2011-05-12 08:00:00 CEST
2011-05-12 08:01:12 CEST
REGULATED INFORMATION
Aldata Solution Oyj - Interim report (Q1 and Q3)
ALDATA SOLUTION OYJ'S INTERIM REPORT JANUARY-MARCH 2011 (UNAUDITED)
Aldata delivers a profitable operating result and generates a strong cash inflow
despite a decline in revenue
* As per the previous company outlook, business conditions for retail systems
remain difficult which is reflected in a decline in total revenue compared
to Q1 2010
* However, Aldata was able to generate a profitable operating result, (EBIT),
and a good positive cash flow due to improved collections
* No change to full year outlook of same level of net sales and a clear
improvement in operating profit (EBIT) compared to the 2010 level
Aldata in Q1 2011 (compared to Q1 2010)
* Net sales decreased by 4.9% to EUR 17.4 million (EUR 18.3 million)
* Gross profit increased by 1.1% to EUR 15.7 million (EUR 15.5 million)
* Operating profit, EBIT, was EUR 0.1 million (EUR 0.7 million)
* Profit before taxes was EUR -0.5 million (EUR 0.8 million)
* Net profit was EUR -0.7 million (EUR 0.4 million) and earnings per share,
EPS, were -0.011 euros (0.005 euros)
* Cash flow from operating activities was EUR 6.1 million (EUR 1.2 million)
* Cash, cash equivalents and marketable securities amounted to EUR 8.4 million
(EUR 6.4 million) and the Group had interest-bearing loans EUR 10.5 million
(EUR 10.1 million)
Bertrand Sciard, President and CEO - Q1 2011
After delivering six quarters in a row of year on year revenue growth starting
from Q3 2009, we have to report a decline in total revenue for Q1 2011 compared
to Q1 2010. In the last guidance provided, we stated that we expected the
business environment to remain challenging and our Q1 performance has shown
this, although we are still confident in being able to deliver our full year
outlook which remains unchanged. With specific reference to Q1 2010 we were able
to close a large deal for USD 1.5 million that gave last year's results a boost
and we were unable to reproduce that boost this year.
We are experiencing a reasonable demand for our service offerings across most
business lines and geographies and have been able to close contracts with both
new business and existing customers across all sectors. We have been able to win
sufficient new orders to ensure that our order backlog has remained stable at
EUR 27.6 million compared to the year end.
Although we are able to report a positive EBIT, net result is negative due to
tax charges and the impact of unrealized foreign exchange losses arising from
the net intercompany balance with Aldata's US based subsidiaries. Despite the
net result, we were able to generate a strong cash flow from operating
activities of EUR 6.1 million in Q1.
With the acquisition of Apollo in December 2008, Aldata started on a new path to
provide both its customers and new sales opportunities with a range of
optimization products that are independent of underlying core systems and that
allow the buyer to get more from his existing investments. The impacts of the
economic crisis both on Aldata and its customers delayed our ability to exploit
this opportunity, however with the acquisition of Cosmic in May 2010, together
with the release of some internally developed new modules, Aldata has been able
to increase the number of optimization products it has available over the last
12 months.
The size of the optimization business is now sufficient that, during Q1 we
decided to modify our organization to leverage these offerings more effectively,
and we have now combined Apollo and Cosmic into one business line. The combined
team gives us an increased pool of sales, services, support and development
resources to serve both the existing and potential new customers better. Due to
this change, Aldata has decided to increase its segmental reporting to include
three segments, the historically reported ones of Supply Chain and Instore, plus
a newly created Category Optimization segment, which was previously reported
within the Instore segment.
In Q1 we introduced our offering for the Microsoft AX-platform and started our
sales efforts initially to Finnish and Swedish customers. Based on the results
in coming quarters we will evaluate our geographical expansion in this business.
