independent company were also clearly
profitable in a challenging market situation.
Health Care
The Health Care segment consists of Icare Finland, which specializes in the
development, manufacture and sale of tonometers measuring intraocular pressure.
In Q1-Q2/2010, the Health Care segment's net sales amounted to EUR 4.4 million
(EUR 3.2 million), up 37.5%. The segment's profit margin was EUR 1.9 million
(EUR 1.0 million). For Q2, net sales amounted to EUR 2.2 million (EUR 1.5
million), while profit margin was EUR 0.9 million (EUR 0.5 million).
Demand for tonometers grew year-on-year and was strong in all major export
markets and mainly based on first-generation products. For the moment,
obtaining sales licenses in the USA has progressed more slowly than expected
due to amended FDA regulations concerning the product area.
Safety
The Safety segment consists of Boomeranger Boats, which designs, manufactures
and sells Rigid Inflatable Boats (RIBs) of the highest quality, primarily for
navy rescue units, authorities and security forces of various countries.
In Q1-Q2/2010, the Safety segment's net sales amounted to EUR 2.6 million (EUR
1.6 million), up 63.1%. The segment's profit margin was EUR 0.4 million (EUR
0.1 million). For Q2, net sales amounted to EUR 1.2 million (EUR 0.9 million),
while the profit margin was EUR 0.2 million (EUR 0.0 million).
During the period, several new boat orders were manufactured within a short
delivery time. Productivity in short production series was higher than before,
which resulted into a notably higher profitability. Systematic efforts were
continued to further expand the customer base into new export markets. During
the period, the company received a major new order, involving the supply of
boats to be used in the support operations of the Volvo Ocean Race.
Technology
FLS Finland (previously Finnish Led-Signs), which constitutes the Technology
segment, is the largest supplier of LED price displays in the Nordic region and
is Finland's leading manufacturer of LED information displays and parking
guidance systems.
In Q1−Q2, net sales for the Technology segment totaled EUR 1.1 million (EUR 0.7
million), up 63.1%. The segment's profit margin was EUR 0.0 million (EUR -0.1
million). For Q2, net sales came to EUR 0.7 million (EUR 0.4 million), while
the profit margin was
EUR 0.06 million (EUR -0.03 million).
The segment's net sales grew year-on-year. Order quantities, however, remained
minor. The period's most important customer delivery was the expansion of the
parking guidance system at Helsinki Airport. During the period, the company
also concluded a new 3-year delivery agreement for LED price displays, with
Neste Oil.
Continuing
operations
Net Segment Profit
Sales Margin
1-6/201 1-6/201 1-6/201 1-6/201
1 0 1 0
MEUR Share% MEUR Share% MEUR % MEUR %
Services 2,4 15 3,8 34 0,09 4 -0,78 -21
Systems total 5,7 35 2,0 18 0,45 8 -0,27 -13
-Done Logistics 5,1 31 1,5 13 0,35 7 -0,33 -22
-Done Software 0,6 4 0,5 5 0,10 17 0,06 11
Solutions
Health Care 4,4 27 3,2 29 1,91 43 1,02 32
Safety 2,6 16 1,6 14 0,36 14 0,06 4
Technology 1,1 7 0,7 6 0,01 1 -0,13 -20
Total 16,3 100 11,2 100 2,82 17 -0,11 -1
Parent Company Expenses -0,68 -0,58
Operating 2,14 13 -0,69 -6
Profit/Loss
For the Group's continuing operations, net sales, segment profit margin and
operating profit/loss (EBIT) by quarter were as follows:
MEUR Q2/11 Q1/11 Q4/10 Q3/10 Q2/10 Q1/10
Net Sales
Services total 1,2 1,2 1,4 1,5 1,8 1,9
Systems total 3,2 2,6 3,1 1,7 0,8 1,2
-Done Logistics 2,9 2,2 2,8 1,4 0,5 0,9
-Done Software Solutions 0,3 0,3 0,3 0,3 0,3 0,3
Health Care 2,2 2,3 2,2 1,6 1,5 1,7
Safety 1,2 1,4 1,2 0,6 0,9 0,7
Technology 0,7 0,4 0,8 0,4 0,4 0,3
Total 8,5 7,8 8,7 5,8 5,4 5,8
Segment profit margin Q2/11 Q1/11 Q4/10 Q3/10 Q2/10 Q1/10
Services total 0,06 0,03 -0,32 -0,21 -0,37 -0,40
Systems total 0,34 0,11 0,27 0,03 -0,18 -0,09
-Done Logistics 0,30 0,04 0,22 -0,01 -0,21 -0,12
