2013-02-15 11:00:00 CET
2013-02-15 11:00:14 CET
REGULATED INFORMATION
Cencorp - Financial Statement Release
CENCORP CORPORATION’S FINANCIAL STATEMENT RELEASE 2012
Cencorp Corporation Financial Statement Release 15 February 2013 at 12.00
Finnish time
CENCORP CORPORATION'S FINANCIAL STATEMENT RELEASE 2012
The net sales of Cencorp Corporation's (“Cencorp”) continuing operations for
the reporting period January - December 2012 was EUR 15.4 million (EUR 21.6
million in 2011). The operating profit of continuing operations was EUR -3.9
million (-4.3), profit for the period EUR -4.8 million (-4.8), earnings per
share were EUR -0.01 (-0.01) and EBITDA was EUR -1.6 million (-1.7).
GENERAL
Cencorp belongs to the Finnish Savcor Corporation (“Savcor”). Savcor Group
companies owned approximately 78,9 % of the Cencorp shares on 31 December 2012.
More information on principle activities and events during the reporting period
can be found in the stock exchange releases published on Cencorp's website at
www.cencorp.com.
The Financial Statement Release has been drawn up in compliance with the IAS 34
Interim Financial Reporting standard. In the Financial Statement Release
Cencorp has applied the same accounting principles as in the annual report
2011. The Financial Statement Release has not been audited.
FINANCIAL DEVELOPMENT
The two business segments Cencorp reports of are Laser and Automation
Applications, and Special Components. The Laser and Automation Applications
segment comprises Cencorp's operations preceded the Face (Telecom) transaction
and the Special Components segment the business acquired through the Face
(Telecom) transaction in 2010. Since the Guangzhou plant closing announced in
May the Special Components segment comprises only special component production
at the Beijing plant.
The figures in brackets are comparison figures for the corresponding period in
2011, unless stated otherwise. 29 May 2012 Cencorp announced that it exits from
its unprofitable decoration business and closes down its plant in Guangzhou,
China, producing decoration applications. In consequence of the closing down of
the Guangzhou plant and the exit from decoration business Cencorp reports the
financial figures relating to the Guangzhou plant's decoration business as
discontinued operations from now on. In Cencorp's financial reports the profit
of discontinued operations is reported on a separate line, apart from continued
operations, thus, the income statement, except the discontinued operations
item, concern the company's continued operations only.
October - December 2012 (continued operations)
- Cencorp Group's net sales decreased by 34.9 per cent to EUR 3.3 million (EUR
5.1 million).
- EBITDA was EUR -0.8 million(EUR -0.5 million).
- Operating profit was EUR -1.5 million (EUR -1.4 million).
- The Group's profit before taxes was EUR -1.9 million (EUR -1.2 million).
- Profit for the period was EUR -1.9 million (EUR -1.2 million).
- Earnings per share were EUR -0.005 (EUR -0.003) and diluted earnings per
share EUR -0.005 (EUR -0.003).
- Net sales of the Laser and Automation Applications segment decreased by 18.1
per cent to EUR 2.2 million (EUR 2.7 million) and operating profit was EUR -1.1
million (EUR -1.3 million). The segment's EBITDA was EUR -0.8 million (EUR -0.8
million).
- Net sales of the Special Components segment decreased by 52.7 per cent to EUR
1.1 million (EUR 2.4 million) and operating profit was EUR -0.4 million (EUR
-0.1 million). The segment's EBITDA was EUR -0.03 million (EUR -0.4 million).
January - December 2012 (continued operations)
- Cencorp Group's net sales decreased by 28.5 per cent to EUR 15.4 million (EUR
21.6 million).
- The order book at the end of December stood at ca. EUR 1.4 million (EUR 2.8
million).
- EBITDA was EUR -1.6 million (EUR -1.7 million).
- Operating profit was EUR -3.9 million (EUR -4.3 million).
- The EBITDA and the operating profit include a one-off profit of EUR 1.2
million from the sale of Beijing plant.
- The Group's profit before taxes was EUR -4.8 million (EUR -4.8 million).
- Profit for the period was EUR -4.7 million (EUR -4.8 million).
- Earning per share were EUR -0.01 (EUR -0.01) and
diluted earnings per share were EUR -0.01 (EUR -0.01).
- The equity ratio at the end of December was 25.2 per cent (51.2 %). Sharp
drop in the equity ratio originates, among other things, from write-off of ca.
EUR 5.7 million relating to the closing of the Guangzhou plant.
- Net sales of the Laser and Automation Applications segment decreased by 36.2
per cent to EUR 9.6 million (EUR 15.1 million) and operating profit was EUR
-3.2 million (EUR -2.5 million). The segment accounted for 69.6 percent of the
Group's net sales. The segment's EBITDA was EUR -2.4 million (EUR -1.3)
million.
- Net sales of the Special Components segment increased by 11.0 per cent to 5.9
million (EUR 6.6 million) and operating profit was EUR -0.7 million (EUR -1.7
million). The segment accounted for 30.4 per cent of the Group's net sales. The
segment's EBITDA was EUR 0.8 million (EUR -0.4 million).
- The operating profit of the Special Components segment include a one-off
profit of EUR 1.2 million from the sale of the Beijing plant. The company
continues its operation in the same building as lessee.
MARKET OUTLOOK
Cencorp is in transition from a company manufacturing only production
automation applications and special components into a company that develops and
provides Cleantech applications. The company's objective is to achieve a strong
market position as provider, using laser and automation technology, of
high-quality photovoltaic modules that are locally produced in different
market. The necessary transition phase provided by the company's strategy is
going on and proceeding according to the plans.
On 29 January 2013 Cencorp and Sunweb Solar Energy Holding BV (Sunweb Solar)
completed a transaction in which Cencorp acquired Sunweb Solar's photovoltaic
module business and related pilot production line, the Sunweb trademark as well
as the patents and other intellectual property rights relating to the business.
Cencorp's goal is to manufacture and implement a photovoltaic module production
line, based on Cencorp's own layout, in Finland. The location of Cencorp's
photovoltaic module factory will probably be either Mikkeli or Salo. The plant
is expected to be ready in early 2014 and according to Iikka Savisalo,
Cencorp's CEO, the plant's turnover will exceed 50 million Euros when operating
at full capacity. Sales negotiations on the plant's production capacity are run
with several foreign operators.
Negotiations with Avery Dennison Corporation (Avery Dennison), a US based
company, on acquiring Avery Dennison's Conductive Back Sheet business have not
yet been completed.