The 2011 Aldata Annual Retail CIO Survey, now in its third year, was released at
the National Retail Forum in New York in January. Over 130 retail CIO's were
interviewed. The results showed a planned increase in spending on customer
behavior analysis and a focus on demand forecasting and supply optimization to
reduce the impact of higher food and fuel costs. The full report is available
from the Aldata website.
Aldata in first quarter of 2011
January - March 2011 financial performance
The Group's net sales were EUR 17.4 million (EUR 18.3 million), which represents
a decrease of EUR 0.9 million compared to the previous year. Product sales,
which include licenses for standard products, licenses for customer specific
developments and maintenance revenues, accounted for 60% (59%) of total net
sales. Consulting services accounted for 36% (33%) and third party licenses and
hardware accounted for 4% (9%).
The Group's gross profit was EUR 15.7 million (EUR 15.5 million), which
represents a 90% (85%) gross margin due to a change in revenue mix. Operating
profit, EBIT, totaled EUR 0.1 million (EUR 0.7 million) and EBIT excluding
expenses for option plans and restricted share units (RSU) was EUR 0.2 million
(EUR 0.7 million).
Pre-tax profit was EUR -0.5 million (EUR 0.8 million), net profit was EUR -0.7
million (EUR 0.4 million) and earnings per share, EPS, were -0.011 euros (0.005
euros).
Research and development costs in the first quarter totaled EUR 2.6 million (EUR
2.1 million), of which EUR 0.1 million (EUR 0.1 million), or 2.4% (3.7%), were
capitalized. EUR 0.2 million (EUR 0.1 million) of capitalized development costs
were amortized.
Aldata's reported order backlog includes product and third party product sales
that will be recognized as revenues during the following twelve months. At the
end of March 2011, the order backlog was EUR 27.6 million (EUR 23.1 million at
the end of March 2010 and EUR 27.6 million at the end of year 2010).
Business units in first quarter of 2011
Net sales of the Supply Chain Management (SCM) Software business unit were EUR
12.0 million (EUR 13.3 million). The gross profit was EUR 11.3 million (EUR
11.6 million) and the operating profit, EBIT, was EUR 0.6 million (EUR 0.8
million).
Net sales of the Category Optimization business unit were EUR 2.2 million (EUR
2.0 million). The gross profit was EUR 2.2 million (EUR 1.8 million) and the
operating profit, EBIT, was EUR 0.0 million (EUR 0.5 million).
Net sales of the Mid-Size Market business unit were EUR 3.2 million (EUR 3.0
million). The gross profit was EUR 2.2 million (EUR 2.1 million) and the
operating profit, EBIT, was EUR -0.1 million (EUR 0.4 million).
There were no internal sales between the Group's business segments. Unallocated
costs, the Group's shared items netted, decreased the Group's operating profit,
EBIT, by EUR 0.5 million (EUR 1.0 million).
Finance and investments
Cash flow from operating activities in the first quarter was EUR 6.1 million
(EUR 1.2 million) and net cash flow was EUR 5.1 million (EUR 0.8 million) due to
improved collections.
The Group's capital expenditure on hardware and software purchases amounted to
EUR 0.5 million (EUR 0.2 million) in first quarter of the year.
At the end of March 2011 Group's cash, cash equivalents and marketable
securities amounted to EUR 8.4 million (EUR 6.4 million) and total assets were
EUR 61.4 million (EUR 54.5 million). The Group had interest-bearing loans EUR
10.5 million (EUR 10.1 million) and interest-bearing net liabilities totaled EUR
2.3 million (EUR 4.0 million). Short-term receivables totaled EUR 24.3 million
(EUR 25.0 million). The Group's solvency ratio was 32.1% (36.4%), gearing was
11.8% (20.2%), and shareholders' equity per share was EUR 0.285 (EUR 0.284).
Part of the acquisition price for Cosmic was based on the achievement of annual
revenue targets. At the date of the acquisition a revenue forecast for the three
years ending April 30, 2013 was produced and used to calculate the amount of
deferred consideration and earn out that was expected to be paid. This was used
to calculate the cost of the acquisition. A new forecast has been produced at
the end of Q1 2011, as we have 11 months of actual results and a revised amount
of deferred consideration and earn out has been estimated. The new sales
forecast is lower, meaning that as required under IFRS standards we have
released EUR 312,000 of the provision made at the date of acquisition to the
income statement, against direct costs, during Q1 2011.
