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2009-10-28 08:00:00 CET 2009-10-28 08:00:01 CET REGULATED INFORMATION Revenio Group Oyj - Interim report (Q1 and Q3)REVENIO GROUP CORPORATION INTERIM REPORT Q1-Q3/2009 - Profitable Third QuarterREVENIO GROUP CORPORATION Stock Exchange Release October 28, 2009 at 9:00 a.m. REVENIO GROUP CORPORATION INTERIM REPORT Q1-Q3/2009 - Profitable Third Quarter 7-9/2009 -Consolidated net sales EUR 6.8 million (EUR 10.6 million), down by 36 percent -Consolidated operating profit EUR 0.2 million (EUR 1.1 million), down by 78 percent 1-9/2009 - Consolidated net sales EUR 23.0 million (EUR 35.1 million), down by 35 percent - Consolidated operating profit EUR -0.5 million (EUR 3.6 million), or -2.3 percent of net sales (10.3% of net sales) - Pre-tax profit EUR -0.7 million (EUR 3.4 million) - Diluted and undiluted earnings per share EUR -0.007 (EUR 0.033) - Cash flow from operating activities EUR 0.7 million (EUR 1.1 million) - Despite the increase in profitability in the third quarter, the operating profit for the financial year is estimated to remain slightly negative In connection with the release of this interim report's figures, Olli-Pekka Salovaara, President and CEO, noted the following: “In the third quarter we managed to adjust and redirect our operations to achieve a mildly positive result for the quarter. We have upgraded the service selection of the Services segment to a level matching current demand. The segment's companies carried out the necessary adjustments and competitiveness improved significantly. The Systems segment survived radically plummeting business volumes with relatively limited financial damage, thanks to continuous adjustment measures. Some customers have ordered the planning of sizeable projects, but the final buying decisions are subject to restrictions. In the Health Care segment, net sales and profitability continued to develop favorably. The product selection has grown thanks to extensive product development and testing activities. New products introduced during the period are expected to increase sales, first in Europe and later in North America and the Far East. The Safety segment is being negatively affected by a lack of short-term orders, although there are long-term orders well into the future. Positive developments are taking place in the customer base, however, and we are confident about the future. The Technology segment's year has continued to be weaker than the previous year, in terms of both sales and profits. The relative profitability of the segment remains good. A significant development for the segment was the first foreign sale of its parking assistance system in the third quarter. For the Group as a whole the third quarter was an improvement on the beginning of the year, but the situation will remain challenging while the global economy stabilizes and investment demand remains low.” NET SALES, PROFITABILITY AND PROFIT Revenio Group Corporation's consolidated net sales in Q1-Q3 2009 totaled EUR 23.0 million (EUR 35.1 million). This represents a 35 percent reduction on the corresponding period last year. Consolidated operating profit was EUR -0.5 million (EUR 3.6 million). Pre-tax profit was EUR -0.7 million (EUR 3.4 million). Net profit was EUR -0.5 million (EUR 2.5 million). Both undiluted and diluted earnings per share totaled EUR -0.007 (EUR 0.033). The decrease in net sales and profitability in Q1-Q3 was mainly due to the substantially reduced demand for the Services and Systems segments' main products and services. Profitability was also weaker than last year in the Technology and Safety segments. The Health