Cencorp has announced that it has signed a Memorandum of Understanding on
delivering Conductive Back Sheets (CBS) to one of the leading Chinese
photovoltaic module manufacturers. The value of the Memorandum of Understanding
is expected to be at its minimum ca. EUR 20 million over the next three years.
Based on the latest written estimate given by the customer mass production of
CBS components will commence in the first half of the year 2013. The Memorandum
of Understanding is non-binding. However, in regard to the Memorandum of
Understanding on delivering CBS to the Chinese photovoltaic module
manufacturer, the estimated minimum value of EUR 20 million for the next three
years will probably stay non-binding even though the actual Memorandum of
Understanding turns into a binding supply contract. In this business sector
customers do not give binding order estimations.
In the company's strategy Cencorp has emphasized its growth being based on new
Cleantech solutions and applications for new energies, in particular. Cencorp's
Cleantech strategy, if realized, will remarkably change the company's cost
structure and the targets set for the near future. As Cencorp is now in a
strong transition phase, following the new strategy, Cencorp cannot assess how
the change in company's business focus will impact the company, due to which
Cencorp has decided not to give any financial guidance for the time being, as
stated in the release of 21 August 2012. As the transition phase is still
continuing Cencorp does not give any financial guidance either in 2013.
Cencorp's future outlook will be highly dependent on the company's ability to
reach the targeted market position in the global photovoltaic module market as
well as on the company's long-term and short-term financing. Cencorp's goal is
to reach strong market position as provider of locally produced high-quality
photovoltaic modules. Risks are handled in more detail in the item Risk
management, risks and uncertainties of this financial statement release.
LONG-TERM OBJECTIVES FOR MANAGING DIRECTOR
On 21 August 2012 Cencorp's Board of Directors published its long-term
financial and other objectives for Managing Director as follows:
-- Thorough but fast transition from a company manufacturing only production
automation applications and special components into a company that develops
and provides Cleantech applications with a strong market position as
provider, using laser and automation technology, of locally in different
market areas produced, high-quality photovoltaic modules.
-- Cencorp's goal is to increase its shareholder value with growth and
profitability. Cencorp aims for growth in Cleantech business where the
company has good possibilities to achieve a strong global position and
faster growth.
-- Laser and Automation Applications segment has its main focus on the life
cycle management of systems and equipments with growth expectations for
service business.
-- In the long run Cencorp is aiming for remarkable growth in its net sales
with net sales target of more than EUR 200 million for 2016, provided the
company has sufficient capital with growth coming mainly from Cleantech
operations, especially from solar photovoltaic and fuel cell applications.
The long-term objectives set for the Managing Director involve also risks and
the long-term objectives should not be considered as the company's financial
guidance. Even though the objectives are based on market knowledge and
technical surveys, the risks are significant and it is not certain if the
Managing Director reaches all or part of the targets set for him.
MANAGING DIRECTOR IIKKA SAVISALO'S REVIEW
In the last quarter of the fiscal year 2012 demand for Cencorp products was
low. However, at the end of the fiscal year the markets seemed to start picking
up. As a result of the statutory negotiations, run in the second quarter, the
organization became leaner enabling it better to adjust its operations for
lower demand. Extra savings were generated by outsourcing the production of
almost all products in the area of Cencorp's Laser and Automation Applications.
The outsourcing project, that took almost two years, was successful creating
base for improving profitability. Major investments in the Cleantech business
and particularly in the development of next generation photovoltaic modules,
related components and production automation started showing concrete results
at the end of the year.
The company's own capital and financing position was strengthened in December
2012 as the convertible bond of EUR 1.5 million was fully subscribed.
Additionally, a decision of The Finnish Funding Agency for Technology and
Innovation - Tekes to give a loan of about EUR 3 million for Cencorp's
Cleantech business had a positive impact in company's financing position.
Cencorp is focusing on taking advantage of the technology transition stage
going on in the global solar energy business and bringing new products and
solutions using the latest photovoltaic technology in the further growing
market. As the first solar photovoltaic product, Cencorp introduces next
generation Conductive Back Sheet, used in photovoltaic modules, in the market.
Further to this Cencorp has announced on 5 November 2012 that it has signed a
Memorandum of Understanding with a major Chinese photovoltaic module
manufacturer on delivering Conductive Back Sheets. Deliveries and relating cash
flow is expected to start during the first half of 2013.
Cencorp utilizes its production automation knowhow of 30 years, in addition to
its CBS technology. With the support of Sunweb Solar's technology and market
knowledge that Cencorp acquired at the end of January 2013 Cencorp has designed
a fully automated production line to manufacture next generation CBS solar
modules in an extremely competitive way. Automation process can be very well
adapted to production of next generation solar modules. Fully automated
production line designed by Cencorp enables profitable module production
regardless of labor costs, close to final installation. Europe continues to be
the leading market area for photovoltaic modules and Cencorp views there will
be also European buyers for its production lines.
Cencorp is seeking to become a market leader in the field of CBS photovoltaic
production technology. The company has started building its first full size
photovoltaic module pilot production line for the company's own use. The
production line will be presented to the customers that are interested in
automated solar module production. The module factory's final location will be
either Mikkeli or Salo. In 2013 Cencorp will launch a collection of
photovoltaic modules with advanced and modern design. The intention is to
manufacture modules also at potential licensees' plants worldwide, in addition
to Cencorp's own plant. The company estimates the first commercial photovoltaic
module deliveries to start at the year-end of 2013. Cencorp also expects to
sign its first contract on delivering module production line in the course of
2013.
OPERATING ENVIRONMENT
Cencorp mainly operates in industries applying electronics and Cleantech
technology. Its main geographical market areas are Europe, North America, South
America and Asia. Cencorp's key customers for laser and automation applications
operate globally and require local service. The global electronics industry,
including the manufacture of mobile phones, is mostly concentrated in Asia, the
domestic market area for the special components manufactured by Cencorp.
Special Components
In the near future the focus of Cencorp's Special Components business will be
in component manufacturing for next generation solar modules. The investment at
the Beijing plant to enable mass production of large roll-to-roll Conductive
Back Sheets is almost completed. Cencorp is confident that its Beijing plant
will be one of the world's most competitive plants of its kind. Cencorp's
Memorandum of Understanding (MOU) on delivering CBS components to one of the
leading solar module manufacturer is one proof of this. The MOU was announced
on 5 November 2012. Cencorp has also started negotiations with several other
leading solar module manufacturers. According to external experts' estimations
the demand for CBS components will grow very fast in the next five years.