Research and Development
In the first quarter Aldata's research and development costs were EUR 2.6
million (EUR 2.1 million) and made up 14.8% (11%) of net sales. A total of EUR
0.1 million (EUR 0.1 million) of development costs were capitalized during the
quarter. EUR 0.2 million (EUR 0.1 million) of capitalized development costs were
amortized in the quarter.
At the end of March 2011 there were 103 (131) employees and 103 (103) contracted
offshore resources involved in R&D activities. This represents 19% (26%) of the
Group's total personnel. Aldata's R&D centers are located in Paris, France, in
Espoo, Finland and in Bangalore, India.
Personnel
Aldata Group employed 534 (520) persons at the end of March 2011, and on average
had 535 (516) employees during the period.
31 March 2011 31 March 2010
By business unit Persons % Persons %
SCM Software 362 68 376 72
Category Optimization 68 12 39 8
Mid-Size Market 89 17 89 17
Group Administration 15 3 16 3
Total 534 100 520 100
Approximately 45% of personnel were employed by Aldata companies in France, 14%
in Finland, 12% in the US, 11% in Germany, 8% in the UK, 5% in Sweden, 4% in
Slovenia and 1% in Russia.
Change in Management Team
On January 6, 2011 Mr. Patrick Buellet stepped down from the position of Chief
Strategy Officer and member of the Corporate Management Team (CMT) and joined
the Management Council (MC) as part of his new operational leadership role as
the Executive Vice President (EVP) of Aldata's Supply Chain Management (SCM)
Business Unit.
On March 4, 2011 Aldata Solution Oyj announced the resignation of Reddy Karri
from his position of Chief Technology Officer (CTO) as of end of March 2011.
Share performance and ownership
The highest price of the Aldata Solution Oyj share during January - March 2011
was EUR 0.57 and the lowest price EUR 0.45. The average price was EUR 0.53 and
the closing price EUR 0.50. The trading volume on the Helsinki Stock Exchange
was EUR 5.5 million and altogether 10.4 million shares were traded, which
represents 15% of the shares. Aldata Solution Oyj has 68.7 million shares
outstanding. The number of shares outstanding has been unchanged during the
first quarter.
The number of shareholders was 4,769 and the free float was 100% of the share
capital at the end of March 2011. A total of 37.4% of Aldata Solution Oyj's
shares were owned by nominee registered shareholders at the end of the period.
Aldata Solution Oyj has one share series. All the company's shares carry equal
voting and dividend rights.
Risks and uncertainty factors
Near term risks and uncertainties
Near term risks and uncertainties are considered by Aldata as those that may
materialize in the next two quarters.
Aldata accounts for its revenue in accordance with IFRS guidelines, meaning
license revenue is typically booked on contract signature whereas services and
maintenance revenue is booked over the life of the project. This means that
software licenses revenue is more risky and harder to forecast. The management
team complete regular reviews and assessments of the software pipeline to
mitigate this risk, although it is not possible to remove the risk completely.
The economic environment has increased the number of companies who face
financial problems and could be seen as a factor in the increased time taken to
settle invoices. This might increase Aldata's risk to be able to collect payment
for its services provided. Aldata looks to mitigate this risk by using business
standard credit assessment and credit control policies to ensure any potential
risks are highlighted at an early stage and any necessary action to reduce the
risk is taken.
A large proportion of Aldata's services revenue is done on a time and materials
basis. If there was a weakening in demand, as we saw at the start of 2009, this
would lead to lower utilization and pressure on margins if Aldata was unable to
adjust its cost base fast enough. However, Aldata foresees that the risks of
further large-scale deterioration of the IT market situation have returned to
normal levels.