Care segment significantly improved its net sales and profitability. Consolidated net sales for Q3 was EUR 6.8 million (EUR 10.6 million), and operating profit was EUR 0.2 million (EUR 1.0 million) or 3.4 percent of net sales (10.0 percent). Profitability improved from the first quarter, particularly thanks to cost savings in the Services and Systems segments and to the favorable development of the Health Care segment. BALANCE SHEET, FINANCIAL POSITION AND INVESTMENTS At the end of the review period on 9/30/2009, the Group's balance sheet totaled EUR 26.2 million (EUR 32.5 million). Shareholders' equity came to EUR 16.1 million (EUR 17.7 million). Interest-bearing liabilities amounted to EUR 2.1 million (EUR 2.9 million) and gearing stood at 12.8 percent (16.1 percent). The equity ratio was 63.8 percent (54.5 percent). Cash and cash equivalents were EUR 2.1 million (EUR 2.1 million). Cash flow from operating activities in Q1-Q3 amounted to EUR 0.7 million (EUR 1.1 million). The Group's purchases of PPE and intangible assets totaled EUR 0.3 million (EUR 0.3 million) OPERATIONS BY BUSINESS SEGMENT Revenio Group Corporation has divided its business operations into five business segments in accordance with IFRS standards: Services (Done Information and Midas Touch), Systems (Done Logistics), Health Care (Icare Finland), Safety (Boomeranger Boats) and Technology (Finnish Led-Signs). The segmented structure corresponds to the Corporation's organization and internal income reporting structure. Services Of the Services segment companies, Done Information Oy is one of Finland's biggest translation and documentation service companies, and Midas Touch Oy is a leading Finnish Contact Center company. The Service segment's net sales in Q1-Q3 totaled EUR 10.9 million (EUR 16.2 million), down by 33 percent. Its profit came to EUR -1.35 million (EUR 0.80 million). During the review period, the net sales of the Services segment totaled EUR 2.9 million (EUR 5.3 million) and operating profit was EUR -0.27 million (EUR 0.15 million). Profitability improved in the third quarter compared to the previous quarter, mainly thanks to cost-saving measures. The net sales and profitability of Done Information were at a lower level than in the corresponding period last year due to a fall in the price level and weakened demand. The current economic situation has reduced order volumes from machinery and equipment manufacturers, which constitute a significant part of the company's customer base. Demand for products and services marketed through contact centers developed unfavorably in the quarter, especially in household sales. This reduced the net sales and profitability of Midas Touch. Thanks to adjustment measures in the company and the stabilization of the fall in demand, Midas Touch improved its profit in the third quarter, although it was still loss-making. In January-September, Midas Touch restructured its operations and this incurred non-recurring costs of approximately EUR 0.12 million. According to a goodwill test conducted in mid-October 2009, the goodwill recorded for Midas Touch in the consolidated balance sheet does not need to be reduced, despite the company's lower-than-expected profitability. A write-down of goodwill may be necessary in future if the upturn in profitability observed in Q3 does not continue or if the company does not return to profitability in 2010. Systems The Systems segment consists of Done Logistics, which provides companies with material handling systems and the supporting information systems for internal logistics. The net sales of the Systems segment totaled EUR 3.8 million (EUR 10.9 million) for