-Done Software Solutions 0,04 0,06 0,05 0,04 0,03 0,03
Health Care 0,90 1,00 1,10 0,83 0,45 0,56
Safety 0,17 0,19 0,25 -0,13 0,04 0,02
Technology 0,06 -0,06 0,07 0,02 -0,03 -0,11
Total 1,54 1,28 1,37 0,54 -0,09 -0,02
Parent company expenses -0,37 -0,31 -0,33 -0,27 -0,30 -0,28
Operating profit/loss 1,17 0,97 1,04 0,27 -0,39 -0,30
Operating profit/loss% 13,8 12,4 12,0 4,7 -7,2 -5,2
HUMAN RESOURCES
During the period, the number of personnel employed by the Group averaged 252
(353) in continuing operations and 37 (37) in the available-for-sale
operations. At the end of the period, the number of employees was 257 (347) in
continuing operations and 39 (37) in the available-for-sale operations.
By segment, the number of personnel in the continuing operations during the
period averaged:
30.6.2011 30.6.2010 Change
Services 142 260 -118
Systems 59 45 14
Health Care 12 10 2
Safety 23 22 1
Technology 12 12 0
Parent company 4 4 0
Total 252 353 -101
Wages, salaries and other remuneration paid in continuing operations during the
review period totaled EUR 4.3 million (EUR 5.1 million).
SHARES, SHARE CAPITAL AND MANAGEMENT HOLDINGS
On June 30, 2011, Revenio Group Corporation's fully paid share capital
registered in the Trade Register was EUR 5,314,918.72 and the number of shares
outstanding totaled 76,839,730. The company has one series of shares. All
shares confer the same voting rights and an equal right to dividends and the
company's funds.
On June 30, 2011, the Board of Directors and the President and CEO held 1.4% of
the company's shares, totaling 1,076,210 shares, and 18.6% of the option
rights, for a total of 684,365 options.
CHANGES IN SHAREHOLDINGS
There were no significant changes in ownership to report during the review
period.
OPTION RIGHTS
On the basis of the share issue authorization approved by the Annual General
Meeting on April 3, 2007, the Board of Revenio Group Corporation decided, on
November 23, 2007, on a new corporate option plan, comprising a maximum of
3,684,365 option rights. Each option right entitles the holder to subscribe for
one Revenio Group Corporation share. Against the total number of the company's
shares on June 30, 2011, the proportion of shares to be subscribed for on the
basis of the option rights issued represents a maximum of 2.5% of the company's
shares and votes, once all new shares subscribed for with these option rights
have been registered. Share subscriptions via the option program entitle the
holder to a dividend from the subscription year onwards.
The option rights have been divided into three series: Series A (1,684,365
shares), Series B (1,000,000) and Series C (1,000,000). The subscription
periods for options are as follows: for Series A, May 1, 2009 - May 1, 2013;
for Series B, November 1, 2010 - November 1, 2014; and for Series C, May 1,
2012 - May 1, 2016. The share subscription price will be the trade-weighted
average price over the periods November 1-30, 2007 (EUR 0.64, Series A); April
1-30, 2009 (EUR 0.31, Series B); and November 1-30, 2010 (EUR 0.28, Series C).
A total of 148,122 Series 2007B option rights and a total of 1,000,000 Series
2007C option rights were issued to personnel during the period between the
beginning of the year and this interim report release. After the reporting
period, The Board of Directors decided to amend the incentive plan for the
company's President and CEO Olli-Pekka Salovaara. It was determined that a
total of 228,122 Series 2007A options held by the President and CEO were to be
returned to the company and that, correspondingly, a total of 73,122 Series
2007B options and 155,000 Series 2007C options were to be allocated to the
President and CEO. By the release date of this report, the company's key
personnel held a total of 1.081.243 Series 2007A options, a total of 908,122
Series 2007B options and a total of 1,000,000 Series 2007C options.