In other respects, no significant changes have taken place in Aldata's short-
term risks and uncertainties during the financial period.
Long-term risks and uncertainties
Risks and uncertainty factors associated with Aldata's business are mainly
related to general economic development and more specifically on the retail
software market. The recession affected Aldata's operations during the last 12
months and whilst there are continuing signs of a recovery, if the anticipated
recovery doesn't happen or there is a deterioration of the economic situation,
this may result in delays to both ongoing or new large projects and investment
decisions. Aldata feels that its flexible business model will enable it to react
quickly to both any expected upturns or downturns in the future.
Business risk management is a key target of the operational management. Through
it the Company aims to ensure that the key risks to which business operations
are exposed are identified and monitored for preventative action. Business risks
are monitored within the Company by the President and CEO, the Corporate
Management Team and the Management Council.
The company's risk level is regularly observed by the Corporate Management Team
through a weekly phone conference call, through formal written reporting by the
Management Council twice a month and through regular in person meetings of the
Corporate Management Team and the Management Council during the year. In
addition to this, risks are charted when deemed necessary and specific ad hoc
teams will be built to address any clearly identified potential risks.
With the increased importance of the US market to Aldata, the group will become
more exposed to currency risk resulting from the movement between the Euro and
the US dollar. Aldata is currently exposed to two types of exchange rate risk;
one impacting its operating result based on the valuation of its US based
revenues and costs; and one impacting its financial result, due to exchange
gains or losses on Euro denominated loans and intercompany balances owed to or
from Aldata's US subsidiaries. Aldata currently chooses not to hedge against
either of these risks. It believes there is a natural hedge built into the
operating result risk due to the US based cost structure that it carries, which
materially offsets its US based revenues. This means that whilst the risk to
Aldata's operating profit is reduced to a level that Aldata feels is acceptable,
there is a risk to the level of revenue that Aldata reports that is directly
affected by the exchange rate. Aldata is currently reviewing its strategy around
whether to hedge against these intercompany loans as a way to mitigate the risk
in the future.
Goodwill has been tested during the last quarter of 2010 and in accordance with
the results of testing for impairment, no depreciation of goodwill was made. The
impairment testing is based on projected future cash flows and if the respective
country's projected cash flows do not occur as planned in the medium term, it is
possible that the goodwill allocated to one of the country's unit will need to
be impaired. No new impairment tests have been completed at the end of Q1 2011
for France, Germany and Apollo as the businesses are on or close to their
projected future cash flows. For Cosmic, the growth rate of 5% used for
impairment testing remains below the growth rate used in the forecast to
estimate the revised earn out element of the acquisition cost and therefore no
impairment adjustment is necessary.
Aldata's growth strategy includes expansion via making suitable company
purchases. If the current business environment remains challenging, the
opportunity to fulfil this strategy may decrease in case no suitable purchase
targets are found or the business profits due to already materialized company
purchases do not fulfil the expectations. Aldata's inability to fulfil its
desire to make company purchases may have a negative impact on Aldata's business
and its financial status and outcome may weaken.
Annual General Meeting 2011
The Annual General Meeting of Aldata Solution Oyj was held in Espoo, Finland, on
April 7, 2011.
The meeting approved the parent company's financial statements and consolidated
financial statements for the year 2010 and decided unanimously according to the
Board's proposal that no dividend will be distributed for the year 2010. The
result for the year will be carried forward to the retained earnings account.
The Board members and the CEO were unanimously discharged from liability for the
fiscal year 2010.
The Annual General Meeting resolved, in accordance with the Board's proposals,
on
* Authorizing the Board to decide on a repurchase of the Company's own shares
up to maximum of 6,800,000 shares;
* Authorizing the Board to decide on issuing and/or conveying new shares
and/or the Company's own shares and to decide on granting the special rights
referred to in Chapter 10, Section 1 of the Companies Act. The Board of
Directors is entitled to issue and/or convey a maximum of 14,000,000 shares
in the Company.