Cencorp views the company will get a remarkable market share in the
photovoltaic market provided it has sufficient capital to increase required
capacity.
Even though Cencorp's growth expectations lie mainly on photovoltaic module
components, the company also provides tens of millions of NFC, RFID, WIFI and
other flexible circuits used in mobile devices. Cencorp believes it has become
the leading manufacturer of NFC (Near Field Communication) antennas. Cencorp
estimates that as NFC antennas become more commonly used in mobile phone,
Cencorp's own antenna production will also grow.
Laser and Automation Applications
Demand for automation equipment that started to slow down in the second
quarter, continued declining also in the third quarter, due to which Cencorp's
result turned negative despite leaner organization and lower cost structure. In
order to decrease the influence of strong cycles relating to demand for
automation applications, business development is gradually being focused more
and more towards life cycle management. The demand for life cycle management
services continued to be at reasonable level also throughout the last quarter.
Cencorp's operations in North America made a profitable full-year EBITA. The
company believes that the market outlook for life cycle management services
continue to be positive particularly in the North American market.
Demand for automation applications started recovering slowly at the end of the
third quarter and positive trend continued throughout the fourth quarter. Even
our customers were more active than before, Cencorp did not manage to get any
major new orders in the field of electronics automation industry by the end of
the year. According to Cencorp's experience customers postponed orders because
of general uncertain economic situation. However, value of the company's order
book is estimated to increase into acceptable level in the near future. An
order of EUR 0.6 million for odd-form automation solutions, Cencorp received
from a European customer, supports also this assumption. Cencorp's laser and
automation applications have been updated and are now competitive and the
company finds no obstacle for growing demand, at least in terms of product
portfolio.
Besides the traditional depaneling, laser materials processing and odd-form
assembly Cencorp has started designing equipment used in photovoltaic module
production. The company believes that demand for automated module production
lines will very soon start growing fast due to the technological shift. Cencorp
estimates that its automation applications designed for solar module
production, will generate positive cash flow already in the fiscal year 2013.
FINANCING
Cash flow from business operations before investments in January - December was
EUR -0.5 million (EUR -1.9 million). Trade receivables at the end of the
reporting period were EUR 2.0 million (EUR 6.4 million). Net financial items
amounted to EUR -0.8 million (EUR -0.6 million).
At the end of December, the equity ratio was 25.2 per cent (51.2 %) and equity
per share was EUR 0.01 (EUR 0.05). At the end of the reporting period, the
Group's liquid assets totaled EUR 0.6 million (EUR 0.3 million) unused export
credit limits, bank guarantee limits and factoring loans amounted to EUR 1.7
million (EUR 1.1 million). Sharp drop in the equity ratio originates, among
other things, from write-off of ca. EUR 5.7 million relating to the closing of
the Guangzhou plant.
As previously announced, Cencorp's financing position has been tight and it
involves risks. The loan arrangement of about EUR 3 million made with Tekes in
December 2012 and the EUR 1.5 million convertible bond subscribed in December
2012 have positive effects in Cencorp's financing position. However, the
Cencorp's ongoing transition into a company that develops and provides
Cleantech applications requires major investments. According to estimates
available, the company's financing position continues to be tight until the
transition phase has been completed successfully.
Cencorp has commenced preparing a share issue. The objective of the share issue
is to finance establishing of photovoltaic module business plan. Cencorp will
inform later on the terms and schedule of the share issue. The company is also
negotiating different kind of financing arrangements with other investors in
order to realize its business plan.
Cencorp agreed with its financers on amendment of the financial agreements and
announced on 3 December 2012 that:
- Sampo Pankki Oyj's financial facility agreement totaling EUR 4 million was
continued until the end of June 2013;
- the maturity date of a convertible bond of some EUR 1.2 million from Savcor
Group Oy was extended until the end of June 2013; and
- the maturity date of a loan of EUR one million from Savcor Invest BV (former
AC Invest BV), a daughter company of Savcor Group Oy, was extended until the
end of June 2013.
According to estimates available, the company's financing position will
continue to be tight. According to the opinion of Cencorp management the
working capital of the company is not sufficient to complete the ongoing
investment plan, based on the company's strategy, for next twelve (12) months.
From the company's point of view, one of the most important risks is
sufficiency of working capital. Cencorp has loans which will be due in
following twelve (12) months. Cencorp's operational conditions will be highly
dependent on whether Cencorp manages to rearrange the loans. Therefore the
company has, in addition to the above-mentioned measures, started negotiations
with its main financiers and owners on measures to strengthen the financing
position until the company's cash flow is expected to return to positive. By
these actions Cencorp believes to secure sufficiency of working capital for
next twelve (12) months.With these actions Cencorp believes that the company
has secured sufficient working capital for the next twelve months and will be
able to complete its strategic investments.
RESEARCH AND DEVELOPMENT
The Group's research and development costs during the January-December period
amounted to EUR 1.5 million (EUR 1.3 million) or 9.4 (6.0) per cent of net
sales.
INVESTMENTS
Gross investments during the January - December period amounted to EUR 1.8
million (EUR 1.2 million). The largest investments were EUR 1.3 million in
development costs.
PERSONNEL
At the end of December the Group employed 168 (328) people, out of which 56
persons worked in Finland, 103 persons in China and 9 persons in other
countries. During the reporting period, salaries and fees totalled EUR 5.1
million (EUR 5.2 million).
Anssi Jansson, Vice President, Sales & Marketing in the Laser and automation
segment, resigned on 19 November 2012 from Cencorp Corporation to set off on
new challenges. For the moment Cencorp will not hire anyone to succeed Anssi
Jansson. Laser and automation segments' resources will be rearranged and the
segment's operations will be further developed according to the company's new
strategy with focus on renewable energy solutions, especially on photovoltaic
applications.
SHARES AND SHAREHOLDERS
Cencorp's share capital amounts to EUR 3 425 059.10. The number of shares is
342 161 270. The company has one series of shares, which confer equal rights in
the company. Cencorp did not own any of its own shares at the end of the
financial year.
The company had a total of 4509 shareholder at the end of December 2012, and
44.7 per cent of the shares were owned by foreigners. The ten largest
shareholders held 89.5 percent of the company's shares and voting rights on 31
December 2012.