the review period, representing a reduction of 66 percent. The segment's profit was EUR -0.07 million (EUR 1.70 million). In the third quarter, net sales for the segment totaled EUR 1.1 million (EUR 2.6 million) and profit was EUR 0.11 million (EUR 0.45 million). Net sales and profitability were affected by the economic downturn, which has reduced investments made by customer companies, impeded the acquisition of new customers and piled pressure on pricing. Some customers have notified the company of delays in investment decisions already made, and decision processes are taking more time. Although, customers continued to order smaller-scale maintenance and modernization services, toward the end of the period, even the rate of smaller orders slowed down. The market situation is expected to remain difficult. Health Care The Health Care segment consists of Icare Finland, which specializes in the development, manufacture and sale of tonometers measuring intra ocular pressure. The net sales of the Health Care segment totaled EUR 4.3 million (EUR 3.0 million) for the period, up by 42 percent. The segment's profit was EUR 1.53 million (EUR 1.04 million), up by 47 percent. In the third quarter, the net sales of the segment totaled EUR 1.5 million (EUR 1.0 million) and profit was EUR 0.54 million (EUR 0.35 million). The favorable development in the Health Care segment's net sales and profitability was primarily due to the successful reorganization of distribution operations in the U.S. and higher sales that followed as a result. The products have good market potential, and this will increase further thanks to new product launches in September 2009. Customer deliveries of the new Icare One product will begin during 2009, while deliveries of the new Icare Pro will begin in 2010. This is expected to increase sales, first in Europe and later, after the necessary licenses have been granted, also in North America and the Far East. Safety The Safety segment comprises Boomeranger Boats, which designs, manufactures and sells Rigid Inflatable Boats of the highest quality, primarily for navy rescue units, authorities and security forces in various countries. The net sales of the Safety segment totaled EUR 1.9 million (EUR 2.1 million) for the period, representing a reduction of 13 percent. Profit for the segment totaled EUR -0.00 million (EUR 0.17 million). In the third quarter, net sales for the segment totaled EUR 0.5 million (EUR 0.8 million) and profit was EUR -0.06 million (EUR 0.11 million). The Safety segment was troubled by a lack of short-term orders, particularly toward the end of the review period, although there were long-term orders well into the future. Boomeranger Boats made deals worth EUR 1.7 and 1.2 million respectively in March and July 2009, whose deliveries are scheduled for 2010-2012. Technology Finnish Led-Signs, which makes up the Technology segment, is the largest supplier of LED price displays in Scandinavia and Finland's leading manufacturer of LED information displays and parking guide systems. The net sales of the Technology segment totaled EUR 2.1 million (EUR 2.9 million) for the period, representing a reduction of 29 percent. The segment's profit was EUR 0.2 million (EUR 0.6 million), down by 61 percent. In the third quarter, net sales for the segment totaled EUR 0.8 million (EUR 1.0 million) and profit was EUR 0.12 million (EUR 0.20 million). In contrast with the record year achieved in 2008, demand for the segment's products fell in its established market areas. Demand is being affected by the general cyclical downturn in industrial investments. During the review period, distribution