The Annual General Meeting unanimously resolved to elect six Board Members. The
following persons were re-elected as the members of the Board of Directors: Mr.
William Chisholm, Mr. Bertrand Sciard, Mr. Tommy Karlsson, Mr. Aarne Aktan and
Mr. Pertti Ervi. Ms. Michele Fitzpatrick was elected as a new member of the
Board of Directors.
The Board convened after the Annual General Meeting. In the meeting Mr. William
Chisholm was re-elected as the Chairman of the Board. Mr. Pertti Ervi was
elected as the Vice Chairman of the Board. The Board resolved to establish an
Audit Committee consisting of Mr. Aarne Aktan (Chairman), Mr. William Chisholm
and Mr. Tommy Karlsson. The Board resolved not to establish other Board
Committees at this point in time.
Ernst & Young Oy was re-appointed to be the Company's auditor, under the
supervision of principal auditor Anne Vuorio (APA).
Outlook
Aldata still expects the operating environment for retail systems for 2011 to be
challenging and extremely difficult to predict. This is shown in the revenue
performance for Q1 2011.
Aldata expects the year 2011 net sales to remain at the same level as in 2010
and the year 2011 EBIT to be clearly improved from 2010 by closely managing the
cost structure given the business environment in which it operates.
Events after review period
On 7(th) April 2011 Aldata held its Annual General Meeting at its offices in
Espoo, Finland. The decisions of the AGM are outlined in the relevant section
above.
There were no other significant events after the review period.
Helsinki, May 12, 2011
Aldata Solution Oyj
Board of Directors
Further information:
Bertrand Sciard, President and CEO, tel. +358 10 820 8000 / Aldata Solution Oyj
Graham Howell, CFO, tel. +33 633 057 620
Aldata will hold a press conference for the media and financial analysts in
Helsinki on 12 May, at 12.00 (EET) at Hotel Palace Gourmet (Eteläranta
10, 10(th) floor, Merikabinetti).
The presentation material will be published on the Group's website at
www.aldata-solution.com
About Aldata
Aldata is a global leader in supplier to consumer business optimization. We help
reduce costs, time, and waste, for retailers, distributors, and manufacturers,
while improving availability, service, and customer retention. Founded in 1988,
Aldata has an unparalleled track record of delivering successful projects for
the world's largest retail and consumer brands, wholesale and distribution
organizations, and specialist store chains. Aldata Solution is a public company
quoted on NASDAQ OMX Helsinki Ltd with the identifier ALD1V. More information
at:www.aldata-solution.com.
Distribution:
NASDAQ OMX Helsinki Ltd
Media
TABLE PART
Calculation methods
This interim report has been prepared in accordance with IFRS standards and the
same accounting principles as in 2010 financial statements. New or renewed
standards and interpretations have been adopted since the beginning of 2011
according to the description in the annual report for 2010 but have not had any
impact on the figures reported. The report does not comply with all requirements
of IAS 34, Interim Financial Reporting. Key figure calculations remain unchanged
and have been presented in 2010 Financial Statements.