The largest shareholders on 31 December 2012
Shares Votes
-----------------------------------------------------------
1. SAVCOR GROUP LIMITED 133 333 333 39,0
-----------------------------------------------------------
2. SAVCOR GROUP OY 119 235 078 34,8
-----------------------------------------------------------
3. SAVCOR INVEST BV 17 499 999 5,1
-----------------------------------------------------------
4. KESKINÄINEN ELÄKEVAKUUTUSYHTIÖ ETERA 16 389 735 4,8
-----------------------------------------------------------
5. GASELLI CAPITAL OY 11 000 000 3,2
-----------------------------------------------------------
6. GASELLI CAPITAL PARTNERS OY 2 050 000 0,6
-----------------------------------------------------------
7. PAASILA MATTI 1 990 416 0,6
-----------------------------------------------------------
8. JOKELA MARKKU 1 987 519 0,6
-----------------------------------------------------------
9. PARPOLA VILLE 1 478 759 0,4
-----------------------------------------------------------
10. FT CAPITAL OY 1 428 570 0,4
-----------------------------------------------------------
Others 35 762 861 10,5
-----------------------------------------------------------
TOTAL 342 161 270 100,0
-----------------------------------------------------------
Savcor Group Oy announced on 20 April 2012 that it has acquired AC Capital's
subsidiary AC Invest B.V. (currently Savcor Invest B.V.) who owned
approximately 5.1 percent of Cencorp Corporation's shares, resulting in Savcor
Group's ownership in Cencorp Corporation increasing into 78.9 percent.
The members of the Board of Directors and the President and CEO, either
directly or through companies under their control, held a total of 270 068 410
shares in the company on 31 December 2012, representing about 78.9 percent of
the company's shares and voting rights. Iikka Savisalo, Cencorp's Managing
Director, either directly or through companies under his control, held a total
of 270 068 410 shares in the company, 8,931,000 options connected to bond
I/2010 and 21,428,571 options connected to bond I/2012.
The price of Cencorp's share varied between EUR 0.05 and 0.12 during the
January - December period. The average price was EUR 0.08 and the closing price
at the end of December EUR 0.06. A total of 18.3 million Cencorp shares were
traded at a value of EUR 1.5 million during the January - December period. The
company's market capitalization at the end of December stood at EUR 20.5
million.
No share options were granted to the company's management during the reporting
period excluding the below mentioned options connected to bond I/2012 that were
subscribed by SCI Invest Oy which is under control of Iikka Savisalo and Tuukka
Savisalo, who is responsible for photovoltaic module development at Cencorp. On
31 December 2012, the company had 8,931,000 options connected to bond I/2010
with a subscription period ending on 25 May 2015. Savcor Group Oy holds the
options connected to bond I/2010. On 31 December 2012 the company hold
21,428,571 options connected to bond I/2012 with subscription period ending on
7 September 2014. Options connected to bond I/2012 are held by SCI Invest Oy
and Savcor Group Oy.
SHARE ISSUE AUTHORIZATIONS IN FORCE
1,069,000 shares remain under the authorization given by Cencorp's Annual
General Meeting on 28 April 2009 to issue 10,000,000 new shares in Cencorp.
Cencorp's Extraordinary General Meeting held on 30 January 2012 decided to
authorize the Board of Directors to issue 100,000,000 new shares. There were no
other resolutions made at the Extraordinary General Meeting. 78,571,429 shares
remain under the authorization. In the first half of 2013, 4,000,000 shares,
under the authorization, will be issued in a directed share issue for Sunweb
Solar to pay part of the purchase price of the transaction carried out in
January.
DECISIONS BY THE ANNUAL GENERAL MEETING
Cencorp Corporation's Annual General Meeting was held on 19 April 2012 in
Mikkeli, Finland. The AGM approved the 2011 financial statements and discharged
the members of the Board and the President and CEO from liability for the
financial year 2011. According to the Board's proposal, it was decided that no
dividend for the financial year 2011 will be distributed. It was also decided
that the loss for the financial period that ended on 31 December 2011 will be
entered in retained earnings. The AGM elected Hannu Savisalo, Iikka Savisalo
and Ismo Rautiainen as the members of the Board of Directors of Cencorp
Corporation.
At its organizing meeting following the AGM, Cencorp's Board of Directors
elected Hannu Savisalo as the Chairman and Ismo Rautiainen as the Vice Chairman
of the Board. The Board of Directors decided, due to the scope of the company's
business, that it is not necessary to establish any separate Board committees.
The Board of Directors further stated that Ismo Rautiainen is independent of
the company and also of the company's significant shareholders.
The AGM decided that an annual remuneration of EUR 40,000 will be paid to the
Chairman and to the Vice Chairman of the Board, and EUR 30,000 to the members
of the Board of Directors. Ernst & Young Oy, Authorized Public Accounting Firm,
continues as the company auditor and Mikko Rytilahti, APA, as the responsible
auditor.
MAIN TERMS OF THE MEMORANDUM OF UNDERSTANDING SIGNED WITH SUNWEB SOLAR
On 29 January 2013 Cencorp announced that the company and Sunweb Solar
completed a transaction through which Cencorp acquired Sunweb Solar's
photovoltaic module business and related pilot production line, the Sunweb
trademark as well as the patents and other intellectual property rights
relating to the business. The purchase price amounting to ca. one million Euros
is paid partly in cash and partly in Cencorp shares. Purchase price paid in
Cencorp shares is 4,000,000 registered Cencorp shares, which are, as a part of
the transaction, valued at the price of EUR 0.12 per share. Purchase price paid
in cash amounts to EUR 450,000. Sunweb Solar agrees not to sell its Cencorp
shares received as purchase price payment before 31 December 2013.
MAIN TERMS OF THE MEMORANDUM OF UNDERSTANDING SIGNED WITH AVERY DENNISON
On 21 August Cencorp announced that the company and Avery Dennison Corporation
(”Avery Dennison”), a US based company, have signed a Memorandum of
Understanding (MOU) according to which Cencorp acquires Avery Dennison's
Conductive Back Sheet (CBS) business and related intellectual property rights.
The MOU is non-binding. The purchase price stated in the MOU is USD 500,000
cash and 6,711,409 Cencorp shares. Avery Dennison agrees not to sell its
Cencorp shares received as purchase price payment within 12 months from the
effective date of the definitive purchase agreement. Cencorp will separately
enter into agreements with the key persons that were involved with the business
being acquired to join Cencorp team. Negotiations with Avery Dennison are still
going on. The risks related to the non-binding MOU signed with Avery Dennison
have been handled in more detail in the item “Risk management, risks and
uncertainties” of this financial statement release.