arrangements were made for new market areas in Europe. Net sales and profitability improved toward the end of the period. In the third quarter the company received and completed the first foreign customer order for its proprietary parking control system. During the reporting period, it had delivered the system to customers including Finavia (at Helsinki-Vantaa Airport). Net sales Net sales Segment profit 1-9/2009 1-9/2008 1-9/2009 1-9/2008 MEUR share MEUR share MEUR % MEUR % Services total 10.9 47% 16.2 45% -1.35 -13 0.80 5 -Done Information 2.6 11% 4.1 12% -0.29 -1 0.27 7 -Midas Touch 8.3 36% 12.1 33% -1.06 -15 0.53 4 Systems 3.8 17% 10.9 34% -0.07 -2 1.70 16 Health Care 4.3 19% 3.0 9% 1.53 35 1.04 34 Safety 1.9 8% 2.1 6% -0.00 -0 0.17 8 Technology 2.1 9% 2.9 7% 0.23 11 0.61 21 Total 23.0 100% 35.1 100% 0.35 1 4.32 12 Parent company costs -0.87 -4 -0.71 -2 Operating profit -0.53 -2 3.61 10 Consolidated net sales and profit by segment and quarter: MEUR Q3/09 Q2/09 Q1/09 Q4/08 Q3/08 Q2/08 Q1/08 Net sales: Services total 2.9 3.6 4.4 4.8 5.3 5.4 5.5 -Done Information 0.7 0.8 1.1 1.2 1.2 1.6 1.3 -Midas Touch 2.2 2.8 3.3 3.6 4.1 3.8 4.2 Systems 1.1 1.1 1.6 1.8 2.6 4.3 4.0 Health Care 1.5 1.4 1.4 1.3 1.0 1.0 1.0 Safety 0.5 0.4 1.0 0.9 0.8 0.5 0.8 Technology 0.8 0.7 0.6 1.2 1.0 1.0 0.9 Total 6.8 7.1 9.1 10.0 10.6 12.3 12.2 Segment profit: Q3/09 Q2/09 Q1/09 Q4/08 Q3/08 Q2/08 Q1/08 Services total -0.27 -0.56 -0.52 - 0.51 0.15 0.18 0.47 -Done Information -0.10 -0.16 -0.04 -0.03 0.03 0.17 0.07 -Midas Touch -0.17 -0.40 -0.48 -0.48 0.12 0.01 0.40 Systems 0.11 -0.14 -0.04 -0.07 0.45 0.63 0.61 Health Care 0.54 0.49 0.50 0.32 0.35 0.29 0.41 Safety -0.06 -0.06 0.12 0.23 0.11 0.03 0.04 Technology 0.12 0.08 0.03 0.30 0.20 0.32 0.08 Total 0.44 -0.20 0.09 0.27 1.26 1.45 1.61 Parent company costs-0.21 -0.36 -0.29 -0.22 -0.20 -0.29 0.21 Operating profit 0.23 -0.56 -0.20 0.05 1.06 1.16 1.39 Operating profit, % 3.4% -7.9% -2.3% 0.5% 10.0% 9.4% 11.4% HUMAN RESOURCES The number of personnel employed by the Group in the review period averaged 590 (762). The number of employees at the end of the period was 518 (695). As a result of the employer-employee negotiations ending April 1, 2009, Midas Touch decided to lay off a maximum of 102 employees and terminate the employment of two employees. The company conducted new employer-employee negotiations between August 17 and October 14, 2009, resulting in 36 employees being dismissed or transferred to part-time employment. Most dismissals concerned personnel who were already laid off. In addition, the companies belonging to the Midas Touch subgroup are prepared to lay off their salaried employees for a maximum of two weeks in the last quarter of 2009. Statutory employer-employee negotiations were conducted earlier in the review period by Done Logistics and Done Information. At Done Logistics, the negotiations ended on June 25, 2009. As a result, the company was granted the right to decide by the end of June 2010 on possible lay-offs, part-timing, termination of employment, and other necessary adjustments. At the end of the review period, 22 employees were on temporary lay-offs. At Done Information, the negotiations ended on August 4, 2009. As a result, four employees were dismissed and nine were laid off. The company has the right to lay off a further 11 employees. These measures are expected to improve profitability from the last quarter on. At the end of Q3, the company's personnel were distributed as follows: 9/30/2009 9/30/2008 Change Services 429 573 -144 Systems 44 68 -27 Health Care 7 8 -1 Safety 21 25 -4 Technology 13 17 -4 Parent company 4 4 0 Total 518 695 -177 CHANGES