CONSOLIDATED INCOME STATEMENT MEUR MEUR Change % MEUR
Jan-Mar/ Jan-Mar/
2011 2010 Total 2010
Net sales 17,4 18,3 -4,9 % 73,1
Other operating income 0,2 0,2 0,0 % 0,7
Operating expenses -17,1 -17,5 -2,3 % -70,7
Depreciations and impairments -0,5 -0,4 25,0 % -1,8
Operating profit 0,1 0,7 -85,7 % 1,3
Financial items -0,6 0,1 -700,0 % -0,1
Profit before taxes -0,5 0,8 -162,5 % 1,2
Income taxes -0,2 -0,4 -50,0 % -1,2
Minority interest 0,0 0,0 0,0 % 0,0
Profit for the financial period -0,7 0,4 -275,0 % 0,0
Earnings per share, EUR -0,011 0,005 0,000
Earnings per share, EUR (EPS), adjusted
for dilution effect -0,010 0,005 0,000
Attributable to:
Equity holders of the Company -0,7 0,4 0,0
Minority interest 0,0 0,0 0,0
Statement of comprehensive income:
Net profit for the period -0,7 0,4 0,0
Other comprehensive income:
Translation differences 0,3 -0,1 0,0
Total comprehensive income -0,4 0,3 0,0
Total comprehensive income attributable
to:
Equity holders of the Company -0,4 0,3 0,0
Minority interest 0,0 0,0 0,0
CONSOLIDATED BALANCE SHEET MEUR MEUR MEUR
31 Mar 31 Mar 31 Dec
2011 2010 2010
ASSETS
NON-CURRENT ASSETS
Goodwill 19,0 16,2 19,0
Capitalized development cost 2,6 2,8 2,7
Intangible assets 2,1 1,3 2,3
Tangible assets 1,3 1,3 1,1
Investments 0,1 0,1 0,1
Other long-term assets 0,6 0,4 0,5
Deferred tax assets 0,8 0,9 0,8
NON-CURRENT ASSETS TOTAL 26,5 23,0 26,5
CURRENT ASSETS
Inventories 0,3 0,0 0,3
Short-term receivables 26,1 25,0 26,0
Cash and cash equivalents 8,4 6,4 3,3
CURRENT ASSETS TOTAL 34,9 31,6 29,6
ASSETS TOTAL 61,4 54,5 56,1
SHAREHOLDERS' EQUITY AND LIABILITIES
Shareholders' equity 19,5 19,5 19,8
Minority interest 0,1 0,1 0,1
Long-term loans 4,0 0,6 4,1
Short-term loans 37,8 34,4 32,1
EQUITY AND LIABILITIES TOTAL 61,4 54,5 56,1
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 1000 EUR
Equity
Share holders of Own
Share premium Translation Retained parent Minority equity
TEUR capital fund difference earnings company interest total
--------------------------------------------------------------------------------
EQUITY
1.1.2010 687 19 154 694 -1 320 19 215 89 19 305
Share based
payments
recognized
against equity 0 0 0 50 50 0 50
Comprehensive
income 0 0 -96 369 273 4 277
--------------------------------------------------------------------------------
EQUITY
31.3.2010 687 19 154 598 -901 19 538 93 19 631
--------------------------------------------------------------------------------
EQUITY
1.1.2011 687 19 154 772 -869 19 745 123 19 868
Share based
payments
recognized
against equity 0 0 0 124 124 0 124
Comprehensive
income 0 0 329 -722 -393 19 -374
--------------------------------------------------------------------------------
EQUITY
31.3.2011 687 19 154 1 101 -1 467 19 475 143 19 618
CONSOLIDATED CASH FLOW
STATEMENT
MEUR MEUR MEUR
Jan-Mar/ Jan-Mar/ Jan-Dec
2011 2010 2010
Cash flow from operatingactivities
Operating result 0,1 0,7 1,3
Adjustment to operating result 0,4 0,4 1,9