MAIN TERMS OF THE MEMORANDUM OF UNDERSTANDING SIGNED WITH A MAJOR CHINESE SOLAR
PHOTOVOLTAIC (PV) MODULE MANUFACTURER ON DELIVERING CONDUCTIVE BACK SHEETS
On 5 November 2012 Cencorp announced that the company has signed a Memorandum
of Understanding on delivering Conductive Back Sheets (CBS) to one of the
leading Chinese PV (photovoltaic) module manufacturers. The value of the
Memorandum of Understanding is expected to be at its minimum ca. EUR 20 million
over the course of next three years. The Memorandum of Understanding is
non-binding. As a result of the evaluation process the customer became
convinced of Cencorp's technology and production capability and decided to sign
with Cencorp a Memorandum of Understanding determining preliminary commercial
terms between the companies for the next three years. In the Memorandum of
Understanding the companies agreed for example on the following:
- Cencorp prepares to increase its capacity to meet the customer's growing
demands.
- The customer commits itself to purchase the volumes together agreed upon.
The customer's current capacity need corresponds to deliveries of ca. EUR 20
million in the course of next three years.
- The customer commits itself to run required certification for the CBS.
- Cencorp commits itself to further develop the product and its
competitiveness.
- Besides the cooperation in manufacturing the parties agree to cooperate in
product development and marketing as well as in new innovations to enhance the
parties' competitiveness in solar modules and related production technologies.
According to the customer's latest written estimate received from the customer
at the end of January 2013 CBS mass deliveries commences during the first half
of 2013.
The risks related to the non-binding MOU signed with the Chinese solar
photovoltaic module manufacturer have been handled in more detail in the item
“Risk management, risks and uncertainties” of this financial statement release.
MAIN TERMS OF THE CONVERTIBLE BOND
In order to secure the financing required to strengthen Cencorp's capital
structure the company issues convertible bond with the maximum amount of EUR
1,500,000. The bond was subscribed by SCI Invest Oy, a company under control of
Cencorp's CEO Iikka Savisalo, and Savcor Group Oy. Simultaneously Cencorp
issues options with maximum amount of 21,428,571, connected to the bond, free
of charge. One (1) stock option is issued per each subscribed loan capital
amount of EUR 0.07. The convertible bond is issued in deviation from the
shareholders' pre-emptive subscription rights to those current Cencorp
shareholders who directly on the record day of 31 July 2012 own at least one
million (1,000,000) Cencorp's shares or who otherwise are approved by the Board
of Directors. Convertible bond can also be subscribed against a loan receivable
from Cencorp, undisputed on the record day, by converting the loan's capital or
interest into convertible bond according to the terms of the convertible bond.
Loan period starts as of the payment of a loan to the company and ends on 7
September 2014 when the convertible bond will be due in its entirety pursuant
to the loan terms. The shareholders' pre-emptive subscription rights are being
deviated from as the stock options are issued to secure financing required to
strengthen Cencorp's capital structure cost effectively and considering the
size of the financing. Thus, there is, from the company's point of view, a
weighty financial reason to issue the stock options.
An annual interest of eight (8) % will be paid on the convertible bond from the
withdrawal of the bond. A holder of the bond has a right to subscribe an amount
of shares, equivalent to the bondholders' shareholding percentage at the time,
in Cencorp's possible future share issues with subscription period ending
latest by 7 September 2014, at a subscription price that is 10 % lower than the
subscription price in the share issue in question. The holder of the bond is
entitled to converse the promissory note into the shares of the Company. One
(1) stock option pursuant to the promissory note entitles the bond holder to
subscribe for one (1) new share of the company. Based on the subscriptions made
pursuant to the stock options, the Company shall issue in maximum of 21.428.571
new company shares. The Company has one (1) class of shares.
MAIN TERMS OF THE TEKES LOAN ARRANGEMENT
The Finnish Funding Agency for Technology and Innovation - Tekes gives Cencorp
a loan, of ca. EUR 3 million, to develop business and production model relating
to the design and production of cost effective photovoltaic modules as well as
to the development of module components. The loan can amount maximum to 50
percent of the project's total costs which are estimated to be ca. EUR 6
million. The loan will be withdrawn in the course of the years 2013 and 2014.
The loan period is ten years.
Among other things, the Tekes funding decision is subject to capital
investments, amounting totally to EUR 3 million at the minimum, to be made in
Cencorp during the period from 20 September 2012 to 30 June 2013. Half of the
required investments was already secured on 3 December 2012 as Savcor Group Oy
and SCI Invest Oy, a company under the control of Iikka Savisalo, the CEO of
Cencorp, subscribed totally 1.5 million Euros of Cencorp's convertible bond
which is a capital loan.
RISK MANAGEMENT, RISKS AND UNCERTAINTIES
Cencorp's Board of Directors is responsible for the control of the company's
accounts and finances. The Board is responsible for internal control, while the
President and CEO handles the practical arrangement and monitors the efficiency
of internal control. Business management and control are taken care of using a
Group-wide reporting and forecasting system.
The purpose of risk management is to ensure that any significant business risks
are identified and monitored appropriately. The company's business and
financial risks are managed centrally by the Group's financial department, and
reports on risks are presented to the Board of Directors as necessary.
Due to the small size of the company and its business operations, Cencorp does
not have an internal auditing organization or an audit committee.
The sufficiency of the company's financing and working capital involve risks
that are handled in more detail in the item Financing of this financial
statement release. Realization of a share issue, which the company announced on
21 August 2012, involves risks. It is not secured that the company will be able
to collect capital to finance the establishing of photovoltaic module business
plan. If the share issue doesn't materialize as planned, there is a risk that
the establishment of Cencorp's Cleantech strategy will be postponed or even
fail, partly or totally.
As it is difficult to make forecasts in an industry that is dependent on
economic cycles, the biggest business risks are related to fluctuations in the
demand for products and to the adjustment of operations to meet demand.
In terms of profitability, the most essential risks are related to the
achievement of a sufficient invoicing volume in both business segments and the
success achieved with the programs underway at Cencorp to improve
profitability, such as improvements in productivity and business flexibility
through outsourcing production.
In terms of operations, the biggest risks are related to outsourcing in-house
equipment production to contract manufacturers, in particular to whether the
production chain efficiency targets are achieved as planned.