IN MANAGEMENT IN SUBSIDIARIES After Elina Karjalainen, Managing Director of Done Information, announced that she would resign from her post and enter the service of another employer, Tarja Salonen, M.Sc. (Eng.), previously Sales Director at the company, was named Acting Managing Director as of March 6, 2009. The Board of Revenio Group Corporation appointed Salonen as the company's Managing Director on September 21, 2009. Similarly, Timo Peränkylä, Managing Director of Boomerang Boats, announced on March 11, 2009 that he would resign from his position. As a result, Naval Architect Jussi Mannerberg, who had previously served as the company's Technical Director, took the helm of the company as Acting Managing Director. The Board of Revenio Group Corporation appointed Mannerberg as the company's Managing Director on September 21, 2009. SHARES, SHARE CAPITAL AND MANAGEMENT OWNERSHIP On 9/30/2009, Revenio Group Corporation's share capital came to EUR 5,314,918.72 and the number of shares outstanding totaled 76,839,730. On this date, the Board of Directors and the President and CEO held 20.75 percent of the shares, totaling 15,940,705 shares, and also 18.57 percent of option rights, totaling 684,365 options. On January 23, 2009, the Board of Revenio Group Corporation decided on a private placement directed at former Finnish Led-Signs Oy shareholders Mia Järvinen and Olli-Pekka Salovaara. This share issue was based on the share-issue authorization provided by the Annual General Meeting of Revenio Group Corporation on April 2, 2008. The share issue constituted the final payment for the purchase price of Finnish Led-Sign Oy, as set in a share swap agreement signed in September 2007. A total of 1,724,138 Revenio Group Corporation shares were offered for subscription in the private placement. The subscription price was recognized in full under the invested unrestricted equity fund, and the increase in the number of shares was recorded in the Trade Register on February 16, 2009. In the period January 1 - September 30, 2009, Revenio Group Corporation's turnover on NASDAQ OMX HELSINKI totaled EUR 3.4 (9.9) million, representing 11.1 (17.9) million shares or 14.5 (23.6) percent of shares outstanding. The trading high was EUR 0.36 (0.78) and the low EUR 0.26 (0.33). The closing price at the end of the review period was EUR 0.33 (0.36), and the average share price was EUR 0.31 (0.55). The Group's market value on 9/30/2009 was EUR 25.4 million (EUR 27.4 million). OPTION RIGHTS Based on the share-issue authorization approved by the Annual General Meeting of April 3, 2007, the Board of Revenio Group Corporation decided, on November 23, 2007, on a new corporate option scheme, comprising a maximum of 3,684,365 option rights. Each option right entitles the holder to one Revenio Group Corporation share. The proportion of shares to be subscribed based on the option rights to be issued totaled a maximum of 5.4 percent of the company's share capital and voting rights once the new shares to be subscribed via the option rights have been registered. Shares subscribed via the option scheme entitle the holder to a dividend from the subscription year onwards. During the review period, personnel were issued 75,000 series A option rights, and 150,000 series A options were returned to the company. VALID AUTHORIZATIONS OF THE BOARD The AGM of April 15, 2009 authorized the Board to decide to issue a maximum of 30,000,000 shares or to grant special rights (including stock options) entitling to shares, under Section 1 of Chapter 10 of the Companies Act, in one or several tranches. This authorization was granted for use in financing and