Change in working capital 5,9 0,2 -3,2
Interest received and other financial income 0,1 0,0 0,3
Interest paid and other financial expenses -0,2 -0,2 -0,4
Taxes paid -0,2 -0,1 -0,1
Net cash from operating activities 6,1 1,2 -0,1
Cash flow from investing activities
Group companies acquired 0,0 0,0 -2,1
Investments in tangible and intangible assets -0,5 -0,3 -0,8
Net cash used in investing activities -0,5 -0,3 -3,0
Cash flow before financing activities 5,7 0,8 -3,1
Cash flow from financing activities
Short-term loans, received 0,0 0,0 1,0
Short-term loans, repayments -0,5 0,0 0,0
Leasing liability, payments 0,0 0,0 -0,2
Net cash used in financing activities -0,6 0,0 0,8
Net cash flow, total 5,1 0,8 -2,3
Change in cash and cash equivalents 5,1 0,8 -2,3
Cash and cash equivalents in the beginning of the
period 3,3 5,6 5,6
Net foreign exchange difference 0,0 0,0 0,0
Cash and cash equivalents at the end of the period 8,4 6,4 3,3
NOTES TO THE INTERIM REPORT
COMMITMENTS AND CONTINGENCIES MEUR MEUR MEUR
31 Mar 2011 31 Mar 2010 31 Dec 2010
Loans from financial institutions 10,5 10,1 11,0
Mortgages 5,4 5,4 5,4
Leasing liabilities 11,5 7,0 6,6
Guarantees on behalf of company debt 0,1 0,1 0,1
KEY FIGURES, MEUR Jan-Mar /2011 Jan-Mar /2010 Total 2010
Scope of Operations
Net sales, MEUR 17,4 18,3 73,1
Average number of personnel 535 516 530
Gross capital expenditure, MEUR 0,5 0,2 5,2
Gross capital expenditure, % of net sales 2,6 1,1 7,1
Profitability
Operating profit , MEUR 0,1 0,7 1,3
Operating profit, % of net sales 0,4 3,7 1,8
Profit before taxes and minority
interest, MEUR -0,5 0,8 1,2
Profit before taxes and minority
interest, % of net sales -3,1 4,4 1,7
Return on equity, % (ROE) -14,2 7,6 0,2
Return on investment, % (ROI) 1,4 14,9 13,6
Financial Standing
Quick ratio 0,9 0,9 0,9
Current ratio 0,9 0,9 0,9
Equity ratio, % 32,1 36,4 35,6
Interest-bearing net debt, MEUR 2,3 4,0 8,0
Gearing, % 11,8 20,2 40,1
Per Share Data
Earnings per share, EUR (EPS) -0,011 0,005 0,000
Earnings per share, EUR (EPS), adjusted
for dilution effect -0,010 0,005 0,000
Shareholders' equity per share, EUR 0,285 0,284 0,287
BUSINESS SEGMENTS Jan-Mar/2011 Jan-Mar/2010 Total 2010
Net sales to external customers
Supply Chain Management Software 12,0 13,3 50,9
Category Optimization 2,2 2,0 10,0
Mid-Size Market 3,2 3,0 12,2
Total 17,4 18,3 73,1
Operating result, continuing operations
Supply Chain Management Software 0,6 0,8 2,1
Category Optimization 0,0 0,5 0,7
Mid-Size Market -0,1 0,3 0,8
Total 0,5 1,7 3,6
Unallocated items -0,5 -1,0 -2,3
Operating profit 0,1 0,7 1,3
Financial income and expenses -0,6 0,1 -0,1
Result before taxes and minority interest -0,5 0,8 1,1
Taxes -0,2 -0,4 -1,2
Minority interest 0,0 0,0 0,0
Result from continuing operations -0,7 0,4 0,0
Result for the financial period -0,7 0,4 0,0
INCOME STATEMENT MEUR MEUR MEUR MEUR MEUR
QUARTERLY FIGURES Q1/2011 Q4/2010 Q3/2010 Q2/2010 Q1/2010
Net sales 17,4 19,0 17,1 18,6 18,3