Cencorp's transition from a company manufacturing only production automation
applications and special components into a company that develops and provides
Cleantech applications with a strong market position as provider, using laser
and automation technology, of locally in different market areas produced,
high-quality photovoltaic modules, involves risks. Even though Cencorp's
strategy and objectives are based on market knowledge and technical surveys,the
risks are significant and it is not certain if the company reaches all or part
of the targets set for it. Cencorp's future outlook will be highly dependent on
the company's ability to reach the targeted market position in the global
photovoltaic module market as well as on the company's long-term financing.
Cencorp's goal is to reach strong market position as provider of locally
produced high-quality photovoltaic modules.
The execution of the non-binding Memorandum of Understanding signed with Avery
Dennison involves risks. The final terms of the transaction are still under
negotiations and realization of the acquisition is not yet certain.
Additionally, the transaction is still subject to several issues such as due
diligence and especially to Cencorp's short and long-term financing required to
run the business being acquired. Thus, Cencorp is not yet able to estimate
possible realization, effective date neither acquisition's influence in Cencorp
nor risks relating to the transaction. Cencorp will announce further
information on the matter as soon as the negotiations have been finished.
The execution of the non-binding Memorandum of Understanding signed with a
major Chinese photovoltaic module manufacturer involves risks. The final terms
of an agreement are still under negotiations, thus execution of the agreement
is not yet guaranteed. Additionally, the agreement is subject to Cencorp's
short-term and long-term financing which is still under negotiation. Thus,
Cencorp is not yet able to estimate the agreement's possible execution,
effective date neither the agreement's impact in Cencorp nor the final risks
relating to it. However, in regard to the Memorandum of Understanding on
delivering CBS to the Chinese photovoltaic module manufacturer, the estimated
minimum value of EUR 20 million for the next three years will probably stay
non-binding even though the actual Memorandum of Understanding turns into a
binding supply contract. In this business customers do not give binding order
estimations.
The long-term objectives set for the Managing Director involves also risks and
the long-term objective should not be considered as the company's financial
guidance. Even though the objectives are based on market knowledge and
technical surveys, the risks are significant and it is not certain if the
Managing Director reaches all or part of the targets set for him.
The Tekes loan arrangement involves risks. Among other things, the Tekes
funding decision is subject to capital investments, amounting totally to 3
million Euros at the minimum, to be made in Cencorp during the period from 20
September 2012 to 30 June 2013. Half of the required investments was already
secured on 3 December 2012 as Savcor Group Oy and SCI Invest Oy, a company
under the control of Iikka Savisalo, the CEO of Cencorp, subscribed totally 1.5
million Euros of Cencorp's convertible bond which is a capital loan.
Other risks connected to Cencorp have been presented in more detail in the
Annual Report for 2011.
GOVERNANCE PRINCIPLES
Cencorps Board of Directors handled and approved the company's Corporate
Governance Statement on 15 February 2013. The statement describes the main
features of the internal control and risk management related to the company's
financial reporting process, and the operations and composition of the Board of
Directors, including information on the President and CEO.
The Annual Report for the financial year 2012 will be published on 26 March
2013 at www.cencorp.com and will include the Financial Statements, the Report
of the Board of Directors and the Auditors Report.
The companys Corporate Governance Statement will be published as a separate
report in the same connection. It is also available on the company's website.
THE BOARD OF DIRECTORS' PROPOSAL CONCERNING THE DISTRIBUTION OF PROFIT
The Board of Directors proposes to the Annual General Meeting that the loss for
the period ended on 31 December 2012 be entered in retained earnings and that
no dividend be paid.
In Mikkeli, 15 February 2013
Cencorp Corporation
BOARD OF DIRECTORS
For more information please contact:
Cencorp: Iikka Savisalo, President and CEO, tel. +358 40 521 6082,
iikka.savisalo@savcor.com
Cencorp Corporation's annual report for 2012 will be published on 26 March 2013
and an interim report for January - March 2013 on 15 May 2013. Cencorp's annual
general meeting will be held on 29 April 2013.
Distribution:
NASDAQ OMX, Helsinki
Main media
www.cencorp.com
Consolidated statement of comprehensive income
(unaudited)
1 000 EUR 10-12/2012 10-12/2011 1-12/2012 1-12/2011
--------------------------------------------------------------------------------
Continuing operations
Net sales 3 312 5 090 15 441 21 608
Cost of sales -3 335 -4 874 -14 731 -19 859
--------------------------------------------------------------------------------
Gross profit -23 216 710 1 748
Other operating income 365 70 1 791 130
Product development expenses -470 -290 -1 458 -1 288
Sales and marketing expenses -619 -626 -2 072 -1 987
Administrative expenses -595 -624 -2 669 -2 717
Other operating expenses -179 -138 -235 -157
Operating profit -1 520 -1 391 -3 932 -4 271
Financial income -875 242 380 1 012
Financial expenses 523 -54 -1 224 -1 583
Profit before taxes from -1 872 -1 204 -4 776 -4 843
continuing operations
Income taxes -1 37 26 -6
Profit/loss for the period from -1 872 -1 166 -4 750 -4 848
continuing operations
Discontinued operations
Profit/loss after tax for the 473 -723 -8 606 -2 667
period from discontinued
operations
Profit/loss for the period -1 399 -1 889 -13 356 -7 516
--------------------------------------------------------------------------------
Profit/loss attributable to:
Shareholders of the parent company -1 399 -1 889 -13 356 -7 516
Earnings/share (diluted), eur -0,004 -0,006 -0,04 -0,02
Earnings/share (basic), eur -0,004 -0,006 -0,04 -0,02
Continuing operations:
Earnings/share (diluted), eur -0,005 -0,003 -0,01 -0,01
Earnings/share (basic), eur -0,005 -0,003 -0,01 -0,01
Other comprehensive income
Translation difference 34 563 93 794
Other comprehensive income 0 0 0 0
Total comprehensive income for the -1 366 -1 326 -13 263 -6 721
period
--------------------------------------------------------------------------------
Total comprehensive income
attributable to:
Shareholders of the parent company -1 366 -1 326 -13 263 -6 721
Consolidated statement of financial position
(unaudited)
1 000 EUR 31.12.2012 31.12.2011
--------------------------------------------------------------------------------
ASSETS
Non-current assets
Property, plant and equipment 6 688 16 305
Consolidated goodwill 2 967 2 967
Other intangible assets 2 979 3 337
Available-for-sale investment 10 10
Deferred tax assets 9 10
--------------------------------------------------------------------------------
Total non-current assets 12 652 22 629
Current assets
Inventories 2 693 4 184
Trade and other non-interest-bearing receivables 2 695 7 402
Cash and cash equivalents 583 317
--------------------------------------------------------------------------------
Total current assets 5 971 11 903