On March 23, 2011, the company decided to apply for listing of its Series 2007B
options on NASDAQ OMX Helsinki. As a consequence, a total of 1,000,000 option
rights have been subject to trading since March 30, 2011.
During the period, no trading took place with these option rights.
TRADING ON THE NASDAQ OMX HELSINKI
During Q1-Q2/2011, Revenio Group Corporation's turnover on the NASDAQ OMX
Helsinki exchange totaled EUR 9.1 million (EUR 3.6 million), representing 22.6
(10.6) million shares or 29.4 (13.8)% of shares outstanding. The trading high
was EUR 0.62 (0.38) and the low EUR 0.30 (0.28). At the end of the review
period, the closing price was EUR 0.53 (0.29), and the average share price EUR
0.40 (0.34). Revenio Group Corporation's market value on June 30, 2011, was EUR
40.7 million (EUR 22.2 million).
ANNUAL GENERAL MEETING AND BOARD AUTHORIZATIONS IN EFFECT
The Annual General Meeting (AGM) held on March 31, 2011 approved the company's
financial statements and discharged the members of the Board of Directors and
the President and CEO from liability for the financial year January 1 -
December 31, 2010.
The AGM selected as members of the Board of Directors the following persons:
Timo Mänty, Pekka Tammela, Rolf Fryckman, Julia Ormio and Matti Hyytiäinen. The
AGM decided that the Chairman of the Board should be entitled to an annual
emolument of EUR 60,000 and the other Board members to an annual emolument of
EUR 36,000, with the exception that any member who holds a stake of at least
five percent in Revenio Group Corporation, either directly or through a company
in which he or she has a minimum holding of 50%, should not be entitled to a
separate emolument. In total, 40% of Board members' emoluments will be settled
in the form of shares in the company, while 60% will consist of monetary
payment.
The AGM decided to re-elect PricewaterhouseCoopers Oy, Authorized Public
Accountants, as the company's auditor, with Juha Tuomala, Authorized Public
Accountant, acting as the principal auditor. The AGM decided to compensate the
auditors upon the presentation of an approved invoice.
The AGM decided to accept the Board's proposal on profit distribution,
according to which the profit for the financial period, EUR 243,391.03, will be
added to retained earnings, and a dividend of 0.02 EUR per share will be paid,
totaling EUR 1,536,794.60.
The AGM rescinded its earlier authorization to buy back 7,683,973 of the
company's own shares and authorized the Board to make the decision to buy back
a maximum of 7,683,973 of the company's own shares, in one or more
installments, using the company's unrestricted equity, in which case any
buyback will reduce the amount of company distributable earnings.
The AGM decided to rescind the Board's valid unexercised share issue
authorizations. The AGM authorized the Board of Directors to decide to issue a
maximum of 30,000,000 shares or to grant special rights (including stock
options) entitling to shares, as referred to in Section 1 of Chapter 10 of the
Limited Liability Companies Act, in one or several tranches. This authorization
was granted to be used to finance and implement any prospective corporate
acquisitions or other transactions, to implement the company's share-based
incentive plans, or for other purposes determined by the Board. It was decided
that the authorization also grants the Board the right to decide on all terms
and conditions governing said share issue and the granting of special rights,
including the subscribers or the grantees of said special rights and the
payable consideration. Moreover, the authorization also includes the right to
waive shareholders' pre-emption rights, thus enabling private placement of
shares. The Board's authorization covers both the issue of new shares and the
transfer of any treasury shares possibly held by the company. This
authorization will be valid until April 30, 2012.
BOARD OF DIRECTORS AND AUDITORS
Since March 31, 2011, Revenio Group Corporation's Board of Directors has
included Timo Mänty, M.Econ, Managing Director of Onninen Oy (Chairman of the
Board), Pekka Tammela, M.Econ, Authorized Public Accountant, partner in Pajamaa
Partners Oy and Rolf Fryckman, Chairman of Eyemaker's Finland Oy; and as new
members, Julia Ormio, qualified under an EEA aptitude test in law, Senior Legal
Counsel at Outotec Oyj and Matti Hyytiäinen,M.Econ, Managing Director of
Etteplan Oyj.