implementing any prospective corporate acquisitions or other transactions, for implementing the company's share-based incentive plans or for other purposes determined by the Board. This authorization is valid until April 30, 2010. The AGM of April 15, 2009 also authorized the Board to decide to buy back a maximum of 7,683,973 own shares using the company's unrestricted equity, in which case any buyback will reduce the amount of distributable earnings. The company may buy back shares in order to develop its capital structure, finance and implement any corporate acquisitions or other transactions, implement share-based incentive plans, or otherwise dispose of or cancel them. PURCHASE AND CANCELLATION OF OWN SHARES During the reporting period, Revenio Group Corporation acquired 220,262 company shares based on the decisions made by the Board of Directors on November 11, 2008, March 26, 2009 and April 28, 2009. On March 5, 2009, the Board of Revenio Group Corporation decided on the cancellation of 1,000,000 own shares, or 1.28 percent of the company's votes and shares. The cancellation did not have an impact on share capital, or a significant impact on the distribution of ownership or voting rights within the company. On April 28, 2009, the Board of Revenio Group Corporation decided to begin purchasing own shares based on the authorization provided by the AGM of April 15, 2009. The acquisition of shares began on May 6, 2009 and will end no later than April 30, 2010. By the end of the review period, the company had bought 90,260 of its own shares. These were used to pay part of the remuneration to Board members in shares as decided by the AGM of April 15, 2009. CHANGES IN OWNERSHIP There were no significant changes in ownership to report during the review period. MAJOR BUSINESS RISKS AND UNCERTAINTIES The Group gave notification of its major business risks and uncertainties in its financial statements bulletin of March 5, 2009. No changes in said risks have occurred since the bulletin's release. EVENTS AFTER THE BALANCE SHEET DATE Employer-employee negotiations were completed in the Service segment subsidiary Midas Touch on October 14, 2009. These negotiations resulted in the dismissal or transfer to part-time contracts of 36 employees. Most dismissals concerned personnel who were already laid off. In addition, the companies belonging to the Midas Touch subgroup are prepared to lay off their salaried employees for a maximum of two weeks in the last quarter of 2009. These measures are expected to generate savings of EUR 0.4 million per year. However, they will produce a non-recurrent expense of approximately EUR 50,000 in the last quarter. NEW COMPANY NAME In line with the AGM decision, the company name has been Revenio Group Corporation since April 20, 2009. The name was changed in order to better reflect the company's current structure as a successful conglomerate. OUTLOOK FOR 2009 The company estimates that its operating profit for 2009 will be slightly negative. COMPILATION PRINCIPLES OF THE INTERIM REPORT The financial statements presented in this release have been compiled in accordance with IFRS entry and valuation principles. These statements do not comply with all IAS 34 Interim Reports standards. The figures are unaudited. GROUP KEY FIGURES AND RATIOS (MEUR) 1-9/2009 1-9/2008 1-12/2008 Net sales 23.0 35.1 45.1 Operating profit -0.5 3.6 3.8 Operating profit, % -2.3 10.3 8.4 Pre-tax profit -0.7 3.4 3.6 Pre-tax profit, % -3.0 9.8 8.3 Net profit -0.5 2.5 2.7 Net profit, % -2.2 7.2 5.9 Gross capital expenditure 0.3 0.3 0.5 Gross capital expenditure, % 1.0 0.8 1.1 R&D costs 0.3 0.4 0.5 R&D costs, % 1.0 