Assets classified as held for sale 79 0
Total assets 18 702 34 532
--------------------------------------------------------------------------------
EQUITY AND LIABILITIES
Equity attributable to shareholders of the parent
company
Share capital 3 425 3 425
Other reserves 43 691 43 344
Translation difference 677 584
Retained earnings -43 091 -29 735
--------------------------------------------------------------------------------
Total equity 4 703 17 618
Non-current liabilities
Non-current loans 2 095 0
Deferred tax liabilities 26 34
--------------------------------------------------------------------------------
Total non-current liabilities 2 121 34
Current liabilities
Current interest-bearing liabilities 4 731 8 475
Trande and other payables 6 850 8 196
Current provisions 257 209
--------------------------------------------------------------------------------
Total current liabilities 11 839 16 880
Liabilities directly associated with assets 40 0
classified as held for sale
Total liabilities 14 000 16 914
--------------------------------------------------------------------------------
Equity and liabilities total 18 702 34 532
--------------------------------------------------------------------------------
Consolidated statement of cash flows
(unaudited)
1 000 EUR 1-12/2012 1-12/2011
--------------------------------------------------------------------------------
Cash flow from operating activities
Income statement profit/loss from continuing -4 776 -4 843
operations before taxes
Income statement profit/loss from discontinued -8 606 -2 667
operations before taxes
---------------------
Income statement profit/loss before taxes -13 382 -7 510
Non-monetary items adjusted on income statement
--------------------------------------------------------------------------------
Depreciation and impairment + 8 682 3 949
Gains/losses on disposals of non-current assets +/- -655 88
Unrealized exchange rate gains (-) and losses (+) +/- 108 -507
Other non-cash transactions +/- -1 181 62
Financial income and expense + 845 1 003
Interest gains - 0 0
Taxes - 0 0
--------------------------------------------------------------------------------
Total cash flow before change in working capital -5 583 -2 915
Change in working capital
Increase (-) / decrease (+) in inventories 827 520
Increase (-) / decrease (+) in trade and other 4 863 1 957
receivables
Increase (+) / decrease (-) in trade and other -162 -524
payables
--------------------------------------------------------------------------------
Change in working capital 5 529 1 953
Adjustment of financial items and taxes to cash-based
accounting
Interest paid - -257 -429
Interest received + 4 14
Other financial items - -258 -397
Taxes paid - 18 -120
--------------------------------------------------------------------------------
Financial items and taxes -492 -932
NET CASH FLOW FROM BUSINESS OPERATIONS -547 -1 894
CASH FLOW FROM INVESTING ACTIVITIES
Investments in tangible and intangible assets - -1 757 -1 424
Proceeds on disposal of tangible and intangible + 4 465 70
assets
Repayment of loan receivables + 0 1 468
--------------------------------------------------------------------------------
NET CASH FLOW FROM INVESTMENTS 2 708 114
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from share issue + 0 862
Proceeds from non-current borrowings + 1 559 0
Stock options of the convertible bond + 347 0
Proceeds from current borrowings + 5 404 10 083
Repayment of current borrowings - -9 174 -10 244
Dividends paid - 0 -4
--------------------------------------------------------------------------------
NET CASH FLOW FROM FINANCING ACTIVITIES -1 865 697
INCREASE (+) OR DECREASE (-) IN CASH FLOW 296 -1 083
Consolidated statement of changes in equity
(unaudited)
1 000 EUR Share Other Translati Distribu-table Retaine Total
capit reser on non-restricted d
al ves differen equity fund earnin
ce gs
--------------------------------------------------------------------------------
31.12.2011 3 425 4 908 584 38 436 -29 735 17 618
Stock options of 0 347 347
the convertible
bond
Translation - - 93 - - 93
difference,
comprehensive
income
Profit/loss for - - - - -13 356 -13 356
the period
31.12.2012 3 425 4 908 677 38 783 -43 091 4 703
1 000 EUR Share Other Translati Distribu-table Retaine Total
capit reser on non-restricted d
al ves differen equity fund earnin
ce gs
--------------------------------------------------------------------------------
31.12.2010 3 425 4 908 -210 35 104 -22 082 21 145
Directed issue - - - 3 332 - 3 332
Decrease from - - - - -137 -137
share issue
Translation - - 794 - - 794
difference,
comprehensive
income
Profit/loss for - - - - -7 516 -7 516
the period
31.12.2011 3 425 4 908 584 38 436 -29 735 17 618
Segment information
(unaudited)
The segment information for profit/loss numbers and balance sheet per 31
December 2012 include only continuing operations. Information regarding
discontinued operations is given in attachment "Discontinued operations".
The Group has two reporting segments: Laser and Automation Applications, and
Special Components. The Laser and Automation Applications segment comprises
Cencorp's former business and the Special Components segment the business
acquired through the Face transaction in 2010. The segment information
presented by the Group is based on the management's internal reporting and the
organisational structure.
1 000 EUR 10-12/2012 10-12/201 1-12/2012 1-12/2011
1
--------------------------------------------------------------------------------
Net sales
Laser and Automation 2 224 2 714 9 624 15 079
Applications
Special Components 1 123 2 375 5 858 6 581
Eliminations -35 0 -41 -53
Total 3 312 5 090 15 441 21 608
Operating profit
Laser and Automation -1 078 -1 281 -3 221 -2 517
Applications
Special Components -442 -111 -712 -1 706
Eliminations 0 0 1 -49
Total -1 520 -1 391 -3 932 -4 271
EBITDA
Laser and Automation -765 -844 -2 401 -1 283
Applications
Special Components -39 354 812 -387
Eliminations 0 0 1 -49
Total -803 -490 -1 588 -1 718
Profit/loss for the period
Laser and Automation -1 269 -1 198 -3 644 -2 969
Applications
Special Components -629 51 -1 120 -1 978
Eliminations 25 -20 14 99
Total -1 872 -1 166 -4 750 -4 848
Assets
Laser and Automation 27 995 30 611 27 995 30 611
Applications
Special Components 10 964 25 962 10 964 25 962
Assets classified as held for 79 - 79 -
sale
Eliminations -20 336 -22 040 -20 336 -22 040
Total 18 702 34 532 18 702 34 532
Liabilities
Laser and Automation 11 873 8 965 11 873 8 965
Applications
Special Components 8 003 15 174 8 003 15 174
Liabilities directly associated 40 - 40 -
with assets held for sale
Eliminations -5 917 -7 225 -5 917 -7 225
Total 14 000 16 914 14 000 16 914
Investments
Laser and Automation 437 123 849 729
Applications
Special Components 254 40 989 463
Assets classified as held for 0 - 4 -
sale
Total 690 163 1 842 1 191
Depreciation
Laser and Automation 168 191 675 977
Applications
Special Components 313 359 1 434 1 214
Total 481 550 2 109 2 192
Impairment
Laser and Automation 145 247 145 257
Applications
Special Components 90 105 90 105
Total 235 351 235 361
Discontinued operations
(unaudited)
29 May 2012 Cencorp announced that it exits from its unprofitable decoration
business and closes down its plant in Guangzhou, China, producing decoration
applications. In consequence of the closing down of the Guangzhou plant and the
exit from decoration business Cencorp reports the financial figures relating to
the Guangzhou plant's decoration business as discontinued operations from now
on.