Until March 31, 2011, the members of the Board were Jyri Merivirta, Pekka
Tammela, Rolf Fryckman and Timo Mänty.
PricewaterhouseCoopers Oy, Authorized Public Accountants, serves as the
company's auditor, with Juha Tuomala, Authorized Public Accountant, as the
principal auditor.
MAJOR BUSINESS RISKS AND UNCERTAINTIES
The Group's major business risks and uncertainties are presented in its
financial statements bulletin of February 16, 2011. There are no other changes
in said risks than increased trade cycle risk due to the recent development in
financial markets and a threath of an economic recession.
MAJOR EVENTS AFTER THE PERIOD
On July 19, 2011, the company sold all shares of its Service segment subsidiary
Done Information to Semantix Lingua Nordica Oy, a part of Swedish conglomerate
Semantix Corporation, for EUR 2.5 million. A total of EUR 0.3 million of the
sale price will be paid following the fulfillment of specified earn-out terms
in 2012. Of the divestment, the company records a non-recurring capital gain of
approximately EUR 1.5 million in its Q3/2011 result.
On July 20, 2011, the company's number of shares increased by 50,000 as a
result of share subscriptions based on 2007B options. The subscription price
was recognized in full in the invested unrestricted equity fund. Following this
increase, the number of the company's shares is 76,889,730.
OUTLOOK FOR 2011
Net sales for 2011 are forecast to grow in comparison to 2010 figures.
Consolidated operating profit/loss (EBIT) without non-recurring items is
expected to be positive, with significant improvement seen from 2010.
The goal of Revenio Group Corporation is to continue growing by means of both
corporate restructuring and expansion of current business operations.
THIS INTERIM REPORT HAS BEEN PREPARED IN ACCORDANCE WITH IAS 34.
The figures are unaudited.
GROUP KEY FIGURES AND RATIOS (MEUR) 1-6/2011 1-6/2010 1-12/2010
Net Sales, continued operations 16,3 11,2 25,8
Ebitda, continued operations 2,5 -0,2 2,2
Ebitda-%, continued operations 15,4 -1,4 8,5
Operating profit, continued operations 2,1 -0,7 -0,9
Operating profit %, continued operations 13,1 -6,1 -3,3
Pre-tax profit, continued operations 2,0 -0,7 -0,9
Pre-tax profit- %, continued operations 12,3 -5,9 -3,4
Profit from operations available-for-sale 0,1 0,1 0,2
Net profit, continued operations 1,4 -0,5 -0,7
Net profit- %, continued operations 8,9 -4,5 -2,8
Gross capital expenditure 0,3 0,3 0,7
Gross capital expenditure % 1,8 2,1 2,4
R&D costs 0,2 0,3 0,4
R&D costs % 1,2 2,1 1,5
Gearing- % 1,9 12,3 4,7
Equity ratio-% 61,2 60,4 62,5
Return on investment- % (ROI) 27,2 -5,4 -2,1
Return on equity-% (ROE) 22,0 -5,9 -3,4
Undiluted earnings per share EUR, continued 0,019 -0,007 -0,009
operations
Diluted earnings per share EUR, continued 0,019 -0,007 -0,009
operations
Undiluted earnings per share EUR, continued 0,002 0,001 0,003
operations
Diluted earnings per share EUR, continued 0,002 0,001 0,003
operations
Equity per share EUR 0,19 0,19 0,19