1.2 1.2 Gearing, % 12.8 16.1 7.8 Equity ratio, % 63.8 55.5 60.9 Return on investment (ROI), % -2.8 21.5 18.3 Return on equity (ROE), % -4.1 18.9 14.9 Undiluted earnings per share, EUR -0.007 0.033 0.035 Diluted earnings per share, EUR -0.007 0.033 0.035 Equity per share, EUR 0.21 0.23 0.23 Average no. of employees 590 762 747 Cash flow from operating activities 0.7 1.1 3.3 Cash flow from investing activities -0.2 -0.1 -0.3 Net cash used in financing activities -0.4 -2.2 -4.3 Total cash flow 0.1 -1.2 -1.3 CONSOLIDATED INCOME STATEMENT (MEUR) 1-9/2009 1-9/2008 1-12/2008 NET SALES 23.0 35.1 45.1 Other operating income 0.0 0.3 0.3 Materials and services -5.7 -11.0 -13.4 Employee benefits -12.6 -15.5 -21.0 Depreciation/amortization -0.8 -1.1 -1.4 Other operating expenses -4.4 -4.2 -5.9 OPERATING PROFIT -0.5 3.6 3.8 Share of associates' results 0.0 0.0 0.0 Financial expenses (net) -0.2 -0.2 -0.1 PRE-TAX PROFIT -0.7 3.4 3.6 Income tax expense 0.2 -0.9 -1.0 NET PROFIT -0.5 2.5 2.7 Other comprehensive income items 0.0 0.0 0.0 Income tax expense from comprehensive income items 0.0 0.0 0.0 Other comprehensive income items after taxes 0.0 0.0 0.0 TOTAL COMPREHENSIVE INCOME -0.5 2.5 2.7 Net profit attributable to: Parent company shareholders -0.5 2.5 2.7 Minority interest 0.0 0.0 0.0 Total comprehensive income attributable to: Parent company shareholders -0.5 2.5 2.7 Minority interest 0.0 0.0 0.0 Earnings per share, undiluted EUR -0.007 0.033 0.035 Earnings per share, diluted EUR -0.007 0.033 0.035 CONSOLIDATED INCOME STATEMENT (MEUR) 7-9/2009 7-9/2008 NET SALES 6.8 10.6 Other operating income 0.0 0.2 Materials and services -1.7 -2.9 Employee benefits -3.5 -5.1 Depreciation/amortization -0.3 -0.4 Other operating expenses -1.1 -1.3 OPERATING PROFIT 0.2 1.1 Share of associates' results 0.0 -0.0 Financial expenses (net) -0.1 -0.1 PRE-TAX PROFIT -0.1 1.0 Income tax expense -0.0 -0.2 NET PROFIT 0.1 0.7 Other comprehensive income items 0.0 0.0 Income tax expense from comprehensive income item 0.0 0.0 Other comprehensive income items after taxes 0.0 0.0 TOTAL COMPREHENSIVE INCOME 0.1 0.7 Net profit attributable to: Parent company shareholders 0.1 0.7 Minority interest 0.0 0.0 Total comprehensive income attributable to: Parent company shareholders 0.1 0.7 Minority interest 0.0 0.0 CONSOLIDATED BALANCE SHEET (MEUR) 9/30/2009 9/30/2008 12/31/2008 ASSETS NON-CURRENT ASSETS Property, plant and equipment 2.0 2.2 2.1 Goodwill 9.4 11.4 9.4 Intangible assets 2.8 3.4 3.2 Shares in associates 0.4 0.5 0.4 Available-for-sale assets 0.0 0.0 0.0 Receivables 0.3 0.3 0.3 Deferred tax assets 3.3 3.3 3.2 TOTAL NON-CURRENT ASSETS 18.2 21.0 18.6 CURRENT ASSETS Inventories 1.2 1.8 2.0 Trade and other receivables 4.0 7.6 6.3 Cash and cash equivalents 2.1 2.1 2.0 TOTAL CURRENT ASSETS 7.4 11.5 10.4 TOTAL ASSETS 25.6 32.5 29.0 LIABILITIES AND SHAREHOLDERS' EQUITY SHAREHOLDERS' EQUITY Share capital 5.3 5.3 5.3 Share premium 2.4 2.4 2.4 Fair value reserve 0.3 0.3 0.3 Invested unrestricted capital reserve 7.0 6.5 6.5 Retained earnings/loss 1.0 3.2 3.3 Treasury shares 0.0 0.0 -0.3 TOTAL EQUITY, attributable to holders of parent company equity 16.1 17.7 17.6 MINORITY INTEREST 0.0 0.0 0.0 TOTAL SHAREHOLDERS' EQUITY 16.1 17.7 17.6 LIABILITIES NON-CURRENT LIABILITIES Deferred tax liabilities 0.9 1.0 1.0 Provisions 0.1 0.1 0.0 Financial liabilities 2.9 2.4 2.2 Other liabilities 0.5 2.5 0.4 TOTAL LONG-TERM LIABILITIES 4.4 6.1 3.7 CURRENT LIABILITIES Advance payments 0.4 0.0 0.0 Trade and other payables 3.9 6.1 6.4 Provisions 0.0 0.0 0.0 Financial liabilities 1.3 2.6 1.2 TOTAL SHORT-TERM LIABILITIES 5.2 8.7 7.6 TOTAL LIABILITIES 9.5 14.8 11.3 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 25.6 32.5 29.0 CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (MEUR) Share Share Other Retained Minority Total Capital premium reserves earnings interest equity Balance Jan 1,2008 5.3 2.4 3.8 6.5 0.0 18.1 Private placements 0.0 0.0 0.1 0.0 0.0 0.1 Dividend distrib. 