The results and major classes of assets and liabilities of Savcor Face
(Guangzhou) Technolgies Co., are as follows:
1 000 EUR 1-12/2012 1-12/2011
--------------------------------------------------------------------------------
Revenue 1 878 4 857
Expenses -5 174 -7 608
Other opeating income 585 0
Loss recognised on the -5 833 0
remeasurement to fair
value
-----------------------------------------------------
Operating profit -8 544 -2 751
Finance costs -62 84 --------------------------
Profit/loss before tax -8 606 -2 667
from discontinued
operation
Income tax 0 0
-----------------------------------------------------
Profit/loss after tax from -8 606 -2 667
discontinued operation
Assets
Property, plant and 0 -
equipment
Inventories 0 -
Trade and other 39 -
non-interest-bearing
receivables
Cash and cash equivalents 40 -
-----------------------------------------------------
Assets classified as held 79
for sale
Liabilities
Trande and other payables 40 -
Provisions 0 -
-----------------------------------------------------
Liabilities directly 40
associated with assets
classified as held for
sale
Net assets directly 39
associated with disposal
group
===========================
Cumulative translation -2 094
difference
Savcor Face (Guangzhou)
Technolgies Co., Ltd:n
net cash flow:
1 000 EUR 1-12/2012 1-12/2011
--------------------------------------------------------------------------------
Operating 17 -35
Investing -20 -179
Financing 0 -236
-----------------------------------------------------
Net cash flow -3 -450
Earnings/share (basic), -0,03
from discontinued
operations
Earnings/share (diluted) -0,03
from discontinued
operations
Key figures
(unaudited)
1 000 EUR 10-12/20 10-12/20 1-12/201 1-12/201
12 11 2 1
--------------------------------------------------------------------------------
Net sales 3 312 5 090 15 441 21 608
Operating profit -1 520 -1 391 -3 932 -4 271
% of net sales -45,9 -27,3 -25,5 -19,8
EBITDA -803 -490 -1 588 -1 718
% of net sales -24,3 -9,6 -10,3 -8,0
Profit before taxes -1 871 -1 204 -4 776 -4 843
% of net sales -56,5 -23,6 -30,9 -22,4
Balance Sheet value 18 702 34 532 18 702 34 532
Equity ratio, % 25,2 51,2 25,2 51,2
Net gearing, % 132,7 46,3 132,7 46,3
Gross investments 690 163 1 842 1 191
% of net sales 20,8 3,2 11,9 5,5
Research and development costs 470 290 1 458 1 288
% of net sales 14,2 5,7 9,4 6,0
Order book 1 438 2 793 1 438 2 793
Personnel on average 171 330 241 343
Personnel at the end of the period 168 328 168 328
Non-interest-bearing liabilities 6 850 8 196 6 850 8 196
Interest-bearing liabilities 6 825 8 475 6 825 8 475
Share key indicators
Earnings/share (basic) 0,00 -0,006 -0,04 -0,02
Earnings/share (diluted) 0,00 -0,006 -0,04 -0,02
Earnings/share (basic), from continuing -0,005 -0,003 -0,01 -0,01
operations
Earnings/share (diluted) from continuing -0,005 -0,003 -0,01 -0,01
operations
Equity/share 0,01 0,05 0,01 0,05
P/E ratio -14,67 -16,30 -1,54 -4,02
Highest price 0,09 0,1 0,12 0,20
Lowest price 0,05 0,07 0,05 0,07
Average price 0,07 0,08 0,08 0,12
Closing price 0,06 0,09 0,06 0,09
Market capitalisation, at the end of the 20,5 30,8 20,5 30,8
period, MEUR
Calculation of Key Figures
EBITDA, %: Operating profit + depreciation +
impairment
---------------------------------------
Net
sales
Equity ratio, %: Total equity x 100
---------------------------------------
Total assets - advances
received
Net gearing, %: Interest-bearing liabilities - cash
and cash equivalents
and marketable securities x
100
---------------------------------------
Shareholders' equity +
minority interest
Earnings/share (EPS): Profit/loss for the period to the
owner of the parent company
---------------------------------------
Average number of shares adjusted for
share issue
at the end of the financial
year
Equity/share: Equity attributable to shareholders of
the parent company
---------------------------------------
Undiluted number of shares on the
balance sheet date
P/E ratio: Price on the balance sheet
date
---------------------------------------
Earnings per share
Change in intangible and tangible assets
(unaudited) 1 000 EUR 31.12.2012 31.12.2011
--------------------------------------------------------------------------------
Includes tangible assets, consolidated goodwill and
other intangible assets
Carrying amount, beginning of period 22 609 23 835
Depreciation and impairment -8 026 -3 516
Additions 1 842 1 191
Disposals -3 763 -158
Discontinued operations 0 -
Exchange rate difference -28 1 256
Carrying amount, end of period 12 634 22 609
Commitments and contingent liabilities
(unaudited)
1 000 EUR 31.12.2012 31.12.2011
--------------------------------------------------------------
Loans from financial institutions 1 247 5 206
Promissory notes secured by pledge 12 691 12 691
Mortgages on real estate 0 5 413
Factoring loan and export credit limit 1 090 833
Trade receivables 695 833
Promissory notes secured by pledge 12 691 12 691
Operating leases
Payable within one year 50 60
Payable over one year 38 83
Commitments
Payable within one year 922 206
Payable over one year 849 302
Commitments discontinued operations
Payable within one year 0 580
Payable over one year 0 4 017
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