Average no. of employees, continued operations 252 353 387
Average no. of employees, available-for-sale- 37 37 36
operations
Cash flow from operating activities 2,1 0,4 1,3
Cash flow from investing activities -0,2 -0,2 0,0
Net cash used in financing activities -2,1 -1,2 -2,1
Total cash flow -0,2 1,0 -0,8
CONSOLIDATED COMPREHENSIVE INCOME STATEMENT (MEUR) 1-6/201 1-6/201 1-12/201
1 0 0
NET SALES 16,3 11,2 25,8
Other operating income 0,0 0,1 0,6
Materials and services -6,1 -2,8 -8,4
Employee benefits -5,2 -6,1 -11,5
Depreciation/amortization -0,4 -0,5 -3,0
Other operating expenses -2,5 -2,5 -4,3
OPERATING PROFIT 2,1 -0,7 -0,9
Share of associates' results 0,0 0,0 0,0
Financial expenses (net) -0,1 0,0 -0,1
PRE-TAX PROFIT 2,0 -0,7 -0,9
Income tax expense -0,6 0,2 0,2
Net profit from continued operations 1,4 -0,5 -0,7
Net profit from available-for sale-operations 0,1 0,1 0,2
NET PROFIT 1,6 -0,4 -0,5
Other comprehensive income items 0,0 0,0 0,0
Income tax expense for comprehensive income 0,0 0,0 0,0
Other comprehensive income items
after taxes 0,0 0,0 0,0
TOTAL COMPREHENSIVE INCOME 1,6 -0,4 -0,5
Net profit attributable to:
Parent company shareholders 1,6 -0,4 -0,5
Minority interest 0,0 0,0 0,0
Total comprehensive income attributable to:
Parent company shareholders 1,6 -0,4 -0,5
Minority interest 0,0 0,0 0,0
Earnings per share, undiluted EUR, continued 0,019 -0,007 -0,009
operations
Earnings per share, diluted EUR, continued 0,019 -0,007 -0,009
operations
Earnings per share, undiluted EUR, available-for 0,002 0,001 0,003
sale- operations
Earnings per share, diluted EUR, available-for-sale 0,002 0,001 0,003
operations
CONSOLIDATED BALANCE SHEET (MEUR)
ASSETS 30.6.2011 30.6.2010 31.12.2010
NON-CURRENT ASSETS
Property, plant and equipment 1,5 1,7 1,6
Goodwill 8,2 9 8,2
Intangible assets 1,2 2,4 1,3
Shares in associates 0,4 0,4 0,4
Available-for-sale-assets 0,0 0,3 0,0
Deferred tax assets 2,3 3,1 2,8
TOTAL NON-CURRENT ASSETS 13,6 17,0 14,4
CURRENT ASSETS
Inventories 1,1 2,2 1,1
Trade and other receivables 7,3 2,6 5,6
Cash and cash equivalents 1,9 1,8 2,1
TOTAL CURRENT ASSETS 10,3 7,1 10,1
Available-for-sale non-current assets 1,3 1,2 1,3
TOTAL ASSETS 25,2 24,8 24,5
LIABILITIES AND SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY
Share capital 5,3 5,3 5,3
Share premium 1,8 2,4 2,4
Fair value reserve 0,3 0,3 0,3
Invested unrestricted capital reserve 7,0 7,0 7,0
Retained earnings/loss 0,9 -0,5 -0,6
TOTAL EQUITY. attributable to holders of 14,6 14,5 14,5
parent company equity
TOTAL SHAREHOLDERS' EQUITY 14,6 14,5 14,5
LIABILITIES
NON-CURRENT LIABILITIES
Deferred tax liabilities 0,4 0,7 0,4
Provisions 0,1 0,2 0,1
Financial liabilities 0,9 2,1 1,5
Other liabilities 0,0 0,0 0,0
TOTAL LONG-TERM LIABILITIES 1,4 2,9 2,0
CURRENT LIABILITIES
Advance payments 1,3 0,7 1,3
Trade and other payables 5,8 4,9 5,4
Provisions 0,0 0,0 0,0
Financial liabilities 1,3 1,6 1,3
TOTAL SHORT-TERM LIABILITIES 8,4 7,3 8,0
Available-for-sale long-term and current 0,8 0,8 0,8
liabilities
TOTAL LIABILITIES 10,5 10,3 10,0