Other operating income 0,2 0,1 0,4 0,0 0,2
Operating expenses -17,1 -18,3 -17,0 -18,0 -17,5
Depreciations and impairments -0,5 -0,5 -0,5 -0,4 -0,4
Operating profit 0,1 0,3 0,1 0,3 0,7
Financial items -0,6 0,0 -1,1 0,8 0,1
Profit before taxes -0,5 0,3 -1,1 1,1 0,8
Income taxes -0,2 -0,4 -0,2 -0,1 -0,4
Minority interest 0,0 0,0 0,0 0,0 0,0
Profit for the financial period -0,7 -0,1 -1,2 1,0 0,4
INCOME STATEMENT MEUR MEUR MEUR MEUR MEUR
CUMULATIVE 1-3/11 1-12/10 1-9/10 1-6/10 1-3/10
Net sales 17,4 73,1 54,0 36,9 18,3
Other operating income 0,2 0,7 0,6 0,2 0,2
Operating expenses -17,1 -70,7 -52,5 -35,4 -17,5
Depreciations and impairments -0,5 -1,8 -1,3 -0,8 -0,4
Operating profit 0,1 1,3 1,0 1,0 0,7
Financial items -0,6 -0,1 -0,1 1,0 0,1
Profit before taxes -0,5 1,2 0,9 1,9 0,8
Income taxes -0,2 -1,2 -0,7 -0,6 -0,4
Minority interest 0,0 0,0 0,0 0,0 0,0
Profit for the financial period -0,7 0,0 0,1 1,4 0,4
BALANCE SHEET MEUR MEUR MEUR MEUR MEUR
31.3.11 31.12.10 30.9.10 30.6.10 31.3.10
ASSETS
NON-CURRENT ASSETS
Goodwill 19,0 19,0 18,9 18,9 16,2
Capitalized development cost 2,6 2,7 2,8 2,9 2,8
Intangible assets 2,1 2,3 2,4 2,6 1,3
Tangible assets 1,3 1,1 1,3 1,4 1,3Investments 0,1 0,1 0,1 0,1 0,1
Other long-term assets 0,6 0,5 0,4 0,4 0,4
Deferred tax assets 0,8 0,8 1,0 0,3 0,9
NON-CURRENT ASSETS TOTAL 26,5 26,5 26,9 26,6 23,0
CURRENT ASSETS
Inventories 0,3 0,3 0,2 0,0 0,0
Short-term receivables 26,1 26,0 23,0 24,2 25,0
Cash and cash equivalents 8,4 3,3 4,3 4,9 6,4
CURRENT ASSETS TOTAL 34,9 29,6 27,5 29,1 31,6
ASSETS TOTAL 61,4 56,1 54,4 55,7 54,5
SHAREHOLDERS' EQUITY AND LIABILITIES
Shareholders' equity 19,5 19,8 19,7 20,1 19,5
Minority interest 0,1 0,1 0,1 0,1 0,1
Non-current liabilities 4,0 4,1 4,2 3,4 0,6
Current liabilities 37,8 32,1 30,5 32,1 34,4
Liabilities 41,8 36,2 34,7 35,5 34,9
EQUITY AND LIABILITIES TOTAL 61,4 56,1 54,4 55,7 54,5
KEY FIGURES, MEUR Q1/2011 Q4/2010 Q3/2010 Q2/2010 Q1/2010
QUARTERLY FIGURES
Scope of Operations
Net sales, MEUR 17,4 19,0 17,1 18,6 18,3
Average number of personnel 535 530 527 522 516
Profitability
Operating profit , MEUR 0,1 0,3 0,1 0,3 0,7
Operating profit, % of net sales 0,4 1,5 0,3 1,6 3,7
Profit before taxes and minority
interest, MEUR -0,5 0,3 -1,1 1,1 0,8
Profit before taxes and minority
interest, % of net sales -3,1 1,7 -6,2 6,1 4,4
Return on equity, % (ROE) -14,2 0,2 1,0 14,0 7,6
Return on investment, % (ROI) 1,4 13,6 13,7 18,8 14,9
Financial Standing
Quick ratio 0,9 0,9 0,8 0,9 0,9
Current ratio 0,9 0,9 0,9 0,9 0,9
Equity ratio, % 32,1 35,6 34,8 36,3 36,4
Interest-bearing net debt, MEUR 2,3 8,0 6,1 5,5 4,0
Gearing, % 11,8 40,1 33,0 27,0 20,2
Per Share Data
Earnings per share, EUR (EPS) -0,011 -0,002 -0,018 0,014 0,005
Earnings per share, EUR (EPS), adjusted
for dilution effect -0,010 -0,002 -0,018 0,014 0,005
Shareholders' equity per share, EUR 0,285 0,287 0,286 0,292 0,284
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