0.0 0.0 0.0 -3.0 0.0 -3.0 Options exercised and paid in shares 0.0 0.0 0.0 0.0 0.0 0.0 Net profit 0.0 0.0 0.0 2.5 0.0 2.5 Balance Sep 30, 2008 5.3 2.4 3.8 7.0 0.0 17.7 Share Share Other Retained Minority Total capital premium reserves earnings interest equity Balance Jan 1, 2009 5.3 2.4 3.6 6.2 0.0 17.6 Private placements0.0 0.0 0.5 0.0 0.0 0.5 Dividend distrib. 0.0 0.0 0.0 -1.5 0.0 0.0 Cancellation of own shares 0.0 0.0 0.3 -0.3 0.0 0.0 Options exercised and paid in shares 0.0 0.0 0.0 0.0 0.0 0.0 Net profit 0.0 0.0 0.0 -0.5 0.0 0.0 Balance Sep 30, 2009 5.3 2.4 4.5 3.9 0.0 16.1 CONSOLIDATED CASH FLOW STATEMENT (MEUR) 1-9/2009 1-9/2008 1-12/2008 Net profit -0.5 2.5 2.7 Adjustments to net profit 0.7 2.1 1.4 Change in working capital 0.5 -3.4 -1.5 Interest paid -0.1 -0.4 -0.5 Interest received 0.0 0.4 0.4 Paid taxes 0.0 0.0 -0.0 CASH FLOW FROM OPERATING ACTIVITIES 0.7 1.1 3.3 Purchase of PPE -0.2 -0.1 -0.3 Purchase of intangible assets 0.0 -0.1 -0.0 NET CASH USED IN INVESTING ACTIVITIES -0.2 -0.1 -0.3 Purchase of own shares 0.0 0.0 -0.3 Paid dividends -1.5 -3.0 -3.0 Long-term borrowings 2.0 1.8 0.0 Repayments of long-term borrowings -0.8 -0.9 -0.9 Finance lease principal payment -0.0 -0.0 -0.1 NET CASH USED IN FINANCING ACTIVITIES -0.4 -2.2 -4.3 Net change in cash and equivalents 0.1 -1.3 -1.4 Cash and equivalents, period-start 2.0 3.4 3.4 Cash and equivalents, period-end 2.1 2.1 -2.0 NET SALES AND OPERATING PROFIT BY QUARTER (MEUR) MEUR Q3/09 Q2/09 Q1/09 Q4/08 Q3/08 Q2/08 Q1/08 Net sales 6.8 7.1 9.1 10.0 10.6 12.3 12.2 Operating profit 0.2 -0.4 -0.2 0.1 1.1 1.2 1.4 Operating profit, % 3.4 -5.7 -2.3 1.0 10.0 9.4 11.4 MAIN SHAREHOLDERS ON September 30, 2009 No. of shares % 1. Merivirta, Jyri 15,000,000 19.52 2. Gateway Finland Oy 11,500,000 14.97 3. Eyemaker's Finland Oy 7,817,214 10.17 4. Alpisalo, Mia Elisa 3,121,653 4.06 5. Juurakko, Timo Olavi 2,440,400 3.18 6. Mäkinen, Markku 1,702,013 2.22 7. Latva, Sami 1,596,104 2.08 8. Kiesvaara, Tuomo 1,320,502 1.72 9. The Nordic Adviser Grou Ltd 1,179,861 1.54 10. Salovaara, Olli-Pekka 828,945 1.08 11. Hietala, Matti Juhani 800,000 1.04 12. Leppänen, Vesa 761,200 0.99 13. Heikkinen, Esko Olavi 760,000 0.99 14. Darabont Corporations 646,600 0.84 15. Etera Mutual Pension Insurance Company 500,000 0.65 16. Amlax Oy 416,530 0.54 17. Suonpää, Altti 385,000 0.50 18. Kotilainen, Veli-Matti 327,000 0.43 19. Suokas, Petri Kristian 250,750 0.33 20. KW-Invest Oy 250,734 0.33 Foreign countries and nominee registered shareholders 2,560,809 3.33 REVENIO GROUP CORPORATION Board of Directors For further information, please contact: Olli-Pekka Salovaara, President and CEO, GSM +358 (0)40 5675520 E-mail addresses follow the format firstname.lastname@revenio.fi DISTRIBUTION: NASDAQ OMX Helsinki Financial Supervisory Authority (FIN-FSA) Key media www.revenio.fi Revenio Group Corporation is the parent company of the Finnish conglomerate Revenio Group. The Corporation is listed on NASDAQ OMX HELSINKI. Revenio's subsidiaries share a focus on Finnish specialist expertise and export-based operations. Revenio Group consists of six independent subsidiaries in five business segments. The subsidiaries are Done Information Oy, Done Logistics Oy, Icare Finland Oy, Boomeranger Boats Oy, Finnish Led-Signs Oy and Midas Touch Oy. |
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