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY 25,2 24,8 24,5
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (MEUR)
Share Share Other Retained Minority Total
capital Premium Reserves Earnings Intrest Equity
Balance 1.1.2011 5,3 2,4 7,3 -0,6 0,0 14,5
Dividends paid 0,0 0,0 0,0 -1,5 0,0 -1,5
Options expense
Adjustment 0,0 0,0 0,0 0,0 0,0 0,0
Net profit 0,0 0,0 0,0 1,6 0,0 1,6
Balance 30.6.2011 5,3 2,4 7,3 -0,5 0,0 14,6
Share Share Other Retained Minority Total
capital Premium Reserves Earnings Intrest Equity
Balance 1.1.2010 5,3 2,4 7,3 0,6 0,0 15,7
Dividends paid 0,0 0,0 0,0 -0,8 0,0 -0,8
Options expense
Adjustment 0,0 0,0 0,0 0,0 0,0 0,0
Net profit 0,0 0,0 0,0 -0,4 0,0 -0,4
Balance 30.6.2010 5,3 2,4 7,3 -0,5 0,0 14,5
CONSOLIDATED CASH FLOW STATEMENT (MEUR) 1-6/2011 1-6/2010 1-12/2010
Net profit 1,6 -0,4 -0,5
Adjustments to net profit 1,1 0,5 3,0
Change in working capital -0,5 0,4 -1,1
Interest paid -0,1 0 -0,1
Taxes paid 0,0 0,0 0,0
CASH FLOW FROM OPERATING ACTIVITIES 2,1 0,4 1,3
Sale of business premises 0,0 0,0 0,6
Purchase of tangible assets -0,2 0,0 -0,6
Purchase of intangible assets 0 -0,2 0,0
NET CASH USED IN INVESTING ACTIVITIES -0,2 -0,2 0,0
Paid dividends -1,5 -0,8 -0,8
Long-term borrowings 0,0 0,3 0,0
Repayments of long-term borrowings -0,6 -0,7 -1,2
Finance lease principal payment 0,0 -0,1 -0,1
NET CASH USED IN FINANCING ACTIVITIES -2,1 -1,2 -2,1
Net change in cash and equivalents -0,2 -1,1 -0,8
Cash and equivalents. period-start 2,1 2,9 2,9
Cash and equivalents. period-end 1,9 1,8 2,1
NET SALES AND OPERATING PROFIT BY QUARTER
(MEUR), CONTINUING OPERATIONS
Q2/11 Q1/11 Q4/10 Q3/10 Q2/10 Q1/10
Net sales 8,5 7,8 8,8 5,7 5,5 5,8
Oper. Profit 1,2 1,0 -0,8 0,7 -0,4 -0,3
Oper. profit. % 13,8 11,7 -10,0 12,1 -7,2 -5,1
MAIN SHAREHOLDERS 30 June 2011
Osakemäärä %
1. Merivirta Jyri 15,000,000 19.52
2. Eyemaker's Finland Oy 7,817,214 10.17
3. Etera 3,500,000 4.55
4. Alpisalo Mia 2,948,153 3.84
5. Investment Fund Evli Finland Stocks 2,718,826 3.54
6. Mäkinen Markku 1,590,535 2.07
7. Gateway Finland Oy 1,326,339 1.73
8. Kiesvaara Tuomo 1,238,942 1.61
9. The Nordic Adviser Group Oy 1,179,861 1.54
10. Investment Fund Garp 1,000,000 1.30
Revenio Group Corporation
Board of Directors
For further information, please contact:
Olli-Pekka Salovaara, President and CEO, mobile +358 (0) 40 5675520
olli-pekka.salovaara@revenio.fi
http://www.revenio.fi/
DISTRIBUTION:
NASDAQ OMX Helsinki
Financial Supervisory Authority (FIN-FSA)
Key media
www.revenio.fi
Revenio Group Corporation, listed on the NASDAQ OMX Helsinki, is the parent
company of the Finnish conglomerate Revenio Group. Revenio Group Corporation's
subsidiaries share a focus on Finnish specialist expertise and export-based
operations.
Revenio Group consists of six independent subsidiaries in five business
segments. These subsidiaries are Done Logistics Oy, Done Software Solutions Oy,
Icare Finland Oy, Boomeranger Boats Oy, FLS Finland Oy and Midas Touch Oy.
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